20 | Just Group PLC | Annual Report and Accounts 2023
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 through innovation
1. 2. 4. 3. 5.
Get closer to our customers and partners Transform how we work Be proud to work at Just Grow sustainably
See p16 for our Strategic Priorities 1 Alternative performance measure. See glossary on page 231 for definition. 2 S olvency II capital coverage ratios as at 31 December 2023 (estimated) and 31 December 2022 include a recalculation of transitional measures on technical provisions (“TMTP”) as at the respective dates. 3 KPI has been restated following adoption of IFRS 17.
Retirement Income sales (shareholder funded) include DB, GIfL and Care premiums written and are a key measure of the Group’s performance and ability to grow shareholder value. In 2023, Retirement Income sales (shareholder funded) increased by 24% as higher interest rates and market positioning allowed us to take advantage of the multiple growth opportunities available. New business profit represents the profit generated from new business written in the year. New business profit increased by 33% driven by the increase in Retirement Income volumes and higher margins. New business profit is reconciled to Underlying operating profit on page 24 in the Business Review. Underlying operating profit is the core performance metric on which we have based our target 15% growth, per annum, on average, over the medium term. In 2023, it was up 47% driven by new business and in-force profits, and lower financing costs. Underlying operating profit is reconciled to IFRS profit/(loss) before tax on page 26 in the Business Review.
RETIREMENT INCOME SALES (SHAREHOLDER FUNDED) 1 £3,893 M
£3,893M
2023
£3,131M
2022
£2,674M
2021
LINK TO STRATEGIC PRIORITIES
1.
3.
NEW BUSINESS PROFIT 1,3 £355 M
£355M
2023
£266M
2022
£244M
2021
LINK TO STRATEGIC PRIORITIES
1.
5.
UNDERLYING OPERATING PROFIT 1,3 £377 M
£377M
2023
£257M
2022
£211M
2021
LINK TO STRATEGIC PRIORITIES
1.
5.
Powered by FlippingBook