{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"admiralgroupplc": "http://admiralgroupplc.com/xbrl/2022",
"ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://admiralgroupplc.com/xbrl/2022/213800FGVM7Z9EJB2685-2022-12-31.xsd"
]
},
"facts": {
"fact-2": {
"value": "Admiral Group plc is a global \ufb01nancial services company o\ufb00ering motor, household, travel and pet insurance, as well as personal lending products.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-1": {
"value": "Cardiff, South Wales",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-9": {
"value": "2705400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RevenueFromInsuranceContractsIssuedWithoutReductionForReinsuranceHeld",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-10": {
"value": "2492300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RevenueFromInsuranceContractsIssuedWithoutReductionForReinsuranceHeld",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-11": {
"value": "1794400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ExpensesArisingFromReinsuranceHeld",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-12": {
"value": "1637300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ExpensesArisingFromReinsuranceHeld",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-13": {
"value": "911000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NetEarnedPremium",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-14": {
"value": "855000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NetEarnedPremium",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-15": {
"value": "318800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherRevenue",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-16": {
"value": "314800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherRevenue",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-17": {
"value": "170900000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ProfitCommission",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-18": {
"value": "304500000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ProfitCommission",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-19": {
"value": "58700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestIncomeOnLoansAndAdvancesToCustomers",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-20": {
"value": "36600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestIncomeOnLoansAndAdvancesToCustomers",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-21": {
"value": "12600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestExpense",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-22": {
"value": "6100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestExpense",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-23": {
"value": "46100000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:NetInterestIncomeFromLoans",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-24": {
"value": "30500000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:NetInterestIncomeFromLoans",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-25": {
"value": "52300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestRevenueCalculatedUsingEffectiveInterestMethod",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-26": {
"value": "40600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestRevenueCalculatedUsingEffectiveInterestMethod",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-27": {
"value": "12300000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:InvestmentReturnOther",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-28": {
"value": "6200000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:InvestmentReturnOther",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-29": {
"value": "-20000000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:InvestmentReturnRecoverableFromCoAndReinsurers",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-30": {
"value": "-1600000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:InvestmentReturnRecoverableFromCoAndReinsurers",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-31": {
"value": "1491400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-32": {
"value": "1550000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-33": {
"value": "2081400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ExpenseForPolicyholderClaimsAndBenefitsWithoutReductionForReinsuranceHeld",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-34": {
"value": "1506800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ExpenseForPolicyholderClaimsAndBenefitsWithoutReductionForReinsuranceHeld",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-35": {
"value": "1575300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeFromContractsWithReinsurers",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-36": {
"value": "1174500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeFromContractsWithReinsurers",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-37": {
"value": "506100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ClaimsAndBenefitsPaidNetOfReinsuranceRecoveries",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-38": {
"value": "332300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ClaimsAndBenefitsPaidNetOfReinsuranceRecoveries",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-39": {
"value": "924800000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:OperatingExpensesAndShareSchemeCharges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-40": {
"value": "970100000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:OperatingExpensesAndShareSchemeCharges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-41": {
"value": "439300000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:OperatingExpensesAndShareSchemeChargesRecoverableFromCoAndReinsurers",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-42": {
"value": "491100000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:OperatingExpensesAndShareSchemeChargesRecoverableFromCoAndReinsurers",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-43": {
"value": "18900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-44": {
"value": "13300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-45": {
"value": "504400000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:NetOperatingExpensesAndShareSchemeCharges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-46": {
"value": "492300000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:NetOperatingExpensesAndShareSchemeCharges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-47": {
"value": "1010500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-48": {
"value": "824600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-49": {
"value": "480900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-50": {
"value": "725400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-51": {
"value": "13400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-52": {
"value": "13700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-53": {
"value": "1500000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:FinanceCostsRecoverableFromCoAndReinsurers",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-54": {
"value": "1800000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:FinanceCostsRecoverableFromCoAndReinsurers",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-55": {
"value": "-11900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeCost",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-56": {
"value": "-11900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeCost",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-57": {
"value": "469000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-58": {
"value": "713500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-59": {
"value": "97200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-60": {
"value": "130200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-61": {
"value": "371800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromContinuingOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-62": {
"value": "583300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromContinuingOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-63": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ProfitBeforeTaxFromDiscontinuedOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-64": {
"value": "11300000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ProfitBeforeTaxFromDiscontinuedOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-65": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-66": {
"value": "404400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-67": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TaxExpenseRelatingToProfitLossFromOrdinaryActivitiesOfDiscontinuedOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-68": {
"value": "2300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TaxExpenseRelatingToProfitLossFromOrdinaryActivitiesOfDiscontinuedOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-69": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromDiscontinuedOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-70": {
"value": "413400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromDiscontinuedOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-71": {
"value": "371800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-72": {
"value": "996700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-73": {
"value": "373000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-74": {
"value": "997900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-75": {
"value": "-1200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-76": {
"value": "-1200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-77": {
"value": "371800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-78": {
"value": "996700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-79": {
"value": "1.243",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-80": {
"value": "1.967",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-81": {
"value": "1.237",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-82": {
"value": "1.961",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-83": {
"value": "1.243",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-84": {
"value": "3.355",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-85": {
"value": "1.237",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-86": {
"value": "3.345",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-87": {
"value": "658300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidOrdinaryShares",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-88": {
"value": "720900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidOrdinaryShares",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-89": {
"value": "2.23",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidOrdinarySharesPerShare",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-90": {
"value": "2.47",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidOrdinarySharesPerShare",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-91": {
"value": "371800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-92": {
"value": "996700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-93": {
"value": "-255600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-94": {
"value": "-50100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-95": {
"value": "-13000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-96": {
"value": "-1400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-97": {
"value": "6900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-98": {
"value": "-10400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-99": {
"value": "25100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-100": {
"value": "6600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-101": {
"value": "7000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-102": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-103": {
"value": "-217600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-104": {
"value": "-52500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-105": {
"value": "154200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-106": {
"value": "944200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-107": {
"value": "155300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-108": {
"value": "945700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-109": {
"value": "-1100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-110": {
"value": "-1500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-111": {
"value": "154200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-112": {
"value": "944200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-113": {
"value": "89800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-114": {
"value": "103200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-115": {
"value": "248300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-116": {
"value": "179900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-117": {
"value": "18500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-118": {
"value": "9300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-119": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssets",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-120": {
"value": "10600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssets",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-121": {
"value": "2714000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReinsuranceAssets",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-122": {
"value": "2176100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReinsuranceAssets",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-123": {
"value": "823900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:LoansAndAdvancesToCustomers",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-124": {
"value": "556800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:LoansAndAdvancesToCustomers",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-125": {
"value": "1335800000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:InsuranceAndOtherReceivables",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-126": {
"value": "1208500000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:InsuranceAndOtherReceivables",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-127": {
"value": "3411200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-128": {
"value": "3742600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-129": {
"value": "297000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-130": {
"value": "372700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-131": {
"value": "8938500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-132": {
"value": "8359700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-133": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-134": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-135": {
"value": "13100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-136": {
"value": "13100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-137": {
"value": "-173700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-138": {
"value": "44000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-139": {
"value": "1114500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-140": {
"value": "1348800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-141": {
"value": "954200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-142": {
"value": "1406200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-143": {
"value": "1200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-144": {
"value": "2300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-145": {
"value": "955400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-146": {
"value": "1408500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-147": {
"value": "4792500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InsuranceContractsIssuedThatAreLiabilities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-148": {
"value": "4215000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InsuranceContractsIssuedThatAreLiabilities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-149": {
"value": "939100000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:SubordinatedAndOtherFinancialLiabilities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-150": {
"value": "670900000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:SubordinatedAndOtherFinancialLiabilities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-151": {
"value": "2158000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherPayables",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-152": {
"value": "1960000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherPayables",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-153": {
"value": "88500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:LeaseLiabilities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-154": {
"value": "105300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:LeaseLiabilities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-155": {
"value": "5000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-156": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-157": {
"value": "7983100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-158": {
"value": "6951200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-159": {
"value": "8938500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-160": {
"value": "8359700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-502": {
"value": "These financial statements were approved by the Board of Directors on 7 March 2023 and were signed on its behalf by: Geraint Jones Chief Financial O\ufb03cer Admiral Group plc",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-161": {
"value": "371800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-162": {
"value": "996700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-163": {
"value": "18200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationExpense",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-164": {
"value": "23600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationExpense",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-165": {
"value": "-1200000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:AdjustmentsForImpairmentDisposalOfPropertyPlantAndEquipmentAndRightOfUseAssets",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-166": {
"value": "23800000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:AdjustmentsForImpairmentDisposalOfPropertyPlantAndEquipmentAndRightOfUseAssets",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-167": {
"value": "23700000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:AdjustmentsForAmortisationAndImpairmentOfIntangibleAssets",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-168": {
"value": "44700000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:AdjustmentsForAmortisationAndImpairmentOfIntangibleAssets",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-169": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:AdjustmentsForGainOnDisposalOfComparisonEntitiesHeldForSale",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-170": {
"value": "404400000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:AdjustmentsForGainOnDisposalOfComparisonEntitiesHeldForSale",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-171": {
"value": "11700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-172": {
"value": "13300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-173": {
"value": "57300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-174": {
"value": "65200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-175": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForInterestIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-176": {
"value": "800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForInterestIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-177": {
"value": "12600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForInterestExpense",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-178": {
"value": "6100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForInterestExpense",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-179": {
"value": "64600000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:AdjustmentsForInvestmentReturn",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-180": {
"value": "45200000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:AdjustmentsForInvestmentReturn",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-181": {
"value": "13400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceCosts",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-182": {
"value": "12000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceCosts",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-183": {
"value": "97200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-184": {
"value": "132500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-185": {
"value": "577500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInInsuranceReinsuranceAndInvestmentContractLiabilities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-186": {
"value": "133700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInInsuranceReinsuranceAndInvestmentContractLiabilities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-187": {
"value": "537900000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:AdjustmentsForChangeInReinsuranceAssets",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-188": {
"value": "92900000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:AdjustmentsForChangeInReinsuranceAssets",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-189": {
"value": "-129800000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:AdjustmentsForChangeInInsuranceAndOtherReceivables",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-190": {
"value": "-9200000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:AdjustmentsForChangeInInsuranceAndOtherReceivables",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-191": {
"value": "-280600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-192": {
"value": "-205200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-193": {
"value": "198000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-194": {
"value": "-56100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-195": {
"value": "367300000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:CashFlowsFromOperatingActivitiesBeforeMovementsInInvestments",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-196": {
"value": "637800000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:CashFlowsFromOperatingActivitiesBeforeMovementsInInvestments",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-197": {
"value": "3198000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-198": {
"value": "3710200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-199": {
"value": "3328300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-200": {
"value": "3397100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-201": {
"value": "58700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-202": {
"value": "46600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-203": {
"value": "556300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-204": {
"value": "371300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-205": {
"value": "91200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-206": {
"value": "126700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-207": {
"value": "465100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-208": {
"value": "244600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-209": {
"value": "98600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-210": {
"value": "69200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-211": {
"value": "2400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInterestsInAssociates",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-212": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInterestsInAssociates",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-213": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ProceedsFromSaleOfComparisonEntitiesClassifiedAsInvestingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-214": {
"value": "471800000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ProceedsFromSaleOfComparisonEntitiesClassifiedAsInvestingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-215": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:NetCostsPaidOnSaleOfComparisonEntitiesClassifiedAsInvestingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-216": {
"value": "14800000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:NetCostsPaidOnSaleOfComparisonEntitiesClassifiedAsInvestingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-217": {
"value": "-101000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-218": {
"value": "387800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-219": {
"value": "267800000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ProceedsOnIssueOfOfLoanBackedSecuritiesClassifiedAsFinancingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-220": {
"value": "185900000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ProceedsOnIssueOfOfLoanBackedSecuritiesClassifiedAsFinancingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-221": {
"value": "25300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-222": {
"value": "20200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-223": {
"value": "9200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-224": {
"value": "9600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-225": {
"value": "658300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-226": {
"value": "720900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-227": {
"value": "-425000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-228": {
"value": "-564800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-229": {
"value": "-60900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-230": {
"value": "67600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-231": {
"value": "372700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-232": {
"value": "351700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-233": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-234": {
"value": "-41300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-235": {
"value": "-14800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-236": {
"value": "-5300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-237": {
"value": "297000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-238": {
"value": "372700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-239": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-240": {
"value": "13100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-241": {
"value": "85400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-242": {
"value": "-3600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-243": {
"value": "13100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-244": {
"value": "1004400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-245": {
"value": "1112700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-246": {
"value": "10700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-247": {
"value": "1123400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-248": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-249": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-250": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-251": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-252": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-253": {
"value": "997900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-254": {
"value": "997900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-255": {
"value": "-1200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-256": {
"value": "996700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-257": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-258": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-259": {
"value": "-50100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-260": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-261": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-262": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-263": {
"value": "-50100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-264": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-265": {
"value": "-50100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-266": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-267": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-268": {
"value": "-1400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-269": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-270": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-271": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-272": {
"value": "-1400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-273": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-274": {
"value": "-1400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-275": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-276": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-277": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-278": {
"value": "6600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-279": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-280": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-281": {
"value": "6600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-282": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-283": {
"value": "6600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-284": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-285": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-286": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-287": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-288": {
"value": "-10100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-289": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-290": {
"value": "-10100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-291": {
"value": "-300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-292": {
"value": "-10400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-293": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-294": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-295": {
"value": "-48700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-296": {
"value": "6600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-297": {
"value": "-10100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-298": {
"value": "997900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-299": {
"value": "945700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-300": {
"value": "-1500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-301": {
"value": "944200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-302": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-303": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-304": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-305": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-306": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-307": {
"value": "720900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-308": {
"value": "720900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-309": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-310": {
"value": "720900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-311": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-312": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-313": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-314": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-315": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-316": {
"value": "63100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-317": {
"value": "63100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-318": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-319": {
"value": "63100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-320": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-321": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-322": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-323": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-324": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-325": {
"value": "-6000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-326": {
"value": "-6000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-327": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-328": {
"value": "-6000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-329": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:TransferToGainOnDisposalOfAssetsHeldForSale",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-330": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:TransferToGainOnDisposalOfAssetsHeldForSale",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-331": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:TransferToGainOnDisposalOfAssetsHeldForSale",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-332": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:TransferToGainOnDisposalOfAssetsHeldForSale",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-333": {
"value": "1300000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:TransferToGainOnDisposalOfAssetsHeldForSale",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-334": {
"value": "-2000000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:TransferToGainOnDisposalOfAssetsHeldForSale",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-335": {
"value": "-700000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:TransferToGainOnDisposalOfAssetsHeldForSale",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-336": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:TransferToGainOnDisposalOfAssetsHeldForSale",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-337": {
"value": "-600000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:TransferToGainOnDisposalOfAssetsHeldForSale",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-338": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ChangeInOwnershipInterestsOnSaleOfComparison",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-339": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ChangeInOwnershipInterestsOnSaleOfComparison",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-340": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ChangeInOwnershipInterestsOnSaleOfComparison",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-341": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ChangeInOwnershipInterestsOnSaleOfComparison",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-342": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ChangeInOwnershipInterestsOnSaleOfComparison",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-343": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ChangeInOwnershipInterestsOnSaleOfComparison",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-344": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ChangeInOwnershipInterestsOnSaleOfComparison",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-345": {
"value": "-6700000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ChangeInOwnershipInterestsOnSaleOfComparison",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-346": {
"value": "-6700000",
"decimals": -5,
"dimensions": {
"concept": "admiralgroupplc:ChangeInOwnershipInterestsOnSaleOfComparison",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-347": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-348": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-349": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-350": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-351": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-352": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-353": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-354": {
"value": "-300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-355": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-356": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-357": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-358": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-359": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-360": {
"value": "1300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-361": {
"value": "-653500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-362": {
"value": "-652200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-363": {
"value": "-6900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-364": {
"value": "-659100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-365": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-366": {
"value": "13100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-367": {
"value": "36700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-368": {
"value": "3000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-369": {
"value": "4300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-370": {
"value": "1348800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-371": {
"value": "1406200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-372": {
"value": "2300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-373": {
"value": "1408500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-374": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-375": {
"value": "13100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-376": {
"value": "36700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-377": {
"value": "3000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-378": {
"value": "4300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-379": {
"value": "1348800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-380": {
"value": "1406200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-381": {
"value": "2300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-382": {
"value": "1408500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-383": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-384": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-385": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-386": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-387": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-388": {
"value": "373000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-389": {
"value": "373000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-390": {
"value": "-1200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-391": {
"value": "371800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-392": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-393": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-394": {
"value": "-255600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-395": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-396": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-397": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-398": {
"value": "-255600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-399": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-400": {
"value": "-255600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-401": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-402": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-403": {
"value": "-13000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-404": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-405": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-406": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-407": {
"value": "-13000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-408": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-409": {
"value": "-13000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-410": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-411": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-412": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-413": {
"value": "25100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-414": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-415": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-416": {
"value": "25100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-417": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-418": {
"value": "25100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-419": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-420": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-421": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-422": {
"value": "7000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-423": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-424": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-425": {
"value": "7000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-426": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-427": {
"value": "7000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-428": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-429": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-430": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-431": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-432": {
"value": "6800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-433": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-434": {
"value": "6800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-435": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-436": {
"value": "6900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-437": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-438": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-439": {
"value": "-242600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-440": {
"value": "18100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-441": {
"value": "6800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-442": {
"value": "373000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-443": {
"value": "155300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-444": {
"value": "-1100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-445": {
"value": "154200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-446": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-447": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-448": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-449": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-450": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-451": {
"value": "658300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-452": {
"value": "658300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-453": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-454": {
"value": "658300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-455": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-456": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-457": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-458": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-459": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-460": {
"value": "57300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-461": {
"value": "57300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-462": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-463": {
"value": "57300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-464": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-465": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-466": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-467": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-468": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-469": {
"value": "6300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-470": {
"value": "6300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-471": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-472": {
"value": "6300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-473": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-474": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-475": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-476": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-477": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-478": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-479": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-480": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-481": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-482": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-483": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-484": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-485": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-486": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-487": {
"value": "-607300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-488": {
"value": "-607300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-489": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-490": {
"value": "-607300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-491": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-492": {
"value": "13100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-493": {
"value": "-205900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:GBP"
}
},
"fact-494": {
"value": "21100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-495": {
"value": "11100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-496": {
"value": "1114500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-497": {
"value": "954200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:GBP"
}
},
"fact-498": {
"value": "1200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-499": {
"value": "955400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-501": {
"value": "Notes to the Financial Statements
For the year ended 31 December 2022
1. General information
Admiral Group plc is a public limited company incorporated in England and Wales. Its registered office is at T\u0177 Admiral, David Street,
Cardiff CF10 2EH and its shares are listed on the London Stock Exchange. The nature of Admiral Group operations and its principal
activities is set out in the Business model section on page 6.
The consolidated financial statements have been prepared and approved by the Directors in accordance with United Kingdom adopted
international accounting standards in conformity with the requirements of the Companies Act 2006. The Company has elected to
prepare its parent company financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework
(FRS 101).
2. Basis of preparation
The consolidated financial statements have been prepared on a Going Concern basis. In making this assessment, the Directors\u2019 have
considered in detail the impact of the pandemic on the Group\u2019s financial position and performance, including the projection of the
Group\u2019s profits, regulatory capital surpluses and sources of liquidity for the next 12 months and beyond.
The following areas were focused on as part of this review:
\u2022 The Group\u2019s profit projections, including:
\u2013 Changes in premium rates and projected policy volumes across the Group\u2019s insurance businesses, including early indications of the
impact of the FCA general insurance pricing reform which came into effect at the start of 2022
\u2013 Potential impacts on the cost of settling claims across all insurance businesses, including the impact of inflationary pressures
\u2013 Projected trends in other revenue generated by the Group\u2019s insurance business from fees and the sale of ancillary products
\u2013 Projected contributions to profit from businesses other than the UK Car insurance business
\u2013 Expected trends in unemployment in the context of credit risks and the growth of the Group\u2019s Loans business
\u2022 The Group\u2019s solvency position, which has been closely monitored through periods of market volatility. The Group continues to maintain
a strong solvency position above target levels
\u2022 The adequacy of the Group\u2019s liquidity position after considering all of the factors noted above
\u2022 The results of business plan scenarios and stress tests on the projected profitability, solvency and liquidity positions including the
impact of severe downside scenarios that assume severe adverse economic, credit and trading stresses
\u2022 The regulatory environment, in particular focusing on regulatory guidance issued by the Group\u2019s regulators and ongoing
communications between management and regulators
\u2022 A review of the Company\u2019s principal risks and uncertainties and the assessment of emerging risks
Following consideration of the above, the Directors have reasonable expectation that the Group has adequate resources to continue in
operation for the foreseeable future, a period of not less than 12 months from the date of this report, and that it is therefore appropriate
to adopt the going concern basis in preparing the financial statements.
Further information regarding the Company\u2019s business activities, together with the factors likely to affect its future development,
performance and position, is set out in the Strategic Report. Further information regarding the financial position of the Company,
its cash flows, liquidity position and borrowing facilities are also described in the Strategic Report. In addition, notes 6 and 12 to the
financial statements include the Company\u2019s objectives, policies and processes for managing its capital; its financial risk management
objectives; details of its financial instruments; and its exposures to credit risk and liquidity risk. The accounting policies set out in the
notes to the financial statements have, unless otherwise stated, been applied consistently to all periods presented in these Group
financial statements.
The financial statements are prepared on the historical cost basis, except for the revaluation of financial assets classified as fair value
through profit or loss or as fair value through other comprehensive income. The Group and Company financial statements are presented
in pounds sterling, rounded to the nearest \u00a30.1 million.
Cash flows from operating activities before movements in investments comprise all cash flows arising from the Group\u2019s insurance and
reinsurance activities, and from loans and advances issued to customers. Cash flows from financing activities include the cash flows on
issues of loan backed securities, lease liabilities and other financial liabilities.
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from
its involvement with the entity and can affect those returns through its power over the entity.
Notes to the Financial Statements
continued
For the year ended 31 December 2022
In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The acquisition date is the
date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial
statements from the date that control commences until the date control ceases. Losses applicable to the non-controlling interests in a
subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance.
The Group has securitised certain loans and advances to customers by the transfer of the loans to special purpose entities (\u201cSPEs\u201d)
controlled by the Group. Securitisation enables a subsequent issuance of debt by the SPEs to investors who gain the security of the
underlying assets as collateral. These SPEs are fully consolidated into the Group financial statements under IFRS 10, as the Group controls
the entity in line with the above definition.
The preparation of financial statements in conformity with adopted IFRS requires management to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates
and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not
readily apparent from other sources.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the year in which the estimate is reviewed. To the extent that a change in an accounting estimate gives rise to changes in assets and
liabilities, the movement is recognised by adjusting the carrying amount of the related asset or liability in the period in which the
change occurs.
Adoption of new and revised standards
The Group has adopted the following IFRSs and interpretations during the year, which have been issued and endorsed:
\u2022 Amendments to IFRS 3 Reference to the Conceptual Framework (effective 1 January 2022)
\u2022 Amendments to IAS 16 Property, Plant and Equipment\u2013Proceeds before Intended Use (effective 1 January 2022)
\u2022 Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract (effective 1 January 2022)
\u2022 Annual Improvements to IFRS Standards 2018\u20132020 Cycle: Amendments to IFRS 1 First-time Adoption of International Financial
Reporting Standards, IFRS 9 Financial Instruments, and IFRS 16 Leases (effective 1 January 2022)
New and revised IFRS Standards in issue but not yet effective
At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that
have been issued but are not yet effective:
\u2022 IFRS 17 Insurance Contracts (effective 1 January 2023)
\u2022 Amendments to IAS 1 Classification of Liabilities as Current or Non-current and Presentation of Financial Statements and IFRS Practice
Statement 2: Disclosure of Accounting Policies (effective 1 January 2023)
\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates
(effective 1 January 2023)
\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a single transaction
(effective 1 January 2023)
The Directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of
the Group in future periods, except as noted below:
Admiral Group plc Annual Report and Accounts 2022
232
Financial Statements
IFRS 17: Accounting for Insurance contracts IFRS 17 Insurance Contracts, as issued by the IASB and endorsed by the UK Endorsement Board on 16 May 2022, is a replacement for IFRS 4 Insurance Contracts, effective for annual periods beginning on or after 1 January 2023, with a transition balance sheet date of 1 January 2022. The adoption of IFRS 17 does not change the classification of the Group\u2019s insurance contracts. However, IFRS 17 establishes specific principles for the recognition, measurement, presentation and disclosure of insurance contracts issued and reinsurance contracts held by the Group. Applying IFRS 17 to the Group\u2019s contracts, the scope of the standard is aligned to IFRS 4, with insurance liabilities comprised of the Liability for Remaining Coverage (\u2018LRC\u2019), and the Liability for Incurred Claims (\u2018LIC\u2019). Reinsurance assets are comprised of the Asset for Remaining Coverage (\u2018ARC\u2019) and Asset for Incurred Claims (\u2018AIC\u2019). IFRS 17 outlines a general model, which is simplified if certain criteria are met by measuring the liability for remaining coverage using the premium allocation approach (\u2018PAA\u2019). Under IFRS 17, the Group\u2019s insurance contracts issued and reinsurance contracts held are all eligible to be measured by applying the PAA, given that: \u2022 The Group\u2019s insurance contracts issued have coverage periods of 6 to 12 months in duration and therefore automatically qualify for the PAA under IFRS 17.53(b); and \u2022 Whilst the Group\u2019s reinsurance contracts have coverage periods which extend beyond 12 months, modelling of these contracts shows that using the PAA produces a measurement of the LRC which is not materially different from the LRC produced using the general model. These contracts are therefore eligible to be measured applying the PAA under IFRS 17.53(a). The Group therefore intends to apply the PAA across all of its insurance contracts issued and reinsurance contracts held. Differences in measurement principles The measurement principles of the PAA differ from the approach used by the Group under IFRS 4 in the following key areas: \u2022 The measurement of insurance liabilities and reinsurance assets is performed at a more granular level than IFRS 4, taking into account: \u2013 the type of risk and how it is managed (a \u201cportfolio\u201d of insurance contracts); \u2013 the projected level of profitability; and \u2013 disaggregating the contracts into annual cohorts (i.e. each \u201cgroup\u201d of contracts is considered by underwriting year for the Group. \u2022 The measurement of the liability for incurred claims (claims outstanding under IFRS 4, comprised of the best estimate of claims outstanding plus a margin held above actuarial best estimates for adverse development) is determined on a discounted probability- weighted expected value basis plus an explicit risk adjustment for non-financial risk, which is separately reported \u2022 The measurement of the liability for remaining coverage reflects premiums received less any deferred insurance acquisition cash flows (unless these are expensed as incurred) and less amounts recognised in revenue for insurance services provided. This corresponds to items reported under IFRS 4 as the unearned premium reserve, less deferred acquisition costs and insurance receivables \u2022 Where facts and circumstances exist indicating that a group of contracts may be onerous, the Group must assess whether an onerous loss component should be recognised. The calculation of the onerous loss component compares the fulfilment cashflows relating to the liability for remaining coverage measured using the general model (including the risk adjustment for non-financial risk) to the recognised liability for remaining coverage, with any deficiency recognised as an onerous loss component \u2022 The asset for remaining coverage reflects reinsurance premiums paid for reinsurance held, less ceded earned reinsurance premiums. Ceded reinsurance premiums under IFRS 17 are presented and earned net of any ceded reinsurance expense recoveries, which were presented separately under IFRS 4 and recognised in line with the timing of the gross expenses incurred. In addition, the asset for remaining coverage is adjusted to include a loss-recovery component to reflect the expected recovery of onerous contract losses (on the underlying insurance contracts issued) where such contracts reinsure onerous direct contracts \u2022 The asset for incurred claims reflects the expected reinsurance recoveries of claims related cashflows on a discounted, probability weighted expected value basis, inclusive of the risk adjustment \u2022 Under IFRS 17, income that is currently recognised immediately as commission income on underwritten ancillary products is required to be recognised over the life of the policy as insurance revenue. This is because the commission income is not considered a separable component under IFRS 17. As a result, part of the income that was recognised under IFRS 4 at year end 2021 is deferred under IFRS 17 A dmiral Group plc Annual Report and Accounts 2022 233 Company Overview Strategic Report Corporate Governance Financial Statements Additional Information Key accounting policy decisions
\u2022 As set out above, both the Group\u2019s insurance and reinsurance contracts have been deemed eligible for the PAA, and the Group is
intending to apply the PAA across all of its insurance and reinsurance contracts
\u2022 The application of the disaggregation requirements of IFRS 17 have resulted in the Group determining its portfolios of insurance
contracts as being by country of issue and line of business
\u2022 The Group intends to take the option to expense its insurance acquisition cashflows immediately (with all contracts eligible for this
treatment, given the coverage period of < 12 months), having previously deferred these expenses under IFRS 4
\u2022 The Group will compute its discount yield curves using a risk-free rate, plus an illiquidity premium reflective of the illiquidity of the
underlying claims. The illiquidity premium will be set by reference to several illiquidity data points, principally using illiquidity on
internal asset information supplemented by quantitative analysis when required
\u2022 The Group intends to implement the option to take the difference arising from changes in the discount yield curve through Other
Comprehensive Income rather than the Income Statement, with insurance finance expenses thereby only comprising the unwinding of
discounting based on the locked-in rate at the time the claims are incurred
\u2022 Although IFRS 17 requires a risk adjustment to be included in the measurement of the liability for incurred claims, there is no
prescribed methodology or range. The Group has made an accounting policy decision to base its risk adjustment on a confidence level
approach, setting the risk adjustment between the 85
th
and 95
th
percentile at an entity level basis, based on Group risk appetite. At the
date of transition, the Group expects the risk adjustment to be at the upper end of the corridor
Estimated impact of transition
The Group is in the advanced stages of implementing the standard. The Group will be applying the standard using a fully retrospective
approach, and with its first reporting in 2023 will restate the 2022 comparatives, including the opening Balance Sheet under IFRS 17 as
at 1 January 2022. The estimated impact on the opening Balance Sheet is expected to be a reduction in the Group\u2019s equity of between
\u00a3100 million and \u00a3130 million. The final impact within the range presented is dependent on the final outcome of a small number of
outstanding technical judgements in respect of the calculation of the risk adjustment for non-financial risk.
The key changes driving the estimated adverse impact on transition are:
\u2022 An adverse impact arising from the Group\u2019s accounting policy choice to expense acquisition costs, which results in a write off of the
Group\u2019s gross deferred acquisition cost asset
\u2022 A reduction in quota share reinsurance assets as a result of the change in timing in recognition of ceded quota share expense recoveries
\u2022 An adverse impact due to the deferral of revenue in relation to underwritten ancillary products, which was previously recognised
immediately as commission income
\u2022 An offsetting favourable impact due to changes in the Group\u2019s claims liabilities, net of reinsurance, as a result of the requirements for
the liability and asset for incurred claims to be calculated using a probability weighted, discounted best estimate plus risk adjustment
for non-financial risk.
\u2022 The tax treatment of the transition impact follows the accounting treatment, with no transitional relief available. The tax impact on
transition has been calculated at an entity level, based on the tax rates that are expected to be in place in 2023, when the transition
impacts will be realised. Deferred tax assets in relation to carried forward losses are recognised only to the extent that it is probable
future taxable profit will be available against which the assets can be utilised, in accordance with the Group\u2019s accounting policy
for taxation
These estimates are based on accounting policies, assumptions, judgements and estimation techniques that remain subject to change
until the Group finalises and reports its interim results in August 2023.
In addition to the impact on equity at transition, there are a number of presentational changes that will result in a reduction in insurance
contract liabilities and reinsurance contract assets, primarily as a result of these balances being offset by the related insurance receivables
and reinsurance receivables and payables.
The cash flows and underlying capital generation of our businesses are not materially affected by IFRS 17, and we do not expect the
standard to have an impact on the Group\u2019s Solvency II performance metrics.
Notes to the Financial Statements
continued
For the year ended 31 December 2022
Admiral Group plc Annual Report and Accounts 2022
234
Financial Statements
3. Critical accounting judgements and key sources of estimation uncertainty
In applying the Group\u2019s accounting policies as described in the notes to the financial statements, the Directors are required to make
judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates
and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ
from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the
revision affects both current and future periods.
Critical accounting judgements
The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the
Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts
recognised in the financial statements.
Classification of the Group\u2019s contracts with reinsurers as reinsurance contracts
A contract is required to transfer significant insurance risk in order to be classified as such. Management reviews all terms and conditions
of each such insurance and reinsurance contract in order to be able to make this judgement. In particular, all reinsurance contracts (both
excess of loss and quota share contracts) held by the Group have been assessed and it has been concluded that all contracts transfer
significant insurance risk and have therefore been classified and accounted for as reinsurance contracts within these financial statements.
Consolidation of the Group\u2019s special purpose entities (\u2018SPEs\u2019)
The Group has set up SPEs in relation to the Admiral Loans business, whereby the Group securitises certain loans by the transfer of the
loans to the respective SPEs. The securitisation enables a subsequent issue of debt by the SPEs to investors who gain the security of the
underlying assets as collateral.
The accounting treatment of SPEs has been assessed and it has been concluded that the entities should be fully consolidated into the
Group\u2019s financial statements under IFRS 10. This is due to the fact that despite not having legal ownership, the Group has control of the
SPEs, being exposed to the returns and having the ability to affect those returns through its power over the SPEs.
The SPEs have been fully consolidated into the Group\u2019s financial statements.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have
a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are
discussed below.
Calculation of insurance claims provisions and reinsurance assets
The Group\u2019s reserving policy requires management to set provisions for outstanding claims for the purpose of the financial statements,
above the projected best estimate outcome to allow for unforeseen adverse claims development. In the application of this policy,
management applies judgement in:
\u2022 Calculating the best estimate of the gross ultimate total cost of settling claims that have been incurred prior to the balance
sheet date;
\u2022 Calculating the best estimate of the non-proportional excess of loss reinsurance recoveries relating to outstanding claims; and
\u2022 Determining where, above the projected best estimate outcomes of gross outstanding claims and reinsurance recoveries,
the insurance claims provisions should sit in line with the Group\u2019s reserving methodology
Estimation techniques are used in the calculation of the provisions for claims outstanding, which represent a projection of the ultimate
estimated total cost of settling claims that have been incurred prior to the balance sheet date and remain unsettled at the balance sheet
date, along with a margin to allow for unforeseen adverse claims development.
The primary areas of estimation uncertainty are as follows:
1) Calculation of gross best estimate claims provisions
The key area where estimation techniques are used is in the ultimate projected cost of reported claims, which includes the emergence of
claims that occurred prior to the balance sheet date, but had not been reported at that date.
The Group, utilising internal actuarial teams, projects the best estimate claims reserves using a variety of different recognised actuarial
projection techniques (for example incurred and paid chain ladders, and initial expected assumptions) to allow an actuarial assessment
of their potential outcome. This includes an allowance for unreported claims. The projection techniques are subject to review by an
independent external actuarial specialist to provide an impartial assessment.
Admiral Group plc Annual Report and Accounts 2022
235
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
Claims are segmented into groups with similar characteristics and which are expected to develop and behave similarly, for example bodily
injury (attritional and large) and damage claims, with specific projection methods selected for each head of damage. Key sources of
estimation uncertainty arise from both the selection of the projection methods and the assumptions made in setting claims provisions
through the review of historical development of underlying case reserve estimates, overlaid with emerging market trends.
Allowance is made for changes arising from the internal and external environment which may cause future claim cost inflation to deviate
from that seen in historic data. Examples of these factors include:
\u2022 Changes in the reporting patterns of claims impacting the frequency of bodily injury claims;
\u2022 Emerging inflationary trends on the average cost of bodily injury and damage claims;
\u2022 The likelihood of bodily injury claims settling as Periodic Payment Orders;
\u2022 Changes in the regulatory or legal environment that lead to changes in awards for bodily injury claims and associated legal costs;
\u2022 Changes to the underlying process and methodologies employed in setting and reviewing case reserve estimates
Implicit assumptions in the actuarial projections include average cost per claim and average claim numbers by accident year, future rates of
claims inflation and loss ratios by accident year and underwriting year. These metrics are reviewed and challenged as part of the process for
making allowance for the uncertainties noted.
2) Calculation of excess of loss reinsurance recoveries
The Group uses excess of loss reinsurance in order to mitigate the impact of large claims. The reinsurance is non-proportional and
recoveries are made on individual claims above the relevant thresholds.
As for the underlying gross claims, actuarial teams project the best estimate excess of loss reinsurance recoveries using a variety of
actuarial projection techniques that focus on both the ultimate frequency of reported recoveries and the average size of the recovery.
Key sources of estimation uncertainty arise from both the selection of the projection methods and the assumptions made in calculating
the recoveries through the review of historical development of underlying case reserve estimates, overlaid with emerging market trends.
The most significant element of the estimation relates to large bodily injury claims. The key assumption in the calculation of excess
of loss recoveries relates to the numbers of large claims in the Group\u2019s UK Motor insurance business that will attract recoveries, where
the high retention means that a small number of additional large claims would potentially result in a material increase in the excess of
loss recoveries.
3) Calculation of the margin held for adverse development
A wide range of factors inform management\u2019s recommendation in setting the margin held above actuarial best estimates, which is
subject to approval from the Group\u2019s Reserving and Audit Committees, including:
\u2022 Reserve KPIs such as the level of margin as a percentage of the ultimate reserve;
\u2022 Results of stress testing of key assumptions underpinning key actuarial assumptions within best estimate reserves;
\u2022 A review of a number of individual and aggregated reserve scenarios which may result in future adverse variance to the ultimate best
estimate reserve;
\u2022 Qualitative assessment of the level of uncertainty and volatility within the reserves and the change in that assessment compared to
previous periods
In addition, for the Group\u2019s UK Car insurance business, the Group\u2019s internal reserve risk distribution is used to determine the approximate
confidence level of the recommended booked reserve position which enables comparison of the reserve strength to previous periods and
of it\u2019s compliance with IFRS 4.
For sensitivities in respect of the claims reserves, refer to note 5d(ii) of the financial statements. These sensitivities are provided based
on booked loss ratios, as it is impractical to disaggregate the assumptions further, but for the disaggregated assumptions it is reasonably
possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from the assumption could
require a material adjustment to the carrying amount. For further detail on objectives, policies and procedures for managing insurance
risk, refer to note 5 of the financial statements.
Future changes in claims reserves also impact profit commission income, as the measurement of this income is dependent on the loss
ratio booked in the financial statements, and cash receivable is dependent on actuarial projections of ultimate loss ratios.
Notes to the Financial Statements
continued
For the year ended 31 December 2022
Admiral Group plc Annual Report and Accounts 2022
236
Financial Statements
Calculation of expected credit loss provision
The Group is required to calculate an expected credit loss (\u2018ECL\u2019) allowance in respect of the carrying value of the Admiral loans book in
line with the requirements of IFRS 9. Due to the size of the loan book, the calculation of the ECL is deemed to be a critical accounting
judgement and includes key sources of estimation uncertainty. Management applies judgement in:
\u2022 Determining the appropriate modelling solution for measuring the ECL;
\u2022 Calibrating and selecting appropriate assumptions;
\u2022 Setting the criteria for what constitutes a significant increase in credit risk;
\u2022 Identification of key scenarios to include and determining the credit loss in these instances
The key areas of estimation uncertainty are in the calculation of the probability of default (PD) in the base scenario for stage 1 and 2
assets, and the determination, impact assessment and weighting of the forward-looking scenarios.
Refer to the analysis in note 7 to the financial statements for further detail on the Group\u2019s ECL methodology applied in the period.
4. Operating segments
4a. Accounting policies
(i) Group consolidation
The consolidated financial statements comprise the results and balances of the Company and all entities controlled by the Company,
being its subsidiaries and SPEs (together referred to as the Group), for the year ended 31 December 2022 and comparative figures for
the year ended 31 December 2021. The financial statements of the Company\u2019s subsidiaries and its SPEs are consolidated in the Group
financial statements.
The Company controls 100% of the voting share capital of all its principal subsidiaries, except Admiral Law Limited, Inspop USA LLC,
comparenow.com Insurance Agency LLC (indirect holding).
An SPE is fully consolidated into the Group financial statements under IFRS 10, where the Group has control over the SPE.
The parent company financial statements present information about the Company as a separate entity and not about its Group.
In accordance with IAS 24, transactions or balances between Group companies that have been eliminated on consolidation are not
reported as related party transactions in the consolidated financial statements.
(ii) Foreign currency translation
Items included in the financial records of each of the Group\u2019s entities are measured using the currency of the primary economic
environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in pounds
sterling, the Group\u2019s presentational currency, rounded to the nearest \u00a30.1 million.
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end
exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Non-monetary items measured at cost are translated at their historic rate and non-monetary items held at fair value are translated using
the foreign exchange rate on the date that the fair value was established.
The financial statements of foreign operations whose functional currency is not pounds sterling are translated into the Group
presentation currency (pound sterling) as follows:
\u2022 Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet
\u2022 Income and expenses for each income statement are translated at average monthly exchange rates (unless this average is not a
reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses
are translated at the date of the transaction)
\u2022 All resulting exchange differences are recognised in other comprehensive income and in a separate component of equity except to the
extent that the translation differences are attributable to non-controlling interests
On disposal of a foreign operation, the cumulative amount recognised in equity relating to that particular operation is recognised in the
income statement.
Admiral Group plc Annual Report and Accounts 2022
237
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
4. Operating segments continued
4b. Segment reporting
The Group has four (five for financial year 2021 including discontinued operations) reportable segments, as described below.
These segments represent the principal split of business that is regularly reported to the Group\u2019s Board of Directors, which is considered
to be the Group\u2019s chief operating decision maker in line with IFRS 8 Operating Segments.
UK Insurance
The segment consists of the underwriting of Motor, Household, Pet and Travel insurance and other products that supplement these
insurance policies within the UK. It also includes the generation of revenue from additional products and fees from underwriting
insurance in the UK. The Directors consider the results of these activities to be reportable as one segment as the activities carried out
in generating the revenue are not independent of each other and are performed as one business. This mirrors the approach taken in
management reporting.
International Insurance
The segment consists of the underwriting of car and home insurance and the generation of revenue from additional products and fees
from underwriting car insurance outside of the UK. It specifically covers the Group operations Admiral Seguros in Spain, ConTe in Italy,
L\u2019olivier Assurance in France and Elephant Auto in the US. None of these operations are reportable on an individual basis, based on the
threshold requirements in IFRS 8.
Admiral Money
The segment relates to the Admiral Money business launched in 2017, which provides unsecured personal loans and car finance products
in the UK, primarily through the comparison channel.
Other
The \u2018Other\u2019 segment is designed to be comprised of all other operating segments that are not separately reported to the Group\u2019s Board
of Directors and do not meet the threshold requirements for individual reporting. It includes compare.com and Admiral Pioneer.
Discontinued operations \u2013 2021 Financial Year
As set out in note 13 to the financial statements, on 29 December 2020 the Group announced its planned sale of the majority of its
comparison businesses. The sale was completed on 30 April 2021. The comparison operations are presented as discontinued operations
in 2021. The results for 2021 are reflective of the profit on disposal and four months of trading prior to disposal.
The segment relates to the comparison businesses disposed of including: Confused.com in the UK, Rastreator in Spain, LeLynx in France,
and Preminen entities.
Taxes are not allocated across the segments and, as with the corporate activities, are included in the reconciliation to the consolidated
income statement and consolidated statement of financial position.
Notes to the Financial Statements
continued
For the year ended 31 December 2022
Admiral Group plc Annual Report and Accounts 2022
238
Financial Statements
An analysis of the Group\u2019s revenue and results for the year ended 31 December 2022, by reportable segment, is shown below.
The accounting policies of the reportable segments are materially consistent with those presented in the notes to the financial
statements for the Group.
Year ended 31 December 2022
UK
Insurance
\u00a3m
International
Insurance
\u00a3m
Admiral
Money
\u00a3m
Other
\u00a3m
Eliminations
*4
\u00a3m
Total
\u00a3m
Turnover
*1
2,784.3 795.9 59.0 41.7 (0.3) 3,680.6
Net insurance premium revenue 628.8 251.7 \u2013 30.5 \u2013 911.0
Other Revenue and profit commission 440.8 40.1 0.3 8.8 (0.3) 489.7
Net interest income \u2013 \u2013 44.6 \u2013 1.5 46.1
Investment return
*2
35.0 2.3 \u2013 (0.1) (2.2) 35.0
Net revenue 1,104.6 294.1 44.9 39.2 (1.0) 1,481.8
Net insurance claims (260.4) (227.3) \u2013 (18.4) \u2013 (506.1)
Expenses (228.3) (120.6) (42.8) (40.0) 0.3 (431.4)
Segment profit/(loss) before tax 615.9 (53.8) 2.1 (19.2) (0.7) 544.3
Other central revenue and expenses, including share scheme
charges (75.3)
Investment and interest income 11.4
Finance costs
*3
(11.4)
Consolidated profit before tax 469.0
Taxation expense (97.2)
Consolidated profit after tax 371.8
Other segment items:
\u2013 Intangible and tangible asset additions 122.2 44.7 2.3 13.6 \u2013 182.8
\u2013 Depreciation and amortisation 63.9 50.4 1.0 7.6 \u2013 122.9
Admiral Group plc Annual Report and Accounts 2022
239
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
4. Operating segments continued
Revenue and results for the corresponding reportable segments for the year ended 31 December 2021 are shown below.
Year ended 31 December 2021
UK
Insurance
\u00a3m
International
Insurance
\u00a3m
Admiral
Money
\u00a3m
Other
\u00a3m
Discontinued
operations
*6
\u00a3m
Eliminations
*4
\u00a3m
Total
(continuing)
\u00a3m
Total
\u00a3m
Turnover
*1
2,751.7 690.3 37.6 27.9 67.2 (7.8) 3,507.3 3,566.9
Net insurance premium revenue 612.6 230.0 \u2013 12.4 \u2013 \u2013 855.0 855.0
Other Revenue and profit
commission 577.8 34.6 1.0 6.1 67.2 (7.8) 619.3 678.9
Net interest income \u2013 \u2013 27.8 \u2013 \u2013 2.7 30.5 30.5
Investment return
*2
40.8 0.5 \u2013 \u2013 \u2013 (2.7) 38.6 38.6
Net revenue 1,231.2 265.1 28.8 18.5 67.2 (7.8) 1,543.4 1,603.0
Net insurance claims (144.5) (176.2) \u2013 (11.6) \u2013 \u2013 (332.3) (332.3)
Expenses (246.7) (100.5) (34.3) (20.6) (55.5) 7.8 (401.9) (449.8)
Gain on disposal \u2013 \u2013 \u2013 \u2013 404.4 \u2013 \u2013 404.4
Segment profit/(loss) before tax 840.0 (11.6) (5.5) (13.7) 416.1 \u2013 809.2 1,225.3
Other central revenue and expenses,
including share scheme charges (88.3) (88.7)
Investment and interest income 4.0 4.0
Finance costs
*3
(11.4) (11.4)
Consolidated profit before tax
*5
713.5 1,129.2
Taxation expense (130.2) (132.5)
Consolidated profit after tax 583.3 996.7
Other segment items:
\u2013 Intangible and tangible asset
additions 94.8 47.6 0.6 1.2 \u2013 \u2013 144.2 144.2
\u2013 Depreciation and amortisation 65.5 44.5 0.7 0.2 \u2013 \u2013 110.9 110.9
*1 Turnover is an Alternative Performance Measure presented before intra-group eliminations and consists of total premiums written (including co-insurers\u2019 share) and Other revenue. Refer to the
glossary and note 14 for further information
*2 Investment return is reported net of impairment on financial assets, in line with management reporting
*3 \u00a30.5 million (2021: \u00a30.6 million) of IFRS 16 interest expense (being the Group\u2019s net share of IFRS 16 interest expense) included within Finance Costs in the income statement has been reallocated
to individual segments within expenses, in line with management segmental reporting
*4 Eliminations are in respect of the intra-group trading between the Group\u2019s comparison and UK and International insurance entities and intra-group interest. Of the \u00a30.3 million (2021: \u00a37.8 million)
elimination of other revenue and profit commission, \u00a3nil (2021: \u00a37.6 million) relates to discontinued operations, with the remaining \u00a30.3 million (2021: \u00a30.2 million) relating to compare.com.
\u00a31.5 million (2021: \u00a32.7 million) of intra-group interest charges related to the UK Insurance and Admiral Money segment and \u00a30.7 million (2021: \u00a3nil) related to UK Insurance and central finance
costs have also been eliminated on consolidation
*5 Profit before tax for the year ended 31 December 2021 above of \u00a31,129.2 million includes profit before tax from continuing operations (\u00a3713.5 million) and discontinued operations
(\u00a3415.7 million, including \u00a30.4 million of central expenses)
*6 See note 13 for further detail on discontinued operations
Segment revenues
The UK and International insurance reportable segments derive all insurance premium income from external policyholders.
Revenue within these segments is not derived from an individual policyholder that represents 10% or more of the Group\u2019s total revenue.
Revenues from external customers for products and services are consistent with the split of reportable segment revenues.
Information about geographical locations
All material revenues from external customers, and net assets attributed to a foreign country, are shown within the International
insurance reportable segment shown on the previous pages.
Notes to the Financial Statements
continued
For the year ended 31 December 2022
Admiral Group plc Annual Report and Accounts 2022
240
Financial Statements
Segment assets and liabilities
The identifiable segment assets and liabilities at 31 December 2022 are as follows:
As at 31 December 2022
UK
Insurance
\u00a3m
International
Insurance
\u00a3m
Admiral
Money
\u00a3m
Other
\u00a3m
Elimination
\u00a3m
Total
\u00a3m
Reportable segment assets 6,908.0 1,313.8 929.2 285.3 (693.4) 8,742.9
Reportable segment liabilities 5,884.7 1,150.3 902.1 500.1 (683.5) 7,753.7
Reportable segment net assets 1,023.3 163.5 27.1 (214.8) (9.9) 989.2
Unallocated assets and liabilities (33.8)
Consolidated net assets 955.4
Unallocated assets and liabilities consist of other central assets and liabilities, plus deferred and current corporation tax balances.
These assets and liabilities are not regularly reviewed by the Board of Directors in the reportable segment format.
Eliminations represent inter-segment funding, balances included in insurance and other receivables and deemed loan receivables in
respect of securitised loan receivables.
The segment assets and liabilities at 31 December 2021 are as follows:
As at 31 December 2021
UK
Insurance
\u00a3m
International
Insurance
\u00a3m
Admiral
Money
\u00a3m
Other
\u00a3m
Eliminations
\u00a3m
Total
\u00a3m
Reportable segment assets 6,428.8 1,059.0 762.2 150.8 (635.0) 7,765.8
Reportable segment liabilities 5,342.8 934.8 629.4 429.3 (589.5) 6,746.8
Reportable segment net assets 1,086.0 124.2 132.8 (278.5) (45.5) 1,019.0
Unallocated assets and liabilities 389.5
Consolidated net assets 1,408.5
5. Premium, claims and profit commissions
5a. Accounting policies
(i) Revenue \u2013 premiums
Premiums relating to insurance contracts are recognised as revenue, net of expected cancellations and insurance premium tax,
proportionally over the period of cover. Premiums with an inception date after the end of the period are held in the statement of
financial position as deferred revenue. Outstanding collections from policyholders related to unexpired risk are recognised within
policyholder receivables. A corresponding unearned premium provision is recognised (see note 5a(iii)).
(ii) Revenue \u2013 profit commission
Some of the co-insurance and reinsurance contracts under which motor premiums are shared or ceded, profit commission may be earned
on a particular year of account, which is usually subject to performance criteria such as loss ratios and expense ratios. The commission is
dependent on the ultimate outcome of any year, with revenue being recognised when loss and expense ratios used in the preparation of
the financial statements move below a contractual threshold.
Profit commission receivable from reinsurance contracts is accounted for in line with IFRS 4, whereas profit commission receivable from
co-insurance contracts with third parties is in line with IFRS 15. Further detail of the policy under IFRS 15 is set out in note 8.
(iii) Insurance contracts and reinsurance assets
Premiums
The proportion of premium receivable on in-force policies relating to unexpired risks is reported in insurance contract liabilities and
reinsurance assets as the unearned premium provision \u2013 gross and reinsurers\u2019 share respectively.
Claims
Claims and claims handling expenses are charged as incurred, based on the estimated direct and indirect costs of settling all liabilities
arising on events occurring up to the balance sheet date.
The provision for claims outstanding comprises provisions for the estimated cost of settling all claims incurred but unpaid at the balance
sheet date, whether reported or not. Anticipated reinsurance recoveries are disclosed separately as assets.
Whilst the Directors consider that the gross provisions for claims and the related reinsurance recoveries are fairly stated on the basis
of the information currently available to them, the ultimate liability will vary as a result of subsequent information and events and may
result in significant adjustments to the amounts provided.
Admiral Group plc Annual Report and Accounts 2022
241
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
5. Premium, claims and profit commissions continued
Adjustments to the amounts of claims provisions established in prior years are reflected in the income statement for the period in which
the adjustments are made and disclosed separately if material. The methods used, and the estimates made, are reviewed regularly.
A provision for unexpired risk is made where necessary for the estimated amount required over and above unearned premiums (net of
deferred acquisition costs) to meet future claims and related expenses.
Co-insurance
The Group has entered into certain co-insurance contracts with external parties under which insurance risks are shared on a proportional
basis, with the co-insurer taking a specific percentage of premium written and being responsible for the same proportion of each claim.
The co-insurer therefore takes direct insurance risk from the policyholder and is directly responsible to the claimant for its proportion of
the claim. As the contractual liability is several and not joint, neither the premiums nor claims relating to the co-insurance agreements
with external parties are included in the income statement. Under the terms of these agreements, the co-insurers reimburse the Group
for the same proportionate share of the costs of acquiring and administering the business.
Reinsurance assets
Contracts entered into by the Group with reinsurers under which the Group is compensated for losses on the insurance contracts issued
by the Group are classified as reinsurance contracts. A contract is only accounted for as a reinsurance contract where there is significant
insurance risk transfer between the insured and the insurer.
Reinsurance assets are comprised of balances due from reinsurance companies for ceded insurance liabilities. Amounts recoverable from
reinsurers are estimated in a consistent manner with the outstanding claims provisions or settled claims associated with the reinsured
policies and in accordance with the relevant reinsurance contract.
The Group assesses its reinsurance assets for impairment on a regular basis, and in detail every six months. If there is objective evidence
that the asset is impaired, then the carrying value will be written down to its recoverable amount.
On commutation of reinsurance contracts, the reinsurer is discharged from all obligations relating to the contract. Reinsurance assets and
liabilities relating to the commuted contracts are settled in the period in which the commutation agreement is signed .
5b. Net insurance premium revenue
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Total insurance premiums including co-insurers\u2019 share
*1
3,243.1 3,098.7
Group gross premiums written excluding co-insurance 2,849.7 2,513.6
Outwards reinsurance premiums (1,922.4) (1,643.0)
Net insurance premiums written 927.3 870.6
Change in gross unearned premium provision (144.3) (21.3)
Change in reinsurers\u2019 share of unearned premium provision 128.0 5.7
Net insurance premium revenue 911.0 855.0
*1 Alternative Performance Measures \u2013 refer to the end of the report for definition and explanation, and to note 14a for reconciliation to Group gross premiums written
The Group\u2019s share of its insurance business was underwritten by Admiral Insurance (Gibraltar) Limited, Admiral Insurance Company
Limited, Admiral Europe Compania Seguros (\u2018AECS\u2019) and Elephant Insurance Company. The vast majority of contracts are short term in
duration, lasting for between 6 and 12 months.
Notes to the Financial Statements
continued
For the year ended 31 December 2022
Admiral Group plc Annual Report and Accounts 2022
242
Financial Statements
5c. Profit commission
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Underwriting year (UK Motor only)
2017 and prior 54.4 94.4
2018 35.8 18.6
2019 31.5 27.6
2020 48.5 150.0
2021 \u2013 \u2013
2022 \u2013 \u2013
Total UK Motor profit commission
*1
170.2 290.6
Total UK Household and International profit commission
*1
0.7 13.9
Total profit commission 170.9 304.5
*1 From the total UK Motor profit commission of \u00a3170.2 million (2021: \u00a3290.6 million), \u00a3130.4 million (2021: \u00a3162.9 million) relates to co-insurance arrangements and \u00a339.8 million
(2021: \u00a3127.7 million) to reinsurance arrangements. The UK Household and International profit commission relates solely to reinsurance arrangements
Sensitivities of the recognition of profit commission to movements in the booked loss ratio are shown in note 5d (ii).
5d. Reinsurance assets and insurance contract liabilities
(i) Objectives, policies and procedures for the management of insurance risk
The Group\u2019s primary business is the issuance of insurance contracts that transfer risk from policyholders to the Group and its co-
insurance partners.
Insurance risk involves uncertainty over the occurrence, amount or timing of claims arising on insurance contracts issued. It is primarily
comprised of reserve risk; the risk that the value of insurance liabilities established is insufficient to cover the ultimate cost of claims
incurred at the balance sheet date, and premium risk; the risk that the claims experience on business written but not earned is higher
than allowed for in the premiums charged to policyholders.
The Board of Directors is responsible for the management of insurance risk, although as mentioned in note 6, it has delegated the
detailed oversight of risk management to the Group Risk Committee.
The Group also has a Group Reserving Committee as well as local Reserving Committees which are comprised of senior managers within
the finance, claims, pricing and actuarial functions in the respective businesses. The Reserving Committees primarily recommends the
approach for insurance reserving but also reviews the systems and controls in place to support accurate reserving and considers material
reserving issues such as large bodily injury claims frequency and severity.
The Board implements certain policies to mitigate and control the level of insurance risk accepted by the Group. These include pricing
policies and claims management and administration processes, in addition to reserving policies and co- and reinsurance arrangements as
detailed below.
Reserve risk
Reserve risk is mitigated through a series of processes and controls. The key processes are as follows:
\u2022 Regular management and internal actuarial review of individual and aggregate case claim reserves, including regular reporting of
management information and exception reporting of significant movements;
\u2022 Regular management and internal actuarial review of large claims, including claims settled or potentially settled by PPOs for which the
uncertainty is increased by factors such as the lifetime of the claimant and movements in the indexation for the cost of future care of
the claimant;
\u2022 Bi-annual external actuarial review of best estimate claims reserves using a variety of recognised actuarial technique;
\u2022 Internal actuarial analysis of reserve uncertainty through qualitative analysis, scenario testing and a range of stochastic
reserving techniques;
\u2022 Ad hoc external reviews of reserving related processes and assumptions;
\u2022 Use of a reserving methodology which informs management\u2019s reserving decisions for the purposes of the Group\u2019s financial statements.
