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Just Group PLC on Thursday reported a decline in half year pension revenue reflecting lower defined benefit sales, a week after accepting a £2.4 billion bid from Brookfield Wealth Solutions Ltd. The London-based provider of retirement income products said IFRS pretax profit fell 12% to £65 million in the six months to June 30 from £74 million a year prior. New business profit dipped 27% to £162 million from £222 million with new business margins down to 7.5% from 9.0% a year ago. Underlying operating profit of £192 million was down 23% from £249 million on-year, driven by lower new business margins on lower sales, offset by higher recurring in-force profit. Retirement income sales fell 13% to £2.16 billion from £2.47 billion. Defined benefit sales were down 13% on year, but ‘have outperformed a slower market that is expected to rebound strongly in the second half,’ the firm said. Defined benefit pensions, sometimes called a final salary scheme, pay a guaranteed retirement income based on salary and service. Chief Executive Officer David Richardson said he was ‘pleased’ with the performance, particularly given the quieter level of transactions in the defined benefits market at the beginning of the year. ‘With multiple opportunities available to us, the second half of the year is already shaping up to deliver a strong six months of sales for the group,’ he added. In addition, Just Group said the solvency II capital coverage ratio declined to 198% from 204%. Just Group raised the half year dividend by 20% to 0.84 pence per share from 0.70p. Last week, Just Group said it has accepted a £2.4 billion takeover from Bermuda-based wealth management firm, Brookfield Wealth Solutions Ltd. On Thursday, Brookfield adjusted the cash element of the offer to reflect the level of the half year dividend declared by Just Group. Brookfield will pay 219.16p for each Just share, which, taken together with the dividend of 0.84p provides total value to Just shareholders of 220p per share as per the original announcement. The deal is expected to complete during the first half of 2026. Shares in Just Group were flat at 210.00p each in London on Thursday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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