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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Just Group Plc | LSE:JUST | London | Ordinary Share | GB00BCRX1J15 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.60 | -0.58% | 102.40 | 102.40 | 102.60 | 103.40 | 102.00 | 102.80 | 132,348 | 11:52:45 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Life Insurance | 2.24B | 129M | 0.1242 | 8.31 | 1.07B |
TIDMJUST
RNS Number : 1618T
Just Group PLC
02 July 2018
NEWS RELEASE www.justgroupplc.co.uk 2 July 2018 Prudential Regulation Authority publishes consultation paper CP13/18 Solvency II: equity release mortgages
Just Group plc notes the consultation paper published today, CP 13/18 "Solvency II: equity release mortgages", which aims to develop the regulatory approach to this asset class beyond SS3/17(1) . The Group looks forward to playing a full part in an open consultation, both bilaterally and in conjunction with the Association of British Insurers and the Equity Release Council.
Just Group plc's audited capital position at 31 December 2017, as reported in its Solvency and Financial Condition Report, was computed on a basis which was consistent with SS3/17 as originally published. New business is written on terms that allow us to continue to comply with SS3/17.
Equity release mortgages, also known as lifetime mortgages, are appropriate products for many UK retirees who wish to access value from their homes and a valuable matching asset for our Retirement Income portfolios.
Just Group observes that future UK residential house prices will be the result of a number of economic factors. We would welcome publication by the Prudential Regulation Authority of a common economic stress test against which both banks and insurers could test their portfolios.
A further announcement may be made as appropriate as the consultation process progresses.
Enquiries Investors / Analysts Media James Pearce, Director of Group Stephen Lowe, Group Communications Finance Director Telephone: +44 (0) 7715 085 099 Telephone: +44 (0) 1737 827 301 james.pearce@wearejust.co.uk press.office@wearejust.co.uk Temple Bar Advisory Alex Child-Villiers William Barker Telephone: +44 (0) 20 7002 1080 FINANCIAL CALENDAR DATE Interim results for the 6 months 6 September 2018 ended 30 June 2018 =================
Notes
1. In July 2017 the Prudential Regulation Authority issued Supervisory Statement 3/17 "Solvency II: Matching adjustment - illiquid unrated assets and equity release mortgages". SS3/17 includes a number of financial tests as to the reasonableness of the Matching Adjustment, which life insurers are expected to meet. The consultation paper CP13/18 seeks to provide clarification to firms in interpreting SS3/17 particularly in respect of firms investing in equity release mortgage portfolios.
2. The loan to value ratio of the Group's mortgage portfolio at 31 December 2017 was approximately 29%.
3. The conservatism within Just Retirement Limited's reserving and capital requirements in relation to property risk is equivalent to assuming a 28% immediate drop in house prices with no increases indefinitely thereafter.
4. The Board of Just regularly reviews its exposures, and ensures that appropriate provisions and mitigating actions are in place to manage them. A key area is our exposure to future United Kingdom ("UK") residential property prices, through the no-negative equity guarantee provided to our equity release customers. This limits their loan liability to the value of their property if they die or enter long term care. Just Retirement Limited, the Group's primary insurance company currently has GBP5.4bn of lifetime mortgages, and benefits from the yield on these assets in calculating its Matching Adjustment
JUST GROUP PLC
GROUP COMMUNICATIONS
Vale House, Roebuck Close
Bancroft Road, Reigate
Surrey RH2 7RU
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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July 02, 2018 02:45 ET (06:45 GMT)
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