Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Life insurer Just Group said half-yearly profit fell by more than quarter following new regulations that required the company to put aside more capital to cover its lifetime time mortgage products.
For the six months ended 30 June 2019, underlying operating profit fell 27% to £114.2m from a year earlier and revenue rose to £2.0bn, up from £1.45bn a year earlier.
Net assets jumped 28% to £2.1bn.
The company warned that new regulations rules could raise the amount of capital it needed to hold by another £130m.
'Whilst we have made significant progress in adapting our business model, as is evident from todays results, the first half of 2019 has not been easy for our business or for shareholders, as we have faced economic and regulatory challenges,' said interim CEO David Richardson. At 9:28am: (LON:JUST) Just Group Plc share price was -3.64p at 42.68p