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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Just Group
Just Group (JUST) investor relations material
Just Group has been delisted
Just Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary27 Feb, 2026
Executive summary
Achieved underlying operating profit of £305m for FY25, reflecting pricing discipline amid increased competition and tighter credit spreads.
Tangible Net Asset Value (TNAV) grew 37% over three years to £2.7bn, supported by a hedging strategy minimizing interest rate volatility.
New business premiums totaled £4.3bn, with a 2.7% new business strain and a 9% return on equity.
Maintained strong market positioning in both DB and retail retirement markets, with structural growth drivers intact.
Financial highlights
Underlying operating profit declined from £504m in FY23 to £305m in FY25, mainly due to lower new business margins and volumes.
IFRS 17 profit before tax was a loss of £118m, impacted by one-off non-operating items and strategic expenditure.
Solvency II capital coverage ratio decreased to 179% from 204%, driven by non-recurring items and tactical investment decisions.
Cash generation increased 9% year-over-year to £130m, despite higher new business strain.
Outlook and guidance
Long-term growth opportunities remain robust in both DB and retail markets, with £1tn of DB liabilities and £1tn of retail decumulation flows projected over the next decade.
Targeting continued compounding growth in value and maintaining pricing discipline in competitive markets.
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Latest events from Just Group
- Profit dropped 23%, but capital strength and a 220p/share offer underscore resilience.JUST
H1 2025 - Operating profit up 44%, sales up 30%, and margins improved, driving strong growth outlook.JUSTH1 2024
- Retirement Income sales up 36% to £5.3bn, with record DB transactions and strong profit outlook.JUSTTrading Update
- Record profit growth, strong capital, and DB/retail momentum drive long-term expansion.JUSTH2 2024
Just Group
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Frequently asked questions
Just Group plc provides various financial services in the retirement income market in the United Kingdom, including de-risking solutions and guaranteed income for life. The company also issues investment plan, pensions, and other benefits by offering a range of products, such as lifetime mortgages and protection products. Just Group plc was founded in 2004 and is based in Reigate, the United Kingdom.