Pension products and services provider Just Group (LON: JUST) swung from loss to profit last year and the total dividend has been raised by one-fifth to 2.08p/share. The share price increased 12.3% to 100.15p, which is the highest it has been for nearly three years.
In 20023, insurance revenues improved 17% to £1.56bn, while an underlying loss of £167m was turned into a pre-tax profit of £520m. This was boosted by longevity assumption changes and improvement in underlying profitability.
Management believes that Just Group can continue to grow operating profit by 15%/year. This year’s underlying operating profit will be at least double the £211m generated in 2021.
Net tangible assets are 224p/share, up from 190p/share. Return on equity was 13.5% and the raised target is more than 12%/year. The shares go ex-dividend on 11 April.
Just Group recently signed a pension buy in deal with Hargreaves Services (LON: HSP).
