Half-year Financial Report

Just Group plc (the "Group", "Just") announces its results for the six months ended 30 June 2026.

Pretty Sagoo, Interim Group Chief Executive Officer, said:

"We were delighted to join the Brookfield Wealth Solutions organisation on 1 April and I am excited to have been appointed Interim Chief Executive Officer. The acquisition reflects the confidence Brookfield has in the strength of Just's business, and the important role of capital-backed guaranteed income in the UK's growing retirement markets.

We have refocused on our core strengths in pension risk transfer and individual annuities, helping defined benefit pension schemes secure members' benefits, and enabling more people to achieve a better later life through guaranteed retirement income.

Backed by Brookfield, we will continue to drive customer and operational excellence, innovate, and build on our successful growth strategy as we enter this exciting new chapter."

H1 2026 highlights

· Retirement Income sales1 of £1.2bn. During this period of enhanced competition, we are remaining disciplined and prioritising achieving our target returns on invested capital. 

· Pension Risk Transfer ("PRT") sales of £647m across 46 transactions. Our pre-eminent position in the smaller scheme segment means that we continue to win a steady flow of deals. The market opportunity across all sizes of transactions remains considerable with c.£500bn expected to be transacted over the next decade.

· Individual annuity2 sales of £527m, in an individual lifetime annuity market expected to reach c.£8bn in 2026 and grow to c.£15bn in the medium term.

· Reported Solvency II capital coverage ratio of 171%1, rising to 183% on an investor basis, which excludes temporary capital tiering restrictions. The capital position was bolstered by a successful £250m T2 debt raise in June 2026, of which £100m provides capital for future growth.

· £30bn AUM1, now benefitting from management by Brookfield Asset Management's asset origination capabilities. Since transaction close on 1 April 2026, we have been investing in Brookfield originated assets, optimising the back book and have a strong pipeline of additional investment opportunities for the second half of the year.

Notes

1  Key performance metric, see glossary for definitions

2  Individual annuities includes Guaranteed Income for Life ("GIfL"), Care Plans, Secure Lifetime Income, and Fixed Term Investment

A copy of this announcement will be available on the Group's website www.justgroupplc.co.uk.

These Results will be available shortly on the Just Group website at https://www.justgroupplc.co.uk/investors/results-reports-and-presentations and has been submitted in full unedited text to the Financial Conduct Authority's National Storage Mechanism and will be available shortly for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

JUST GROUP PLC

Enterprise House

Bancroft Road

Reigate

Surrey RH2 7RP

Cautionary Statement and Forward-Looking Statements

This report has been prepared for, and only for, the members of Just Group plc (the "Company") as a body, and for no other persons. The Company, its Directors, employees, agents and advisers do not accept or assume responsibility to any other person to whom this document is shown or into whose hands it may come, and any such responsibility or liability is expressly disclaimed.