As described in note 3, critical accounting judgements and estimates, the methodology determines that reserves should be set above
projected best estimate outcomes to allow for unforeseen adverse claims development
As noted above, the Group shares a significant amount of the insurance business generated with external underwriters. As well as these
proportional arrangements, excess of loss reinsurance programmes are also purchased to protect the Group against very large individual
claims and catastrophe losses.
Admiral Group plc Annual Report and Accounts 2022
243
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
5. Premium, claims and profit commissions continued
Claims reserving
Admiral\u2019s reserving policy (both within the claims function and in the financial statements) is initially to reserve conservatively, above
internal and independent projections of actuarial best estimates. This is designed to create a margin held in reserves to allow for
unforeseen adverse development in open claims and typically results in Admiral making above industry average reserve releases.
Admiral\u2019s booked claims reserves continue to include a significant margin above projected best estimates of ultimate claims costs.
The margin held above ultimate outcomes in the financial statement reserves remains both significant and prudent. In relative terms, it is
lower than that held at the end of 2021, reflecting the crystallisation of some of the uncertainty previously held in the margin, in the best
estimate reserves.
As profit commission income is recognised in the income statement in line with loss ratios accounted for on Admiral\u2019s own claims
reserves, the reserving policy also results in profit commission income being deferred and recognised over time due to the application of
constraint on variable consideration.
Premium risk
As noted above, the Group defines premium risk as the risk that claims cost on business written but not yet earned is higher than allowed
for in the premiums charged to policyholders. This also includes catastrophe risk, the risk of incurring significant losses as a result of the
occurrence of manmade catastrophe, or natural weather events.
Key processes and controls operating to mitigate premium risk are as follows:
\u2022 Experienced and focused senior management and teams in relevant business areas including pricing and claims management;
\u2022 A data-driven and analytical approach to regular monitoring of claims and underwriting performance;
\u2022 Observations of weather events trends to understand climate impacts on frequency and severity;
\u2022 Capability to identify and resolve underperformance promptly through changes to key performance drivers, in particular pricing
In addition, as mentioned above, excess of loss reinsurance programmes are also purchased to protect the Group against very large
individual claims and catastrophe losses.
Other elements of insurance risk include reinsurance risk, the risk of placement of ineffective reinsurance arrangements, or the economic
risk of reduced availability of co-insurance and reinsurance arrangements in future periods.
The Group mitigates these risks by ensuring that it has a diverse range of financially secure reinsurance partners, including a long-term
relationship with Munich Re and a number of other large reinsurers.
Concentration of insurance risk
The Directors do not believe there are significant concentrations of insurance risk. This is because the risks are spread across a large
number of policies and a wide regional base. The International Car insurance, UK Household, and UK Travel business further contribute to
the diversification of the Group\u2019s insurance risk.
Information regarding reinsurance credit risk is provided in note 6j to the financial statements.
(ii) Sensitivity of recognised amounts to changes in assumptions
Underwriting year loss ratios \u2013 UK Car insurance
The following table sets out the impact on equity and post-tax profit or loss at 31 December 2022 that would result from a 1%, 3%
and 5% increase and decrease in the UK Car insurance loss ratios used for each underwriting year for which material amounts remain
outstanding. This includes the impact on profit commission of the respective changes in booked loss ratios, which are also shown
separately below.
Underwriting year
Total impact on income statement (including profit commission) 2019 2020 2021 2022
Booked loss ratio 67% 61% 89% 102%
Impact of 1% deterioration in booked loss ratio (\u00a3m) (15.5) (16.4) (3.7) (1.9)
Impact of 3% deterioration in booked loss ratio (\u00a3m) (46.2) (49.2) (11.0) (5.6)
Impact of 5% deterioration in booked loss ratio (\u00a3m) (76.4) (82.0) (18.3) (9.3)
Impact of 1% improvement in booked loss ratio (\u00a3m) 15.5 16.4 3.7 1.9
Impact of 3% improvement in booked loss ratio (\u00a3m) 46.6 49.2 11.0 5.6
Impact of 5% improvement in booked loss ratio (\u00a3m) 77.6 82.0 18.3 9.3
As above, the impact is stated net of reinsurance and includes the change in net insurance claims along with the associated profit
commission movements that result from changes in loss ratios. The figures are stated net of tax at the current rate.
Notes to the Financial Statements
continued
For the year ended 31 December 2022
Admiral Group plc Annual Report and Accounts 2022
244
Financial Statements
The following table sets out the impact on equity and post-tax profit or loss at 31 December 2022 that would result from a 1%, 3% and 5% increase and decrease in the UK Car insurance loss ratios used for each underwriting year for which material amounts remain outstanding, on profit commission only. Underwriting year Impact on profit commission only 2019 2020 2021 2022 Booked loss ratio 67% 61% 89% 102% Impact of 1% deterioration in booked loss ratio (\u00a3m) (5.6) (8.0) \u2013 \u2013 Impact of 3% deterioration in booked loss ratio (\u00a3m) (16.5) (23.9) \u2013 \u2013 Impact of 5% deterioration in booked loss ratio (\u00a3m) (26.8) (39.8) \u2013 \u2013 Impact of 1% improvement in booked loss ratio (\u00a3m) 5.6 8.0 \u2013 \u2013 Impact of 3% improvement in booked loss ratio (\u00a3m) 16.8 23.9 \u2013 \u2013 Impact of 5% improvement in booked loss ratio (\u00a3m) 28.0 39.8 \u2013 \u2013 Sensitivities to key assumptions in the best estimate reserves have not been presented, given the significant and prudent margin held above best estimate reserves and the co- and reinsurance arrangements that are also considered when determining the net impact on the income statement. The underwriting year sensitivities presented above are considered to provide relevant and transparent information on the changes to key inputs to the financial statements. Sensitivities exclude any impact on climate given the assessment of low short term risk. (iii) Analysis of recognised amounts 31 December 2022 \u00a3m 31 December 2021 \u00a3m Gross Claims outstanding *1 3,456.1 3,045.0 Unearned premium provision 1,336.4 1,170.0 Total gross insurance liabilities 4,792.5 4,215.0 Recoverable from reinsurers Claims outstanding 1,807.5 1,415.7 Unearned premium provision 906.5 760.4 Total reinsurers\u2019 share of insurance liabilities 2,714.0 2,176.1 Net Claims outstanding *2 1,648.6 1,629.3 Unearned premium provision 429.9 409.6 Total insurance liabilities \u2013 net 2,078.5 2,038.9 *1 Gross claims outstanding at 31 December 2022 is presented before the deduction of salvage and subrogation recoveries totalling \u00a3125.9 million (2021: \u00a387.6 million) *2 Admiral typically commutes quota share reinsurance contracts in its UK Car insurance business 36 months following the start of the underwriting year. After commutation, claims outstanding from these contracts are included in Admiral\u2019s net claims outstanding balance. Refer to note (v) below A dmiral Group plc Annual Report and Accounts 2022 245 Company Overview Strategic Report Corporate Governance Financial Statements Additional Information 5. Premium, claims and profit commissions continued
(iv) Analysis of claims incurred
The following tables illustrate the development of gross and net UK insurance and International insurance claims incurred for the past
ten financial periods, including the impact of re-estimation of claims provisions at the end of each financial year. The first table shows
actual gross claims incurred and the second shows actual net claims incurred. Figures are presented on an underwriting year basis.
Financial year ended 31 December
Analysis of claims
incurred (gross amounts)
2013
\u00a3m
2014
\u00a3m
2015
\u00a3m
2016
\u00a3m
2017
\u00a3m
2018
\u00a3m
2019
\u00a3m
2020
\u00a3m
2021
*1
\u00a3m
2022
\u00a3m
Total
\u00a3m
Underwriting year
(UK insurance)
2013 and prior (680.7) (196.3) 181.3 56.2 125.3 92.9 33.7 30.0 31.7 15.1 (310.8)
2014 \u2013 (438.2) (347.1) 25.6 17.1 52.0 15.7 22.5 19.0 13.6 (619.8)
2015 \u2013 \u2013 (428.4) (411.2) 21.7 53.3 58.0 34.0 25.8 18.9 (627.9)
2016 \u2013 \u2013 \u2013 (529.4) (463.7) 82.1 54.8 46.1 50.3 41.0 (718.8)
2017 \u2013 \u2013 \u2013 \u2013 (691.8) (615.0) 123.1 79.5 82.5 37.5 (984.2)
2018 \u2013 \u2013 \u2013 \u2013 \u2013 (818.8) (546.9) 52.8 80.3 104.3 (1,128.3)
2019 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (812.4) (476.2) 89.8 71.1 (1,127.7)
2020 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (697.4) (519.5) 95.2 (1,121.7)
2021 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (864.5) (749.6) (1,614.1)
2022 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,089.0) (1,089.0)
UK insurance gross
claims incurred (680.7) (634.5) (594.2) (858.8) (991.4) (1,153.5) (1,074.0) (908.7) (1,004.6) (1,441.9) (9,342.3)
Underwriting year
(International
insurance)
2013 and prior (120.8) (46.3) 11.2 18.3 7.7 10.6 4.4 (0.2) 0.8 0.2 (114.1)
2014 \u2013 (85.2) (65.5) 4.4 5.8 5.5 2.0 (0.4) 0.5 (0.3) (133.2)
2015 \u2013 \u2013 (92.6) (101.6) 7.7 3.1 0.1 (0.1) 0.1 0.1 (183.2)
2016 \u2013 \u2013 \u2013 (138.9) (125.3) 11.7 6.9 3.6 1.4 0.9 (239.7)
2017 \u2013 \u2013 \u2013 \u2013 (174.1) (147.3) 16.5 8.6 5.0 (0.4) (291.7)
2018 \u2013 \u2013 \u2013 \u2013 \u2013 (204.9) (165.7) 20.1 6.2 2.8 (341.5)
2019 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (293.8) (141.2) 13.3 9.1 (412.6)
2020 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (233.6) (160.6) 19.6 (374.6)
2021 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (284.5) (225.5) (510.0)
2022 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (353.6) (353.6)
International
insurance gross
claims incurred (120.8) (131.5) (146.9) (217.8) (278.2) (321.3) (429.6) (343.2) (417.8) (547.1) (2,954.2)
Other gross claims
incurred (2.2) (7.1) (5.4) (0.1) (3.6) (1.1) \u2013 \u2013 (18.4) (16.6) (54.5)
Claims handling
costs (22.9) (21.4) (22.6) (27.1) (35.5) (37.9) (64.5) (66.7) (66.0) (75.8) (440.4)
Total gross claims
incurred (826.6) (794.5) (769.1) (1,103.8) (1,308.7) (1,513.8) (1,568.1) (1,318.6) (1,506.8) (2,081.4) (12,791.4)
Notes to the Financial Statements
continued
For the year ended 31 December 2022
Admiral Group plc Annual Report and Accounts 2022
246
Financial Statements
Financial year ended 31 December
Analysis of claims incurred
(net amounts)
2013
\u00a3m
2014
\u00a3m
2015
\u00a3m
2016
\u00a3m
2017
\u00a3m
2018
\u00a3m
2019
\u00a3m
2020
\u00a3m
2021
1
\u00a3m
2022
\u00a3m
Total
\u00a3m
Underwriting year
(UK insurance)
2013 and prior (242.3) (5.8) 165.2 91.1 133.1 85.2 26.5 25.3 29.4 14.2 321.9
2014 \u2013 (187.0) (144.1) (16.4) 25.3 38.4 17.2 18.6 13.6 11.3 (223.1)
2015 \u2013 \u2013 (182.1) (162.0) (2.6) 42.6 48.2 26.1 27.8 15.0 (187.0)
2016 \u2013 \u2013 \u2013 (219.4) (180.7) 48.1 50.7 46.6 41.8 33.5 (179.4)
2017 \u2013 \u2013 \u2013 \u2013 (214.3) (182.9) 77.8 67.1 72.6 35.0 (144.7)
2018 \u2013 \u2013 \u2013 \u2013 \u2013 (261.0) (165.2) 40.6 62.3 98.0 (225.3)
2019 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (258.1) (142.5) 56.9 53.5 (290.2)
2020 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (218.5) (157.8) 52.5 (323.8)
2021 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (277.2) (231.0) (508.2)
2022 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (327.9) (327.9)
UK insurance net
claims incurred (242.3) (192.8) (187.0) (306.7) (239.2) (229.6) (202.9) (136.7) (130.6) (245.9) (2,087.7)
Underwriting year
(International
insurance)
2013 and prior (49.1) (18.9) 5.1 9.2 3.1 5.3 2.1 \u2013 0.3 0.2 (42.7)
2014 \u2013 (31.6) (23.3) 1.8 1.8 2.2 0.8 (0.1) 0.2 (0.1) (48.3)
2015 \u2013 \u2013 (33.4) (39.6) 5.1 1.3 1.3 \u2013 0.1 \u2013 (65.2)
2016 \u2013 \u2013 \u2013 (47.9) (43.5) 6.3 2.4 1.5 0.6 0.3 (80.3)
2017 \u2013 \u2013 \u2013 \u2013 (60.7) (51.5) 5.5 3.2 2.3 0.1 (101.1)
2018 \u2013 \u2013 \u2013 \u2013 \u2013 (71.2) (58.4) 7.8 2.7 0.9 (118.2)
2019 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (89.6) (50.1) 4.9 2.2 (132.6)
2020 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (95.4) (64.0) 5.3 (154.1)
2021 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (114.3) (88.0) (202.3)
2022 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (133.9) (133.9)
International
insurance net
claims incurred (49.1) (50.5) (51.6) (76.5) (94.2) (107.6) (135.9) (133.1) (167.2) (213.0) (1,078.7)
Other net claims
incurred (2.1) (6.9) (5.4) (0.2) (2.6) (1.1) \u2013 \u2013 (11.6) (18.0) (47.9)
Claims handling costs (9.5) (8.9) (9.4) (11.2) (11.1) (11.8) (20.5) (23.4) (22.9) (29.2) (157.9)
Total net claims
incurred (303.0) (259.1) (227.4) (394.6) (347.1) (350.1) (359.3) (293.2) (332.3) (506.1) (3,372.2)
*1 Financial Year 2021 has been restated to disclose gross claims and net claims incurred in relation to the other segment and net claims in relation to a reclassification between UK insurance and
International insurance
The table below shows the development of UK Car insurance loss ratios for the past six financial periods, presented on an underwriting
year basis.
Financial year ended 31 December
UK Car insurance loss ratio development 2017 2018 2019 2020 2021 2022
Underwriting year (UK Car only)
2017 87% 83% 75% 70% 65% 62%
2018 \u2013 92% 81% 78% 73% 67%
2019 \u2013 \u2013 92% 76% 72% 67%
2020 \u2013 \u2013 \u2013 72% 66% 61%
2021 \u2013 \u2013 \u2013 \u2013 90% 89%
2022 \u2013 \u2013 \u2013 \u2013 \u2013 102%
Admiral Group plc Annual Report and Accounts 2022
247
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
5. Premium, claims and profit commissions continued
(v) Analysis of claims reserve releases
The following table analyses the impact of movements in prior year claims provisions on a gross and net basis. Figures are presented on
an underwriting year basis.
Financial year ended 31 December
Gross
2017
\u00a3m
2018
\u00a3m
2019
\u00a3m
2020
\u00a3m
2021
\u00a3m
2022
\u00a3m
Underwriting year (UK Motor insurance)
2017 and prior 214.0 270.5 252.4 186.0 187.5 109.4
2018 \u2013 \u2013 83.2 57.3 64.1 100.3
2019 \u2013 \u2013 \u2013 54.8 76.2 70.6
2020 \u2013 \u2013 \u2013 \u2013 52.9 87.5
2021 \u2013 \u2013 \u2013 \u2013 \u2013 13.8
Total gross release (UK Motor insurance) 214.0 270.5 335.6 298.1 380.7 381.6
Total gross release (UK Household insurance) 1.6 4.6 8.3 9.2 6.0 3.6
Total gross release (UK Travel insurance) \u2013 \u2013 \u2013 \u2013 2.2 0.4
Total gross release (International insurance) 23.2 35.2 39.1 53.2 52.0 46.1
Total gross release (Other insurance) \u2013 \u2013 \u2013 \u2013 \u2013 5.6
Total gross release 238.8 310.3 383.0 360.5 440.9 437.3
Financial year ended 31 December
Net
2017
\u00a3m
2018
\u00a3m
2019
\u00a3m
2020
\u00a3m
2021
\u00a3m
2022
\u00a3m
Underwriting year (UK Motor insurance)
2017 and prior 165.9 221.0 217.6 183.9 184.9 108.2
2018 \u2013 \u2013 25.8 40.7 61.9 97.2
2019 \u2013 \u2013 \u2013 17.0 54.6 52.7
2020 \u2013 \u2013 \u2013 \u2013 15.9 51.4
2021 \u2013 \u2013 \u2013 \u2013 \u2013 3.6
Total net release (UK Motor insurance) 165.9 221.0 243.4 241.6 317.3 313.1
Total net release (UK Household insurance) 0.5 1.4 2.5 2.8 2.5 1.6
Total net release (UK Travel insurance) \u2013 \u2013 \u2013 \u2013 2.2 0.4
Total net release (International insurance) 9.5 13.5 14.4 18.6 16.4 15.8
Total net release (Other insurance) \u2013 \u2013 \u2013 \u2013 \u2013 3.3
Total net release 175.9 235.9 260.3 263.0 338.4 334.2
Analysis of net releases on UK
Motor insurance:
\u2013 Releases on original Admiral net share
(UK Motor) 92.1 111.4 121.7 104.3 128.1 124.0
\u2013 Releases on commuted quota share
reinsurance contracts (UK Motor) 73.8 109.6 121.7 137.3 189.2 189.1
Total UK Motor net release as above 165.9 221.0 243.4 241.6 317.3 313.1
Notes to the Financial Statements
continued
For the year ended 31 December 2022
Admiral Group plc Annual Report and Accounts 2022
248
Financial Statements
Admiral typically commutes quota share reinsurance contracts in its UK Car insurance business 36 months following the start of the
underwriting year. After commutation, any changes in claims costs on the commuted proportion of the business are reflected within
claims costs and are separately analysed here. Releases on the share of business originally reinsured but since commuted are analysed by
underwriting year as follows:
Financial year ended 31 December
2017
\u00a3m
2018
\u00a3m
2019
\u00a3m
2020
\u00a3m
2021
\u00a3m
2022
\u00a3m
Underwriting year
2017 and prior 73.8 109.6 121.7 113.9 116.4 66.0
2018 \u2013 \u2013 \u2013 23.4 43.5 66.5
2019 \u2013 \u2013 \u2013 \u2013 29.3 31.4
2020 \u2013 \u2013 \u2013 \u2013 \u2013 25.2
Total releases on commuted quota share
reinsurance contracts (UK Motor) 73.8 109.6 121.7 137.3 189.2 189.1
Profit commission is analysed in note 5c.
(vi) Reconciliation of movement in claims outstanding
31 December 2022
Gross
\u00a3m
Reinsurance
\u00a3m
Net
\u00a3m
Claims outstanding at start of period 3,045.0 (1,415.7) 1,629.3
Claims incurred (excluding claims handling costs and releases) 2,443.0 (1,631.9) 811.1
Reserve releases (437.3) 103.1 (334.2)
Movement in claims outstanding due to commutation \u2013 194.1 194.1
Claims paid and other movements
*1
(1,594.6) 942.9 (651.7)
Claims outstanding at end of period 3,456.1 (1,807.5) 1,648.6
31 December 2021
Gross
\u00a3m
Reinsurance
\u00a3m
Net
\u00a3m
Claims outstanding at start of period 2,919.9 (1,319.3) 1,600.6
Claims incurred (excluding claims handling costs and releases) 1,881.8 (1,234.0) 647.8
Reserve releases (440.9) 102.5 (338.4)
Movement in claims outstanding due to commutation \u2013 318.4 318.4
Claims paid and other movements
*1
(1,315.8) 716.7 (599.1)
Claims outstanding at end of period 3,045.0 (1,415.7) 1,629.3
*1 Claims and other movements includes foreign exchange impacts of \u00a333.9 million adverse (2021: \u00a33.8 million adverse) on a gross basis, \u00a328.3 million gain (2021: \u00a33.4 million gain) on a reinsurance
basis resulting in a \u00a35.6 million adverse (2021: \u00a30.4 million) impact on a net basis
(vii) Reconciliation of movement in net unearned premium provision
31 December 2022
Gross
\u00a3m
Reinsurance
\u00a3m
Net
\u00a3m
Unearned premium provision at start of period 1,170.0 (760.4) 409.6
Written in the period 2,849.7 (1,922.4) 927.3
Earned in the period (2,705.4) 1,794.4 (911.0)
Translation differences 22.1 (18.1) 4.0
Unearned premium provision at end of period 1,336.4 (906.5) 429.9
31 December 2021
Gross
\u00a3m
Reinsurance
\u00a3m
Net
\u00a3m
Unearned premium provision at start of period 1,161.4 (763.9) 397.5
Written in the period 2,513.6 (1,643.0) 870.6
Earned in the period (2,492.3) 1,637.3 (855.0)
Translation differences (12.7) 9.2 (3.5)
Unearned premium provision at end of period 1,170.0 (760.4) 409.6
Admiral Group plc Annual Report and Accounts 2022
249
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
Notes to the Financial Statements
continued
For the year ended 31 December 2022
6. Investment income and costs
6a. Accounting policies
i) Financial assets
Classification and measurement
The classification and subsequent measurement of the financial asset under IFRS 9 depends on:
a. the Group\u2019s business model for managing the financial assets; and
b. the contractual cash flow characteristics of the financial asset.
Based on these factors, the financial asset is classified into one of the following categories:
\u2022 Amortised cost \u2013 assets which are held in order to collect contractual cash flows and the contractual terms of the financial asset give
rise to cash flows which are solely payments of principal and interest on the principal amount outstanding (SPPI), where the asset is
not designated as fair value through profit or loss (FVTPL)
For the Group, these include deposits with credit institutions, cash and cash equivalents, insurance receivables, trade and other
receivables and loans and advances to customers.
The interest income generated from these assets is included in investment returns, with the exception of loans and advances to
customers, where the interest receivable is recognised in interest income.
Impairment is recognised on these assets using the expected credit loss model.
\u2022 Fair value through other comprehensive income (FVOCI) \u2013 assets which are held both to collect contractual cash flows and to sell the
asset, where the contractual terms of the financial asset give rise to cash flows which are solely payments of principal and interest on
the principal amount outstanding (SPPI), where the asset is not designated as FVTPL
For the Group, these assets include corporate, government and private debt securities.
In addition, IFRS 9 allows an irrevocable election at initial recognition to designate equity investments at FVOCI that otherwise would be
held at FVTPL, provided these are not held for trading. The Group has made this election for certain equity investments.
Movements in the carrying amount are taken through OCI, with the exception of recognition of impairment gains or losses, interest
revenue and foreign exchange gains or losses which are recognised in profit or loss.
\u2022 Fair value through profit or loss (FVTPL) \u2013 assets which do not meet the criteria for amortised cost or FVOCI, or which are designated
as FVTPL
For the Group these assets include liquidity funds investing in short duration assets, other funds and derivative financial instruments.
A gain or loss on disposal of an investment measured at FVOCI is presented within investment return in the period in which it arises.
Impairment
The expected credit loss model is used to calculate any impairment to be recognised for all assets measured at amortised cost, as well as
financial investments measured at FVOCI. The general approach, which utilises the three-stage model, is used for Loans and advances to
customers (see note 7) whilst impairment for the remaining assets is measured using the simplified approach.
Derecognition
A financial asset is derecognised when the rights to receive cash flows from that asset have expired, or when the Group transfers the
asset and all the attached substantial risks and rewards relating to the asset to a third party.
ii) Financial liabilities
Classification and subsequent measurement
All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method, except for
derivatives that are classified at fair value through profit or loss and subsequently measured at fair value.
Movements in the amortised cost are recognised through the income statement.
Derecognition
A financial liability is derecognised when the obligation under that liability is discharged, cancelled or expires.
Admiral Group plc Annual Report and Accounts 2022
250
Financial Statements
iii) Investment return and finance costs Investment return from financial assets comprises distributions as well as net realised and unrealised gains on financial assets classified as FVTPL, interest income and net realised gains from financial assets classified as FVOCI, and interest income from financial assets classified as amortised cost. Finance costs from financial liabilities comprise interest expense on subordinated notes, loan backed securities, credit facilities and lease liabilities, calculated using the effective interest rate method. The effective interest rate method calculates the amortised cost of a financial asset or liability (or group of financial assets or financial liabilities) and allocates the interest income or expense over the expected life of the asset or liability . 6b. Investment return 31 December 2022 \u00a3m 31 December 2021 \u00a3m At EIR Other Total At EIR Other Total Investment return On assets classified as FVTPL \u2013 8.4 8.4 \u2013 3.6 3.6 On assets classified as FVOCI *1*3 50.3 2.3 52.6 40.0 2.3 42.3 On assets classified as amortised costs *1 2.0 \u2013 2.0 0.6 \u2013 0.6 Net unrealised losses Unrealised gains on forward contracts \u2013 0.5 0.5 \u2013 \u2013 \u2013 Share of associate profit/ loss \u2013 (0.1) (0.1) \u2013 \u2013 \u2013 Accrual for reinsurers\u2019 share of investment return \u2013 (20.0) (20.0) \u2013 (1.6) (1.6) Interest receivable on cash and cash equivalents *1 \u2013 1.2 1.2 \u2013 0.3 0.3 Total investment and interest income *2 52.3 (7.7) 44.6 40.6 4.6 45.2 *1 Interest received during the year was \u00a358.7 million (2021: \u00a346.6 million) *2 Total investment return excludes \u00a32.2 million of intra-group interest (2021: \u00a32.7 million) *3 Realised gains on sales of debt securities classified as FVOCI are \u00a32.2 million (2021: \u00a32.3 million) 6c. Finance costs Continuing operations 31 December 2022 \u00a3m 31 December 2021 \u00a3m Interest payable on subordinated loan notes and other credit facilities *1*2 11.4 11.4 Interest payable on lease liabilities 2.0 2.3 Interest recoverable from co- and reinsurers (1.5) (1.8) Total finance costs on continuing operations 11.9 11.9 *1 Interest paid during the year was \u00a313.4 million (2021: \u00a314.1 million) *2 See note 7e for details of credit facilities Finance costs represent interest payable on the \u00a3200.0 million (2021: \u00a3200.0 million) subordinated notes and other financial liabilities. Interest payable on lease liabilities represents the unwinding of the discount on lease liabilities under IFRS 16 and does not result in a cash payment. 6d. Expected credit losses 31 December 2022 \u00a3m 31 December 2021 \u00a3m Expected credit losses/(gains) on financial investments 6f (1.8) 2.6 Expected credit losses on Loans and advances to customers* 1 7b 20.7 10.7 Total expense for expected credit losses 18.9 13.3 *1 Includes \u00a37.2 million (2021: \u00a32.5 million) of write-offs, with total movement in the expected credit loss provision being \u00a320.7 million (2021: \u00a310.7 million) See note 6f and note 7b for details of the impairment methodology. Admiral Group plc Annual Report and Accounts 2022 251 Company Overview Strategic Report Corporate Governance Financial Statements Additional Information Notes to the Financial Statements continued For the year ended 31 December 2022 6. Investment income and costs continued 6e. Financial assets and liabilities The Group\u2019s financial assets and liabilities can be analysed as follows: Continuing operations 31 December 2022 \u00a3m 31 December 2021 \u00a3m Financial investments measured at FVTPL Money market funds 706.5 868.0 Other funds 188.8 187.6 Derivative financial instruments 33.0 5.2 Equity Investments (designated FVTPL) 6.4 2.2 Investment in Associate 2.4 \u2013 937.1 1,063.0 Financial investments classified as FVOCI Corporate debt securities 1,701.2 2,101.0 Government debt securities 479.8 348.5 Private debt securities 166.6 125.5 2,347.6 2,575.0 Equity investments (designated FVOCI) 25.1 19.3 2,372.7 2,594.3 Financial assets measured at amortised cost Deposits with credit institutions 101.4 85.3 Total financial investments 3,411.2 3,742.6 Other financial assets Insurance receivables 1,009.5 956.6 Trade and other receivables (measured at amortised cost) 326.3 251.9 Insurance and other receivables 1,335.8 1,208.5 Loans and advances to customers (note 7) 823.9 556.8 Cash and cash equivalents 297.0 372.7 Total financial assets 5,867.9 5,880.6 Financial liabilities Subordinated notes 204.4 204.4 Loan backed securities 714.7 446.5 Other borrowings 20.0 20.0 Subordinated and other financial liabilities 939.1 670.9 Trade and other payables *1 2,158.0 1,960.0 Lease liabilities 88.5 105.3 Total financial liabilities 3,185.6 2,736.2 *1 Trade and other payables total balance of \u00a32,158.0 million (2021: \u00a31,960.0 million) above includes \u00a31,807.6 million (2021: \u00a31,528.4 million) in relation to tax and social security, deferred income and reinsurer balances that are outside the scope of IFRS 9 *2 Insurance receivables are treated under IFRS4 A dmiral Group plc Annual Report and Accounts 2022 252 Financial Statements The maturity profile of financial assets and liabilities under the scope of IFRS 4 and 9 at 31 December 2022 is as follows: On demand \u00a3m < 1 year \u00a3m Between 1 and 2 years \u00a3m > 2 years \u00a3m Financial investments Money market funds and derivative financial instruments \u2013 915.2 8.8 4.3 Deposits with credit institutions \u2013 101.4 \u2013 \u2013 Debt securities 33.3 398.1 263.1 1,653.1 Total financial investments 33.3 1,414.7 271.9 1,657.4 Trade and other receivables \u2013 1,335.8 \u2013 \u2013 Loans and advances to customers \u2013 235.1 237.3 351.5 Cash and cash equivalents 297.0 \u2013 \u2013 \u2013 Total financial assets 330.3 2,985.6 509.2 2,008.9 Financial liabilities Subordinated notes* 2 \u2013 11.0 211.0 \u2013 Loan backed securities \u2013 241.0 187.8 285.8 Other borrowings \u2013 20.0 \u2013 \u2013 Trade and other payables* 1 \u2013 1,864.1 \u2013 \u2013 Total financial liabilities \u2013 2,136.1 398.8 285.8 *1 Of the \u00a31,864.1 million held within trade and other payables in the maturity table, \u00a31,513.7 million do not meet the definition of a financial liability under IFRS 9 but fall within the scope of IFRS 4 hence are included in the above maturity profile *2 Maturity analysis has been performed on a cash-settled basis The maturity profile of financial assets and liabilities under the scope of IFRS 4 and 9 at 31 December 2021 was as follows: On demand \u00a3m < 1 year \u00a3m Between 1 and 2 years \u00a3m > 2 years \u00a3m Financial investments Money market funds and derivative financial instruments \u2013 1,057.9 1.7 1.1 Deposits with credit institutions \u2013 75.3 10.0 \u2013 Debt securities \u2013 713.2 362.4 1,499.2 Total financial investments \u2013 1,846.4 374.1 1,500.3 Trade and other receivables \u2013 1,208.5 \u2013 \u2013 Loans and advances to customers \u2013 171.3 174.7 210.8 Cash and cash equivalents 372.7 \u2013 \u2013 \u2013 Total financial assets 372.7 3,226.2 548.8 1,711.1 Financial liabilities Subordinated notes* 2 \u2013 11.0 11.0 211.0 Loan backed securities \u2013 170.2 126.7 172.0 Other borrowings \u2013 20.0 \u2013 \u2013 Trade and other payables* 1 \u2013 1,706.5 \u2013 \u2013 Total financial liabilities \u2013 1,907.7 137.7 383.0 *1 Of the \u00a31,706.5 million held within trade and other payables in the maturity table, \u00a31,274.9 million do not meet the definition of a financial liability under IFRS 9 but fall within the scope of IFRS 4 hence are included in the above maturity profile *2 Maturity analysis has been performed on a cash-settled basis A dmiral Group plc Annual Report and Accounts 2022 253 Company Overview Strategic Report Corporate Governance Financial Statements Additional Information Notes to the Financial Statements
continued
For the year ended 31 December 2022
6. Investment income and costs continued
The maturity profile of discounted gross insurance liabilities at the end of 2022 was as follows
< 1 year
\u00a3m
1 \u20133 years
\u00a3m
> 3years
\u00a3m
Claims outstanding 1,342.0 886.3 1,227.8
Unearned premium provision 1,336.4 \u2013 \u2013
Total gross insurance liabilities 2,678.4 886.3 1,227.8
The maturity profile of discounted gross insurance liabilities at the end of 2021 was as follows:
< 1 year
\u00a3m
1 \u20133 years
\u00a3m
> 3years
\u00a3m
Claims outstanding 909.9 829.8 1,305.3
Unearned premium provision 1,170.0 \u2013 \u2013
Total gross insurance liabilities 2,079.9 829.8 1,305.3
6f. Financial investments
31 December 2022
FVTPL
\u00a3m
FVOCI
\u00a3m
Amortised
Cost*
2
\u00a3m
Total
\u00a3m
AAA- AA 410.5 922.8 23.5 1,356.8
A 328.3 847.3 355.4 1,531.0
BBB 56.4 410.2 19.2 485.8
Sub BBB 33.4 43.4 \u2013 76.8
Not rated*
1
106.1 149.0 0.3 255.4
Total financial investments 934.7 2,372.7 398.4 3,705.8
*1 \u00a359.4 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt
(\u00a3123.9 million) and other holdings (\u00a371.8 million)
*2 Investments held at amortised cost comprise deposits with credit institutions, and cash
31 December 2021
FVTPL
\u00a3m
FVOCI
\u00a3m
Amortised
Cost*
2
\u00a3m
Total
\u00a3m
AAA- AA 500.6 906.9 21.2 1,428.7
A 401.0 1,007.9 426.2 1,835.1
BBB 42.6 477.9 10.6 531.1
Sub BBB 22.0 71.7 \u2013 93.7
Not rated*
1
96.8 129.9 \u2013 226.7
Total financial investments 1,063.0 2,594.3 458.0 4,115.3
*1 \u00a372.3 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt
(\u00a3127.5 million) and other holdings (\u00a326.8 million)
*2 Investments held at amortised cost comprise deposits with credit institutions, and cash
Classification and measurement
At initial recognition, the Group measures financial investments at fair value plus or minus, in the case of financial instruments not
measured at fair value through profit and loss, directly attributable transaction costs. Transaction costs of financial instruments
measured at fair value through profit and loss are expensed to the profit and loss when incurred.
Money market funds and derivative financial instruments are measured at FVTPL. The regulatory capital within the Group is used to
invest in these instruments in addition to any surplus funds which may be held. Buying and selling activity occurs depending on timing of
different cash flows.
Debt securities are measured at FVOCI and as such fall under the scope of the ECL model. These assets are held to match policyholder
liabilities or interest on debt liabilities. If sold before maturity, gains or losses on these assets impact the P&L.
Private Equity investments have been designated as being reported through FVOCI due to these being long term, strategic investments.
Dividends are recognised in the income statement whilst a change in fair values will be reflected in OCI. Other funds are measured
at FVTPL.
Admiral Group plc Annual Report and Accounts 2022
254
Financial Statements
Impairment
All financial investments held at FVOCI and at amortised cost have been assessed for impairment using the expected credit loss model
under IFRS 9. The assessment has been made based on the credit ratings of the entities and externally available credit loss ratios.
The calculated impairment loss within the fair value is recognised through the income statement whilst fair value movements are
recognised in other comprehensive income. Deposits are held with well rated institutions and are held at book value, with impairment
calculated in a similar manner to debt securities.
All assets which require a calculation of impairment, are considered based on an external credit rating agency or an assessment from
Admiral\u2019s external asset managers. The credit rating of all assets is regularly monitored. As at the year-end reporting date, the vast
majority of financial assets are of investment grade and considered low risk under IFRS 9. These therefore remain within stage 1 and a
12-month expected loss is used to calculate the impairment provision required.
Any assets downgraded to below BBB or any sub BBB asset that is downgraded by 1 full credit rating, are considered by the Group to have
significantly increased in credit risk, and therefore are stage 2 under IFRS 9.
The impairment provision at 31 December 2022 is \u00a39.4 million (\u00a311.3 million at 31 December 2021). Given there is no material change
in the credit quality or type of financial assets in the year and the movement in provision is immaterial, no further disclosure has
been made.
Fair value measurement
IFRS 13 requires assets and liabilities that are held at fair value to be classified according to a hierarchy which reflects the observability of
significant market inputs, based on three levels. The Group policy is to recognise transfer between fair value hierarchy levels as at the end
of the reporting period. There were no transfers between fair value hierarchy levels in the reporting period (2021: none).
The table below shows how the financial assets held at fair value have been measured using the fair value hierarchy:
31 December 2022 31 December 2021
FVTPL
\u00a3m
FVOCI
\u00a3m
FVTPL
\u00a3m
FVOCI
\u00a3m
Level one (quoted prices in active markets) 900.2 2,180.9 1,060.8 2,449.5
Level two (use of observable inputs) 28.1 \u2013 \u2013 \u2013
Level three (use of significant unobservable inputs) 6.4
*1
191.8 2.2
*1
144.8
Total 934.7 2,372.7 1,063.0 2,594.3
*1 Gains through the income statement are recognised within Investment return. See note 6b for further information
Fair value measurement using significant unobservable inputs (level three)
Level three investments consist of debt securities and equity investments. Debt securities are comprised primarily of investments in
debt funds which are valued at the proportion of the Group\u2019s holding of the Net Asset Value (NAV) reported by the investment vehicle.
In addition, there is a small allocation of privately placed bonds which do not trade on active markets, these are valued using discounted
cash-flow models designed to appropriately reflect the credit and illiquidity of these instruments. The key unobservable input across
private debt securities is the discount rate which is based on the credit performance of the assets.
Equity securities are primarily comprised of investments in Private Equity and Infrastructure Equity funds, which are valued at the
proportion of the Group\u2019s holding of the NAV reported by the investment vehicle. These are based on several unobservable inputs
including market multiples and cash flow forecasts.
There were no significant inter-relationships between unobservable inputs that materially affect fair values.
Admiral Group plc Annual Report and Accounts 2022
255
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
Notes to the Financial Statements continued For the year ended 31 December 2022 6. Investment income and costs continued The table below presents the movement in the period relating to financial instruments valued using a level three valuation: 31 December 2022 Level Three Investments Equity Securities \u00a3m Debt Securities \u00a3m Total \u00a3m Balance as at 1 January 2022 21.5 125.5 147.0 Gains/(losses) recognised in IS 1.8 3.9 5.7 Gains/(losses) recognised in OCI 1.1 (9.6) (8.5) Purchases 9.4 74.4 83.8 Disposals (2.5) (27.6) (30.1) Translation differences 0.3 \u2013 0.3 Balance as at 31 December 2022 31.6 166.6 198.2 31 December 2021 Level Three Investments Equity Securities \u00a3m Debt Securities \u00a3m Total \u00a3m Balance as at 1 January 2021 11.3 63.5 74.8 Gains/(losses) recognised in IS 0.2 1.4 1.6 Gains/(losses) recognised in OCI 2.6 1.5 4.1 Purchases 8.5 80.9 89.4 Disposals (0.6) (21.8) (22.4) Translation differences (0.5) \u2013 (0.5) Balance as at 31 December 2021 21.5 125.5 147.0 6g. Cash and cash equivalents 31 December 2022 \u00a3m 31 December 2021 \u00a3m Cash at bank and in hand* 1 297.0 372.7 Total cash and cash equivalents 297.0 372.7 *1 Cash at bank and in hand includes \u00a336.6 million (2021: \u00a337.6 million) related to special purpose entities which is not available for use by the Group C ash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term deposits with original maturities of three months or less. All cash and cash equivalents are measured at amortised cost. An assessment has been completed for impairment purposes in line with that set out in note 6f above. Given the short-term duration of these assets and low risk of these assets, no impairment provision has been recognised. For cash at bank and cash deposits and other receivables, the fair value approximates to the book value due to their short maturity. 6h. Other assets Insurance and other receivables 31 December 2022 \u00a3m 31 December 2021 \u00a3m Insurance receivables* 1 1,009.5 956.6 Amounts owed by co- and reinsurers* 2 48.4 \u2013 Trade and other receivables 236.6 221.5 Prepayments and accrued income 41.3 30.4 Total insurance and other receivables 1,335.8 1,208.5 *1 Insurance receivables include \u00a3125.9 million in respect of salvage and subrogation recoveries (2021: \u00a387.6 million) *2 Amounts owed by co- and reinsurers include \u00a344.6 million for amounts owed by reinsurers. The amount owed by reinsurers has been included within the credit rating analysis within note 6j A dmiral Group plc Annual Report and Accounts 2022 256 Financial Statements Insurance receivables
Insurance receivables are measured at historic cost. Given that non-repayment would result in a withdrawn policy and the short-term
duration of these assets no bad debt provision has been recognised.
Trade and other receivables
Classification. Trade and other receivables are measured at amortised cost, being made up of multiple types of receivable balances.
Impairment. Where a provision is required for these receivables, it is calculated in line with the simplified method for trade receivables
per IFRS 9, whereby lifetime expected credit losses are recognised irrelevant of the credit risk. In this case, the provision is based on a
combination of:
(i) aged debtor analysis;
(ii) historic experience of write-offs for each receivable,
(iii) any specific indicators of credit deterioration observed, and
(iv) management judgement.
The level of provision is immaterial.
The amortised cost carrying amount of receivables is a reasonable approximation of fair value.
Contract balances
The following table provides information about receivables and contract assets from contracts with customers. Both balances are
included in trade and other receivables.
Continuing operations
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Receivables 20.0 16.8
Contract assets 19.3 23.8
The contract asset relates to the Group\u2019s right to consideration for work undertaken in the law companies on behalf of clients which is
ongoing or where the final fee has not yet been billed. The contract asset is transferred to trade receivables once the fee has been billed.
Significant changes in the contract asset balance during the period are as follows:
Contract asset balance
31 December
2022
\u00a3m
At 1 January 2022 23.8
Revenue recognised 16.3
Transferred to trade receivables (20.2)
Write-offs (0.6)
At 31 December 2022 19.3
The amount of revenue recognised in 2022 from performance obligations satisfied (or partially satisfied) in previous periods in relation to
the above contract balances is \u00a3nil (2021: \u00a3nil). See note 5c for details of profit commission recognised on previous underwriting years.
Admiral Group plc Annual Report and Accounts 2022
257
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
Notes to the Financial Statements continued For the year ended 31 December 2022 6. Investment income and costs continued 6i. Financial and lease liabilities 31 December 2022 Subordinated notes \u00a3m Loan backed securities \u00a3m Other borrowings and derivatives \u00a3m Lease liabilities \u00a3m Total \u00a3m Financial liability at the start of the period 204.4 446.5 20.0 105.3 776.2 Interest payable per income statement 11.0 11.7 1.3 2.0 26.0 Cash flows* 1 (11.0) 256.5 (0.9) (11.3) 233.3 Other foreign exchange and non-cash movements \u2013 \u2013 (0.4) (7.5) (7.9) Financial liability at the end of the period 204.4 714.7 20.0 88.5 1,027.6 *1 Cash amounts relating to the interest proportion of the lease liability were \u00a32.1 million in 2022 (2021: \u00a32.7 million) 31 December 2021 Subordinated notes \u00a3m Loan backed securities \u00a3m Other borrowings and derivatives \u00a3m Lease liabilities \u00a3m Total \u00a3m Financial liability at the start of the period 204.3 260.7 23.6 122.8 611.4 Interest payable per income statement 11.1 5.5 0.9 2.3 19.8 Cash flows* 1 (11.0) 180.3 (0.9) (12.3) 156.1 Other foreign exchange and non-cash movements \u2013 \u2013 (3.6) (7.5) (11.1) Financial liability at the end of the period 204.4 446.5 20.0 105.3 776.2 *1 Cash amounts relating to the interest proportion of the lease liability were \u00a32.1 million in 2022 (2021: \u00a32.7 million) Subordinated notes Financial liabilities are inclusive of \u00a3200.0 million subordinated notes issued on 25 July 2014 at a fixed rate of 5.5% with a redemption date of 25 July 2024. The notes are unsecured subordinated obligations of the Group and rank pari passu without any preference among themselves. In the event of a winding-up or bankruptcy, they are to be repaid only after the claims of all other creditors have been met. There have been no defaults on any of the notes during the year. The Group has the option to defer interest payments on the notes but to date has not exercised this right. The fair value of subordinated notes (level one valuation based on quoted prices in active markets) at 31 December 2022 is \u00a3196.4 million (2021: \u00a3217.1 million). Other borrowings The Group holds various revolving credit facilities including a \u00a3200.0 million facility which expires in April 2023, a \u00a320.0 million facility which expires in August 2023 and a \u20ac100.0 million facility which expires in August 2024. \u00a320.0 million was drawn under the agreement expiring in August 2023 as at 31 December 2022 (2021: \u00a320.0 million), which is shown within other borrowings in the table above. The carrying value is a reasonable approximation of fair value. Loan backed securities Asset backed senior loan note facilities of \u00a31,000.0 million have been established in relation to the Admiral Money business (see note 3 for details of the accounting treatment of SPEs). As at the year end, \u00a3714.7 million (2021: \u00a3446.5 million) of these facilities had been utilised. The carrying value is a reasonable approximation of fair value. Lease liabilities The Group leases various properties, with rental contracts typically for fixed periods of 5 to 25 years although these may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. For each lease, a right-of-use asset and corresponding lease liability is recognised at the date at which the leased asset becomes available for use by the Group. The lease liability is initially measured at the present value of remaining lease payments, which include the following: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payments that are based on an index or a rate \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option A dmiral Group plc Annual Report and Accounts 2022 258 Financial Statements The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group\u2019s
incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of
a similar value in a similar economic environment, with similar terms and conditions. Generally, the Group uses its incremental borrowing
rate as the discount rate.
Subsequently, lease payments are allocated to the lease liability, split between repayments of principal and interest. A finance cost is
charged to the profit and loss so as to produce a constant period rate of interest on the remaining balance of the lease liability.
Whereby a change in lease term is identified, the lease liability is recalculated based on the present value of the remaining
lease payments.
6j. Objectives, policies and procedures for managing financial assets and liabilities
The Group\u2019s activities expose it primarily to financial risks of credit, interest rate, liquidity and foreign exchange risk. The Board of
Directors has delegated the task of supervising risk management and internal control to the Group Risk Committee. There is also an
Investment Committee that makes recommendations to the Group and subsidiary Boards on investment strategy, and overseas the
Group\u2019s investments.
There are several key elements to the risk management environment throughout the Group. These are detailed in full in the Corporate
Governance Statement. Specific considerations for the risks arising from financial assets and liabilities are detailed below.
Credit risk
The Group defines credit risk as the risk of financial loss if another party fails to perform its obligations. The key areas of exposure to
credit risk for the Group result through its reinsurance programme, investments, bank deposits, loans and advances to customers and
policyholder receivables.
The Directors consider credit quality and counterparty exposure frequently and in significant detail. The Directors consider that the
policies and procedures in place to manage credit exposure continue to be appropriate for the Group\u2019s risk appetite and, during 2022 and
historically, no material credit losses have been experienced by the Group.
The impact on equity of 100 and 200 basis point increases in credit spreads at the relevant valuation date, is as follows:
31 December 2022
\u00a3m
31 December 2021
\u00a3m
Reduction in equity \u2013 100bps (64.4) (71.0)
Reduction in equity \u2013 200bps (128.7) (142.0)
The impact on the income statement from movements in credit spreads on the portfolio classified as FVOCI is \u00a3nil. There is no significant
exposure to credit risk for assets classified as FVTPL.
Also see notes 7 and 6f for further information on credit risk in relation to loans and advances to customers, and financial investments.
Financial investments and cash
Credit and counterparty risk is managed by the Group by investing in high quality money market funds, and setting suitable parameters
for asset managers to adhere to when purchasing debt securities. Cash balances and deposits are placed only with highly rated credit
institutions. The detailed holdings are reviewed regularly by the Investment Committee.
Invested assets
As noted above, the Group primarily invests the following asset types:
\u2022 Debt securities are held within segregated mandates and investment funds. This includes government debt, private debt and asset
backed securities. The guidelines of the investments ensure management of credit risk. Generally, the duration of the securities is
relatively short and similar to the duration of the on book claims liabilities
\u2022 Liquidity funds, which in turn invest in a mixture of short-dated fixed and variable rate securities, such as cash deposits, certificates of
deposits, floating rate notes and other commercial paper
\u2022 Deposits with well rated institutions and are short in duration (one to three years). These are classified as held at amortised cost.
Therefore, neither the carrying value of the asset, nor the interest return will be impacted by fluctuations in interest rates
Reinsurance assets
To mitigate the risk arising from exposure to reinsurers (in the form of reinsurance recoveries and profit commissions), the Group only
conducts business with companies of appropriate financial strength ratings. In addition, many reinsurance contracts are operated on a
funds withheld basis, which substantially reduces credit risk, as the Group retains the cash received from policyholders.
Admiral Group plc Annual Report and Accounts 2022
259
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
Notes to the Financial Statements
continued
For the year ended 31 December 2022
6. Investment income and costs continued
Loans and advances to customers
The risk appetite for the lending business is set to ensure that the risk taken is commensurate with the expected returns. Management has
defined an amber and a red loan loss limit, representing points at which action is required. These limits have been defined by management
to reflect the business maturity, the business\u2019 ambitions and the economic climate. Risk appetite is assessed at least annually, while the limits
are continuously monitored.
Insurance assets
A further principal form of credit risk is in respect of amounts due from policyholders, largely due to the potential for default by
instalment payers. The impact of this is mitigated by the large customer base and low average level of balance recoverable. There is also
mitigation by the operation of numerous high- and low-level controls in this area, including payment on policy acceptance as opposed to
inception and automated cancellation procedures for policies in default.
The amount of bad debt expense relating to policyholder debt charged to the income statement in 2022 and 2021 is insignificant.
Trade and other receivables
Trade receivables and other debtors are also subject to credit risk, although this is mitigated by a review of the credit worthiness of all
counterparties prior to them being accepted.
Other assets
All other assets are assessed as low credit risk under IFRS 9, with no significant amounts past due or impaired. No further disclosure is
provided due to this having an immaterial impact on the financial statements.
The Group\u2019s credit risk exposure to assets with external ratings is as follows:
Rating
31 December
2022
\u00a3m
31 December
2021
Restated
\u00a3m
Financial institutions \u2013 credit institutions AAA 324.6 355.0
Financial institutions \u2013 credit institutions AA 556.1 746.6
Financial institutions \u2013 credit institutions A 1,529.4 1,801.5
Financial institutions \u2013 credit institutions BBB and below 818.2 863.7
Government securities AAA 266.6 103.1
Government securities AA 209.4 231.4
Government securities A 1.7 14.0
Government securities BBB and below 2.1 \u2013
Reinsurers AA 816.5 685.5
Reinsurers A 421.8 210.3
Reinsurers BBB and below 6.6 5.4
*1 BBB and below includes not rated.
The Group\u2019s maximum exposure to credit risk at 31 December 2022 is 31 December is \u00a35,901.3 million (2021: \u00a35,675.4 million), being the
carrying value of financial investments and cash, the carrying value of loans and advances to customers, and the excess of reinsurance
assets over amounts owed to reinsurers under funds withheld arrangements which are settled on a net basis. The Group does not use
credit derivatives or similar instruments to mitigate exposure.
There were no further significant financial assets that were past due at the close of either 2022 or 2021
Interest rate risk
The Group considers interest rate risk to be the risk that unfavourable movements in interest rates could adversely impact on the capital
values of financial assets and liabilities.
The impact on equity of 50 and 100 basis point increases and decreases in interest rates at the relevant valuation date, is as follows:
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Increase in interest rates \u2013 50bps (37.6) (51.0)
Increase in interest rates \u2013 100bps (75.2) (101.9)
Decrease in interest rates \u2013 50bps 37.6 51.0
Decrease in interest rates \u2013 100bps 75.2 101.9
Admiral Group plc Annual Report and Accounts 2022
260
Financial Statements
The impact reflects movements in the Group\u2019s asset portfolio and is stated before any offsetting movements in liabilities. The Group\u2019s
solvency II balance sheet, which includes technical provisions discounted using Bank of England and EIOPA yield curves reflects a low
sensitivity to interest rates as a result of well-matched durations of assets and liabilities.
Loans and advances to customers
The Group\u2019s loan portfolio consists of fixed rate loans, which are funded at a floating variable rate. The Group has interest rate swap
arrangements, the risk management objective of which is to eliminate the majority of the interest rate risk variability in the cash flows
payable on the loan backed securities. This relates to the difference between fixed rate on loans written and floating variable rate
on funding.
Hedge accounting
Hedge accounting is applied when the criteria specified in IFRS 9 (including amendments, as set out above) are met. In line with IFRS 9,
the gain or loss on the hedged position as at the balance sheet date is recognised through other comprehensive income.
This results in a hedging reserve in relation to the interest rate swap.
Financial liabilities
The Group also holds a financial liability in the form of \u00a3200.0 million of subordinated notes with a ten year maturity and fixed rate
coupon of 5.5%. This liability is valued at amortised cost and therefore neither the carrying value of the deposits, nor the interest payable,
will be impacted by fluctuations in interest rates.
Other financial assets and liabilities
There is no significant exposure to interest rate risk for other financial assets and liabilities due to these being held at amortised cost.
Liquidity risk
Liquidity risk is defined as the risk that the Group does not have sufficient available financial resources to enable it to meet its obligations
as they fall due, or can only secure them at excessive cost.
The Group holds appropriate liquidity buffers at the parent company and subsidiary levels.
The Group is strongly cash-generative due to the large proportion of revenue arising from non-underwriting activity. Further, as noted
above, a significant portion of insurance funds are invested in investment funds with same day liquidity, meaning that a large proportion
of the Group\u2019s cash and investments are immediately available.
A breakdown of the Group\u2019s other borrowings, trade payables and other payables is shown in note 11.
The subordinated notes have a maturity date of July 2024, whereas all trade and other payables will mature within three to six months of
the balance sheet date (Refer to the maturity profile at the start of this note for further detail).
In practice, the Group\u2019s Directors expect actual cash flows to be consistent with this maturity profile except for amounts owed to co-
insurers and reinsurers. Of the total amounts owed to co-insurers and reinsurers of \u00a31,623.2 million (2021: \u00a31,436.8 million), \u00a31,389.4 million
(2021: \u00a31,169.8 million) is held under funds withheld arrangements and therefore not expected to be settled within 12 months.
A maturity analysis for insurance contract liabilities is included in note 6e. The maturity profile for financial assets is included at the start
of this note.
The Group\u2019s Directors believe that the cash flows arising from these assets will be consistent with this profile. Liquidity risk is not,
therefore, considered to be significant.
Foreign exchange risk
Foreign exchange risk arises from unfavourable movements in foreign exchange rates that could adversely impact the valuation of
overseas assets and liabilities.
The Group is exposed to foreign exchange risk through its operations overseas. Although the relative size of the international operations
means that the risks are relatively small, increasingly volatile foreign exchange rates could result in larger potential gains or losses.
Assets held to fund insurance liabilities are held in the currency of the liabilities; however, surplus assets held as regulatory capital in
foreign currencies remain exposed.
The Group\u2019s exposure to net assets and profits in currencies other than the reporting currency is immaterial other than for US dollars and
euros. The Group\u2019s exposure to net assets held in dollars at the balance sheet date was \u00a334.7 million (2021: \u00a321.3 million); the exposure to
net assets held in euros was \u00a3124.4 million (2021: \u00a3102.8 million).
If the sterling exchange rates against US dollars had strengthened/weakened by 10%, the Group\u2019s profit before tax for the year would
increase/decrease by \u00a35.1 million (2021: \u00a31.9 million).
If the sterling rates with euros had strengthened/weakened by 10%, the Group\u2019s profit before tax for the year would increase/decrease
by \u00a31.0 million (2021: \u00a31.1 million).
Admiral Group plc Annual Report and Accounts 2022
261
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
Notes to the Financial Statements
continued
For the year ended 31 December 2022
6. Investment income and costs continued
6k. Investment in Associates
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Investment in Associates 2.4 \u2013
On 21 September 2022, Admiral Group announced a \u00a32.5m investment into Wagonex Limited resulting in a holding of 23.56% of
the company.
7. Loans and advances to customers
7a. Accounting policies
Loans and advances to customers relate to the Admiral Money\u2019s business, consisting of unsecured personal loans and car finance products.
Classification
Loans and advances to customers are measured at amortised cost. This is because assets are held in order to collect contractual cash
flows and the contractual terms of the financial asset demand cash inflows which are solely payments of principal and interest on the
principal amount outstanding.
Interest income and expense
Interest income received in relation to loans and advances to customers is calculated using the effective interest method which
allocates interest, direct and incremental fees and costs over the expected lives of the assets and liabilities. There has been no change in
recognition of interest income from the comparative period.
Interest expense is calculated using the process appropriate to each source of funding, which is not linked to individual accounts.
Finance leases
Included within loans and advances to customers are personal contract purchase (PCP) and hire purchase (HP) arrangements which are
classified as finance leases under IFRS 16. A receivable equal to the net investment in the lease has been recognised. The net investment
is equal to the gross investment in the lease discounted at the rate implicit in the lease.
Lease interest income is recognised within interest income in the income statement over the term of the lease using the effective
interest rate method.
The title to the underlying vehicle remains with the Group until the lessee has made all contractual payments, at which point ownership
is transferred to the lessee. In the event of breach of contract, such as non-payment, the vehicle itself acts as collateral for the finance
lease, becoming available for repossession in most cases.
Some of the ways in which the Group maintains its rights to the vehicle, and thus manages the risk of loss associated with the finance
lease, include:
\u2022 The Group does not enter into any finance leases with a maximum loan-to-value limit, reducing the risk of shortfall on termination of
the contract
\u2022 The Group requires the lessee to insure the underlying vehicle at all times, reducing the risk of non-recovery if the asset is stolen
or destroyed
\u2022 The estimated future value of each vehicle, which is sourced externally, is considered in the pricing of the lease contracts to provide
protection against deterioration in that value.
