StockMarketWire.com - Just Group has reported a 22% increase in retirement income sales to £909m for the first half of 2021, with retail sales up 24%.

Defined benefit de-risking sales were up 21% for the six month period to the end of June.

Adjusting operating profit was 47% higher at £90m, as higher new business profit and favourable experience variances more than offset a reduction from in-force returns, while IFRS loss before tax was £87m as interest rate rises led to economic losses of £174m. This offset the growth in adjusted operating profit.

The company confirmed in its interim results that it expects its operations to be carbon neutral by 2025, while investments will be carbon neutral by 2050 with a 50% reduction by 2030.

During the period, Just Group's underlying organic capital generation hit £25m, a strong improvement from £3m in H1 20, with organic capital generation of £43m.

It also reported an improved capital coverage ratio of 160%. Organic capital generation has contributed 2 percentage points increase to the ratio.

David Richardson, group CEO, said: 'This is a strong set of results which build on our landmark achievement in 2020 of becoming capital self-sufficient. New business premiums, operating profits and underlying capital generation have improved significantly on the previous year. Our business performance has been transformed over the past couple of years and we are now delivering organic, sustainable growth.

'Just has a clear, compelling purpose: we help people achieve a better later life. The solid foundations we've established will enable us to help more customers to reach that goal. We are today further strengthening our sustainability credentials by introducing our new carbon net zero commitment, which builds on the excellent progress already made to reduce the carbon intensity of our business.

He added: 'The fundamental drivers in our core markets are strong. We are confident in our outlook as we deliver sustainable and profitable growth across the Group. This growth will be achieved alongside our commitment to doing business the Just way, in upholding the highest standards and meeting our environmental, social and governance commitments.'




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