Just Group PLC PRA publishes Policy Statement 19/19 - ERM Part 2 (0437O)

TIDMJUST

RNS Number : 0437O

Just Group PLC

30 September 2019

 
 
NEWS RELEASE  www.justgroupplc.co.uk 
 

30 September 2019

Prudential Regulation Authority publishes Policy Statement 19/19

Solvency II: Equity release mortgages - Part 2

Just Group plc ("Just") welcomes the publication of Policy Statement 19/19 - Solvency II: Equity release mortgages - Part 2 (the "Policy Statement") released by the Prudential Regulation Authority on 27(th) September, which sets out its conclusions on the treatment of equity release mortgages(1) being held to back annuity liabilities. The Policy Statement follows the consultation process after the release of Consultation Paper 17/19 - Solvency II: equity release mortgages - Part 2.

Just's initial assessment of the Policy Statement is that its expected impact appears to be in line with our planning assumptions, as described within our interim results announcement on 4(th) September. We particularly welcome the increased clarity that it provides and its efforts to reduce interest rate volatility arising from the Effective Value Test. Our previously completed pilot No Negative Equity Guarantee hedge will now be assessed against the final Policy Statement.

Note 1: equity release mortgages are also sometimes known as Lifetime mortgages or LTMs

 
 Enquiries 
 
  Investors / Analysts                   Media 
 
  James Pearce, Director of Group        Stephen Lowe, Group Communications 
  Finance                                Director 
 
  Telephone: [phone]        Telephone: [phone] 
  [e-mail]           [e-mail] 
 
  Alistair Smith, Investor Relations     Temple Bar Advisory 
  Manager                                Alex Child-Villiers 
  Telephone: [phone]        William Barker 
  [e-mail]         Telephone: [phone] 
 
  Paul Kelly, Investor Relations 
  Manager 
  Telephone: [phone] 
  [e-mail] 
 

A copy of this announcement will be available on the Group's website www.justgroupplc.co.uk

JUST GROUP PLC

GROUP COMMUNICATIONS

Vale House, Roebuck Close

Bancroft Road, Reigate

Surrey RH2 7RU

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September 30, 2019 02:01 ET (06:01 GMT)