The Just Group saw its share price rise 1.2% to 84.8p in early morning trading on Thursday after the release of improved profit and the reinstatement of their dividend for 2021.
The company reported an underlying operating profit of £210 million against £193 million in 2020.
Just Group’s profit was driven by a 25% increase in sales of their retirement income products to £2.7bn.
The Group further reported an underlying organic capital regeneration of £51 million compared to £18 million in 2020, alongside new business profits accounting for £225 million against £199 million in 2020.
The Just Group also reinstated its dividend with a final dividend of 1p per share.
The company reported that it aims to target growth in underlying profits over the medium term by an average of 15% per year.
“This is an excellent set of results which demonstrate our ability to generate profitable growth within a sustainable capital model,” said Just Group CEO David Richardson.
“New business premiums, underlying operating profits and underlying capital generation have improved significantly on the previous year.”
“Furthermore, we have also attained a sustainable level of underlying capital generation and coverage ratio to be in a position to re-commence dividend payments.”
“Our confidence in the growth opportunities available to the Group is reflected in our new target to grow underlying operating profits over the medium term by an average of 15% per annum.”
“Just has a clear, compelling purpose: we help people achieve a better later life.”
“We are committed to growing, helping more customers and increasing shareholder value .”