144 | Just Group PLC | Annual Report and Accounts 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
1. MATERIAL ACCOUNTING POLICIES continued Restatement of the comparative Statement of financial position at 31 December 2022 31 December 2022 (previously reported) £m
Reclassification adjustments £m
Measurement adjustments £m
31 December 2022 (restated) £m
Assets Intangible assets
104
– –
(57)
47 22
Property and equipment
22
– – –
Financial investments measured at fair value through profit or loss Investments accounted for using the equity method Reinsurance contract assets (previously reinsurance assets)
23,477
(125)
23,352
194
–
194 776 449
2,287
(1,598)
87
Deferred tax assets Current tax assets
93
– –
356
6
– –
6
Prepayments and accrued income
85
(74)
11 33
Other receivables (previously insurance and other receivables)
324 522
(289)
(2)
Other assets Total assets
–
–
522
27,114
(2,086)
384
25,412
Equity Share capital Share premium Other reserves Retained earnings
104
– – – – – – – – –
– – –
104
95
95
938 721
938
(1,075) (1,075)
(354)
Total equity attributable to shareholders of Just Group plc
1,858
783 322
Tier 1 notes
322
–
Total equity attributable to owners of Just Group plc
2,180
(1,075)
1,105
Non-controlling interests
(2)
–
(2)
Total equity
2,178
(1,075)
1,103
Liabilities Insurance contract liabilities (previously insurance liabilities) Reinsurance contract liabilities (previously reinsurance liabilities)
18,332
(336)
1,651
19,647
306
7 –
(192)
121
Investment contract liabilities
33
– – – – –
33
Other financial liabilities Deferred tax liabilities
5,250
(1,581)
3,669
–
–
–
Other payables (previously insurance and other payables)
263 752
(167)
96
Other liabilities Total liabilities
(9)
743
24,936 27,114
(2,086) (2,086)
1,459
24,309 25,412
Total equity and liabilities
384
The reclassification adjustments are: • the inclusion of insurance receivables and payables balances as cash flows in the measurement of insurance and reinsurance contracts; • the aggregation of reinsurance deposit backed liabilities with reinsurance contract assets, previously recognised in ‘Other financial liabilities’; • the presentation of reinsurance contracts as an asset / liability based on the net position of all contracts within a portfolio, rather than the previous IFRS 4 treatment which was recognised on an individual contract basis; and • in addition to the reclassifications as a result of adopting IFRS 17 and IFRS 9, a further reclassification of £23m has been made in respect of future funding commitments as a derivative forward which was previously incorrectly accounted for gross within investment assets and the funding commitment in other payables. There is no impact on net assets of this revised classification. The impact on 1 January 2022 is not material.
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