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Just Group celebrates record pipeline despite widening loss

7th Mar 2023 10:05

(Alliance News) - Just Group PLC on Tuesday said it "has never been stronger" as revenue rises by a fifth, despite a widening loss due to rising interest rates.

The Surrey, England-based financial services group on focusing on the UK retirement income market reported pretax loss for the calendar year of GBP317.4 million, widening from a loss of GBP21.4 million in 2021.

The company noted that investment and economic losses widened to GBP639.2 million, from GBP251.2 million a year ago, which it said was driven by rising interest rates.

Just Group said net premium revenue was GBP3.12 billion, rising 18% from GBP2.65 million the year prior.

The revenue increase was driven by Defined Benefit De-risking Solutions sales, which were GBP2.57 billion, up 32% from GBP1.94 billion a year ago. Just Group said it completed 56 DB transactions, almost double the 29 transactions completed the year before.

Meanwhile, Guaranteed Income for Life Solutions sales in the retail market were GBP564 million, falling 24% from GBP739 billion.

Just Group said it has seen strong momentum in 2023 so far, having made its largest ever DB transaction, worth GBP513 million, as well as entering the year with a record pipeline of GBP6 billion.

The company declared a final dividend of 1.23 pence per share, up from 1.0p, bringing the total dividend to 1.73p per share.

Chief Executive Officer David Richardson said: "This is a very strong set of results which continues to demonstrate our ability to generate profitable growth within a sustainable capital model. Over the last four years, our performance has consistently exceeded the commitments we have made.

"We have had a record start to the year with strong DB volumes and a return to GIfL sales growth. We have significant long term opportunity in both of the DB and retail markets, driven by near and long term structural growth drivers."

Just Group shares were up 8.7% trading at 89.00 pence per share on Tuesday morning in London.

By Harvey Dorset, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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