STRATEGIC REPORT
3
Financial and Operational Highlights
KEY PERFORMANCE INDICATORS
SOLVENCY II CAPITAL COVERAGE RATIO (ESTIMATED) 2 156 % 141% at 31 December 2019
UNDERLYING ORGANIC CAPITAL GENERATION/(CONSUMPTION) 1 £ 18 m £(15)m at 31 December 2019
ORGANIC CAPITAL GENERATION/ (CONSUMPTION) 1 £ 221 m £36m at 31 December 2019
RETIREMENT INCOME SALES 1
NEW BUSINESS OPERATING PROFIT 1
ADJUSTED OPERATING PROFIT BEFORE TAX 1
£ 2,145.3 m 2019: £1,918.1m, up 12%
£ 199.2 m 2019: £182.0m, up 9%
£ 239.3 m 2019: £218.6m, up 9%
MANAGEMENT EXPENSES 1
IFRS PROFIT BEFORE TAX
IFRS NET ASSETS
£ 159.3 m 2019: £169.0m, down 6%
£ 236.7 m 2019: £368.6m, down 36%
£ 2,490.4 m 2019: £2,321.0m, up 7%
AWARDED FURTHER RECOGNITION FOR OUTSTANDING SERVICE
FINANCIAL ADVISER: 5 STAR SERVICE AWARD FINANCIAL ADVISER: 4 STAR SERVICE AWARD CONFIRMIT ACE AWARDS
FINANCIAL STRENGTH AND OTHER INDICATORS
FITCH INSURER FINANCIAL STRENGTH RATING A + for Just Retirement Limited (2019: A+)
FITCH ISSUER DEFAULT RATING
A for Just Group plc (2019: A)
1 Alternative performance measure (see glossary on page 167 for definition). Underlying organic capital generation/(consumption) and organic capital generation/(consumption) are reconciled to Solvency II excess own funds on page 25. New business operating profit, management expenses and adjusted operating profit are reconciled to IFRS profit before tax on page 27 and 28. Retirement Income sales are reconciled to gross premiums written in note 6 to the consolidated financial statements on page 122. 2 Solvency II capital coverage ratio allows for a notional recalculation of transitional measures on technical provisions (“TMTP”) at 31 December 2020.
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