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Just Group looks to illiquid investments after reducing property market exposure

Written by Adam Cadle
15/01/2021

Just Group has reduced its exposure to the UK property market by selling £540m of lifetime mortgages balances in December and completed a third hedge to cover £280m of lifetime mortgages.

The company has bought corporate bonds with the money, reducing net equity by £90m. Just Group said a proportion of the money will go into illiquid assets to reduce the initial impact.

Just said its solvency II capital ratio improved by nine percentage points from 145% at the end of June after it raised £177m of debt in October.

Just Group recorded an annual sales growth of 12% driven by record transactions for defined benefit pensions.

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