Just Group plc Annual Report and Accounts 2025

Change, Growth, Opportunity.

Annual Report and Accounts 2025

Our purpose

We help people achieve a better later life. We believe that every decision we make and every action we take should help us fulfil our purpose.

Approval

The Strategic Report was approved by the Board of Directors on 26 February 2026 and signed on its behalf by:
John Hastings-Bass Chair

Strategic Report


2	Investing customers money
3	2025 highlights
4	At a glance
6	Chair’s statement
8	Chief Executive Officer’s statement
10	Market context
12	Business model
14	Strategic priorities
16	Strategy in action
20	Financial key performance indicators
22	Business review
36	Sustainability: TCFD
52	Colleagues and culture
56	Relationships with stakeholders
59	Section 172 statement
60	Non-financial and sustainability information statement
62	Risk management
64	Principal risks and uncertainties

Governance


70	Chair’s Governance overview
72	Board of Directors
74	Senior leadership
76	Governance in operation
92	Nomination and Governance Committee report
96	Group Audit Committee report
102	Group Risk and Compliance Committee report
105	Directors’ Remuneration report
121	Directors’ report
127	Directors’ responsibilities

Financial Statements


128	Independent auditors’ report
138	Consolidated financial statements
142	Notes to the consolidated financial statements
213	Company financial statements
216	Notes to the Company financial statements

Other Information


220	Additional financial information
223	Information for shareholders
225	Directors and advisers
226	Glossary and abbreviations

01 JUST GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2025

Investing customers money

Individuals and corporates use their pension savings to purchase our products and solutions, which provide guarantees, security and peace of mind (see pg 5).

We invest our customers’ money into a diversified portfolio of fixed income investments, using our asset origination capabilities to select the most attractive investment opportunities. These investments generate cashflow to pay our customers and expenses, and provide profit margin.

We manage our risks prudently and hold significant capital resources as a buffer to ensure that we can continue to meet our customer promises well into the future.

How we invest our customers’ retirement savings

Retirement Income sales, FY25
* DB de-risking: £3.1bn
* Retail (GIfL/Care): £1.3bn

£31bn of customer payment promises, 31 December 2025
* DB de-risking: £19bn
* Retail (GIfL/Care): £12bn

Read more about our products on P5

Where we invest our customers’ retirement savings

Lifetime mortgages: 20%
Infrastructure: 15%
Secured property lending: 11%
Corporate bonds: 34%
Government bonds: 16%
Cash: 4%

Geographical distribution
* UK: 66%
* Europe: 13%
* North America: 14%
* Rest of the world: 7%

Investment descriptions:
* Lifetime mortgages: Lending to homeowners
* Infrastructure: Financing essential infrastructure, including renewables
* Secured property lending: Providing finance to owners of commercial property
* Corporate bonds: Lending to investment grade companies
* Government bonds: Lending mainly to the UK government

Read more about how we invest on P18

JUST GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2025 02

2025 highlights

Underlying operating profit¹: £305m (2024: £504m, down 39%)
Equivalent to underlying EPS¹: 22p (2024: 36p)
Cash generation¹: £130m (£119m at 31 December 2024)
Solvency II capital coverage ratio¹‚²: 179% (204% (proforma) at 31 December 2024)
New business strain¹: 2.7% (2024: 1.3%)
Retirement income sales (shareholder funded)¹: £4.3bn (2024: £5.3bn, down 18%)
Return on equity¹: 8.6% (15.3% at 31 December 2024)
New business profit¹: £249m (2024: £460m, down 46%)
IFRS loss before tax: £(118)m (2024: £113m)
Tangible net asset value per share¹: 257p (2024: 254p, up 3p)

Financial and operational highlights

Financial strength and other indicators
* Awarded further recognition for outstanding service
* Financial Adviser: 5 star service award
* A+ Fitch insurer financial strength rating for Just Retirement Limited (2024: A+)
* A Fitch issuer default rating for Just Group plc (2024: A)

¹ Alternative performance measure (“APM”) (unaudited, the explanations and definitions of APMs can be found in the glossary). Reconciliations are included in the Business Review for: New business strain, Cash generation and Solvency coverage ratio which are reconciled to Solvency II excess own funds; New business profit and Return on equity and Underlying EPS which are both based on Underlying operating profit, are reconciled to IFRS profit before tax; and Tangible net asset value is reconciled to IFRS total equity. Retirement Income sales (shareholder funded) are reconciled to premium cash flows in note 2 to the Consolidated financial statements.

