Just Group (JUST) Trading Update summary

Business performance highlights

• Retirement Income sales rose 36% to £5.3bn, with total sales including DB Partner up 49% to £6.4bn.

• Defined Benefit De-risking sales increased 43% to £4.3bn; total DB sales including DB Partner up 57% to £5.4bn.

• Completed 129 DB transactions, a record for the industry, including a £1.8bn full buy-in with the G4S Pension Scheme.

• Guaranteed Income for Life sales grew 16% to £1.0bn, supported by market changes and higher interest rates.

• Illiquid asset origination rose 40% to £2.4bn, with £1.0bn sourced internally, enhancing pricing and portfolio diversification.

Profitability and outlook

• Operating profit for 2024 is expected to substantially exceed double the 2021 figure.

• New business strain anticipated below 2%, with FY24 new business margins lower than H1 24 due to business mix.

• Maintained pricing discipline and focus on risk selection, leveraging market insight and strong positioning.

• Confident outlook for 2025 and beyond, supported by strong markets and higher long-term rates.

Strategic and operational developments

• Largest DB transaction to date completed, demonstrating capability across all scheme sizes.

• Over 500 DB transactions completed since market entry, with more than half in the last three years.

• Expanded Investments team enabled flexible and scalable asset origination.

• Policy changes and FCA scrutiny have driven greater adoption of guaranteed income solutions.