Just group PLC | Annual Report and accounts 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
17 FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE continued (b) Analysis of assets and liabilities held at fair value according to fair value hierarchy
2022
2021
Level 1 £m
Level 2 £m
Level 3 £m
Total £m
Level 1 £m
Level 2 £m
Level 3 £m
Total £m
Assets held at fair value through profit or loss Units in liquidity funds
1,169.8
4.6
– 1,174.4 1,304.9
5.6
– 1,310.5
–
82.6 338.4 421.0
Investment funds
–
68.5 233.3 301.8
3,843.7 5,904.0 1,622.8 11,370.5 4,302.5 7,172.0 1,449.5 12,924.0
Debt securities and other fixed income securities
892.4 15.2
– 907.6
Deposits with credit institutions
50.3
2.6
–
52.9
– – – – –
– 5,305.9 5,305.9 – 583.7 583.7 – 246.9 246.9 – 1,056.4 1,056.4 22.3 111.9 134.2
Loans secured by residential mortgages Loans secured by commercial mortgages
– – – –
– 7,422.8 7,422.8 – 677.8 677.8 – 189.7 189.7 – 993.1 993.1
Loans secured by ground rents
Infrastructure loans
Other loans
15.6 12.6 89.7 117.9
– 2,276.6
– 2,276.6
Derivative financial assets Financial investments
– 682.7
8.5 691.2
5,905.9 8,305.3 9,266.0 23,477.2 5,673.3 7944.0 11,064.4 24,681.7
– –
– –
40.3 40.3
Investment property
– –
– –
69.6 69.6
–
–
Assets classified as held for sale
3.1
3.1
Total financial assets
5,905.9 8,305.3 9,306.3 23,517.5 5,673.3 7,944.0 11,137.1 24,754.4
Liabilities held at fair value through profit or loss Derivative financial liabilities Obligations for repayment of cash collateral received
– 3,004.1 19.1 3,023.2
– 386.1
8.6 394.7 – 326.2
592.8 30.3
– 623.1
311.7 14.5
–
– 1,603.9 1,603.9
Deposits received from reinsurers Other financial liabilities Investment contract liabilities
–
– 2,144.7 2,144.7
592.8 3,034.4 1,623.0 5,250.2
311.7 400.6 2,153.3 2,865.6
–
–
32.5 32.5
–
–
33.6 33.6
– 704.2
– 704.2
Fair value of loans and borrowings at amortised cost
– 936.8
– 936.8
Total financial liabilities
592.8 3,738.6 1,655.5 5,986.9
311.7 1,337.4 2,186.9 3,836.0
Other than freehold land and buildings classified as held for sale in 2021 and disposed of in 2022, there are no non-recurring fair value measurements as at 31 December 2022 (2021: nil). (c) Transfers between levels The Group’s policy is to assess pricing source changes and determine transfers between levels as of the end of each half-yearly reporting period. During 2021 the Group enhanced its methodology over the levelling of financial instruments, and in 2022, it continued to use this methodology which improved the pricing sources resulting in transfers of £1,421.7m from Level 2 to Level 1 (2021: £2,820.8m), and saw the pricing quality fall for £368.2m which moved from Level 1 to Level 2 (2021: £13.3m). A further £122.9m saw the pricing quality also improve so were moved from Level 3 to Level 2. In the prior year £49.9m moved from Level 2 to Level 3 as the pricing quality fell.
160
Powered by FlippingBook