² Solvency capital coverage ratios as at 31 December 2025 and 31 December 2024 include a recalculation of transitional measures on technical provisions (“TMTP”) as at the respective dates. Following the implementation of the UK Reforms to Solvency II on 31 December 2024, TMTP is now recalculated quarterly using the new simplified method. Firms are no longer required to seek PRA approval for their recalculations. The estimated 2024 ratio is presented after the impact of the pre-funded repayment of Tier 3 debt in February 2025. The reconciliation to the regulatory capital position is explained in note 30.

03 JUST GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2025

Strategic Report

At a glance

Leaders in our markets. We positively disrupt markets where we can become a leader and deliver great outcomes for customers. In doing so, we create value for shareholders.

We are a specialist in our chosen markets, serving four distinct groups…

Corporate clients: Solving problems for companies
We develop scalable retirement-focused solutions for banks, building societies, life assurance companies, pension scheme trustees, other corporate clients and for their customers, clients and members.
Homeowners: Accessing property wealth
People aged 55+ who want to access wealth locked up in their property. >£3.5 trillion property wealth owned by people aged 55+
Individuals: Providing retirement income
People who have built up pension savings throughout their career and want a guaranteed income, flexible income, or a combination in retirement. >£1 trillion DC pension savings reaching retirement age (2025-2034)
Trustees and scheme sponsors: providing member security and de-risking pension liabilities
Defined benefit pension schemes de-risking their liabilities by securing member benefits with an insurance contract. £1 trillion addressable market

...with products and services

Marketed products	Services	Benefit and competitive position
Defined Benefit De-Risking Solutions (“DB”)	Solutions for pension scheme trustees to reduce the financial risks of operating pension schemes and increase certainty that members’ pensions will be paid in the future.

JUST GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2025 04We have developed “Beacon”, a proprietary technology platform to underpin our highly successful bulk quotation service. We are a leader in the small to medium size transaction space, with a differentiated position and competitive advantage.

Guaranteed Income for Life (“GIFL”)

A solution for individuals/couples who want the security of knowing they will receive a guaranteed income for life. By using our unrivalled intellectual property, Just provides an individually tailored solution providing customers typically with double-digit percentage increases in income compared to standard products.

Secure Lifetime Income (“SLI”)

SLI is a tax-efficient solution for individuals who want the security of knowing they will receive a guaranteed income for life and the flexibility to make changes in the early years of the plan. Just’s pioneering Secure Lifetime Income product enables customers to select a guaranteed income from within a Self-Invested Personal Pension. This enables a customer to manage and blend their total pension assets tax efficiently within a single technology platform.

Care Plans (“CP”)

A solution for people moving to residential care who want the security of knowing a regular payment will be made to the care provider for the rest of their life. Just’s Care Plans can be tailored to the individual and offer a tax-efficient solution by making payments to residential care providers.
1 Reported in our Insurance segment.

Lifetime Mortgages (“LTM”)

Solutions designed for people who want to release some of the value of their home. By using our unrivalled intellectual property, Just provides an individually tailored solution providing around six-in-ten customers with a lower interest rate or a higher borrowing amount compared to standard products. Just provides a range of lifetime mortgages, enabling people to meet a variety of needs in later life.

Professional services [2]

Services	Benefit and competitive position
HUB group	Our professional services and distribution businesses delivering technology, broking and advice solutions for corporate clients and pension schemes.
	We also provide regulated financial advice on how people should use pension, investment and savings, or release some of the value from their homes.
	Support for organisations wanting to deliver whole-of-market shopping around services to source retirement income products for their customers, employees or pension scheme members.
HUB Financial Solutions	Is the UK’s largest GIfL broker. HUB Financial Solutions offers an innovative approach that provides affordable regulated advice to people with modest pension savings. It also delivers face-to-face advice at a time and place to suit the client.
	Provides a range of business services tailored to the needs of the organisation, ranging from consultancy and software development to fully outsourced customer service delivery and marketing services.

2 Reported in our Other segment.

Competitive position: A leader Developing
JUST GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2025 05

Strategic Report

Change, Growth, Opportunity. Chair’s statement

“This has been a defining year for our Company and marks the beginning of an exciting new chapter in our journey.”
John Hastings-Bass
Group Chair
JUST GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2025 06

Dividend

Given the close proximity to concluding the acquisition by BWS, the Board is not making any ordinary dividend declarations at this date.

