The Just Group has reported a significant improvement in its financial performance for the first half of 2023. The provider of retirement-income products and services achieved a pretax profit of £117 million ($148.4 million), a notable turnaround from the loss of £237 million recorded in the same period last year.
The company's underlying operating profit, a metric it prioritizes, has also experienced substantial growth. Rising from £68 million to £173 million, this increase can be attributed to higher new business profits. The Solvency II capital coverage ratio, which measures balance-sheet strength, has also improved. It rose to 204% by June 30, up from 199% at the end of 2022.
"We are thrilled to announce another impressive set of results and are highly confident that we will comfortably surpass our target of 15% profit growth for this year," said Chief Executive David Richardson. He also added that the company expects this positive momentum to continue into the second half of the year.
Furthermore, the board has declared an interim dividend of 0.58 pence per share, which represents a 15% increase compared to the previous year and is in line with its dividend policy.
Overall, Just Group's outlook for 2023 looks promising, with strong financial performance and positive projections for the coming months.
