St James's Place
Website:
St James's Place
Index:
FTSE 100
EPIC: STJ
Supersector:
Insurance
Sector:
Life Insurance
Subsector:
Life Insurance
Market Cap:
£6.46B
Payout Frequency: Semi-Annual
St James's Place Dividend Analysis and Summary
Key Dividend Details
- Final dividend (FY2025): 12.00p per share (unchanged YoY)
- Total dividend (FY2025): 18.00p per share
- Ex-dividend date: 26/03/2026 (derived from record date)
- Record date: 27/03/2026
- Payment date: 08/05/2026
- Dividend policy (from FY2026): total shareholder returns targeted at 70% of the Underlying cash result, of which at least 40% via ordinary dividends (i.e., at least 28% of Underlying cash as dividends); balance via buy-backs
- Board intention for FY2026 interim dividend: 6.00p per share
- Buy-backs: programme starting March 2026 totalling £122.6m (final FY2025 buy-back £103.9m + OSE release buy-back £18.7m)
Dividend Cover and Capacity
- Underlying cash result (post-tax, FY2025): £462.3m; total FY2025 dividends c.£95.2m ? dividend cover ˜ ~4.9x
- Underlying cash basic EPS: 87.0p vs DPS 18.0p ? cover ˜ ~4.8x
- Free liquidity at Group centre: £271.4m (up from £148.1m)
- Ordinary shareholder returns for FY2025: £231.2m (50% of Underlying cash), split between dividends and buy-backs
Short, Focused Analysis
- Sustainability: The FY2025 dividend is well-covered by cash generation and supported by strong liquidity and reduced corporate borrowings. Guidance to return 70% of Underlying cash from FY2026 anchors a robust payout framework, with a dividend floor of at least 28% of Underlying cash.
- Growth trajectory: DPS was flat YoY (18p), but the shift to a higher total payout and ongoing buy-backs should be accretive per share. Medium-term tailwinds include the maturity of “gestation” FUM, expected to add c.£38m to post-tax cash in 2026 rising to c.£303m by 2031, and a cost-efficiency programme targeting c.£100m pa savings by 2027.
- Coverage vs performance: Although 2026 is flagged as the first full year under the lower-margin charging structure (near-term profitability dip), record FUM (£220bn), net inflows, and disciplined capital allocation underpin dividend capacity.
Structural and Policy Developments Affecting Future Dividends
- Capital returns policy accelerated: from FY2026, total shareholder returns set at 70% of Underlying cash (dividends at least 40% of that total).
- Share buy-backs: Ongoing ordinary programmes plus additional buy-backs funded by releases from the Ongoing Service Evidence (OSE) provision; 17.0m shares repurchased in 2025 support per-share growth.
- Charging structure reform (Aug 2025): Simpler, comparable fees introduced. Near-term margin pressure expected in 2026 (and “margin from new business” guided to ~zero), but a rising proportion of mature FUM and gestation roll-off should improve medium-term cash generation.
Risks and Flags to Dividend Stability
- OSE review outstanding: Provision of £272.3m remains; while 2025 saw net releases, sensitivities are material. The programme is expected to complete in 2026.
- Near-term earnings dip: First full year under the new charging structure expected to reduce margins in 2026; execution risk around cost savings until 2027.
- Market dependency: FUM-linked revenues remain sensitive to market performance and client behaviour; policyholder tax asymmetry can add volatility.
- Regulatory and levy headwinds: Higher FSCS levy and evolving Consumer Duty expectations could pressure costs and capital allocation flexibility.
Read more
St James's Place Annual Dividend Yield - 1.49%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 10/04/2025 |
23/05/2025 |
Final |
12.00p |
GBX |
| 07/08/2025 |
19/09/2025 |
Interim |
6.00p |
GBX |
Total (Annual Dividends Per Share):
18.00p
Dividend Yield =
Annual Dividends Per Share (18.00p)
÷ Share Price (1211p)
= 1.49%
St James's Place Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 26/03/2026 |
08/05/2026 |
Final |
