According to Just Group, this growth was due to 43% year-on-year growth in defined benefit de-risking solutions, as well as growth in guaranteed income for life solutions, which jumped by around 16% annually.
The firm reported an underlying profit of £504m, which is 34% up on last year. The growth was attributed to “new business sales growths, higher recurring in-force profit and increased scale”.
Just Group said it had a “strong and resilient capital base” and a “low-strain business model that is generating sufficient capital on an underlying basis to fund our ambitious growth plan”.
David Richardson, group CEO, said: “We made a pledge three years ago to double profits over five years. We have significantly exceeded that target in just three years and created substantial shareholder value as a result.
“Our markets remain buoyant and we are confident in our ability to grow earnings at an attractive rate from this significantly higher level. We remain committed to compounding further growth in shareholder value.
Aldermore Insights with Jon Cooper: Edition 5 – Feeling enthusiastic about next year’s run-of-the-mill market
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“I’d like to thank my talented colleagues, who are consistently delivering excellent results and helping a broader range of customers. With a clear purpose and vision, together we’re shaping a brighter future for Just.”
