Here.
Key points. On the sale of £540m of lifetime mortgage balances on December, a footnote explains that the proceeds are “Amount outstanding, including rolled up interest”. This is simply the loan balance, without any benefit of MA, but they replaced with corporate bonds, saying that “sale proceeds were immediately reinvested in corporate bonds, with the reduced yield resulting in a one-off reduction in IFRS net equity of £90m.” I.e. they are claiming MA on the bonds, but it is not as much as the MA on the ERMs, unsurprisingly.
I occasionally correspond with a Just shareholder who refuses to believe that the firm bakes in expected profit from ERMs. I wonder how he would explain that.
They note also that they have completed their third NNEG hedge. Again, you would expected this would lead to a loss on the assumption that the hedge is at market value, although nothing is certain in the crazy world of non-market actuarial valuation.