6th Feb 2023 09:10
Just Group PLC - Surrey, England-based financial services group on focusing on the UK retirement income market - Says it is committed to target 15% growth in underlying operating profit per year over the medium-term under IFRS 17. For 2021, underlying operating profit was GBP210 million. It will also aim to deliver more than 10% return on equity under IFRS 17 for 2022, compared to 9.4% in 2021. As at January 1 last year, adjusted shareholders equity is expected to be around GBP2.1 billion to GBP2.2 billion.
IFRS 17 is a new accounting standard for insurers that was implemented on January 1 this year. Expects this new measure of IFRS 17 underlying operating profit to be comparable to IFRS 4 underlying operating profit. Just Group says it will release 2022 results on March 7.
Last month, Just Group said it is confident of achieving full-year guidance for 2022 citing the increase in interest rates as boosting in-force profits but leading to a lower new business margin.
Current stock price: 83.15 pence each, down 2.6% on Monday morning in London
12-month change: down 5.6%
By Xindi Wei, Alliance News reporter
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