151
FINANCIAL STATEMENTS
35 CAPITAL continued Group entities that are under supervisory regulation and are required to maintain a minimum level of regulatory capital include: • Just Retirement Limited and Partnership Life Assurance Company Limited – authorised by the PRA, and regulated by the PRA and FCA. • HUB Financial Solutions Limited, Just Retirement Money Limited and Partnership Home Loans Limited – authorised and regulated by the FCA.
The Group and its regulated subsidiaries complied with their regulatory capital requirements throughout the year. Group capital position (unaudited) The Group’s estimated capital surplus position at 31 December 2020, which is unaudited, was as follows: Solvency Capital Requirement
MinimumGroup Solvency Capital Requirement
2020 1 £m
2020 £m
20192 £m
2019 £m
3,009
2,262
Eligible Own Funds
2,562
1,928
(1,938) 1,071 155%
(476)
Solvency Capital Requirement
(1,814)
(444)
Excess Own Funds
1,786 475%
748
1,484 434%
Solvency coverage ratio
141%
1 Estimated regulatory position. These figures do not allow for any notional recalculation of TMTP as at 31 December 2020. The estimated solvency coverage ratio including a notional recalculation of TMTP as at 31 December 2020 is 156%. 2 As reported in the Group’s Solvency and Financial Condition Report as at 31 December 2019. 36 GROUP ENTITIES The Group holds investment in the ordinary shares (unless otherwise stated) of the following subsidiary undertakings and associate undertakings, which are all consolidated in these Group accounts. All subsidiary undertakings have a financial year end at 31 December (unless otherwise stated).
Percentage of nominal share capital and voting rights held
Principal activity
Registered office
Direct subsidiary Just Retirement Group Holdings Limited Partnership Assurance Group Limited
Holding company Holding company
Reigate Reigate
100% 100%
Indirect subsidiary HUB Acquisitions Limited 1,5 HUB Financial Solutions Limited HUB Pension Solutions Limited
Holding company
Reigate Reigate Belfast Reigate Reigate Reigate
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Distribution
Software development Investment activity Investment activity Holding company
Just Re 1 Limited 5 Just Re 2 Limited 5
Just Retirement (Holdings) Limited
Just Retirement (South Africa) Holdings (Pty) Limited
Holding company
South Africa South Africa
Just Retirement Life (South Africa) Limited
Life assurance Life assurance
Just Retirement Limited
Reigate Reigate Reigate Reigate Reigate Reigate Reigate
Just Retirement Management Services Limited
Management services
Just Retirement Money Limited Partnership Group Holdings Limited Partnership Holdings Limited Partnership Home Loans Limited
Provision of lifetime mortgage products
Holding company Holding company
Provision of lifetime mortgage products
Partnership Life Assurance Company Limited
Life assurance
Partnership Life US Company Partnership Services Limited 5
Management services Management services Software solutions Software development
USA
Reigate Reigate Belfast Reigate Reigate Belfast Reigate Reigate Reigate Reigate Reigate
The Open Market Annuity Service Limited 5 TOMAS Online Development Limited 5
Enhanced Retirement Limited HUB Digital Solutions Limited HUB Online Development Limited HUB Transfer Solutions Limited
Dormant Dormant Dormant Dormant Dormant Dormant Dormant Dormant
JRP Group Limited
JRP Nominees Limited Just Annuities Limited
Just Equity Release Limited
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