Earnings release
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PRESS RELEASE 29 January 2026 ST. JAMES'S PLACE DELIVERS A STRONG YEAR OF NEW BUSINESS AND INVESTMENT RETURNS St. James's Place plc ('SJP') today issues an update on new business inflows and funds under management for the year ended 31 December 2025. 2025 2024 £'Billion £'Billion Gross inflows 21.88 18.41 Net inflows 6.16 4.33 Net investment return 23.64 17.68 Closing funds under management 220.01 190.21 Funds under management retention rate1 94.9% 94.5% Net inflows/opening funds under management 3.2% 2.6% Net investment return/opening funds under management 12.4% 10.5% 1 Our retention rate is calculated allowing for surrenders and part-surrenders. It excludes regular income withdrawals and maturities. Mark FitzPatrick, Chief Executive Officer, commented: "I am pleased to report a strong year for SJP. Our advisers attracted £21.9 billion of new business, up 19% year-on-year. Combined with high retention of 94.9%, we achieved net inflows of £6.2 billion, up 42% year-on-year. We also delivered strong investment performance for the benefit of our clients, with returns representing 12% of opening funds under management. Together with net inflows, this meant our FUM closed the year at £220.0 billion, a record high and up 16% during the year. The final quarter was marked by protracted speculation in the lead up to the Autumn Budget at the end of November, and our new business performance reflected clients' desire for trusted advice amid this period of heightened uncertainty. Client-adviser engagement was unseasonally high in the third quarter, linked to the successful implementation of our new charging structure in late summer, resulting in lower levels of activity early in the final quarter, as expected. The final quarter also saw elevated short-term outflows, as many clients accelerated tax-free cash (TFC) withdrawals from their pensions in anticipation of reduced TFC allowances. As we exited the quarter, we were pleased to see both outflow rates and client engagement normalise, and this has continued into the early part of 2026. 2025 was a year of progress for SJP, where we strengthened our business for the future whilst growing our client numbers, increasing our inflows, delivering good investment returns and achieving record FUM. As anticipated, clients and advisers successfully adapted to the implementation of our simple, comparable charging structure. We also made good progress with our review of historic ongoing service evidence and our cost and efficiency programme. We enter 2026 with confidence and the changes we have made, combined with our broader strategy to strengthen and grow SJP, leave us well placed to extend our long-term leadership in a highly attractive marketplace." -2- Enquiries: Hugh Taylor, Director - Investor Relations Tel: 07818 075143 Angela Warburton, Director - Communications Tel: 07442 479542 Brunswick Group: Tel: 020 7404 5959 Eilis Murphy Email: sjp@brunswickgroup.com Contents 1. Funds under management 2. Analysis of funds under management 1. Funds under management Three months ended 31 December 2025 Investment bond Pension UT/ISA and DFM Total
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£'Billion £'Billion £'Billion £'Billion Opening FUM 42.74 115.53 54.09 212.36 Gross inflows 0.67 3.62 1.40 5.69 Net investment return 1.36 4.19 1.53 7.08 Regular income withdrawals and maturities (0.09) (1.75) - (1.84) Surrenders and part-surrenders (0.56) (1.65) (1.07) (3.28) Closing FUM 44.12 119.94 55.95 220.01 Net inflows/(outflows) 0.02 0.22 0.33 0.57 Implied surrender rate as a percentage of average FUM 5.2% 5.6% 7.8% 6.1% Three months ended 31 December 2024 Investment bond Pension UT/ISA and DFM Total £'Billion £'Billion £'Billion £'Billion Opening FUM 38.05 98.26 48.09 184.40 Gross inflows 0.86 3.54 1.08 5.48 Net investment return 0.90 2.56 0.82 4.28 Regular income withdrawals and maturities (0.08) (1.24) - (1.32) Surrenders and part-surrenders (0.55) (1.14) (0.94) (2.63) Closing FUM 39.18 101.98 49.05 190.21 Net inflows/(outflows) 0.23 1.16 0.14 1.53 Implied surrender rate as a percentage of average FUM 5.7% 4.6% 7.7% 5.6% -3- Twelve months ended 31 December 2025 Investment bond Pension UT/ISA and DFM Total £'Billion £'Billion £'Billion £'Billion Opening FUM 39.18 101.98 49.05 190.21 Gross inflows 3.02 13.86 5.00 21.88 Net investment return 4.38 13.47 5.79 23.64 Regular income withdrawals and maturities (0.33) (4.88) - (5.21) Surrenders and part-surrenders (2.13) (4.49) (3.89) (10.51) Closing FUM 44.12 119.94 55.95 220.01 Net inflows/(outflows) 0.56 4.49 1.11 6.16 Implied surrender rate as a percentage of average FUM 5.1% 4.0% 7.4% 5.1% Twelve months ended 31 December 2024 Investment bond Pension UT/ISA and DFM Total £'Billion £'Billion £'Billion £'Billion Opening FUM 35.99 87.32 44.89 168.20 Gross inflows 2.42 12.06 3.93 18.41 Net investment return 3.37 10.03 4.28 17.68 Regular income withdrawals and maturities (0.36) (3.92) - (4.28) Surrenders and part-surrenders (2.24) (3.51) (4.05) (9.80) Closing FUM 39.18 101.98 49.05 190.21 Net inflows/(outflows) (0.18) 4.63 (0.12) 4.33
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Implied surrender rate as a percentage of average FUM 6.0% 3.7% 8.6% 5.5% 2. Analysis of funds under management The table below provides a geographical and investment-type analysis of FUM at 31 December. 31 December 2025 31 December 2024 £'Billion Percentage of total £'Billion Percentage of total North American equities 83.6 38% 74.9 39% Fixed income securities 36.8 17% 31.6 17% European equities 31.0 14% 24.3 13% Asia and Pacific equities 30.1 14% 24.0 13% UK equities 19.6 9% 16.0 8% Cash 9.7 4% 6.9 4% Other 4.5 2% 5.0 2% Alternative investments 4.2 2% 6.2 3% Property 0.5 0% 1.3 1% Total 220.0 100% 190.2 100%