Just out, the Just Group financial report for 2018. The reconciliation of regulatory to statutory capital is on p.28, copied below (with added difference column).
As you see the fictive regulatory asset (TMTP) decreases by £372m over the year. This is mainly offset (1) by the increase in sub-debt, consisting of the Tier 3 subordinated debt issued in February 2018. Next year there will be a further increase of solvency II capital because of the £300m Tier 1 qualifying regulatory capital instrument issued in March this year.
There is also (2) the mysterious increase due to ‘other valuation differences’ but I have never been able to locate where this comes from.
| 31 December 2018 £m | 31 December 2017 £m | Difference | |
| Shareholders’ net equity on IFRS basis | 1,664 | 1,741 | (77) |
| Goodwill | (34) | (33) | (1) |
| Intangibles | (137) | (160) | 23 |
| Solvency II risk margin | (851) | (902) | 51 |
| Solvency II TMTP | 1,738 | 2,110 | (372) |
| Other valuation differences and impact on deferred tax | (813) | (1,009) | 196 |
| Ineligible items | (7) | (6) | (1) |
| Subordinated debt | 615 | 394 | 221 |
| Group adjustments | 1 | 0 | 1 |
| Solvency II own funds | 2,176 | 2,135 | 41 |
| Solvency II SCR | (1,597) | (1,539) | (58) |
| Solvency II excess own funds | 579 | 596 | (17) |