Just Group PLC (LSE:JUST) soared nearly 7% on Friday morning after saying targets to double profits would be met sooner than expected.
Underlying operating profit jumped 47% to £377 million in the year to December, the retirement specialist said, helped by significantly higher new business.
Retirement income sales grew by 24% to £3.9 billion.
Just Group added the guaranteed income for life market had hit its highest level in a decade, while the defined benefit de-risking solutions segment enjoyed a record year.
Momentum has carried through into 2024, Just Group said, while a long-term normalisation of interest rates should also boost demand.
“We are delighted with our financial performance in 2023, a record year for the group, and are confident of exceeding our medium-term profit growth pledge,” chief executive David Richardson said.
“As such, we now expect to achieve our target of doubling profits in three years instead of the originally intended five.”
This relates to 2021’s underlying operating profit of £211 million, which Just Group said would be doubled this year.
Shares climbed 6.95% to 95.40p.