122 JUST GROUP PLC Annual Report and Accounts 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
7 SEGMENTAL REPORTING continued Product information analysis
Additional analysis relating to the Group’s products is presented below. The Group’s products are from one material geographical segment, which is the United Kingdom. The Group’s gross premiums written, as shown in the Consolidated statement of comprehensive income, is analysed by product below:
Year ended 31 December 2020 £m
Year ended 31 December 2019 £m
1,507.9
Defined Benefit De-risking Solutions (“DB”) Guaranteed Income for Life contracts (“GIfL”)
1,231.3
585.9
615.7
51.5
Care Plans (“CP”)
71.1
2.5
Protection
2.9
Gross premiums written
2,147.8
1,921.0
Drawdown and Lifetime Mortgages (“LTM”) products are accounted for as investment contracts and financial investments respectively in the statement of financial position. An analysis of the amounts advanced during the year for these products is shown below: Year ended 31 December 2020 £m Year ended 31 December 2019 £m Drawdown deposits and other investment products 1.0 26.7 LTM loans advanced 511.7 415.8
Reconciliation of gross premiums written to Retirement Income sales
Year ended 31 December 2020 £m
Year ended 31 December 2019 £m
2,147.8
Gross premiums written
1,921.0
(2.5)
Protection sales not included in Retirement Income sales
(2.9)
Retirement Income sales
2,145.3
1,918.1
Disaggregation of fees and other income
Year ended 31 December 2020
Year ended 31 December 2019
Insurance £m
Other £m
Total £m
Insurance £m
Other £m
Total £m
Product/service LTM set-up fees
– – – – –
–
–
0.2
–
0.2 1.7 4.4 0.9 0.6 4.9
2.1 4.5
2.1 4.5
LTM commission and advice fees
– –
1.7 4.4 0.2
GIfL commission
– –
– –
FPP fees DB fees
0.7 0.6 0.5 2.0 1.3 0.7 2.0
–
2.3 2.3
2.8 9.4
5.1
Other
4.4
11.7
10.7
12.7
Timing of revenue recognition Products transferred at point in time Products and services transferred over time Revenue from contracts with customers
2.3
9.0 0.4 9.4
11.3
10.3
11.6
–
0.4
0.4
1.1
2.3
11.7
10.7
12.7
All revenue from contracts with customers is from the UK.
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