By their nature, the statements concerning the risks and uncertainties facing the Company and its subsidiaries (the "Group") in this Report involve uncertainty, since future events and circumstances can cause results and developments to differ materially from those anticipated. This Report contains, and we may make other statements (verbal or otherwise) containing, forward-looking statements in relation to the current plans, goals and expectations of the Group relating to its or their future financial condition, performance, results, strategy and/or objectives (including, without limitation, climate-related plans and goals). Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks', 'targets', 'continues', 'future', 'outlook', 'potential' and 'anticipates' or other words of similar meaning are forward-looking (although their absence does not mean that a statement is not forward-looking). Forward-looking statements involve risk and uncertainty because they are based on information available at the time they are made, based on assumptions and assessments made by the Group in light of its experience and its perception of historical trends, current conditions, future developments and other factors which the Group believes are appropriate. These statements relate to future events and depend on circumstances which may be or are beyond the Group's control. For example, certain insurance risk disclosures are dependent on the Group's choices about assumptions and models, which by their nature, are estimates. As such, although the Group believes its expectations are based on reasonable assumptions, actual future gains and losses could differ materially from those that we have estimated. Other factors which could cause actual results to differ materially from those estimated by forward-looking statements include, but are not limited to: domestic and global political, economic and business conditions (such as the longer-term impact from the COVID-19 outbreak or the impact of other infectious diseases, climate change, foreign trade policies (including the imposition of tariffs, increasing the risk of trade tensions), the conflict in the Middle East, and the continuing situation in Ukraine); asset prices; market-related risks (such as fluctuations in interest rates, exchange rates, and the performance of financial markets generally); the policies and actions of governmental and/or regulatory authorities (including, for example, new government initiatives related to taxation (including employers National Insurance contributions, capital gains tax and inheritance tax), pensions legislation and regulations or the costs of social care or climate action, particularly the transition to net zero); the impact of inflation and deflation on both market conditions and customer behaviours; and evolving advice needs; market competition; failure to efficiently and effectively respond to climate change related risks and the transition to a net zero economy; changes in assumptions in pricing and reserving for insurance business (particularly with regard to mortality and morbidity trends, gender pricing and lapse rates); risks associated with arrangements with third parties, including joint ventures and distribution partners and the timing, impact and other uncertainties associated with future acquisitions, disposals or other corporate activity undertaken by the Group and/or within relevant industries; inability of reinsurers to meet obligations or unavailability of reinsurance coverage; default of counterparties; information technology or data security breaches including cybersecurity threats and the rapid pace of technological change (including the role of artificial intelligence and machine learning); the impact of changes in capital, solvency or accounting standards; and tax and other legislation and regulations in the jurisdictions in which the Group operates (including changes in the regulatory capital requirements which the members of the Group are subject to). As a result, the Group's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set out in the forward-looking statements.

The forward-looking statements are currently only as at the date of this document and reflect knowledge and information available at the date of preparation of this Report. The Group undertakes no obligation to update these forward-looking statements or any other forward-looking statement it may make (whether as a result of new information, future events or otherwise), except as may be required by law.

Persons receiving this Report should not place undue reliance on forward-looking statements. Past performance is not an indicator of future results. The results of the Group in this Report may not be indicative, and are not an estimate, forecast or projection of, the Group's future results. Nothing in this Report should be construed as a profit forecast.

Business Review

The Business Review presents the results of the Group for the six months ended 30 June 2026, including Solvency II ("SII") and IFRS information.

Key performance metrics

The Group uses a combination of key performance metrics to monitor and manage the business. The key metrics used by management are listed below. A number of metrics have evolved post-acquisition, which have been defined within the Glossary.

These metrics are monitored individually and in combination as part of a holistic approach to running the business while ensuring we achieve our targeted mid-teens return on capital.

Each of the below relevant metrics are discussed in more detail on the following pages.

1 Key performance metric, see glossary for definition.2 Solvency capital coverage ratios as at 30 June 2026 and 31 December 2025 include a recalculation of TMTP at the respective dates.

3 The 30 June 2026 position includes Blumont UK Annuity business, whose ownership transferred to Just Group plc on 1 April 2026.

Retirement Income sales

1 Includes £25m augmentation benefit premium booked in 2026 for transactions written in prior years.2 Does not include any premiums written by the Blumont UK Annuity business in Q1 2026, prior to the transfer of ownership to Just Group plc on 1 April 2026.

3 Includes Guaranteed Income for Life (GIfL), Care Plans, Secure Lifetime Income and Fixed Term Investment

£1.2bn of Retirement Income sales reflect our patience and pricing discipline in an environment of increased competition and tighter credit spreads. Our confidence that we can continue to deliver attractive returns and growth rates over the long-term is underpinned by the structural drivers and trends in both of our markets.

We estimate the H1 26 PRT market was c.£10bn (H1 25: £10bn, 2025 as a whole £38bn), with the full year outcome to be driven by the number of large deals in the seasonally busier second half of the year. Higher long term interest rates have accelerated the closure of, and in most cases eliminated, scheme funding gaps, with insurance remaining the "gold standard" for trustees and their members amongst the various options available.

