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Just Group PLC on Wednesday said retirement income sales were up healthily in the year just gone, noting a boost from market insight and risk selection. The Surrey, England-based provider of retirement income products and services said retirement income sales rose 36% to £5.31 billion in 2024 from £3.89 billion in 2023, driven by defined benefit, de-risking and guaranteed income for life. Total retirement income sales surged 49% to £6.41 billion from £4.31 billion. Looking ahead, Just expects 2024 operating profit to more than double 2021’s operating profit, which it had forecast to achieve when it released its 2023 results in March last year. For 2021, the company had reported underlying operating profit of £210 million. This has grown by 80% to £377 million for 2023. Further, the company said new business strain is expected to be below 2%, similar to 1.5% in the first half of 2024. On top of that, 2024 new business margins are set to be lower than in the first half of 2024, when they were 9.0%. ‘We have maintained pricing discipline and a continued focus on risk selection, derived from our unique insight and positioning in strong markets,’ Just said. Just Chief Executive Officer David Richardson said the firm’s performance ‘is underpinned by continuous investment in the capabilities required to grow sustainably, as demonstrated by the completion of our largest DB transaction to date, at £1.8 billion.’ The company will publish 2024 results on March 7. Just shares rose 5.0% to 151.88 pence each on Wednesday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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