16 | Just Group PLC | Annual Report and Accounts 2023
STRATEGIC PRIORITIES Our growth ambitions are underpinned by our financial strength and the nearer term value generated from our defined benefit business.
We continue to grow our business sustainably to achieve our strategic ambitions. We have maintained our focus on capital whilst also strengthening our focus on transformation, customer, growth, and innovation across the Group. We are retirement experts and are looking at more ways in which we can help people in later life during times of economic stress.
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GROW THROUGH INNOVATION
TRANSFORM HOW WE WORK
FOCUS Strengthening and expanding our Defined Benefit and Retail business propositions to achieve long-term success.
FOCUS We have foundations in place and continue to streamline and automate our operations across the business, evolving our workplace; and making it fit for the future and the customers and partners we support. 2023 PROGRESS • We continue with the modernisation of business processes and technology to futureproof our business and to be able to service our customers in the future. • Our new Belfast property supports our sustainability ambitions and has • We have invested in our people by launching a new programme, which provides the skills and resources to be brilliant people managers and lead truly high-performing teams. transformed the hybrid working experience for our colleagues.
2023 PROGRESS • We have increased our participation in the £100m–£1bn deal segment, and completed our largest deal to date, at £513m in February 2023. Adding this increased participation to our leadership position in the <£100m transaction size segment has translated into a 16% market share in the less than £1bn size segment, a doubling since 2020. • We have expanded our DB partnering proposition through the addition of new reinsurance counterparties. • We have expanded our partnership, launching a Saga branded platform which brings innovative investment products to better support our customers.
PRINCIPAL RISKS AND UNCERTAINTIES
Ongoing risks: A Market B Credit C Insurance D Liquidity E Conduct and operational f Strategic Risk outlook: 1 Political and regulatory 2 C limate and environmental, social and governance (“ESG”) 3 Cyber and technology 4 Insurance 5 Market
2024 FOCUS • This priority will shift to “reach new customers” as we move into 2024. We intend to utilise our customer-focused data insights to continue to develop innovative solutions, disrupting our markets with new propositions.
2024 FOCUS • This priority will shift to “scale with technology” as we move into 2024 as we focus on technological solutions that facilitate business improvements.
LINK TO ONGOING RISKS:
LINK TO ONGOING RISKS:
6 Liquidity 7 Strategic
LINK TO RISK OUTLOOK:
LINK TO RISK OUTLOOK:
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