7b. Loans and advances to customers
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Loans and advances to customers \u2013 gross carrying amount 887.6 607.0
Loans and advances to customers \u2013 provision (63.7) (50.2)
Total net loans and advances to customers 823.9 556.8
Loans and advances to customers are comprised of the following:
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Unsecured personal loans 856.0 566.9
Finance leases 31.6 40.1
Total loans and advances to customers, gross 887.6 607.0
Admiral Group plc Annual Report and Accounts 2022
262
Financial Statements
Fair value measurement The loans and advances are recognised at fair value at the point of origination and then subsequently on an amortised cost basis. This is deemed a reasonable approximation of fair value. Expected credit losses The expected credit loss model is a three-stage model based on forward looking information regarding changes in the credit quality since origination. Credit risk is measured using a Probability of Default (PD), Exposure at Default (EAD) and Loss Given Default (LGD) defined as follows: \u2022 Probability of Default (PD): The likelihood of an account defaulting; calibrated through analysis of historic customer behaviour. Where customers have already met the definition of default this is 100%. For customers that are not in default the PD is determined through analysis of historic data at a credit grade level. A behavioural PD is then used after 2 months based on observed default rates by month on book and risk grade \u2022 Exposure at Default: The amount of balance at the time of default. For loans that are in arrears the EAD is taken as the current balance plus any expected interest arrears. For up-to-date loans the EAD is calculated as the expected balance 3 months prior to each period, plus 3 months of interest arrears to account for the time it takes to default following falling into arrears \u2022 Loss Given Default (LGD): The amount of the asset not recovered following a borrower\u2019s default, determined through analysis of historic recovery performance The PD is applied to the EAD to calculate the expected loss excluding recoveries. The LGD is then applied to this loss to calculate the total expected loss including recoveries. A forward-looking provision is also calculated, as set out later in this note. Loan assets are segmented into three stages of credit impairment: \u2022 Stage 1 \u2013 no significant increase in credit risk of the financial asset since inception \u2022 Stage 2 \u2013 significant increase in credit risk of the financial asset since inception \u2022 Stage 3 \u2013 financial asset is credit impaired For assets in stage 1, the allowance is calculated as the expected credit losses from events within 12 months after the reporting date. For assets in stages 2 and 3 the allowance is calculated as the expected credit loss from events in the remaining lifetime of each asset. Significant increase in credit risk (SICR) (stage 2) As explained above, stage 1 assets have an ECL allowing for losses in the next twelve months, and stage 2 or 3 assets have an ECL allowing for losses over the remaining lifetime of the contract. An asset moves to stage 2 when its credit risk has increased significantly since initial recognition. IFRS 9 does not prescribe a definition of significant increase in credit risk but does include a rebuttable presumption that this does occur for loan assets which are 30 days past due (which the Group does not rebut). The Group has deemed a significant increase in credit risk to have occurred where: \u2022 the loan is 1 to 2 loan payments in arrears, or \u2022 the behavioural PD has moved outside a specified threshold from the application PD \u2022 the customer is identified as being two or more payments in arrears on a product reported to the credit reference agency Credit impaired (stage 3) The Group does not rebut the presumption within IFRS 9 that default has occurred when an exposure is greater than 90 days past due, which is consistent with a customer being three or more payments in arrears. In addition, a loan is deemed to be credit impaired where: \u2022 there is an Individual Voluntary Arrangement (IVA) agreement confirmed or proposed, or; \u2022 customer has started or progressed bankruptcy action, or; \u2022 a repayment plan is in place, or; \u2022 a customer is deceased A dmiral Group plc Annual Report and Accounts 2022 263 Company Overview Strategic Report Corporate Governance Financial Statements Additional Information Notes to the Financial Statements
continued
For the year ended 31 December 2022
7. Loans and advances to customers continued
Judgments required \u2013 Post Model Adjustments (PMAs)
As at 31 December 2022, the expected credit loss allowance included PMAs totalling \u00a311.3 million (2021: \u00a39.1 million).
Post Model Adjustments
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Model performance 3.9 2.0
Inflation 4.0 2.5
Economic scenarios 0.9 4.6
Mortgage contagion 2.5 \u2013
11.3 9.1
PMAs are calculated using management judgement and analysis. The key categories of PMAs are as follows:
Model performance
The model has been calibrated on historical data that may not fully reflect the risk of losses in the recent and ongoing, highly volatile
macro-economic period. For this reason a Model Performance PMA has been made. It effectively recalibrates the modelled probability of
default of the loans to reflect recent monitored performance.
Inflation
This PMA has been updated to reflect the higher inflation outlook which has increased significantly since the end of 2021. Inflation could
adversely impact the ability of some customers to make their loan repayments. A PMA is held to acknowledge this.
Economic scenarios
An uncertainty factor determined by management judgment has been added to reflect the recent volatility in unemployment forecasts.
This factor has been reduced as variability between successive forecasts has fallen.
Mortgage contagion
Captures the risk that as mortgage rates rise, customers may experience payment shocks when their standard variable or fixed term
mortgages come to an end, and may have to prioritise mortgage payments over other debts.
Write off policy
Loans are written off where there is no reasonable expectation of recovery. The Group\u2019s policy is to write off balances to their
estimated net realisable value. Write offs are actioned on a case-by-case basis taking into account the operational position and the
collections strategy.
Forward-looking information
Under IFRS 9 the provision must reflect an unbiased and probability-weighted amount that is determined by evaluating a range of
possible outcomes. The means by which the Group has determined this is to run scenario analysis.
Management judgment has been used to define the weighting and severity of the different scenarios based on available data.
The key economic driver of credit losses from the scenarios is the likelihood of a customer entering hardship through unemployment.
Unemployment forecasts include a risk grade split of PD based on the correlation between grade-level default rates observed relative
to the change in unemployment rates in the previous downturn, adjusted for the unemployment forecast expected in the current
economic environment.
The scenario weighting assumptions used are detailed below, along with the unemployment rate assumed in each scenario at
31 December 2022.
31 December
2022
Scenario peak
Unemployment
rate
31 December
2022
Weighting
31 December
2021
Scenario peak
Unemployment
rate
31 December
2021
Weighting
Base 4.8% 40% 4.3% 40%
Upturn 3.5% 10% 4.0% 10%
Downturn 6.0% 40% 6.3% 30%
Severe 7.9% 10% 6.6% 20%
The economic scenarios and forecasts have been updated in conjunction with a third party economics provider. The probability
weightings reflect the view that there is a probability of 90% attached to recessionary outcomes.
Admiral Group plc Annual Report and Accounts 2022
264
Financial Statements
Sensitivities to key areas of estimation uncertainty The key areas of estimation uncertainty identified, as per note 3 to the financial statements, are in the PD and the forward- looking scenarios. 31 December 2022 Weighting 31 December 2022 Sensitivity \u00a3m 31 December 2021 Weighting 31 December 2021 Sensitivity \u00a3m Base 40% (1.3) 40% (2.5) Upturn 10% (6.9) 10% (9.7) Downturn 40% 1.4 30% 6.9 Severe 10% 5.7 20% 11.1 The sensitivities in the above tables show the variance to ECL that would be expected if the given scenario unfolded rather than the weighted position the provision is based on. At 31 December 2022 the implied weighted peak unemployment rate is 5.5%: the table shows that in a downturn scenario with a 6.0% peak unemployment rate the provision would increase by \u00a31.4 million, whilst the upturn would reduce the provision by \u00a36.9 million, base case reduce by \u00a31.3 million and severe increase the provision by \u00a35.7 million. Stage 1 assets represent 82% of the total loan assets; 0.1% increase in the stage 1 PD, i.e. from 2.4% to 2.5% would result in a \u00a30.7 million increase in ECL. Amounts arising from ECL: loans and advances to customers The Group is exposed to credit risk from the Admiral Money business. The following table sets out information about the credit quality of the loans and advances to customers measured at amortised cost. Credit grades are used to segment customers by apparent credit risk at the time of acquisition. Higher grades are the lowest credit risk with each subsequent grade increasing in expected credit risk. The Group does not have any purchased or originated credit impaired assets. These tables are inclusive of the finance lease assets which are held by the Group, further analysis of these balances can be found in note 7c. All probability of default figures included in this paragraph allow for forward-looking information, i.e. the PDs are a weighted average from the economic scenarios considered. The average probability of default in for stage 1 assets is 2.7% (2021: 2.4%) reflecting the expectation of defaults within 12 months of the reporting date. The average PD for assets in stage 2 is 36.6% (2021: 30.0%) reflecting expected losses over the remaining life of the assets. The PD for assets in stage 3 is 100% (2021: 100%) as these assets are deemed to have defaulted. Stage 1 12- month ECL \u00a3m Stage 2 Lifetime ECL \u00a3m Stage 3 Lifetime ECL \u00a3m 31 December 2022 Total \u00a3m 31 December 2021 Total \u00a3m Credit Grade *1 Higher 506.4 94.0 \u2013 600.4 405.1 Medium 176.0 24.0 \u2013 200.0 141.9 Lower 46.0 7.2 \u2013 53.2 32.0 Credit impaired \u2013 \u2013 34.0 34.0 28.0 Gross carrying amount 728.4 125.2 34.0 887.6 607.0 Expected credit loss allowance (13.4) (23.5) (26.2) (63.1) (49.9) Other loss allowance *2 (0.6) \u2013 \u2013 (0.6) (0.3) Carrying amount 714.4 101.7 7.8 823.9 556.8 *1 Credit grade is the internal credit banding given to a customer at origination. This is based on external credit rating information *2 Other loss allowance covers losses due to a reduction in current or future vehicle value or costs associated with recovery and sale of vehicles and those as a result of changes in the performance of the EIR asset Admiral Group plc Annual Report and Accounts 2022 265 Company Overview Strategic Report Corporate Governance Financial Statements Additional Information Notes to the Financial Statements
continued
For the year ended 31 December 2022
7. Loans and advances to customers continued
The following tables reconcile the opening and closing gross carrying amount and expected credit loss allowance.
2022
Stage 1
12- month ECL
\u00a3m
Stage 2
Lifetime ECL
\u00a3m
Stage 3
Lifetime ECL
\u00a3m
Total
\u00a3m
Gross carrying amount as at 1 January 2022 510.6 68.4 28.0 607.0
Transfers
Transfers from stage 1 to stage 2 (62.6) 62.6 \u2013 \u2013
Transfers from stage 1 to stage 3 (9.4) \u2013 9.4 \u2013
Transfers from stage 2 to stage 1 25.3 (25.3) \u2013 \u2013
Transfers from stage 2 to stage 3 \u2013 (4.2) 4.2 \u2013
Transfers from stage 3 to stage 1 0.2 \u2013 (0.2) \u2013
Transfers from stage 3 to stage 2 \u2013 0.4 (0.4) \u2013
Principal redemption payments (235.3) (39.9) (5.9) (281.1)
Write offs \u2013 \u2013 (7.2) (7.2)
EIR adjustment 3.4 0.4 \u2013 3.8
New financial assets originated or purchased 496.1 62.9 6.1 565.1
Gross carrying amount as at 31 December 2022 728.3 125.3 34.0 887.6
The EIR adjustment represents incremental acquisition costs incurred when advancing loans. These costs are spread over the expected
economic lives of the loans under the effective interest rate method.
2021
Stage 1
12- month ECL
\u00a3m
Stage 2
Lifetime ECL
\u00a3m
Stage 3
Lifetime ECL
\u00a3m
Total
\u00a3m
Gross carrying amount as at 1 January 2021 343.2 37.5 21.1 401.8
Transfers
Transfers from stage 1 to stage 2 (42.2) 42.2 \u2013 \u2013
Transfers from stage 1 to stage 3 (4.7) \u2013 4.7 \u2013
Transfers from stage 2 to stage 1 17.6 (17.6) \u2013 \u2013
Transfers from stage 2 to stage 3 \u2013 (5.6) 5.6 \u2013
Transfers from stage 3 to stage 1 0.4 \u2013 (0.4) \u2013
Transfers from stage 3 to stage 2 \u2013 0.3 (0.3) \u2013
Principal redemption payments (163.2) (22.5) (2.9) (188.6)
Write offs \u2013 \u2013 (2.4) (2.4)
New financial assets originated or purchased 359.5 34.1 2.6 396.2
Gross carrying amount as at 31 December 2021 510.6 68.4 28.0 607.0
Admiral Group plc Annual Report and Accounts 2022
266
Financial Statements
2022
Stage 1
12- month ECL
\u00a3m
Stage 2
Lifetime ECL
\u00a3m
Stage 3
Lifetime ECL
\u00a3m
Total
\u00a3m
Expected credit loss allowance as at 1 January 2022 13.7 12.7 23.5 49.9
Movements with a profit and loss impact
Transfers
Transfers from stage 1 to stage 2 (1.5) 4.4 \u2013 2.9
Transfers from stage 1 to stage 3 (0.4) \u2013 1.0 0.6
Transfers from stage 2 to stage 1 1.8 (3.9) \u2013 (2.1)
Transfers from stage 3 to stage 1 \u2013 \u2013 (0.1) (0.1)
Changes in PDs/LGDs/EADs (10.1) (2.4) 4.4 (8.1)
New financial assets originated or purchased 9.9 12.7 4.6 27.2
Total net profit and loss charge in the period (0.3) 10.8 9.9 20.4
Write-offs \u2013 \u2013 (7.2) (7.2)
Expected credit loss allowance as at 31 December 2022 13.4 23.5 26.2 63.1
Other movements with no profit and loss impact
Transfers
Transfers from stage 2 to stage 3 \u2013 (1.3) 1.3 \u2013
Transfers from stage 3 to stage 2 \u2013 \u2013 \u2013 \u2013
2021
Stage 1
12- month ECL
\u00a3m
Stage 2
Lifetime ECL
\u00a3m
Stage 3
Lifetime ECL
\u00a3m
Total
\u00a3m
Expected credit loss allowance as at 1 January 2022 10.9 12.7 17.9 41.5
Movements with a profit and loss impact
Transfers
Transfers from stage 1 to stage 2 (1.3) 2.3 \u2013 1.0
Transfers from stage 1 to stage 3 (0.4) \u2013 0.6 0.2
Transfers from stage 2 to stage 1 3.1 (5.1) \u2013 (2.0)
Transfers from stage 3 to stage 1 0.1 \u2013 (0.2) (0.1)
Changes in PDs/LGDs/EADs (8.8) (4.8) 5.6 (8.0)
New financial assets originated or purchased 10.1 7.6 2.0 19.7
Total net profit and loss charge in the period 2.8 \u2013 8.0 10.8
Write-offs \u2013 \u2013 (2.4) (2.4)
Expected credit loss allowance as at 31 December 2022 13.7 12.7 23.5 49.9
Other movements with no profit and loss impact
Transfers
Transfers from stage 2 to stage 3 \u2013 (4.0) 4.0 \u2013
Transfers from stage 3 to stage 2 \u2013 0.1 (0.1) \u2013
Admiral Group plc Annual Report and Accounts 2022
267
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
Notes to the Financial Statements
continued
For the year ended 31 December 2022
7. Loans and advances to customers continued
7c. Finance lease receivables
Loans and advances to customers include the following finance leases. The Group is the lessor for leases of cars.
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Gross investment in finance leases, receivable
Less than 1 year 9.8 11.7
Between 1 to 5 years 25.7 33.3
More than 5 years \u2013 \u2013
35.5 45.0
Unearned finance income (4.0) (5.2)
Net investment in lease receivables 31.5 39.8
Less impairment allowance (0.8) (1.3)
30.7 38.5
Net investment in finance leases, receivable
Less than 1 year 7.9 9.2
Between 1 to 5 years 23.7 30.6
More than 5 years \u2013 \u2013
31.6 39.8
The net investment in finance leases shown above includes an unguaranteed residual value of \u00a30.3 million (2021: The net investment in
finance leases shown above is net of the unguaranteed residual value of \u00a30.4 million).
7d. Interest income
Post Model Adjustments
31 December
2022
\u00a3m
31 December
2021
\u00a3m
From loans and advances to customers 56.1 34.0
From finance leases 2.6 2.6
Total interest income 58.7 36.6
Interest income receivable is recognised in the income statement using the effective interest method, which calculates the amortised
cost of the financial asset and allocates the interest income over the expected product life.
7e. Interest expense
Post Model Adjustments
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Interest payable on loan backed securities 11.7 5.5
Interest payable on other credit facilities 0.9 0.6
Total interest expense
*1
12.6 6.1
*1 Interest paid in total during the year was \u00a311.9 million (2021: \u00a36.1 million)
8. Other revenue
8a. Accounting policy
(i) Contribution from additional products and fees and other revenue
Revenue is credited to the income statement over the period matching the Group\u2019s obligations to provide services. Where the Group has
no remaining obligations, the revenue is recognised immediately. An allowance is made for expected cancellations where the customer
may be entitled to a refund of amounts charged.
Commission from the provision of insurance intermediary services is credited to revenue on the sale of the underlying insurance policy.
There has been no change in revenue recognition from the comparative period.
Admiral Group plc Annual Report and Accounts 2022
268
Financial Statements
(ii) Nature of goods and services
The following is a description of the principal activities within the scope of IFRS 15 from which the Group generates its other revenue.
Products and services Nature, timing of satisfaction of performance obligations and significant payment terms
Fee and commission
revenue: Commission on
underlying products
The performance obligation is the provision of insurance intermediary services, at which point the
performance obligation is met. Revenue is therefore recognised at a point in time. Payment of the
commission is due within 30 days of the period close.
Fee and commission revenue:
Administration fees
The performance obligation is the change requested being made to the underlying policy, at which
point the performance obligation is met.
Revenue is therefore recognised at a point in time and is collected immediately or in line with direct
debit instalments.
Revenue from law firm The performance obligation is the pursuit of the compensation from the at fault party\u2019s insurer
on behalf of the customer. Once the case is settled the performance obligation is fully satisfied.
Revenue is therefore recognised over time using the expected value method. This method values
revenue by multiplying hours incurred on open cases by a 12-month realisable rate. The realisable
rate is a probability weighted transaction price based on settled cases. The expected value method
therefore results in revenue recognised being constrained to that where there is a high probability of
no significant reversal.
Revenue is recognised over time because as the Group has an enforceable right to payment for
performance completed to date and the work performed to date has no alternative use to the Group.
A contract asset is recognised equal to the work performed up to the balance sheet date but not yet
billed. Refer to note 6h for further detail of this balance.
Payment is due within 28 days of invoice.
Profit commission from
co-insurers
The Group\u2019s profit commission revenue falling within the scope of IFRS 15 Revenue from Contracts
with Customers relates to a contractual arrangement between the Group\u2019s insurance intermediary EUI
Limited, and an external co-insurer (Great Lakes) which underwrites a share of the UK Car Insurance
business generated by EUI Limited.
The variable consideration, being the profit commission recognised in respect of each underwriting
year at the end of each reporting period, is recognised at a point in time, and calculated based on a
number of detailed inputs, the most material of which are as follows:
\u2022 Premiums, defined as gross premiums ceded including any instalment income, less reinsurance
premium (for excess of loss reinsurance)
\u2022 Insurance expenses incurred
\u2022 Claims ratio (more typically referred to as a loss ratio)
Whilst the premiums and insurance expenses related to an underwriting year are typically fixed at the
conclusion of each underwriting year and are not subject to judgement, the claims ratio is calculated
from the underwriting year loss ratios that result from the setting of claims reserves in the financial
statements meaning it is subject to inherent uncertainty. As stated in note 5d, Admiral\u2019s reserving
policy is initially to reserve conservatively, above internal and independent projections of actuarial
best estimates. This is designed to create a margin held in reserves to allow for unforeseen adverse
development in open claims.
Admiral\u2019s financial statement loss ratios, used in the calculation of profit commission income, continue
to include a significant margin above projected best estimates of ultimate claims costs. It is this margin
for uncertainty, included in the financial statement loss ratios, which creates the constraint over the
recognition of the variable consideration, as using the booked loss ratio rather than the actuarial best
estimate constrains the profit commission income to a level where there is a high probability of no
significant reversal of the revenue recognised.
The key methods, inputs and assumptions used to estimate the variable consideration of profit
commission are therefore in line with those used for the calculation of claims liabilities, as set out in
note 3 to the financial statements, with further detail also included in note 5. There are no further
critical accounting estimates or judgements in relation to the recognition of profit commission.
Comparison The performance obligation is the provision of insurance intermediary services, at which point the
performance obligation is met. Revenue is therefore recognised at a point in time.
Admiral Group plc Annual Report and Accounts 2022
269
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
Notes to the Financial Statements continued For the year ended 31 December 2022 8. Other revenue continued Instalment income on insurance premium paid via instalments is using the effective interest rate, and as such is not within the scope of IFRS 15. Profit commission from reinsurers is within the scope of IFRS 4, and not within the scope of IFRS 15 Revenue from Contracts with Customers due to the nature of the income. 8b. Disaggregation of revenue In the following tables, other revenue is disaggregated by major products/service lines and timing of revenue recognition. The total revenue disclosed in the table of \u00a3489.7 million (2021: \u00a3678.9 million) represents total other revenue and profit commission and is disaggregated into the segments included in note 4. Year ended 31 December 2022 UK Insurance \u00a3m International Insurance \u00a3m Admiral Money \u00a3m Other \u00a3m Total \u00a3m Major products/service line Instalment income 93.0 5.9 \u2013 \u2013 98.9 Fee and commission revenue 149.9 33.8 0.3 \u2013 184.0 Revenue from law firm 15.8 \u2013 \u2013 \u2013 15.8 Comparison *1 \u2013 \u2013 \u2013 8.3 8.3 Other 11.6 \u2013 \u2013 0.2 11.8 Total other revenue 270.3 39.7 0.3 8.5 318.8 Profit commission 170.5 0.4 \u2013 \u2013 170.9 Total other revenue and profit commission 440.8 40.1 0.3 8.5 489.7 Timing of revenue recognition Point in time 289.9 33.8 0.3 8.5 332.5 Over time 17.8 \u2013 \u2013 \u2013 17.8 Revenue outside the scope of IFRS 15 133.1 6.3 \u2013 \u2013 139.4 440.8 40.1 0.3 8.5 489.7 Year ended 31 December 2021 UK Insurance \u00a3m International Insurance \u00a3m Admiral Money \u00a3m Other \u00a3m Total (continuing) \u00a3m Comparison (discontinued) \u00a3m Total \u00a3m Major products/service line Instalment income 101.7 3.7 \u2013 \u2013 105.4 \u2013 105.4 Fee and commission revenue 137.2 28.3 1.0 \u2013 166.5 \u2013 166.5 Revenue from law firms 25.0 \u2013 \u2013 \u2013 25.0 \u2013 25.0 Comparison *1 \u2013 \u2013 \u2013 5.3 5.3 59.6 64.9 Other 12.0 \u2013 \u2013 0.6 12.6 \u2013 12.6 Total other revenue 275.9 32.0 1.0 5.9 314.8 59.6 374.4 Profit commission 301.9 2.6 \u2013 \u2013 304.5 \u2013 304.5 Total other revenue and profit commission 577.8 34.6 1.0 5.9 619.3 59.6 678.9 Timing of revenue recognition Point in time 309.6 28.3 1.0 5.9 344.8 59.6 404.4 Over time 27.5 \u2013 \u2013 \u2013 27.5 \u2013 27.5 Revenue outside the scope of IFRS 15 240.7 6.3 \u2013 \u2013 247.0 \u2013 247.0 577.8 34.6 1.0 5.9 619.3 59.6 678.9 *1 Comparison revenue excludes \u00a30.3 million (31 December 2021: \u00a37.8 million) of income from other Group companies, including \u00a3nil million (2021: \u00a37.5 million) from discontinued operations A dmiral Group plc Annual Report and Accounts 2022 270 Financial Statements 9. Expenses 9a. Accounting policies (i) Acquisition costs and operating expenses Acquisition costs incurred in obtaining new and renewal business are charged to the income statement over the period in which those premiums are earned. All other operating expenses are charged to the income statement as incurred. (ii) Employee benefits As detailed in the Remuneration Committee Report, the key elements of employee remuneration are: \u2022 Base salaries and pension contributions; \u2022 Share based incentive plans; \u2022 A discretionary bonus, (the \u2018DFSS Bonus\u2019), rather than an annual cash bonus, that is based on the number of DFSS awards held and actual dividends paid out to shareholders Within note 9b, the charges for base salaries and pension contributions (and the related social security costs) are recognised within insurance contract expenses or administration and other marketing costs, based on the role of the employee. Charges for the share-based incentive plans (and related social security costs) and discretionary bonus are included within share scheme charges. These charges are not shown as part of the result for each reportable segment, or within the expense ratio, due to them being materially comprised of an accounting charge in line with IFRS 2 Share-based payments which does not result in a cash payment to employees but instead results in an issue of new shares (resulting in a dilution of existing shares). The rules of the share schemes ensure that the actual dilution level does not exceed 10% in any rolling ten-year period. Base salaries and pension contributions Base salaries and the related employer social security costs are charged to the income statement in the period that they are incurred. The Group contributes to defined contribution personal pension plans for its employees. The contributions payable to these schemes are charged in the accounting period to which they relate. Share based incentive plans and related social security costs The Group operates a number of equity and cash settled compensation schemes for its employees, the main ones being: \u2022 A Share Incentive Plan (SIP), which is in place for all UK employees encouraging wide share ownership across employees, and \u2022 The Discretionary Free Share Scheme (DFSS). DFSS shares are typically awarded to managers, and for the majority of employees 50% of the DFSS shares awarded are subject to three performance conditions being Earnings per Share growth, Return on Equity and Total Shareholder Return vs. the FTSE 350 (excluding investment companies) over a three-year period. The other 50% are guaranteed with continued employment For both schemes, employees must remain in employment three years after the award date (i.e. at the vesting date), otherwise the shares are forfeited. The majority of these schemes are classed as equity settled under IFRS 2, due to the employees receiving shares (rather than cash) as consideration for the services provided. For equity settled schemes, the charge, which reflects the fair value of the employee services received in exchange for the grant of the free shares, is recognised as an expense, with a corresponding increase in equity, as shown in the consolidated statement of changes in equity (2022: \u00a357.3 million; 2021: \u00a363.1 million). For the cash settled schemes, the expense recognised for the fair value of services received results in a corresponding increase in liabilities. The key drivers and assumptions used to calculate the charge for the schemes over the three year vesting period are: \u2022 The number of shares awarded, which is set at the start of each scheme. Details of the number of shares awarded for each scheme where shares remain unvested is set out in note 9f(iii) \u2022 The fair value of the shares; \u2013 For the SIP, the fair value of the shares awarded is the share price at the award date. Awards under the SIP are entitled to receive dividends, and hence no adjustment is made to this fair value \u2013 For the DFSS equity settled awards, awards are not eligible for dividends, although a discretionary bonus is currently paid equivalent to the dividend that would have been paid on the shareholding, hence the fair value of the shares is revised downwards to take account of these expected dividends \u2013 For the DFSS cash settled awards, the fair value is based on the share price at the vesting date. The closing share price at the end of each reporting period is used as an approximation for the closing price at the end of the vesting period A dmiral Group plc Annual Report and Accounts 2022 271 Company Overview Strategic Report Corporate Governance Financial Statements Additional Information Notes to the Financial Statements
continued
For the year ended 31 December 2022
9. Expenses continued
\u2022 Staff attrition rates, which impact the ultimate number of shares that vest
\u2022 In the case of the DFSS, the vesting rates based on the performance conditions, which also impact the ultimate number of shares
that vest
The number of shares that have ultimately vested compared to those originally awarded is set out in note 9f(iv).
At each balance sheet date, the Group revises its assumptions on the number of shares which will ultimately vest based on the latest
forecast information for attrition rates and, for the DFSS, the extent to which the performance conditions are met.
The financial impact as a result of any change in the assumptions is recognised through the income statement. Any significant changes in
assumptions may therefore result in an increased / decreased charge in an accounting period as a result of this true-up of the expected
cumulative charge required.
Social security costs on share-based incentive plans
Social security costs are incurred by the Group in respect of the share-based incentive plans, with the expense recognised over the
vesting period for each share scheme. For the SIP, these costs are paid when the employees sell the shares after vesting (typically 3\u20135
years after the grant date). For the DFSS, the costs are paid immediately upon vesting.
The total social security costs are calculated based on the following:
\u2022 The taxable value of the shares, being:
\u2013 For the SIP, the lower of the share price at award date and the share price at the balance sheet date
\u2013 For the DFSS, the share price at the balance sheet date
\u2022 the number of shares expected to vest for each scheme, driven by the number of shares awarded, attrition rates and, for the DFSS,
the vesting rate based on performance conditions
\u2022 the appropriate social security rate
These assumptions are updated at the end of each reporting period. The financial impact as a result of any change in the assumptions
is recognised through the income statement. Any significant changes in assumptions may therefore result in an increased / decreased
charge in an accounting period as a result of this true-up of the expected cumulative charge required.
Discretionary bonus on shares allocated but unvested
The cost of the DFSS bonus is recognised and paid in each period equivalent to the dividends on shares allocated to employees that are
still entitled to vest but have not yet vested. The cost shown also includes the social security costs on the discretionary bonus. No accrual
is made for future discretionary bonus payments due to there being no contractual obligation for such a bonus at the balance sheet date.
Admiral Group plc Annual Report and Accounts 2022
272
Financial Statements
9b. Operating expenses and share scheme charges
31 December 2022
Continuing operations
Gross
\u00a3m
Recoverable
from co- and
reinsurers
\u00a3m
Net
\u00a3m
Acquisition of insurance contracts
*1
178.8 (98.1) 80.7
Administration and other marketing costs (insurance contracts) 530.5 (313.6) 216.9
Insurance contract expenses 709.3 (411.7) 297.6
Administration and other marketing costs (other) 136.2 \u2013 136.2
Share scheme charges 79.3 (27.6) 51.7
Movement in expected credit loss provision 18.9 \u2013 18.9
Total expenses and share scheme charges \u2013 continuing operations 943.7 (439.3) 504.4
31 December 2021
Continuing operations
Gross
\u00a3m
Recoverable
from co- and
reinsurers
\u00a3m
Net
\u00a3m
Acquisition of insurance contracts
*1
179.5 (113.0) 66.5
Administration and other marketing costs (insurance contracts) 540.0 (343.8) 196.2
Insurance contract expenses 719.5 (456.8) 262.7
Administration and other marketing costs (other) 151.5 \u2013 151.5
Share scheme charges 99.1 (34.3) 64.8
Movement in expected credit loss provision 13.3 \u2013 13.3
Total expenses and share scheme charges \u2013 continuing operations 983.4 (491.1) 492.3
*1 Acquisition of insurance contracts expense excludes \u00a30.3 million (2021: \u00a30.2 million) of aggregator fees from other Group companies
The \u00a3216.9 million (2021: \u00a3196.2 million) administration and marketing costs allocated to insurance contracts is principally made up of
salary costs.
Analysis of other administration and other marketing costs:
Continuing operations
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Expenses relating to additional products and fees 74.5 91.9
Loans expenses (excluding movement on ECL provision) 22.2 23.7
Other expenses 39.5 35.9
Total 136.2 151.5
Refer to note 14 for a reconciliation between insurance contract expenses and the reported expense ratio.
Admiral Group plc Annual Report and Accounts 2022
273
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
Notes to the Financial Statements continued For the year ended 31 December 2022 9. Expenses continued 9c. Employee costs and other expenses 31 December 2022 31 December 2021 Continuing operations Total \u00a3m Net \u00a3m Total \u00a3m Net \u00a3m Salaries 397.0 127.9 338.2 111.9 Social security charges 41.4 15.1 35.4 12.8 Pension costs 14.6 5.0 17.7 6.0 Share scheme charges (see note 9f) 79.3 51.7 99.1 64.8 Total employee expenses 523.3 199.7 490.4 195.5 Depreciation charge: \u2013 Owned assets 10.1 2.8 13.4 3.4 \u2013 ROU assets 8.1 2.2 10.2 2.7 Amortisation charge: \u2013 Software 23.7 7.2 19.3 5.6 \u2013 Deferred acquisition costs 179.1 81.0 180.6 68.0 Auditor\u2019s remuneration (including VAT) (total Group): \u2013 Fees payable for the audit of the Company\u2019s annual accounts 0.1 0.1 0.1 0.1 \u2013 Fees payable for the audit of the Company\u2019s subsidiary accounts 1.7 0.9 1.5 0.6 \u2013 Fees payable for audit related assurance services pursuant to legislation or regulation 1.0 0.5 0.8 0.5 \u00a310,800 (inclusive of VAT) (2021: \u00a334,800) was payable to the auditor for other services in the year. Total and net expenses are before and after co- and reinsurance arrangements respectively. Refer to the Corporate Governance Report for details of the Audit Committee\u2019s policy on fees paid to the Company\u2019s auditor for non- audit services. Audit fees are 65% (2021: 64%) of total fees and 35% (2021: 36%) of total fees are for non-audit services, which are classed as audit related assurance services under the FRC rules on non-audit services. The amortisation of software and deferred acquisition cost assets is charged to expenses in the income statement. 9d. Employee numbers (including Directors) Average for the year 2022 Number 2021 Number Direct customer contact employees 7,490 7,271 Support employees 3,845 3,454 Total 11,335 10,725 Total average employees in 2021 relating to comparison entities disposed of during the year were 222. 9e. Directors\u2019 remuneration (i) Directors\u2019 remuneration 31 December 2022 \u00a3m 31 December 2021 \u00a3m Directors\u2019 emoluments 1.1 1.1 Amounts receivable under SIP and DFSS share schemes 2.2 3.0 Company contributions to money purchase pension plans \u2013 \u2013 Total *1 3.3 4.1 *1 Directors\u2019 remuneration is stated as that of the executive directors. For information on non-executive directors\u2019 remuneration see the remuneration report ( ii) Number of Directors 2022 Number 2021 Number Retirement benefits are accruing to the following number of Directors under: \u2013 Money purchase schemes 2 2 Admiral Group plc Annual Report and Accounts 2022 274 Financial Statements 9f. Employee share schemes
Total share scheme costs for the Group excluding discontinued operations are analysed below:
31 December 2022
SIP charge (i) DFSS charge (ii) Total charge
Gross
\u00a3m
Net
\u00a3m
Gross
\u00a3m
Net
\u00a3m
Gross
\u00a3m
Net
\u00a3m
IFRS 2 charge for equity settled
share schemes 18.0 12.1 39.3 25.6 57.3 37.7
IFRS 2 charge for cash settled
share schemes \u2013 \u2013 0.2 0.2 0.2 0.2
Total IFRS 2 charge 18.0 12.1 39.5 25.8 57.5 37.9
Social security costs on IFRS 2 charge 0.7 0.5 0.4 0.3 1.1 0.8
Discretionary bonus on shares allocated
but unvested \u2013 \u2013 20.7 13.0 20.7 13.0
Total share scheme charges 18.7 12.6 60.6 39.1 79.3 51.7
31 December 2021
SIP charge (i) DFSS charge (ii) Total charge
Gross
\u00a3m
Net
\u00a3m
Gross
\u00a3m
Net
\u00a3m
Gross
\u00a3m
Net
\u00a3m
IFRS 2 charge for equity settled
share schemes 19.9 13.7 41.3 27.0 61.2 40.7
IFRS 2 charge for cash settled share
schemes \u2013 \u2013 5.0 2.9 5.0 2.9
Total IFRS 2 charge 19.9 13.7 46.3 29.9 66.2 43.6
Social security costs 0.8 0.5 9.0 6.4 9.8 6.9
Discretionary bonus on shares allocated
but unvested \u2013 \u2013 23.1 14.3 23.1 14.3
Total share scheme charges \u2013
continuing operations 20.7 14.2 78.4 50.6 99.1 64.8
Total share scheme costs for discontinued operations in 2021 were \u00a30.4 million. The total IFRS 2 charge for equity settled share schemes
for discontinued operations in 2021 were \u00a30.5 million.
Admiral Group plc Annual Report and Accounts 2022
275
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
9. Expenses continued
Net share scheme charges are presented after allocations to co-insurers (in the UK and Italy) and reinsurers (in the International
Insurance businesses). The proportion of net to gross share scheme charges would be expected to be consistent in each period,
at approximately 65%.
Financial year ended 31 December
Analysis of gross cost
2019 and prior
\u00a3m
2020
\u00a3m
2021
\u00a3m
2022
\u00a3m
Total cumulative
charge to date
\u00a3m
Year of share scheme \u2013 SIP
2018 9.3 5.9 2.4 \u2013 17.6
2019 3.4 6.0 6.4 4.1 19.9
2020*
1
\u2013 3.1 6.7 5.4 15.2
2021*
1
\u2013 \u2013 4.4 5.4 9.8
2022*
1
\u2013 \u2013 \u2013 3.1 3.1
Gross IFRS 2 costs \u2013 SIP 19.9 18.0
Year of share scheme \u2013 DFSS
2018 18.5 16.6 12.6 \u2013 47.7
2019 3.4 10.9 15.8 8.0 38.1
2020*
2
\u2013 4.7 13.0 14.6 32.3
2021*
2
\u2013 \u2013 4.9 13.4 18.3
2022*
2
\u2013 \u2013 \u2013 3.5 3.5
Gross IFRS 2 costs \u2013 DFSS 46.3 39.5
Total IFRS 2 costs \u2013 continuing operations 66.2 57.5
*1 Awards are made in March and September of each year, and vest over 36 months from award date. On the 2020 scheme, an average of 5 months\u2019 charge remains outstanding, on the 2021 scheme
an average of 17 months\u2019 charge remains outstanding, and on the 2022 schemes an average of 29 months\u2019 charge remains outstanding
*2 The main award is made in September of each year, with smaller awards made at other points through the year. The shares vest over 36 months from award date. On the 2020 main DFSS, 9 months\u2019
charge remains outstanding; on the 2021 main DFSS 21 months\u2019 charge remains outstanding, and on the 2022 main DFSS, 33 months\u2019 charge remains outstanding
(i) The Approved Share Incentive Plan (the SIP)
Eligible UK based employees qualify for awards under the SIP based upon the performance of the Group in each half-year period.
The maximum award for each year is \u00a33,600 per employee and the maximum number of shares that can vest relating to the 2022
schemes is 872,728 (2021 schemes: 688,384; 2020 schemes: 982,643).
The awards are made at the discretion of the Remuneration Committee, taking into account the Group\u2019s performance.
(ii) The Discretionary Free Share Scheme (the DFSS)
Under the DFSS, details of which are contained in the remuneration policy section of the Directors\u2019 Remuneration Report, individuals
receive an award of free shares at no charge.
The maximum number of shares that can vest relating to the 2022 schemes is 3,070,323 (2021 scheme: 2,850,114; 2020 scheme:
2,795,261).
The vesting percentage for most employees for the 2019 DFSS scheme which vested during 2022 was 98.9% (2018 DFSS scheme:
99.3%).
(iii) Number of free share awards committed at 31 December 2022
Awards outstanding
*1
SIP 2020*
2
982,643
SIP 2021*
2
688,384
SIP 2022*
2
872,728
DFSS 2020*
3
2,795,261
DFSS 2021*
3
2,850,114
DFSS 2022*
3
3,070,323
Total awards committed 11,259,453
*1 Being the maximum number of awards committed before accounting for expected staff attrition and vesting conditions
*2 Shares are awarded in March and September of each year, and vest three years later
*3 The main award is made in September of each year, with smaller awards made at other points through the year
Notes to the Financial Statements
continued
For the year ended 31 December 2022
Admiral Group plc Annual Report and Accounts 2022
276
Financial Statements
(iv) Number of free share awards vesting during the year ended 31 December 2022
During the year ended 31 December 2022, awards under the SIP H1 19 and H2 19 schemes and the DFSS 2019 schemes vested. The total
number of awards vesting for each scheme is as follows.
Original awards Awards vested
SIP 2019 schemes 1,113,496 907,466
DFSS 2019 schemes 2,637,196 2,262,590
The difference between the original and vested awards reflects employee attrition (SIP schemes) and both employee attrition and the
vesting outcomes based on performance conditions noted above (DFSS schemes).
The weighted average fair value of the shares granted in the year was \u00a319.45 (2021: \u00a331.16).
The weighted average market share price at the date of exercise for shares exercised during the year was \u00a321.51 (2021: \u00a331.92).
10. Taxation
10a. Accounting policy
Income tax on the profit or loss for the periods presented comprise of current and deferred tax.
(i) Current tax
Current tax is the expected tax payable on the taxable income for the period, using tax rates that have been enacted or substantively
enacted by the balance sheet date, and includes any adjustment to tax payable in respect of previous periods.
Current tax related to items recognised in other comprehensive income is also recognised in other comprehensive income and not in the
income statement.
(ii) Deferred tax
Deferred tax is provided in full using the balance sheet liability method, providing for temporary differences arising between the carrying
amount of assets and liabilities for accounting purposes and the amounts used for taxation purposes.
Deferred tax is calculated at the tax rates that have been enacted or substantially enacted by the balance sheet date and that are
expected to apply in the period when the liability is settled, or the asset is realised.
The principal temporary differences arise from carried forward losses, depreciation of property and equipment and share scheme
charges. The resulting deferred tax is charged or credited in the income statement, except in relation to share scheme charges where
the amount of tax benefit credited to the income statement is limited to an equivalent credit calculated on the accounting charge.
Any excess is recognised directly in equity.
Deferred tax assets relating to carried forward losses are recognised only to the extent that it is probable that future taxable profits
will be available against which the assets can be utilised. The probability of the availability of future taxable profits is determined by a
combination of the classification of the status of the businesses holding cumulative tax losses and the business plan profit projections for
that business, subject to appropriate stress testing.
10b. Taxation
Continuing operations
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Current tax
Corporation tax on profits for the year 107.6 129.2
(Over)/under-provision relating to prior periods (0.9) 4.2
Current tax charge 106.7 133.4
Deferred tax
Current period deferred taxation movement (10.2) (1.5)
(Over)/under- provision relating to prior periods 0.7 (1.7)
Total tax charge per consolidated income statement 97.2 130.2
Admiral Group plc Annual Report and Accounts 2022
277
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
10. Taxation continued
Factors affecting the total tax charge are:
Continuing operations
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Profit before tax 469.0 713.5
Corporation tax thereon at effective UK corporation tax rate of 19.0% (2021: 19.0%) 89.1 135.6
Expenses and provisions not deductible for tax purposes 2.3 2.2
Non-taxable income (8.7) (8.3)
Impact of change in UK tax rate on deferred tax balances (2.2) (3.6)
Adjustments relating to prior periods (0.2) 2.5
Impact of different overseas tax rates 4.5 (1.4)
Unrecognised deferred tax 12.4 3.2
Total tax charge for the period as above 97.2 130.2
The corporation tax liability as at 31 December 2022 was \u00a35.0 million (2021: \u00a310.6 million recoverable for continuing operations).
In 2021, over 130 countries reached a historic agreement to reform the international tax framework. The main aim of the agreement
was to ensure that large, multinational corporations pay their fair share of tax in the countries in which they operate and this included
the introduction of a new global minimum corporate income tax rate of 15%. In November 2022, the UK Tax Authorities confirmed that,
for accounting periods beginning on or after 31 December 2023, it would introduce rules requiring UK headquartered multinational
groups to pay a top-up tax where their foreign operations had an effective tax rate of less than 15%. These new rules are not expected to
have a material impact on the Admiral Group.
10c. Deferred income tax asset/(liability)
Analysis of deferred tax asset/(liability)
Tax treatment
of share
schemes
\u00a3m
Capital
allowances
\u00a3m
Carried
forward losses
\u00a3m
Fair value
reserve
\u00a3m
Hedging
reserve
\u00a3m
Other
differences
\u00a3m
Total
\u00a3m
Balance brought forward at
1 January 2021 8.8 (1.7) \u2013 (7.2) \u2013 (0.8) (0.9)
Tax treatment of share scheme
charges through income or expense (6.3) \u2013 \u2013 \u2013 \u2013 \u2013 (6.3)
Tax treatment of share scheme
charges through reserves 6.0 \u2013 \u2013 \u2013 \u2013 \u2013 6.0
Capital allowances \u2013 9.5 \u2013 \u2013 \u2013 \u2013 9.5
Movement in fair value reserve \u2013 \u2013 \u2013 1.4 \u2013 \u2013 1.4
Other difference \u2013 \u2013 \u2013 \u2013 \u2013 (0.4) (0.4)
Balance carried forward at
31 December 2021 8.5 7.8 \u2013 (5.8) \u2013 (1.2) 9.3
Tax treatment of share scheme
charges through income or expense 1.2 \u2013 \u2013 \u2013 \u2013 \u2013 1.2
Tax treatment of share scheme
charges through reserves (6.3) \u2013 \u2013 \u2013 \u2013 \u2013 (6.3)
Capital allowances \u2013 (0.7) \u2013 \u2013 \u2013 \u2013 (0.7)
Carried forward losses \u2013 \u2013 7.9 \u2013 \u2013 \u2013 7.9
Movement in fair value reserve \u2013 \u2013 \u2013 13.0 \u2013 \u2013 13.0
Movement in hedging reserve \u2013 \u2013 \u2013 \u2013 (7.0) \u2013 (7.0)
Other difference \u2013 \u2013 \u2013 (0.3) \u2013 1.4 1.1
Balance carried forward at
31 December 2022 3.4 7.1 7.9 6.9 (7.0) 0.2 18.5
Positive amounts presented above relate to a deferred tax asset position.
The average effective rate of tax for 2022 is 19.0% (2021: 19.0%). An increase to the main rate of corporation tax in the UK to 25% was
announced in the 2021 Budget and is expected to come into effect in 2023. This will increase the Group\u2019s future tax charge accordingly.
Notes to the Financial Statements
continued
For the year ended 31 December 2022
Admiral Group plc Annual Report and Accounts 2022
278
Financial Statements
The deferred tax asset has increased during the year, mainly relating to the movements in the fair value reserve.
The deferred tax asset in relation to carried forward losses in the US remains at \u00a3nil at the year-end (2021: \u00a3nil) due to uncertainty over
the availability of future taxable profits against which to offset or utilise any deferred tax asset.
At 31 December 2022, the Group had unused tax losses amounting to \u00a3322.0 million (2021: \u00a3261.8 million), relating primarily to the
Group\u2019s US businesses Elephant Auto and compare.com, for which no deferred tax asset has been recognised. The earliest expiry date
for any of these tax losses is 2029. The total aggregated unrecognised deferred tax liabilities on temporary differences associated with
subsidiaries is \u00a3nil (2021: \u00a3nil).
11. Other assets and other liabilities
11a. Accounting policy
(i) Property and equipment, and depreciation
All property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method
to write off the cost less residual values of the assets over their useful economic lives. These useful economic lives are as follows:
Improvements to short leasehold buildings \u2013 four to ten years
Computer equipment \u2013 two to four years
Office equipment \u2013 four years
Furniture and fittings \u2013 four years
Motor vehicles \u2013 four years
Right-of-use assets \u2013 two \u2013 twenty years, aligned to lease agreement
As set out further in note 6i to the financial statements, a right-of-use asset is established in relation the Group\u2019s lease arrangements.
The right-of-use asset is measured at cost, which comprises the following:
\u2022 the amount of the initial measurement of lease liability (note 6i to the financial statements)
\u2022 any lease payments made at or before the commencement date less any lease incentives received
\u2022 any initial direct costs, and
\u2022 restoration costs
The right-of-use asset is subsequently depreciated over the shorter of the lease term and the asset\u2019s useful life on a straight-line basis.
The Group does not have any significant leases which qualify for the short-term leases or leases of low-value assets exemption.
(ii) Impairment of property and equipment
In the case of property and equipment, carrying values are reviewed at each balance sheet date to determine whether there are
any indicators of impairment. If any such indicators exist, the asset\u2019s recoverable amount is estimated and compared to the carrying
value. The carrying value is the higher of the fair value of the asset less costs to sell and the asset\u2019s value in use. Impairment losses are
recognised through the income statement.
(iii) Intangible assets
Goodwill
All business combinations are accounted for using the acquisition method. Goodwill has been recognised in acquisitions of subsidiaries
and represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired.
The classification and accounting treatment of acquisitions occurring before 1 January 2004 have not been reconsidered in preparing
the Group\u2019s opening IFRS balance sheet at 1 January 2004 due to the exemption available in IFRS 1 (First time adoption). In respect of
acquisitions prior to 1 January 2004, goodwill is included at the transition date on the basis of its deemed cost, which represents the
amount recorded under UK GAAP, which was tested for impairment at the transition date. On transition, amortisation of goodwill has
ceased as required by IAS 38.
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units (CGUs) according to
business segment and is reviewed annually for impairment.
The goodwill held on the balance sheet at 31 December 2022 and 2021 is allocated solely to the UK Insurance segment.
Impairment of goodwill
The annual impairment review involves comparing the carrying amount to the estimated recoverable amount (by allocating the goodwill
to CGUs) and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised through the income
statement and are not subsequently reversed.
Admiral Group plc Annual Report and Accounts 2022
279
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
11. Other assets and other liabilities continued
The recoverable amount is the greater of the fair value of the asset less costs to sell and the value in use of the CGU.
The value in use calculations use cash flow projections based on financial budgets approved by management covering a period of up to
three years. Cash flows beyond this period are considered, but not included in the calculation.
The key assumptions used in the value in use calculations are those regarding revenue growth, along with expected changes in pricing
and expenses incurred during the forecast period. Management estimates revenue growth rates and changes in pricing based on past
practices and expected future changes in the market.
The headroom above the goodwill carrying value is very significant, and there is no foreseeable event that would eliminate this margin.
Deferred acquisition costs
Acquisition costs comprise all direct and indirect costs arising from the conclusion of insurance contracts. Deferred acquisition costs
represent the proportion of acquisition costs incurred that correspond to the unearned premiums provision at the balance sheet date.
This balance is held as an intangible asset. It is amortised over the term of the contract as premium is earned.
Software
Purchased software is recognised as an intangible asset and amortised over its expected useful life (generally the licence term).
Internally generated software is recognised as an intangible asset, with directly attributable costs incurred in the development stage
capitalised. The internally generated software assets are amortised over the expected useful life of the systems and amortisation
commences when the software is available for use.
The carrying value of software is reviewed every six months for evidence of impairment, with the value being written down if any
impairment exists. Impairment may be reversed if conditions subsequently improve.
(iv) Provisions, contingent liabilities and contingent assets
Provisions are recognised when a legal or constructive obligation arises as a result of an event that occurred before the balance sheet
date, when a cash-outflow relating to this obligation is probable and when the amount can be estimated reliably.
Where a material obligation exists, but the likelihood of a cash outflow or the amount is uncertain, or where there is a possible obligation
arising from a past event that is contingent on a future event, a contingent liability is disclosed.
Contingent assets are possible assets that arise from past events, whose existence will be confirmed only by the occurrence or
non-occurrence of future events. Where it is probable that a cash inflow will arise from a contingent asset, this is disclosed.
Notes to the Financial Statements
continued
For the year ended 31 December 2022
Admiral Group plc Annual Report and Accounts 2022
280
Financial Statements
11b. Property and equipment
Improvements to
short leasehold
buildings
\u00a3m
Computer
equipment
\u00a3m
Office
equipment
\u00a3m
Furniture
and fittings
\u00a3m
ROU Asset \u2013
Leasehold
buildings
\u00a3m
Total
\u00a3m
Cost
At 1 January 2021 36.0 78.6 22.6 10.2 124.2 271.6
Additions 1.9 7.6 0.4 0.7 5.6 16.2
Impairment (0.2) \u2013 (0.7) (0.6) (17.8) (19.3)
Disposals (0.3) (17.1) (0.1) (0.3) (8.2) (26.0)
Foreign exchange and other movements (0.4) (0.2) (0.3) (0.1) (0.5) (1.5)
At 31 December 2021 37.0 68.9 21.9 9.9 103.3 241.0
Depreciation
At 1 January 2021 23.0 59.6 20.0 9.1 19.5 131.2
Charge for the year 3.9 8.2 0.9 0.4 10.2 23.6
Impairment (0.2) \u2013 (0.7) (0.6) \u2013 (1.5)
Disposals (0.2) (10.4) (0.1) (0.3) (3.8) (14.8)
Foreign exchange and other movements (0.2) (0.1) (0.2) (0.1) (0.1) (0.7)
At 31 December 2021 26.3 57.3 19.9 8.5 25.8 137.8
Net book amount
At 1 January 2021 13.0 19.0 2.6 1.1 104.7 140.4
Net book amount
At 31 December 2021 10.7 11.6 2.0 1.4 77.5 103.2
Cost
At 1 January 2022 37.0 68.9 21.9 9.9 103.3 241.0
Additions 1.7 7.0 0.6 0.7 1.3 11.3
Impairment \u2013 \u2013 \u2013 \u2013 (1.3) (1.3)
Disposals (1.6) (2.7) (1.5) (0.1) (9.7) (15.6)
Foreign exchange and other movements 0.4 0.7 0.4 0.2 1.4 3.1
At 31 December 2022 37.5 73.9 21.4 10.7 95.0 238.5
Depreciation
At 1 January 2022 26.3 57.3 19.9 8.5 25.8 137.8
Charge for the year 3.2 5.5 0.8 0.6 8.1 18.2
Impairment \u2013 \u2013 \u2013 \u2013 (0.7) (0.7)
Disposals (1.6) (2.4) (1.5) \u2013 (3.2) (8.7)
Foreign exchange and other movements 0.2 0.7 0.3 0.1 0.8 2.1
At 31 December 2022 28.1 61.1 19.5 9.2 30.8 148.7
Net book amount
At 31 December 2022 9.4 12.8 1.9 1.5 64.2 89.8
Admiral Group plc Annual Report and Accounts 2022
281
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
11. Other assets and other liabilities continued
11c. Intangible assets
Goodwill
\u00a3m
Deferred
acquisition
costs
\u00a3m
Software \u2013
Internally
generated
*1
\u00a3m
Software \u2013
Other
*1
\u00a3m
Total
\u00a3m
At 1 January 2021 62.3 27.3 72.6 4.5 166.7
Additions \u2013 69.4 36.8 21.8 128.0
Amortisation charge \u2013 (68.0) (18.1) (1.2) (87.3)
Disposals \u2013 \u2013 \u2013 \u2013 \u2013
Impairment \u2013 \u2013 (25.4) \u2013 (25.4)
Foreign exchange movement \u2013 (0.5) (1.5) (0.1) (2.1)
At 31 December 2021 62.3 28.2 64.4 25.0 179.9
Additions \u2013 82.9 83.4 5.2 171.5
Amortisation charge \u2013 (81.0) (18.3) (5.4) (104.9)
Disposals \u2013 \u2013 \u2013 \u2013 \u2013
Impairment \u2013 \u2013 \u2013 \u2013 \u2013
Foreign exchange movement and other \u2013 0.6 6.9 (5.9) 1.6
At 31 December 2022 62.3 30.7 136.4 18.9 248.3
*1 Gross carrying amount and accumulated amortisation of internally generated software as at the end of 2022 are \u00a3173.7 million (2021: \u00a3119.7 million) and \u00a337.3 million respectively
(2021: \u00a355.3 million). Gross carrying amount and accumulated amortisation of other software as at the end of 2022 are \u00a391.5 million (2021: \u00a355.9 million) and \u00a372.6 million respectively
(2021: \u00a330.9 million). During the period, there are reclassifications on gross cost and accumulated depreciation between internally generated software and other software
Goodwill relates to the acquisition of Group subsidiary EUI Limited (formerly Admiral Insurance Services Limited) in November 1999.
As described in the accounting policies, the amortisation of this asset ceased on transition to IFRS on 1 January 2004. All annual
impairment reviews since the transition date have indicated that the estimated recoverable value of the asset is greater than the
carrying amount and therefore no impairment losses have been recognised.
Internally generated software includes a new claims system implemented within the UK business during 2022 which has a net carrying
amount of \u00a333.4m as at 31 December 2022 and a remaining amortisation period of 4 years.
Only one year of forecasts is required to support the recoverable value of goodwill above. Given the short time period used to support the
recoverable amount, no terminal growth rate or discounting is applied.
Refer to the accounting policy for goodwill for further information.
An analysis of deferred acquisition costs is given in the table below:
Gross
\u00a3m
Reinsurance
\u00a3m
Total
\u00a3m
At 1 January 2021 77.6 (50.3) 27.3
Additions 181.4 (112.0) 69.4
Amortisation (180.6) 112.6 (68.0)
Foreign exchange movement (1.5) 1.0 (0.5)
At 31 December 2021 76.9 (48.7) 28.2
Additions 174.3 (91.4) 82.9
Amortisation (179.1) 98.1 (81.0)
Foreign exchange movement 0.6 \u2013 0.6
At 31 December 2022 72.7 (42.0) 30.7
Notes to the Financial Statements
continued
For the year ended 31 December 2022
Admiral Group plc Annual Report and Accounts 2022
282
Financial Statements
11d. Trade and other payables
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Trade payables 30.0 39.8
Amounts owed to co-insurers 109.5 161.9
Amounts owed to reinsurers 1,513.7 1,274.9
Other taxation and social security liabilities 90.2 71.7
Other payables 96.2 112.4
Accruals and deferred income (see below) 318.4 299.3
Total trade and other payables 2,158.0 1,960.0
Of amounts owed to reinsurers (recognised under IFRS 4), \u00a31,389.4 million (2021: \u00a31,169.8 million) is held under funds
withheld arrangements.
Analysis of accruals and deferred income:
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Premium received in advance of policy inception 136.6 117.4
Accrued expenses 114.7 117.5
Deferred income 67.1 64.4
Total accruals and deferred income as above 318.4 299.3
11e. Leases
The Group occupies various properties under leasing arrangements that are now recognised as right of use assets and lease liabilities.
A maturity analysis of lease liabilities based on contractual undiscounted cash flows is set out below:
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Maturity analysis \u2013 contractual undiscounted cash flows
Within one year 10.2 12.9
Between two to five years 35.0 41.8
Between five to ten years 26.8 32.7
Over ten years 30.9 35.4
Total 102.9 122.8
Amounts recognised in the statement of financial position are as follows:
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Lease liabilities
Current 8.3 10.5
Non-Current 80.2 94.8
Total 88.5 105.3
See note 11b for right of use assets depreciation and the carrying amount of right of use asset at the end of the reporting period.
Only one class of underlying assets is identified as leasehold buildings. Total cash outflows in relation to leases is disclosed under 6i.
The Group has no significant financial commitments other than those accounted for as right of use assets and lease liabilities
under IFRS 16.
Admiral Group plc Annual Report and Accounts 2022
283
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
11. Other assets and other liabilities continued
11f. Contingent liabilities
The Group\u2019s legal entities operate in numerous tax jurisdictions and on a regular basis are subject to review and enquiry by the relevant
tax authority.
One of the Group\u2019s previously owned subsidiaries was subject to a Spanish Tax Audit which concluded with the Tax Authority denying the
application of the VAT exemption relating to insurance intermediary services. The Company has appealed this decision via the Spanish
Courts and is confident in defending its position which is, in its view, in line with the EU Directive and is also consistent with the way
similar supplies are treated throughout Europe. Whilst the Company is no longer part of the Admiral Group, the contingent liability which
the Company is exposed to has been indemnified by the Admiral Group up to a cap of \u00a322 million.
The Group is also in discussions with some of the tax authorities in the other countries in which it operates. To date these discussions
have focused primarily on the transfer pricing and cross-border arrangements in place between the Group\u2019s intermediaries and insurers.
No material provision has been made in these financial statements in relation to the matters noted above.
The Group is, from time to time, subject to threatened or actual litigation and/or legal and/or regulatory disputes, investigations or
similar actions both in the UK and overseas. All potentially material matters are assessed, with the assistance of external advisers if
appropriate, and in cases where it is concluded that it is more likely than not that a payment will be made, a provision is established
to reflect the best estimate of the liability. In some cases it will not be possible to form a view, for example if the facts are unclear or
because further time is needed to properly assess the merits of the case. No provisions are held in relation to such matters. In these
circumstances, specific disclosure of a contingent liability will be made where material.
