What happened? Just Group (Not Covered) reported FY24 results today. Below we discuss results vs. company consensus and read-across to peers. BNPP Exane View: . EARNINGS: The company reported GBP504m of underlying op profit, 20% of ahead of the 2026 target (in-line with consensus). . NEW BIZ: Already announced: Just Group wrote GBP5.3bn of premiums in the year (excl. Funded Re), up 36% Y/Y, of which GBP1bn GIFL (Individual Annuities) and GBP4.3bn DB (Bulk Annuities). DB. New Biz profit of GBP460m grew 30% (4% ahead of consensus). Company emphasises it is now a whole of market player, having stepped into the GBP1bn deals bracket (already disclosed). . STRAIN: new business strain was 1.3% (vs. target of 2.5%, medium-term average of 1.5%, and consensus of 1.6%). . BALANCE SHEET: S2 ratio of 204%, up 7ppts Y/Y and 10ppts ahead of expectations, driven by non-operating items (rates, model changes). . CAPITAL RETURNS: DPS of 2.5p, +20% Y/Y (4% ahead of consensus) . READ-ACROSS: the new business performance and expansion into big-ticket deals was already known, so we see limited new read-across to the UK life names in our coverage (LandG, Aviva, MandG, Phoenix), albeit more competition remains slightly unhelpful for them. The lower strain than expected has been a recurring theme across the market - expect discussion on the call about how Just Group have achieved this, and whether they expect it to recur.