The group generated sales of over £1bn for the first time in its history, a year-on-year improvement of 33%. Just Retirement’s final results for 2009/10 shows that this growth has been reflected in profitability with record performances in most, if not all, key metrics.
During the recent financial crisis, Just Retirement committed to a focus on profitability and capital preservation. The substantial improvement in profit shown in 2009/10 has been matched by a concomitant gain in the financial strength of the business. As at 30 June 2010, Just Retirement had a Pillar 1 solvency ratio of 175% compared to 160% as at 30 June 2009.
Commenting on the results, Rodney Cook, CEO of Just Retirement, said; “The year to June 2010 will be marked as a period of record breaking effort by Just Retirement and its staff. We have already announced the fact that the group recorded sales of over £1bn for the first time and I am extremely pleased to be able to report that this growth has been more than mirrored in Just Retirement’s profitability. From the value of new business through operating profit to embedded value, the group has reported record numbers.
“Just Retirement’s success in 2009/10 was achieved under the leadership of Mike Fuller who retired as CEO at the start of July 2010. To a great extent, Just Retirement is the product of Mike’s vision and drive. He has made a considerable contribution, not just to the business but also to the markets in which we operate. All at Just Retirement wish him a long and happy retirement.”
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