The Directors do not consider that the final outcome of any such current case will have a material adverse effect on the Group\u2019s financial
position, operations or cash flows, and no material provisions are currently held in relation to such matters.
A number of the Group\u2019s contractual arrangements with reinsurers include features that, in certain scenarios, allow for reinsurers to
recover losses incurred to date. The overall impact of such scenarios would not lead to an overall net economic outflow from the Group.
12. Share capital
The Group\u2019s capital includes share capital and the share premium account, other reserves which are comprised of the fair value reserve,
hedging reserve and foreign exchange reserve, and retained earnings.
12a. Accounting policies
(i) Share capital
Shares are classified as equity when there is no obligation to transfer cash or other assets.
(ii) Dividends
Dividends are recorded in the period in which they are declared and paid.
(iii) Earnings per share
Basic earnings per share is calculated by dividing profit or loss attributable to equity holders of the Group parent company, Admiral Group
plc by the weighted average number of ordinary shares during the period.
Diluted earnings per share is calculated by dividing profit or loss attributable to equity holders of the Group parent company by the
weighted average number of ordinary shares outstanding, adjusted for the effects of all dilutive potential ordinary shares.
12b. Dividends
Dividends were proposed, approved and paid as follows.
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Proposed March 2021 (86.0 pence per share approved April 2021 and paid June 2021) \u2013 250.8
Declared August 2021 (161.0 pence per share paid October 2021) \u2013 470.1
Proposed March 2022 (118.0 pence per share, approved April 2022 and paid June 2022) 348.1 \u2013
Declared August 2022 (105.0 pence per share, paid October 2022) 310.2 \u2013
Total dividends 658.3 720.9
The dividends proposed in March (approved in April) represent the final dividends paid in respect of the 2020 and 2021 financial years.
The dividends declared in August are interim distributions in respect of 2021 and 2022.
A 2022 final dividend of 52.0 pence per share (approximately \u00a3155.0 million) has been proposed. Refer to the Chair\u2019s Statement and
financial narrative for further detail.
Notes to the Financial Statements
continued
For the year ended 31 December 2022
Admiral Group plc Annual Report and Accounts 2022
284
Financial Statements
12c. Earnings per share
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Profit for the financial year after taxation attributable to equity shareholders \u2013 continuing operations 373.0 585.0
Profit for the financial year after taxation attributable to equity shareholders \u2013 discontinued operations \u2013 412.9
Profit for the financial year after taxation attributable to equity shareholders \u2013 continuing and
discontinued operations 373.0 997.9
Weighted average number of shares \u2013 basic 300,207,330 297,480,041
Unadjusted earnings per share \u2013 basic \u2013 continuing operations 124.3p 196.7p
Unadjusted earnings per share \u2013 basic \u2013 discontinued operations \u2013 138.8p
Unadjusted earnings per share \u2013 basic \u2013 continuing and discontinued operations 124.3p 335.5p
Weighted average number of shares \u2013 diluted 301,543,390 298,351,248
Unadjusted earnings per share \u2013 diluted \u2013 continuing operations 123.7p 196.1p
Unadjusted earnings per share \u2013 diluted \u2013 discontinued operations \u2013 138.4p
Unadjusted earnings per share \u2013 diluted \u2013 continuing and discontinued operations 123.7p 334.5p
The difference between the basic and diluted number of shares at the end of 2022 (being 1,336,060 2021: 871,207) relates to awards
committed, but not yet issued under the Group\u2019s share schemes. Refer to note 9 for further detail.
12d. Share capital
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Authorised
500,000,000 ordinary shares of 0.1 pence 0.5 0.5
Issued, called up and fully paid
302,837,726 ordinary shares of 0.1 pence 0.3 \u2013
299,554,720 ordinary shares of 0.1 pence \u2013 0.3
0.3 0.3
During 2022, 3,283,006 (2021: 2,862,657) new ordinary shares of 0.1 pence were issued to the trusts administering the Group\u2019s
share schemes.
675,927 (2021: 632,657) of these were issued to the Admiral Group Share Incentive Plan Trust for the purposes of this share scheme
resulting in cumulative shares issued to the Trust at 31 December 2022 of 13,693,299 (31 December 2021: 13,017,372). Of the shares
issued, 3,851,967 remain in the Trust at 31 December 2022 (2021: 4,078,496). These shares are entitled to receive dividends.
2,607,079 (2021: 2,230,000) shares were issued to the Admiral Group Employee Benefit Trust for the purposes of the Discretionary
Free Share Scheme resulting in cumulative shares issued to the Trust of 30,549,027 (31 December 2021: 27,941,948). Of the shares
issued 5,111,601 remain in the Trust at 31 December 2022 (2021: 4,767,112) to be used for future vesting, the remaining issued shares
having vested.
The balance of awards made to employees under the Discretionary Free Share Scheme that have not either vested or lapsed is 8,302,363
(2021: 7,981,132).
The Trustees have waived the right to dividend payments, other than to the extent of 0.001 pence per share, unless and to the extent
otherwise directed by the Company from time to time.
There is one class of share with no unusual restrictions.
Admiral Group plc Annual Report and Accounts 2022
285
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
Notes to the Financial Statements
continued
For the year ended 31 December 2022
12. Share capital continued
12e. Objectives, policies and procedures for managing capital
The Group\u2019s capital management policy defines the Board oversight, risk appetite and tier structure of the Group\u2019s capital in addition to
management actions that may be taken in respect of capital, such as dividend payments.
The Group aims to operate a capital-efficient business model by transferring a significant proportion of underwriting risk to co-insurance
and reinsurance partners. This in turn reduces the amount of capital the Group needs to retain to operate and grow and allows the Group
to distribute the majority of its earnings as dividends.
The Board has determined that it will hold capital as follows:
\u2022 Sufficient Solvency II Own Funds to meet all of the Group\u2019s Solvency II capital requirements (over a 1 year and ultimate time horizon)
\u2022 An additional contingency to cover unforeseen events and losses that could realistically arise. This risk appetite buffer is assessed via
stress testing performed on an annual basis and is calibrated in relation to the one-year regulatory SCR
The Group\u2019s current risk appetite buffer is 30% above the regulatory SCR. This forms the lower bound of the longer-term solvency target
operating range of 130% to 150%.
The Group\u2019s dividend policy is to:
\u2022 Pay a normal dividend equal to 65% of post-tax profits for the period
\u2022 Pay a special dividend calculated with reference to distributable reserves and surplus capital held above the risk appetite buffer
This policy gives the Directors flexibility in managing the Group\u2019s capital.
As noted above, the Group\u2019s regulatory capital position is calculated under the Solvency II Framework. The Solvency Capital Requirement
(SCR) is based on the Solvency II Standard Formula, with a capital-add-on to reflect limitations in the Standard Formula with respect to
Admiral\u2019s risk profile (predominately in respect of profit commission arrangements in co-and reinsurance agreements and risks relating to
Periodic Payment Order (PPO) claims).
Solvency ratio (unaudited)
At the date of this report, the Group\u2019s regulatory solvency ratio, calculated using a capital add-on that has not been subject to regulatory
approval, is 180% (2021: 195%). This includes the recognition of the 2022 final dividend of 52 pence per share (2021: 118 pence
per share).
The Group\u2019s 2022 Solvency and Financial Condition Report (SFCR) will, when published, disclose a solvency ratio that is calculated at
the balance sheet date rather than annual report date, using the capital add-on that was most recently subject to regulatory approval.
The estimated and unaudited SFCR solvency ratio is 150%, with the reconciliation between this ratio and the 180% noted above being
as follows:
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Regulatory Solvency ratio (Unaudited)
Solvency Ratio reported in the Annual Report 180% 195%
Change in valuation date (11%) (5%)
Other (including impact of updated, unapproved capital add-on) (19%) (9%)
Solvency Ratio to be reported in the SFCR 150% 181%
The Group has complied with its regulatory capital requirements throughout the period.
Subsidiaries
The Group manages the capital of its subsidiaries to ensure that all entities within the Group are able to continue as going concerns and
also to ensure that regulated entities meet regulatory requirements with an appropriate risk appetite buffer. Excess capital above these
levels within subsidiaries is paid up to the Group holding company in the form of dividends on a regular basis.
Admiral Group plc Annual Report and Accounts 2022
286
Financial Statements
12f. Group related undertakings
The parent company\u2019s subsidiaries are as follows:
Subsidiary
Class of
shares held % ownership Principal Activity
Incorporated in England and Wales
Registered office: Ty Admiral, David Street, Cardiff, United Kingdom, CF10 2EH
Admiral Law Limited Ordinary 95 Legal company
Registered office: Ty Admiral, David Street, Cardiff, United Kingdom, CF10 2EH
Able Insurance Services Limited Ordinary 100 Insurance Intermediary
Registered office: Ty Admiral, David Street, Cardiff, United Kingdom, CF10 2EH
EUI Limited
*2
Ordinary 100 Insurance Intermediary
Admiral Insurance Company Limited Ordinary 100 Insurance company
Admiral Life Limited Ordinary 100 Dormant*1
Admiral Syndicate Limited Ordinary 100 Dormant*1
Admiral Syndicate Management Limited Ordinary 100 Dormant*1
Bell Direct Limited Ordinary 100 Dormant*1
Diamond Motor Insurance Services Limited Ordinary 100 Dormant*1
Elephant Insurance Services Limited Ordinary 100 Dormant*1
Admiral Financial Services Limited Ordinary 100 Financial services company
Incorporated in Gibraltar
Registered office: 2Aa 2nd Floor, Leisure Island Business Centre, 23 Ocean Village
Promenade, Gibraltar, GX11 1AA
Admiral Insurance (Gibraltar) Limited Ordinary 100 Insurance company
Incorporated in France
Registered office: 4 Rue Marceau 92300 Levallois Perret
Pioneer Intermediary Europe Services Ordinary 100 (indirect) Insurance intermediary
Incorporated in Italy
Registered office: Via Della Bufalotta 374, Romat
Admiral Financial Services Italia S.P.A. Ordinary 100 Financial services company
Incorporated in Spain
Registered office: Calle Rodr\u00edguez Mar\u00edn 61 1\u00aa Planta, 28016 Madrid
Admiral Europe Compa\u00f1\u00eda de Seguros, S.A. Ordinary 100 Insurance company
Registered office: Calle Albert Einstein, 10 41092 Sevilla
Admiral Intermediary Services S.A.
*3
Ordinary 100 Insurance Intermediary
Incorporated in the United States of America
Registered office: Deep Run 1; Suite 400, 9950 Mayland Drive, Henrico, VA 23233
Elephant Insurance Company Ordinary 100 (indirect) Insurance company
Grove General Agency Inc Ordinary 100 (indirect) Insurance intermediary
Platinum General Agency Inc Ordinary 100 (indirect) Insurance intermediary
Registered office: Corporation Trust Center, 1209 Orange Street,
Wilmington, Delaware 19801
Elephant Insurance Services LLC Ordinary 100 (indirect) Insurance intermediary
Elephant Holding Company LLC Ordinary 100 Holding company
Registered office: 6802 Paragon Place Suite 410 Richmond, VA 23230
compare.com Insurance Agency LLC Ordinary 70.98 (indirect) Internet-based
Comparison Site
Inspop USA LLC Ordinary 70.98 Holding company
Admiral Group plc Annual Report and Accounts 2022
287
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
Notes to the Financial Statements continued For the year ended 31 December 2022 Subsidiary Class of shares held % ownership Principal Activity Subsidiaries by virtue of control The related undertakings below are subsidiaries in accordance with IFRS 10, as Admiral can exercise dominant influence or control over them: Registered office: 10th Floor, 5 Churchill Place, London E14 5HU Seren One Limited n/a 0 Special purpose entity Seren Two Limited n/a 0 Special purpose entity Associates Registered office: Tramshed Tech, Pendyris Street, Cardiff, Wales, CF11 6BH Wagonex Limited Ordinary 23.56 (indirect) Internet-based Subscription Platform *1 Exempt from audit under S480 of Companies Act 2006 *2 EUI Limited has branches in India and Canada *3 Admiral Intermediary Services S.A. has branches in Italy and France For further information on how the Group conducts its business across the UK, Europe and the US, refer to the Strategic Report. 12g. Related party transactions The Board considers that only the Executive and Non-Executive Directors of Admiral Group plc are key management personnel. A summary of the remuneration of key management personnel is as follows, with further detail relating to the remuneration and shareholdings of key management personnel set out in the Directors\u2019 Remuneration Report. Key management personnel received short term employee benefits in the year of \u00a33,058,170 (2021: \u00a33,077,686), post-employment benefits of \u00a330,000 (2021: \u00a330,643) and share based payments of \u00a31,561,768 (2021: \u00a32,149,734). Key management personnel are able to obtain discounted motor insurance at the same rates as all other Group staff, typically at a reduction of 15% . 12h. Post balance sheet events No events have occurred since the reporting date that materially impact these financial statements. On 4 March 2023, the Group reached an agreement with Insurify, Inc. (\u201cInsurify\u201d) whereby, Insurify will purchase 100% of the shares of Inspop USA, LLC (\u201cCompare\u201d) from the Group and Compare\u2019s minority shareholders, in return for a minority shareholding in Insurify. The total transaction value, including amounts attributable to minority shareholders is immaterial based on an assessment of the fair value of shares in Insurify and related options to be received as consideration, as at the date of the agreement. The Group will not receive any cash consideration. As at 31 December 2022, the net assets of Compare and the carrying value of the Group parent company\u2019s investment in Compare net of impairment provisions, were both \u00a3nil. The transaction is expected to complete during the first half of 2023 and is subject to regulatory approval. 12. Share capital continued Admiral Group plc Annual Report and Accounts 2022 288 Financial Statements 13. Discontinued Operations
13a. Accounting policy
Disposal groups are classified as held for sale in accordance with IFRS 5 if their carrying amount will be recovered principally through a
sale transaction rather than through continuing use and a sale is considered highly probable. A discontinued operation is a component of
the business that has been disposed of or is classified as held for sale and represents a separate major line of business or is part of a single
co-ordinated plan to dispose of such a line of business.
The assets and liabilities of a disposal group classified as held for sale are presented separately from the other assets and liabilities in the
Statement of Financial Position. The results of discontinued operations are presented separately in the Statement of Comprehensive
Income. The result comprises the profit or loss after tax from discontinued operations and other comprehensive income attributable to
discontinued operations .
13b. Description
On the 29 December 2020, the Group announced that it had reached an agreement with ZPG Comparison Services Holdings UK Limited
(\u201cRVU\u201d) that RVU would purchase the Penguin Portals Group (\u201cPenguin Portals\u201d, comprising online comparison portals Confused.
com, Rastreator.com and LeLynx.fr and the Group\u2019s technology operation Admiral Technologies) and its 50% share of Preminen Price
Comparison Holdings Limited (\u201cPreminen\u201d). MAPFRE would also sell its 25% holding in Rastreator and 50% holding in Preminen as part of
the transaction.
Management considered these entities to meet the definition of a disposal group as set out under IFRS 5 above. The disposal group is
included within the \u201cDiscontinued (comparison)\u201d operating segment as stated in note 4.
On the 30 April 2021, the Group announced that, following regulatory and competition authority approvals, RVU had completed the
purchase of the Penguin Portals Group and acquired Admiral\u2019s 50% share of Preminen. MAPFRE also sold its 25% holding in Rastreator
and 50% holding in Preminen to RVU. The total transaction value was settled in cash on completion.
13c. Financial performance and cash flow information
Financial information relating to the discontinued operations for the financial year ending 31 December 2021 are presented below.
The results for the financial year ending 31 December 2021 relates to the profit earned prior to completion on 30 April 2021, and the
gain recognised on disposal.
Gross
\u00a3m
Eliminations
\u00a3m
Net
\u00a3m
Revenue (Other Revenue) 67.2 (7.6) 59.6
Interest Income \u2013 \u2013 \u2013
Net Revenue 67.2 (7.6) 59.6
Operating expenses and share scheme charges (55.8) 7.6 (48.2)
Operating profit 11.4 \u2013 11.4
Finance costs (0.1) \u2013 (0.1)
Gain on disposal sale of Comparison entities held for sale 404.4 \u2013 404.4
Profit before tax from discontinued operations 415.7 \u2013 415.7
Taxation expense (2.3) \u2013 (2.3)
Profit after tax from discontinued operations 413.4 \u2013 413.4
Due to the availability of certain tax reliefs on the gain of the comparison businesses sold, the effective tax rate for 2021 for discontinued
operations is lower than the current standard corporate tax rate.
Operating expenses and share scheme charges include \u00a30.5 million of share scheme expenses that are not included in the segmental
result in note 4. The net cash flows incurred by the disposal group are as follows:
31 December
2021
\u00a3m
Net cash inflow from operating activities 10.6
Net cash (outflow) from investing activities (0.2)
Net cash (outflow) from financing activities (22.6)
Net cash (outflow)/inflow from discontinued operations (12.2)
Admiral Group plc Annual Report and Accounts 2022
289
Company Overview Strategic Report Corporate Governance Financial Statements Additional Information
Notes to the Financial Statements
continued
For the year ended 31 December 2022
13. Discontinued Operations continued
13d. Assets disposed of
Consideration received consisted of cash only and was received at the point of completion. The total consideration received by the
Group in cash was \u00a3471.8 million. This excludes any costs incurred by the Group in relation to the sale. The total gain on disposal was
\u00a3404.4 million.
The carrying amount of assets and liabilities as at the date of sale (30 April 2021) are outlined below. All assets previously held for sale
have been disposed of as at 31 December 2021 and as at 31 December 2022.
Note
30 April 2021
\u00a3m
Assets
Property and equipment 11b 5.4
Intangible assets 11c 1.1
Deferred tax asset 10c 4.2
Trade and other receivables 41.9
Corporation tax asset 0.2
Cash and cash equivalents 41.3
Assets associated with disposal group held for sale 94.1
Liabilities
Trade and other payables 33.3
Lease liabilities 3.6
Corporation tax liability \u2013
Liabilities directly associated with disposal group held for sale 36.9
13e. Gain on disposal
31 December
2021
\u00a3m
Gross sales proceeds 508.1
Accrued sale proceeds less dividends received prior to disposal and costs to sell recharged from purchaser (7.4)
Non-controlling interest share of sales proceeds (28.9)
Total Admiral Group cash received (note 13c) 471.8
Costs to sell incurred by seller, out of proceeds (17.6)
Proceeds to Admiral, net of minority interests and transaction costs 454.2
Assets held for sale (note 13d) (57.2)
Non-controlling interest share of assets held for sale 6.6
Other adjustments 0.8
Gain on disposal of comparison entities held for sale 404.4
Admiral Group plc Annual Report and Accounts 2022
290
Financial Statements
14. Reconciliations
The following tables reconcile significant key performance indicators and non-GAAP measures included in the Strategic Report to items
included in the financial statements.
14a. Reconciliation of continuing operations turnover to reported gross premiums written and other revenue as per
the financial statements
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Gross premiums written after co-insurance per note 5b of financial statements 2,849.7 2,513.6
Premiums underwritten through co-insurance arrangements 393.4 585.1
Total premiums written 3,243.1 3,098.7
Other Revenue
*1
318.8 314.8
Admiral Loans interest income 58.7 36.6
3,620.6 3,450.1
Other
*2
60.0 57.2
Turnover as per note 4b of financial statements
*1
3,680.6 3,507.3
Intra-group income elimination
*3
0.3 0.2
Total turnover \u2013 continuing operations
*1
3,680.9 3,507.5
*1 Continuing operations
*2 Other reconciling items represent co-insurer and reinsurer shares of Other Revenue in the Group\u2019s Insurance businesses outside of UK Car Insurance
*3 Intra-group income elimination relates to comparison income earned in the Group from other Group companies
14b. Reconciliation of claims incurred to reported loss ratios, excluding releases on commuted reinsurance
December 2022
UK Motor
\u00a3m
UK Home
\u00a3m
Int. Ins
\u00a3m
Other
\u00a3m
Group
\u00a3m
Net insurance claims (note 5) 159.8 51.8 220.3 74.2 506.1
Deduct claims handling costs (12.0) (1.7) (14.3) (1.2) (29.2)
Prior year release/strengthening \u2013 net original share 124.0 1.1 15.8 3.7 144.6
Prior year release/strengthening \u2013 commuted share 189.1 0.5 \u2013 \u2013 189.6
Impact of reinsurer caps \u2013 \u2013 (10.5) \u2013 (10.5)
Impact of weather events \u2013 (17.8) \u2013 \u2013 (17.8)
Attritional current period claims 460.9 33.9 211.3 76.7 782.8
Net insurance premium revenue 471.0 55.6 241.8 142.6 911.0
Loss ratio \u2013 current period attritional 97.8% 61.1% 87.4% \u2013 85.9%
Loss ratio \u2013 current period weather events \u2013 32.0% \u2013 \u2013 2.0%
Loss ratio \u2013 prior year release/strengthening
(net original share) (26.3%) (1.9%) (6.5%) \u2013 (15.9%)
Loss ratio \u2013 reported 71.5% 91.2% 80.9% \u2013 72.0%
Notes to the Financial Statements continued For the year ended 31 December 2022 14. Reconciliations continued December 2021 UK Motor \u00a3m UK Home \u00a3m Int. Ins \u00a3m Other \u00a3m Group \u00a3m Net insurance claims (note 5) 86.1 31.8 170.8 43.6 332.3 Deduct claims handling costs (12.1) (1.4) (8.9) (0.5) (22.9) Prior year release/strengthening \u2013 net original share 128.1 1.8 16.4 2.2 148.5 Prior year release/strengthening \u2013 commuted share 189.2 0.7 \u2013 \u2013 189.9 Impact of reinsurer caps \u2013 \u2013 1.0 \u2013 1.0 Impact of weather events \u2013 (1.1) \u2013 \u2013 (1.1) Attritional current period claims 391.3 31.8 179.3 45.3 647.7 Net insurance premium revenue 496.5 49.1 221.0 88.4 855.0 Loss ratio \u2013 current period attritional 78.8% 64.8% 81.1% \u2013 75.8% Loss ratio \u2013 current period weather events \u2013 2.2% \u2013 \u2013 0.1% Loss ratio \u2013 prior year release/strengthening (net original share) (25.8%) (3.7%) (7.4%) \u2013 (17.4%) Loss ratio \u2013 reported 53.0% 63.3% 73.7% \u2013 58.5% 14c. Reconciliation of expenses related to insurance contracts to reported expense ratios December 2022 UK Motor \u00a3m UK Home \u00a3m Int. Ins \u00a3m Other \u00a3m Group \u00a3m Net insurance expenses (note 9) 125.7 17.0 114.8 40.1 297.6 Claims handling costs 12.0 1.7 14.3 1.2 29.2 Intra-group expenses elimination *1 \u2013 \u2013 0.3 \u2013 0.3 Impact of co- and reinsurers recoveries *2 (35.6) \u2013 (21.7) \u2013 (57.3) Net IFRS 16 finance costs 0.4 \u2013 \u2013 \u2013 0.4 Adjusted net insurance expenses 102.5 18.7 107.7 41.3 270.2 Net insurance premium revenue 471.0 55.6 241.8 142.6 911.0 Expense ratio \u2013 reported 21.8% 33.5% 44.5% \u2013 29.7% December 2021 UK Motor \u00a3m UK Home \u00a3m Int. Ins \u00a3m Other \u00a3m Group \u00a3m Net insurance expenses (note 9) 136.7 17.9 91.3 16.8 262.7 Restructure Costs *3 (41.6) (4.4) \u2013 \u2013 (46.0) Claims handling costs 12.1 1.4 8.9 0.5 22.9 Intra-group expenses elimination *1 \u2013 \u2013 0.3 \u2013 0.3 Impact of reinsurer caps (10.1) \u2013 (1.7) \u2013 (11.8) Net IFRS 16 finance costs 0.5 \u2013 0.1 \u2013 0.6 Adjusted net insurance expenses 97.6 14.9 98.9 17.3 228.7 Net insurance premium revenue 496.5 49.1 221.0 88.4 855.0 Expense ratio \u2013 reported 19.7% 30.3% 44.8% \u2013 26.7% *1 The intra-group expenses elimination amount relates to aggregator fees charges by the Group\u2019s comparison business, Compare.com to other Group companies: given the re-presentation of other comparison businesses to discontinued operations, those expenses are now included in net insurance expenses in note 9, as acquisition costs *2 Impact of co- and reinsurers recoveries relates to the impact of reinsurer caps and ceding commissions *3 For the year ended 31 December 2021, restructure costs of \u00a38.0 million relate to ancillary costs. Total restructure costs incurred for the year ended 31 December 2021 within UK insurance are \u00a354.0 million Admiral ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-503": {
"value": "1. General information Admiral Group plc is a public limited company incorporated in England and Wales. Its registered office is at T\u0177 Admiral, David Street, Cardiff CF10 2EH and its shares are listed on the London Stock Exchange. The nature of Admiral Group operations and its principal activities is set out in the Business model section on page 6. The consolidated financial statements have been prepared and approved by the Directors in accordance with United Kingdom adopted international accounting standards in conformity with the requirements of the Companies Act 2006. The Company has elected to prepare its parent company financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-500": {
"value": "Admiral Group plc ",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-3": {
"value": "Admiral Group plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-6": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-4": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-5": {
"value": "T\u0177 Admiral, David Street, Cardiff CF10 2EH",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-583": {
"value": "The consolidated financial statements have been prepared and approved by the Directors in accordance with United Kingdom adopted international accounting standards in conformity with the requirements of the Companies Act 2006. The Company has elected to prepare its parent company financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101). ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-504": {
"value": "2. Basis of preparation The consolidated financial statements have been prepared on a Going Concern basis. In making this assessment, the Directors\u2019 have considered in detail the impact of the pandemic on the Group\u2019s financial position and performance, including the projection of the Group\u2019s profits, regulatory capital surpluses and sources of liquidity for the next 12 months and beyond. The following areas were focused on as part of this review: \u2022 The Group\u2019s profit projections, including: \u2013 Changes in premium rates and projected policy volumes across the Group\u2019s insurance businesses, including early indications of the impact of the FCA general insurance pricing reform which came into effect at the start of 2022 \u2013 Potential impacts on the cost of settling claims across all insurance businesses, including the impact of inflationary pressures \u2013 Projected trends in other revenue generated by the Group\u2019s insurance business from fees and the sale of ancillary products \u2013 Projected contributions to profit from businesses other than the UK Car insurance business \u2013 Expected trends in unemployment in the context of credit risks and the growth of the Group\u2019s Loans business \u2022 The Group\u2019s solvency position, which has been closely monitored through periods of market volatility. The Group continues to maintain a strong solvency position above target levels \u2022 The adequacy of the Group\u2019s liquidity position after considering all of the factors noted above \u2022 The results of business plan scenarios and stress tests on the projected profitability, solvency and liquidity positions including the impact of severe downside scenarios that assume severe adverse economic, credit and trading stresses \u2022 The regulatory environment, in particular focusing on regulatory guidance issued by the Group\u2019s regulators and ongoing communications between management and regulators \u2022 A review of the Company\u2019s principal risks and uncertainties and the assessment of emerging risks Following consideration of the above, the Directors have reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report, and that it is therefore appropriate to adopt the going concern basis in preparing the financial statements. Further information regarding the Company\u2019s business activities, together with the factors likely to affect its future development, performance and position, is set out in the Strategic Report. Further information regarding the financial position of the Company, its cash flows, liquidity position and borrowing facilities are also described in the Strategic Report. In addition, notes 6 and 12 to the financial statements include the Company\u2019s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and its exposures to credit risk and liquidity risk. The accounting policies set out in the notes to the financial statements have, unless otherwise stated, been applied consistently to all periods presented in these Group financial statements. The financial statements are prepared on the historical cost basis, except for the revaluation of financial assets classified as fair value through profit or loss or as fair value through other comprehensive income. The Group and Company financial statements are presented in pounds sterling, rounded to the nearest \u00a30.1 million. Cash flows from operating activities before movements in investments comprise all cash flows arising from the Group\u2019s insurance and reinsurance activities, and from loans and advances issued to customers. Cash flows from financing activities include the cash flows on issues of loan backed securities, lease liabilities and other financial liabilities. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. The Group has securitised certain loans and advances to customers by the transfer of the loans to special purpose entities (\u201cSPEs\u201d) controlled by the Group. Securitisation enables a subsequent issuance of debt by the SPEs to investors who gain the security of the underlying assets as collateral. These SPEs are fully consolidated into the Group financial statements under IFRS 10, as the Group controls the entity in line with the above definition. The preparation of financial statements in conformity with adopted IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is reviewed. To the extent that a change in an accounting estimate gives rise to changes in assets and liabilities, the movement is recognised by adjusting the carrying amount of the related asset or liability in the period in which the change occurs. Adoption of new and revised standards The Group has adopted the following IFRSs and interpretations during the year, which have been issued and endorsed: \u2022 Amendments to IFRS 3 Reference to the Conceptual Framework (effective 1 January 2022) \u2022 Amendments to IAS 16 Property, Plant and Equipment\u2013Proceeds before Intended Use (effective 1 January 2022) \u2022 Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract (effective 1 January 2022) \u2022 Annual Improvements to IFRS Standards 2018\u20132020 Cycle: Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, and IFRS 16 Leases (effective 1 January 2022) New and revised IFRS Standards in issue but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: \u2022 IFRS 17 Insurance Contracts (effective 1 January 2023) \u2022 Amendments to IAS 1 Classification of Liabilities as Current or Non-current and Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies (effective 1 January 2023) \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (effective 1 January 2023) \u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a single transaction (effective 1 January 2023) The Directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods, except as noted below: IFRS 17: Accounting for Insurance contracts IFRS 17 Insurance Contracts, as issued by the IASB and endorsed by the UK Endorsement Board on 16 May 2022, is a replacement for IFRS 4 Insurance Contracts, effective for annual periods beginning on or after 1 January 2023, with a transition balance sheet date of 1 January 2022. The adoption of IFRS 17 does not change the classification of the Group\u2019s insurance contracts. However, IFRS 17 establishes specific principles for the recognition, measurement, presentation and disclosure of insurance contracts issued and reinsurance contracts held by the Group. Applying IFRS 17 to the Group\u2019s contracts, the scope of the standard is aligned to IFRS 4, with insurance liabilities comprised of the Liability for Remaining Coverage (\u2018LRC\u2019), and the Liability for Incurred Claims (\u2018LIC\u2019). Reinsurance assets are comprised of the Asset for Remaining Coverage (\u2018ARC\u2019) and Asset for Incurred Claims (\u2018AIC\u2019). IFRS 17 outlines a general model, which is simplified if certain criteria are met by measuring the liability for remaining coverage using the premium allocation approach (\u2018PAA\u2019). Under IFRS 17, the Group\u2019s insurance contracts issued and reinsurance contracts held are all eligible to be measured by applying the PAA, given that: \u2022 The Group\u2019s insurance contracts issued have coverage periods of 6 to 12 months in duration and therefore automatically qualify for the PAA under IFRS 17.53(b); and \u2022 Whilst the Group\u2019s reinsurance contracts have coverage periods which extend beyond 12 months, modelling of these contracts shows that using the PAA produces a measurement of the LRC which is not materially different from the LRC produced using the general model. These contracts are therefore eligible to be measured applying the PAA under IFRS 17.53(a). The Group therefore intends to apply the PAA across all of its insurance contracts issued and reinsurance contracts held. Differences in measurement principles The measurement principles of the PAA differ from the approach used by the Group under IFRS 4 in the following key areas: \u2022 The measurement of insurance liabilities and reinsurance assets is performed at a more granular level than IFRS 4, taking into account: \u2013 the type of risk and how it is managed (a \u201cportfolio\u201d of insurance contracts); \u2013 the projected level of profitability; and \u2013 disaggregating the contracts into annual cohorts (i.e. each \u201cgroup\u201d of contracts is considered by underwriting year for the Group. \u2022 The measurement of the liability for incurred claims (claims outstanding under IFRS 4, comprised of the best estimate of claims outstanding plus a margin held above actuarial best estimates for adverse development) is determined on a discounted probability- weighted expected value basis plus an explicit risk adjustment for non-financial risk, which is separately reported \u2022 The measurement of the liability for remaining coverage reflects premiums received less any deferred insurance acquisition cash flows (unless these are expensed as incurred) and less amounts recognised in revenue for insurance services provided. This corresponds to items reported under IFRS 4 as the unearned premium reserve, less deferred acquisition costs and insurance receivables \u2022 Where facts and circumstances exist indicating that a group of contracts may be onerous, the Group must assess whether an onerous loss component should be recognised. The calculation of the onerous loss component compares the fulfilment cashflows relating to the liability for remaining coverage measured using the general model (including the risk adjustment for non-financial risk) to the recognised liability for remaining coverage, with any deficiency recognised as an onerous loss component \u2022 The asset for remaining coverage reflects reinsurance premiums paid for reinsurance held, less ceded earned reinsurance premiums. Ceded reinsurance premiums under IFRS 17 are presented and earned net of any ceded reinsurance expense recoveries, which were presented separately under IFRS 4 and recognised in line with the timing of the gross expenses incurred. In addition, the asset for remaining coverage is adjusted to include a loss-recovery component to reflect the expected recovery of onerous contract losses (on the underlying insurance contracts issued) where such contracts reinsure onerous direct contracts \u2022 The asset for incurred claims reflects the expected reinsurance recoveries of claims related cashflows on a discounted, probability weighted expected value basis, inclusive of the risk adjustment \u2022 Under IFRS 17, income that is currently recognised immediately as commission income on underwritten ancillary products is required to be recognised over the life of the policy as insurance revenue. This is because the commission income is not considered a separable component under IFRS 17. As a result, part of the income that was recognised under IFRS 4 at year end 2021 is deferred under IFRS 17 A Key accounting policy decisions \u2022 As set out above, both the Group\u2019s insurance and reinsurance contracts have been deemed eligible for the PAA, and the Group is intending to apply the PAA across all of its insurance and reinsurance contracts \u2022 The application of the disaggregation requirements of IFRS 17 have resulted in the Group determining its portfolios of insurance contracts as being by country of issue and line of business \u2022 The Group intends to take the option to expense its insurance acquisition cashflows immediately (with all contracts eligible for this treatment, given the coverage period of < 12 months), having previously deferred these expenses under IFRS 4 \u2022 The Group will compute its discount yield curves using a risk-free rate, plus an illiquidity premium reflective of the illiquidity of the underlying claims. The illiquidity premium will be set by reference to several illiquidity data points, principally using illiquidity on internal asset information supplemented by quantitative analysis when required \u2022 The Group intends to implement the option to take the difference arising from changes in the discount yield curve through Other Comprehensive Income rather than the Income Statement, with insurance finance expenses thereby only comprising the unwinding of discounting based on the locked-in rate at the time the claims are incurred \u2022 Although IFRS 17 requires a risk adjustment to be included in the measurement of the liability for incurred claims, there is no prescribed methodology or range. The Group has made an accounting policy decision to base its risk adjustment on a confidence level approach, setting the risk adjustment between the 85th and 95th percentile at an entity level basis, based on Group risk appetite. At the date of transition, the Group expects the risk adjustment to be at the upper end of the corridor Estimated impact of transition The Group is in the advanced stages of implementing the standard. The Group will be applying the standard using a fully retrospective approach, and with its first reporting in 2023 will restate the 2022 comparatives, including the opening Balance Sheet under IFRS 17 as at 1 January 2022. The estimated impact on the opening Balance Sheet is expected to be a reduction in the Group\u2019s equity of between \u00a3100 million and \u00a3130 million. The final impact within the range presented is dependent on the final outcome of a small number of outstanding technical judgements in respect of the calculation of the risk adjustment for non-financial risk. The key changes driving the estimated adverse impact on transition are: \u2022 An adverse impact arising from the Group\u2019s accounting policy choice to expense acquisition costs, which results in a write off of the Group\u2019s gross deferred acquisition cost asset \u2022 A reduction in quota share reinsurance assets as a result of the change in timing in recognition of ceded quota share expense recoveries \u2022 An adverse impact due to the deferral of revenue in relation to underwritten ancillary products, which was previously recognised immediately as commission income \u2022 An offsetting favourable impact due to changes in the Group\u2019s claims liabilities, net of reinsurance, as a result of the requirements for the liability and asset for incurred claims to be calculated using a probability weighted, discounted best estimate plus risk adjustment for non-financial risk. \u2022 The tax treatment of the transition impact follows the accounting treatment, with no transitional relief available. The tax impact on transition has been calculated at an entity level, based on the tax rates that are expected to be in place in 2023, when the transition impacts will be realised. Deferred tax assets in relation to carried forward losses are recognised only to the extent that it is probable future taxable profit will be available against which the assets can be utilised, in accordance with the Group\u2019s accounting policy for taxation These estimates are based on accounting policies, assumptions, judgements and estimation techniques that remain subject to change until the Group finalises and reports its interim results in August 2023. In addition to the impact on equity at transition, there are a number of presentational changes that will result in a reduction in insurance contract liabilities and reinsurance contract assets, primarily as a result of these balances being offset by the related insurance receivables and reinsurance receivables and payables. The cash flows and underlying capital generation of our businesses are not materially affected by IFRS 17, and we do not expect the standard to have an impact on the Group\u2019s Solvency II performance metrics. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-516": {
"value": "The consolidated financial statements have been prepared on a Going Concern basis. In making this assessment, the Directors\u2019 have considered in detail the impact of the pandemic on the Group\u2019s financial position and performance, including the projection of the Group\u2019s profits, regulatory capital surpluses and sources of liquidity for the next 12 months and beyond. The following areas were focused on as part of this review: \u2022 The Group\u2019s profit projections, including: \u2013 Changes in premium rates and projected policy volumes across the Group\u2019s insurance businesses, including early indications of the impact of the FCA general insurance pricing reform which came into effect at the start of 2022 \u2013 Potential impacts on the cost of settling claims across all insurance businesses, including the impact of inflationary pressures \u2013 Projected trends in other revenue generated by the Group\u2019s insurance business from fees and the sale of ancillary products \u2013 Projected contributions to profit from businesses other than the UK Car insurance business \u2013 Expected trends in unemployment in the context of credit risks and the growth of the Group\u2019s Loans business \u2022 The Group\u2019s solvency position, which has been closely monitored through periods of market volatility. The Group continues to maintain a strong solvency position above target levels \u2022 The adequacy of the Group\u2019s liquidity position after considering all of the factors noted above \u2022 The results of business plan scenarios and stress tests on the projected profitability, solvency and liquidity positions including the impact of severe downside scenarios that assume severe adverse economic, credit and trading stresses \u2022 The regulatory environment, in particular focusing on regulatory guidance issued by the Group\u2019s regulators and ongoing communications between management and regulators \u2022 A review of the Company\u2019s principal risks and uncertainties and the assessment of emerging risks Following consideration of the above, the Directors have reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report, and that it is therefore appropriate to adopt the going concern basis in preparing the financial statements. Further information regarding the Company\u2019s business activities, together with the factors likely to affect its future development, performance and position, is set out in the Strategic Report. Further information regarding the financial position of the Company, its cash flows, liquidity position and borrowing facilities are also described in the Strategic Report. In addition, notes 6 and 12 to the financial statements include the Company\u2019s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and its exposures to credit risk and liquidity risk. The accounting policies set out in the notes to the financial statements have, unless otherwise stated, been applied consistently to all periods presented in these Group financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-547": {
"value": "Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. The Group has securitised certain loans and advances to customers by the transfer of the loans to special purpose entities (\u201cSPEs\u201d) controlled by the Group. Securitisation enables a subsequent issuance of debt by the SPEs to investors who gain the security of the underlying assets as collateral. These SPEs are fully consolidated into the Group financial statements under IFRS 10, as the Group controls the entity in line with the above definition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-584": {
"value": "Adoption of new and revised standards The Group has adopted the following IFRSs and interpretations during the year, which have been issued and endorsed: \u2022 Amendments to IFRS 3 Reference to the Conceptual Framework (effective 1 January 2022) \u2022 Amendments to IAS 16 Property, Plant and Equipment\u2013Proceeds before Intended Use (effective 1 January 2022) \u2022 Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract (effective 1 January 2022) \u2022 Annual Improvements to IFRS Standards 2018\u20132020 Cycle: Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, and IFRS 16 Leases (effective 1 January 2022) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-517": {
"value": "Adoption of new and revised standards The Group has adopted the following IFRSs and interpretations during the year, which have been issued and endorsed: \u2022 Amendments to IFRS 3 Reference to the Conceptual Framework (effective 1 January 2022) \u2022 Amendments to IAS 16 Property, Plant and Equipment\u2013Proceeds before Intended Use (effective 1 January 2022) \u2022 Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract (effective 1 January 2022) \u2022 Annual Improvements to IFRS Standards 2018\u20132020 Cycle: Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, and IFRS 16 Leases (effective 1 January 2022) ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-548": {
"value": "Adoption of new and revised standards The Group has adopted the following IFRSs and interpretations during the year, which have been issued and endorsed: \u2022 Amendments to IFRS 3 Reference to the Conceptual Framework (effective 1 January 2022) \u2022 Amendments to IAS 16 Property, Plant and Equipment\u2013Proceeds before Intended Use (effective 1 January 2022) \u2022 Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract (effective 1 January 2022) \u2022 Annual Improvements to IFRS Standards 2018\u20132020 Cycle: Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, and IFRS 16 Leases (effective 1 January 2022) New and revised IFRS Standards in issue but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: \u2022 IFRS 17 Insurance Contracts (effective 1 January 2023) \u2022 Amendments to IAS 1 Classification of Liabilities as Current or Non-current and Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies (effective 1 January 2023) \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (effective 1 January 2023) \u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a single transaction (effective 1 January 2023) The Directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods, except as noted below: IFRS 17: Accounting for Insurance contracts
IFRS 17 Insurance Contracts, as issued by the IASB and endorsed by the UK Endorsement Board on 16 May 2022, is a replacement for
IFRS 4 Insurance Contracts, effective for annual periods beginning on or after 1 January 2023, with a transition balance sheet date of
1 January 2022.
The adoption of IFRS 17 does not change the classification of the Group\u2019s insurance contracts. However, IFRS 17 establishes specific
principles for the recognition, measurement, presentation and disclosure of insurance contracts issued and reinsurance contracts held by
the Group.
Applying IFRS 17 to the Group\u2019s contracts, the scope of the standard is aligned to IFRS 4, with insurance liabilities comprised of the
Liability for Remaining Coverage (\u2018LRC\u2019), and the Liability for Incurred Claims (\u2018LIC\u2019). Reinsurance assets are comprised of the Asset for
Remaining Coverage (\u2018ARC\u2019) and Asset for Incurred Claims (\u2018AIC\u2019).
IFRS 17 outlines a general model, which is simplified if certain criteria are met by measuring the liability for remaining coverage using the
premium allocation approach (\u2018PAA\u2019).
Under IFRS 17, the Group\u2019s insurance contracts issued and reinsurance contracts held are all eligible to be measured by applying the PAA,
given that:
\u2022 The Group\u2019s insurance contracts issued have coverage periods of 6 to 12 months in duration and therefore automatically qualify for the
PAA under IFRS 17.53(b); and
\u2022 Whilst the Group\u2019s reinsurance contracts have coverage periods which extend beyond 12 months, modelling of these contracts shows
that using the PAA produces a measurement of the LRC which is not materially different from the LRC produced using the general
model. These contracts are therefore eligible to be measured applying the PAA under IFRS 17.53(a).
The Group therefore intends to apply the PAA across all of its insurance contracts issued and reinsurance contracts held.
Differences in measurement principles
The measurement principles of the PAA differ from the approach used by the Group under IFRS 4 in the following key areas:
\u2022 The measurement of insurance liabilities and reinsurance assets is performed at a more granular level than IFRS 4, taking into account:
\u2013 the type of risk and how it is managed (a \u201cportfolio\u201d of insurance contracts);
\u2013 the projected level of profitability; and
\u2013 disaggregating the contracts into annual cohorts (i.e. each \u201cgroup\u201d of contracts is considered by underwriting year for the Group.
\u2022 The measurement of the liability for incurred claims (claims outstanding under IFRS 4, comprised of the best estimate of claims
outstanding plus a margin held above actuarial best estimates for adverse development) is determined on a discounted probability-
weighted expected value basis plus an explicit risk adjustment for non-financial risk, which is separately reported
\u2022 The measurement of the liability for remaining coverage reflects premiums received less any deferred insurance acquisition cash flows
(unless these are expensed as incurred) and less amounts recognised in revenue for insurance services provided. This corresponds to
items reported under IFRS 4 as the unearned premium reserve, less deferred acquisition costs and insurance receivables
\u2022 Where facts and circumstances exist indicating that a group of contracts may be onerous, the Group must assess whether an onerous
loss component should be recognised. The calculation of the onerous loss component compares the fulfilment cashflows relating to
the liability for remaining coverage measured using the general model (including the risk adjustment for non-financial risk) to the
recognised liability for remaining coverage, with any deficiency recognised as an onerous loss component
\u2022 The asset for remaining coverage reflects reinsurance premiums paid for reinsurance held, less ceded earned reinsurance premiums.