H1 26 PRT sales of £672m includes £647m across 46 transactions (H1 25: £1.6bn, 61 transactions) and £25m augmentation benefit premium for transactions in prior years. Given the current market conditions, we have focused our activity on the small scheme segment of the market via Beacon, our proprietary price monitoring service. Smaller schemes are typically less hedged to interest rates and also benefit the most from unit cost savings on buyout. We are monitoring a number of large schemes and will selectively deploy our capital as opportunities that achieve our targets arise.

The retail guaranteed income market is healthy, driven by the customer rate available, larger pension pot sizes due to investment performance and advisers shopping around in the open market.

Individual annuity sales were £527m (H1 25: £520m). The UK individual lifetime annuity market run-rate suggests a c.£8bn market in 2026 (2025: £7.4bn), as advisors increasingly incorporate guaranteed income into retirement planning. With the present higher and more normalised long term interest rates, this increases the value of the guarantee to customers, making the product more attractive relative to other forms of retirement income.

Solvency II coverage ratio

The Group's regulatory capital coverage ratio was 171% at 30 June 2026 (31 December 2025: 179%). The Group's investor capital coverage ratio was 183% as at 30 June 2026 (31 December 2025: 179%), taking into account ineligible capital equivalent to 12 percentage points of SCR.

Assets Under Management

During the first six months of 2026, financial investments increased by £0.2bn to £37.6bn (31 December 2025: £37.4bn). Excluding derivatives and collateral, and gilts purchased in relation to the interest rate hedging, the core investments portfolio on which we take credit risk increased to £29.9bn. The small increase in the portfolio is due to investment of the Group's £1.2bn of new business premiums and credit spread tightening, partially offset by the increase in long-term risk-free rates at the end of the period compared to 2025 year-end, which decreases the market value of the assets (and matched liabilities).

As of 1 April 2026, the investment portfolio came under the management of Brookfield Asset Management, providing access to Brookfield's leading real asset origination capabilities. Since close, we have invested into a number of Brookfield originated investments and have begun reviewing a strong pipeline of additional investment opportunities for the second half of the year.

The credit quality of the Group's £21.6bn bond portfolio remains resilient, with 67% rated A or above (31 December 2025: 64%), 32% BBB (31 December 2025: 35%), and 1% (31 December 2025: 1%), or £247m, below investment grade. Of this £247m, more than 80% by value is in the defensive infrastructure, consumer staples, communications and technology and commercial mortgages sectors.

To date, Just has invested £7.9bn in non-LTM illiquid assets, representing 26% of the investments portfolio, spread across over 350 investments, in both the UK and abroad. Lifetime mortgages at £5.9bn represent 20% of the investments portfolio, which we expect to gradually reduce over time as we originate fewer new LTMs and diversify the portfolio with other illiquid assets.

The table below presents detail on the Group's financial investments as of 30 June 2026.

1 Includes direct long income real estate and where applicable, investment in trusts of £132m which are primarily included in investments accounted for using the equity method in the IFRS Consolidated statement of financial position. Long income real estate includes £1,612m commercial ground rents/income strips and £76m residential ground rents.

We prudently manage the balance sheet by hedging all foreign exchange and inflation exposure, and continue to execute strategic interest rate hedging. This involves the purchase and accumulation of a £3.7bn held to maturity long dated gilts portfolio, held at amortised cost under IFRS, which are subject to repurchase agreements. In the Solvency II balance sheet, this portfolio is held at fair value and used to manage interest rate volatility.

Outlook

The attractiveness of the guarantees embedded in our products continue to drive demand from our customers. Our markets are large, with huge untapped potential, however, we remain patient and disciplined in the present competitive markets. Through accessing Brookfield's industry leading investment expertise, we will be able to continue to deliver competitively priced products and services to our customers.

