214 | Just Group PLC | Annual Report and Accounts 2024
ADDITIONAL INFORMATION
The following additional financial information is unaudited. FINANCIAL INVESTMENTS CREDIT RATINGS The sector analysis of the Group’s financial investments portfolio by credit rating at 31 December 2024 is shown below:
Total £m
AAA £m
AA £m
A £m
BBB £m
% BBB £m
BB or below £m
%
Basic materials
109
0.4%
–
5
21
79
1.1% 9.4% 0.1%
4 – –
Communications and technology
1,154
4.3% 117
223
162
652
Auto manufacturers
85
0.3%
–
–
78
7
Consumer staples (including healthcare)
1,226
4.5% 129
175
541
364 127 175 402 342
5.3% 17
Consumer cyclical
178 278
0.7% 1.0%
– –
4
47
1.8%
–
Energy Banks
67
5
2.5% 31
1,469
5.4% 51
108 301
908 102 329 289 230 155 889 281 921
5.8% 5.0% 1.3%
– – –
Insurance
745 590 630
2.8%
–
Financial – other
2.2% 90 2.3% 30
85 16
86
Real estate including REITs
245 238 254
3.6% 50
Government
3,081 11.4% 312
2,301
3.4%
–
Industrial
524
1.9% 9.1%
– –
105
3.7% 10
Utilities
2,452
64
1,489 21.6% 10
Commercial mortgages Long income real estate¹
809
3.0% 89 6.7% 157
323 234 367
116 496
1.7% 7.2%
– –
1,808
Infrastructure
3,512 13.0% 57
1,246
1,829 26.5% 13
Other
43
0.2%
–
–
43
–
0.0%
–
Corporate/government bond total
18,693 69.2% 1,032 4,378 6,247 6,901 100.0% 135
Other assets
888
3.3%
Lifetime mortgages
5,637 20.9%
Liquidity funds
1,792
6.6%
Investments portfolio Derivatives and collateral Gilts (interest rate hedging)
27,010 100.0%
3,564 3,951
Total
34,525
1 Includes residential ground rents of £157m rated AAA.
NEW BUSINESS PROFIT RECONCILIATION New business profit is deferred on the balance sheet under IFRS 17. In addition IFRS 17 provides clarification regarding the economic assumptions to be used at the point of recognition of contracts. Just recognises contracts based on their completion dates for IFRS 17, but bases its assessment of new business profitability for management purposes based on the economic parameters prevailing at the quote date of the business.
Year ended 31 December 2024 £m
Year ended 31 December 2023 £m
New business CSM on gross business written
438
380
Reinsurance CSM
24
(37)
Net new business CSM
462
343
Impact of using quote date for profitability measurement
(2)
12
New business profit
460
355
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