Last checked at 30 Sep 2019 07:00
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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 27th September, which sets out its conclusions on the treatment of equity release mortgages1 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 4th 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
James Pearce, Director of Group Finance
Telephone: +44 (0) 7715 085 099 james.pearce@wearejust.co.uk
Alistair Smith, Investor Relations Manager Telephone: +44 (0) 1737 232 792 alistair.smith@wearejust.co.uk
Paul Kelly, Investor Relations Manager Telephone: +44 (0) 20 7444 8127 paul.kelly@wearejust.co.uk
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Media
Stephen Lowe, Group Communications Director
Telephone: +44 (0) 1737 827 301 press.office@wearejust.co.uk
Temple Bar Advisory Alex Child-Villiers William Barker Telephone: +44 (0) 20 7002 1080 |
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