13th Jun 2019 09:02
(Alliance News) - Just Group PLC on Thursday said it remains focused on delivering capital self sufficiency by 2022 and will target further cost reductions to achieve this.
Shares in Just Group were trading 10% higher at 55.65 pence each on Thursday morning.
The retirement products specialist, in its annual general meeting statement, said loss making activities such as the US care business and UK income drawdown have been rationalised and there is scope for further cost reductions.
It also said it is adapting its intellectual property led business model in light of regulatory changes and to deliver a business which is performing well commercially and operationally.
"We have a good business which is performing well commercially and operationally. We have a strong position in attractive markets and will use these positive market dynamics together with our market-leading expertise to reduce new business capital strain. At the same time as developing our strategic and business options, we are sharply focused on using our existing capital base wisely and are committed to achieving capital self-sufficiency by 2022," said Interim Chief Executive Officer David Richardson.
Just Group on Wednesday said it has hired LV= Finance Director Andy Parsons as chief financial officer.
Parsons is expected to join Just Group from LV=, a general insurance company also known as Liverpool Victoria, in January, subject to regulatory approval. Since October, David Richardson has been in Just Group's CFO role in an interim capacity.
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