Board composition and governance

We welcomed Matt Saker to the Board in August as an Independent Non-Executive Director. Matt has considerable experience within the insurance industry, having served in a number of senior leadership positions at FTSE 100 companies including as Chief Risk Officer at Aviva. Matt is Chair of the Risk and Compliance Committee.

I take great pride in leading the Board and the Group’s governance function, and my introduction to the Corporate Governance report on page 70 provides further information on our governance and decision-making processes. We have an excellent team in place that will ensure the Company is effectively governed and well led. I would like to thank the Board for their significant contribution. You can read more about the Directors of the Company on pages 72 to 74.

Supporting UK growth, productivity and sustainability

Our number one priority is to deliver the promises we make to our policyholders. In order to meet these promises, we invest billions of pounds into the UK. We have expanded our investment capabilities and have originated a wider range of assets to meet the demands of our growing business. Read more about our productive investments on p18-19 and at justgroupplc.co.uk

We are making excellent progress towards our goal to become net zero and doing our part to help the world transition towards a sustainable environment and low carbon global economy. You can read our transition plan on our Group website and this year’s Annual Report provides insight into our climate-related risks and opportunities. Our disclosures are consistent with those recommended by the Taskforce on Climate-related Financial Disclosures and you can read more on pages 36 to 51.

Engagement with our stakeholders

The Board engages directly and indirectly with our customers, shareholders, colleagues, regulators, government, professional bodies and wider society to promote the interests of our customers more broadly. We place great importance on working effectively with these groups and actively seeking their feedback.

I am pleased to introduce just group plc’s 2025 annual report. This has been a defining year for our company. Following the board’s comprehensive review, our proposal to shareholders to accept an offer from brookfield wealth solutions ltd (“bws”) was supported, moving us towards the beginning of an exciting new chapter in our journey.

An exciting future

The decision reflects both the strength we have built as an independent listed business and the opportunities that lie ahead as part of a larger global organisation. On behalf of the Board, I would like to thank our shareholders for the trust and unwavering support they have shown over many years. Their confidence has enabled us to build a company of substance, resilience and purpose.

Our progress has been underpinned by a clear strategy and by the dedication of our colleagues, whose expertise and integrity have earned the confidence of clients and partners alike. Together we have navigated a period of change in our markets, delivering consistent performance and a strong platform for long-term growth. It is from this position of strength that we now move forward.

The Board’s recommendation of the BWS offer was based on a shared conviction that combining our capabilities will create greater opportunities for all stakeholders. As part of BWS, under the leadership of David and his team, we will benefit from global reach, enhanced resources and the ability to accelerate our growth ambitions. Importantly, our business will become the cornerstone of BWS UK strategy – a growth platform from which new products, client relationships and innovation can flourish.

Looking ahead, our purpose and values remain unchanged. We will continue to focus on delivering for our customers, supporting our colleagues, and contributing positively to the markets and communities we serve. While this year marks the end of our journey as an independent listed company, it also marks the start of a new and exciting phase – one in which our heritage, expertise and ambition will play a central role within a world-class organisation.

2025 overview

The primary focus of our Group is to deliver ongoing sustainable growth through the capture of profitable business, investing for the future, and ensuring our business model continues to be financially resilient. This has resulted in a robust balance sheet and positive business momentum. The Group’s financial strength and performance are both set out in detail in the Business Review.

We work hard to ensure our customers benefit from our products, services and our shareholders receive the benefit of long-term value creation. Throughout this report you can read how the Board takes into consideration feedback from the Company’s stakeholders and how the Board, and colleagues from across the Group, promote the success of the Company.

Purpose driven

We help people achieve a better later life, this is our purpose, it’s why we exist. We fulfil our purpose by delivering excellent products and services, so our customers achieve great outcomes. People don’t get a chance to experience retirement before it happens. Managing finances without regular salary payments can be complicated and stressful. We assist individuals in envisioning their post-work life and offer support, guidance, and advice to help them confidently take the next steps. Our purpose is just as meaningful today as it was when we first established it. It’s clear, authentic and it acts as a beacon for colleagues throughout the entire Group to embody our purpose daily.

