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Doing Business the Just Just Group PLC Annual Report and Accounts 2020 Report and Accounts Just Group PLC Annual Doing business the just Just group PLC Annual Report way and accounts 2020 JUST GROUP PLC ANNUAL RepORT AND ACCOUNTS 2020 our PURPOSE We believe that every decision we make and every action we take should help us achieve our purpose Contents Strategic Report 1 Our purpose 2 Investment case 3 Financial and operational highlights 4 At a glance 6 Chair’s Statement 8 Chief Executive Officer’s Statement 10 Market context 14 Business model Financial Statements 16 Strategic priorities 98 Independent Auditors’ Report 18 Sustainable investment strategy 107 Consolidated statement of 20 COVID strategy comprehensive income 22 Key performance indicators 108 Consolidated statement 24 Business Review of changes in equity 32 Risk management 109 Consolidated statement 34 Principal risks and uncertainties of financial position 38 Environment 110 Consolidated statement 40 Colleagues and culture of cash flows 44 Relationships with stakeholder s 111 Notes to the consolidated All Just Group plc regulatory announcements, 46 Section 172 statement financial statements shareholder information and news releases 51 Non-financial information statement 154 Statement of changes in equity can be found on our Group website, of the Company Governance REPORT 155 Statement of financial position www.justgroupplc.co.uk 54 Chair’s introduction to Governance of the Company 56 Board of Directors 156 Statement of cash flows Cross linking 60 Senior leadership of the Company Throughout this document we have linked 62 Governance in operation 157 Notes to the Company content together in order to provide a more 68 Nomination Committee Report financial statements comprehensive report inside the Strategic 71 Audit Committee Report 161 Additional financial information Report, Governance Report and Financial 76 Group Risk and Compliance Committee Report 164 Information for shareholders Statements. These sections, taken together, 78 Directors’ Remuneration Report 166 Directors and advisers comprise the Strategic Report in accordance 93 Directors’ Report 167 Glossary with the UK Companies Act 2006 (Strategic 97 Directors’ Responsibilities 169 Abbreviations Report and Directors’ Report) Regulations 2013. STRATEGIC REPORT 1 Individuals 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. READ MORE ON PG.4 Pension scheme trustees We provide improved security we Help of income for members of defined benefit pension schemes by transferring the risk to Just. people READ MORE ON PG.4 achieve a better Homeowners We provide the resources to improve the later life later life of homeowners and their families. READ MORE ON PG.4 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. READ MORE ON PG.4 2 JUST GROUP PLC ANNuaL REPORT AND ACCOUNTS 2020 investment case Capital sustainability, competence, Deploying our highly effective innovation new business franchise to create value from our leadership positions and growth in attractive segments of the UK retirement income market Capital strength and sustainability Our priority is to deliver a sustainable capital model so that we can take advantage of the growth markets that we operate in. In 2020 we achieved a major landmark in the Group’s history by achieving capital self-sufficiency. We have improved our overall capital strength and are now working to increase our resilience as well as increasing our levels of organic capital generation. This focus will help us to fulfil our other goals and ensure we deliver value for shareholders. READ MORE ON PG.6 we Help people achieve a better later life Just has a compelling, clear purpose, to help people achieve a better later life by providing financial advice, guidance, competitive products and services to those approaching, at and in-retirement. READ MORE ON PG.5 Growing retirement markets As the population ages, our retirement markets grow. Whether it is defined benefit schemes de-risking or retirees seeking either to turn their pension into a guaranteed income for life or access equity in their homes, our markets have many years of growth ahead of them. We have made huge strides READ MORE ON PG.10 to rebuild our capital base Positive disruption while focusing on fulfilling As retirement specialists we seek to positively disrupt the markets where our purpose and building we choose to participate, delivering better outcomes for customers so we may deliver value for shareholders. value for shareholders READ MORE ON PG.14 DAVID RICHARDSON Leading distribution franchise Group Chief Executive Officer Just has leadership positions in attractive