Just Group falls to interim pre-tax loss

Financial services firm Just Group said on Thursday that it had fallen to an interim pre-tax loss as rising interest rates offset growth in adjusted operating profits.

Just Group posted a first-half pre-tax loss of £87.0m, compared to a £305.0m profit reported at the same point of the year in 2020.

On the other hand, adjusted operating profits were up 47% at £90.0m, as higher new business profits and "favourable experience variances" more than offset a reduction from in-force returns.

Retirement income sales grew 22% to £909.0m in the six months ended 30 June, with defined benefit derisking sales up 21% and retail sales up 24%.

Tangible net assets per share slipped from 199.0p at the end of the 2020 calendar year to 192.0p at the midway point of 2021.

Chief executive David Richardson said: "This is a strong set of results which build on our landmark achievement in 2020 of becoming capital self-sufficient. New business premiums, operating profits and underlying capital generation have improved significantly on the previous year.

"The fundamental drivers in our core markets are strong. We are confident in our outlook as we deliver sustainable and profitable growth across the group."

As of 0910 BST, Just Group shares were down 0.85% at 105.10p.