Just Group has reached its target of doubling its profit two years earlier than planned, with the firm stating that it had "created substantial shareholder value as a result".

The retirement specialist firm said that its operating profit increased by 34% to £504m in the year to 31 December 2024, having been driven by "new business sales growth, higher recurring in-force profit and increased scale".

Its retirement income sales also jumped by 36% in the same period to £5.3bn.

However, its adjusted profit before tax fell by 7.3% to £482m, after its underlying profit was "offset by lower non-operating items".

In this time, its return on equity and tangible net assets per share reached 15.3% and 254 pence respectively, while its dividend per share increased by 20% to 2.5 pence, which it said was "driven by confidence in the strong fundamentals and future prospects of the business".

Group chief executive officer at Just Group, David Richardson, said: "We made a pledge three years ago to double profits over five years. We have significantly exceeded that target in just three years and created substantial shareholder value as a result.

"Our markets remain buoyant and we are confident in our ability to grow earnings at an attractive rate from this significantly higher level. We remain committed to compounding further growth in shareholder value.

"I'd like to thank my talented colleagues who are consistently delivering excellent results and helping a broader range of customers. With a clear purpose and vision, together we're shaping a brighter future for Just Group."

In its outlook, Just Group said that the trajectory of central bank interest rates and inflation levels will have a "negligible impact on the group’s business model".

The firm concluded: "Our positioning, reputation and capabilities, including investments in our people enable us to continue to strongly execute as we take advantage of the multiple growth opportunities in our chosen markets.

"We have a strong and resilient capital base, with a low-strain business model that is generating sufficient capital on an underlying basis to fund our ambitious growth plans, whilst also paying a progressive shareholder dividend that is expected to grow over time."

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