164 JUST GROUP PLC Annual Report and Accounts 2019
ADDITIONAL FINANCIAL INFORMATION
The following additional financial information is not covered by the KPMG LLP Independent Auditor’s Report on pages 102 to 110.
SOLVENCY II SURPLUS GENERATION The table below shows the expected future emergence of Solvency II surplus from the in-force book in excess of 100% of SCR over the next 35 years. The amounts are shown undiscounted and exclude Excess Own Funds at 31 December 2019 of £748m. The core surplus generation assumes that future property growth is in line with the best estimate assumption of 3.8%. The projection does not allow for the impact of future new business or dividends from 31 December 2019. Therefore any surplus emerging is assumed to roll up and earn an investment return, contributing to further surplus. The cash flow amounts shown are before the interest and principal payments on all debt obligations. The TMTP amortisation shown includes the impact of the accelerated TMTP amortisation. The impact of the regulatory changes shown are the costs of phasing in the changes arising from SS3/17 to meet a 13% volatility and 1% deferment rate in the Effective Value Test by 31 December 2021.
Surplus generation £m
TMTP amortisation £m
Regulatory changes £m
Core surplus generation £m
Year 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
294 309 307 294 286 278 271 255 250 245 233 229 220 215 208 196 193 181 172 169 669 447 292
–
(154) (126) (131) (131) (131) (131) (131) (131) (131) (131) (131) (131)
139 115 176 163 156 147 140 124 119 115 102 220 215 208 196 193 181 172 169 669 447 292 98
(68)
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2040 – 2044 2045 – 2049 2050 – 2054
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