Just Group plc | Annual Report and Accounts 2024
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financial KEY PERFORMANCE INDICATORS
The Board has adopted the following metrics, which are considered to give an understanding of the Group’s underlying performance drivers. These measures are referred to as key performance indicators (“KPIs”).
The Board keeps KPIs under review to ensure they continue to reflect the Group’s priorities and strategic objectives. Our KPI for sales measures performance against our growth ambitions to deliver our strategic priority to Grow through innovation. Monitoring KPIs for Tangible net asset value and Capital Coverage Ratio provide measures of our financial strength and combined with the profit, Return on equity and capital KPIs, enables the Group to monitor performance against our strategic priority of sustainable growth.
Measured against our strategic priorities
Grow sustainably Scale with Technology Reach New Customers
Be Recommended by our customers 3 Be Proud to Work at Just 3
1 Alternative performance measure, see page 30. See glossary on page 219 for definition. 2 Solvency capital coverage ratios as at 31 December 2024 (estimated on a proforma basis) and 31 December 2023 include a recalculation of transitional measures on technical provisions (“TMTP”) as at the respective dates. 3 Performance against our non-financial strategic priorities are included on page 62. See our Strategic Priorities on p16
Retirement Income sales (shareholder funded) include DB, GIfL and Care premiums written and are a key measure of the Group’s performance that demonstrates the Group’s ability to grow shareholder value. In 2024, Retirement Income sales (shareholder funded) increased by 36% to £5.3bn as prior investment in capability and market positioning enabled us to take advantage of multiple growth opportunities available. New business profit represents the profit generated from new business written in the year and is significant in assessing business performance. New business profit increased by 30% driven by the increase in Retirement Income volumes. New business profit is reconciled to underlying operating profit in the Business Review. Underlying operating profit is a core performance metric on which we measure the year to year performance of the business. 2024 Underlying operating profit significantly exceeded our target to double underlying operating profit in five years compared to the 2021 base (£211m). Underlying operating profit growth was up 34% driven by both new business and in-force profits. Underlying operating profit is reconciled to IFRS profit before tax in the Business Review.
Retirement income SALES (SHAREHOLDER FUNDED) 1 £ 5,308 m
£5,308m
2024
£3,893m
2023
£3,131m
2022
LINK TO STRATEGIC PRIORITIES
NEW BUSINESS PROFIT 1 £ 460 m
£460m
2024
£355m
2023
£266m
2022
LINK TO STRATEGIC PRIORITIES
Underlying OPERATING PROFIT 1 £ 504 m
£504m
2024
£377m
2023
£257m
2022
LINK TO STRATEGIC PRIORITIES
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