segments of the retirement market. We have a strong brand, known and trusted for delivering READ MORE ON PG.8 outstanding service, which combines with a diversified distribution model to create a uniquely valuable franchise. READ MORE ON PG.14 Delivering value growth Our sustainable capital model combined with a leading distribution franchise that positively disrupts in growing retirement markets will allow us to help more people achieve a better later life and provide growth in shareholder value. READ MORE ON PG.14 STRATEGIC REPORT 3 Financial and Operational Highlights KEY PERFORMANCE INDICATORS SOLVENCY II CAPITAL COVERAGE UNDERLYING ORGANIC CAPITAL ORGANIC CAPITAL GENERATION/ RATIO (ESTIMATED)2 GENERATION/(CONSUMPTION)1 (CONSUMPTION)1 156% £18m £221m 141% at 31 December 2019 £(15)m at 31 December 2019 £36m at 31 December 2019 RETIREMENT INCOME SALES1 NEW BUSINESS OPERATING PROFIT 1 ADJUSTED OPERATING PROFIT BEFORE TAX 1 £2,145.3m £199.2m £239.3m 2019: £1,918.1m, up 12% 2019: £182.0m, up 9% 2019: £218.6m, up 9% MANAGEMENT EXPENSES1 IFRS PROFIT BEFORE TAX IFRS NET ASSETS £159.3m £236.7m £2,490.4m 2019: £169.0m, down 6% 2019: £368.6m, down 36% 2019: £2,321.0m, up 7% AWARDED FURTHER RECOGNITION FOR OUTSTANDING SERVICE FINANCIAL ADVISER: 5 STAR SERVICE AWARD FINANCIAL ADVISER: 4 STAR SERVICE AWARD CONFIRMIT ACE AWARDS FINANCIAL STRENGTH AND OTHER INDICATORS FITCH INSURER FINANCIAL STRENGTH RATING FITCH ISSUER DEFAULT RATING A+ A for Just Retirement Limited (2019: A+) for Just Group plc (2019: A) 1 Alternative performance measure (see glossary on page 167 for definition). Underlying organic capital generation/(consumption) and organic capital generation/(consumption) are reconciled to Solvency II excess own funds on page 25. New business operating profit, management expenses and adjusted operating profit are reconciled to IFRS profit before tax on page 27 and 28. Retirement Income sales are reconciled to gross premiums written in note 6 to the consolidated financial statements on page 122. 2 Solvency II capital coverage ratio allows for a notional recalculation of transitional measures on technical provisions (“TMTP”) at 31 December 2020. 4 JUST GROUP PLC ANNA U L REPORT AND ACCOUNTS 2020 at a glance L eaders in our markets. We positively disrupt markets where we can become a leader and deliver great outcomes for customers so we may deliver value for shareholders We are a specialist in our chosen markets, serving four distinct groups… Trustees and scheme sponsors: Individuals: Providing Providing member security and retirement income de-risking pension liabilities P eople who have built up pension savings D efined benefit pension schemes de-risking their throughout their career and want a guaranteed liabilities by securing member benefits with income, flexible income or a combination in retirement. an insurance contract. ADDRESSABLE MARKET MARKET VALUE OF DEFINED CONTRIBUTION PENSION SAVINGS >£1 trillion >£1 trillion Homeowners: Corporate clients: Solving Accessing property wealth problems for companies P eople aged 60+ who want to access wealth locked We develop scalable retirement-focused solutions for banks, up in their property. building societies, life assurance companies, pension scheme trustees, other corporate clients and for their customers, clients and members. PROPERTY WEALTH OWNED BY PEOPLE AGED 55+ >£3.2 trillion STRATEGIC REPORT 5 Competitive position: A leader Developing …WITH PRODUCTS AND SERVICES SERVICES BENEFIT AND COMPETITIVE POSITION Defined Benefit De-risking Just’s innovative approach and underwriting Solutions (“DB”) expertise in this segment delivers better prices for trustees. Solutions for pension scheme trustees to reduce the financial risks of operating pension schemes and increase certainty that members’ pensions will be paid in the future. marketed 1 products Guaranteed Income By using our unrivalled intellectual property, for Life (“GIf L”) Just provides an individually tailored solution providing customers typically with double-digit A solution for individuals/couples who want percentage increases in income compared to the security of knowing they will receive a standard products. guaranteed income for life. SECURE LIFETIME INCOME (“SLI”) Just’s pioneering Secure Lifetime Income product enables customers to select a Launched in 2019, SLI is a tax-efficient solution guaranteed income from within a Self-Invested for individuals who want the security of knowing Personal Pension. This enables a customer to they will receive a guaranteed income for life and manage and blend their total pension assets tax the flexibility to make changes in the early
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