Outlook

There are strong structural drivers of long-term growth in our chosen markets, which remain attractive. We continue to focus our leadership team on delivering great outcomes for customers, driving profitable growth and investing for the future.

On behalf of the Board, I would like to conclude by expressing gratitude to David, his team, and all our colleagues across the Group for their dedication to supporting our customers and delivering a strong set of results. I also extend my thanks to our business partners for trusting us to provide excellent service to their clients. We are helping our customers, rewarding our shareholders, fulfilling our purpose and contributing to growing the UK economy. We are excited and optimistic about the future as we look to join the wider Brookfield ecosystem and lead the insurance growth in the UK through the Just brand.# John Hastings-Bass Group Chair

JUST GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2025 07

Strategic Report

Chief Executive Officer’s statement

Confident future outlook

“As we enter a new chapter under new ownership, we do so with optimism, continuity of purpose, and a clear ambition for the future.”

David Richardson
Group Chief Executive Officer

JUST GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2025 08

Guaranteed Income for Life

Our Retail business had a very encouraging year as sales were up 23% to £1.3bn, with excellent traction in the second half due to our improved advisor proposition, reflecting ongoing development expenditure. Market demand has remained strong and took a small step up to £7.4bn in 2025 (source: ABI, 2024: £7.0bn), which represents a more than doubling since 2022. We utilise proprietary medical underwriting to risk select the most profitable parts of the market. Guaranteed income has enormous long-term growth potential due to the steady growth of defined contribution savings and increasing willingness of advisors to utilise guaranteed income solutions.

Alignment of purpose with our investments capability

The tighter credit spreads available in public markets during 2025 meant our successful illiquid asset origination strategy was more important than ever. We sourced £2.2bn of illiquid investments during 2025 at attractive spreads above equivalent public assets, with two thirds of this total sourced internally. We remain committed to continuing to invest in assets that support a positive impact, with recent investments taking advantage of strong market momentum for green buildings, energy-efficient properties and infrastructure.

Financial performance, underlying operating profit down 39%

In 2025, underlying operating profit was down 39% to £305m, driven by a reduction in new business margin on lower sales, partially offset by higher recurring in-force profit. New business margin was impacted by a combination of tighter credit spreads, the effect of increased competition on pricing, lower volumes, and business mix. We incurred strategic costs as we continued to invest in new proposition development, and reported non-operating investment and economic losses, which when combined with other items resulted in an adjusted profit before tax of £120m for 2025 (2024: £482m). After allowing for deferral of profit into the CSM balance sheet reserve, the IFRS loss before tax was £(118)m (2024: £113m profit).

Our purpose and our customers

We help people achieve a better later life, this is our purpose, it’s why we exist. We fulfil that purpose by delivering market-leading products and award-winning services to over 700,000 customers. This has been a momentous year for Just Group. The proposed combination with Brookfield Wealth Solutions Ltd (“BWS”) is a fantastic outcome for customers, shareholders and our colleagues. It reflects the strength of the Just platform and the long- term value of the strategy we have developed. BWS and the wider Brookfield scale, investment expertise and alignment with our purpose will enable Just to broaden its reach and enhance its offering.

Increasingly competitive markets in 2025, particularly in DB, led to an 18% fall in shareholder funded sales to £4.3bn, which has delivered underlying operating profit for the year of £305m, down 39%. Our disciplined approach to new business pricing means that we consistently write business at or above our target mid-teen IRR on shareholder capital invested in new business, which in 2025 came at the expense of volumes. Both our DB and Retail business units are benefitting from long-term structural trends, and we are committed to compounding the growth in value of the Group over the long term. During 2025, the Group’s tangible net asset value increased to £2.7bn.

Defined Benefit De-Risking

I am extremely pleased with the strategic execution of our DB business, which has had another industry record year. We completed 130 transactions (2024: 129 transactions), which delivered £3.1bn of new business, making Just the number one DB provider by deal number. Over the past four years, we have completed more than 300 transactions via our proprietary platform, Beacon. We priced multiple large DB schemes, but pricing was unusually competitive in the context of the prevailing credit spread environment. This dynamic lead to our DB business completing five transactions above £100m in 2025 (largest £270m) compared to nine transactions above £100m in 2024 (largest £1.8bn). We expect an increased DB market opportunity in 2026, following the fall in the market in 2025 to c.£40bn. The reduction was due to fewer large transactions, which we believe was a consequence of market uncertainty during the first half of the year ahead of the publication of the Pension Schemes Bill in June. Otherwise the market was busy in 2025 and overall activity continues to increase with c.350 transactions completed, a new record (source: LCP, 2024: 300 transactions). Furthermore, we are continuing to invest to help more people across the wider retirement markets. During the year, we acquired two smaller businesses, which add capability and accelerate our participation in the “approaching retirement” segment.

