Just Group sees 15% jump in profitability

Just Group saw its underlying operating profits increase by 15% to £74m in H1 2022, driven by higher in-force operating profit and lower finance costs, its latest set of results show.

While retirement income sales were down 3% to £879m on H1 2021 defined benefit de-risking (DB) sales increased by 3%. Retail sales fell 14%.

Just also completed its largest DB transaction to date signed in July – a £0.5bn Buy-in insuring
c.4,800 members. c.50% of the liabilities are reinsured with a DB partner.

The transaction added £24m of new business profit (post 30 June 2022) and is capital generative.

Just also finished H1 2022 with a record pipeline of over £5bn which the firm said “gives confidence in meeting or exceeding our growth ambitions for the year”.

David Richardson, group chief executive officer of Just Group, said: “This is a strong set of results which continues to demonstrate our ability to generate profitable growth within a
sustainable capital model.

“In July, we signed our largest single DB transaction to date, at almost £0.5bn and this is our second DB partnering transaction.

“There is a very favourable DB market backdrop and we have a record pipeline of over £5bn.

“This together with our positive momentum, and supported by our strong capital position, give me confidence that we will achieve our growth ambitions in 2022 and beyond.

“Following our strong H1 22 we have increased confidence of delivering 15% growth in underlying operating profit per annum, on average over the medium term. We have a unique opportunity to build substantial value to shareholders and deliver our purpose to help more people achieve a better later life.”

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