30 | Just Group PLC | Annual Report and Accounts 2023
BUSINESS REVIEW continued
Year ended 31 December 2022 (restated)
Statutory accounts format
Other income, expenses and associates £m
Other finance costs £m
Quote date difference £m
CSM deferral £m
Adjusted total £m
Insurance result £m
Investment result £m
Reported £m
PBT £m
New business profit CSM amortisation
266
4
(270)
– – –
(61)
61
Net underlying CSM increase In-force operating profit: Investment return earned on surplus assets
205
4
(209)
61 26 61
61 26 61
61 26
61 26 61
Release of allowances for credit default
CSM amortisation
96
(35)
Release of risk adjustment for non-financial risk
8
8
8
8
Other Group companies’ operating results Development expenditure
(16) (15) (73)
(16) (15) (73)
(16) (15)
(16) (15) (73)
Finance costs
(73)
Underlying operating profit Operating experience and assumption changes
257
4
(209)
52
104 361
(118) (327)
(14)
(5)
(9)
(14)
Adjusted operating profit before tax Investment and economic movements
4
38
(537)
(4)
(541)
(497)
(44)
(541)
Strategic expenditure
(7)
(7)
(7)
(7)
Interest adjustment to reflect IFRS accounting for Tier 1 notes as equity
16
16
16
16
Adjusted loss before tax Deferral of profit in CSM
(167) (327) (494)
(327)
(494)
327
–
Loss before tax
(494)
99
(454)
(57)
(82)
(494)
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