Sustainability

We are committed to a sustainable strategy that protects our communities and the planet we live on. We are proud to have achieved our first net zero target: net zero by 2025 in our own operations (Scope 1 and 2 emissions). Our Scope 3 emissions, which are principally comprised of carbon emissions, are largely driven by our investments (credit portfolio and lifetime mortgages). Our target is to reduce our applicable Scope 3 carbon emissions by 50% by 2030. We have made strong progress – achieving a 46% reduction in our investment portfolio financed emissions intensity by the end of 2025 relative to our 2019 baseline. Within this, we have delivered a 57% reduction in our credit portfolio financed emissions intensity. For further details, please refer to our TCFD disclosures on pages 36–51.

Our people

As we look forward to the new opportunities created by our change in ownership, we will be harnessing the power of our highly talented, ambitious and engaged colleagues to deliver strong business growth and fulfil our purpose. I would like to thank all my colleagues for their hard work and dedication – it’s always a team effort and our people make Just a brilliant place to work.

In conclusion

Over the last five years, we have doubled our sales and established Just as a leader in our chosen markets. These markets present multiple opportunities and structural growth for many years to come. I am really proud of what the Just team has accomplished and personally grateful for the valuable support our shareholders have shown us since I became CEO in 2019. We look forward to working with our new owners, BWS, and building on our successful growth strategy and strong culture as we enter this exciting new phase for Just.

David Richardson
Group Chief Executive Officer

JUST GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2025 09

Strategic Report

Market context

Helping customers and corporates strengthen their financial resilience

Structural drivers in our markets mean we can grow profits sustainably while delivering better outcomes for customers. The retirement shift from db to dc is gathering momentum. Db or final salary pension schemes are gradually being paid or transferred to insurers, while dc retirees are seeking options to address their needs and wants. Guaranteed income and hybrid products provide customers with the peace of mind they seek in retirement.

Defined Benefit de-risking solutions

Private and public sector employers traditionally provided Defined Benefit (“DB”) pension schemes, often called final salary schemes, as an important benefit for employees. The employer would share some responsibility for the wellbeing of their former workers when they retired by providing a guaranteed retirement income based on their earnings history and length of employment. Over time, providing these guaranteed benefits became expensive. More than 95% of the UK’s private sector DB pension schemes are now closed to new members and/or future DB accrual (source: PPF, Purple Book). Continuing to operate these schemes has become more onerous for employers. The DB de-risking business has allowed these employers to alleviate the financial and operational challenges of running these schemes by passing responsibility for the schemes to insurers who can fully or partially de-risk the employer’s defined benefit obligations.

Current market

As of 31 March 2025, total UK DB obligations (insurer basis) were over £1tn. Within this, just under 80% of the almost 5,000 schemes have assets of less than £100m, but account for c.10% of the total DB obligations. This skewed distribution of scheme number versus value has lead to insurers setting up streamlined processes and providing dedicated resources to enable schemes of all sizes access to the DB de-risking market. Over the past 10 years, the funding levels of all schemes on an insurer buyout basis has increased from 57% to 96%. Improvement in funding levels was initially driven by sponsoring company contributions and insurers’ ability to access improved reinsurance terms. Since 2022, the main driver has been higher long-term interest rates, which reduce the liability value of the DB pension obligation by more than the reduction in the scheme’s asset value. To date, c.22% of the outstanding DB liabilities have been transferred from corporate balance sheets to insurers, with decades remaining as DB pensions are gradually paid.

Competitive factors

2025 was a record year of activity for DB insurance transactions with c.350 transactions completed (LCP, 2024: 300 transactions). This translated into c.£40bn of DB market new business premium (source: LCP), compared to £48bn in 2024.The reduction in market value was driven by fewer large deals (>£1bn), although two of the largest deals on record did transact during 2025. There is an active insurance de-risking market for DB pension schemes, as evidenced by multiple insurers competing for schemes of all sizes. Royal London, M&G (who both entered in 2023) and Utmost (2024) continue to steadily build their bulk annuity franchises. In 2026, three DB insurance providers including Just Group are expected to change ownership, subject to regulatory and other customary clearances. From a market perspective, Just Group and BWS’s Blumont UK are expected to operate as a single group under the Just brand, and therefore the market will have ten participants.

