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    JUST   GB00BCRX1J15

JUST GROUP PLC

(JUST)
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Just : Insurer Just Group first-half sales drop, shares slide

07/24/2019 | 05:11am EDT

LONDON (Reuters) - Specialist insurer Just Group said on Wednesday it needed to improve its capital position as it reported a 30% drop in first-half sales, sending its shares down 7%.

Just Group, which specialises in annuities for people with a reduced life expectancy, faces new rules from Britain's Prudential Regulation Authority requiring more capital to be put behind lifetime mortgages, one of its key products. The rules come into force later this year.

Retirement income sales fell in the first half to 831 million pounds , Just Group said in a statement.

Falling interest rates and house prices hit the firm's solvency levels, interim group chief executive David Richardson said, without disclosing the levels.

"We must reduce new business capital strain and achieve capital self-sufficiency by 2022," he said, adding that the firm was continuing a "constructive dialogue" with the Prudential Regulation Authority.

Richardson became CEO in April, following the departure of Rodney Cook. Just Group last month appointed Andy Parsons as chief financial officer.

Richardson has previously said no options were excluded in the firm's attempts to maximise shareholder value, raising speculation about a possible takeover.

Analysts at KBW said the solvency hit was a "cause for concern", reiterating their "market perform" rating on the stock.

Just Group shares, which have fallen 45% this year, were down 6.8% at 50.45 pence at 0827 GMT.

(Reporting by Carolyn Cohn)


© Reuters 2019
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Financials
Sales 2021 2 798 M 3 890 M 3 890 M
Net income 2021 151 M 209 M 209 M
Net Debt 2021 284 M 395 M 395 M
P/E ratio 2021 8,70x
Yield 2021 -
Capitalization 1 060 M 1 481 M 1 474 M
EV / Sales 2021 0,48x
EV / Sales 2022 0,43x
Nbr of Employees 1 038
Free-Float 98,3%
Chart JUST GROUP PLC
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Just Group plc Technical Analysis Chart | JUST | GB00BCRX1J15 | MarketScreener
Technical analysis trends JUST GROUP PLC
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 102,10 GBX
Average target price 113,22 GBX
Spread / Average Target 10,9%
EPS Revisions
Managers and Directors
David Louis Richardson Group Chief Executive Officer & Executive Director
Andy Parsons Group Chief Financial Officer & Executive Director
John Peter Hastings-Bass Group Non-Executive Chairman
Giles Offen Group Chief Digital Information Officer
Paul Fulcher Group Executive-Capital Management & Investment
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