Ceded reinsurance premiums under IFRS 17 are presented and earned net of any ceded reinsurance expense recoveries, which were
presented separately under IFRS 4 and recognised in line with the timing of the gross expenses incurred. In addition, the asset for
remaining coverage is adjusted to include a loss-recovery component to reflect the expected recovery of onerous contract losses
(on the underlying insurance contracts issued) where such contracts reinsure onerous direct contracts
\u2022 The asset for incurred claims reflects the expected reinsurance recoveries of claims related cashflows on a discounted, probability
weighted expected value basis, inclusive of the risk adjustment
\u2022 Under IFRS 17, income that is currently recognised immediately as commission income on underwritten ancillary products is required
to be recognised over the life of the policy as insurance revenue. This is because the commission income is not considered a separable
component under IFRS 17. As a result, part of the income that was recognised under IFRS 4 at year end 2021 is deferred under IFRS 17
Key accounting policy decisions \u2022 As set out above, both the Group\u2019s insurance and reinsurance contracts have been deemed eligible for the PAA, and the Group is intending to apply the PAA across all of its insurance and reinsurance contracts \u2022 The application of the disaggregation requirements of IFRS 17 have resulted in the Group determining its portfolios of insurance contracts as being by country of issue and line of business \u2022 The Group intends to take the option to expense its insurance acquisition cashflows immediately (with all contracts eligible for this treatment, given the coverage period of < 12 months), having previously deferred these expenses under IFRS 4 \u2022 The Group will compute its discount yield curves using a risk-free rate, plus an illiquidity premium reflective of the illiquidity of the underlying claims. The illiquidity premium will be set by reference to several illiquidity data points, principally using illiquidity on internal asset information supplemented by quantitative analysis when required \u2022 The Group intends to implement the option to take the difference arising from changes in the discount yield curve through Other Comprehensive Income rather than the Income Statement, with insurance finance expenses thereby only comprising the unwinding of discounting based on the locked-in rate at the time the claims are incurred \u2022 Although IFRS 17 requires a risk adjustment to be included in the measurement of the liability for incurred claims, there is no prescribed methodology or range. The Group has made an accounting policy decision to base its risk adjustment on a confidence level approach, setting the risk adjustment between the 85th and 95th percentile at an entity level basis, based on Group risk appetite. At the date of transition, the Group expects the risk adjustment to be at the upper end of the corridor Estimated impact of transition The Group is in the advanced stages of implementing the standard. The Group will be applying the standard using a fully retrospective approach, and with its first reporting in 2023 will restate the 2022 comparatives, including the opening Balance Sheet under IFRS 17 as at 1 January 2022. The estimated impact on the opening Balance Sheet is expected to be a reduction in the Group\u2019s equity of between \u00a3100 million and \u00a3130 million. The final impact within the range presented is dependent on the final outcome of a small number of outstanding technical judgements in respect of the calculation of the risk adjustment for non-financial risk. The key changes driving the estimated adverse impact on transition are: \u2022 An adverse impact arising from the Group\u2019s accounting policy choice to expense acquisition costs, which results in a write off of the Group\u2019s gross deferred acquisition cost asset \u2022 A reduction in quota share reinsurance assets as a result of the change in timing in recognition of ceded quota share expense recoveries \u2022 An adverse impact due to the deferral of revenue in relation to underwritten ancillary products, which was previously recognised immediately as commission income \u2022 An offsetting favourable impact due to changes in the Group\u2019s claims liabilities, net of reinsurance, as a result of the requirements for the liability and asset for incurred claims to be calculated using a probability weighted, discounted best estimate plus risk adjustment for non-financial risk. \u2022 The tax treatment of the transition impact follows the accounting treatment, with no transitional relief available. The tax impact on transition has been calculated at an entity level, based on the tax rates that are expected to be in place in 2023, when the transition impacts will be realised. Deferred tax assets in relation to carried forward losses are recognised only to the extent that it is probable future taxable profit will be available against which the assets can be utilised, in accordance with the Group\u2019s accounting policy for taxation These estimates are based on accounting policies, assumptions, judgements and estimation techniques that remain subject to change until the Group finalises and reports its interim results in August 2023. In addition to the impact on equity at transition, there are a number of presentational changes that will result in a reduction in insurance contract liabilities and reinsurance contract assets, primarily as a result of these balances being offset by the related insurance receivables and reinsurance receivables and payables. The cash flows and underlying capital generation of our businesses are not materially affected by IFRS 17, and we do not expect the standard to have an impact on the Group\u2019s Solvency II performance metrics. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-549": {
"value": "3. Critical accounting judgements and key sources of estimation uncertainty In applying the Group\u2019s accounting policies as described in the notes to the financial statements, the Directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical accounting judgements The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Classification of the Group\u2019s contracts with reinsurers as reinsurance contracts A contract is required to transfer significant insurance risk in order to be classified as such. Management reviews all terms and conditions of each such insurance and reinsurance contract in order to be able to make this judgement. In particular, all reinsurance contracts (both excess of loss and quota share contracts) held by the Group have been assessed and it has been concluded that all contracts transfer significant insurance risk and have therefore been classified and accounted for as reinsurance contracts within these financial statements. Consolidation of the Group\u2019s special purpose entities (\u2018SPEs\u2019) The Group has set up SPEs in relation to the Admiral Loans business, whereby the Group securitises certain loans by the transfer of the loans to the respective SPEs. The securitisation enables a subsequent issue of debt by the SPEs to investors who gain the security of the underlying assets as collateral. The accounting treatment of SPEs has been assessed and it has been concluded that the entities should be fully consolidated into the Group\u2019s financial statements under IFRS 10. This is due to the fact that despite not having legal ownership, the Group has control of the SPEs, being exposed to the returns and having the ability to affect those returns through its power over the SPEs. The SPEs have been fully consolidated into the Group\u2019s financial statements. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Calculation of insurance claims provisions and reinsurance assets The Group\u2019s reserving policy requires management to set provisions for outstanding claims for the purpose of the financial statements, above the projected best estimate outcome to allow for unforeseen adverse claims development. In the application of this policy, management applies judgement in: \u2022 Calculating the best estimate of the gross ultimate total cost of settling claims that have been incurred prior to the balance sheet date; \u2022 Calculating the best estimate of the non-proportional excess of loss reinsurance recoveries relating to outstanding claims; and \u2022 Determining where, above the projected best estimate outcomes of gross outstanding claims and reinsurance recoveries, the insurance claims provisions should sit in line with the Group\u2019s reserving methodology Estimation techniques are used in the calculation of the provisions for claims outstanding, which represent a projection of the ultimate estimated total cost of settling claims that have been incurred prior to the balance sheet date and remain unsettled at the balance sheet date, along with a margin to allow for unforeseen adverse claims development. The primary areas of estimation uncertainty are as follows: 1) Calculation of gross best estimate claims provisions The key area where estimation techniques are used is in the ultimate projected cost of reported claims, which includes the emergence of claims that occurred prior to the balance sheet date, but had not been reported at that date. The Group, utilising internal actuarial teams, projects the best estimate claims reserves using a variety of different recognised actuarial projection techniques (for example incurred and paid chain ladders, and initial expected assumptions) to allow an actuarial assessment of their potential outcome. This includes an allowance for unreported claims. The projection techniques are subject to review by an independent external actuarial specialist to provide an impartial assessment. Claims are segmented into groups with similar characteristics and which are expected to develop and behave similarly, for example bodily injury (attritional and large) and damage claims, with specific projection methods selected for each head of damage. Key sources of estimation uncertainty arise from both the selection of the projection methods and the assumptions made in setting claims provisions through the review of historical development of underlying case reserve estimates, overlaid with emerging market trends. Allowance is made for changes arising from the internal and external environment which may cause future claim cost inflation to deviate from that seen in historic data. Examples of these factors include: \u2022 Changes in the reporting patterns of claims impacting the frequency of bodily injury claims; \u2022 Emerging inflationary trends on the average cost of bodily injury and damage claims; \u2022 The likelihood of bodily injury claims settling as Periodic Payment Orders; \u2022 Changes in the regulatory or legal environment that lead to changes in awards for bodily injury claims and associated legal costs; \u2022 Changes to the underlying process and methodologies employed in setting and reviewing case reserve estimates Implicit assumptions in the actuarial projections include average cost per claim and average claim numbers by accident year, future rates of claims inflation and loss ratios by accident year and underwriting year. These metrics are reviewed and challenged as part of the process for making allowance for the uncertainties noted. 2) Calculation of excess of loss reinsurance recoveries The Group uses excess of loss reinsurance in order to mitigate the impact of large claims. The reinsurance is non-proportional and recoveries are made on individual claims above the relevant thresholds. As for the underlying gross claims, actuarial teams project the best estimate excess of loss reinsurance recoveries using a variety of actuarial projection techniques that focus on both the ultimate frequency of reported recoveries and the average size of the recovery. Key sources of estimation uncertainty arise from both the selection of the projection methods and the assumptions made in calculating the recoveries through the review of historical development of underlying case reserve estimates, overlaid with emerging market trends. The most significant element of the estimation relates to large bodily injury claims. The key assumption in the calculation of excess of loss recoveries relates to the numbers of large claims in the Group\u2019s UK Motor insurance business that will attract recoveries, where the high retention means that a small number of additional large claims would potentially result in a material increase in the excess of loss recoveries. 3) Calculation of the margin held for adverse development A wide range of factors inform management\u2019s recommendation in setting the margin held above actuarial best estimates, which is subject to approval from the Group\u2019s Reserving and Audit Committees, including: \u2022 Reserve KPIs such as the level of margin as a percentage of the ultimate reserve; \u2022 Results of stress testing of key assumptions underpinning key actuarial assumptions within best estimate reserves; \u2022 A review of a number of individual and aggregated reserve scenarios which may result in future adverse variance to the ultimate best estimate reserve; \u2022 Qualitative assessment of the level of uncertainty and volatility within the reserves and the change in that assessment compared to previous periods In addition, for the Group\u2019s UK Car insurance business, the Group\u2019s internal reserve risk distribution is used to determine the approximate confidence level of the recommended booked reserve position which enables comparison of the reserve strength to previous periods and of it\u2019s compliance with IFRS 4. For sensitivities in respect of the claims reserves, refer to note 5d(ii) of the financial statements. These sensitivities are provided based on booked loss ratios, as it is impractical to disaggregate the assumptions further, but for the disaggregated assumptions it is reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from the assumption could require a material adjustment to the carrying amount. For further detail on objectives, policies and procedures for managing insurance risk, refer to note 5 of the financial statements. Future changes in claims reserves also impact profit commission income, as the measurement of this income is dependent on the loss ratio booked in the financial statements, and cash receivable is dependent on actuarial projections of ultimate loss ratios. Calculation of expected credit loss provision The Group is required to calculate an expected credit loss (\u2018ECL\u2019) allowance in respect of the carrying value of the Admiral loans book in line with the requirements of IFRS 9. Due to the size of the loan book, the calculation of the ECL is deemed to be a critical accounting judgement and includes key sources of estimation uncertainty. Management applies judgement in: \u2022 Determining the appropriate modelling solution for measuring the ECL; \u2022 Calibrating and selecting appropriate assumptions; \u2022 Setting the criteria for what constitutes a significant increase in credit risk; \u2022 Identification of key scenarios to include and determining the credit loss in these instances The key areas of estimation uncertainty are in the calculation of the probability of default (PD) in the base scenario for stage 1 and 2 assets, and the determination, impact assessment and weighting of the forward-looking scenarios. Refer to the analysis in note 7 to the financial statements for further detail on the Group\u2019s ECL methodology applied in the period. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-518": {
"value": "3. Critical accounting judgements and key sources of estimation uncertainty In applying the Group\u2019s accounting policies as described in the notes to the financial statements, the Directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical accounting judgements The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Classification of the Group\u2019s contracts with reinsurers as reinsurance contracts A contract is required to transfer significant insurance risk in order to be classified as such. Management reviews all terms and conditions of each such insurance and reinsurance contract in order to be able to make this judgement. In particular, all reinsurance contracts (both excess of loss and quota share contracts) held by the Group have been assessed and it has been concluded that all contracts transfer significant insurance risk and have therefore been classified and accounted for as reinsurance contracts within these financial statements. Consolidation of the Group\u2019s special purpose entities (\u2018SPEs\u2019) The Group has set up SPEs in relation to the Admiral Loans business, whereby the Group securitises certain loans by the transfer of the loans to the respective SPEs. The securitisation enables a subsequent issue of debt by the SPEs to investors who gain the security of the underlying assets as collateral. The accounting treatment of SPEs has been assessed and it has been concluded that the entities should be fully consolidated into the Group\u2019s financial statements under IFRS 10. This is due to the fact that despite not having legal ownership, the Group has control of the SPEs, being exposed to the returns and having the ability to affect those returns through its power over the SPEs. The SPEs have been fully consolidated into the Group\u2019s financial statements. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Calculation of insurance claims provisions and reinsurance assets The Group\u2019s reserving policy requires management to set provisions for outstanding claims for the purpose of the financial statements, above the projected best estimate outcome to allow for unforeseen adverse claims development. In the application of this policy, management applies judgement in: \u2022 Calculating the best estimate of the gross ultimate total cost of settling claims that have been incurred prior to the balance sheet date; \u2022 Calculating the best estimate of the non-proportional excess of loss reinsurance recoveries relating to outstanding claims; and \u2022 Determining where, above the projected best estimate outcomes of gross outstanding claims and reinsurance recoveries, the insurance claims provisions should sit in line with the Group\u2019s reserving methodology Estimation techniques are used in the calculation of the provisions for claims outstanding, which represent a projection of the ultimate estimated total cost of settling claims that have been incurred prior to the balance sheet date and remain unsettled at the balance sheet date, along with a margin to allow for unforeseen adverse claims development. The primary areas of estimation uncertainty are as follows: 1) Calculation of gross best estimate claims provisions The key area where estimation techniques are used is in the ultimate projected cost of reported claims, which includes the emergence of claims that occurred prior to the balance sheet date, but had not been reported at that date. The Group, utilising internal actuarial teams, projects the best estimate claims reserves using a variety of different recognised actuarial projection techniques (for example incurred and paid chain ladders, and initial expected assumptions) to allow an actuarial assessment of their potential outcome. This includes an allowance for unreported claims. The projection techniques are subject to review by an independent external actuarial specialist to provide an impartial assessment. Claims are segmented into groups with similar characteristics and which are expected to develop and behave similarly, for example bodily injury (attritional and large) and damage claims, with specific projection methods selected for each head of damage. Key sources of estimation uncertainty arise from both the selection of the projection methods and the assumptions made in setting claims provisions through the review of historical development of underlying case reserve estimates, overlaid with emerging market trends. Allowance is made for changes arising from the internal and external environment which may cause future claim cost inflation to deviate from that seen in historic data. Examples of these factors include: \u2022 Changes in the reporting patterns of claims impacting the frequency of bodily injury claims; \u2022 Emerging inflationary trends on the average cost of bodily injury and damage claims; \u2022 The likelihood of bodily injury claims settling as Periodic Payment Orders; \u2022 Changes in the regulatory or legal environment that lead to changes in awards for bodily injury claims and associated legal costs; \u2022 Changes to the underlying process and methodologies employed in setting and reviewing case reserve estimates Implicit assumptions in the actuarial projections include average cost per claim and average claim numbers by accident year, future rates of claims inflation and loss ratios by accident year and underwriting year. These metrics are reviewed and challenged as part of the process for making allowance for the uncertainties noted. 2) Calculation of excess of loss reinsurance recoveries The Group uses excess of loss reinsurance in order to mitigate the impact of large claims. The reinsurance is non-proportional and recoveries are made on individual claims above the relevant thresholds. As for the underlying gross claims, actuarial teams project the best estimate excess of loss reinsurance recoveries using a variety of actuarial projection techniques that focus on both the ultimate frequency of reported recoveries and the average size of the recovery. Key sources of estimation uncertainty arise from both the selection of the projection methods and the assumptions made in calculating the recoveries through the review of historical development of underlying case reserve estimates, overlaid with emerging market trends. The most significant element of the estimation relates to large bodily injury claims. The key assumption in the calculation of excess of loss recoveries relates to the numbers of large claims in the Group\u2019s UK Motor insurance business that will attract recoveries, where the high retention means that a small number of additional large claims would potentially result in a material increase in the excess of loss recoveries. 3) Calculation of the margin held for adverse development A wide range of factors inform management\u2019s recommendation in setting the margin held above actuarial best estimates, which is subject to approval from the Group\u2019s Reserving and Audit Committees, including: \u2022 Reserve KPIs such as the level of margin as a percentage of the ultimate reserve; \u2022 Results of stress testing of key assumptions underpinning key actuarial assumptions within best estimate reserves; \u2022 A review of a number of individual and aggregated reserve scenarios which may result in future adverse variance to the ultimate best estimate reserve; \u2022 Qualitative assessment of the level of uncertainty and volatility within the reserves and the change in that assessment compared to previous periods In addition, for the Group\u2019s UK Car insurance business, the Group\u2019s internal reserve risk distribution is used to determine the approximate confidence level of the recommended booked reserve position which enables comparison of the reserve strength to previous periods and of it\u2019s compliance with IFRS 4. For sensitivities in respect of the claims reserves, refer to note 5d(ii) of the financial statements. These sensitivities are provided based on booked loss ratios, as it is impractical to disaggregate the assumptions further, but for the disaggregated assumptions it is reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from the assumption could require a material adjustment to the carrying amount. For further detail on objectives, policies and procedures for managing insurance risk, refer to note 5 of the financial statements. Future changes in claims reserves also impact profit commission income, as the measurement of this income is dependent on the loss ratio booked in the financial statements, and cash receivable is dependent on actuarial projections of ultimate loss ratios. Calculation of expected credit loss provision The Group is required to calculate an expected credit loss (\u2018ECL\u2019) allowance in respect of the carrying value of the Admiral loans book in line with the requirements of IFRS 9. Due to the size of the loan book, the calculation of the ECL is deemed to be a critical accounting judgement and includes key sources of estimation uncertainty. Management applies judgement in: \u2022 Determining the appropriate modelling solution for measuring the ECL; \u2022 Calibrating and selecting appropriate assumptions; \u2022 Setting the criteria for what constitutes a significant increase in credit risk; \u2022 Identification of key scenarios to include and determining the credit loss in these instances The key areas of estimation uncertainty are in the calculation of the probability of default (PD) in the base scenario for stage 1 and 2 assets, and the determination, impact assessment and weighting of the forward-looking scenarios. Refer to the analysis in note 7 to the financial statements for further detail on the Group\u2019s ECL methodology applied in the period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-505": {
"value": "3. Critical accounting judgements and key sources of estimation uncertainty In applying the Group\u2019s accounting policies as described in the notes to the financial statements, the Directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical accounting judgements The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Classification of the Group\u2019s contracts with reinsurers as reinsurance contracts A contract is required to transfer significant insurance risk in order to be classified as such. Management reviews all terms and conditions of each such insurance and reinsurance contract in order to be able to make this judgement. In particular, all reinsurance contracts (both excess of loss and quota share contracts) held by the Group have been assessed and it has been concluded that all contracts transfer significant insurance risk and have therefore been classified and accounted for as reinsurance contracts within these financial statements. Consolidation of the Group\u2019s special purpose entities (\u2018SPEs\u2019) The Group has set up SPEs in relation to the Admiral Loans business, whereby the Group securitises certain loans by the transfer of the loans to the respective SPEs. The securitisation enables a subsequent issue of debt by the SPEs to investors who gain the security of the underlying assets as collateral. The accounting treatment of SPEs has been assessed and it has been concluded that the entities should be fully consolidated into the Group\u2019s financial statements under IFRS 10. This is due to the fact that despite not having legal ownership, the Group has control of the SPEs, being exposed to the returns and having the ability to affect those returns through its power over the SPEs. The SPEs have been fully consolidated into the Group\u2019s financial statements. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Calculation of insurance claims provisions and reinsurance assets The Group\u2019s reserving policy requires management to set provisions for outstanding claims for the purpose of the financial statements, above the projected best estimate outcome to allow for unforeseen adverse claims development. In the application of this policy, management applies judgement in: \u2022 Calculating the best estimate of the gross ultimate total cost of settling claims that have been incurred prior to the balance sheet date; \u2022 Calculating the best estimate of the non-proportional excess of loss reinsurance recoveries relating to outstanding claims; and \u2022 Determining where, above the projected best estimate outcomes of gross outstanding claims and reinsurance recoveries, the insurance claims provisions should sit in line with the Group\u2019s reserving methodology Estimation techniques are used in the calculation of the provisions for claims outstanding, which represent a projection of the ultimate estimated total cost of settling claims that have been incurred prior to the balance sheet date and remain unsettled at the balance sheet date, along with a margin to allow for unforeseen adverse claims development. The primary areas of estimation uncertainty are as follows: 1) Calculation of gross best estimate claims provisions The key area where estimation techniques are used is in the ultimate projected cost of reported claims, which includes the emergence of claims that occurred prior to the balance sheet date, but had not been reported at that date. The Group, utilising internal actuarial teams, projects the best estimate claims reserves using a variety of different recognised actuarial projection techniques (for example incurred and paid chain ladders, and initial expected assumptions) to allow an actuarial assessment of their potential outcome. This includes an allowance for unreported claims. The projection techniques are subject to review by an independent external actuarial specialist to provide an impartial assessment. Claims are segmented into groups with similar characteristics and which are expected to develop and behave similarly, for example bodily injury (attritional and large) and damage claims, with specific projection methods selected for each head of damage. Key sources of estimation uncertainty arise from both the selection of the projection methods and the assumptions made in setting claims provisions through the review of historical development of underlying case reserve estimates, overlaid with emerging market trends. Allowance is made for changes arising from the internal and external environment which may cause future claim cost inflation to deviate from that seen in historic data. Examples of these factors include: \u2022 Changes in the reporting patterns of claims impacting the frequency of bodily injury claims; \u2022 Emerging inflationary trends on the average cost of bodily injury and damage claims; \u2022 The likelihood of bodily injury claims settling as Periodic Payment Orders; \u2022 Changes in the regulatory or legal environment that lead to changes in awards for bodily injury claims and associated legal costs; \u2022 Changes to the underlying process and methodologies employed in setting and reviewing case reserve estimates Implicit assumptions in the actuarial projections include average cost per claim and average claim numbers by accident year, future rates of claims inflation and loss ratios by accident year and underwriting year. These metrics are reviewed and challenged as part of the process for making allowance for the uncertainties noted. 2) Calculation of excess of loss reinsurance recoveries The Group uses excess of loss reinsurance in order to mitigate the impact of large claims. The reinsurance is non-proportional and recoveries are made on individual claims above the relevant thresholds. As for the underlying gross claims, actuarial teams project the best estimate excess of loss reinsurance recoveries using a variety of actuarial projection techniques that focus on both the ultimate frequency of reported recoveries and the average size of the recovery. Key sources of estimation uncertainty arise from both the selection of the projection methods and the assumptions made in calculating the recoveries through the review of historical development of underlying case reserve estimates, overlaid with emerging market trends. The most significant element of the estimation relates to large bodily injury claims. The key assumption in the calculation of excess of loss recoveries relates to the numbers of large claims in the Group\u2019s UK Motor insurance business that will attract recoveries, where the high retention means that a small number of additional large claims would potentially result in a material increase in the excess of loss recoveries. 3) Calculation of the margin held for adverse development A wide range of factors inform management\u2019s recommendation in setting the margin held above actuarial best estimates, which is subject to approval from the Group\u2019s Reserving and Audit Committees, including: \u2022 Reserve KPIs such as the level of margin as a percentage of the ultimate reserve; \u2022 Results of stress testing of key assumptions underpinning key actuarial assumptions within best estimate reserves; \u2022 A review of a number of individual and aggregated reserve scenarios which may result in future adverse variance to the ultimate best estimate reserve; \u2022 Qualitative assessment of the level of uncertainty and volatility within the reserves and the change in that assessment compared to previous periods In addition, for the Group\u2019s UK Car insurance business, the Group\u2019s internal reserve risk distribution is used to determine the approximate confidence level of the recommended booked reserve position which enables comparison of the reserve strength to previous periods and of it\u2019s compliance with IFRS 4. For sensitivities in respect of the claims reserves, refer to note 5d(ii) of the financial statements. These sensitivities are provided based on booked loss ratios, as it is impractical to disaggregate the assumptions further, but for the disaggregated assumptions it is reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from the assumption could require a material adjustment to the carrying amount. For further detail on objectives, policies and procedures for managing insurance risk, refer to note 5 of the financial statements. Future changes in claims reserves also impact profit commission income, as the measurement of this income is dependent on the loss ratio booked in the financial statements, and cash receivable is dependent on actuarial projections of ultimate loss ratios. Calculation of expected credit loss provision The Group is required to calculate an expected credit loss (\u2018ECL\u2019) allowance in respect of the carrying value of the Admiral loans book in line with the requirements of IFRS 9. Due to the size of the loan book, the calculation of the ECL is deemed to be a critical accounting judgement and includes key sources of estimation uncertainty. Management applies judgement in: \u2022 Determining the appropriate modelling solution for measuring the ECL; \u2022 Calibrating and selecting appropriate assumptions; \u2022 Setting the criteria for what constitutes a significant increase in credit risk; \u2022 Identification of key scenarios to include and determining the credit loss in these instances The key areas of estimation uncertainty are in the calculation of the probability of default (PD) in the base scenario for stage 1 and 2 assets, and the determination, impact assessment and weighting of the forward-looking scenarios. Refer to the analysis in note 7 to the financial statements for further detail on the Group\u2019s ECL methodology applied in the period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-506": {
"value": "4. Operating segments 4a. Accounting policies (i) Group consolidation The consolidated financial statements comprise the results and balances of the Company and all entities controlled by the Company, being its subsidiaries and SPEs (together referred to as the Group), for the year ended 31 December 2022 and comparative figures for the year ended 31 December 2021. The financial statements of the Company\u2019s subsidiaries and its SPEs are consolidated in the Group financial statements. The Company controls 100% of the voting share capital of all its principal subsidiaries, except Admiral Law Limited, Inspop USA LLC, comparenow.com Insurance Agency LLC (indirect holding). An SPE is fully consolidated into the Group financial statements under IFRS 10, where the Group has control over the SPE. The parent company financial statements present information about the Company as a separate entity and not about its Group. In accordance with IAS 24, transactions or balances between Group companies that have been eliminated on consolidation are not reported as related party transactions in the consolidated financial statements. (ii) Foreign currency translation Items included in the financial records of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in pounds sterling, the Group\u2019s presentational currency, rounded to the nearest \u00a30.1 million. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Non-monetary items measured at cost are translated at their historic rate and non-monetary items held at fair value are translated using the foreign exchange rate on the date that the fair value was established. The financial statements of foreign operations whose functional currency is not pounds sterling are translated into the Group presentation currency (pound sterling) as follows: \u2022 Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet \u2022 Income and expenses for each income statement are translated at average monthly exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the date of the transaction) \u2022 All resulting exchange differences are recognised in other comprehensive income and in a separate component of equity except to the extent that the translation differences are attributable to non-controlling interests On disposal of a foreign operation, the cumulative amount recognised in equity relating to that particular operation is recognised in the income statement. 4. Operating segments continued 4b. Segment reporting The Group has four (five for financial year 2021 including discontinued operations) reportable segments, as described below. These segments represent the principal split of business that is regularly reported to the Group\u2019s Board of Directors, which is considered to be the Group\u2019s chief operating decision maker in line with IFRS 8 Operating Segments. UK Insurance The segment consists of the underwriting of Motor, Household, Pet and Travel insurance and other products that supplement these insurance policies within the UK. It also includes the generation of revenue from additional products and fees from underwriting insurance in the UK. The Directors consider the results of these activities to be reportable as one segment as the activities carried out in generating the revenue are not independent of each other and are performed as one business. This mirrors the approach taken in management reporting. International Insurance The segment consists of the underwriting of car and home insurance and the generation of revenue from additional products and fees from underwriting car insurance outside of the UK. It specifically covers the Group operations Admiral Seguros in Spain, ConTe in Italy, L\u2019olivier Assurance in France and Elephant Auto in the US. None of these operations are reportable on an individual basis, based on the threshold requirements in IFRS 8. Admiral Money The segment relates to the Admiral Money business launched in 2017, which provides unsecured personal loans and car finance products in the UK, primarily through the comparison channel. Other The \u2018Other\u2019 segment is designed to be comprised of all other operating segments that are not separately reported to the Group\u2019s Board of Directors and do not meet the threshold requirements for individual reporting. It includes compare.com and Admiral Pioneer. Discontinued operations \u2013 2021 Financial Year As set out in note 13 to the financial statements, on 29 December 2020 the Group announced its planned sale of the majority of its comparison businesses. The sale was completed on 30 April 2021. The comparison operations are presented as discontinued operations in 2021. The results for 2021 are reflective of the profit on disposal and four months of trading prior to disposal. The segment relates to the comparison businesses disposed of including: Confused.com in the UK, Rastreator in Spain, LeLynx in France, and Preminen entities. Taxes are not allocated across the segments and, as with the corporate activities, are included in the reconciliation to the consolidated income statement and consolidated statement of financial position. An analysis of the Group\u2019s revenue and results for the year ended 31 December 2022, by reportable segment, is shown below. The accounting policies of the reportable segments are materially consistent with those presented in the notes to the financial statements for the Group. Year ended 31 December 2022 UK Insurance \u00a3m International Insurance \u00a3m Admiral Money \u00a3m Other \u00a3m Eliminations*4 \u00a3m Total \u00a3m Turnover*1 2,784.3 795.9 59.0 41.7 (0.3) 3,680.6 Net insurance premium revenue 628.8 251.7 \u2013 30.5 \u2013 911.0 Other Revenue and profit commission 440.8 40.1 0.3 8.8 (0.3) 489.7 Net interest income \u2013 \u2013 44.6 \u2013 1.5 46.1 Investment return *2 35.0 2.3 \u2013 (0.1) (2.2) 35.0 Net revenue 1,104.6 294.1 44.9 39.2 (1.0) 1,481.8 Net insurance claims (260.4) (227.3) \u2013 (18.4) \u2013 (506.1) Expenses (228.3) (120.6) (42.8) (40.0) 0.3 (431.4) Segment profit/(loss) before tax 615.9 (53.8) 2.1 (19.2) (0.7) 544.3 Other central revenue and expenses, including share scheme charges (75.3) Investment and interest income 11.4 Finance costs*3 (11.4) Consolidated profit before tax 469.0 Taxation expense (97.2) Consolidated profit after tax 371.8 Other segment items: \u2013 Intangible and tangible asset additions 122.2 44.7 2.3 13.6 \u2013 182.8 \u2013 Depreciation and amortisation 63.9 50.4 1.0 7.6 \u2013 122.9 4. Operating segments continued Revenue and results for the corresponding reportable segments for the year ended 31 December 2021 are shown below. Year ended 31 December 2021 UK Insurance \u00a3m International Insurance \u00a3m Admiral Money \u00a3m Other \u00a3m Discontinued operations*6 \u00a3m Eliminations *4 \u00a3m Total (continuing) \u00a3m Total \u00a3m Turnover*1 2,751.7 690.3 37.6 27.9 67.2 (7.8) 3,507.3 3,566.9 Net insurance premium revenue 612.6 230.0 \u2013 12.4 \u2013 \u2013 855.0 855.0 Other Revenue and profit commission 577.8 34.6 1.0 6.1 67.2 (7.8) 619.3 678.9 Net interest income \u2013 \u2013 27.8 \u2013 \u2013 2.7 30.5 30.5 Investment return *2 40.8 0.5 \u2013 \u2013 \u2013 (2.7) 38.6 38.6 Net revenue 1,231.2 265.1 28.8 18.5 67.2 (7.8) 1,543.4 1,603.0 Net insurance claims (144.5) (176.2) \u2013 (11.6) \u2013 \u2013 (332.3) (332.3) Expenses (246.7) (100.5) (34.3) (20.6) (55.5) 7.8 (401.9) (449.8) Gain on disposal \u2013 \u2013 \u2013 \u2013 404.4 \u2013 \u2013 404.4 Segment profit/(loss) before tax 840.0 (11.6) (5.5) (13.7) 416.1 \u2013 809.2 1,225.3 Other central revenue and expenses, including share scheme charges (88.3) (88.7) Investment and interest income 4.0 4.0 Finance costs*3 (11.4) (11.4) Consolidated profit before tax *5 713.5 1,129.2 Taxation expense (130.2) (132.5) Consolidated profit after tax 583.3 996.7 Other segment items: \u2013 Intangible and tangible asset additions 94.8 47.6 0.6 1.2 \u2013 \u2013 144.2 144.2 \u2013 Depreciation and amortisation 65.5 44.5 0.7 0.2 \u2013 \u2013 110.9 110.9 *1 Turnover is an Alternative Performance Measure presented before intra-group eliminations and consists of total premiums written (including co-insurers\u2019 share) and Other revenue. Refer to the glossary and note 14 for further information *2 Investment return is reported net of impairment on financial assets, in line with management reporting *3 \u00a30.5 million (2021: \u00a30.6 million) of IFRS 16 interest expense (being the Group\u2019s net share of IFRS 16 interest expense) included within Finance Costs in the income statement has been reallocated to individual segments within expenses, in line with management segmental reporting *4 Eliminations are in respect of the intra-group trading between the Group\u2019s comparison and UK and International insurance entities and intra-group interest. Of the \u00a30.3 million (2021: \u00a37.8 million) elimination of other revenue and profit commission, \u00a3nil (2021: \u00a37.6 million) relates to discontinued operations, with the remaining \u00a30.3 million (2021: \u00a30.2 million) relating to compare.com. \u00a31.5 million (2021: \u00a32.7 million) of intra-group interest charges related to the UK Insurance and Admiral Money segment and \u00a30.7 million (2021: \u00a3nil) related to UK Insurance and central finance costs have also been eliminated on consolidation *5 Profit before tax for the year ended 31 December 2021 above of \u00a31,129.2 million includes profit before tax from continuing operations (\u00a3713.5 million) and discontinued operations (\u00a3415.7 million, including \u00a30.4 million of central expenses) *6 See note 13 for further detail on discontinued operations Segment revenues The UK and International insurance reportable segments derive all insurance premium income from external policyholders. Revenue within these segments is not derived from an individual policyholder that represents 10% or more of the Group\u2019s total revenue. Revenues from external customers for products and services are consistent with the split of reportable segment revenues. Information about geographical locations All material revenues from external customers, and net assets attributed to a foreign country, are shown within the International insurance reportable segment shown on the previous pages. Segment assets and liabilities The identifiable segment assets and liabilities at 31 December 2022 are as follows: As at 31 December 2022 UK Insurance \u00a3m International Insurance \u00a3m Admiral Money \u00a3m Other \u00a3m Elimination \u00a3m Total \u00a3m Reportable segment assets 6,908.0 1,313.8 929.2 285.3 (693.4) 8,742.9 Reportable segment liabilities 5,884.7 1,150.3 902.1 500.1 (683.5) 7,753.7 Reportable segment net assets 1,023.3 163.5 27.1 (214.8) (9.9) 989.2 Unallocated assets and liabilities (33.8) Consolidated net assets 955.4 Unallocated assets and liabilities consist of other central assets and liabilities, plus deferred and current corporation tax balances. These assets and liabilities are not regularly reviewed by the Board of Directors in the reportable segment format. Eliminations represent inter-segment funding, balances included in insurance and other receivables and deemed loan receivables in respect of securitised loan receivables. The segment assets and liabilities at 31 December 2021 are as follows: As at 31 December 2021 UK Insurance \u00a3m International Insurance \u00a3m Admiral Money \u00a3m Other \u00a3m Eliminations \u00a3m Total \u00a3m Reportable segment assets 6,428.8 1,059.0 762.2 150.8 (635.0) 7,765.8 Reportable segment liabilities 5,342.8 934.8 629.4 429.3 (589.5) 6,746.8 Reportable segment net assets 1,086.0 124.2 132.8 (278.5) (45.5) 1,019.0 Unallocated assets and liabilities 389.5 Consolidated net assets 1,408.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-519": {
"value": "4a. Accounting policies (i) Group consolidation The consolidated financial statements comprise the results and balances of the Company and all entities controlled by the Company, being its subsidiaries and SPEs (together referred to as the Group), for the year ended 31 December 2022 and comparative figures for the year ended 31 December 2021. The financial statements of the Company\u2019s subsidiaries and its SPEs are consolidated in the Group financial statements. The Company controls 100% of the voting share capital of all its principal subsidiaries, except Admiral Law Limited, Inspop USA LLC, comparenow.com Insurance Agency LLC (indirect holding). An SPE is fully consolidated into the Group financial statements under IFRS 10, where the Group has control over the SPE. The parent company financial statements present information about the Company as a separate entity and not about its Group. In accordance with IAS 24, transactions or balances between Group companies that have been eliminated on consolidation are not reported as related party transactions in the consolidated financial statements. (ii) Foreign currency translation Items included in the financial records of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in pounds sterling, the Group\u2019s presentational currency, rounded to the nearest \u00a30.1 million. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Non-monetary items measured at cost are translated at their historic rate and non-monetary items held at fair value are translated using the foreign exchange rate on the date that the fair value was established. The financial statements of foreign operations whose functional currency is not pounds sterling are translated into the Group presentation currency (pound sterling) as follows: \u2022 Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet \u2022 Income and expenses for each income statement are translated at average monthly exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the date of the transaction) \u2022 All resulting exchange differences are recognised in other comprehensive income and in a separate component of equity except to the extent that the translation differences are attributable to non-controlling interests On disposal of a foreign operation, the cumulative amount recognised in equity relating to that particular operation is recognised in the income statement. 5a. Accounting policies (i) Revenue \u2013 premiums Premiums relating to insurance contracts are recognised as revenue, net of expected cancellations and insurance premium tax, proportionally over the period of cover. Premiums with an inception date after the end of the period are held in the statement of financial position as deferred revenue. Outstanding collections from policyholders related to unexpired risk are recognised within policyholder receivables. A corresponding unearned premium provision is recognised (see note 5a(iii)). (ii) Revenue \u2013 profit commission Some of the co-insurance and reinsurance contracts under which motor premiums are shared or ceded, profit commission may be earned on a particular year of account, which is usually subject to performance criteria such as loss ratios and expense ratios. The commission is dependent on the ultimate outcome of any year, with revenue being recognised when loss and expense ratios used in the preparation of the financial statements move below a contractual threshold. Profit commission receivable from reinsurance contracts is accounted for in line with IFRS 4, whereas profit commission receivable from co-insurance contracts with third parties is in line with IFRS 15. Further detail of the policy under IFRS 15 is set out in note 8. (iii) Insurance contracts and reinsurance assets Premiums The proportion of premium receivable on in-force policies relating to unexpired risks is reported in insurance contract liabilities and reinsurance assets as the unearned premium provision \u2013 gross and reinsurers\u2019 share respectively. Claims Claims and claims handling expenses are charged as incurred, based on the estimated direct and indirect costs of settling all liabilities arising on events occurring up to the balance sheet date. The provision for claims outstanding comprises provisions for the estimated cost of settling all claims incurred but unpaid at the balance sheet date, whether reported or not. Anticipated reinsurance recoveries are disclosed separately as assets. Whilst the Directors consider that the gross provisions for claims and the related reinsurance recoveries are fairly stated on the basis of the information currently available to them, the ultimate liability will vary as a result of subsequent information and events and may result in significant adjustments to the amounts provided. 5. Premium, claims and profit commissions continued Adjustments to the amounts of claims provisions established in prior years are reflected in the income statement for the period in which the adjustments are made and disclosed separately if material. The methods used, and the estimates made, are reviewed regularly. A provision for unexpired risk is made where necessary for the estimated amount required over and above unearned premiums (net of deferred acquisition costs) to meet future claims and related expenses. Co-insurance The Group has entered into certain co-insurance contracts with external parties under which insurance risks are shared on a proportional basis, with the co-insurer taking a specific percentage of premium written and being responsible for the same proportion of each claim. The co-insurer therefore takes direct insurance risk from the policyholder and is directly responsible to the claimant for its proportion of the claim. As the contractual liability is several and not joint, neither the premiums nor claims relating to the co-insurance agreements with external parties are included in the income statement. Under the terms of these agreements, the co-insurers reimburse the Group for the same proportionate share of the costs of acquiring and administering the business. Reinsurance assets Contracts entered into by the Group with reinsurers under which the Group is compensated for losses on the insurance contracts issued by the Group are classified as reinsurance contracts. A contract is only accounted for as a reinsurance contract where there is significant insurance risk transfer between the insured and the insurer. Reinsurance assets are comprised of balances due from reinsurance companies for ceded insurance liabilities. Amounts recoverable from reinsurers are estimated in a consistent manner with the outstanding claims provisions or settled claims associated with the reinsured policies and in accordance with the relevant reinsurance contract. The Group assesses its reinsurance assets for impairment on a regular basis, and in detail every six months. If there is objective evidence that the asset is impaired, then the carrying value will be written down to its recoverable amount. On commutation of reinsurance contracts, the reinsurer is discharged from all obligations relating to the contract. Reinsurance assets and liabilities relating to the commuted contracts are settled in the period in which the commutation agreement is signed . 6a. Accounting policies i) Financial assets Classification and measurement The classification and subsequent measurement of the financial asset under IFRS 9 depends on: a. the Group\u2019s business model for managing the financial assets; and b. the contractual cash flow characteristics of the financial asset. Based on these factors, the financial asset is classified into one of the following categories: \u2022 Amortised cost \u2013 assets which are held in order to collect contractual cash flows and the contractual terms of the financial asset give rise to cash flows which are solely payments of principal and interest on the principal amount outstanding (SPPI), where the asset is not designated as fair value through profit or loss (FVTPL) For the Group, these include deposits with credit institutions, cash and cash equivalents, insurance receivables, trade and other receivables and loans and advances to customers. The interest income generated from these assets is included in investment returns, with the exception of loans and advances to customers, where the interest receivable is recognised in interest income. Impairment is recognised on these assets using the expected credit loss model. \u2022 Fair value through other comprehensive income (FVOCI) \u2013 assets which are held both to collect contractual cash flows and to sell the asset, where the contractual terms of the financial asset give rise to cash flows which are solely payments of principal and interest on the principal amount outstanding (SPPI), where the asset is not designated as FVTPL For the Group, these assets include corporate, government and private debt securities. In addition, IFRS 9 allows an irrevocable election at initial recognition to designate equity investments at FVOCI that otherwise would be held at FVTPL, provided these are not held for trading. The Group has made this election for certain equity investments. Movements in the carrying amount are taken through OCI, with the exception of recognition of impairment gains or losses, interest revenue and foreign exchange gains or losses which are recognised in profit or loss. \u2022 Fair value through profit or loss (FVTPL) \u2013 assets which do not meet the criteria for amortised cost or FVOCI, or which are designated as FVTPL For the Group these assets include liquidity funds investing in short duration assets, other funds and derivative financial instruments. A gain or loss on disposal of an investment measured at FVOCI is presented within investment return in the period in which it arises. Impairment The expected credit loss model is used to calculate any impairment to be recognised for all assets measured at amortised cost, as well as financial investments measured at FVOCI. The general approach, which utilises the three-stage model, is used for Loans and advances to customers (see note 7) whilst impairment for the remaining assets is measured using the simplified approach. Derecognition A financial asset is derecognised when the rights to receive cash flows from that asset have expired, or when the Group transfers the asset and all the attached substantial risks and rewards relating to the asset to a third party. ii) Financial liabilities Classification and subsequent measurement All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method, except for derivatives that are classified at fair value through profit or loss and subsequently measured at fair value. Movements in the amortised cost are recognised through the income statement. Derecognition A financial liability is derecognised when the obligation under that liability is discharged, cancelled or expires. iii) Investment return and finance costs Investment return from financial assets comprises distributions as well as net realised and unrealised gains on financial assets classified as FVTPL, interest income and net realised gains from financial assets classified as FVOCI, and interest income from financial assets classified as amortised cost. Finance costs from financial liabilities comprise interest expense on subordinated notes, loan backed securities, credit facilities and lease liabilities, calculated using the effective interest rate method. The effective interest rate method calculates the amortised cost of a financial asset or liability (or group of financial assets or financial liabilities) and allocates the interest income or expense over the expected life of the asset or liability 7a. Accounting policies Loans and advances to customers relate to the Admiral Money\u2019s business, consisting of unsecured personal loans and car finance products. Classification Loans and advances to customers are measured at amortised cost. This is because assets are held in order to collect contractual cash flows and the contractual terms of the financial asset demand cash inflows which are solely payments of principal and interest on the principal amount outstanding. Interest income and expense Interest income received in relation to loans and advances to customers is calculated using the effective interest method which allocates interest, direct and incremental fees and costs over the expected lives of the assets and liabilities. There has been no change in recognition of interest income from the comparative period. Interest expense is calculated using the process appropriate to each source of funding, which is not linked to individual accounts. Finance leases Included within loans and advances to customers are personal contract purchase (PCP) and hire purchase (HP) arrangements which are classified as finance leases under IFRS 16. A receivable equal to the net investment in the lease has been recognised. The net investment is equal to the gross investment in the lease discounted at the rate implicit in the lease. Lease interest income is recognised within interest income in the income statement over the term of the lease using the effective interest rate method. The title to the underlying vehicle remains with the Group until the lessee has made all contractual payments, at which point ownership is transferred to the lessee. In the event of breach of contract, such as non-payment, the vehicle itself acts as collateral for the finance lease, becoming available for repossession in most cases. Some of the ways in which the Group maintains its rights to the vehicle, and thus manages the risk of loss associated with the finance lease, include: \u2022 The Group does not enter into any finance leases with a maximum loan-to-value limit, reducing the risk of shortfall on termination of the contract \u2022 The Group requires the lessee to insure the underlying vehicle at all times, reducing the risk of non-recovery if the asset is stolen or destroyed \u2022 The estimated future value of each vehicle, which is sourced externally, is considered in the pricing of the lease contracts to provide protection against deterioration in that value. 8a. Accounting policy (i) Contribution from additional products and fees and other revenue Revenue is credited to the income statement over the period matching the Group\u2019s obligations to provide services. Where the Group has no remaining obligations, the revenue is recognised immediately. An allowance is made for expected cancellations where the customer may be entitled to a refund of amounts charged. Commission from the provision of insurance intermediary services is credited to revenue on the sale of the underlying insurance policy. There has been no change in revenue recognition from the comparative period. (ii) Nature of goods and services The following is a description of the principal activities within the scope of IFRS 15 from which the Group generates its other revenue. Products and services Nature, timing of satisfaction of performance obligations and significant payment terms Fee and commission revenue: Commission on underlying products The performance obligation is the provision of insurance intermediary services, at which point the performance obligation is met. Revenue is therefore recognised at a point in time. Payment of the commission is due within 30 days of the period close. Fee and commission revenue: Administration fees The performance obligation is the change requested being made to the underlying policy, at which point the performance obligation is met. Revenue is therefore recognised at a point in time and is collected immediately or in line with direct debit instalments. Revenue from law firm The performance obligation is the pursuit of the compensation from the at fault party\u2019s insurer on behalf of the customer. Once the case is settled the performance obligation is fully satisfied. Revenue is therefore recognised over time using the expected value method. This method values revenue by multiplying hours incurred on open cases by a 12-month realisable rate. The realisable rate is a probability weighted transaction price based on settled cases. The expected value method therefore results in revenue recognised being constrained to that where there is a high probability of no significant reversal. Revenue is recognised over time because as the Group has an enforceable right to payment for performance completed to date and the work performed to date has no alternative use to the Group. A contract asset is recognised equal to the work performed up to the balance sheet date but not yet billed. Refer to note 6h for further detail of this balance. Payment is due within 28 days of invoice. Profit commission from co-insurers The Group\u2019s profit commission revenue falling within the scope of IFRS 15 Revenue from Contracts with Customers relates to a contractual arrangement between the Group\u2019s insurance intermediary EUI Limited, and an external co-insurer (Great Lakes) which underwrites a share of the UK Car Insurance business generated by EUI Limited. The variable consideration, being the profit commission recognised in respect of each underwriting year at the end of each reporting period, is recognised at a point in time, and calculated based on a number of detailed inputs, the most material of which are as follows: \u2022 Premiums, defined as gross premiums ceded including any instalment income, less reinsurance premium (for excess of loss reinsurance) \u2022 Insurance expenses incurred \u2022 Claims ratio (more typically referred to as a loss ratio) Whilst the premiums and insurance expenses related to an underwriting year are typically fixed at the conclusion of each underwriting year and are not subject to judgement, the claims ratio is calculated from the underwriting year loss ratios that result from the setting of claims reserves in the financial statements meaning it is subject to inherent uncertainty. As stated in note 5d, Admiral\u2019s reserving policy is initially to reserve conservatively, above internal and independent projections of actuarial best estimates. This is designed to create a margin held in reserves to allow for unforeseen adverse development in open claims. Admiral\u2019s financial statement loss ratios, used in the calculation of profit commission income, continue to include a significant margin above projected best estimates of ultimate claims costs. It is this margin for uncertainty, included in the financial statement loss ratios, which creates the constraint over the recognition of the variable consideration, as using the booked loss ratio rather than the actuarial best estimate constrains the profit commission income to a level where there is a high probability of no significant reversal of the revenue recognised. The key methods, inputs and assumptions used to estimate the variable consideration of profit commission are therefore in line with those used for the calculation of claims liabilities, as set out in note 3 to the financial statements, with further detail also included in note 5. There are no further critical accounting estimates or judgements in relation to the recognition of profit commission. Comparison The performance obligation is the provision of insurance intermediary services, at which point the performance obligation is met. Revenue is therefore recognised at a point in time. 8. Other revenue continued Instalment income on insurance premium paid via instalments is using the effective interest rate, and as such is not within the scope of IFRS 15. Profit commission from reinsurers is within the scope of IFRS 4, and not within the scope of IFRS 15 Revenue from Contracts with Customers due to the nature of the income. 9a. Accounting policies (i) Acquisition costs and operating expenses Acquisition costs incurred in obtaining new and renewal business are charged to the income statement over the period in which those premiums are earned. All other operating expenses are charged to the income statement as incurred. (ii) Employee benefits As detailed in the Remuneration Committee Report, the key elements of employee remuneration are: \u2022 Base salaries and pension contributions; \u2022 Share based incentive plans; \u2022 A discretionary bonus, (the \u2018DFSS Bonus\u2019), rather than an annual cash bonus, that is based on the number of DFSS awards held and actual dividends paid out to shareholders Within note 9b, the charges for base salaries and pension contributions (and the related social security costs) are recognised within insurance contract expenses or administration and other marketing costs, based on the role of the employee. Charges for the share-based incentive plans (and related social security costs) and discretionary bonus are included within share scheme charges. These charges are not shown as part of the result for each reportable segment, or within the expense ratio, due to them being materially comprised of an accounting charge in line with IFRS 2 Share-based payments which does not result in a cash payment to employees but instead results in an issue of new shares (resulting in a dilution of existing shares). The rules of the share schemes ensure that the actual dilution level does not exceed 10% in any rolling ten-year period. Base salaries and pension contributions Base salaries and the related employer social security costs are charged to the income statement in the period that they are incurred. The Group contributes to defined contribution personal pension plans for its employees. The contributions payable to these schemes are charged in the accounting period to which they relate. Share based incentive plans and related social security costs The Group operates a number of equity and cash settled compensation schemes for its employees, the main ones being: \u2022 A Share Incentive Plan (SIP), which is in place for all UK employees encouraging wide share ownership across employees, and \u2022 The Discretionary Free Share Scheme (DFSS). DFSS shares are typically awarded to managers, and for the majority of employees 50% of the DFSS shares awarded are subject to three performance conditions being Earnings per Share growth, Return on Equity and Total Shareholder Return vs. the FTSE 350 (excluding investment companies) over a three-year period. The other 50% are guaranteed with continued employment For both schemes, employees must remain in employment three years after the award date (i.e. at the vesting date), otherwise the shares are forfeited. The majority of these schemes are classed as equity settled under IFRS 2, due to the employees receiving shares (rather than cash) as consideration for the services provided. For equity settled schemes, the charge, which reflects the fair value of the employee services received in exchange for the grant of the free shares, is recognised as an expense, with a corresponding increase in equity, as shown in the consolidated statement of changes in equity (2022: \u00a357.3 million; 2021: \u00a363.1 million). For the cash settled schemes, the expense recognised for the fair value of services received results in a corresponding increase in liabilities. The key drivers and assumptions used to calculate the charge for the schemes over the three year vesting period are: \u2022 The number of shares awarded, which is set at the start of each scheme. Details of the number of shares awarded for each scheme where shares remain unvested is set out in note 9f(iii) \u2022 The fair value of the shares; \u2013 For the SIP, the fair value of the shares awarded is the share price at the award date. Awards under the SIP are entitled to receive dividends, and hence no adjustment is made to this fair value \u2013 For the DFSS equity settled awards, awards are not eligible for dividends, although a discretionary bonus is currently paid equivalent to the dividend that would have been paid on the shareholding, hence the fair value of the shares is revised downwards to take account of these expected dividends \u2013 For the DFSS cash settled awards, the fair value is based on the share price at the vesting date. The closing share price at the end of each reporting period is used as an approximation for the closing price at the end of the vesting period A 9. Expenses continued \u2022 Staff attrition rates, which impact the ultimate number of shares that vest \u2022 In the case of the DFSS, the vesting rates based on the performance conditions, which also impact the ultimate number of shares that vest The number of shares that have ultimately vested compared to those originally awarded is set out in note 9f(iv). At each balance sheet date, the Group revises its assumptions on the number of shares which will ultimately vest based on the latest forecast information for attrition rates and, for the DFSS, the extent to which the performance conditions are met. The financial impact as a result of any change in the assumptions is recognised through the income statement. Any significant changes in assumptions may therefore result in an increased / decreased charge in an accounting period as a result of this true-up of the expected cumulative charge required. Social security costs on share-based incentive plans Social security costs are incurred by the Group in respect of the share-based incentive plans, with the expense recognised over the vesting period for each share scheme. For the SIP, these costs are paid when the employees sell the shares after vesting (typically 3\u20135 years after the grant date). For the DFSS, the costs are paid immediately upon vesting. The total social security costs are calculated based on the following: \u2022 The taxable value of the shares, being: \u2013 For the SIP, the lower of the share price at award date and the share price at the balance sheet date \u2013 For the DFSS, the share price at the balance sheet date \u2022 the number of shares expected to vest for each scheme, driven by the number of shares awarded, attrition rates and, for the DFSS, the vesting rate based on performance conditions \u2022 the appropriate social security rate These assumptions are updated at the end of each reporting period. The financial impact as a result of any change in the assumptions is recognised through the income statement. Any significant changes in assumptions may therefore result in an increased / decreased charge in an accounting period as a result of this true-up of the expected cumulative charge required. Discretionary bonus on shares allocated but unvested The cost of the DFSS bonus is recognised and paid in each period equivalent to the dividends on shares allocated to employees that are still entitled to vest but have not yet vested. The cost shown also includes the social security costs on the discretionary bonus. No accrual is made for future discretionary bonus payments due to there being no contractual obligation for such a bonus at the balance sheet date. 10a. Accounting policy Income tax on the profit or loss for the periods presented comprise of current and deferred tax. (i) Current tax Current tax is the expected tax payable on the taxable income for the period, using tax rates that have been enacted or substantively enacted by the balance sheet date, and includes any adjustment to tax payable in respect of previous periods. Current tax related to items recognised in other comprehensive income is also recognised in other comprehensive income and not in the income statement. (ii) Deferred tax Deferred tax is provided in full using the balance sheet liability method, providing for temporary differences arising between the carrying amount of assets and liabilities for accounting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that have been enacted or substantially enacted by the balance sheet date and that are expected to apply in the period when the liability is settled, or the asset is realised. The principal temporary differences arise from carried forward losses, depreciation of property and equipment and share scheme charges. The resulting deferred tax is charged or credited in the income statement, except in relation to share scheme charges where the amount of tax benefit credited to the income statement is limited to an equivalent credit calculated on the accounting charge. Any excess is recognised directly in equity. Deferred tax assets relating to carried forward losses are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. The probability of the availability of future taxable profits is determined by a combination of the classification of the status of the businesses holding cumulative tax losses and the business plan profit projections for that business, subject to appropriate stress testing. 11a. Accounting policy (i) Property and equipment, and depreciation All property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method to write off the cost less residual values of the assets over their useful economic lives. These useful economic lives are as follows: Improvements to short leasehold buildings \u2013 four to ten years Computer equipment \u2013 two to four years Office equipment \u2013 four years Furniture and fittings \u2013 four years Motor vehicles \u2013 four years Right-of-use assets \u2013 two \u2013 twenty years, aligned to lease agreement As set out further in note 6i to the financial statements, a right-of-use asset is established in relation the Group\u2019s lease arrangements. The right-of-use asset is measured at cost, which comprises the following: \u2022 the amount of the initial measurement of lease liability (note 6i to the financial statements) \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs The right-of-use asset is subsequently depreciated over the shorter of the lease term and the asset\u2019s useful life on a straight-line basis. The Group does not have any significant leases which qualify for the short-term leases or leases of low-value assets exemption. (ii) Impairment of property and equipment In the case of property and equipment, carrying values are reviewed at each balance sheet date to determine whether there are any indicators of impairment. If any such indicators exist, the asset\u2019s recoverable amount is estimated and compared to the carrying value. The carrying value is the higher of the fair value of the asset less costs to sell and the asset\u2019s value in use. Impairment losses are recognised through the income statement. (iii) Intangible assets Goodwill All business combinations are accounted for using the acquisition method. Goodwill has been recognised in acquisitions of subsidiaries and represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. The classification and accounting treatment of acquisitions occurring before 1 January 2004 have not been reconsidered in preparing the Group\u2019s opening IFRS balance sheet at 1 January 2004 due to the exemption available in IFRS 1 (First time adoption). In respect of acquisitions prior to 1 January 2004, goodwill is included at the transition date on the basis of its deemed cost, which represents the amount recorded under UK GAAP, which was tested for impairment at the transition date. On transition, amortisation of goodwill has ceased as required by IAS 38. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units (CGUs) according to business segment and is reviewed annually for impairment. The goodwill held on the balance sheet at 31 December 2022 and 2021 is allocated solely to the UK Insurance segment. Impairment of goodwill The annual impairment review involves comparing the carrying amount to the estimated recoverable amount (by allocating the goodwill to CGUs) and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised through the income statement and are not subsequently reversed. 11. Other assets and other liabilities continued The recoverable amount is the greater of the fair value of the asset less costs to sell and the value in use of the CGU. The value in use calculations use cash flow projections based on financial budgets approved by management covering a period of up to three years. Cash flows beyond this period are considered, but not included in the calculation. The key assumptions used in the value in use calculations are those regarding revenue growth, along with expected changes in pricing and expenses incurred during the forecast period. Management estimates revenue growth rates and changes in pricing based on past practices and expected future changes in the market. The headroom above the goodwill carrying value is very significant, and there is no foreseeable event that would eliminate this margin. Deferred acquisition costs Acquisition costs comprise all direct and indirect costs arising from the conclusion of insurance contracts. Deferred acquisition costs represent the proportion of acquisition costs incurred that correspond to the unearned premiums provision at the balance sheet date. This balance is held as an intangible asset. It is amortised over the term of the contract as premium is earned. Software Purchased software is recognised as an intangible asset and amortised over its expected useful life (generally the licence term). Internally generated software is recognised as an intangible asset, with directly attributable costs incurred in the development stage capitalised. The internally generated software assets are amortised over the expected useful life of the systems and amortisation commences when the software is available for use. The carrying value of software is reviewed every six months for evidence of impairment, with the value being written down if any impairment exists. Impairment may be reversed if conditions subsequently improve. (iv) Provisions, contingent liabilities and contingent assets Provisions are recognised when a legal or constructive obligation arises as a result of an event that occurred before the balance sheet date, when a cash-outflow relating to this obligation is probable and when the amount can be estimated reliably. Where a material obligation exists, but the likelihood of a cash outflow or the amount is uncertain, or where there is a possible obligation arising from a past event that is contingent on a future event, a contingent liability is disclosed. Contingent assets are possible assets that arise from past events, whose existence will be confirmed only by the occurrence or non-occurrence of future events. Where it is probable that a cash inflow will arise from a contingent asset, this is disclosed. 12a. Accounting policies (i) Share capital Shares are classified as equity when there is no obligation to transfer cash or other assets. (ii) Dividends Dividends are recorded in the period in which they are declared and paid. (iii) Earnings per share Basic earnings per share is calculated by dividing profit or loss attributable to equity holders of the Group parent company, Admiral Group plc by the weighted average number of ordinary shares during the period. Diluted earnings per share is calculated by dividing profit or loss attributable to equity holders of the Group parent company by the weighted average number of ordinary shares outstanding, adjusted for the effects of all dilutive potential ordinary shares. 13a. Accounting policy Disposal groups are classified as held for sale in accordance with IFRS 5 if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. A discontinued operation is a component of the business that has been disposed of or is classified as held for sale and represents a separate major line of business or is part of a single co-ordinated plan to dispose of such a line of business. The assets and liabilities of a disposal group classified as held for sale are presented separately from the other assets and liabilities in the Statement of Financial Position. The results of discontinued operations are presented separately in the Statement of Comprehensive Income. The result comprises the profit or loss after tax from discontinued operations and other comprehensive income attributable to discontinued operations ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-550": {
