Announcing its H1 interim results, the group reported a 44% increase in its underlying operating profit to £249m, driven by new business sales growth, higher recurring in-force profits and operational gearing.

The group forecasts that following its strong H1 performance, in 2024 it expects to “substantially” exceed its previous guidance of doubling 2021’s £211m operating profit in three years.

The value of Just’s lifetime mortgage book has shrunk year-on-year by 22% from £5.7bn to £5.6bn to represent 22% of the group’s investments portfolio, adding “we expect [it] to continue drifting lower over time as we originate fewer new [lifetime mortgages] and diversify the portfolio with other illiquid assets”.

The lender’s loan to value (LTV) across its lifetime mortgage portfolio was 38.4%, a slight uptick on December’s average of 38.2%.

Retirement income sales have grown by 30% year-on-year from £1.9bn to £2.5bn.

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Just’s lending figures buck industry’s trending figures, which were down year-on-year, according to the Equity Release Council’s (ERC’s) Q2 results, which showed a 13% annual fall in lending to £578m for three months to June. Lending across the industry was up 15% on Q1, however.

David Richardson, group chief executive, said: “We are delighted with the strong momentum in our business driven by the multiple opportunities available and structural growth in our chosen markets.

“We have never been more confident in our ability to deliver sustainable and compounding growth.”