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Investing.com -- Just Group PLC (LON:JUSTJ) reported disappointing first-half 2025 results on Thursday, with sales declining 13% and profit before tax falling 12%, missing consensus expectations by 16%.
The retirement income specialist, which agreed to a takeover last week, saw sales declines of 13% in both retail annuities and bulk business segments. The bulk business decline occurred despite completing more deals, indicating smaller average transaction sizes.
The profit miss was attributed to "elevated CSM transfer from P&L due to changes to future cashflows at locked in economic assumptions," according to the company.
On a more positive note, organic capital generation grew 12% and exceeded consensus expectations by 104%. However, this strong performance was primarily driven by management actions contributing approximately five times more than expected, while underlying cash generation grew only 9%, falling 2% short of consensus.
The company’s new business margin of 7.5% missed expectations by 0.7 percentage points, while the Solvency II capital coverage ratio of 198% was 3 percentage points below consensus.
Other key metrics showed mixed results, with retirement income sales beating expectations by 1.0%, defined benefit sales exceeding forecasts by 1.6%, and Guaranteed Income & Life (GIfL) & Care sales missing by 0.8%.
The dividend per share aligned with consensus expectations, while tangible net asset value per share was also in line with market forecasts.
With the recently announced takeover agreement, these results are less market-sensitive than they would have been otherwise, as the company transitions toward its new ownership structure.