Outlook

In the decade to 2034, £350-550bn of DB liabilities are expected to transfer to insurers (source: LCP). Just Group is continuing to invest in its proposition, resources and service to ensure that schemes we work with can realise their de-risking ambition and provide the best member outcomes and experience.

JUST GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2025 10

Annual DC assets reaching retirement age (£’bn)
Remaining DB liabilities	78%
2007-24 Buy-in/Buy-out (est.)	19%
2025 Buy-in/Buy-out (est.)	3%

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 150 100 50 0 c.£1tn of decumulation flows over the next decade

“ There is an active insurance de-risking market for defined benefit pension schemes as evidenced by multiple insurers competing for schemes of all sizes.”

Total DB liabilities (£1.1tn as of December 2025) 1 2
Source: Broadridge 2024 Navigator

Individual Retirement Income market

Guaranteed Income for Life

Guaranteed Income for Life (“GIfL”) products are bought by individual customers who want to convert some or all of their accumulated pension savings into a guaranteed income for their retirement. This provides people with peace of mind, knowing the income they receive will continue to be paid for as long as they, or their spouse, lives.

Using a financial adviser, pension customers can compare the GIfL offer provided by their existing pension company with what is available on the open market, ensuring they are able to secure the best deal available to them. Alternatively, customers interested in purchasing the product can do so via a non-advised broking route, where HUB Financial Solutions is a market leader.

Continuing developments are driving growth over the medium term:
* the structural drivers of growth in the retirement income market are strong. Assets accumulating in defined contribution (“DC”) pension schemes are projected to increase consistently over the next decade, driven by auto-enrolment.
* the market is currently benefitting from the return of UK long-term interest rates to more normalised levels. The rate of income on GIfL has risen by around 50% compared to 2021.
* new solutions are being introduced to the market to provide financial advisers with more sophisticated options to blend a guaranteed income producing asset with other investments to deliver improved outcomes for their clients.

The combination of these factors has doubled the size of the market during the last three years to more than £7bn.

Regulatory developments

The introduction of the FCA’s Consumer Duty in July 2023 and the findings from the FCA’s Thematic Review of Retirement Income Advice published in March 2024 are leading advisers to re-examine the importance of guaranteed income to help customers achieve their objectives. The Consumer Duty introduced a new consumer principle that requires firms to act to deliver good outcomes for retail customers. The outcomes relate to (i) products and services; (ii) price and value; (iii) consumer understanding; and (iv) consumer support.

In June 2025, the FCA introduced The Advice Guidance Boundary Review, which aims to improve customer access to financial support to address a growing concern that most customers in the UK are not getting the financial help they need. Targeted support forms a key part of the FCA’s review. It introduces a new set of conduct standards and is complementary to Consumer Duty. Simplified advice can complement targeted support where a customer has straightforward needs, or indeed, can be a stepping stone towards additional advice for complex needs. The ambition is for a thriving and trusted market for different forms of advice, targeted support and guidance, so that consumers can access the help they need, at a cost they can afford and when they need it.

Financial adviser engagement

More customers are now seeking professional help, while improved GIfL rates have helped advisers to increasingly position the financial security of guaranteed income as a cornerstone of retirement planning. The adviser will highlight the open market option, and availability of an individually underwritten GIfL, which takes into account an individual’s medical conditions, personal and lifestyle factors to determine their life expectancy. Medical underwriting can typically achieve an additional double-digit percentage income increase compared to purchasing a standard GIfL.

Advisers value the flexibility to blend guaranteed income with other retirement products such as investment funds. Depending on client circumstances and their retirement goals, advisers are increasingly seeking to manage sequencing risk, where the timing of withdrawals during the pension decumulation phase can have an adverse impact on the overall pension pot size and how long it might last. This includes the client building a cash buffer, temporarily adjusting spending, and adjusting the pension assets towards guaranteed income via bonds and/or an annuity, as the client ages and the pension pot decreases in size.