"value": "(i) Group consolidation The consolidated financial statements comprise the results and balances of the Company and all entities controlled by the Company, being its subsidiaries and SPEs (together referred to as the Group), for the year ended 31 December 2022 and comparative figures for the year ended 31 December 2021. The financial statements of the Company\u2019s subsidiaries and its SPEs are consolidated in the Group financial statements. The Company controls 100% of the voting share capital of all its principal subsidiaries, except Admiral Law Limited, Inspop USA LLC, comparenow.com Insurance Agency LLC (indirect holding). An SPE is fully consolidated into the Group financial statements under IFRS 10, where the Group has control over the SPE. The parent company financial statements present information about the Company as a separate entity and not about its Group. In accordance with IAS 24, transactions or balances between Group companies that have been eliminated on consolidation are not reported as related party transactions in the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-585": {
"value": "(ii) Foreign currency translation Items included in the financial records of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in pounds sterling, the Group\u2019s presentational currency, rounded to the nearest \u00a30.1 million. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Non-monetary items measured at cost are translated at their historic rate and non-monetary items held at fair value are translated using the foreign exchange rate on the date that the fair value was established. The financial statements of foreign operations whose functional currency is not pounds sterling are translated into the Group presentation currency (pound sterling) as follows: \u2022 Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet \u2022 Income and expenses for each income statement are translated at average monthly exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the date of the transaction) \u2022 All resulting exchange differences are recognised in other comprehensive income and in a separate component of equity except to the extent that the translation differences are attributable to non-controlling interests On disposal of a foreign operation, the cumulative amount recognised in equity relating to that particular operation is recognised in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-551": {
"value": "(ii) Foreign currency translation Items included in the financial records of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in pounds sterling, the Group\u2019s presentational currency, rounded to the nearest \u00a30.1 million. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Non-monetary items measured at cost are translated at their historic rate and non-monetary items held at fair value are translated using the foreign exchange rate on the date that the fair value was established. The financial statements of foreign operations whose functional currency is not pounds sterling are translated into the Group presentation currency (pound sterling) as follows: \u2022 Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet \u2022 Income and expenses for each income statement are translated at average monthly exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the date of the transaction) \u2022 All resulting exchange differences are recognised in other comprehensive income and in a separate component of equity except to the extent that the translation differences are attributable to non-controlling interests On disposal of a foreign operation, the cumulative amount recognised in equity relating to that particular operation is recognised in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-624": {
"value": "4b. Segment reporting The Group has four (five for financial year 2021 including discontinued operations) reportable segments, as described below. These segments represent the principal split of business that is regularly reported to the Group\u2019s Board of Directors, which is considered to be the Group\u2019s chief operating decision maker in line with IFRS 8 Operating Segments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-507": {
"value": "5. Premium, claims and profit commissions 5a. Accounting policies (i) Revenue \u2013 premiums Premiums relating to insurance contracts are recognised as revenue, net of expected cancellations and insurance premium tax, proportionally over the period of cover. Premiums with an inception date after the end of the period are held in the statement of financial position as deferred revenue. Outstanding collections from policyholders related to unexpired risk are recognised within policyholder receivables. A corresponding unearned premium provision is recognised (see note 5a(iii)). (ii) Revenue \u2013 profit commission Some of the co-insurance and reinsurance contracts under which motor premiums are shared or ceded, profit commission may be earned on a particular year of account, which is usually subject to performance criteria such as loss ratios and expense ratios. The commission is dependent on the ultimate outcome of any year, with revenue being recognised when loss and expense ratios used in the preparation of the financial statements move below a contractual threshold. Profit commission receivable from reinsurance contracts is accounted for in line with IFRS 4, whereas profit commission receivable from co-insurance contracts with third parties is in line with IFRS 15. Further detail of the policy under IFRS 15 is set out in note 8. (iii) Insurance contracts and reinsurance assets Premiums The proportion of premium receivable on in-force policies relating to unexpired risks is reported in insurance contract liabilities and reinsurance assets as the unearned premium provision \u2013 gross and reinsurers\u2019 share respectively. Claims Claims and claims handling expenses are charged as incurred, based on the estimated direct and indirect costs of settling all liabilities arising on events occurring up to the balance sheet date. The provision for claims outstanding comprises provisions for the estimated cost of settling all claims incurred but unpaid at the balance sheet date, whether reported or not. Anticipated reinsurance recoveries are disclosed separately as assets. Whilst the Directors consider that the gross provisions for claims and the related reinsurance recoveries are fairly stated on the basis of the information currently available to them, the ultimate liability will vary as a result of subsequent information and events and may result in significant adjustments to the amounts provided. 5. Premium, claims and profit commissions continued Adjustments to the amounts of claims provisions established in prior years are reflected in the income statement for the period in which the adjustments are made and disclosed separately if material. The methods used, and the estimates made, are reviewed regularly. A provision for unexpired risk is made where necessary for the estimated amount required over and above unearned premiums (net of deferred acquisition costs) to meet future claims and related expenses. Co-insurance The Group has entered into certain co-insurance contracts with external parties under which insurance risks are shared on a proportional basis, with the co-insurer taking a specific percentage of premium written and being responsible for the same proportion of each claim. The co-insurer therefore takes direct insurance risk from the policyholder and is directly responsible to the claimant for its proportion of the claim. As the contractual liability is several and not joint, neither the premiums nor claims relating to the co-insurance agreements with external parties are included in the income statement. Under the terms of these agreements, the co-insurers reimburse the Group for the same proportionate share of the costs of acquiring and administering the business. Reinsurance assets Contracts entered into by the Group with reinsurers under which the Group is compensated for losses on the insurance contracts issued by the Group are classified as reinsurance contracts. A contract is only accounted for as a reinsurance contract where there is significant insurance risk transfer between the insured and the insurer. Reinsurance assets are comprised of balances due from reinsurance companies for ceded insurance liabilities. Amounts recoverable from reinsurers are estimated in a consistent manner with the outstanding claims provisions or settled claims associated with the reinsured policies and in accordance with the relevant reinsurance contract. The Group assesses its reinsurance assets for impairment on a regular basis, and in detail every six months. If there is objective evidence that the asset is impaired, then the carrying value will be written down to its recoverable amount. On commutation of reinsurance contracts, the reinsurer is discharged from all obligations relating to the contract. Reinsurance assets and liabilities relating to the commuted contracts are settled in the period in which the commutation agreement is signed . 5b. Net insurance premium revenue 31 December 2022 \u00a3m 31 December 2021 \u00a3m Total insurance premiums including co-insurers\u2019 share*1 3,243.1 3,098.7 Group gross premiums written excluding co-insurance 2,849.7 2,513.6 Outwards reinsurance premiums (1,922.4) (1,643.0) Net insurance premiums written 927.3 870.6 Change in gross unearned premium provision (144.3) (21.3) Change in reinsurers\u2019 share of unearned premium provision 128.0 5.7 Net insurance premium revenue 911.0 855.0 *1 Alternative Performance Measures \u2013 refer to the end of the report for definition and explanation, and to note 14a for reconciliation to Group gross premiums written The Group\u2019s share of its insurance business was underwritten by Admiral Insurance (Gibraltar) Limited, Admiral Insurance Company Limited, Admiral Europe Compania Seguros (\u2018AECS\u2019) and Elephant Insurance Company. The vast majority of contracts are short term in duration, lasting for between 6 and 12 months. 5c. Profit commission 31 December 2022 \u00a3m 31 December 2021 \u00a3m Underwriting year (UK Motor only) 2017 and prior 54.4 94.4 2018 35.8 18.6 2019 31.5 27.6 2020 48.5 150.0 2021 \u2013 \u2013 2022 \u2013 \u2013 Total UK Motor profit commission *1 170.2 290.6 Total UK Household and International profit commission*1 0.7 13.9 Total profit commission 170.9 304.5 *1 From the total UK Motor profit commission of \u00a3170.2 million (2021: \u00a3290.6 million), \u00a3130.4 million (2021: \u00a3162.9 million) relates to co-insurance arrangements and \u00a339.8 million (2021: \u00a3127.7 million) to reinsurance arrangements. The UK Household and International profit commission relates solely to reinsurance arrangements Sensitivities of the recognition of profit commission to movements in the booked loss ratio are shown in note 5d (ii). 5d. Reinsurance assets and insurance contract liabilities (i) Objectives, policies and procedures for the management of insurance risk The Group\u2019s primary business is the issuance of insurance contracts that transfer risk from policyholders to the Group and its co- insurance partners. Insurance risk involves uncertainty over the occurrence, amount or timing of claims arising on insurance contracts issued. It is primarily comprised of reserve risk; the risk that the value of insurance liabilities established is insufficient to cover the ultimate cost of claims incurred at the balance sheet date, and premium risk; the risk that the claims experience on business written but not earned is higher than allowed for in the premiums charged to policyholders. The Board of Directors is responsible for the management of insurance risk, although as mentioned in note 6, it has delegated the detailed oversight of risk management to the Group Risk Committee. The Group also has a Group Reserving Committee as well as local Reserving Committees which are comprised of senior managers within the finance, claims, pricing and actuarial functions in the respective businesses. The Reserving Committees primarily recommends the approach for insurance reserving but also reviews the systems and controls in place to support accurate reserving and considers material reserving issues such as large bodily injury claims frequency and severity. The Board implements certain policies to mitigate and control the level of insurance risk accepted by the Group. These include pricing policies and claims management and administration processes, in addition to reserving policies and co- and reinsurance arrangements as detailed below. Reserve risk Reserve risk is mitigated through a series of processes and controls. The key processes are as follows: \u2022 Regular management and internal actuarial review of individual and aggregate case claim reserves, including regular reporting of management information and exception reporting of significant movements; \u2022 Regular management and internal actuarial review of large claims, including claims settled or potentially settled by PPOs for which the uncertainty is increased by factors such as the lifetime of the claimant and movements in the indexation for the cost of future care of the claimant; \u2022 Bi-annual external actuarial review of best estimate claims reserves using a variety of recognised actuarial technique; \u2022 Internal actuarial analysis of reserve uncertainty through qualitative analysis, scenario testing and a range of stochastic reserving techniques; \u2022 Ad hoc external reviews of reserving related processes and assumptions; \u2022 Use of a reserving methodology which informs management\u2019s reserving decisions for the purposes of the Group\u2019s financial statements. As described in note 3, critical accounting judgements and estimates, the methodology determines that reserves should be set above projected best estimate outcomes to allow for unforeseen adverse claims development As noted above, the Group shares a significant amount of the insurance business generated with external underwriters. As well as these proportional arrangements, excess of loss reinsurance programmes are also purchased to protect the Group against very large individual claims and catastrophe losses. 5. Premium, claims and profit commissions continued Claims reserving Admiral\u2019s reserving policy (both within the claims function and in the financial statements) is initially to reserve conservatively, above internal and independent projections of actuarial best estimates. This is designed to create a margin held in reserves to allow for unforeseen adverse development in open claims and typically results in Admiral making above industry average reserve releases. Admiral\u2019s booked claims reserves continue to include a significant margin above projected best estimates of ultimate claims costs. The margin held above ultimate outcomes in the financial statement reserves remains both significant and prudent. In relative terms, it is lower than that held at the end of 2021, reflecting the crystallisation of some of the uncertainty previously held in the margin, in the best estimate reserves. As profit commission income is recognised in the income statement in line with loss ratios accounted for on Admiral\u2019s own claims reserves, the reserving policy also results in profit commission income being deferred and recognised over time due to the application of constraint on variable consideration. Premium risk As noted above, the Group defines premium risk as the risk that claims cost on business written but not yet earned is higher than allowed for in the premiums charged to policyholders. This also includes catastrophe risk, the risk of incurring significant losses as a result of the occurrence of manmade catastrophe, or natural weather events. Key processes and controls operating to mitigate premium risk are as follows: \u2022 Experienced and focused senior management and teams in relevant business areas including pricing and claims management; \u2022 A data-driven and analytical approach to regular monitoring of claims and underwriting performance; \u2022 Observations of weather events trends to understand climate impacts on frequency and severity; \u2022 Capability to identify and resolve underperformance promptly through changes to key performance drivers, in particular pricing In addition, as mentioned above, excess of loss reinsurance programmes are also purchased to protect the Group against very large individual claims and catastrophe losses. Other elements of insurance risk include reinsurance risk, the risk of placement of ineffective reinsurance arrangements, or the economic risk of reduced availability of co-insurance and reinsurance arrangements in future periods. The Group mitigates these risks by ensuring that it has a diverse range of financially secure reinsurance partners, including a long-term relationship with Munich Re and a number of other large reinsurers. Concentration of insurance risk The Directors do not believe there are significant concentrations of insurance risk. This is because the risks are spread across a large number of policies and a wide regional base. The International Car insurance, UK Household, and UK Travel business further contribute to the diversification of the Group\u2019s insurance risk. Information regarding reinsurance credit risk is provided in note 6j to the financial statements. (ii) Sensitivity of recognised amounts to changes in assumptions Underwriting year loss ratios \u2013 UK Car insurance The following table sets out the impact on equity and post-tax profit or loss at 31 December 2022 that would result from a 1%, 3% and 5% increase and decrease in the UK Car insurance loss ratios used for each underwriting year for which material amounts remain outstanding. This includes the impact on profit commission of the respective changes in booked loss ratios, which are also shown separately below. Underwriting year Total impact on income statement (including profit commission) 2019 2020 2021 2022 Booked loss ratio 67% 61% 89% 102% Impact of 1% deterioration in booked loss ratio (\u00a3m) (15.5) (16.4) (3.7) (1.9) Impact of 3% deterioration in booked loss ratio (\u00a3m) (46.2) (49.2) (11.0) (5.6) Impact of 5% deterioration in booked loss ratio (\u00a3m) (76.4) (82.0) (18.3) (9.3) Impact of 1% improvement in booked loss ratio (\u00a3m) 15.5 16.4 3.7 1.9 Impact of 3% improvement in booked loss ratio (\u00a3m) 46.6 49.2 11.0 5.6 Impact of 5% improvement in booked loss ratio (\u00a3m) 77.6 82.0 18.3 9.3 As above, the impact is stated net of reinsurance and includes the change in net insurance claims along with the associated profit commission movements that result from changes in loss ratios. The figures are stated net of tax at the current rate. The following table sets out the impact on equity and post-tax profit or loss at 31 December 2022 that would result from a 1%, 3% and 5% increase and decrease in the UK Car insurance loss ratios used for each underwriting year for which material amounts remain outstanding, on profit commission only. Underwriting year Impact on profit commission only 2019 2020 2021 2022 Booked loss ratio 67% 61% 89% 102% Impact of 1% deterioration in booked loss ratio (\u00a3m) (5.6) (8.0) \u2013 \u2013 Impact of 3% deterioration in booked loss ratio (\u00a3m) (16.5) (23.9) \u2013 \u2013 Impact of 5% deterioration in booked loss ratio (\u00a3m) (26.8) (39.8) \u2013 \u2013 Impact of 1% improvement in booked loss ratio (\u00a3m) 5.6 8.0 \u2013 \u2013 Impact of 3% improvement in booked loss ratio (\u00a3m) 16.8 23.9 \u2013 \u2013 Impact of 5% improvement in booked loss ratio (\u00a3m) 28.0 39.8 \u2013 \u2013 Sensitivities to key assumptions in the best estimate reserves have not been presented, given the significant and prudent margin held above best estimate reserves and the co- and reinsurance arrangements that are also considered when determining the net impact on the income statement. The underwriting year sensitivities presented above are considered to provide relevant and transparent information on the changes to key inputs to the financial statements. Sensitivities exclude any impact on climate given the assessment of low short term risk. (iii) Analysis of recognised amounts 31 December 2022 \u00a3m 31 December 2021 \u00a3m Gross Claims outstanding *1 3,456.1 3,045.0 Unearned premium provision 1,336.4 1,170.0 Total gross insurance liabilities 4,792.5 4,215.0 Recoverable from reinsurers Claims outstanding 1,807.5 1,415.7 Unearned premium provision 906.5 760.4 Total reinsurers\u2019 share of insurance liabilities 2,714.0 2,176.1 Net Claims outstanding *2 1,648.6 1,629.3 Unearned premium provision 429.9 409.6 Total insurance liabilities \u2013 net 2,078.5 2,038.9 *1 Gross claims outstanding at 31 December 2022 is presented before the deduction of salvage and subrogation recoveries totalling \u00a3125.9 million (2021: \u00a387.6 million) *2 Admiral typically commutes quota share reinsurance contracts in its UK Car insurance business 36 months following the start of the underwriting year. After commutation, claims outstanding from these contracts are included in Admiral\u2019s net claims outstanding balance. Refer to note (v) below A 5. Premium, claims and profit commissions continued (iv) Analysis of claims incurred The following tables illustrate the development of gross and net UK insurance and International insurance claims incurred for the past ten financial periods, including the impact of re-estimation of claims provisions at the end of each financial year. The first table shows actual gross claims incurred and the second shows actual net claims incurred. Figures are presented on an underwriting year basis. Financial year ended 31 December Analysis of claims incurred (gross amounts) 2013 \u00a3m 2014 \u00a3m 2015 \u00a3m 2016 \u00a3m 2017 \u00a3m 2018 \u00a3m 2019 \u00a3m 2020 \u00a3m 2021*1 \u00a3m 2022 \u00a3m Total \u00a3m Underwriting year (UK insurance) 2013 and prior (680.7) (196.3) 181.3 56.2 125.3 92.9 33.7 30.0 31.7 15.1 (310.8) 2014 \u2013 (438.2) (347.1) 25.6 17.1 52.0 15.7 22.5 19.0 13.6 (619.8) 2015 \u2013 \u2013 (428.4) (411.2) 21.7 53.3 58.0 34.0 25.8 18.9 (627.9) 2016 \u2013 \u2013 \u2013 (529.4) (463.7) 82.1 54.8 46.1 50.3 41.0 (718.8) 2017 \u2013 \u2013 \u2013 \u2013 (691.8) (615.0) 123.1 79.5 82.5 37.5 (984.2) 2018 \u2013 \u2013 \u2013 \u2013 \u2013 (818.8) (546.9) 52.8 80.3 104.3 (1,128.3) 2019 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (812.4) (476.2) 89.8 71.1 (1,127.7) 2020 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (697.4) (519.5) 95.2 (1,121.7) 2021 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (864.5) (749.6) (1,614.1) 2022 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,089.0) (1,089.0) UK insurance gross claims incurred (680.7) (634.5) (594.2) (858.8) (991.4) (1,153.5) (1,074.0) (908.7) (1,004.6) (1,441.9) (9,342.3) Underwriting year (International insurance) 2013 and prior (120.8) (46.3) 11.2 18.3 7.7 10.6 4.4 (0.2) 0.8 0.2 (114.1) 2014 \u2013 (85.2) (65.5) 4.4 5.8 5.5 2.0 (0.4) 0.5 (0.3) (133.2) 2015 \u2013 \u2013 (92.6) (101.6) 7.7 3.1 0.1 (0.1) 0.1 0.1 (183.2) 2016 \u2013 \u2013 \u2013 (138.9) (125.3) 11.7 6.9 3.6 1.4 0.9 (239.7) 2017 \u2013 \u2013 \u2013 \u2013 (174.1) (147.3) 16.5 8.6 5.0 (0.4) (291.7) 2018 \u2013 \u2013 \u2013 \u2013 \u2013 (204.9) (165.7) 20.1 6.2 2.8 (341.5) 2019 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (293.8) (141.2) 13.3 9.1 (412.6) 2020 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (233.6) (160.6) 19.6 (374.6) 2021 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (284.5) (225.5) (510.0) 2022 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (353.6) (353.6) International insurance gross claims incurred (120.8) (131.5) (146.9) (217.8) (278.2) (321.3) (429.6) (343.2) (417.8) (547.1) (2,954.2) Other gross claims incurred (2.2) (7.1) (5.4) (0.1) (3.6) (1.1) \u2013 \u2013 (18.4) (16.6) (54.5) Claims handling costs (22.9) (21.4) (22.6) (27.1) (35.5) (37.9) (64.5) (66.7) (66.0) (75.8) (440.4) Total gross claims incurred (826.6) (794.5) (769.1) (1,103.8) (1,308.7) (1,513.8) (1,568.1) (1,318.6) (1,506.8) (2,081.4) (12,791.4) Financial year ended 31 December Analysis of claims incurred (net amounts) 2013 \u00a3m 2014 \u00a3m 2015 \u00a3m 2016 \u00a3m 2017 \u00a3m 2018 \u00a3m 2019 \u00a3m 2020 \u00a3m 20211 \u00a3m 2022 \u00a3m Total \u00a3m Underwriting year (UK insurance) 2013 and prior (242.3) (5.8) 165.2 91.1 133.1 85.2 26.5 25.3 29.4 14.2 321.9 2014 \u2013 (187.0) (144.1) (16.4) 25.3 38.4 17.2 18.6 13.6 11.3 (223.1) 2015 \u2013 \u2013 (182.1) (162.0) (2.6) 42.6 48.2 26.1 27.8 15.0 (187.0) 2016 \u2013 \u2013 \u2013 (219.4) (180.7) 48.1 50.7 46.6 41.8 33.5 (179.4) 2017 \u2013 \u2013 \u2013 \u2013 (214.3) (182.9) 77.8 67.1 72.6 35.0 (144.7) 2018 \u2013 \u2013 \u2013 \u2013 \u2013 (261.0) (165.2) 40.6 62.3 98.0 (225.3) 2019 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (258.1) (142.5) 56.9 53.5 (290.2) 2020 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (218.5) (157.8) 52.5 (323.8) 2021 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (277.2) (231.0) (508.2) 2022 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (327.9) (327.9) UK insurance net claims incurred (242.3) (192.8) (187.0) (306.7) (239.2) (229.6) (202.9) (136.7) (130.6) (245.9) (2,087.7) Underwriting year (International insurance) 2013 and prior (49.1) (18.9) 5.1 9.2 3.1 5.3 2.1 \u2013 0.3 0.2 (42.7) 2014 \u2013 (31.6) (23.3) 1.8 1.8 2.2 0.8 (0.1) 0.2 (0.1) (48.3) 2015 \u2013 \u2013 (33.4) (39.6) 5.1 1.3 1.3 \u2013 0.1 \u2013 (65.2) 2016 \u2013 \u2013 \u2013 (47.9) (43.5) 6.3 2.4 1.5 0.6 0.3 (80.3) 2017 \u2013 \u2013 \u2013 \u2013 (60.7) (51.5) 5.5 3.2 2.3 0.1 (101.1) 2018 \u2013 \u2013 \u2013 \u2013 \u2013 (71.2) (58.4) 7.8 2.7 0.9 (118.2) 2019 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (89.6) (50.1) 4.9 2.2 (132.6) 2020 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (95.4) (64.0) 5.3 (154.1) 2021 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (114.3) (88.0) (202.3) 2022 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (133.9) (133.9) International insurance net claims incurred (49.1) (50.5) (51.6) (76.5) (94.2) (107.6) (135.9) (133.1) (167.2) (213.0) (1,078.7) Other net claims incurred (2.1) (6.9) (5.4) (0.2) (2.6) (1.1) \u2013 \u2013 (11.6) (18.0) (47.9) Claims handling costs (9.5) (8.9) (9.4) (11.2) (11.1) (11.8) (20.5) (23.4) (22.9) (29.2) (157.9) Total net claims incurred (303.0) (259.1) (227.4) (394.6) (347.1) (350.1) (359.3) (293.2) (332.3) (506.1) (3,372.2) *1 Financial Year 2021 has been restated to disclose gross claims and net claims incurred in relation to the other segment and net claims in relation to a reclassification between UK insurance and International insurance The table below shows the development of UK Car insurance loss ratios for the past six financial periods, presented on an underwriting year basis. Financial year ended 31 December UK Car insurance loss ratio development 2017 2018 2019 2020 2021 2022 Underwriting year (UK Car only) 2017 87% 83% 75% 70% 65% 62% 2018 \u2013 92% 81% 78% 73% 67% 2019 \u2013 \u2013 92% 76% 72% 67% 2020 \u2013 \u2013 \u2013 72% 66% 61% 2021 \u2013 \u2013 \u2013 \u2013 90% 89% 2022 \u2013 \u2013 \u2013 \u2013 \u2013 102% 5. Premium, claims and profit commissions continued (v) Analysis of claims reserve releases The following table analyses the impact of movements in prior year claims provisions on a gross and net basis. Figures are presented on an underwriting year basis. Financial year ended 31 December Gross 2017 \u00a3m 2018 \u00a3m 2019 \u00a3m 2020 \u00a3m 2021 \u00a3m 2022 \u00a3m Underwriting year (UK Motor insurance) 2017 and prior 214.0 270.5 252.4 186.0 187.5 109.4 2018 \u2013 \u2013 83.2 57.3 64.1 100.3 2019 \u2013 \u2013 \u2013 54.8 76.2 70.6 2020 \u2013 \u2013 \u2013 \u2013 52.9 87.5 2021 \u2013 \u2013 \u2013 \u2013 \u2013 13.8 Total gross release (UK Motor insurance) 214.0 270.5 335.6 298.1 380.7 381.6 Total gross release (UK Household insurance) 1.6 4.6 8.3 9.2 6.0 3.6 Total gross release (UK Travel insurance) \u2013 \u2013 \u2013 \u2013 2.2 0.4 Total gross release (International insurance) 23.2 35.2 39.1 53.2 52.0 46.1 Total gross release (Other insurance) \u2013 \u2013 \u2013 \u2013 \u2013 5.6 Total gross release 238.8 310.3 383.0 360.5 440.9 437.3 Financial year ended 31 December Net 2017 \u00a3m 2018 \u00a3m 2019 \u00a3m 2020 \u00a3m 2021 \u00a3m 2022 \u00a3m Underwriting year (UK Motor insurance) 2017 and prior 165.9 221.0 217.6 183.9 184.9 108.2 2018 \u2013 \u2013 25.8 40.7 61.9 97.2 2019 \u2013 \u2013 \u2013 17.0 54.6 52.7 2020 \u2013 \u2013 \u2013 \u2013 15.9 51.4 2021 \u2013 \u2013 \u2013 \u2013 \u2013 3.6 Total net release (UK Motor insurance) 165.9 221.0 243.4 241.6 317.3 313.1 Total net release (UK Household insurance) 0.5 1.4 2.5 2.8 2.5 1.6 Total net release (UK Travel insurance) \u2013 \u2013 \u2013 \u2013 2.2 0.4 Total net release (International insurance) 9.5 13.5 14.4 18.6 16.4 15.8 Total net release (Other insurance) \u2013 \u2013 \u2013 \u2013 \u2013 3.3 Total net release 175.9 235.9 260.3 263.0 338.4 334.2 Analysis of net releases on UK Motor insurance: \u2013 Releases on original Admiral net share (UK Motor) 92.1 111.4 121.7 104.3 128.1 124.0 \u2013 Releases on commuted quota share reinsurance contracts (UK Motor) 73.8 109.6 121.7 137.3 189.2 189.1 Total UK Motor net release as above 165.9 221.0 243.4 241.6 317.3 313.1 Admiral typically commutes quota share reinsurance contracts in its UK Car insurance business 36 months following the start of the underwriting year. After commutation, any changes in claims costs on the commuted proportion of the business are reflected within claims costs and are separately analysed here. Releases on the share of business originally reinsured but since commuted are analysed by underwriting year as follows: Financial year ended 31 December 2017 \u00a3m 2018 \u00a3m 2019 \u00a3m 2020 \u00a3m 2021 \u00a3m 2022 \u00a3m Underwriting year 2017 and prior 73.8 109.6 121.7 113.9 116.4 66.0 2018 \u2013 \u2013 \u2013 23.4 43.5 66.5 2019 \u2013 \u2013 \u2013 \u2013 29.3 31.4 2020 \u2013 \u2013 \u2013 \u2013 \u2013 25.2 Total releases on commuted quota share reinsurance contracts (UK Motor) 73.8 109.6 121.7 137.3 189.2 189.1 Profit commission is analysed in note 5c. (vi) Reconciliation of movement in claims outstanding 31 December 2022 Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Claims outstanding at start of period 3,045.0 (1,415.7) 1,629.3 Claims incurred (excluding claims handling costs and releases) 2,443.0 (1,631.9) 811.1 Reserve releases (437.3) 103.1 (334.2) Movement in claims outstanding due to commutation \u2013 194.1 194.1 Claims paid and other movements *1 (1,594.6) 942.9 (651.7) Claims outstanding at end of period 3,456.1 (1,807.5) 1,648.6 31 December 2021 Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Claims outstanding at start of period 2,919.9 (1,319.3) 1,600.6 Claims incurred (excluding claims handling costs and releases) 1,881.8 (1,234.0) 647.8 Reserve releases (440.9) 102.5 (338.4) Movement in claims outstanding due to commutation \u2013 318.4 318.4 Claims paid and other movements *1 (1,315.8) 716.7 (599.1) Claims outstanding at end of period 3,045.0 (1,415.7) 1,629.3 *1 Claims and other movements includes foreign exchange impacts of \u00a333.9 million adverse (2021: \u00a33.8 million adverse) on a gross basis, \u00a328.3 million gain (2021: \u00a33.4 million gain) on a reinsurance basis resulting in a \u00a35.6 million adverse (2021: \u00a30.4 million) impact on a net basis (vii) Reconciliation of movement in net unearned premium provision 31 December 2022 Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Unearned premium provision at start of period 1,170.0 (760.4) 409.6 Written in the period 2,849.7 (1,922.4) 927.3 Earned in the period (2,705.4) 1,794.4 (911.0) Translation differences 22.1 (18.1) 4.0 Unearned premium provision at end of period 1,336.4 (906.5) 429.9 31 December 2021 Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Unearned premium provision at start of period 1,161.4 (763.9) 397.5 Written in the period 2,513.6 (1,643.0) 870.6 Earned in the period (2,492.3) 1,637.3 (855.0) Translation differences (12.7) 9.2 (3.5) Unearned premium provision at end of period 1,170.0 (760.4) 409.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-552": {
"value": "5a. Accounting policies (i) Revenue \u2013 premiums Premiums relating to insurance contracts are recognised as revenue, net of expected cancellations and insurance premium tax, proportionally over the period of cover. Premiums with an inception date after the end of the period are held in the statement of financial position as deferred revenue. Outstanding collections from policyholders related to unexpired risk are recognised within policyholder receivables. A corresponding unearned premium provision is recognised (see note 5a(iii)). (ii) Revenue \u2013 profit commission Some of the co-insurance and reinsurance contracts under which motor premiums are shared or ceded, profit commission may be earned on a particular year of account, which is usually subject to performance criteria such as loss ratios and expense ratios. The commission is dependent on the ultimate outcome of any year, with revenue being recognised when loss and expense ratios used in the preparation of the financial statements move below a contractual threshold. Profit commission receivable from reinsurance contracts is accounted for in line with IFRS 4, whereas profit commission receivable from co-insurance contracts with third parties is in line with IFRS 15. Further detail of the policy under IFRS 15 is set out in note 8. (iii) Insurance contracts and reinsurance assets Premiums The proportion of premium receivable on in-force policies relating to unexpired risks is reported in insurance contract liabilities and reinsurance assets as the unearned premium provision \u2013 gross and reinsurers\u2019 share respectively. Claims Claims and claims handling expenses are charged as incurred, based on the estimated direct and indirect costs of settling all liabilities arising on events occurring up to the balance sheet date. The provision for claims outstanding comprises provisions for the estimated cost of settling all claims incurred but unpaid at the balance sheet date, whether reported or not. Anticipated reinsurance recoveries are disclosed separately as assets. Whilst the Directors consider that the gross provisions for claims and the related reinsurance recoveries are fairly stated on the basis of the information currently available to them, the ultimate liability will vary as a result of subsequent information and events and may result in significant adjustments to the amounts provided. 5. Premium, claims and profit commissions continued Adjustments to the amounts of claims provisions established in prior years are reflected in the income statement for the period in which the adjustments are made and disclosed separately if material. The methods used, and the estimates made, are reviewed regularly. A provision for unexpired risk is made where necessary for the estimated amount required over and above unearned premiums (net of deferred acquisition costs) to meet future claims and related expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-601": {
"value": "Reinsurance assets Contracts entered into by the Group with reinsurers under which the Group is compensated for losses on the insurance contracts issued by the Group are classified as reinsurance contracts. A contract is only accounted for as a reinsurance contract where there is significant insurance risk transfer between the insured and the insurer. Reinsurance assets are comprised of balances due from reinsurance companies for ceded insurance liabilities. Amounts recoverable from reinsurers are estimated in a consistent manner with the outstanding claims provisions or settled claims associated with the reinsured policies and in accordance with the relevant reinsurance contract. The Group assesses its reinsurance assets for impairment on a regular basis, and in detail every six months. If there is objective evidence that the asset is impaired, then the carrying value will be written down to its recoverable amount. On commutation of reinsurance contracts, the reinsurer is discharged from all obligations relating to the contract. Reinsurance assets and liabilities relating to the commuted contracts are settled in the period in which the commutation agreement is signed ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-600": {
"value": "5b. Net insurance premium revenue 31 December 2022 \u00a3m 31 December 2021 \u00a3m Total insurance premiums including co-insurers\u2019 share*1 3,243.1 3,098.7 Group gross premiums written excluding co-insurance 2,849.7 2,513.6 Outwards reinsurance premiums (1,922.4) (1,643.0) Net insurance premiums written 927.3 870.6 Change in gross unearned premium provision (144.3) (21.3) Change in reinsurers\u2019 share of unearned premium provision 128.0 5.7 Net insurance premium revenue 911.0 855.0 *1 Alternative Performance Measures \u2013 refer to the end of the report for definition and explanation, and to note 14a for reconciliation to Group gross premiums written The Group\u2019s share of its insurance business was underwritten by Admiral Insurance (Gibraltar) Limited, Admiral Insurance Company Limited, Admiral Europe Compania Seguros (\u2018AECS\u2019) and Elephant Insurance Company. The vast majority of contracts are short term in duration, lasting for between 6 and 12 months. 5c. Profit commission 31 December 2022 \u00a3m 31 December 2021 \u00a3m Underwriting year (UK Motor only) 2017 and prior 54.4 94.4 2018 35.8 18.6 2019 31.5 27.6 2020 48.5 150.0 2021 \u2013 \u2013 2022 \u2013 \u2013 Total UK Motor profit commission *1 170.2 290.6 Total UK Household and International profit commission*1 0.7 13.9 Total profit commission 170.9 304.5 *1 From the total UK Motor profit commission of \u00a3170.2 million (2021: \u00a3290.6 million), \u00a3130.4 million (2021: \u00a3162.9 million) relates to co-insurance arrangements and \u00a339.8 million (2021: \u00a3127.7 million) to reinsurance arrangements. The UK Household and International profit commission relates solely to reinsurance arrangements Sensitivities of the recognition of profit commission to movements in the booked loss ratio are shown in note 5d (ii). 5d. Reinsurance assets and insurance contract liabilities (i) Objectives, policies and procedures for the management of insurance risk The Group\u2019s primary business is the issuance of insurance contracts that transfer risk from policyholders to the Group and its co- insurance partners. Insurance risk involves uncertainty over the occurrence, amount or timing of claims arising on insurance contracts issued. It is primarily comprised of reserve risk; the risk that the value of insurance liabilities established is insufficient to cover the ultimate cost of claims incurred at the balance sheet date, and premium risk; the risk that the claims experience on business written but not earned is higher than allowed for in the premiums charged to policyholders. The Board of Directors is responsible for the management of insurance risk, although as mentioned in note 6, it has delegated the detailed oversight of risk management to the Group Risk Committee. The Group also has a Group Reserving Committee as well as local Reserving Committees which are comprised of senior managers within the finance, claims, pricing and actuarial functions in the respective businesses. The Reserving Committees primarily recommends the approach for insurance reserving but also reviews the systems and controls in place to support accurate reserving and considers material reserving issues such as large bodily injury claims frequency and severity. The Board implements certain policies to mitigate and control the level of insurance risk accepted by the Group. These include pricing policies and claims management and administration processes, in addition to reserving policies and co- and reinsurance arrangements as detailed below. Reserve risk Reserve risk is mitigated through a series of processes and controls. The key processes are as follows: \u2022 Regular management and internal actuarial review of individual and aggregate case claim reserves, including regular reporting of management information and exception reporting of significant movements; \u2022 Regular management and internal actuarial review of large claims, including claims settled or potentially settled by PPOs for which the uncertainty is increased by factors such as the lifetime of the claimant and movements in the indexation for the cost of future care of the claimant; \u2022 Bi-annual external actuarial review of best estimate claims reserves using a variety of recognised actuarial technique; \u2022 Internal actuarial analysis of reserve uncertainty through qualitative analysis, scenario testing and a range of stochastic reserving techniques; \u2022 Ad hoc external reviews of reserving related processes and assumptions; \u2022 Use of a reserving methodology which informs management\u2019s reserving decisions for the purposes of the Group\u2019s financial statements. As described in note 3, critical accounting judgements and estimates, the methodology determines that reserves should be set above projected best estimate outcomes to allow for unforeseen adverse claims development As noted above, the Group shares a significant amount of the insurance business generated with external underwriters. As well as these proportional arrangements, excess of loss reinsurance programmes are also purchased to protect the Group against very large individual claims and catastrophe losses. 5. Premium, claims and profit commissions continued Claims reserving Admiral\u2019s reserving policy (both within the claims function and in the financial statements) is initially to reserve conservatively, above internal and independent projections of actuarial best estimates. This is designed to create a margin held in reserves to allow for unforeseen adverse development in open claims and typically results in Admiral making above industry average reserve releases. Admiral\u2019s booked claims reserves continue to include a significant margin above projected best estimates of ultimate claims costs. The margin held above ultimate outcomes in the financial statement reserves remains both significant and prudent. In relative terms, it is lower than that held at the end of 2021, reflecting the crystallisation of some of the uncertainty previously held in the margin, in the best estimate reserves. As profit commission income is recognised in the income statement in line with loss ratios accounted for on Admiral\u2019s own claims reserves, the reserving policy also results in profit commission income being deferred and recognised over time due to the application of constraint on variable consideration. Premium risk As noted above, the Group defines premium risk as the risk that claims cost on business written but not yet earned is higher than allowed for in the premiums charged to policyholders. This also includes catastrophe risk, the risk of incurring significant losses as a result of the occurrence of manmade catastrophe, or natural weather events. Key processes and controls operating to mitigate premium risk are as follows: \u2022 Experienced and focused senior management and teams in relevant business areas including pricing and claims management; \u2022 A data-driven and analytical approach to regular monitoring of claims and underwriting performance; \u2022 Observations of weather events trends to understand climate impacts on frequency and severity; \u2022 Capability to identify and resolve underperformance promptly through changes to key performance drivers, in particular pricing In addition, as mentioned above, excess of loss reinsurance programmes are also purchased to protect the Group against very large individual claims and catastrophe losses. Other elements of insurance risk include reinsurance risk, the risk of placement of ineffective reinsurance arrangements, or the economic risk of reduced availability of co-insurance and reinsurance arrangements in future periods. The Group mitigates these risks by ensuring that it has a diverse range of financially secure reinsurance partners, including a long-term relationship with Munich Re and a number of other large reinsurers. Concentration of insurance risk The Directors do not believe there are significant concentrations of insurance risk. This is because the risks are spread across a large number of policies and a wide regional base. The International Car insurance, UK Household, and UK Travel business further contribute to the diversification of the Group\u2019s insurance risk. Information regarding reinsurance credit risk is provided in note 6j to the financial statements. (ii) Sensitivity of recognised amounts to changes in assumptions Underwriting year loss ratios \u2013 UK Car insurance The following table sets out the impact on equity and post-tax profit or loss at 31 December 2022 that would result from a 1%, 3% and 5% increase and decrease in the UK Car insurance loss ratios used for each underwriting year for which material amounts remain outstanding. This includes the impact on profit commission of the respective changes in booked loss ratios, which are also shown separately below. Underwriting year Total impact on income statement (including profit commission) 2019 2020 2021 2022 Booked loss ratio 67% 61% 89% 102% Impact of 1% deterioration in booked loss ratio (\u00a3m) (15.5) (16.4) (3.7) (1.9) Impact of 3% deterioration in booked loss ratio (\u00a3m) (46.2) (49.2) (11.0) (5.6) Impact of 5% deterioration in booked loss ratio (\u00a3m) (76.4) (82.0) (18.3) (9.3) Impact of 1% improvement in booked loss ratio (\u00a3m) 15.5 16.4 3.7 1.9 Impact of 3% improvement in booked loss ratio (\u00a3m) 46.6 49.2 11.0 5.6 Impact of 5% improvement in booked loss ratio (\u00a3m) 77.6 82.0 18.3 9.3 As above, the impact is stated net of reinsurance and includes the change in net insurance claims along with the associated profit commission movements that result from changes in loss ratios. The figures are stated net of tax at the current rate. The following table sets out the impact on equity and post-tax profit or loss at 31 December 2022 that would result from a 1%, 3% and 5% increase and decrease in the UK Car insurance loss ratios used for each underwriting year for which material amounts remain outstanding, on profit commission only. Underwriting year Impact on profit commission only 2019 2020 2021 2022 Booked loss ratio 67% 61% 89% 102% Impact of 1% deterioration in booked loss ratio (\u00a3m) (5.6) (8.0) \u2013 \u2013 Impact of 3% deterioration in booked loss ratio (\u00a3m) (16.5) (23.9) \u2013 \u2013 Impact of 5% deterioration in booked loss ratio (\u00a3m) (26.8) (39.8) \u2013 \u2013 Impact of 1% improvement in booked loss ratio (\u00a3m) 5.6 8.0 \u2013 \u2013 Impact of 3% improvement in booked loss ratio (\u00a3m) 16.8 23.9 \u2013 \u2013 Impact of 5% improvement in booked loss ratio (\u00a3m) 28.0 39.8 \u2013 \u2013 Sensitivities to key assumptions in the best estimate reserves have not been presented, given the significant and prudent margin held above best estimate reserves and the co- and reinsurance arrangements that are also considered when determining the net impact on the income statement. The underwriting year sensitivities presented above are considered to provide relevant and transparent information on the changes to key inputs to the financial statements. Sensitivities exclude any impact on climate given the assessment of low short term risk. (iii) Analysis of recognised amounts 31 December 2022 \u00a3m 31 December 2021 \u00a3m Gross Claims outstanding *1 3,456.1 3,045.0 Unearned premium provision 1,336.4 1,170.0 Total gross insurance liabilities 4,792.5 4,215.0 Recoverable from reinsurers Claims outstanding 1,807.5 1,415.7 Unearned premium provision 906.5 760.4 Total reinsurers\u2019 share of insurance liabilities 2,714.0 2,176.1 Net Claims outstanding *2 1,648.6 1,629.3 Unearned premium provision 429.9 409.6 Total insurance liabilities \u2013 net 2,078.5 2,038.9 *1 Gross claims outstanding at 31 December 2022 is presented before the deduction of salvage and subrogation recoveries totalling \u00a3125.9 million (2021: \u00a387.6 million) *2 Admiral typically commutes quota share reinsurance contracts in its UK Car insurance business 36 months following the start of the underwriting year. After commutation, claims outstanding from these contracts are included in Admiral\u2019s net claims outstanding balance. Refer to note (v) below A dmiral Group plc Annual Report and Accounts 2022 5. Premium, claims and profit commissions continued (iv) Analysis of claims incurred The following tables illustrate the development of gross and net UK insurance and International insurance claims incurred for the past ten financial periods, including the impact of re-estimation of claims provisions at the end of each financial year. The first table shows actual gross claims incurred and the second shows actual net claims incurred. Figures are presented on an underwriting year basis. Financial year ended 31 December Analysis of claims incurred (gross amounts) 2013 \u00a3m 2014 \u00a3m 2015 \u00a3m 2016 \u00a3m 2017 \u00a3m 2018 \u00a3m 2019 \u00a3m 2020 \u00a3m 2021*1 \u00a3m 2022 \u00a3m Total \u00a3m Underwriting year (UK insurance) 2013 and prior (680.7) (196.3) 181.3 56.2 125.3 92.9 33.7 30.0 31.7 15.1 (310.8) 2014 \u2013 (438.2) (347.1) 25.6 17.1 52.0 15.7 22.5 19.0 13.6 (619.8) 2015 \u2013 \u2013 (428.4) (411.2) 21.7 53.3 58.0 34.0 25.8 18.9 (627.9) 2016 \u2013 \u2013 \u2013 (529.4) (463.7) 82.1 54.8 46.1 50.3 41.0 (718.8) 2017 \u2013 \u2013 \u2013 \u2013 (691.8) (615.0) 123.1 79.5 82.5 37.5 (984.2) 2018 \u2013 \u2013 \u2013 \u2013 \u2013 (818.8) (546.9) 52.8 80.3 104.3 (1,128.3) 2019 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (812.4) (476.2) 89.8 71.1 (1,127.7) 2020 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (697.4) (519.5) 95.2 (1,121.7) 2021 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (864.5) (749.6) (1,614.1) 2022 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,089.0) (1,089.0) UK insurance gross claims incurred (680.7) (634.5) (594.2) (858.8) (991.4) (1,153.5) (1,074.0) (908.7) (1,004.6) (1,441.9) (9,342.3) Underwriting year (International insurance) 2013 and prior (120.8) (46.3) 11.2 18.3 7.7 10.6 4.4 (0.2) 0.8 0.2 (114.1) 2014 \u2013 (85.2) (65.5) 4.4 5.8 5.5 2.0 (0.4) 0.5 (0.3) (133.2) 2015 \u2013 \u2013 (92.6) (101.6) 7.7 3.1 0.1 (0.1) 0.1 0.1 (183.2) 2016 \u2013 \u2013 \u2013 (138.9) (125.3) 11.7 6.9 3.6 1.4 0.9 (239.7) 2017 \u2013 \u2013 \u2013 \u2013 (174.1) (147.3) 16.5 8.6 5.0 (0.4) (291.7) 2018 \u2013 \u2013 \u2013 \u2013 \u2013 (204.9) (165.7) 20.1 6.2 2.8 (341.5) 2019 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (293.8) (141.2) 13.3 9.1 (412.6) 2020 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (233.6) (160.6) 19.6 (374.6) 2021 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (284.5) (225.5) (510.0) 2022 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (353.6) (353.6) International insurance gross claims incurred (120.8) (131.5) (146.9) (217.8) (278.2) (321.3) (429.6) (343.2) (417.8) (547.1) (2,954.2) Other gross claims incurred (2.2) (7.1) (5.4) (0.1) (3.6) (1.1) \u2013 \u2013 (18.4) (16.6) (54.5) Claims handling costs (22.9) (21.4) (22.6) (27.1) (35.5) (37.9) (64.5) (66.7) (66.0) (75.8) (440.4) Total gross claims incurred (826.6) (794.5) (769.1) (1,103.8) (1,308.7) (1,513.8) (1,568.1) (1,318.6) (1,506.8) (2,081.4) (12,791.4) Financial year ended 31 December Analysis of claims incurred (net amounts) 2013 \u00a3m 2014 \u00a3m 2015 \u00a3m 2016 \u00a3m 2017 \u00a3m 2018 \u00a3m 2019 \u00a3m 2020 \u00a3m 20211 \u00a3m 2022 \u00a3m Total \u00a3m Underwriting year (UK insurance) 2013 and prior (242.3) (5.8) 165.2 91.1 133.1 85.2 26.5 25.3 29.4 14.2 321.9 2014 \u2013 (187.0) (144.1) (16.4) 25.3 38.4 17.2 18.6 13.6 11.3 (223.1) 2015 \u2013 \u2013 (182.1) (162.0) (2.6) 42.6 48.2 26.1 27.8 15.0 (187.0) 2016 \u2013 \u2013 \u2013 (219.4) (180.7) 48.1 50.7 46.6 41.8 33.5 (179.4) 2017 \u2013 \u2013 \u2013 \u2013 (214.3) (182.9) 77.8 67.1 72.6 35.0 (144.7) 2018 \u2013 \u2013 \u2013 \u2013 \u2013 (261.0) (165.2) 40.6 62.3 98.0 (225.3) 2019 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (258.1) (142.5) 56.9 53.5 (290.2) 2020 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (218.5) (157.8) 52.5 (323.8) 2021 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (277.2) (231.0) (508.2) 2022 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (327.9) (327.9) UK insurance net claims incurred (242.3) (192.8) (187.0) (306.7) (239.2) (229.6) (202.9) (136.7) (130.6) (245.9) (2,087.7) Underwriting year (International insurance) 2013 and prior (49.1) (18.9) 5.1 9.2 3.1 5.3 2.1 \u2013 0.3 0.2 (42.7) 2014 \u2013 (31.6) (23.3) 1.8 1.8 2.2 0.8 (0.1) 0.2 (0.1) (48.3) 2015 \u2013 \u2013 (33.4) (39.6) 5.1 1.3 1.3 \u2013 0.1 \u2013 (65.2) 2016 \u2013 \u2013 \u2013 (47.9) (43.5) 6.3 2.4 1.5 0.6 0.3 (80.3) 2017 \u2013 \u2013 \u2013 \u2013 (60.7) (51.5) 5.5 3.2 2.3 0.1 (101.1) 2018 \u2013 \u2013 \u2013 \u2013 \u2013 (71.2) (58.4) 7.8 2.7 0.9 (118.2) 2019 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (89.6) (50.1) 4.9 2.2 (132.6) 2020 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (95.4) (64.0) 5.3 (154.1) 2021 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (114.3) (88.0) (202.3) 2022 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (133.9) (133.9) International insurance net claims incurred (49.1) (50.5) (51.6) (76.5) (94.2) (107.6) (135.9) (133.1) (167.2) (213.0) (1,078.7) Other net claims incurred (2.1) (6.9) (5.4) (0.2) (2.6) (1.1) \u2013 \u2013 (11.6) (18.0) (47.9) Claims handling costs (9.5) (8.9) (9.4) (11.2) (11.1) (11.8) (20.5) (23.4) (22.9) (29.2) (157.9) Total net claims incurred (303.0) (259.1) (227.4) (394.6) (347.1) (350.1) (359.3) (293.2) (332.3) (506.1) (3,372.2) *1 Financial Year 2021 has been restated to disclose gross claims and net claims incurred in relation to the other segment and net claims in relation to a reclassification between UK insurance and International insurance The table below shows the development of UK Car insurance loss ratios for the past six financial periods, presented on an underwriting year basis. Financial year ended 31 December UK Car insurance loss ratio development 2017 2018 2019 2020 2021 2022 Underwriting year (UK Car only) 2017 87% 83% 75% 70% 65% 62% 2018 \u2013 92% 81% 78% 73% 67% 2019 \u2013 \u2013 92% 76% 72% 67% 2020 \u2013 \u2013 \u2013 72% 66% 61% 2021 \u2013 \u2013 \u2013 \u2013 90% 89% 2022 \u2013 \u2013 \u2013 \u2013 \u2013 102% 5. Premium, claims and profit commissions continued (v) Analysis of claims reserve releases The following table analyses the impact of movements in prior year claims provisions on a gross and net basis. Figures are presented on an underwriting year basis. Financial year ended 31 December Gross 2017 \u00a3m 2018 \u00a3m 2019 \u00a3m 2020 \u00a3m 2021 \u00a3m 2022 \u00a3m Underwriting year (UK Motor insurance) 2017 and prior 214.0 270.5 252.4 186.0 187.5 109.4 2018 \u2013 \u2013 83.2 57.3 64.1 100.3 2019 \u2013 \u2013 \u2013 54.8 76.2 70.6 2020 \u2013 \u2013 \u2013 \u2013 52.9 87.5 2021 \u2013 \u2013 \u2013 \u2013 \u2013 13.8 Total gross release (UK Motor insurance) 214.0 270.5 335.6 298.1 380.7 381.6 Total gross release (UK Household insurance) 1.6 4.6 8.3 9.2 6.0 3.6 Total gross release (UK Travel insurance) \u2013 \u2013 \u2013 \u2013 2.2 0.4 Total gross release (International insurance) 23.2 35.2 39.1 53.2 52.0 46.1 Total gross release (Other insurance) \u2013 \u2013 \u2013 \u2013 \u2013 5.6 Total gross release 238.8 310.3 383.0 360.5 440.9 437.3 Financial year ended 31 December Net 2017 \u00a3m 2018 \u00a3m 2019 \u00a3m 2020 \u00a3m 2021 \u00a3m 2022 \u00a3m Underwriting year (UK Motor insurance) 2017 and prior 165.9 221.0 217.6 183.9 184.9 108.2 2018 \u2013 \u2013 25.8 40.7 61.9 97.2 2019 \u2013 \u2013 \u2013 17.0 54.6 52.7 2020 \u2013 \u2013 \u2013 \u2013 15.9 51.4 2021 \u2013 \u2013 \u2013 \u2013 \u2013 3.6 Total net release (UK Motor insurance) 165.9 221.0 243.4 241.6 317.3 313.1 Total net release (UK Household insurance) 0.5 1.4 2.5 2.8 2.5 1.6 Total net release (UK Travel insurance) \u2013 \u2013 \u2013 \u2013 2.2 0.4 Total net release (International insurance) 9.5 13.5 14.4 18.6 16.4 15.8 Total net release (Other insurance) \u2013 \u2013 \u2013 \u2013 \u2013 3.3 Total net release 175.9 235.9 260.3 263.0 338.4 334.2 Analysis of net releases on UK Motor insurance: \u2013 Releases on original Admiral net share (UK Motor) 92.1 111.4 121.7 104.3 128.1 124.0 \u2013 Releases on commuted quota share reinsurance contracts (UK Motor) 73.8 109.6 121.7 137.3 189.2 189.1 Total UK Motor net release as above 165.9 221.0 243.4 241.6 317.3 313.1 Admiral typically commutes quota share reinsurance contracts in its UK Car insurance business 36 months following the start of the underwriting year. After commutation, any changes in claims costs on the commuted proportion of the business are reflected within claims costs and are separately analysed here. Releases on the share of business originally reinsured but since commuted are analysed by underwriting year as follows: Financial year ended 31 December 2017 \u00a3m 2018 \u00a3m 2019 \u00a3m 2020 \u00a3m 2021 \u00a3m 2022 \u00a3m Underwriting year 2017 and prior 73.8 109.6 121.7 113.9 116.4 66.0 2018 \u2013 \u2013 \u2013 23.4 43.5 66.5 2019 \u2013 \u2013 \u2013 \u2013 29.3 31.4 2020 \u2013 \u2013 \u2013 \u2013 \u2013 25.2 Total releases on commuted quota share reinsurance contracts (UK Motor) 73.8 109.6 121.7 137.3 189.2 189.1 Profit commission is analysed in note 5c. (vi) Reconciliation of movement in claims outstanding 31 December 2022 Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Claims outstanding at start of period 3,045.0 (1,415.7) 1,629.3 Claims incurred (excluding claims handling costs and releases) 2,443.0 (1,631.9) 811.1 Reserve releases (437.3) 103.1 (334.2) Movement in claims outstanding due to commutation \u2013 194.1 194.1 Claims paid and other movements *1 (1,594.6) 942.9 (651.7) Claims outstanding at end of period 3,456.1 (1,807.5) 1,648.6 31 December 2021 Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Claims outstanding at start of period 2,919.9 (1,319.3) 1,600.6 Claims incurred (excluding claims handling costs and releases) 1,881.8 (1,234.0) 647.8 Reserve releases (440.9) 102.5 (338.4) Movement in claims outstanding due to commutation \u2013 318.4 318.4 Claims paid and other movements *1 (1,315.8) 716.7 (599.1) Claims outstanding at end of period 3,045.0 (1,415.7) 1,629.3 *1 Claims and other movements includes foreign exchange impacts of \u00a333.9 million adverse (2021: \u00a33.8 million adverse) on a gross basis, \u00a328.3 million gain (2021: \u00a33.4 million gain) on a reinsurance basis resulting in a \u00a35.6 million adverse (2021: \u00a30.4 million) impact on a net basis (vii) Reconciliation of movement in net unearned premium provision 31 December 2022 Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Unearned premium provision at start of period 1,170.0 (760.4) 409.6 Written in the period 2,849.7 (1,922.4) 927.3 Earned in the period (2,705.4) 1,794.4 (911.0) Translation differences 22.1 (18.1) 4.0 Unearned premium provision at end of period 1,336.4 (906.5) 429.9 31 December 2021 Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Unearned premium provision at start of period 1,161.4 (763.9) 397.5 Written in the period 2,513.6 (1,643.0) 870.6 Earned in the period (2,492.3) 1,637.3 (855.0) Translation differences (12.7) 9.2 (3.5) Unearned premium provision at end of period 1,170.0 (760.4) 409.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-520": {
"value": "5b. Net insurance premium revenue 31 December 2022 \u00a3m 31 December 2021 \u00a3m Total insurance premiums including co-insurers\u2019 share*1 3,243.1 3,098.7 Group gross premiums written excluding co-insurance 2,849.7 2,513.6 Outwards reinsurance premiums (1,922.4) (1,643.0) Net insurance premiums written 927.3 870.6 Change in gross unearned premium provision (144.3) (21.3) Change in reinsurers\u2019 share of unearned premium provision 128.0 5.7 Net insurance premium revenue 911.0 855.0 *1 Alternative Performance Measures \u2013 refer to the end of the report for definition and explanation, and to note 14a for reconciliation to Group gross premiums written The Group\u2019s share of its insurance business was underwritten by Admiral Insurance (Gibraltar) Limited, Admiral Insurance Company Limited, Admiral Europe Compania Seguros (\u2018AECS\u2019) and Elephant Insurance Company. The vast majority of contracts are short term in duration, lasting for between 6 and 12 months. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-521": {
"value": "(vi) Reconciliation of movement in claims outstanding 31 December 2022 Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Claims outstanding at start of period 3,045.0 (1,415.7) 1,629.3 Claims incurred (excluding claims handling costs and releases) 2,443.0 (1,631.9) 811.1 Reserve releases (437.3) 103.1 (334.2) Movement in claims outstanding due to commutation \u2013 194.1 194.1 Claims paid and other movements *1 (1,594.6) 942.9 (651.7) Claims outstanding at end of period 3,456.1 (1,807.5) 1,648.6 31 December 2021 Gross \u00a3m Reinsurance \u00a3m Net \u00a3m Claims outstanding at start of period 2,919.9 (1,319.3) 1,600.6 Claims incurred (excluding claims handling costs and releases) 1,881.8 (1,234.0) 647.8 Reserve releases (440.9) 102.5 (338.4) Movement in claims outstanding due to commutation \u2013 318.4 318.4 Claims paid and other movements *1 (1,315.8) 716.7 (599.1) Claims outstanding at end of period 3,045.0 (1,415.7) 1,629.3 *1 Claims and other movements includes foreign exchange impacts of \u00a333.9 million adverse (2021: \u00a33.8 million adverse) on a gross basis, \u00a328.3 million gain (2021: \u00a33.4 million gain) on a reinsurance basis resulting in a \u00a35.6 million adverse (2021: \u00a30.4 million) impact on a net basis ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-633": {
"value": "6a. Accounting policies i) Financial assets Classification and measurement The classification and subsequent measurement of the financial asset under IFRS 9 depends on: a. the Group\u2019s business model for managing the financial assets; and b. the contractual cash flow characteristics of the financial asset. Based on these factors, the financial asset is classified into one of the following categories: \u2022 Amortised cost \u2013 assets which are held in order to collect contractual cash flows and the contractual terms of the financial asset give rise to cash flows which are solely payments of principal and interest on the principal amount outstanding (SPPI), where the asset is not designated as fair value through profit or loss (FVTPL) For the Group, these include deposits with credit institutions, cash and cash equivalents, insurance receivables, trade and other receivables and loans and advances to customers. The interest income generated from these assets is included in investment returns, with the exception of loans and advances to customers, where the interest receivable is recognised in interest income. Impairment is recognised on these assets using the expected credit loss model. \u2022 Fair value through other comprehensive income (FVOCI) \u2013 assets which are held both to collect contractual cash flows and to sell the asset, where the contractual terms of the financial asset give rise to cash flows which are solely payments of principal and interest on the principal amount outstanding (SPPI), where the asset is not designated as FVTPL For the Group, these assets include corporate, government and private debt securities. In addition, IFRS 9 allows an irrevocable election at initial recognition to designate equity investments at FVOCI that otherwise would be held at FVTPL, provided these are not held for trading. The Group has made this election for certain equity investments. Movements in the carrying amount are taken through OCI, with the exception of recognition of impairment gains or losses, interest revenue and foreign exchange gains or losses which are recognised in profit or loss. \u2022 Fair value through profit or loss (FVTPL) \u2013 assets which do not meet the criteria for amortised cost or FVOCI, or which are designated as FVTPL For the Group these assets include liquidity funds investing in short duration assets, other funds and derivative financial instruments. A gain or loss on disposal of an investment measured at FVOCI is presented within investment return in the period in which it arises. Impairment The expected credit loss model is used to calculate any impairment to be recognised for all assets measured at amortised cost, as well as financial investments measured at FVOCI. The general approach, which utilises the three-stage model, is used for Loans and advances to customers (see note 7) whilst impairment for the remaining assets is measured using the simplified approach. Derecognition A financial asset is derecognised when the rights to receive cash flows from that asset have expired, or when the Group transfers the asset and all the attached substantial risks and rewards relating to the asset to a third party. ii) Financial liabilities Classification and subsequent measurement All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method, except for derivatives that are classified at fair value through profit or loss and subsequently measured at fair value. Movements in the amortised cost are recognised through the income statement. Derecognition A financial liability is derecognised when the obligation under that liability is discharged, cancelled or expires. iii) Investment return and finance costs Investment return from financial assets comprises distributions as well as net realised and unrealised gains on financial assets classified as FVTPL, interest income and net realised gains from financial assets classified as FVOCI, and interest income from financial assets classified as amortised cost. Finance costs from financial liabilities comprise interest expense on subordinated notes, loan backed securities, credit facilities and lease liabilities, calculated using the effective interest rate method. The effective interest rate method calculates the amortised cost of a financial asset or liability (or group of financial assets or financial liabilities) and allocates the interest income or expense over the expected life of the asset or liability . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHeldtomaturityInvestmentsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-630": {
