Just Group plc | Annual Report and Accounts 2024
114
DIRECTORS’ REMUNERATION REPORT continued
PERSONAL PERFORMANCE
Strategic personal objective outturn 90% Key achievements
DAVID RICHARDSON Business Performance and Business Model development
Developed investment, reinsurance and operational capabilities supporting the Group in writing £6.4bn of new business sales at low capital strain in 2024. Drove, with the Chief Digital Information Officer, the development of a three-year roadmap for modernising the Group’s technology estate to improve operational resilience. Fostered a culture of a high performing leadership team, evidenced by the improving and strong colleague engagement scores, enabling Just to retain and attract talent at all levels. Embedded consumer duty in the organisation and continued to ensure the risk, compliance and controls capabilities and culture meet the developing needs of the business. Good progress has been made on the key regulatory priorities.
Operational Performance and Modernisation
Talent, Engagement and Belonging
Regulatory Developments
Strategic personal objective outturn 90% Key achievements
Mark Godson
Delivered 30% growth in new business profit at low capital strain levels of 1.3%. Issued a £400m tier 2 sustainability bond. Reduction risk profile, supported by continued investment in held to maturity gilts. Established a culture of high performing teams across finance. Provided opportunities for team members to progress and broaden their experience, supported by the creation of talent boards. Achieved substantial growth in share price over 2024, outperforming against the FTSE 250. Engaged with existing and potential investors both in the UK and USA. Oversaw the implementation of UK Solvency and the internal model for PLACL ensuring working closely with the regulators. Continued focus on finance transformation activities, including processes, systems and controls supporting financial reporting. Developed a technology roadmap for the next two years.
Deliver the Business Plan
People Leadership
Develop the Market to Improve Shareholder Value
Regulatory Engagement
Finance Transformation
VESTING OF LTIP AWARDS WITH A PERFORMANCE PERIOD ENDING IN 2024 (AUDITED)
2022 AWARDS The 2022 LTIP award performance period ended on 31 December 2024. The award is forecast to vest at 100% on 24 March 2025 based on underlying organic capital generation, relative TSR performance, return on equity and amounts invested in ESG sustainable assets. Performance is measured against targets over the three-year period ending 31 December 2024.
Value of shares due to vest 1
Number of shares awarded
Dividend equivalent due
No of shares due to vest 1
Date of grant
Type of award
% vesting
David Richardson
24 March 2022 Nil-cost options 1,391,681
100%
£87,815 1,391,681 £2,028,514
1 The value shown is based on the three-month average share price to the year end, being £1.4576. This value will be trued up to reflect the actual share price at vesting in next year’s single total figure table.
SUMMARY OF PERFORMANCE
Target
Vesting outcome (% of maximum)
Condition
Weighting
Actual performance
Threshold (25%)
Maximum (100%)
Underlying organic capital generation (“UOCG") Relative TSR vs. FTSE 250 (excluding investment trusts)
25%
£110m
£150m
£155m
100%
30%
Median Above Upper Quartile
79.3%
100% 100%
Return on Equity
35% 8% p.a. average 12% p.a. average 13% p.a. average
ESG – investment into sustainable assets Total Vesting Outcome
10%
£300m
£750m
£919m
100%
100% As set out in the Remuneration Committee Chair’s letter, the UOCG targets have been increased to reflect IFRS17 and strategic costs, and the outcome has removed the impact of writing higher levels of additional business than envisaged when first approving the targets. Further detail is set out earlier in the report.
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