12.0000p |
GBX |
| 07/08/2025 |
19/09/2025 |
Interim |
6.00p |
GBX |
| 10/04/2025 |
23/05/2025 |
Final |
12.00p |
GBX |
| 22/08/2024 |
20/09/2024 |
Interim |
6.00p |
GBX |
| 25/04/2024 |
24/05/2024 |
Final |
8.00p |
GBX |
| 24/08/2023 |
22/09/2023 |
Interim |
15.83p |
GBX |
| 04/05/2023 |
31/05/2023 |
Final |
37.19p |
GBX |
| 25/08/2022 |
23/09/2022 |
Interim |
15.59p |
GBX |
| 28/04/2022 |
27/05/2022 |
Final |
40.41p |
GBX |
| 26/08/2021 |
24/09/2021 |
Interim |
11.55p |
GBX |
| 15/04/2021 |
21/05/2021 |
Final |
38.49p |
GBX |
| 04/03/2021 |
24/03/2021 |
Interim |
11.22p |
GBX |
| 07/05/2020 |
27/05/2020 |
2nd Interim |
20.0p |
GBX |
| 16/04/2020 |
22/05/2020 |
Final |
31.22p |
GBX |
| 29/08/2019 |
27/09/2019 |
Interim |
18.49p |
GBX |
| 04/04/2019 |
24/05/2019 |
Final |
29.73p |
GBX |
| 30/08/2018 |
28/09/2018 |
Interim |
18.49p |
GBX |
| 05/04/2018 |
01/06/2018 |
Final |
27.45p |
GBX |
| 31/08/2017 |
29/09/2017 |
Interim |
15.41p |
GBX |
| 06/04/2017 |
12/05/2017 |
Final |
20.67p |
GBX |
| 01/09/2016 |
30/09/2016 |
Interim |
12.33p |
GBX |
| 07/04/2016 |
13/05/2016 |
Final |
17.24p |
GBX |
| 03/09/2015 |
02/10/2015 |
Interim |
10.72p |
GBX |
| 09/04/2015 |
15/05/2015 |
Final |
14.37p |
GBX |
| 27/08/2014 |
24/09/2014 |
Interim |
8.93p |
GBX |
| 09/04/2014 |
16/05/2014 |
Final |
9.58p |
GBX |
| 28/08/2013 |
25/09/2013 |
Interim |
6.38p |
GBX |
| 10/04/2013 |
24/05/2013 |
Final |
6.39p |
GBX |
| 22/08/2012 |
19/09/2012 |
Interim |
4.25p |
GBX |
| 28/03/2012 |
16/05/2012 |
Final |
4.80p |
GBX |
| 03/08/2011 |
14/09/2011 |
Interim |
3.20p |
GBX |
| 02/03/2011 |
18/05/2011 |
Final |
3.98p |
GBX |
| 04/08/2010 |
15/09/2010 |
Interim |
2.03p |
GBX |
| 03/03/2010 |
18/05/2010 |
Final |
2.66p |
GBX |
| 05/08/2009 |
16/09/2009 |
Interim |
1.84p |
GBX |
| 04/03/2009 |
13/05/2009 |
Final |
2.55p |
GBX |
| 06/08/2008 |
17/09/2008 |
Interim |
1.66p |
GBX |
| 05/03/2008 |
14/05/2008 |
Final |
2.55p |
GBX |
| 08/08/2007 |
19/09/2007 |
Interim |
1.75p |
GBX |
| 07/03/2007 |
18/05/2007 |
Final |
2.15p |
GBX |
| 07/03/2007 |
18/05/2007 |
Special |
6.35p |
GBX |
| 03/08/2005 |
19/09/2005 |
Interim |
1.30p |
GBX |
| 09/03/2005 |
18/05/2005 |
Final |
1.60p |
GBX |
| 04/08/2004 |
14/09/2004 |
Interim |
1.25p |
GBX |
| 17/03/2004 |
17/05/2004 |
Final |
1.50p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
6.000 |
8.000 |
|
GBX |
14.000 |
-73.590 |
| 2023 |
15.830 |
37.190 |
|
GBX |
53.020 |
-5.320 |
| 2022 |
15.590 |
40.410 |
|
GBX |
56.000 |
-8.580 |
| 2021 |
22.770 |
38.490 |
|
GBX |
61.260 |
19.600 |
| 2020 |
|
31.220 |
|
GBX |
51.220 |
6.220 |
| 2019 |
18.490 |
29.730 |
|
GBX |
48.220 |
4.960 |
| 2018 |
18.490 |
27.450 |
|
GBX |
45.940 |
27.320 |
| 2017 |
15.410 |
20.670 |
|
GBX |
36.080 |
22.010 |
| 2016 |
12.330 |
17.240 |
|
GBX |
29.570 |
17.850 |
| 2015 |
10.720 |
14.370 |
|
GBX |
25.090 |
35.540 |
| 2014 |
8.930 |
9.580 |
|
GBX |
18.510 |
44.940 |
| 2013 |
6.380 |
6.390 |
|
GBX |
12.770 |
200.470 |
| 2012 |
4.250 |
|
|
GBX |
4.250 |
-46.870 |
| 2011 |
3.200 |
4.800 |
|
GBX |
8.000 |
33.110 |
| 2010 |
2.030 |
3.980 |
|
GBX |
6.010 |
33.550 |
| 2009 |
1.840 |
2.660 |
|
GBX |
4.500 |
6.880 |
| 2008 |
1.660 |
2.550 |
|
GBX |
4.210 |
-60.460 |
| 2007 |
1.750 |
2.550 |
6.350 |
GBX |
10.650 |
395.340 |
| 2006 |
|
2.150 |
|
GBX |
2.150 |
65.380 |
| 2005 |
1.300 |
|
|
GBX |
1.300 |
-54.380 |
| 2004 |
1.250 |
1.600 |
|
GBX |
2.850 |
90.000 |
| 2003 |
|
1.500 |
|
GBX |
1.500 |
|
St James's Place Dividend Calculator
St James's Place Dividend Growth
| Dividend Growth (1Y) |
–
|
| Dividend CAGR (5Y) |
9.91%
|
| Years of Growth |
1
|
| Payout Ratio |
18.13%
|
| Buyback Yield |
2.04%
|
| Shareholder Yield |
3.53%
|
| P/E Ratio (TTM) | 12.26 |
|---|
| Forward P/E | 15.37 |
|---|
| P/FCF | 5.83 |
|---|
| Earnings Yield | 8.54% |
|---|
| FCF Yield | 17.14% |
|---|
| ROE | 38.61% |
|---|
| ROCE | 0.61% |
|---|
| Profit Margin | 1.76% |
|---|
| Operating Margin | 4.31% |
|---|
| Gross Margin | 12.77% |
|---|