The decumulation advice journey can help manage overall risk and sustainability, including the opportunity to leave an inheritance to loved ones. We expect these positive trends to continue, in tandem with more and more people reaching retirement age with larger pension pots. Over the next decade, it is estimated that £1tn (cumulative) of defined contribution savings will enter the spending phase of retirement, and advisers will need to respond to these customers’ needs.

1 Source, PPF 7800 index as of 31 December 2025, s.179 liabilities. Just estimate to convert to a full Buy-out basis.
JUST GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2025 11

Strategic Report

Our purpose is to help people achieve a better later life. We fulfil our purpose by addressing changing retirement needs with financial products, advice and guidance. We deliver sustainable value for customers, shareholders, partners and colleagues while protecting the planet we live on.

How we create value through our retirement expertise

Pension scheme trustees and sponsors
Advisers
Corporate partners
HUB group

We charge a margin in exchange for accepting risk over the lifetime of the policy
* PROVIDING SECURE INCOME FOR CUSTOMERS
* INNOVATIVE SOLUTIONS
* OPERATIONAL SCALABILITY
* RISK SELECTION AND FAIR PRICING
* BRILLIANT CUSTOMER EXPERIENCE
* SUSTAINABLE LONG-TERM INVESTMENTS

Business model

JUST GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2025 12

JUST GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2025

Shareholders: Through disciplined resource management, we generate returns above our cost of capital and sustain strong organic capital generation, fuelling investment in growth and supporting sustainable dividends.
Customers: Our medical underwriting approach ensures fair pricing and better customer outcomes, supported by a resilient business model where customers can trust us to pay claims over the long term.
Partners: We partner with trustees and scheme sponsors to de-risk pension liabilities and provide long term security for members.
Colleagues: Our purpose-led, high-performing culture creates an environment where ambitious, curious, and collaborative people can thrive.
Environment: We remain committed to reducing our investment emissions by 50% by 2030, invest in green infrastructure, and we achieved net-zero in our operations in 2025.

We create value for

Innovative solutions: Our insurance and investment offerings help customers manage risks such as exposure to their defined benefit pension schemes running into difficulties, running out of money or facing unaffordable care costs.
Risk selection: Prognosys™ is our proprietary engine for individual medical underwriting, giving us sharper insight into the risks we choose to take on and supporting stronger outcomes for customers.
Sustainable investments: Our investment expertise and proven illiquid origination strategy supports the management of a diversified asset portfolio, delivering sustainable returns for both policyholders and shareholders.
Operational scalability: We continue to focus on automating processes and modernising infrastructure to lower operating costs and maintain high service standards as we grow.
Brilliant customer experience: Our colleagues work hard to understand and serve customers as individuals, be there for the moments that matter, and minimise their administration.

JUST GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2025 13

Strategic Report

Principal risks and uncertainties

Ongoing risks:
* A Market
* B Credit
* C Insurance
* D Liquidity
* E Conduct and operational
* F Strategic

Risk outlook:
* 1 Political and regulatory
* 2 Climate and environmental, social and governance (“ESG”)
* 3 Cyber and technology
* 4 Insurance
* 5 Market and credit
* 6 Liquidity
* 7 Strategic

Focus: We strengthened our investment capabilities and scaled responsibly, while balancing growth with resilience to generate long-term value.
Focus: To enable future productivity gains, we continued to modernise our legacy infrastructure by migrating end-of-life systems and automating processes.
Focus: We expanded reach through partnerships and adviser technology integration to meet customer needs.
Focus: We used data insights to enhance experiences, build deeper relationships, and deliver more personalised outcomes.# JUST GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2025

Strategic priorities

Our purpose: We help people achieve a better later life. Underpinned by our five strategic priorities:

Grow sustainably

Focus: We strengthened our investment capabilities and scaled responsibly, while balancing growth with resilience to generate long-term value.

2025 progress
* Further improved risk controls and enhancing our internal asset origination capabilities.
* Strengthened our investment governance and capabilities to ensure our robust operating model is future ready.
* Enhanced internal origination capability, completing 41 in-house investment transactions during the year.
* Secured PRA approval for Matching Adjustment amendment, providing additional capacity for growth.

2026 focus
* We will continue to strengthen and expand our investment capabilities, whilst maintaining our financial discipline. The proposed combination with BWS would enhance our investment origination capability, capacity and flexibility.