Just Group targets unchanged under IFRS 17
By Michele Maatouk
Date: Monday 06 Feb 2023
(Sharecast News) - Just Group said on Monday that under IFRS 17 accounting standards, it remains committed to targeting 15% growth in underlying operating profit a year over the medium term.
In an update on the new accounting standards issued for insurers, which kicked in last month, the company said its target to deliver a greater than 10% return on equity will also continue under IFRS 17.
There will be no chance in strategy, growth ambition, capital, cash or dividend policy, it said.
"IFRS 17 is an accounting change and does not affect the underlying economics of our business or our strategy," it said.
The company - which specialises in retirement products and services - said it expects shareholder value to be broadly unchanged. The capital strength of the new group remains unchanged, along with its new and existing business cashflows. The dividend policy and the group's creditworthiness are also unchanged.
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