(Alliance News) - Just Group PLC on Tuesday said it swung to a profit in the first half of 2023, alongside rising insurance revenue and falling investment losses, while it upped its dividend payment to shareholders.

The Surrey, England-based financial services group focused on the UK retirement income market said it swung to a pretax profit of GBP116.7 million from a loss of GBP237.4 million a year earlier.

Insurance revenue was up 18% to GBP753.3 million from GBP639.3 million.

It massively reduced its net loss on financial assets to GBP11.1 million from GBP3.41 billion, although this was offset by net finance income dropping to GBP150.5 million from GBP3.27 billion.

Just Group declared an interim dividend of 0.58 pence, up 15% from 0.50p a year earlier.

"We have delivered another impressive set of results and we are highly confident that we will comfortably exceed our 15% profit growth pledge this year," said Chief Executive Officer David Richardson.

"Our [Defined Benefit] business is going from strength to strength and I am delighted that our retail business has returned to growth. We are growing sustainably and are exceptionally well positioned to continue benefiting from the positive drivers and favourable demographics supporting both of our principal markets."

Shares in Just Group were down 0.2% to 81.87 pence each in London on Tuesday morning.

By Greg Rosenvinge, Alliance News reporter

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