It is said that because of "inherent variability" estimates of genetic distances using an individual based approach may lead to higher estimates than methods comparing groups of individuals.
The distances between 'groups' will be based on some sort of 'group averages', which may be expected to produce genetic distances that may be smaller as compared to genetic distances measured using the 'individuals' as basic units. The averaging process leads to some loss of information.
There are differences from one individual to another. Depending on the individuals sampled, estimated differences between populations can be larger or smaller than the true differences. When comparing two samples each made up of several individuals representative of the respective population variability you obtain an estimate closer to the real genetic distance