Capital management / Solvency II

The Group's regulatory capital coverage ratio was 171% at 30 June 20261 (31 December 2025: 179%)1. The Group's investor capital coverage ratio was 183% as at 30 June 2026 (31 December 2025: 179%), taking into account ineligible capital equivalent to 12 percentage points of SCR.

Ineligible capital is the excess of Tier 2 & Tier 3 capital above 50% of SCR. £720m of Tier 2 capital is included in Eligible Own Funds up to the 50% of SCR threshold. A further £38m of Tier 2 capital and £143m Deferred Tax Asset ("DTA"), which counts as Tier 3 capital, is not eligible under the tiering restrictions. This capital is expected to become eligible over time as we write profitable new business, invest in and/or rotate investment assets that back our guarantees, and should long-term interest rates fall.

1 Solvency capital coverage ratios as at 30 June 2026 and 31 December 2025 include a recalculation of TMTP at the respective dates. 2 The 30 June 2026 position includes the Blumont UK Annuity business, whose ownership transferred to Just Group plc on 1 April 2026.

Estimated Group Solvency II sensitivities 1,2,3,4

The Group assesses the sensitivity of the Solvency II balance sheet to potential changes in economic parameters and mortality. The results of sensitivities applied to the 30 June 2026 Solvency II balance sheet are reported below.

1 The sensitivities above are determined by applying stresses to single risk factors. Stresses to multiple risk factors at the same time can create more severe outcomes than on individual factors as reported above.

2 In all sensitivities the Effective Value Test ("EVT") deferment rate is allowed to change subject to the minimum deferment rate floor being met.

3 The results do not include the impact of capital tiering restriction, if applicable.

4 Sensitivities are applied to the reported capital position which includes a TMTP recalculation where applicable.

5 Credit migration stress covers the cost of an immediate big letter downgrade (e.g. AAA to AA or A to BBB) on 10% of all assets where the capital treatment depends on a credit rating (including corporate bonds, long income real estate/income strips; but lifetime mortgage senior notes are excluded). Downgraded assets are assumed to be traded to their original credit rating, so the impact is primarily a reduction in Own Funds from the loss of value on downgrade. The impact of the sensitivity will depend upon the market levels of spreads at the balance sheet date.

6 Sensitivity is applied after the application of NNEG hedges.

IFRS performance

Operating profit1

1 See glossary for definition

2 Prior period figures have been updated in line with reassessment to our performance metrics, following acquisition by Brookfield

In-force business profit

In-force business profit represents investment returns earned on surplus assets, the release of allowances for credit default, CSM amortisation, release of risk adjustment allowance for non-financial risk and other items. Taken together, these are the key elements of the operating profit from insurance activities on an IFRS 17 basis.

In-force business profit fell 10% to £113m (H1 25: £126m) due mainly to a lower amount of surplus assets. As we take advantage of the investment capabilities of Brookfield Asset Management, higher investment returns are expected, which will increase the in-force business profit.

Other Group companies operating result

Other Group companies operating results include the net cost of corporate and proposition related initiatives in the HUB group of businesses and the Group's holding companies.

Finance costs

Finance costs include the coupon on the Group's Restricted Tier 1 notes, as well as the interest payable on the Group's Tier 2 notes. On a statutory IFRS basis, the Restricted Tier 1 coupon is accounted for as a distribution of capital, consistent with the classification of the Restricted Tier 1 notes as equity, but the coupon is included as a finance cost.

In June 2026, the Group refinanced its 9.0% £150m Tier 2 notes with new 6.5% £250m Tier 2 notes. The increased interest servicing cost due to the higher principal will be broadly offset by the return on a greater amount of surplus assets.

The Group has a £400m revolving credit facility provided by eight banks. This facility is available until June 2027, and has not been drawn upon since inception in June 2022.

Movement in Contractual Service Margin1 (net of reinsurance)

The following table reconciles the movement in Contractual Service Margin ("CSM") on the IFRS balance sheet.

