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 £116.7 million from a loss of £237.4 million a year earlier.

Insurance revenue was up 18% to £753.3 million from £639.3 million.

It massively reduced its net loss on financial assets to £11.1 million from £3.41 billion, although this was offset by net finance income dropping to £150.5 million from £3.27 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.

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