The insurer Just is battling to convince investors that it is on an even keel. The FTSE 250 constituent, which had to suspend its dividend and pull back on writing new business after more stringent capital rules, trades at a steeper discount to net asset value than any other player listed in London.
It is hardly surprising that scepticism has been hard to shift. There is little worse than a capital crisis for an insurer. Regulatory change in 2018 that required insurers to hold more capital against equity release products forced the group to raise £375 million by issuing new shares and debt at a cumbersome 9.4 per cent coupon to try to shore up the balance sheet.
But the worst looks as though it
