Just Group lifts profits amid bid for sustainable capital
Specialist financial services firm Just Group enjoyed an 11 per cent lift in annual earnings, which boosted underlying profits to £297m in December.
The group announced this morning that thanks to a host of new sales, new business profits increased by £17.2m to £199.2m, compared to the previous year.
This reflects a 12 per cent increase in retirement income sales, which took home £2.14bn after a strong performance in the second half of last year.
“We achieved our goal of becoming capital self-sufficient and we now have more choices in how we deploy our resources,” CEO David Richardson, said.
Lifetime mortgage advances brought a 23 per cent increase to the group’s sales, which has helped with long-term growth since the end of 2020.
Investment and economic profits for last year sat at £8.5m, as the drop in risk-free rates during the first half the year drove a £360m yearly gain for the firm.
The specialist insurer’s acquisition costs rose by £9.3m to fund to the group’s new business ventures over the last twelve months.
The firm is set to take its goal of sustainable capital into another year, and has forecast new businesses on the horizon after a strong year.