Just Group PLC PRA publishes Policy Statement 19/19 - ERM Part 2 (0437O)
30 September 2019 - 4:01PM
UK Regulatory
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: +44 (0) 7715 085 099 Telephone: +44 (0) 1737 827 301
james.pearce@wearejust.co.uk press.office@wearejust.co.uk
Alistair Smith, Investor Relations Temple Bar Advisory
Manager Alex Child-Villiers
Telephone: +44 (0) 1737 232 792 William Barker
alistair.smith@wearejust.co.uk Telephone: +44 (0) 20 7002 1080
Paul Kelly, Investor Relations
Manager
Telephone: +44 (0) 20 7444 8127
paul.kelly@wearejust.co.uk
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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END
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