Just Annual Report and Accounts 2024

192 | Just Group PLC | Annual Report and Accounts 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

22. INSURANCE CONTRACTS AND RELATED REINSURANCE continued Impact of sensitivities

Insurance contract liabilities £m

Reinsurance contracts (net) held £m

Net insurance contract liabilities £m

Net impact on profit before tax £m

Valuation of assets £m

31 December 2024

FCF

2,193

(181)

2,012

– –

– –

Interest rate and investments + 1%

CSM P&L

–

–

–

2,193

(181)

2,012

(1,993)

19

FCF

(2,617)

226

(2,391)

– –

– –

Interest rate and investments -1%

CSM P&L

–

–

–

(2,617)

226

(2,391)

2,367

(24)

FCF

(41)

2 – 2

(39)

– –

– –

Maintenance expenses +10%

CSM P&L

41

41

–

2

(5)

(3)

FCF

(361)

236

(125)

– –

– –

Decrease in base mortality by 5%

CSM P&L

554 193

(409) (173)

145

20

(23)

(3)

FCF

(165)

109

(56)

– –

– –

Mortality improvements rates +10%

CSM P&L

274 109

(231) (122)

43

(13) (47)

(3)

(16)

FCF

(53)

6 – 6 4 – 4 3 – 3 3 – 3

– –

– –

Immediate fall of 10% in house prices

CSM P&L

–

–

(53) (40)

(47) (36)

(75)

(122)

FCF

– –

– –

Future property price growth reduces by 0.5%

CSM P&L

–

–

(40) (20)

(36) (17)

(40)

(76)

FCF

– –

– –

Future property price volatility increase by 1%

CSM P&L

–

–

(20) (22)

(17) (19)

(27)

(44)

FCF

– –

– – 8 – –

Voluntary redemptions increase by 10%

CSM P&L

–

–

(22)

(19)

27

FCF

(239)

21

(218)

– – –

CSM P&L

–

–

–

Credit default allowance – increase by 10bps 1

(239)

21

(218)

(218)

1 Over that included in the discount rate section in note 22(b).

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