Analysts in a company-supplied consensus forecast had expected underlying operating profit of 362 million pounds.

Just specialises in annuities, pensions which pay a fixed income for life, and has benefited from the booming market in so-called bulk annuities - insurance for corporate pension schemes. High interest rates have boosted demand for annuities.

Just said it expected to achieve its target of doubling 2021 profits of 211 million pounds in 2024, two years ahead of its original plans.

"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," chief executive David Richardson said in a statement.

Mutual life insurer Royal London said on Friday it was entering the bulk annuity market. Consultants expect the UK market to hit record levels at more than 50 billion pounds this year, and other new entrants are expected.

Just said it would pay a dividend of 2.08 pence per share, up 20% and above a forecast 1.97 pence.

($1 = 0.7808 pounds)

(Reporting by Carolyn Cohn; Editing by Tommy Reggiori Wilkes)