European Insurance News & Views: AJ Bell results, read-across for SJP

Research evidence excerpt

European Insurance News & Views: AJ Bell results, read-across for SJP

Global Research

23 July 2026ab

European Insurance News & Views Equities

Europe including UKAJ Bell results, read-across for SJP

Financial

Nasib Ahmed, FIA

Headline: AJ Bell results, read-across for SJP Analyst

nasib-za.ahmed@ubs.com

AJ Bell reported results today (see here) and we provide read-across for SJP below. We +44-20-7568 8231

also summarise our expectations for SJP's results on 29 July below. Will Hardcastle, CFA

Analyst

will.hardcastle@ubs.com

UBS Summary:

+44-20-7567 9763

Qian Lu

AJ Bell grew advised gross flows +35% yoy, however, net flows were flat. This compares Analyst

to Visible Alpha cons. growth in gross flows of 3% yoy for SJP and net flows down - qian-za.lu@ubs.com

c.30% yoy. Although the read-across from AJ Bell results is positive for SJP (see our +44-20-7567 4657

expectations in the table below), SJP's 1Q results lagged peers (see here) due to market

Chloe Ryan

consolidation. Therefore, we believe the 2Q26 results for SJP will focus more on Associate Analyst

adviser exits and retention - see our note here. chloe.ryan@ubs.com

+44-20-7567 3505

Key debates on the 2Q results for SJP will likely be around: 1) Adviser exits/retention;

2) Adviser revenue sharing; 3) The effectiveness of the BSP program; 4) Future

propositions (Cash/HNW product); 5) Cost savings and productivity drive

We expect the market to focus on management commentary around the recently

reported adviser exits to Quilter and Soderberg & Partners. The exits could be due to

lower revenue sharing with advisers relative to peers, better exit opportunities for

retiring partners, greater flexibility and the recent productivity initiatives at SJP. We

expect management to address all these points next week.