Just group PLC | Annual Report and accounts 2022
INVESTMENT CASE SUSTAINABLE GROWTH, INNOVATION AND DELIVERY
Deploying the capabilities of our highly effective new business franchise to create value from leadership positions in attractive and high-growth segments of the UK retirement income market.
WE HELP PEOPLE ACHIEVE A BETTER LATER LIFE Just has a compelling, clear purpose, to help people achieve a better later life by providing competitive products, financial advice, guidance and services to those approaching, at and in-retirement.
GROWING SHARE THROUGH INNOVATION AND POSITIVE DISRUPTION
We increase share in these growing markets through constant innovation – seeking to positively disrupt the markets where we choose to participate. By delivering better outcomes for customers, we can also deliver value for shareholders.
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SUSTAINABLE GROWTH – 15% GROWTH TARGET Our priority is to deliver profitable and sustainable growth. We are investing the organic capital generated by the existing balance sheet to reward shareholders by using our pricing discipline and risk selection to add value through higher new business volumes at attractive margins to deliver sustainable, profitable growth. Our target is to deliver 15% growth in underlying operating profit, on average, per annum over the medium term.
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DELIVERY AND DISCIPLINE We have developed a strong track record of delivering against our commitments. In 2022 we grew underlying operating profit by 19%, exceeding our medium term target of 15%. Over the last four years we have consistently improved both the quality and resilience of our capital base and in 2021, we achieved capital self-sufficiency more than a year earlier than originally planned. Our new business franchise has delivered a strong financial performance and in 2022 our new business strain was again below our 2.5% target.
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GROWING RETIREMENT MARKETS As the population ages, our retirement markets grow. Whether it is defined benefit schemes de-risking or individual retirees seeking to turn their pension into a guaranteed income for life, our markets have many years of growth ahead of them. READ MORE ON PG.10
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We are increasing organic capital generation to fuel profitable and sustainable growth so we may reward shareholders.
DAVID RICHARDSON Group Chief Executive Officer
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