Just : 2022 Annual Report and Accounts

All Just Group plc regulatory announcements, shareholder information and news releases can be found on our Group website, www.justgroupplc.co.uk

We provide guaranteed income for life to deliver security and peace of mind for our customers and we provide regulated advice, guidance and information services to help people make the most of their pensions and other savings.

HOMEOWNERS

We provide the resources to improve the later life of homeowners and their families.

PENSION SCHEME TRUSTEES

We provide improved security of income for members of defined benefit pension schemes by transferring the risk to Just.

COMPANIES

We provide advisory, technology and customer services to help UK companies with retirement- focused solutions to meet the needs of their customers and clients in later life.

FOR MORE INFORMATION ABOUT

EACH OF OUR STAKEHOLDERS SEE PG.4

pg.18

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strategic reportGOVERNANCEFINANCIAL STATEMENTS

FINANCIAL STATEMENTS

120 Independent Auditors' Report

131 Consolidated statement of comprehensive income

132 Consolidated statement of changes in equity

134 Consolidated statement of financial position

135 Consolidated statement of cash flows

136 Notes to the consolidated

financial statements

184 Statement of changes in equity of the Company

185 Statement of financial position of the Company

186 Statement of cash flows of the Company

187 Notes to the Company financial statements

190 Additional financial information

193 Information for shareholders

195 Directors and advisers

196 Glossary and abbreviations

INVESTING THE JUST WAY

WE HELP PEOPLE ACHIEVE A BETTER LATER LIFE

Just has a compelling, clear purpose, to help people achieve a better later life by providing competitive products, financial advice, guidance and services to those approaching, at and in-retirement.

READ MORE ON PG.5

SUSTAINABLE GROWTH - 15% GROWTH TARGET

Our priority is to deliver profitable and sustainable growth. We are investing the organic capital generated by the existing balance sheet to reward shareholders by using our pricing discipline and risk selection to add value through higher new business volumes at attractive margins to deliver sustainable, profitable growth. Our target is to deliver 15% growth in underlying operating profit, on average, per annum over the medium term.

READ MORE ON PG.23

GROWING RETIREMENT MARKETS

As the population ages, our retirement markets grow. Whether it is defined benefit schemes de-risking or individual retirees seeking to turn their pension into a guaranteed income for life, our markets have many years of growth ahead of them.

READ MORE ON PG.10

GROWING SHARE THROUGH

INNOVATION AND POSITIVE DISRUPTION

We increase share in these growing markets through constant innovation - seeking to positively disrupt the markets where we choose to participate. By delivering better outcomes for customers, we can also deliver value for shareholders.

READ MORE ON PG.14

DELIVERY AND DISCIPLINE

We have developed a strong track record of delivering against our commitments. In 2022 we grew underlying operating profit by 19%, exceeding our medium term target of 15%. Over the last four years we have consistently improved both the quality and resilience of our capital base and in 2021, we achieved capital self-sufficiency more than a year earlier than originally planned. Our new business franchise has delivered a strong financial performance and in 2022 our new business strain was again below our 2.5% target.

READ MORE ON PG.20

We are increasing organic capital generation to fuel profitable and sustainable growth so we may reward shareholders.

DAVID RICHARDSON

Group Chief Executive Officer

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