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Pension services provider Just Group reported a fall in annual profit on a plunge in investment and economic profit after reducing its property growth assumption amid macro-economic uncertainties.
For the year ended 31 December, pre-tax profit fell to £237 million from £369 million year-on-year, whiel reveneu was up to £4.65 billion from £3.83 billion.
The coverage ratio was estimated at 156% at 31 December 2020, up from 141% a year earlier.
Investment and economic profits for 2020 were £8.5 million, down from £173.8 million, owing a 'change in the long term property growth assumption and the sale of an LTM portfolio,' the company said.
Looking ahead, the outlook for the economy and continued progress of the COVID-19 pandemic both continue to be uncertain, but 'the position has improved substantially from the initial impact felt in the first half of 2020,' the company said.
'The longer-term impact from the pandemic on policyholder mortality is still unknown. The Group remains exposed to the impact of further downgrades and future defaults on its corporate bond portfolio as well as to a potential fall in UK house prices,' it added.
At 8:29am: (LON:JUST) Just Group PLC share price was 0p at 48.3p