"value": "6a. Accounting policies i) Financial assets Classification and measurement The classification and subsequent measurement of the financial asset under IFRS 9 depends on: a. the Group\u2019s business model for managing the financial assets; and b. the contractual cash flow characteristics of the financial asset. Based on these factors, the financial asset is classified into one of the following categories: \u2022 Amortised cost \u2013 assets which are held in order to collect contractual cash flows and the contractual terms of the financial asset give rise to cash flows which are solely payments of principal and interest on the principal amount outstanding (SPPI), where the asset is not designated as fair value through profit or loss (FVTPL) For the Group, these include deposits with credit institutions, cash and cash equivalents, insurance receivables, trade and other receivables and loans and advances to customers. The interest income generated from these assets is included in investment returns, with the exception of loans and advances to customers, where the interest receivable is recognised in interest income. Impairment is recognised on these assets using the expected credit loss model. \u2022 Fair value through other comprehensive income (FVOCI) \u2013 assets which are held both to collect contractual cash flows and to sell the asset, where the contractual terms of the financial asset give rise to cash flows which are solely payments of principal and interest on the principal amount outstanding (SPPI), where the asset is not designated as FVTPL For the Group, these assets include corporate, government and private debt securities. In addition, IFRS 9 allows an irrevocable election at initial recognition to designate equity investments at FVOCI that otherwise would be held at FVTPL, provided these are not held for trading. The Group has made this election for certain equity investments. Movements in the carrying amount are taken through OCI, with the exception of recognition of impairment gains or losses, interest revenue and foreign exchange gains or losses which are recognised in profit or loss. \u2022 Fair value through profit or loss (FVTPL) \u2013 assets which do not meet the criteria for amortised cost or FVOCI, or which are designated as FVTPL For the Group these assets include liquidity funds investing in short duration assets, other funds and derivative financial instruments. A gain or loss on disposal of an investment measured at FVOCI is presented within investment return in the period in which it arises. Impairment The expected credit loss model is used to calculate any impairment to be recognised for all assets measured at amortised cost, as well as financial investments measured at FVOCI. The general approach, which utilises the three-stage model, is used for Loans and advances to customers (see note 7) whilst impairment for the remaining assets is measured using the simplified approach. Derecognition A financial asset is derecognised when the rights to receive cash flows from that asset have expired, or when the Group transfers the asset and all the attached substantial risks and rewards relating to the asset to a third party. ii) Financial liabilities Classification and subsequent measurement All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method, except for derivatives that are classified at fair value through profit or loss and subsequently measured at fair value. Movements in the amortised cost are recognised through the income statement. Derecognition A financial liability is derecognised when the obligation under that liability is discharged, cancelled or expires. iii) Investment return and finance costs Investment return from financial assets comprises distributions as well as net realised and unrealised gains on financial assets classified as FVTPL, interest income and net realised gains from financial assets classified as FVOCI, and interest income from financial assets classified as amortised cost. Finance costs from financial liabilities comprise interest expense on subordinated notes, loan backed securities, credit facilities and lease liabilities, calculated using the effective interest rate method. The effective interest rate method calculates the amortised cost of a financial asset or liability (or group of financial assets or financial liabilities) and allocates the interest income or expense over the expected life of the asset or liability . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-609": {
"value": "i) Financial assets Classification and measurement The classification and subsequent measurement of the financial asset under IFRS 9 depends on: a. the Group\u2019s business model for managing the financial assets; and b. the contractual cash flow characteristics of the financial asset. Based on these factors, the financial asset is classified into one of the following categories: \u2022 Amortised cost \u2013 assets which are held in order to collect contractual cash flows and the contractual terms of the financial asset give rise to cash flows which are solely payments of principal and interest on the principal amount outstanding (SPPI), where the asset is not designated as fair value through profit or loss (FVTPL) For the Group, these include deposits with credit institutions, cash and cash equivalents, insurance receivables, trade and other receivables and loans and advances to customers. The interest income generated from these assets is included in investment returns, with the exception of loans and advances to customers, where the interest receivable is recognised in interest income. Impairment is recognised on these assets using the expected credit loss model. \u2022 Fair value through other comprehensive income (FVOCI) \u2013 assets which are held both to collect contractual cash flows and to sell the asset, where the contractual terms of the financial asset give rise to cash flows which are solely payments of principal and interest on the principal amount outstanding (SPPI), where the asset is not designated as FVTPL For the Group, these assets include corporate, government and private debt securities. In addition, IFRS 9 allows an irrevocable election at initial recognition to designate equity investments at FVOCI that otherwise would be held at FVTPL, provided these are not held for trading. The Group has made this election for certain equity investments. Movements in the carrying amount are taken through OCI, with the exception of recognition of impairment gains or losses, interest revenue and foreign exchange gains or losses which are recognised in profit or loss. \u2022 Fair value through profit or loss (FVTPL) \u2013 assets which do not meet the criteria for amortised cost or FVOCI, or which are designated as FVTPL For the Group these assets include liquidity funds investing in short duration assets, other funds and derivative financial instruments. A gain or loss on disposal of an investment measured at FVOCI is presented within investment return in the period in which it arises. Impairment The expected credit loss model is used to calculate any impairment to be recognised for all assets measured at amortised cost, as well as financial investments measured at FVOCI. The general approach, which utilises the three-stage model, is used for Loans and advances to customers (see note 7) whilst impairment for the remaining assets is measured using the simplified approach. Derecognition A financial asset is derecognised when the rights to receive cash flows from that asset have expired, or when the Group transfers the asset and all the attached substantial risks and rewards relating to the asset to a third party. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-586": {
"value": "i) Financial assets Classification and measurement The classification and subsequent measurement of the financial asset under IFRS 9 depends on: a. the Group\u2019s business model for managing the financial assets; and b. the contractual cash flow characteristics of the financial asset. Based on these factors, the financial asset is classified into one of the following categories: \u2022 Amortised cost \u2013 assets which are held in order to collect contractual cash flows and the contractual terms of the financial asset give rise to cash flows which are solely payments of principal and interest on the principal amount outstanding (SPPI), where the asset is not designated as fair value through profit or loss (FVTPL) For the Group, these include deposits with credit institutions, cash and cash equivalents, insurance receivables, trade and other receivables and loans and advances to customers. The interest income generated from these assets is included in investment returns, with the exception of loans and advances to customers, where the interest receivable is recognised in interest income. Impairment is recognised on these assets using the expected credit loss model. \u2022 Fair value through other comprehensive income (FVOCI) \u2013 assets which are held both to collect contractual cash flows and to sell the asset, where the contractual terms of the financial asset give rise to cash flows which are solely payments of principal and interest on the principal amount outstanding (SPPI), where the asset is not designated as FVTPL For the Group, these assets include corporate, government and private debt securities. In addition, IFRS 9 allows an irrevocable election at initial recognition to designate equity investments at FVOCI that otherwise would be held at FVTPL, provided these are not held for trading. The Group has made this election for certain equity investments. Movements in the carrying amount are taken through OCI, with the exception of recognition of impairment gains or losses, interest revenue and foreign exchange gains or losses which are recognised in profit or loss. \u2022 Fair value through profit or loss (FVTPL) \u2013 assets which do not meet the criteria for amortised cost or FVOCI, or which are designated as FVTPL For the Group these assets include liquidity funds investing in short duration assets, other funds and derivative financial instruments. A gain or loss on disposal of an investment measured at FVOCI is presented within investment return in the period in which it arises. Impairment The expected credit loss model is used to calculate any impairment to be recognised for all assets measured at amortised cost, as well as financial investments measured at FVOCI. The general approach, which utilises the three-stage model, is used for Loans and advances to customers (see note 7) whilst impairment for the remaining assets is measured using the simplified approach. Derecognition A financial asset is derecognised when the rights to receive cash flows from that asset have expired, or when the Group transfers the asset and all the attached substantial risks and rewards relating to the asset to a third party. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-553": {
"value": "i) Financial assets Classification and measurement The classification and subsequent measurement of the financial asset under IFRS 9 depends on: a. the Group\u2019s business model for managing the financial assets; and b. the contractual cash flow characteristics of the financial asset. Based on these factors, the financial asset is classified into one of the following categories: \u2022 Amortised cost \u2013 assets which are held in order to collect contractual cash flows and the contractual terms of the financial asset give rise to cash flows which are solely payments of principal and interest on the principal amount outstanding (SPPI), where the asset is not designated as fair value through profit or loss (FVTPL) For the Group, these include deposits with credit institutions, cash and cash equivalents, insurance receivables, trade and other receivables and loans and advances to customers. The interest income generated from these assets is included in investment returns, with the exception of loans and advances to customers, where the interest receivable is recognised in interest income. Impairment is recognised on these assets using the expected credit loss model. \u2022 Fair value through other comprehensive income (FVOCI) \u2013 assets which are held both to collect contractual cash flows and to sell the asset, where the contractual terms of the financial asset give rise to cash flows which are solely payments of principal and interest on the principal amount outstanding (SPPI), where the asset is not designated as FVTPL For the Group, these assets include corporate, government and private debt securities. In addition, IFRS 9 allows an irrevocable election at initial recognition to designate equity investments at FVOCI that otherwise would be held at FVTPL, provided these are not held for trading. The Group has made this election for certain equity investments. Movements in the carrying amount are taken through OCI, with the exception of recognition of impairment gains or losses, interest revenue and foreign exchange gains or losses which are recognised in profit or loss. \u2022 Fair value through profit or loss (FVTPL) \u2013 assets which do not meet the criteria for amortised cost or FVOCI, or which are designated as FVTPL For the Group these assets include liquidity funds investing in short duration assets, other funds and derivative financial instruments. A gain or loss on disposal of an investment measured at FVOCI is presented within investment return in the period in which it arises. Impairment The expected credit loss model is used to calculate any impairment to be recognised for all assets measured at amortised cost, as well as financial investments measured at FVOCI. The general approach, which utilises the three-stage model, is used for Loans and advances to customers (see note 7) whilst impairment for the remaining assets is measured using the simplified approach. Derecognition A financial asset is derecognised when the rights to receive cash flows from that asset have expired, or when the Group transfers the asset and all the attached substantial risks and rewards relating to the asset to a third party. ii) Financial liabilities Classification and subsequent measurement All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method, except for derivatives that are classified at fair value through profit or loss and subsequently measured at fair value. Movements in the amortised cost are recognised through the income statement. Derecognition A financial liability is derecognised when the obligation under that liability is discharged, cancelled or expires. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-625": {
"value": "Derecognition A financial asset is derecognised when the rights to receive cash flows from that asset have expired, or when the Group transfers the asset and all the attached substantial risks and rewards relating to the asset to a third party. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-610": {
"value": "ii) Financial liabilities Classification and subsequent measurement All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method, except for derivatives that are classified at fair value through profit or loss and subsequently measured at fair value. Movements in the amortised cost are recognised through the income statement. Derecognition A financial liability is derecognised when the obligation under that liability is discharged, cancelled or expires. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-587": {
"value": "ii) Financial liabilities Classification and subsequent measurement All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method, except for derivatives that are classified at fair value through profit or loss and subsequently measured at fair value. Movements in the amortised cost are recognised through the income statement. Derecognition A financial liability is derecognised when the obligation under that liability is discharged, cancelled or expires. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-554": {
"value": "iii) Investment return and finance costs Investment return from financial assets comprises distributions as well as net realised and unrealised gains on financial assets classified as FVTPL, interest income and net realised gains from financial assets classified as FVOCI, and interest income from financial assets classified as amortised cost. Finance costs from financial liabilities comprise interest expense on subordinated notes, loan backed securities, credit facilities and lease liabilities, calculated using the effective interest rate method. The effective interest rate method calculates the amortised cost of a financial asset or liability (or group of financial assets or financial liabilities) and allocates the interest income or expense over the expected life of the asset or liability . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-588": {
"value": "iii) Investment return and finance costs Investment return from financial assets comprises distributions as well as net realised and unrealised gains on financial assets classified as FVTPL, interest income and net realised gains from financial assets classified as FVOCI, and interest income from financial assets classified as amortised cost. Finance costs from financial liabilities comprise interest expense on subordinated notes, loan backed securities, credit facilities and lease liabilities, calculated using the effective interest rate method. The effective interest rate method calculates the amortised cost of a financial asset or liability (or group of financial assets or financial liabilities) and allocates the interest income or expense over the expected life of the asset or liability . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-524": {
"value": "6b. Investment return 31 December 2022 \u00a3m 31 December 2021 \u00a3m At EIR Other Total At EIR Other Total Investment return On assets classified as FVTPL \u2013 8.4 8.4 \u2013 3.6 3.6 On assets classified as FVOCI *1*3 50.3 2.3 52.6 40.0 2.3 42.3 On assets classified as amortised costs *1 2.0 \u2013 2.0 0.6 \u2013 0.6 Net unrealised losses Unrealised gains on forward contracts \u2013 0.5 0.5 \u2013 \u2013 \u2013 Share of associate profit/ loss \u2013 (0.1) (0.1) \u2013 \u2013 \u2013 Accrual for reinsurers\u2019 share of investment return \u2013 (20.0) (20.0) \u2013 (1.6) (1.6) Interest receivable on cash and cash equivalents *1 \u2013 1.2 1.2 \u2013 0.3 0.3 Total investment and interest income *2 52.3 (7.7) 44.6 40.6 4.6 45.2 *1 Interest received during the year was \u00a358.7 million (2021: \u00a346.6 million) *2 Total investment return excludes \u00a32.2 million of intra-group interest (2021: \u00a32.7 million) *3 Realised gains on sales of debt securities classified as FVOCI are \u00a32.2 million (2021: \u00a32.3 million) ",
"dimensions": {
"concept": "admiralgroupplc:DisclosureOfInvestmentReturn",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-522": {
"value": "6c. Finance costs Continuing operations 31 December 2022 \u00a3m 31 December 2021 \u00a3m Interest payable on subordinated loan notes and other credit facilities *1*2 11.4 11.4 Interest payable on lease liabilities 2.0 2.3 Interest recoverable from co- and reinsurers (1.5) (1.8) Total finance costs on continuing operations 11.9 11.9 *1 Interest paid during the year was \u00a313.4 million (2021: \u00a314.1 million) *2 See note 7e for details of credit facilities Finance costs represent interest payable on the \u00a3200.0 million (2021: \u00a3200.0 million) subordinated notes and other financial liabilities. Interest payable on lease liabilities represents the unwinding of the discount on lease liabilities under IFRS 16 and does not result in a cash payment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-555": {
"value": "6c. Finance costs Continuing operations 31 December 2022 \u00a3m 31 December 2021 \u00a3m Interest payable on subordinated loan notes and other credit facilities *1*2 11.4 11.4 Interest payable on lease liabilities 2.0 2.3 Interest recoverable from co- and reinsurers (1.5) (1.8) Total finance costs on continuing operations 11.9 11.9 *1 Interest paid during the year was \u00a313.4 million (2021: \u00a314.1 million) *2 See note 7e for details of credit facilities Finance costs represent interest payable on the \u00a3200.0 million (2021: \u00a3200.0 million) subordinated notes and other financial liabilities. Interest payable on lease liabilities represents the unwinding of the discount on lease liabilities under IFRS 16 and does not result in a cash payment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-523": {
"value": "6d. Expected credit losses 31 December 2022 \u00a3m 31 December 2021 \u00a3m Expected credit losses/(gains) on financial investments 6f (1.8) 2.6 Expected credit losses on Loans and advances to customers* 1 7b 20.7 10.7 Total expense for expected credit losses 18.9 13.3 *1 Includes \u00a37.2 million (2021: \u00a32.5 million) of write-offs, with total movement in the expected credit loss provision being \u00a320.7 million (2021: \u00a310.7 million) See note 6f and note 7b for details of the impairment methodology. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-525": {
"value": "6e. Financial assets and liabilities
The Group\u2019s financial assets and liabilities can be analysed as follows:
Continuing operations
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Financial investments measured at FVTPL
Money market funds 706.5 868.0
Other funds 188.8 187.6
Derivative financial instruments 33.0 5.2
Equity Investments (designated FVTPL) 6.4 2.2
Investment in Associate 2.4 \u2013
937.1 1,063.0
Financial investments classified as FVOCI
Corporate debt securities 1,701.2 2,101.0
Government debt securities 479.8 348.5
Private debt securities 166.6 125.5
2,347.6 2,575.0
Equity investments (designated FVOCI) 25.1 19.3
2,372.7 2,594.3
Financial assets measured at amortised cost
Deposits with credit institutions 101.4 85.3
Total financial investments 3,411.2 3,742.6
Other financial assets
Insurance receivables 1,009.5 956.6
Trade and other receivables (measured at amortised cost) 326.3 251.9
Insurance and other receivables 1,335.8 1,208.5
Loans and advances to customers (note 7) 823.9 556.8
Cash and cash equivalents 297.0 372.7
Total financial assets 5,867.9 5,880.6
Financial liabilities
Subordinated notes 204.4 204.4
Loan backed securities 714.7 446.5
Other borrowings 20.0 20.0
Subordinated and other financial liabilities 939.1 670.9
Trade and other payables
*1
2,158.0 1,960.0
Lease liabilities 88.5 105.3
Total financial liabilities 3,185.6 2,736.2
*1 Trade and other payables total balance of \u00a32,158.0 million (2021: \u00a31,960.0 million) above includes \u00a31,807.6 million (2021: \u00a31,528.4 million) in relation to tax and social security, deferred income and
reinsurer balances that are outside the scope of IFRS 9
*2 Insurance receivables are treated under IFRS4
A dmiral Group plc Annual Report and Accounts 2022
The maturity profile of financial assets and liabilities under the scope of IFRS 4 and 9 at 31 December 2022 is as follows:
On demand
\u00a3m
< 1 year
\u00a3m
Between
1 and 2 years
\u00a3m
> 2 years
\u00a3m
Financial investments
Money market funds and derivative financial instruments \u2013 915.2 8.8 4.3
Deposits with credit institutions \u2013 101.4 \u2013 \u2013
Debt securities 33.3 398.1 263.1 1,653.1
Total financial investments 33.3 1,414.7 271.9 1,657.4
Trade and other receivables \u2013 1,335.8 \u2013 \u2013
Loans and advances to customers \u2013 235.1 237.3 351.5
Cash and cash equivalents 297.0 \u2013 \u2013 \u2013
Total financial assets 330.3 2,985.6 509.2 2,008.9
Financial liabilities
Subordinated notes*
2
\u2013 11.0 211.0 \u2013
Loan backed securities \u2013 241.0 187.8 285.8
Other borrowings \u2013 20.0 \u2013 \u2013
Trade and other payables*
1
\u2013 1,864.1 \u2013 \u2013
Total financial liabilities \u2013 2,136.1 398.8 285.8
*1 Of the \u00a31,864.1 million held within trade and other payables in the maturity table, \u00a31,513.7 million do not meet the definition of a financial liability under IFRS 9 but fall within the scope of IFRS 4
hence are included in the above maturity profile
*2 Maturity analysis has been performed on a cash-settled basis
The maturity profile of financial assets and liabilities under the scope of IFRS 4 and 9 at 31 December 2021 was as follows:
On demand
\u00a3m
< 1 year
\u00a3m
Between
1 and 2 years
\u00a3m
> 2 years
\u00a3m
Financial investments
Money market funds and derivative financial instruments \u2013 1,057.9 1.7 1.1
Deposits with credit institutions \u2013 75.3 10.0 \u2013
Debt securities \u2013 713.2 362.4 1,499.2
Total financial investments \u2013 1,846.4 374.1 1,500.3
Trade and other receivables \u2013 1,208.5 \u2013 \u2013
Loans and advances to customers \u2013 171.3 174.7 210.8
Cash and cash equivalents 372.7 \u2013 \u2013 \u2013
Total financial assets 372.7 3,226.2 548.8 1,711.1
Financial liabilities
Subordinated notes*
2
\u2013 11.0 11.0 211.0
Loan backed securities \u2013 170.2 126.7 172.0
Other borrowings \u2013 20.0 \u2013 \u2013
Trade and other payables*
1
\u2013 1,706.5 \u2013 \u2013
Total financial liabilities \u2013 1,907.7 137.7 383.0
*1 Of the \u00a31,706.5 million held within trade and other payables in the maturity table, \u00a31,274.9 million do not meet the definition of a financial liability under IFRS 9 but fall within the scope of IFRS 4
hence are included in the above maturity profile
*2 Maturity analysis has been performed on a cash-settled basis
A dmiral Group plc Annual Report and Accounts 2022
6. Investment income and costs continued The maturity profile of discounted gross insurance liabilities at the end of 2022 was as follows < 1 year \u00a3m 1 \u20133 years \u00a3m > 3years \u00a3m Claims outstanding 1,342.0 886.3 1,227.8 Unearned premium provision 1,336.4 \u2013 \u2013 Total gross insurance liabilities 2,678.4 886.3 1,227.8 The maturity profile of discounted gross insurance liabilities at the end of 2021 was as follows: < 1 year \u00a3m 1 \u20133 years \u00a3m > 3years \u00a3m Claims outstanding 909.9 829.8 1,305.3 Unearned premium provision 1,170.0 \u2013 \u2013 Total gross insurance liabilities 2,079.9 829.8 1,305.3 6f. Financial investments 31 December 2022 FVTPL \u00a3m FVOCI \u00a3m Amortised Cost* 2 \u00a3m Total \u00a3m AAA- AA 410.5 922.8 23.5 1,356.8 A 328.3 847.3 355.4 1,531.0 BBB 56.4 410.2 19.2 485.8 Sub BBB 33.4 43.4 \u2013 76.8 Not rated*1 106.1 149.0 0.3 255.4 Total financial investments 934.7 2,372.7 398.4 3,705.8 *1 \u00a359.4 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt (\u00a3123.9 million) and other holdings (\u00a371.8 million) *2 Investments held at amortised cost comprise deposits with credit institutions, and cash 31 December 2021 FVTPL \u00a3m FVOCI \u00a3m Amortised Cost*2 \u00a3m Total \u00a3m AAA- AA 500.6 906.9 21.2 1,428.7 A 401.0 1,007.9 426.2 1,835.1 BBB 42.6 477.9 10.6 531.1 Sub BBB 22.0 71.7 \u2013 93.7 Not rated*1 96.8 129.9 \u2013 226.7 Total financial investments 1,063.0 2,594.3 458.0 4,115.3 *1 \u00a372.3 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt (\u00a3127.5 million) and other holdings (\u00a326.8 million) *2 Investments held at amortised cost comprise deposits with credit institutions, and cash Classification and measurement At initial recognition, the Group measures financial investments at fair value plus or minus, in the case of financial instruments not measured at fair value through profit and loss, directly attributable transaction costs. Transaction costs of financial instruments measured at fair value through profit and loss are expensed to the profit and loss when incurred. Money market funds and derivative financial instruments are measured at FVTPL. The regulatory capital within the Group is used to invest in these instruments in addition to any surplus funds which may be held. Buying and selling activity occurs depending on timing of different cash flows. Debt securities are measured at FVOCI and as such fall under the scope of the ECL model. These assets are held to match policyholder liabilities or interest on debt liabilities. If sold before maturity, gains or losses on these assets impact the P&L. Private Equity investments have been designated as being reported through FVOCI due to these being long term, strategic investments. Dividends are recognised in the income statement whilst a change in fair values will be reflected in OCI. Other funds are measured at FVTPL. Impairment All financial investments held at FVOCI and at amortised cost have been assessed for impairment using the expected credit loss model under IFRS 9. The assessment has been made based on the credit ratings of the entities and externally available credit loss ratios. The calculated impairment loss within the fair value is recognised through the income statement whilst fair value movements are recognised in other comprehensive income. Deposits are held with well rated institutions and are held at book value, with impairment calculated in a similar manner to debt securities. All assets which require a calculation of impairment, are considered based on an external credit rating agency or an assessment from Admiral\u2019s external asset managers. The credit rating of all assets is regularly monitored. As at the year-end reporting date, the vast majority of financial assets are of investment grade and considered low risk under IFRS 9. These therefore remain within stage 1 and a 12-month expected loss is used to calculate the impairment provision required. Any assets downgraded to below BBB or any sub BBB asset that is downgraded by 1 full credit rating, are considered by the Group to have significantly increased in credit risk, and therefore are stage 2 under IFRS 9. The impairment provision at 31 December 2022 is \u00a39.4 million (\u00a311.3 million at 31 December 2021). Given there is no material change in the credit quality or type of financial assets in the year and the movement in provision is immaterial, no further disclosure has been made. Fair value measurement IFRS 13 requires assets and liabilities that are held at fair value to be classified according to a hierarchy which reflects the observability of significant market inputs, based on three levels. The Group policy is to recognise transfer between fair value hierarchy levels as at the end of the reporting period. There were no transfers between fair value hierarchy levels in the reporting period (2021: none). The table below shows how the financial assets held at fair value have been measured using the fair value hierarchy: 31 December 2022 31 December 2021 FVTPL \u00a3m FVOCI \u00a3m FVTPL \u00a3m FVOCI \u00a3m Level one (quoted prices in active markets) 900.2 2,180.9 1,060.8 2,449.5 Level two (use of observable inputs) 28.1 \u2013 \u2013 \u2013 Level three (use of significant unobservable inputs) 6.4*1 191.8 2.2 *1 144.8 Total 934.7 2,372.7 1,063.0 2,594.3 *1 Gains through the income statement are recognised within Investment return. See note 6b for further information Fair value measurement using significant unobservable inputs (level three) Level three investments consist of debt securities and equity investments. Debt securities are comprised primarily of investments in debt funds which are valued at the proportion of the Group\u2019s holding of the Net Asset Value (NAV) reported by the investment vehicle. In addition, there is a small allocation of privately placed bonds which do not trade on active markets, these are valued using discounted cash-flow models designed to appropriately reflect the credit and illiquidity of these instruments. The key unobservable input across private debt securities is the discount rate which is based on the credit performance of the assets. Equity securities are primarily comprised of investments in Private Equity and Infrastructure Equity funds, which are valued at the proportion of the Group\u2019s holding of the NAV reported by the investment vehicle. These are based on several unobservable inputs including market multiples and cash flow forecasts. There were no significant inter-relationships between unobservable inputs that materially affect fair values. 6. Investment income and costs continued
The table below presents the movement in the period relating to financial instruments valued using a level three valuation:
31 December 2022
Level Three Investments
Equity Securities
\u00a3m
Debt Securities
\u00a3m
Total
\u00a3m
Balance as at 1 January 2022 21.5 125.5 147.0
Gains/(losses) recognised in IS 1.8 3.9 5.7
Gains/(losses) recognised in OCI 1.1 (9.6) (8.5)
Purchases 9.4 74.4 83.8
Disposals (2.5) (27.6) (30.1)
Translation differences 0.3 \u2013 0.3
Balance as at 31 December 2022 31.6 166.6 198.2
31 December 2021
Level Three Investments
Equity Securities
\u00a3m
Debt Securities
\u00a3m
Total
\u00a3m
Balance as at 1 January 2021 11.3 63.5 74.8
Gains/(losses) recognised in IS 0.2 1.4 1.6
Gains/(losses) recognised in OCI 2.6 1.5 4.1
Purchases 8.5 80.9 89.4
Disposals (0.6) (21.8) (22.4)
Translation differences (0.5) \u2013 (0.5)
Balance as at 31 December 2021 21.5 125.5 147.0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-602": {
"value": "6e. Financial assets and liabilities The Group\u2019s financial assets and liabilities can be analysed as follows: Continuing operations 31 December 2022 \u00a3m 31 December 2021 \u00a3m Financial investments measured at FVTPL Money market funds 706.5 868.0 Other funds 188.8 187.6 Derivative financial instruments 33.0 5.2 Equity Investments (designated FVTPL) 6.4 2.2 Investment in Associate 2.4 \u2013 937.1 1,063.0 Financial investments classified as FVOCI Corporate debt securities 1,701.2 2,101.0 Government debt securities 479.8 348.5 Private debt securities 166.6 125.5 2,347.6 2,575.0 Equity investments (designated FVOCI) 25.1 19.3 2,372.7 2,594.3 Financial assets measured at amortised cost Deposits with credit institutions 101.4 85.3 Total financial investments 3,411.2 3,742.6 Other financial assets Insurance receivables 1,009.5 956.6 Trade and other receivables (measured at amortised cost) 326.3 251.9 Insurance and other receivables 1,335.8 1,208.5 Loans and advances to customers (note 7) 823.9 556.8 Cash and cash equivalents 297.0 372.7 Total financial assets 5,867.9 5,880.6 Financial liabilities Subordinated notes 204.4 204.4 Loan backed securities 714.7 446.5 Other borrowings 20.0 20.0 Subordinated and other financial liabilities 939.1 670.9 Trade and other payables *1 2,158.0 1,960.0 Lease liabilities 88.5 105.3 Total financial liabilities 3,185.6 2,736.2 *1 Trade and other payables total balance of \u00a32,158.0 million (2021: \u00a31,960.0 million) above includes \u00a31,807.6 million (2021: \u00a31,528.4 million) in relation to tax and social security, deferred income and reinsurer balances that are outside the scope of IFRS 9 *2 Insurance receivables are treated under IFRS4 A ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-589": {
"value": "6e. Financial assets and liabilities The Group\u2019s financial assets and liabilities can be analysed as follows: Continuing operations 31 December 2022 \u00a3m 31 December 2021 \u00a3m Financial investments measured at FVTPL Money market funds 706.5 868.0 Other funds 188.8 187.6 Derivative financial instruments 33.0 5.2 Equity Investments (designated FVTPL) 6.4 2.2 Investment in Associate 2.4 \u2013 937.1 1,063.0 Financial investments classified as FVOCI Corporate debt securities 1,701.2 2,101.0 Government debt securities 479.8 348.5 Private debt securities 166.6 125.5 2,347.6 2,575.0 Equity investments (designated FVOCI) 25.1 19.3 2,372.7 2,594.3 Financial assets measured at amortised cost Deposits with credit institutions 101.4 85.3 Total financial investments 3,411.2 3,742.6 Other financial assets Insurance receivables 1,009.5 956.6 Trade and other receivables (measured at amortised cost) 326.3 251.9 Insurance and other receivables 1,335.8 1,208.5 Loans and advances to customers (note 7) 823.9 556.8 Cash and cash equivalents 297.0 372.7 Total financial assets 5,867.9 5,880.6 Financial liabilities Subordinated notes 204.4 204.4 Loan backed securities 714.7 446.5 Other borrowings 20.0 20.0 Subordinated and other financial liabilities 939.1 670.9 Trade and other payables *1 2,158.0 1,960.0 Lease liabilities 88.5 105.3 Total financial liabilities 3,185.6 2,736.2 *1 Trade and other payables total balance of \u00a32,158.0 million (2021: \u00a31,960.0 million) above includes \u00a31,807.6 million (2021: \u00a31,528.4 million) in relation to tax and social security, deferred income and reinsurer balances that are outside the scope of IFRS 9 *2 Insurance receivables are treated under IFRS4 A The maturity profile of financial assets and liabilities under the scope of IFRS 4 and 9 at 31 December 2022 is as follows: On demand \u00a3m < 1 year \u00a3m Between 1 and 2 years \u00a3m > 2 years \u00a3m Financial investments Money market funds and derivative financial instruments \u2013 915.2 8.8 4.3 Deposits with credit institutions \u2013 101.4 \u2013 \u2013 Debt securities 33.3 398.1 263.1 1,653.1 Total financial investments 33.3 1,414.7 271.9 1,657.4 Trade and other receivables \u2013 1,335.8 \u2013 \u2013 Loans and advances to customers \u2013 235.1 237.3 351.5 Cash and cash equivalents 297.0 \u2013 \u2013 \u2013 Total financial assets 330.3 2,985.6 509.2 2,008.9 Financial liabilities Subordinated notes* 2 \u2013 11.0 211.0 \u2013 Loan backed securities \u2013 241.0 187.8 285.8 Other borrowings \u2013 20.0 \u2013 \u2013 Trade and other payables* 1 \u2013 1,864.1 \u2013 \u2013 Total financial liabilities \u2013 2,136.1 398.8 285.8 *1 Of the \u00a31,864.1 million held within trade and other payables in the maturity table, \u00a31,513.7 million do not meet the definition of a financial liability under IFRS 9 but fall within the scope of IFRS 4 hence are included in the above maturity profile *2 Maturity analysis has been performed on a cash-settled basis The maturity profile of financial assets and liabilities under the scope of IFRS 4 and 9 at 31 December 2021 was as follows: On demand \u00a3m < 1 year \u00a3m Between 1 and 2 years \u00a3m > 2 years \u00a3m Financial investments Money market funds and derivative financial instruments \u2013 1,057.9 1.7 1.1 Deposits with credit institutions \u2013 75.3 10.0 \u2013 Debt securities \u2013 713.2 362.4 1,499.2 Total financial investments \u2013 1,846.4 374.1 1,500.3 Trade and other receivables \u2013 1,208.5 \u2013 \u2013 Loans and advances to customers \u2013 171.3 174.7 210.8 Cash and cash equivalents 372.7 \u2013 \u2013 \u2013 Total financial assets 372.7 3,226.2 548.8 1,711.1 Financial liabilities Subordinated notes* 2 \u2013 11.0 11.0 211.0 Loan backed securities \u2013 170.2 126.7 172.0 Other borrowings \u2013 20.0 \u2013 \u2013 Trade and other payables* 1 \u2013 1,706.5 \u2013 \u2013 Total financial liabilities \u2013 1,907.7 137.7 383.0 *1 Of the \u00a31,706.5 million held within trade and other payables in the maturity table, \u00a31,274.9 million do not meet the definition of a financial liability under IFRS 9 but fall within the scope of IFRS 4 hence are included in the above maturity profile *2 Maturity analysis has been performed on a cash-settled basis A 6. Investment income and costs continued The maturity profile of discounted gross insurance liabilities at the end of 2022 was as follows < 1 year \u00a3m 1 \u20133 years \u00a3m > 3years \u00a3m Claims outstanding 1,342.0 886.3 1,227.8 Unearned premium provision 1,336.4 \u2013 \u2013 Total gross insurance liabilities 2,678.4 886.3 1,227.8 The maturity profile of discounted gross insurance liabilities at the end of 2021 was as follows: < 1 year \u00a3m 1 \u20133 years \u00a3m > 3years \u00a3m Claims outstanding 909.9 829.8 1,305.3 Unearned premium provision 1,170.0 \u2013 \u2013 Total gross insurance liabilities 2,079.9 829.8 1,305.3 6i. Financial and lease liabilities 31 December 2022 Subordinated notes \u00a3m Loan backed securities \u00a3m Other borrowings and derivatives \u00a3m Lease liabilities \u00a3m Total \u00a3m Financial liability at the start of the period 204.4 446.5 20.0 105.3 776.2 Interest payable per income statement 11.0 11.7 1.3 2.0 26.0 Cash flows* 1 (11.0) 256.5 (0.9) (11.3) 233.3 Other foreign exchange and non-cash movements \u2013 \u2013 (0.4) (7.5) (7.9) Financial liability at the end of the period 204.4 714.7 20.0 88.5 1,027.6 *1 Cash amounts relating to the interest proportion of the lease liability were \u00a32.1 million in 2022 (2021: \u00a32.7 million) 31 December 2021 Subordinated notes \u00a3m Loan backed securities \u00a3m Other borrowings and derivatives \u00a3m Lease liabilities \u00a3m Total \u00a3m Financial liability at the start of the period 204.3 260.7 23.6 122.8 611.4 Interest payable per income statement 11.1 5.5 0.9 2.3 19.8 Cash flows* 1 (11.0) 180.3 (0.9) (12.3) 156.1 Other foreign exchange and non-cash movements \u2013 \u2013 (3.6) (7.5) (11.1) Financial liability at the end of the period 204.4 446.5 20.0 105.3 776.2 *1 Cash amounts relating to the interest proportion of the lease liability were \u00a32.1 million in 2022 (2021: \u00a32.7 million) Subordinated notes Financial liabilities are inclusive of \u00a3200.0 million subordinated notes issued on 25 July 2014 at a fixed rate of 5.5% with a redemption date of 25 July 2024. The notes are unsecured subordinated obligations of the Group and rank pari passu without any preference among themselves. In the event of a winding-up or bankruptcy, they are to be repaid only after the claims of all other creditors have been met. There have been no defaults on any of the notes during the year. The Group has the option to defer interest payments on the notes but to date has not exercised this right. The fair value of subordinated notes (level one valuation based on quoted prices in active markets) at 31 December 2022 is \u00a3196.4 million (2021: \u00a3217.1 million). Other borrowings The Group holds various revolving credit facilities including a \u00a3200.0 million facility which expires in April 2023, a \u00a320.0 million facility which expires in August 2023 and a \u20ac100.0 million facility which expires in August 2024. \u00a320.0 million was drawn under the agreement expiring in August 2023 as at 31 December 2022 (2021: \u00a320.0 million), which is shown within other borrowings in the table above. The carrying value is a reasonable approximation of fair value. Loan backed securities Asset backed senior loan note facilities of \u00a31,000.0 million have been established in relation to the Admiral Money business (see note 3 for details of the accounting treatment of SPEs). As at the year end, \u00a3714.7 million (2021: \u00a3446.5 million) of these facilities had been utilised. The carrying value is a reasonable approximation of fair value. Lease liabilities The Group leases various properties, with rental contracts typically for fixed periods of 5 to 25 years although these may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. For each lease, a right-of-use asset and corresponding lease liability is recognised at the date at which the leased asset becomes available for use by the Group. The lease liability is initially measured at the present value of remaining lease payments, which include the following: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payments that are based on an index or a rate \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option A The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of a similar value in a similar economic environment, with similar terms and conditions. Generally, the Group uses its incremental borrowing rate as the discount rate. Subsequently, lease payments are allocated to the lease liability, split between repayments of principal and interest. A finance cost is charged to the profit and loss so as to produce a constant period rate of interest on the remaining balance of the lease liability. Whereby a change in lease term is identified, the lease liability is recalculated based on the present value of the remaining lease payments. 6j. Objectives, policies and procedures for managing financial assets and liabilities The Group\u2019s activities expose it primarily to financial risks of credit, interest rate, liquidity and foreign exchange risk. The Board of Directors has delegated the task of supervising risk management and internal control to the Group Risk Committee. There is also an Investment Committee that makes recommendations to the Group and subsidiary Boards on investment strategy, and overseas the Group\u2019s investments. There are several key elements to the risk management environment throughout the Group. These are detailed in full in the Corporate Governance Statement. Specific considerations for the risks arising from financial assets and liabilities are detailed below. Credit risk The Group defines credit risk as the risk of financial loss if another party fails to perform its obligations. The key areas of exposure to credit risk for the Group result through its reinsurance programme, investments, bank deposits, loans and advances to customers and policyholder receivables. The Directors consider credit quality and counterparty exposure frequently and in significant detail. The Directors consider that the policies and procedures in place to manage credit exposure continue to be appropriate for the Group\u2019s risk appetite and, during 2022 and historically, no material credit losses have been experienced by the Group. The impact on equity of 100 and 200 basis point increases in credit spreads at the relevant valuation date, is as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Reduction in equity \u2013 100bps (64.4) (71.0) Reduction in equity \u2013 200bps (128.7) (142.0) The impact on the income statement from movements in credit spreads on the portfolio classified as FVOCI is \u00a3nil. There is no significant exposure to credit risk for assets classified as FVTPL. Also see notes 7 and 6f for further information on credit risk in relation to loans and advances to customers, and financial investments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-556": {
"value": "6e. Financial assets and liabilities The Group\u2019s financial assets and liabilities can be analysed as follows: Continuing operations 31 December 2022 \u00a3m 31 December 2021 \u00a3m Financial investments measured at FVTPL Money market funds 706.5 868.0 Other funds 188.8 187.6 Derivative financial instruments 33.0 5.2 Equity Investments (designated FVTPL) 6.4 2.2 Investment in Associate 2.4 \u2013 937.1 1,063.0 Financial investments classified as FVOCI Corporate debt securities 1,701.2 2,101.0 Government debt securities 479.8 348.5 Private debt securities 166.6 125.5 2,347.6 2,575.0 Equity investments (designated FVOCI) 25.1 19.3 2,372.7 2,594.3 Financial assets measured at amortised cost Deposits with credit institutions 101.4 85.3 Total financial investments 3,411.2 3,742.6 Other financial assets Insurance receivables 1,009.5 956.6 Trade and other receivables (measured at amortised cost) 326.3 251.9 Insurance and other receivables 1,335.8 1,208.5 Loans and advances to customers (note 7) 823.9 556.8 Cash and cash equivalents 297.0 372.7 Total financial assets 5,867.9 5,880.6 Financial liabilities Subordinated notes 204.4 204.4 Loan backed securities 714.7 446.5 Other borrowings 20.0 20.0 Subordinated and other financial liabilities 939.1 670.9 Trade and other payables *1 2,158.0 1,960.0 Lease liabilities 88.5 105.3 Total financial liabilities 3,185.6 2,736.2 *1 Trade and other payables total balance of \u00a32,158.0 million (2021: \u00a31,960.0 million) above includes \u00a31,807.6 million (2021: \u00a31,528.4 million) in relation to tax and social security, deferred income and reinsurer balances that are outside the scope of IFRS 9 *2 Insurance receivables are treated under IFRS4 A The maturity profile of financial assets and liabilities under the scope of IFRS 4 and 9 at 31 December 2022 is as follows: On demand \u00a3m < 1 year \u00a3m Between 1 and 2 years \u00a3m > 2 years \u00a3m Financial investments Money market funds and derivative financial instruments \u2013 915.2 8.8 4.3 Deposits with credit institutions \u2013 101.4 \u2013 \u2013 Debt securities 33.3 398.1 263.1 1,653.1 Total financial investments 33.3 1,414.7 271.9 1,657.4 Trade and other receivables \u2013 1,335.8 \u2013 \u2013 Loans and advances to customers \u2013 235.1 237.3 351.5 Cash and cash equivalents 297.0 \u2013 \u2013 \u2013 Total financial assets 330.3 2,985.6 509.2 2,008.9 Financial liabilities Subordinated notes* 2 \u2013 11.0 211.0 \u2013 Loan backed securities \u2013 241.0 187.8 285.8 Other borrowings \u2013 20.0 \u2013 \u2013 Trade and other payables* 1 \u2013 1,864.1 \u2013 \u2013 Total financial liabilities \u2013 2,136.1 398.8 285.8 *1 Of the \u00a31,864.1 million held within trade and other payables in the maturity table, \u00a31,513.7 million do not meet the definition of a financial liability under IFRS 9 but fall within the scope of IFRS 4 hence are included in the above maturity profile *2 Maturity analysis has been performed on a cash-settled basis The maturity profile of financial assets and liabilities under the scope of IFRS 4 and 9 at 31 December 2021 was as follows: On demand \u00a3m < 1 year \u00a3m Between 1 and 2 years \u00a3m > 2 years \u00a3m Financial investments Money market funds and derivative financial instruments \u2013 1,057.9 1.7 1.1 Deposits with credit institutions \u2013 75.3 10.0 \u2013 Debt securities \u2013 713.2 362.4 1,499.2 Total financial investments \u2013 1,846.4 374.1 1,500.3 Trade and other receivables \u2013 1,208.5 \u2013 \u2013 Loans and advances to customers \u2013 171.3 174.7 210.8 Cash and cash equivalents 372.7 \u2013 \u2013 \u2013 Total financial assets 372.7 3,226.2 548.8 1,711.1 Financial liabilities Subordinated notes* 2 \u2013 11.0 11.0 211.0 Loan backed securities \u2013 170.2 126.7 172.0 Other borrowings \u2013 20.0 \u2013 \u2013 Trade and other payables* 1 \u2013 1,706.5 \u2013 \u2013 Total financial liabilities \u2013 1,907.7 137.7 383.0 *1 Of the \u00a31,706.5 million held within trade and other payables in the maturity table, \u00a31,274.9 million do not meet the definition of a financial liability under IFRS 9 but fall within the scope of IFRS 4 hence are included in the above maturity profile *2 Maturity analysis has been performed on a cash-settled basis 6. Investment income and costs continued The maturity profile of discounted gross insurance liabilities at the end of 2022 was as follows < 1 year \u00a3m 1 \u20133 years \u00a3m > 3years \u00a3m Claims outstanding 1,342.0 886.3 1,227.8 Unearned premium provision 1,336.4 \u2013 \u2013 Total gross insurance liabilities 2,678.4 886.3 1,227.8 The maturity profile of discounted gross insurance liabilities at the end of 2021 was as follows: < 1 year \u00a3m 1 \u20133 years \u00a3m > 3years \u00a3m Claims outstanding 909.9 829.8 1,305.3 Unearned premium provision 1,170.0 \u2013 \u2013 Total gross insurance liabilities 2,079.9 829.8 1,305.3 6f. Financial investments 31 December 2022 FVTPL \u00a3m FVOCI \u00a3m Amortised Cost* 2 \u00a3m Total \u00a3m AAA- AA 410.5 922.8 23.5 1,356.8 A 328.3 847.3 355.4 1,531.0 BBB 56.4 410.2 19.2 485.8 Sub BBB 33.4 43.4 \u2013 76.8 Not rated*1 106.1 149.0 0.3 255.4 Total financial investments 934.7 2,372.7 398.4 3,705.8 *1 \u00a359.4 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt (\u00a3123.9 million) and other holdings (\u00a371.8 million) *2 Investments held at amortised cost comprise deposits with credit institutions, and cash 31 December 2021 FVTPL \u00a3m FVOCI \u00a3m Amortised Cost*2 \u00a3m Total \u00a3m AAA- AA 500.6 906.9 21.2 1,428.7 A 401.0 1,007.9 426.2 1,835.1 BBB 42.6 477.9 10.6 531.1 Sub BBB 22.0 71.7 \u2013 93.7 Not rated*1 96.8 129.9 \u2013 226.7 Total financial investments 1,063.0 2,594.3 458.0 4,115.3 *1 \u00a372.3 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt (\u00a3127.5 million) and other holdings (\u00a326.8 million) *2 Investments held at amortised cost comprise deposits with credit institutions, and cash Classification and measurement At initial recognition, the Group measures financial investments at fair value plus or minus, in the case of financial instruments not measured at fair value through profit and loss, directly attributable transaction costs. Transaction costs of financial instruments measured at fair value through profit and loss are expensed to the profit and loss when incurred. Money market funds and derivative financial instruments are measured at FVTPL. The regulatory capital within the Group is used to invest in these instruments in addition to any surplus funds which may be held. Buying and selling activity occurs depending on timing of different cash flows. Debt securities are measured at FVOCI and as such fall under the scope of the ECL model. These assets are held to match policyholder liabilities or interest on debt liabilities. If sold before maturity, gains or losses on these assets impact the P&L. Private Equity investments have been designated as being reported through FVOCI due to these being long term, strategic investments. Dividends are recognised in the income statement whilst a change in fair values will be reflected in OCI. Other funds are measured at FVTPL. Impairment All financial investments held at FVOCI and at amortised cost have been assessed for impairment using the expected credit loss model under IFRS 9. The assessment has been made based on the credit ratings of the entities and externally available credit loss ratios. The calculated impairment loss within the fair value is recognised through the income statement whilst fair value movements are recognised in other comprehensive income. Deposits are held with well rated institutions and are held at book value, with impairment calculated in a similar manner to debt securities. All assets which require a calculation of impairment, are considered based on an external credit rating agency or an assessment from Admiral\u2019s external asset managers. The credit rating of all assets is regularly monitored. As at the year-end reporting date, the vast majority of financial assets are of investment grade and considered low risk under IFRS 9. These therefore remain within stage 1 and a 12-month expected loss is used to calculate the impairment provision required. Any assets downgraded to below BBB or any sub BBB asset that is downgraded by 1 full credit rating, are considered by the Group to have significantly increased in credit risk, and therefore are stage 2 under IFRS 9. The impairment provision at 31 December 2022 is \u00a39.4 million (\u00a311.3 million at 31 December 2021). Given there is no material change in the credit quality or type of financial assets in the year and the movement in provision is immaterial, no further disclosure has been made. Fair value measurement IFRS 13 requires assets and liabilities that are held at fair value to be classified according to a hierarchy which reflects the observability of significant market inputs, based on three levels. The Group policy is to recognise transfer between fair value hierarchy levels as at the end of the reporting period. There were no transfers between fair value hierarchy levels in the reporting period (2021: none). The table below shows how the financial assets held at fair value have been measured using the fair value hierarchy: 31 December 2022 31 December 2021 FVTPL \u00a3m FVOCI \u00a3m FVTPL \u00a3m FVOCI \u00a3m Level one (quoted prices in active markets) 900.2 2,180.9 1,060.8 2,449.5 Level two (use of observable inputs) 28.1 \u2013 \u2013 \u2013 Level three (use of significant unobservable inputs) 6.4*1 191.8 2.2 *1 144.8 Total 934.7 2,372.7 1,063.0 2,594.3 *1 Gains through the income statement are recognised within Investment return. See note 6b for further information Fair value measurement using significant unobservable inputs (level three) Level three investments consist of debt securities and equity investments. Debt securities are comprised primarily of investments in debt funds which are valued at the proportion of the Group\u2019s holding of the Net Asset Value (NAV) reported by the investment vehicle. In addition, there is a small allocation of privately placed bonds which do not trade on active markets, these are valued using discounted cash-flow models designed to appropriately reflect the credit and illiquidity of these instruments. The key unobservable input across private debt securities is the discount rate which is based on the credit performance of the assets. Equity securities are primarily comprised of investments in Private Equity and Infrastructure Equity funds, which are valued at the proportion of the Group\u2019s holding of the NAV reported by the investment vehicle. These are based on several unobservable inputs including market multiples and cash flow forecasts. There were no significant inter-relationships between unobservable inputs that materially affect fair values. 6. Investment income and costs continued The table below presents the movement in the period relating to financial instruments valued using a level three valuation: 31 December 2022 Level Three Investments Equity Securities \u00a3m Debt Securities \u00a3m Total \u00a3m Balance as at 1 January 2022 21.5 125.5 147.0 Gains/(losses) recognised in IS 1.8 3.9 5.7 Gains/(losses) recognised in OCI 1.1 (9.6) (8.5) Purchases 9.4 74.4 83.8 Disposals (2.5) (27.6) (30.1) Translation differences 0.3 \u2013 0.3 Balance as at 31 December 2022 31.6 166.6 198.2 31 December 2021 Level Three Investments Equity Securities \u00a3m Debt Securities \u00a3m Total \u00a3m Balance as at 1 January 2021 11.3 63.5 74.8 Gains/(losses) recognised in IS 0.2 1.4 1.6 Gains/(losses) recognised in OCI 2.6 1.5 4.1 Purchases 8.5 80.9 89.4 Disposals (0.6) (21.8) (22.4) Translation differences (0.5) \u2013 (0.5) Balance as at 31 December 2021 21.5 125.5 147.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-634": {
"value": "6f. Financial investments 31 December 2022 FVTPL \u00a3m FVOCI \u00a3m Amortised Cost* 2 \u00a3m Total \u00a3m AAA- AA 410.5 922.8 23.5 1,356.8 A 328.3 847.3 355.4 1,531.0 BBB 56.4 410.2 19.2 485.8 Sub BBB 33.4 43.4 \u2013 76.8 Not rated*1 106.1 149.0 0.3 255.4 Total financial investments 934.7 2,372.7 398.4 3,705.8 *1 \u00a359.4 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt (\u00a3123.9 million) and other holdings (\u00a371.8 million) *2 Investments held at amortised cost comprise deposits with credit institutions, and cash 31 December 2021 FVTPL \u00a3m FVOCI \u00a3m Amortised Cost*2 \u00a3m Total \u00a3m AAA- AA 500.6 906.9 21.2 1,428.7 A 401.0 1,007.9 426.2 1,835.1 BBB 42.6 477.9 10.6 531.1 Sub BBB 22.0 71.7 \u2013 93.7 Not rated*1 96.8 129.9 \u2013 226.7 Total financial investments 1,063.0 2,594.3 458.0 4,115.3 *1 \u00a372.3 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt (\u00a3127.5 million) and other holdings (\u00a326.8 million) *2 Investments held at amortised cost comprise deposits with credit institutions, and cash Classification and measurement At initial recognition, the Group measures financial investments at fair value plus or minus, in the case of financial instruments not measured at fair value through profit and loss, directly attributable transaction costs. Transaction costs of financial instruments measured at fair value through profit and loss are expensed to the profit and loss when incurred. Money market funds and derivative financial instruments are measured at FVTPL. The regulatory capital within the Group is used to invest in these instruments in addition to any surplus funds which may be held. Buying and selling activity occurs depending on timing of different cash flows. Debt securities are measured at FVOCI and as such fall under the scope of the ECL model. These assets are held to match policyholder liabilities or interest on debt liabilities. If sold before maturity, gains or losses on these assets impact the P&L. Private Equity investments have been designated as being reported through FVOCI due to these being long term, strategic investments. Dividends are recognised in the income statement whilst a change in fair values will be reflected in OCI. Other funds are measured at FVTPL. Impairment All financial investments held at FVOCI and at amortised cost have been assessed for impairment using the expected credit loss model under IFRS 9. The assessment has been made based on the credit ratings of the entities and externally available credit loss ratios. The calculated impairment loss within the fair value is recognised through the income statement whilst fair value movements are recognised in other comprehensive income. Deposits are held with well rated institutions and are held at book value, with impairment calculated in a similar manner to debt securities. All assets which require a calculation of impairment, are considered based on an external credit rating agency or an assessment from Admiral\u2019s external asset managers. The credit rating of all assets is regularly monitored. As at the year-end reporting date, the vast majority of financial assets are of investment grade and considered low risk under IFRS 9. These therefore remain within stage 1 and a 12-month expected loss is used to calculate the impairment provision required. Any assets downgraded to below BBB or any sub BBB asset that is downgraded by 1 full credit rating, are considered by the Group to have significantly increased in credit risk, and therefore are stage 2 under IFRS 9. The impairment provision at 31 December 2022 is \u00a39.4 million (\u00a311.3 million at 31 December 2021). Given there is no material change in the credit quality or type of financial assets in the year and the movement in provision is immaterial, no further disclosure has been made. Fair value measurement IFRS 13 requires assets and liabilities that are held at fair value to be classified according to a hierarchy which reflects the observability of significant market inputs, based on three levels. The Group policy is to recognise transfer between fair value hierarchy levels as at the end of the reporting period. There were no transfers between fair value hierarchy levels in the reporting period (2021: none). The table below shows how the financial assets held at fair value have been measured using the fair value hierarchy: 31 December 2022 31 December 2021 FVTPL \u00a3m FVOCI \u00a3m FVTPL \u00a3m FVOCI \u00a3m Level one (quoted prices in active markets) 900.2 2,180.9 1,060.8 2,449.5 Level two (use of observable inputs) 28.1 \u2013 \u2013 \u2013 Level three (use of significant unobservable inputs) 6.4*1 191.8 2.2 *1 144.8 Total 934.7 2,372.7 1,063.0 2,594.3 *1 Gains through the income statement are recognised within Investment return. See note 6b for further information Fair value measurement using significant unobservable inputs (level three) Level three investments consist of debt securities and equity investments. Debt securities are comprised primarily of investments in debt funds which are valued at the proportion of the Group\u2019s holding of the Net Asset Value (NAV) reported by the investment vehicle. In addition, there is a small allocation of privately placed bonds which do not trade on active markets, these are valued using discounted cash-flow models designed to appropriately reflect the credit and illiquidity of these instruments. The key unobservable input across private debt securities is the discount rate which is based on the credit performance of the assets. Equity securities are primarily comprised of investments in Private Equity and Infrastructure Equity funds, which are valued at the proportion of the Group\u2019s holding of the NAV reported by the investment vehicle. These are based on several unobservable inputs including market multiples and cash flow forecasts. There were no significant inter-relationships between unobservable inputs that materially affect fair values. 6. Investment income and costs continued The table below presents the movement in the period relating to financial instruments valued using a level three valuation: 31 December 2022 Level Three Investments Equity Securities \u00a3m Debt Securities \u00a3m Total \u00a3m Balance as at 1 January 2022 21.5 125.5 147.0 Gains/(losses) recognised in IS 1.8 3.9 5.7 Gains/(losses) recognised in OCI 1.1 (9.6) (8.5) Purchases 9.4 74.4 83.8 Disposals (2.5) (27.6) (30.1) Translation differences 0.3 \u2013 0.3 Balance as at 31 December 2022 31.6 166.6 198.2 31 December 2021 Level Three Investments Equity Securities \u00a3m Debt Securities \u00a3m Total \u00a3m Balance as at 1 January 2021 11.3 63.5 74.8 Gains/(losses) recognised in IS 0.2 1.4 1.6 Gains/(losses) recognised in OCI 2.6 1.5 4.1 Purchases 8.5 80.9 89.4 Disposals (0.6) (21.8) (22.4) Translation differences (0.5) \u2013 (0.5) Balance as at 31 December 2021 21.5 125.5 147.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-631": {
"value": "6f. Financial investments 31 December 2022 FVTPL \u00a3m FVOCI \u00a3m Amortised Cost* 2 \u00a3m Total \u00a3m AAA- AA 410.5 922.8 23.5 1,356.8 A 328.3 847.3 355.4 1,531.0 BBB 56.4 410.2 19.2 485.8 Sub BBB 33.4 43.4 \u2013 76.8 Not rated*1 106.1 149.0 0.3 255.4 Total financial investments 934.7 2,372.7 398.4 3,705.8 *1 \u00a359.4 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt (\u00a3123.9 million) and other holdings (\u00a371.8 million) *2 Investments held at amortised cost comprise deposits with credit institutions, and cash 31 December 2021 FVTPL \u00a3m FVOCI \u00a3m Amortised Cost*2 \u00a3m Total \u00a3m AAA- AA 500.6 906.9 21.2 1,428.7 A 401.0 1,007.9 426.2 1,835.1 BBB 42.6 477.9 10.6 531.1 Sub BBB 22.0 71.7 \u2013 93.7 Not rated*1 96.8 129.9 \u2013 226.7 Total financial investments 1,063.0 2,594.3 458.0 4,115.3 *1 \u00a372.3 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt (\u00a3127.5 million) and other holdings (\u00a326.8 million) *2 Investments held at amortised cost comprise deposits with credit institutions, and cash Classification and measurement At initial recognition, the Group measures financial investments at fair value plus or minus, in the case of financial instruments not measured at fair value through profit and loss, directly attributable transaction costs. Transaction costs of financial instruments measured at fair value through profit and loss are expensed to the profit and loss when incurred. Money market funds and derivative financial instruments are measured at FVTPL. The regulatory capital within the Group is used to invest in these instruments in addition to any surplus funds which may be held. Buying and selling activity occurs depending on timing of different cash flows. Debt securities are measured at FVOCI and as such fall under the scope of the ECL model. These assets are held to match policyholder liabilities or interest on debt liabilities. If sold before maturity, gains or losses on these assets impact the P&L. Private Equity investments have been designated as being reported through FVOCI due to these being long term, strategic investments. Dividends are recognised in the income statement whilst a change in fair values will be reflected in OCI. Other funds are measured at FVTPL. Impairment All financial investments held at FVOCI and at amortised cost have been assessed for impairment using the expected credit loss model under IFRS 9. The assessment has been made based on the credit ratings of the entities and externally available credit loss ratios. The calculated impairment loss within the fair value is recognised through the income statement whilst fair value movements are recognised in other comprehensive income. Deposits are held with well rated institutions and are held at book value, with impairment calculated in a similar manner to debt securities. All assets which require a calculation of impairment, are considered based on an external credit rating agency or an assessment from Admiral\u2019s external asset managers. The credit rating of all assets is regularly monitored. As at the year-end reporting date, the vast majority of financial assets are of investment grade and considered low risk under IFRS 9. These therefore remain within stage 1 and a 12-month expected loss is used to calculate the impairment provision required. Any assets downgraded to below BBB or any sub BBB asset that is downgraded by 1 full credit rating, are considered by the Group to have significantly increased in credit risk, and therefore are stage 2 under IFRS 9. The impairment provision at 31 December 2022 is \u00a39.4 million (\u00a311.3 million at 31 December 2021). Given there is no material change in the credit quality or type of financial assets in the year and the movement in provision is immaterial, no further disclosure has been made. Fair value measurement IFRS 13 requires assets and liabilities that are held at fair value to be classified according to a hierarchy which reflects the observability of significant market inputs, based on three levels. The Group policy is to recognise transfer between fair value hierarchy levels as at the end of the reporting period. There were no transfers between fair value hierarchy levels in the reporting period (2021: none). The table below shows how the financial assets held at fair value have been measured using the fair value hierarchy: 31 December 2022 31 December 2021 FVTPL \u00a3m FVOCI \u00a3m FVTPL \u00a3m FVOCI \u00a3m Level one (quoted prices in active markets) 900.2 2,180.9 1,060.8 2,449.5 Level two (use of observable inputs) 28.1 \u2013 \u2013 \u2013 Level three (use of significant unobservable inputs) 6.4*1 191.8 2.2 *1 144.8 Total 934.7 2,372.7 1,063.0 2,594.3 *1 Gains through the income statement are recognised within Investment return. See note 6b for further information Fair value measurement using significant unobservable inputs (level three) Level three investments consist of debt securities and equity investments. Debt securities are comprised primarily of investments in debt funds which are valued at the proportion of the Group\u2019s holding of the Net Asset Value (NAV) reported by the investment vehicle. In addition, there is a small allocation of privately placed bonds which do not trade on active markets, these are valued using discounted cash-flow models designed to appropriately reflect the credit and illiquidity of these instruments. The key unobservable input across private debt securities is the discount rate which is based on the credit performance of the assets. Equity securities are primarily comprised of investments in Private Equity and Infrastructure Equity funds, which are valued at the proportion of the Group\u2019s holding of the NAV reported by the investment vehicle. These are based on several unobservable inputs including market multiples and cash flow forecasts. There were no significant inter-relationships between unobservable inputs that materially affect fair values. 6. Investment income and costs continued The table below presents the movement in the period relating to financial instruments valued using a level three valuation: 31 December 2022 Level Three Investments Equity Securities \u00a3m Debt Securities \u00a3m Total \u00a3m Balance as at 1 January 2022 21.5 125.5 147.0 Gains/(losses) recognised in IS 1.8 3.9 5.7 Gains/(losses) recognised in OCI 1.1 (9.6) (8.5) Purchases 9.4 74.4 83.8 Disposals (2.5) (27.6) (30.1) Translation differences 0.3 \u2013 0.3 Balance as at 31 December 2022 31.6 166.6 198.2 31 December 2021 Level Three Investments Equity Securities \u00a3m Debt Securities \u00a3m Total \u00a3m Balance as at 1 January 2021 11.3 63.5 74.8 Gains/(losses) recognised in IS 0.2 1.4 1.6 Gains/(losses) recognised in OCI 2.6 1.5 4.1 Purchases 8.5 80.9 89.4 Disposals (0.6) (21.8) (22.4) Translation differences (0.5) \u2013 (0.5) Balance as at 31 December 2021 21.5 125.5 147.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-626": {