1 See glossary for definition

New business CSM recognised

The profit on new business is deferred into the CSM and gradually released over the lifetime of the insurance contract as service is provided i.e. payments to pension schemes and individuals. We continue to maintain pricing discipline and target a mid-teens IRR on capital invested in new business.

IFRS Adjusted net assets

The Group's total equity at 30 June 2026 was £0.9bn (31 December 2025: £1.1bn). Total equity includes the Restricted Tier 1 notes of £322m (after issue costs) issued by the Group. The total equity attributable to the owner of the company at 30 June 2026 was £570m (31 December 2025: £788m). The change from 31 December 2025 is primarily due to the reduction in valuation of the Group's residential ground rent portfolio following publication of the Government's Commonhold and Leasehold Reform Bill in January 2026, and the impact of downgrades and an impairment on certain legacy assets.

The future IFRS value to be earned from the in-force book of business (CSM net of tax) added to the IFRS Equity attributable to the owner of Just Group plc, results in Adjusted net assets of £2.5bn (31 December 2025: £2.7bn).

Reconciliation of IFRS equity to Solvency own funds

1 The 30 June 2026 reconciliation includes the Blumont UK Annuity business, which transferred to Just Group plc on 1 April 2026.

Consolidated Statement of Financial Position

The amounts reported in the Consolidated statement of financial position above for Insurance and Reinsurance contracts include our future cash flows, risk adjustment and contractual service margin ("CSM"). The analysis of these is included below.

After tax, the closing CSM is £1,945m (31 December 2025: £1,927m).

Consolidated Statement of Comprehensive Income

Insurance service result is the difference between the actual and reserved cost of delivering claims and insurance related expenses, and is predominantly driven by the release of the CSM and Risk Adjustment (RA), alongside any losses or associated reversals on onerous contracts.

The net investment result is primarily driven by interest earned on insurance and reinsurance assets above liabilities. It also includes the impact of changes in economic conditions, including interest rate, credit spread and inflation movements.

Other expenses are project costs, one-off items and costs borne by the company outside of the insurance contracts, plus new business, maintenance and investment costs that are not attributable to selling and servicing insurance contracts.

The finance costs represent interest payable on borrowings, collateral and leases. The Restricted Tier 1 ("RT1") debt issued is accounted for as equity under IFRS and as such interest on these notes is not included in finance costs, and is instead recognised in the statement of changes in equity as a distribution of capital when paid.

All (loss)/profit and comprehensive (loss)/income is attributable to equity holders of Just Group plc in all periods presented.

Mark Godson

Group Chief Financial Officer

1. Basis of preparation

This announcement and corresponding financial information under IFRS and Solvency II needs to be read in conjunction with the 2025 Just Group SFCR, published on 27 March 2026, and the Annual Report and Accounts for the year ended 31 December 2025, published on 7 March 2026. This announcement and corresponding financial information has been prepared consistently with the basis of preparation within those reports, except where identified in this announcement and corresponding financial information.

The directors are satisfied that the Group has adequate resources to continue to operate as a going concern for a period of not less than 12 months from the date of signing this report.

The Group continues comply with its debt covenants, including the Group's £400m liquidity facility covenant of the ratio of consolidated net debt to the sum of net assets, which is 33% at 30 June 2026 ( 27% at 31 December 2025).

The financial information does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. The figures for the year ended and position as at 31 December 2025 have been taken from the Group's 2025 Annual Report and Accounts. The Group's 2025 Annual Report and Accounts were approved by the Board of Directors on 26 February 2026 and published on 7 March 2026. The report of the auditor on those accounts was (i) unqualified, (ii) did not contain any statement under section 498 (2) or (3) of the Companies Act 2006, and (iii) did not contain an emphasis of matter paragraph.

The figures for the six month period ended 30 June 2025 have been taken from the Group's Interim figures for the six months to 30 June 2025, published on 7th August 2025.

Glossary