Just Group PLC on Friday brought forward its earnings growth target, after swinging to annual profit on strong demand.

The Surrey, England-based financial services firm provides retirement income products and services to individual and corporate clients.

It reported insurance revenue of £1.56 billion in 2023, up 17% from £1.33 billion in 2022.

Just Group’s net investment result came to £273 million, swung from a loss of £454 million, while its insurance service result was £118 million, up from a restated £99 million.

Pretax profit was £172 million last year, swung from a loss of £494 million in 2022.

Reflecting on the year, Just Group explained that strong demand for its products had created the opportunity ‘to write a greater volume of new business at an efficient capital strain’.

Just Grup declared a final dividend of 1.50 pence, up from 1.23p year-on-year. Total dividend was 2.08p, up 15% from 1.73p.

Looking forward, Just Group said remained ‘confident’ of achieving 15% growth in underlying operating profit, and forecast that next year’s profit will be ‘at least double’ the £211 million reported for 2021.

Underlying operating profit was £377 million in 2023, up 47% from £257 million in 2022. According to Just Group, this was driven by ‘significantly higher new business and in-force profits’.

‘We are delighted with our financial performance in 2023, a record year for the group, and are confident of exceeding our medium-term profit growth pledge. As such, we now expect to achieve our target of doubling profits in three years instead of the originally intended five,’ said Chief Executive Officer David Richardson.

‘Given the multiple opportunities available and strong structural growth drivers in our chosen markets, we have never been more confident in our ability to deliver sustainable and compounding growth.’

Just Group shares were trading 7.7% higher at 96.10 pence each in London on Friday morning.

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