Personal Group Holdings has reported an 11% increase in revenue to approximately £48.4 million for the financial year ended December 31, 2025, with the workforce benefits and insurance provider noting growth across all business areas.
The company recorded adjusted EBITDA of approximately £12.1 million, up 21% from £10.0 million in the prior year and ahead of market expectations of £11.6 million.
Insurance annualised premium income increased by approximately 12% to £40.5 million, compared to £36.0 million in 2024. The company recorded new insurance sales of £15.4 million API, an 11% increase from £13.9 million in the previous year.
The company has set ambitious 2030 targets of at least £100 million in revenue, £30 million in EBITDA, and £20 million in SaaS ARR.
The results come amid strong tailwinds for the UK workplace benefits sector. According to Corporate Adviser, corporate cash plans – Personal Group's core product – saw employee coverage rise by 14.8% in 2023, making it the fastest-growing segment in UK workplace health and protection.
The broader UK health cover market grew 13.8% in 2024 to reach £8.64 billion, according to LaingBuisson's Health Cover UK Market Report.
Personal Group sells insurance products directly to employees through its Hapi benefits platform, using a face-to-face engagement model that targets frontline workers with limited or no sick pay provision.
Retention levels remained above 80% year-on-year, while claims levels in the second half of the year fell slightly. The company said new client wins achieved during the period will provide access to approximately 50,000 new employees during 2026 – a significant pipeline given the company's direct sales model.
In its benefits and reward segment, annual recurring revenue from the digital benefits platform grew to £7.1 million as at the end of 2025, up from £6.7 million in the prior year. The platform comprises Hapi and Sage Employee Benefits, the latter being an SME-focused offering through its partnership with Sage Group.
The company expanded its Sage partnership with Ireland going live in July 2025. Personal Group also secured a new small and midsize business partner, EB Now, with the first 15 clients going live via that platform in the second half of the year.
The Pay & Reward division launched its new SaaS platform, Pathfinder, during the period. ARR from its digital offerings increased 14% to £0.81 million from £0.71 million in 2024.
Personal Group reported a cash position of approximately £29 million as at December 31, 2025, up from £27.4 million at the end of 2024, with no debt.
Paula Constant (pictured above), chief executive of Personal Group, said the company's offerings are now supporting the health and wellbeing of over one million UK employees.
She added that insurance sales continue to perform well, which alongside growing ARR levels and cash generation, support an ever-strengthening balance sheet.
