Just Group PLC on Tuesday provided a restatement of its results for the first half of 2022 and for the year as a whole under IFRS 17.
IFRS 17 is an accounting standard for insurers. According to the UK government’s Actuary Department, the aim of the standard is to make risk transfer contracts more comparable between different entities.
Just Group said under the new reporting standard its underlying operating profit was broadly unchanged in 2022 at £257 million compared to £249 million under its previous reporting standard, IFRS 4.
Its return on equity is 10.3% under IFRS 17 in 2022, compared to 10.7% under IFRS 4.
The company’s annual pretax loss was £494 million under IFRS 17. Under IFRS 4, it was £317.4 million.
Shares in Just Group were up 1.6% to 75.00 pence each in London early Tuesday.
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