Personal Group Holdings plc
Personal Group Holdings Plc (PGH) is a UK workforce benefits and health insurance provider, offering affordable employee-funded insurance (hospital cash, recovery, death benefit plans) underwritten by its own regulated subsidiaries, a SaaS employee benefits platform (Hapi) delivered directly and through channel partners such as Sage, and pay & reward consultancy/software through its Innecto subsidiary. It targets UK blue-collar, lower-paid and SME workforces, distributing insurance via a face-to-face sales model and benefits via digital platforms.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 1 Apr 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Personal Group Holdings Plc sells low-cost insurance and benefits software to UK employers and their staff. In the year to 31 December 2025, revenue rose to £48.4m from £43.8m, and profit before tax rose to £8.4m from £6.8m. The report credits growth in its insurance business and a smaller share of premiums being paid out in claims. Central running costs rose with inflation. Profit after tax rose less sharply, to £7.3m. The previous year's figure had been lifted by a one-off gain from selling its Let's Connect business. It ended the year with £25.0m in cash, up from the year before, and no borrowings. The dividend for the year rises to 23.3p a share from 16.5p, under a new policy of paying out roughly all of each year's earnings. Management says 2026 has opened with strong momentum, though running costs should keep rising modestly. The auditor gave a clean opinion and raised no doubt about the company's ability to keep trading. The report lists losing a major client and growing competition among its main risks.
From the reportevery line sits on the page it namesWhat drove revenueInsurance (Affordable Insurance) new business and renewal premium
Annualised new business premium up 11% to £15.4m; Annualised Premium Income (API) up 12% to £40.5m; insurance retention 81.7%
page 18AndSaaS Benefits Platform (Hapi) subscription/ARR growth
Benefit Platform ARR £7.3m (2024: £6.7m); Hapi Net Retention Rate 93.6%
page 6What moved the margintailwindClaims ratio improvement
Claims ratio reduced to 27.1% (2024: 29.1%), within expected range, reflecting disciplined underwriting
page 25AndheadwindGroup administration and central costs inflation
Group admin and central costs of £9.8m (2024: £8.9m) reflects impact of inflationary cost pressures across all cost areas
page 29What management said2026 opens with strong momentum, confident of continued progress given recurring revenue base, cash generation and senior leadership team depth, providing visibility into FY2026 and beyond.
page 13The dividendBoard amended dividend policy in 2025 to pay dividends equivalent to approximately one times basic EPS for the full year, confident dividends will continue to grow in line with increased earnings. Recommended final ordinary dividend of 15.1p per share (record date 7 April 2026, ex-dividend 2 April 2026, paid 12 May 2026), making total ordinary dividend for 2025 of 23.3p (2024: 16.5p), a 41% year-on-year increase.
page 13Going concern and the auditUnqualified ('true and fair') audit opinion from EY LLP (Senior Statutory Auditor Ben Morphet), Birmingham, dated 24 March 2026. Directors adopted the going concern basis with no material uncertainties identified over the period to 25 March 2027. Key Audit Matters: (1) valuation of goodwill relating to the Pay and Reward CGU (Innecto/QCG, £2.68m), and (2) capitalisation of computer software and website development costs as intangible assets (£2.7m incurred in year). Group materiality £426,000 (5% of PBT); performance materiality 75% of planning materiality. EY LLP to retire following a competitive tender; PKF Littlejohn LLP proposed as auditor for FY2026 onward.
page 60The risks it names first- Client & Customer Retention Risk - increasingly competitive market with clients/partners seeking to measure value through commercial relationships; impact of loss of a significant client or partnerp.31
- Strategic Risk - increasingly competitive market and consolidation in the employee benefits space; existing large/established providers and new entrants magnify the need for differentiated positioningp.31
- Cyber & Information Security Risk - evolving cyber risk landscape with sophisticated, technologically-enabled attacks including phishing, social engineering and spoofing designed to catch employees off guardp.31
- External Environment & Regulatory Risk - FCA Consumer Duty intends to create a 'race to the top' in product/service quality and value; firms must evidence fair value and price relative to benefitsp.31
Read from C000995-AR-2025-ch.
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