Just Group FY sales increase

Retirement products business Just Group said full-year sales had increased across the board, driven by the "strength" of its new business model.

Just Group said shareholder-funded retirement income sales were up 24% at £3.9bn, while total defined benefit derisking sales were 21% higher at £3.4bn. Retail sales surged 59% to £900.0m as the guaranteed income for life market was at its largest since the introduction of pension freedoms in 2014.

The FTSE 250-listed group noted that other illiquid asset origination increased by 50% to £1.6bn, supporting its new business pricing, while also diversifying its in-force asset backing portfolio.

Just Group also noted that new business strain was again expected to be below 2%, while second-half new business margins were expected to be higher than the 8.5% achieved in H1.

Chief executive David Richardson said: "Our successes in 2023 and positioning in buoyant markets give us increased confidence in our prospects for 2024. These strong foundations enable us to continue delivering 15% growth in underlying operating profit per annum, on average over the medium term."

As of 0915 GMT, Just Group shares were down 0.12% at 83.10p.

Reporting by Iain Gilbert at Sharecast.com