"value": "6f. Financial investments 31 December 2022 FVTPL \u00a3m FVOCI \u00a3m Amortised Cost* 2 \u00a3m Total \u00a3m AAA- AA 410.5 922.8 23.5 1,356.8 A 328.3 847.3 355.4 1,531.0 BBB 56.4 410.2 19.2 485.8 Sub BBB 33.4 43.4 \u2013 76.8 Not rated*1 106.1 149.0 0.3 255.4 Total financial investments 934.7 2,372.7 398.4 3,705.8 *1 \u00a359.4 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt (\u00a3123.9 million) and other holdings (\u00a371.8 million) *2 Investments held at amortised cost comprise deposits with credit institutions, and cash 31 December 2021 FVTPL \u00a3m FVOCI \u00a3m Amortised Cost*2 \u00a3m Total \u00a3m AAA- AA 500.6 906.9 21.2 1,428.7 A 401.0 1,007.9 426.2 1,835.1 BBB 42.6 477.9 10.6 531.1 Sub BBB 22.0 71.7 \u2013 93.7 Not rated*1 96.8 129.9 \u2013 226.7 Total financial investments 1,063.0 2,594.3 458.0 4,115.3 *1 \u00a372.3 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt (\u00a3127.5 million) and other holdings (\u00a326.8 million) *2 Investments held at amortised cost comprise deposits with credit institutions, and cash Classification and measurement At initial recognition, the Group measures financial investments at fair value plus or minus, in the case of financial instruments not measured at fair value through profit and loss, directly attributable transaction costs. Transaction costs of financial instruments measured at fair value through profit and loss are expensed to the profit and loss when incurred. Money market funds and derivative financial instruments are measured at FVTPL. The regulatory capital within the Group is used to invest in these instruments in addition to any surplus funds which may be held. Buying and selling activity occurs depending on timing of different cash flows. Debt securities are measured at FVOCI and as such fall under the scope of the ECL model. These assets are held to match policyholder liabilities or interest on debt liabilities. If sold before maturity, gains or losses on these assets impact the P&L. Private Equity investments have been designated as being reported through FVOCI due to these being long term, strategic investments. Dividends are recognised in the income statement whilst a change in fair values will be reflected in OCI. Other funds are measured at FVTPL. Impairment All financial investments held at FVOCI and at amortised cost have been assessed for impairment using the expected credit loss model under IFRS 9. The assessment has been made based on the credit ratings of the entities and externally available credit loss ratios. The calculated impairment loss within the fair value is recognised through the income statement whilst fair value movements are recognised in other comprehensive income. Deposits are held with well rated institutions and are held at book value, with impairment calculated in a similar manner to debt securities. All assets which require a calculation of impairment, are considered based on an external credit rating agency or an assessment from Admiral\u2019s external asset managers. The credit rating of all assets is regularly monitored. As at the year-end reporting date, the vast majority of financial assets are of investment grade and considered low risk under IFRS 9. These therefore remain within stage 1 and a 12-month expected loss is used to calculate the impairment provision required. Any assets downgraded to below BBB or any sub BBB asset that is downgraded by 1 full credit rating, are considered by the Group to have significantly increased in credit risk, and therefore are stage 2 under IFRS 9. The impairment provision at 31 December 2022 is \u00a39.4 million (\u00a311.3 million at 31 December 2021). Given there is no material change in the credit quality or type of financial assets in the year and the movement in provision is immaterial, no further disclosure has been made. Fair value measurement IFRS 13 requires assets and liabilities that are held at fair value to be classified according to a hierarchy which reflects the observability of significant market inputs, based on three levels. The Group policy is to recognise transfer between fair value hierarchy levels as at the end of the reporting period. There were no transfers between fair value hierarchy levels in the reporting period (2021: none). The table below shows how the financial assets held at fair value have been measured using the fair value hierarchy: 31 December 2022 31 December 2021 FVTPL \u00a3m FVOCI \u00a3m FVTPL \u00a3m FVOCI \u00a3m Level one (quoted prices in active markets) 900.2 2,180.9 1,060.8 2,449.5 Level two (use of observable inputs) 28.1 \u2013 \u2013 \u2013 Level three (use of significant unobservable inputs) 6.4*1 191.8 2.2 *1 144.8 Total 934.7 2,372.7 1,063.0 2,594.3 *1 Gains through the income statement are recognised within Investment return. See note 6b for further information Fair value measurement using significant unobservable inputs (level three) Level three investments consist of debt securities and equity investments. Debt securities are comprised primarily of investments in debt funds which are valued at the proportion of the Group\u2019s holding of the Net Asset Value (NAV) reported by the investment vehicle. In addition, there is a small allocation of privately placed bonds which do not trade on active markets, these are valued using discounted cash-flow models designed to appropriately reflect the credit and illiquidity of these instruments. The key unobservable input across private debt securities is the discount rate which is based on the credit performance of the assets. Equity securities are primarily comprised of investments in Private Equity and Infrastructure Equity funds, which are valued at the proportion of the Group\u2019s holding of the NAV reported by the investment vehicle. These are based on several unobservable inputs including market multiples and cash flow forecasts. There were no significant inter-relationships between unobservable inputs that materially affect fair values. 6. Investment income and costs continued The table below presents the movement in the period relating to financial instruments valued using a level three valuation: 31 December 2022 Level Three Investments Equity Securities \u00a3m Debt Securities \u00a3m Total \u00a3m Balance as at 1 January 2022 21.5 125.5 147.0 Gains/(losses) recognised in IS 1.8 3.9 5.7 Gains/(losses) recognised in OCI 1.1 (9.6) (8.5) Purchases 9.4 74.4 83.8 Disposals (2.5) (27.6) (30.1) Translation differences 0.3 \u2013 0.3 Balance as at 31 December 2022 31.6 166.6 198.2 31 December 2021 Level Three Investments Equity Securities \u00a3m Debt Securities \u00a3m Total \u00a3m Balance as at 1 January 2021 11.3 63.5 74.8 Gains/(losses) recognised in IS 0.2 1.4 1.6 Gains/(losses) recognised in OCI 2.6 1.5 4.1 Purchases 8.5 80.9 89.4 Disposals (0.6) (21.8) (22.4) Translation differences (0.5) \u2013 (0.5) Balance as at 31 December 2021 21.5 125.5 147.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-611": {
"value": "6f. Financial investments 31 December 2022 FVTPL \u00a3m FVOCI \u00a3m Amortised Cost* 2 \u00a3m Total \u00a3m AAA- AA 410.5 922.8 23.5 1,356.8 A 328.3 847.3 355.4 1,531.0 BBB 56.4 410.2 19.2 485.8 Sub BBB 33.4 43.4 \u2013 76.8 Not rated*1 106.1 149.0 0.3 255.4 Total financial investments 934.7 2,372.7 398.4 3,705.8 *1 \u00a359.4 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt (\u00a3123.9 million) and other holdings (\u00a371.8 million) *2 Investments held at amortised cost comprise deposits with credit institutions, and cash 31 December 2021 FVTPL \u00a3m FVOCI \u00a3m Amortised Cost*2 \u00a3m Total \u00a3m AAA- AA 500.6 906.9 21.2 1,428.7 A 401.0 1,007.9 426.2 1,835.1 BBB 42.6 477.9 10.6 531.1 Sub BBB 22.0 71.7 \u2013 93.7 Not rated*1 96.8 129.9 \u2013 226.7 Total financial investments 1,063.0 2,594.3 458.0 4,115.3 *1 \u00a372.3 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt (\u00a3127.5 million) and other holdings (\u00a326.8 million) *2 Investments held at amortised cost comprise deposits with credit institutions, and cash Classification and measurement At initial recognition, the Group measures financial investments at fair value plus or minus, in the case of financial instruments not measured at fair value through profit and loss, directly attributable transaction costs. Transaction costs of financial instruments measured at fair value through profit and loss are expensed to the profit and loss when incurred. Money market funds and derivative financial instruments are measured at FVTPL. The regulatory capital within the Group is used to invest in these instruments in addition to any surplus funds which may be held. Buying and selling activity occurs depending on timing of different cash flows. Debt securities are measured at FVOCI and as such fall under the scope of the ECL model. These assets are held to match policyholder liabilities or interest on debt liabilities. If sold before maturity, gains or losses on these assets impact the P&L. Private Equity investments have been designated as being reported through FVOCI due to these being long term, strategic investments. Dividends are recognised in the income statement whilst a change in fair values will be reflected in OCI. Other funds are measured at FVTPL. Impairment All financial investments held at FVOCI and at amortised cost have been assessed for impairment using the expected credit loss model under IFRS 9. The assessment has been made based on the credit ratings of the entities and externally available credit loss ratios. The calculated impairment loss within the fair value is recognised through the income statement whilst fair value movements are recognised in other comprehensive income. Deposits are held with well rated institutions and are held at book value, with impairment calculated in a similar manner to debt securities. All assets which require a calculation of impairment, are considered based on an external credit rating agency or an assessment from Admiral\u2019s external asset managers. The credit rating of all assets is regularly monitored. As at the year-end reporting date, the vast majority of financial assets are of investment grade and considered low risk under IFRS 9. These therefore remain within stage 1 and a 12-month expected loss is used to calculate the impairment provision required. Any assets downgraded to below BBB or any sub BBB asset that is downgraded by 1 full credit rating, are considered by the Group to have significantly increased in credit risk, and therefore are stage 2 under IFRS 9. The impairment provision at 31 December 2022 is \u00a39.4 million (\u00a311.3 million at 31 December 2021). Given there is no material change in the credit quality or type of financial assets in the year and the movement in provision is immaterial, no further disclosure has been made. Fair value measurement IFRS 13 requires assets and liabilities that are held at fair value to be classified according to a hierarchy which reflects the observability of significant market inputs, based on three levels. The Group policy is to recognise transfer between fair value hierarchy levels as at the end of the reporting period. There were no transfers between fair value hierarchy levels in the reporting period (2021: none). The table below shows how the financial assets held at fair value have been measured using the fair value hierarchy: 31 December 2022 31 December 2021 FVTPL \u00a3m FVOCI \u00a3m FVTPL \u00a3m FVOCI \u00a3m Level one (quoted prices in active markets) 900.2 2,180.9 1,060.8 2,449.5 Level two (use of observable inputs) 28.1 \u2013 \u2013 \u2013 Level three (use of significant unobservable inputs) 6.4*1 191.8 2.2 *1 144.8 Total 934.7 2,372.7 1,063.0 2,594.3 *1 Gains through the income statement are recognised within Investment return. See note 6b for further information Fair value measurement using significant unobservable inputs (level three) Level three investments consist of debt securities and equity investments. Debt securities are comprised primarily of investments in debt funds which are valued at the proportion of the Group\u2019s holding of the Net Asset Value (NAV) reported by the investment vehicle. In addition, there is a small allocation of privately placed bonds which do not trade on active markets, these are valued using discounted cash-flow models designed to appropriately reflect the credit and illiquidity of these instruments. The key unobservable input across private debt securities is the discount rate which is based on the credit performance of the assets. Equity securities are primarily comprised of investments in Private Equity and Infrastructure Equity funds, which are valued at the proportion of the Group\u2019s holding of the NAV reported by the investment vehicle. These are based on several unobservable inputs including market multiples and cash flow forecasts. There were no significant inter-relationships between unobservable inputs that materially affect fair values. 6. Investment income and costs continued The table below presents the movement in the period relating to financial instruments valued using a level three valuation: 31 December 2022 Level Three Investments Equity Securities \u00a3m Debt Securities \u00a3m Total \u00a3m Balance as at 1 January 2022 21.5 125.5 147.0 Gains/(losses) recognised in IS 1.8 3.9 5.7 Gains/(losses) recognised in OCI 1.1 (9.6) (8.5) Purchases 9.4 74.4 83.8 Disposals (2.5) (27.6) (30.1) Translation differences 0.3 \u2013 0.3 Balance as at 31 December 2022 31.6 166.6 198.2 31 December 2021 Level Three Investments Equity Securities \u00a3m Debt Securities \u00a3m Total \u00a3m Balance as at 1 January 2021 11.3 63.5 74.8 Gains/(losses) recognised in IS 0.2 1.4 1.6 Gains/(losses) recognised in OCI 2.6 1.5 4.1 Purchases 8.5 80.9 89.4 Disposals (0.6) (21.8) (22.4) Translation differences (0.5) \u2013 (0.5) Balance as at 31 December 2021 21.5 125.5 147.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-590": {
"value": "6f. Financial investments 31 December 2022 FVTPL \u00a3m FVOCI \u00a3m Amortised Cost* 2 \u00a3m Total \u00a3m AAA- AA 410.5 922.8 23.5 1,356.8 A 328.3 847.3 355.4 1,531.0 BBB 56.4 410.2 19.2 485.8 Sub BBB 33.4 43.4 \u2013 76.8 Not rated*1 106.1 149.0 0.3 255.4 Total financial investments 934.7 2,372.7 398.4 3,705.8 *1 \u00a359.4 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt (\u00a3123.9 million) and other holdings (\u00a371.8 million) *2 Investments held at amortised cost comprise deposits with credit institutions, and cash 31 December 2021 FVTPL \u00a3m FVOCI \u00a3m Amortised Cost*2 \u00a3m Total \u00a3m AAA- AA 500.6 906.9 21.2 1,428.7 A 401.0 1,007.9 426.2 1,835.1 BBB 42.6 477.9 10.6 531.1 Sub BBB 22.0 71.7 \u2013 93.7 Not rated*1 96.8 129.9 \u2013 226.7 Total financial investments 1,063.0 2,594.3 458.0 4,115.3 *1 \u00a372.3 million of the unrated exposure stems from money market funds, which are rated AAA, but the underlying securities are not. The remaining unrated exposure is a mixture of private debt (\u00a3127.5 million) and other holdings (\u00a326.8 million) *2 Investments held at amortised cost comprise deposits with credit institutions, and cash Classification and measurement At initial recognition, the Group measures financial investments at fair value plus or minus, in the case of financial instruments not measured at fair value through profit and loss, directly attributable transaction costs. Transaction costs of financial instruments measured at fair value through profit and loss are expensed to the profit and loss when incurred. Money market funds and derivative financial instruments are measured at FVTPL. The regulatory capital within the Group is used to invest in these instruments in addition to any surplus funds which may be held. Buying and selling activity occurs depending on timing of different cash flows. Debt securities are measured at FVOCI and as such fall under the scope of the ECL model. These assets are held to match policyholder liabilities or interest on debt liabilities. If sold before maturity, gains or losses on these assets impact the P&L. Private Equity investments have been designated as being reported through FVOCI due to these being long term, strategic investments. Dividends are recognised in the income statement whilst a change in fair values will be reflected in OCI. Other funds are measured at FVTPL. Impairment All financial investments held at FVOCI and at amortised cost have been assessed for impairment using the expected credit loss model under IFRS 9. The assessment has been made based on the credit ratings of the entities and externally available credit loss ratios. The calculated impairment loss within the fair value is recognised through the income statement whilst fair value movements are recognised in other comprehensive income. Deposits are held with well rated institutions and are held at book value, with impairment calculated in a similar manner to debt securities. All assets which require a calculation of impairment, are considered based on an external credit rating agency or an assessment from Admiral\u2019s external asset managers. The credit rating of all assets is regularly monitored. As at the year-end reporting date, the vast majority of financial assets are of investment grade and considered low risk under IFRS 9. These therefore remain within stage 1 and a 12-month expected loss is used to calculate the impairment provision required. Any assets downgraded to below BBB or any sub BBB asset that is downgraded by 1 full credit rating, are considered by the Group to have significantly increased in credit risk, and therefore are stage 2 under IFRS 9. The impairment provision at 31 December 2022 is \u00a39.4 million (\u00a311.3 million at 31 December 2021). Given there is no material change in the credit quality or type of financial assets in the year and the movement in provision is immaterial, no further disclosure has been made. Fair value measurement IFRS 13 requires assets and liabilities that are held at fair value to be classified according to a hierarchy which reflects the observability of significant market inputs, based on three levels. The Group policy is to recognise transfer between fair value hierarchy levels as at the end of the reporting period. There were no transfers between fair value hierarchy levels in the reporting period (2021: none). The table below shows how the financial assets held at fair value have been measured using the fair value hierarchy: 31 December 2022 31 December 2021 FVTPL \u00a3m FVOCI \u00a3m FVTPL \u00a3m FVOCI \u00a3m Level one (quoted prices in active markets) 900.2 2,180.9 1,060.8 2,449.5 Level two (use of observable inputs) 28.1 \u2013 \u2013 \u2013 Level three (use of significant unobservable inputs) 6.4*1 191.8 2.2 *1 144.8 Total 934.7 2,372.7 1,063.0 2,594.3 *1 Gains through the income statement are recognised within Investment return. See note 6b for further information Fair value measurement using significant unobservable inputs (level three) Level three investments consist of debt securities and equity investments. Debt securities are comprised primarily of investments in debt funds which are valued at the proportion of the Group\u2019s holding of the Net Asset Value (NAV) reported by the investment vehicle. In addition, there is a small allocation of privately placed bonds which do not trade on active markets, these are valued using discounted cash-flow models designed to appropriately reflect the credit and illiquidity of these instruments. The key unobservable input across private debt securities is the discount rate which is based on the credit performance of the assets. Equity securities are primarily comprised of investments in Private Equity and Infrastructure Equity funds, which are valued at the proportion of the Group\u2019s holding of the NAV reported by the investment vehicle. These are based on several unobservable inputs including market multiples and cash flow forecasts. There were no significant inter-relationships between unobservable inputs that materially affect fair values. 6. Investment income and costs continued The table below presents the movement in the period relating to financial instruments valued using a level three valuation: 31 December 2022 Level Three Investments Equity Securities \u00a3m Debt Securities \u00a3m Total \u00a3m Balance as at 1 January 2022 21.5 125.5 147.0 Gains/(losses) recognised in IS 1.8 3.9 5.7 Gains/(losses) recognised in OCI 1.1 (9.6) (8.5) Purchases 9.4 74.4 83.8 Disposals (2.5) (27.6) (30.1) Translation differences 0.3 \u2013 0.3 Balance as at 31 December 2022 31.6 166.6 198.2 31 December 2021 Level Three Investments Equity Securities \u00a3m Debt Securities \u00a3m Total \u00a3m Balance as at 1 January 2021 11.3 63.5 74.8 Gains/(losses) recognised in IS 0.2 1.4 1.6 Gains/(losses) recognised in OCI 2.6 1.5 4.1 Purchases 8.5 80.9 89.4 Disposals (0.6) (21.8) (22.4) Translation differences (0.5) \u2013 (0.5) Balance as at 31 December 2021 21.5 125.5 147.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-603": {
"value": "Impairment All financial investments held at FVOCI and at amortised cost have been assessed for impairment using the expected credit loss model under IFRS 9. The assessment has been made based on the credit ratings of the entities and externally available credit loss ratios. The calculated impairment loss within the fair value is recognised through the income statement whilst fair value movements are recognised in other comprehensive income. Deposits are held with well rated institutions and are held at book value, with impairment calculated in a similar manner to debt securities. All assets which require a calculation of impairment, are considered based on an external credit rating agency or an assessment from Admiral\u2019s external asset managers. The credit rating of all assets is regularly monitored. As at the year-end reporting date, the vast majority of financial assets are of investment grade and considered low risk under IFRS 9. These therefore remain within stage 1 and a 12-month expected loss is used to calculate the impairment provision required. Any assets downgraded to below BBB or any sub BBB asset that is downgraded by 1 full credit rating, are considered by the Group to have significantly increased in credit risk, and therefore are stage 2 under IFRS 9. The impairment provision at 31 December 2022 is \u00a39.4 million (\u00a311.3 million at 31 December 2021). Given there is no material change in the credit quality or type of financial assets in the year and the movement in provision is immaterial, no further disclosure has been made. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-557": {
"value": "6g. Cash and cash equivalents 31 December 2022 \u00a3m 31 December 2021 \u00a3m Cash at bank and in hand* 1 297.0 372.7 Total cash and cash equivalents 297.0 372.7 *1 Cash at bank and in hand includes \u00a336.6 million (2021: \u00a337.6 million) related to special purpose entities which is not available for use by the Group C ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-526": {
"value": "6g. Cash and cash equivalents 31 December 2022 \u00a3m 31 December 2021 \u00a3m Cash at bank and in hand* 1 297.0 372.7 Total cash and cash equivalents 297.0 372.7 *1 Cash at bank and in hand includes \u00a336.6 million (2021: \u00a337.6 million) related to special purpose entities which is not available for use by the Group C ash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term deposits with original maturities of three months or less. All cash and cash equivalents are measured at amortised cost. An assessment has been completed for impairment purposes in line with that set out in note 6f above. Given the short-term duration of these assets and low risk of these assets, no impairment provision has been recognised. For cash at bank and cash deposits and other receivables, the fair value approximates to the book value due to their short maturity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-591": {
"value": "6h. Other assets Insurance and other receivables 31 December 2022 \u00a3m 31 December 2021 \u00a3m Insurance receivables* 1 1,009.5 956.6 Amounts owed by co- and reinsurers* 2 48.4 \u2013 Trade and other receivables 236.6 221.5 Prepayments and accrued income 41.3 30.4 Total insurance and other receivables 1,335.8 1,208.5 *1 Insurance receivables include \u00a3125.9 million in respect of salvage and subrogation recoveries (2021: \u00a387.6 million) *2 Amounts owed by co- and reinsurers include \u00a344.6 million for amounts owed by reinsurers. The amount owed by reinsurers has been included within the credit rating analysis within note 6j Insurance receivables Insurance receivables are measured at historic cost. Given that non-repayment would result in a withdrawn policy and the short-term duration of these assets no bad debt provision has been recognised. Trade and other receivables Classification. Trade and other receivables are measured at amortised cost, being made up of multiple types of receivable balances. Impairment. Where a provision is required for these receivables, it is calculated in line with the simplified method for trade receivables per IFRS 9, whereby lifetime expected credit losses are recognised irrelevant of the credit risk. In this case, the provision is based on a combination of: (i) aged debtor analysis; (ii) historic experience of write-offs for each receivable, (iii) any specific indicators of credit deterioration observed, and (iv) management judgement. The level of provision is immaterial. The amortised cost carrying amount of receivables is a reasonable approximation of fair value. Contract balances The following table provides information about receivables and contract assets from contracts with customers. Both balances are included in trade and other receivables. Continuing operations 31 December 2022 \u00a3m 31 December 2021 \u00a3m Receivables 20.0 16.8 Contract assets 19.3 23.8 The contract asset relates to the Group\u2019s right to consideration for work undertaken in the law companies on behalf of clients which is ongoing or where the final fee has not yet been billed. The contract asset is transferred to trade receivables once the fee has been billed. Significant changes in the contract asset balance during the period are as follows: Contract asset balance 31 December 2022 \u00a3m At 1 January 2022 23.8 Revenue recognised 16.3 Transferred to trade receivables (20.2) Write-offs (0.6) At 31 December 2022 19.3 The amount of revenue recognised in 2022 from performance obligations satisfied (or partially satisfied) in previous periods in relation to the above contract balances is \u00a3nil (2021: \u00a3nil). See note 5c for details of profit commission recognised on previous underwriting years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-558": {
"value": "Insurance and other receivables 31 December 2022 \u00a3m 31 December 2021 \u00a3m Insurance receivables* 1 1,009.5 956.6 Amounts owed by co- and reinsurers* 2 48.4 \u2013 Trade and other receivables 236.6 221.5 Prepayments and accrued income 41.3 30.4 Total insurance and other receivables 1,335.8 1,208.5 *1 Insurance receivables include \u00a3125.9 million in respect of salvage and subrogation recoveries (2021: \u00a387.6 million) *2 Amounts owed by co- and reinsurers include \u00a344.6 million for amounts owed by reinsurers. The amount owed by reinsurers has been included within the credit rating analysis within note 6j A Insurance receivables Insurance receivables are measured at historic cost. Given that non-repayment would result in a withdrawn policy and the short-term duration of these assets no bad debt provision has been recognised. Trade and other receivables Classification. Trade and other receivables are measured at amortised cost, being made up of multiple types of receivable balances. Impairment. Where a provision is required for these receivables, it is calculated in line with the simplified method for trade receivables per IFRS 9, whereby lifetime expected credit losses are recognised irrelevant of the credit risk. In this case, the provision is based on a combination of: (i) aged debtor analysis; (ii) historic experience of write-offs for each receivable, (iii) any specific indicators of credit deterioration observed, and (iv) management judgement. The level of provision is immaterial. The amortised cost carrying amount of receivables is a reasonable approximation of fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-604": {
"value": "Insurance receivables Insurance receivables are measured at historic cost. Given that non-repayment would result in a withdrawn policy and the short-term duration of these assets no bad debt provision has been recognised. Trade and other receivables Classification. Trade and other receivables are measured at amortised cost, being made up of multiple types of receivable balances. Impairment. Where a provision is required for these receivables, it is calculated in line with the simplified method for trade receivables per IFRS 9, whereby lifetime expected credit losses are recognised irrelevant of the credit risk. In this case, the provision is based on a combination of: (i) aged debtor analysis; (ii) historic experience of write-offs for each receivable, (iii) any specific indicators of credit deterioration observed, and (iv) management judgement. The level of provision is immaterial. The amortised cost carrying amount of receivables is a reasonable approximation of fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-527": {
"value": "6i. Financial and lease liabilities 31 December 2022 Subordinated notes \u00a3m Loan backed securities \u00a3m Other borrowings and derivatives \u00a3m Lease liabilities \u00a3m Total \u00a3m Financial liability at the start of the period 204.4 446.5 20.0 105.3 776.2 Interest payable per income statement 11.0 11.7 1.3 2.0 26.0 Cash flows* 1 (11.0) 256.5 (0.9) (11.3) 233.3 Other foreign exchange and non-cash movements \u2013 \u2013 (0.4) (7.5) (7.9) Financial liability at the end of the period 204.4 714.7 20.0 88.5 1,027.6 *1 Cash amounts relating to the interest proportion of the lease liability were \u00a32.1 million in 2022 (2021: \u00a32.7 million) 31 December 2021 Subordinated notes \u00a3m Loan backed securities \u00a3m Other borrowings and derivatives \u00a3m Lease liabilities \u00a3m Total \u00a3m Financial liability at the start of the period 204.3 260.7 23.6 122.8 611.4 Interest payable per income statement 11.1 5.5 0.9 2.3 19.8 Cash flows* 1 (11.0) 180.3 (0.9) (12.3) 156.1 Other foreign exchange and non-cash movements \u2013 \u2013 (3.6) (7.5) (11.1) Financial liability at the end of the period 204.4 446.5 20.0 105.3 776.2 *1 Cash amounts relating to the interest proportion of the lease liability were \u00a32.1 million in 2022 (2021: \u00a32.7 million) Subordinated notes Financial liabilities are inclusive of \u00a3200.0 million subordinated notes issued on 25 July 2014 at a fixed rate of 5.5% with a redemption date of 25 July 2024. The notes are unsecured subordinated obligations of the Group and rank pari passu without any preference among themselves. In the event of a winding-up or bankruptcy, they are to be repaid only after the claims of all other creditors have been met. There have been no defaults on any of the notes during the year. The Group has the option to defer interest payments on the notes but to date has not exercised this right. The fair value of subordinated notes (level one valuation based on quoted prices in active markets) at 31 December 2022 is \u00a3196.4 million (2021: \u00a3217.1 million). Other borrowings The Group holds various revolving credit facilities including a \u00a3200.0 million facility which expires in April 2023, a \u00a320.0 million facility which expires in August 2023 and a \u20ac100.0 million facility which expires in August 2024. \u00a320.0 million was drawn under the agreement expiring in August 2023 as at 31 December 2022 (2021: \u00a320.0 million), which is shown within other borrowings in the table above. The carrying value is a reasonable approximation of fair value. Loan backed securities Asset backed senior loan note facilities of \u00a31,000.0 million have been established in relation to the Admiral Money business (see note 3 for details of the accounting treatment of SPEs). As at the year end, \u00a3714.7 million (2021: \u00a3446.5 million) of these facilities had been utilised. The carrying value is a reasonable approximation of fair value. Lease liabilities The Group leases various properties, with rental contracts typically for fixed periods of 5 to 25 years although these may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. For each lease, a right-of-use asset and corresponding lease liability is recognised at the date at which the leased asset becomes available for use by the Group. The lease liability is initially measured at the present value of remaining lease payments, which include the following: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payments that are based on an index or a rate \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option A dmiral Group plc Annual Report and Accounts 2022 The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of a similar value in a similar economic environment, with similar terms and conditions. Generally, the Group uses its incremental borrowing rate as the discount rate. Subsequently, lease payments are allocated to the lease liability, split between repayments of principal and interest. A finance cost is charged to the profit and loss so as to produce a constant period rate of interest on the remaining balance of the lease liability. Whereby a change in lease term is identified, the lease liability is recalculated based on the present value of the remaining lease payments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-612": {
"value": "6i. Financial and lease liabilities 31 December 2022 Subordinated notes \u00a3m Loan backed securities \u00a3m Other borrowings and derivatives \u00a3m Lease liabilities \u00a3m Total \u00a3m Financial liability at the start of the period 204.4 446.5 20.0 105.3 776.2 Interest payable per income statement 11.0 11.7 1.3 2.0 26.0 Cash flows* 1 (11.0) 256.5 (0.9) (11.3) 233.3 Other foreign exchange and non-cash movements \u2013 \u2013 (0.4) (7.5) (7.9) Financial liability at the end of the period 204.4 714.7 20.0 88.5 1,027.6 *1 Cash amounts relating to the interest proportion of the lease liability were \u00a32.1 million in 2022 (2021: \u00a32.7 million) 31 December 2021 Subordinated notes \u00a3m Loan backed securities \u00a3m Other borrowings and derivatives \u00a3m Lease liabilities \u00a3m Total \u00a3m Financial liability at the start of the period 204.3 260.7 23.6 122.8 611.4 Interest payable per income statement 11.1 5.5 0.9 2.3 19.8 Cash flows* 1 (11.0) 180.3 (0.9) (12.3) 156.1 Other foreign exchange and non-cash movements \u2013 \u2013 (3.6) (7.5) (11.1) Financial liability at the end of the period 204.4 446.5 20.0 105.3 776.2 *1 Cash amounts relating to the interest proportion of the lease liability were \u00a32.1 million in 2022 (2021: \u00a32.7 million) Subordinated notes Financial liabilities are inclusive of \u00a3200.0 million subordinated notes issued on 25 July 2014 at a fixed rate of 5.5% with a redemption date of 25 July 2024. The notes are unsecured subordinated obligations of the Group and rank pari passu without any preference among themselves. In the event of a winding-up or bankruptcy, they are to be repaid only after the claims of all other creditors have been met. There have been no defaults on any of the notes during the year. The Group has the option to defer interest payments on the notes but to date has not exercised this right. The fair value of subordinated notes (level one valuation based on quoted prices in active markets) at 31 December 2022 is \u00a3196.4 million (2021: \u00a3217.1 million). Other borrowings The Group holds various revolving credit facilities including a \u00a3200.0 million facility which expires in April 2023, a \u00a320.0 million facility which expires in August 2023 and a \u20ac100.0 million facility which expires in August 2024. \u00a320.0 million was drawn under the agreement expiring in August 2023 as at 31 December 2022 (2021: \u00a320.0 million), which is shown within other borrowings in the table above. The carrying value is a reasonable approximation of fair value. Loan backed securities Asset backed senior loan note facilities of \u00a31,000.0 million have been established in relation to the Admiral Money business (see note 3 for details of the accounting treatment of SPEs). As at the year end, \u00a3714.7 million (2021: \u00a3446.5 million) of these facilities had been utilised. The carrying value is a reasonable approximation of fair value. Lease liabilities The Group leases various properties, with rental contracts typically for fixed periods of 5 to 25 years although these may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. For each lease, a right-of-use asset and corresponding lease liability is recognised at the date at which the leased asset becomes available for use by the Group. The lease liability is initially measured at the present value of remaining lease payments, which include the following: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payments that are based on an index or a rate \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option A The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of a similar value in a similar economic environment, with similar terms and conditions. Generally, the Group uses its incremental borrowing rate as the discount rate. Subsequently, lease payments are allocated to the lease liability, split between repayments of principal and interest. A finance cost is charged to the profit and loss so as to produce a constant period rate of interest on the remaining balance of the lease liability. Whereby a change in lease term is identified, the lease liability is recalculated based on the present value of the remaining lease payments. 6j. Objectives, policies and procedures for managing financial assets and liabilities The Group\u2019s activities expose it primarily to financial risks of credit, interest rate, liquidity and foreign exchange risk. The Board of Directors has delegated the task of supervising risk management and internal control to the Group Risk Committee. There is also an Investment Committee that makes recommendations to the Group and subsidiary Boards on investment strategy, and overseas the Group\u2019s investments. There are several key elements to the risk management environment throughout the Group. These are detailed in full in the Corporate Governance Statement. Specific considerations for the risks arising from financial assets and liabilities are detailed below. Credit risk The Group defines credit risk as the risk of financial loss if another party fails to perform its obligations. The key areas of exposure to credit risk for the Group result through its reinsurance programme, investments, bank deposits, loans and advances to customers and policyholder receivables. The Directors consider credit quality and counterparty exposure frequently and in significant detail. The Directors consider that the policies and procedures in place to manage credit exposure continue to be appropriate for the Group\u2019s risk appetite and, during 2022 and historically, no material credit losses have been experienced by the Group. The impact on equity of 100 and 200 basis point increases in credit spreads at the relevant valuation date, is as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Reduction in equity \u2013 100bps (64.4) (71.0) Reduction in equity \u2013 200bps (128.7) (142.0) The impact on the income statement from movements in credit spreads on the portfolio classified as FVOCI is \u00a3nil. There is no significant exposure to credit risk for assets classified as FVTPL. Also see notes 7 and 6f for further information on credit risk in relation to loans and advances to customers, and financial investments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-559": {
"value": "Subordinated notes Financial liabilities are inclusive of \u00a3200.0 million subordinated notes issued on 25 July 2014 at a fixed rate of 5.5% with a redemption date of 25 July 2024. The notes are unsecured subordinated obligations of the Group and rank pari passu without any preference among themselves. In the event of a winding-up or bankruptcy, they are to be repaid only after the claims of all other creditors have been met. There have been no defaults on any of the notes during the year. The Group has the option to defer interest payments on the notes but to date has not exercised this right. The fair value of subordinated notes (level one valuation based on quoted prices in active markets) at 31 December 2022 is \u00a3196.4 million (2021: \u00a3217.1 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-528": {
"value": "6j. Objectives, policies and procedures for managing financial assets and liabilities The Group\u2019s activities expose it primarily to financial risks of credit, interest rate, liquidity and foreign exchange risk. The Board of Directors has delegated the task of supervising risk management and internal control to the Group Risk Committee. There is also an Investment Committee that makes recommendations to the Group and subsidiary Boards on investment strategy, and overseas the Group\u2019s investments. There are several key elements to the risk management environment throughout the Group. These are detailed in full in the Corporate Governance Statement. Specific considerations for the risks arising from financial assets and liabilities are detailed below. Credit risk The Group defines credit risk as the risk of financial loss if another party fails to perform its obligations. The key areas of exposure to credit risk for the Group result through its reinsurance programme, investments, bank deposits, loans and advances to customers and policyholder receivables. The Directors consider credit quality and counterparty exposure frequently and in significant detail. The Directors consider that the policies and procedures in place to manage credit exposure continue to be appropriate for the Group\u2019s risk appetite and, during 2022 and historically, no material credit losses have been experienced by the Group. The impact on equity of 100 and 200 basis point increases in credit spreads at the relevant valuation date, is as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Reduction in equity \u2013 100bps (64.4) (71.0) Reduction in equity \u2013 200bps (128.7) (142.0) The impact on the income statement from movements in credit spreads on the portfolio classified as FVOCI is \u00a3nil. There is no significant exposure to credit risk for assets classified as FVTPL. Also see notes 7 and 6f for further information on credit risk in relation to loans and advances to customers, and financial investments. Financial investments and cash Credit and counterparty risk is managed by the Group by investing in high quality money market funds, and setting suitable parameters for asset managers to adhere to when purchasing debt securities. Cash balances and deposits are placed only with highly rated credit institutions. The detailed holdings are reviewed regularly by the Investment Committee. Invested assets As noted above, the Group primarily invests the following asset types: \u2022 Debt securities are held within segregated mandates and investment funds. This includes government debt, private debt and asset backed securities. The guidelines of the investments ensure management of credit risk. Generally, the duration of the securities is relatively short and similar to the duration of the on book claims liabilities \u2022 Liquidity funds, which in turn invest in a mixture of short-dated fixed and variable rate securities, such as cash deposits, certificates of deposits, floating rate notes and other commercial paper \u2022 Deposits with well rated institutions and are short in duration (one to three years). These are classified as held at amortised cost. Therefore, neither the carrying value of the asset, nor the interest return will be impacted by fluctuations in interest rates Reinsurance assets To mitigate the risk arising from exposure to reinsurers (in the form of reinsurance recoveries and profit commissions), the Group only conducts business with companies of appropriate financial strength ratings. In addition, many reinsurance contracts are operated on a funds withheld basis, which substantially reduces credit risk, as the Group retains the cash received from policyholders. 6. Investment income and costs continued Loans and advances to customers The risk appetite for the lending business is set to ensure that the risk taken is commensurate with the expected returns. Management has defined an amber and a red loan loss limit, representing points at which action is required. These limits have been defined by management to reflect the business maturity, the business\u2019 ambitions and the economic climate. Risk appetite is assessed at least annually, while the limits are continuously monitored. Insurance assets A further principal form of credit risk is in respect of amounts due from policyholders, largely due to the potential for default by instalment payers. The impact of this is mitigated by the large customer base and low average level of balance recoverable. There is also mitigation by the operation of numerous high- and low-level controls in this area, including payment on policy acceptance as opposed to inception and automated cancellation procedures for policies in default. The amount of bad debt expense relating to policyholder debt charged to the income statement in 2022 and 2021 is insignificant. Trade and other receivables Trade receivables and other debtors are also subject to credit risk, although this is mitigated by a review of the credit worthiness of all counterparties prior to them being accepted. Other assets All other assets are assessed as low credit risk under IFRS 9, with no significant amounts past due or impaired. No further disclosure is provided due to this having an immaterial impact on the financial statements. The Group\u2019s credit risk exposure to assets with external ratings is as follows: Rating 31 December 2022 \u00a3m 31 December 2021 Restated \u00a3m Financial institutions \u2013 credit institutions AAA 324.6 355.0 Financial institutions \u2013 credit institutions AA 556.1 746.6 Financial institutions \u2013 credit institutions A 1,529.4 1,801.5 Financial institutions \u2013 credit institutions BBB and below 818.2 863.7 Government securities AAA 266.6 103.1 Government securities AA 209.4 231.4 Government securities A 1.7 14.0 Government securities BBB and below 2.1 \u2013 Reinsurers AA 816.5 685.5 Reinsurers A 421.8 210.3 Reinsurers BBB and below 6.6 5.4 *1 BBB and below includes not rated. The Group\u2019s maximum exposure to credit risk at 31 December 2022 is 31 December is \u00a35,901.3 million (2021: \u00a35,675.4 million), being the carrying value of financial investments and cash, the carrying value of loans and advances to customers, and the excess of reinsurance assets over amounts owed to reinsurers under funds withheld arrangements which are settled on a net basis. The Group does not use credit derivatives or similar instruments to mitigate exposure. There were no further significant financial assets that were past due at the close of either 2022 or 2021 Interest rate risk The Group considers interest rate risk to be the risk that unfavourable movements in interest rates could adversely impact on the capital values of financial assets and liabilities. The impact on equity of 50 and 100 basis point increases and decreases in interest rates at the relevant valuation date, is as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Increase in interest rates \u2013 50bps (37.6) (51.0) Increase in interest rates \u2013 100bps (75.2) (101.9) Decrease in interest rates \u2013 50bps 37.6 51.0 Decrease in interest rates \u2013 100bps 75.2 101.9 The impact reflects movements in the Group\u2019s asset portfolio and is stated before any offsetting movements in liabilities. The Group\u2019s solvency II balance sheet, which includes technical provisions discounted using Bank of England and EIOPA yield curves reflects a low sensitivity to interest rates as a result of well-matched durations of assets and liabilities. Loans and advances to customers The Group\u2019s loan portfolio consists of fixed rate loans, which are funded at a floating variable rate. The Group has interest rate swap arrangements, the risk management objective of which is to eliminate the majority of the interest rate risk variability in the cash flows payable on the loan backed securities. This relates to the difference between fixed rate on loans written and floating variable rate on funding. Hedge accounting Hedge accounting is applied when the criteria specified in IFRS 9 (including amendments, as set out above) are met. In line with IFRS 9, the gain or loss on the hedged position as at the balance sheet date is recognised through other comprehensive income. This results in a hedging reserve in relation to the interest rate swap. Financial liabilities The Group also holds a financial liability in the form of \u00a3200.0 million of subordinated notes with a ten year maturity and fixed rate coupon of 5.5%. This liability is valued at amortised cost and therefore neither the carrying value of the deposits, nor the interest payable, will be impacted by fluctuations in interest rates. Other financial assets and liabilities There is no significant exposure to interest rate risk for other financial assets and liabilities due to these being held at amortised cost. Liquidity risk Liquidity risk is defined as the risk that the Group does not have sufficient available financial resources to enable it to meet its obligations as they fall due, or can only secure them at excessive cost. The Group holds appropriate liquidity buffers at the parent company and subsidiary levels. The Group is strongly cash-generative due to the large proportion of revenue arising from non-underwriting activity. Further, as noted above, a significant portion of insurance funds are invested in investment funds with same day liquidity, meaning that a large proportion of the Group\u2019s cash and investments are immediately available. A breakdown of the Group\u2019s other borrowings, trade payables and other payables is shown in note 11. The subordinated notes have a maturity date of July 2024, whereas all trade and other payables will mature within three to six months of the balance sheet date (Refer to the maturity profile at the start of this note for further detail). In practice, the Group\u2019s Directors expect actual cash flows to be consistent with this maturity profile except for amounts owed to co- insurers and reinsurers. Of the total amounts owed to co-insurers and reinsurers of \u00a31,623.2 million (2021: \u00a31,436.8 million), \u00a31,389.4 million (2021: \u00a31,169.8 million) is held under funds withheld arrangements and therefore not expected to be settled within 12 months. A maturity analysis for insurance contract liabilities is included in note 6e. The maturity profile for financial assets is included at the start of this note. The Group\u2019s Directors believe that the cash flows arising from these assets will be consistent with this profile. Liquidity risk is not, therefore, considered to be significant. Foreign exchange risk Foreign exchange risk arises from unfavourable movements in foreign exchange rates that could adversely impact the valuation of overseas assets and liabilities. The Group is exposed to foreign exchange risk through its operations overseas. Although the relative size of the international operations means that the risks are relatively small, increasingly volatile foreign exchange rates could result in larger potential gains or losses. Assets held to fund insurance liabilities are held in the currency of the liabilities; however, surplus assets held as regulatory capital in foreign currencies remain exposed. The Group\u2019s exposure to net assets and profits in currencies other than the reporting currency is immaterial other than for US dollars and euros. The Group\u2019s exposure to net assets held in dollars at the balance sheet date was \u00a334.7 million (2021: \u00a321.3 million); the exposure to net assets held in euros was \u00a3124.4 million (2021: \u00a3102.8 million). If the sterling exchange rates against US dollars had strengthened/weakened by 10%, the Group\u2019s profit before tax for the year would increase/decrease by \u00a35.1 million (2021: \u00a31.9 million). If the sterling rates with euros had strengthened/weakened by 10%, the Group\u2019s profit before tax for the year would increase/decrease by \u00a31.0 million (2021: \u00a31.1 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-560": {
"value": "Credit risk The Group defines credit risk as the risk of financial loss if another party fails to perform its obligations. The key areas of exposure to credit risk for the Group result through its reinsurance programme, investments, bank deposits, loans and advances to customers and policyholder receivables. The Directors consider credit quality and counterparty exposure frequently and in significant detail. The Directors consider that the policies and procedures in place to manage credit exposure continue to be appropriate for the Group\u2019s risk appetite and, during 2022 and historically, no material credit losses have been experienced by the Group. The impact on equity of 100 and 200 basis point increases in credit spreads at the relevant valuation date, is as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Reduction in equity \u2013 100bps (64.4) (71.0) Reduction in equity \u2013 200bps (128.7) (142.0) The impact on the income statement from movements in credit spreads on the portfolio classified as FVOCI is \u00a3nil. There is no significant exposure to credit risk for assets classified as FVTPL. Also see notes 7 and 6f for further information on credit risk in relation to loans and advances to customers, and financial investments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-627": {
"value": "Hedge accounting Hedge accounting is applied when the criteria specified in IFRS 9 (including amendments, as set out above) are met. In line with IFRS 9, the gain or loss on the hedged position as at the balance sheet date is recognised through other comprehensive income. This results in a hedging reserve in relation to the interest rate swap. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-613": {
"value": "Hedge accounting Hedge accounting is applied when the criteria specified in IFRS 9 (including amendments, as set out above) are met. In line with IFRS 9, the gain or loss on the hedged position as at the balance sheet date is recognised through other comprehensive income. This results in a hedging reserve in relation to the interest rate swap. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-592": {
"value": "Hedge accounting Hedge accounting is applied when the criteria specified in IFRS 9 (including amendments, as set out above) are met. In line with IFRS 9, the gain or loss on the hedged position as at the balance sheet date is recognised through other comprehensive income. This results in a hedging reserve in relation to the interest rate swap. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-561": {
"value": "Hedge accounting Hedge accounting is applied when the criteria specified in IFRS 9 (including amendments, as set out above) are met. In line with IFRS 9, the gain or loss on the hedged position as at the balance sheet date is recognised through other comprehensive income. This results in a hedging reserve in relation to the interest rate swap. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-562": {
"value": "Liquidity risk Liquidity risk is defined as the risk that the Group does not have sufficient available financial resources to enable it to meet its obligations as they fall due, or can only secure them at excessive cost. The Group holds appropriate liquidity buffers at the parent company and subsidiary levels. The Group is strongly cash-generative due to the large proportion of revenue arising from non-underwriting activity. Further, as noted above, a significant portion of insurance funds are invested in investment funds with same day liquidity, meaning that a large proportion of the Group\u2019s cash and investments are immediately available. A breakdown of the Group\u2019s other borrowings, trade payables and other payables is shown in note 11. The subordinated notes have a maturity date of July 2024, whereas all trade and other payables will mature within three to six months of the balance sheet date (Refer to the maturity profile at the start of this note for further detail). In practice, the Group\u2019s Directors expect actual cash flows to be consistent with this maturity profile except for amounts owed to co- insurers and reinsurers. Of the total amounts owed to co-insurers and reinsurers of \u00a31,623.2 million (2021: \u00a31,436.8 million), \u00a31,389.4 million (2021: \u00a31,169.8 million) is held under funds withheld arrangements and therefore not expected to be settled within 12 months. A maturity analysis for insurance contract liabilities is included in note 6e. The maturity profile for financial assets is included at the start of this note. The Group\u2019s Directors believe that the cash flows arising from these assets will be consistent with this profile. Liquidity risk is not, therefore, considered to be significant. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-563": {
"value": "Foreign exchange risk Foreign exchange risk arises from unfavourable movements in foreign exchange rates that could adversely impact the valuation of overseas assets and liabilities. The Group is exposed to foreign exchange risk through its operations overseas. Although the relative size of the international operations means that the risks are relatively small, increasingly volatile foreign exchange rates could result in larger potential gains or losses. Assets held to fund insurance liabilities are held in the currency of the liabilities; however, surplus assets held as regulatory capital in foreign currencies remain exposed. The Group\u2019s exposure to net assets and profits in currencies other than the reporting currency is immaterial other than for US dollars and euros. The Group\u2019s exposure to net assets held in dollars at the balance sheet date was \u00a334.7 million (2021: \u00a321.3 million); the exposure to net assets held in euros was \u00a3124.4 million (2021: \u00a3102.8 million). If the sterling exchange rates against US dollars had strengthened/weakened by 10%, the Group\u2019s profit before tax for the year would increase/decrease by \u00a35.1 million (2021: \u00a31.9 million). If the sterling rates with euros had strengthened/weakened by 10%, the Group\u2019s profit before tax for the year would increase/decrease by \u00a31.0 million (2021: \u00a31.1 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-529": {
"value": "6k. Investment in Associates 31 December 2022 \u00a3m 31 December 2021 \u00a3m Investment in Associates 2.4 \u2013 On 21 September 2022, Admiral Group announced a \u00a32.5m investment into Wagonex Limited resulting in a holding of 23.56% of the company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-508": {
"value": "7. Loans and advances to customers 7a. Accounting policies Loans and advances to customers relate to the Admiral Money\u2019s business, consisting of unsecured personal loans and car finance products. Classification Loans and advances to customers are measured at amortised cost. This is because assets are held in order to collect contractual cash flows and the contractual terms of the financial asset demand cash inflows which are solely payments of principal and interest on the principal amount outstanding. Interest income and expense Interest income received in relation to loans and advances to customers is calculated using the effective interest method which allocates interest, direct and incremental fees and costs over the expected lives of the assets and liabilities. There has been no change in recognition of interest income from the comparative period. Interest expense is calculated using the process appropriate to each source of funding, which is not linked to individual accounts. Finance leases Included within loans and advances to customers are personal contract purchase (PCP) and hire purchase (HP) arrangements which are classified as finance leases under IFRS 16. A receivable equal to the net investment in the lease has been recognised. The net investment is equal to the gross investment in the lease discounted at the rate implicit in the lease. Lease interest income is recognised within interest income in the income statement over the term of the lease using the effective interest rate method. The title to the underlying vehicle remains with the Group until the lessee has made all contractual payments, at which point ownership is transferred to the lessee. In the event of breach of contract, such as non-payment, the vehicle itself acts as collateral for the finance lease, becoming available for repossession in most cases. Some of the ways in which the Group maintains its rights to the vehicle, and thus manages the risk of loss associated with the finance lease, include: \u2022 The Group does not enter into any finance leases with a maximum loan-to-value limit, reducing the risk of shortfall on termination of the contract \u2022 The Group requires the lessee to insure the underlying vehicle at all times, reducing the risk of non-recovery if the asset is stolen or destroyed \u2022 The estimated future value of each vehicle, which is sourced externally, is considered in the pricing of the lease contracts to provide protection against deterioration in that value. 7b. Loans and advances to customers 31 December 2022 \u00a3m 31 December 2021 \u00a3m Loans and advances to customers \u2013 gross carrying amount 887.6 607.0 Loans and advances to customers \u2013 provision (63.7) (50.2) Total net loans and advances to customers 823.9 556.8 Loans and advances to customers are comprised of the following: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Unsecured personal loans 856.0 566.9 Finance leases 31.6 40.1 Total loans and advances to customers, gross 887.6 607.0 Fair value measurement The loans and advances are recognised at fair value at the point of origination and then subsequently on an amortised cost basis. This is deemed a reasonable approximation of fair value. Expected credit losses The expected credit loss model is a three-stage model based on forward looking information regarding changes in the credit quality since origination. Credit risk is measured using a Probability of Default (PD), Exposure at Default (EAD) and Loss Given Default (LGD) defined as follows: \u2022 Probability of Default (PD): The likelihood of an account defaulting; calibrated through analysis of historic customer behaviour. Where customers have already met the definition of default this is 100%. For customers that are not in default the PD is determined through analysis of historic data at a credit grade level. A behavioural PD is then used after 2 months based on observed default rates by month on book and risk grade \u2022 Exposure at Default: The amount of balance at the time of default. For loans that are in arrears the EAD is taken as the current balance plus any expected interest arrears. For up-to-date loans the EAD is calculated as the expected balance 3 months prior to each period, plus 3 months of interest arrears to account for the time it takes to default following falling into arrears \u2022 Loss Given Default (LGD): The amount of the asset not recovered following a borrower\u2019s default, determined through analysis of historic recovery performance The PD is applied to the EAD to calculate the expected loss excluding recoveries. The LGD is then applied to this loss to calculate the total expected loss including recoveries. A forward-looking provision is also calculated, as set out later in this note. Loan assets are segmented into three stages of credit impairment: \u2022 Stage 1 \u2013 no significant increase in credit risk of the financial asset since inception \u2022 Stage 2 \u2013 significant increase in credit risk of the financial asset since inception \u2022 Stage 3 \u2013 financial asset is credit impaired For assets in stage 1, the allowance is calculated as the expected credit losses from events within 12 months after the reporting date. For assets in stages 2 and 3 the allowance is calculated as the expected credit loss from events in the remaining lifetime of each asset. Significant increase in credit risk (SICR) (stage 2) As explained above, stage 1 assets have an ECL allowing for losses in the next twelve months, and stage 2 or 3 assets have an ECL allowing for losses over the remaining lifetime of the contract. An asset moves to stage 2 when its credit risk has increased significantly since initial recognition. IFRS 9 does not prescribe a definition of significant increase in credit risk but does include a rebuttable presumption that this does occur for loan assets which are 30 days past due (which the Group does not rebut). The Group has deemed a significant increase in credit risk to have occurred where: \u2022 the loan is 1 to 2 loan payments in arrears, or \u2022 the behavioural PD has moved outside a specified threshold from the application PD \u2022 the customer is identified as being two or more payments in arrears on a product reported to the credit reference agency Credit impaired (stage 3) The Group does not rebut the presumption within IFRS 9 that default has occurred when an exposure is greater than 90 days past due, which is consistent with a customer being three or more payments in arrears. In addition, a loan is deemed to be credit impaired where: \u2022 there is an Individual Voluntary Arrangement (IVA) agreement confirmed or proposed, or; \u2022 customer has started or progressed bankruptcy action, or; \u2022 a repayment plan is in place, or; \u2022 a customer is deceased A 7. Loans and advances to customers continued Judgments required \u2013 Post Model Adjustments (PMAs) As at 31 December 2022, the expected credit loss allowance included PMAs totalling \u00a311.3 million (2021: \u00a39.1 million). Post Model Adjustments 31 December 2022 \u00a3m 31 December 2021 \u00a3m Model performance 3.9 2.0 Inflation 4.0 2.5 Economic scenarios 0.9 4.6 Mortgage contagion 2.5 \u2013 11.3 9.1 PMAs are calculated using management judgement and analysis. The key categories of PMAs are as follows: Model performance The model has been calibrated on historical data that may not fully reflect the risk of losses in the recent and ongoing, highly volatile macro-economic period. For this reason a Model Performance PMA has been made. It effectively recalibrates the modelled probability of default of the loans to reflect recent monitored performance. Inflation This PMA has been updated to reflect the higher inflation outlook which has increased significantly since the end of 2021. Inflation could adversely impact the ability of some customers to make their loan repayments. A PMA is held to acknowledge this. Economic scenarios An uncertainty factor determined by management judgment has been added to reflect the recent volatility in unemployment forecasts. This factor has been reduced as variability between successive forecasts has fallen. Mortgage contagion Captures the risk that as mortgage rates rise, customers may experience payment shocks when their standard variable or fixed term mortgages come to an end, and may have to prioritise mortgage payments over other debts. Write off policy Loans are written off where there is no reasonable expectation of recovery. The Group\u2019s policy is to write off balances to their estimated net realisable value. Write offs are actioned on a case-by-case basis taking into account the operational position and the collections strategy. Forward-looking information Under IFRS 9 the provision must reflect an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes. The means by which the Group has determined this is to run scenario analysis. Management judgment has been used to define the weighting and severity of the different scenarios based on available data. The key economic driver of credit losses from the scenarios is the likelihood of a customer entering hardship through unemployment. Unemployment forecasts include a risk grade split of PD based on the correlation between grade-level default rates observed relative to the change in unemployment rates in the previous downturn, adjusted for the unemployment forecast expected in the current economic environment. The scenario weighting assumptions used are detailed below, along with the unemployment rate assumed in each scenario at 31 December 2022. 31 December 2022 Scenario peak Unemployment rate 31 December 2022 Weighting 31 December 2021 Scenario peak Unemployment rate 31 December 2021 Weighting Base 4.8% 40% 4.3% 40% Upturn 3.5% 10% 4.0% 10% Downturn 6.0% 40% 6.3% 30% Severe 7.9% 10% 6.6% 20% The economic scenarios and forecasts have been updated in conjunction with a third party economics provider. The probability weightings reflect the view that there is a probability of 90% attached to recessionary outcomes. Sensitivities to key areas of estimation uncertainty The key areas of estimation uncertainty identified, as per note 3 to the financial statements, are in the PD and the forward- looking scenarios. 31 December 2022 Weighting 31 December 2022 Sensitivity \u00a3m 31 December 2021 Weighting 31 December 2021 Sensitivity \u00a3m Base 40% (1.3) 40% (2.5) Upturn 10% (6.9) 10% (9.7) Downturn 40% 1.4 30% 6.9 Severe 10% 5.7 20% 11.1 The sensitivities in the above tables show the variance to ECL that would be expected if the given scenario unfolded rather than the weighted position the provision is based on. At 31 December 2022 the implied weighted peak unemployment rate is 5.5%: the table shows that in a downturn scenario with a 6.0% peak unemployment rate the provision would increase by \u00a31.4 million, whilst the upturn would reduce the provision by \u00a36.9 million, base case reduce by \u00a31.3 million and severe increase the provision by \u00a35.7 million. Stage 1 assets represent 82% of the total loan assets; 0.1% increase in the stage 1 PD, i.e. from 2.4% to 2.5% would result in a \u00a30.7 million increase in ECL. Amounts arising from ECL: loans and advances to customers The Group is exposed to credit risk from the Admiral Money business. The following table sets out information about the credit quality of the loans and advances to customers measured at amortised cost. Credit grades are used to segment customers by apparent credit risk at the time of acquisition. Higher grades are the lowest credit risk with each subsequent grade increasing in expected credit risk. The Group does not have any purchased or originated credit impaired assets. These tables are inclusive of the finance lease assets which are held by the Group, further analysis of these balances can be found in note 7c. All probability of default figures included in this paragraph allow for forward-looking information, i.e. the PDs are a weighted average from the economic scenarios considered. The average probability of default in for stage 1 assets is 2.7% (2021: 2.4%) reflecting the expectation of defaults within 12 months of the reporting date. The average PD for assets in stage 2 is 36.6% (2021: 30.0%) reflecting expected losses over the remaining life of the assets. The PD for assets in stage 3 is 100% (2021: 100%) as these assets are deemed to have defaulted. Stage 1 12- month ECL \u00a3m Stage 2 Lifetime ECL \u00a3m Stage 3 Lifetime ECL \u00a3m 31 December 2022 Total \u00a3m 31 December 2021 Total \u00a3m Credit Grade *1 Higher 506.4 94.0 \u2013 600.4 405.1 Medium 176.0 24.0 \u2013 200.0 141.9 Lower 46.0 7.2 \u2013 53.2 32.0 Credit impaired \u2013 \u2013 34.0 34.0 28.0 Gross carrying amount 728.4 125.2 34.0 887.6 607.0 Expected credit loss allowance (13.4) (23.5) (26.2) (63.1) (49.9) Other loss allowance *2 (0.6) \u2013 \u2013 (0.6) (0.3) Carrying amount 714.4 101.7 7.8 823.9 556.8 *1 Credit grade is the internal credit banding given to a customer at origination. This is based on external credit rating information *2 Other loss allowance covers losses due to a reduction in current or future vehicle value or costs associated with recovery and sale of vehicles and those as a result of changes in the performance of the EIR asset Admiral 7. Loans and advances to customers continued The following tables reconcile the opening and closing gross carrying amount and expected credit loss allowance. 2022 Stage 1 12- month ECL \u00a3m Stage 2 Lifetime ECL \u00a3m Stage 3 Lifetime ECL \u00a3m Total \u00a3m Gross carrying amount as at 1 January 2022 510.6 68.4 28.0 607.0 Transfers Transfers from stage 1 to stage 2 (62.6) 62.6 \u2013 \u2013 Transfers from stage 1 to stage 3 (9.4) \u2013 9.4 \u2013 Transfers from stage 2 to stage 1 25.3 (25.3) \u2013 \u2013 Transfers from stage 2 to stage 3 \u2013 (4.2) 4.2 \u2013 Transfers from stage 3 to stage 1 0.2 \u2013 (0.2) \u2013 Transfers from stage 3 to stage 2 \u2013 0.4 (0.4) \u2013 Principal redemption payments (235.3) (39.9) (5.9) (281.1) Write offs \u2013 \u2013 (7.2) (7.2) EIR adjustment 3.4 0.4 \u2013 3.8 New financial assets originated or purchased 496.1 62.9 6.1 565.1 Gross carrying amount as at 31 December 2022 728.3 125.3 34.0 887.6 The EIR adjustment represents incremental acquisition costs incurred when advancing loans. These costs are spread over the expected economic lives of the loans under the effective interest rate method. 2021 Stage 1 12- month ECL \u00a3m Stage 2 Lifetime ECL \u00a3m Stage 3 Lifetime ECL \u00a3m Total \u00a3m Gross carrying amount as at 1 January 2021 343.2 37.5 21.1 401.8 Transfers Transfers from stage 1 to stage 2 (42.2) 42.2 \u2013 \u2013 Transfers from stage 1 to stage 3 (4.7) \u2013 4.7 \u2013 Transfers from stage 2 to stage 1 17.6 (17.6) \u2013 \u2013 Transfers from stage 2 to stage 3 \u2013 (5.6) 5.6 \u2013 Transfers from stage 3 to stage 1 0.4 \u2013 (0.4) \u2013 Transfers from stage 3 to stage 2 \u2013 0.3 (0.3) \u2013 Principal redemption payments (163.2) (22.5) (2.9) (188.6) Write offs \u2013 \u2013 (2.4) (2.4) New financial assets originated or purchased 359.5 34.1 2.6 396.2 Gross carrying amount as at 31 December 2021 510.6 68.4 28.0 607.0 2022 Stage 1 12- month ECL \u00a3m Stage 2 Lifetime ECL \u00a3m Stage 3 Lifetime ECL \u00a3m Total \u00a3m Expected credit loss allowance as at 1 January 2022 13.7 12.7 23.5 49.9 Movements with a profit and loss impact Transfers Transfers from stage 1 to stage 2 (1.5) 4.4 \u2013 2.9 Transfers from stage 1 to stage 3 (0.4) \u2013 1.0 0.6 Transfers from stage 2 to stage 1 1.8 (3.9) \u2013 (2.1) Transfers from stage 3 to stage 1 \u2013 \u2013 (0.1) (0.1) Changes in PDs/LGDs/EADs (10.1) (2.4) 4.4 (8.1) New financial assets originated or purchased 9.9 12.7 4.6 27.2 Total net profit and loss charge in the period (0.3) 10.8 9.9 20.4 Write-offs \u2013 \u2013 (7.2) (7.2) Expected credit loss allowance as at 31 December 2022 13.4 23.5 26.2 63.1 Other movements with no profit and loss impact Transfers Transfers from stage 2 to stage 3 \u2013 (1.3) 1.3 \u2013 Transfers from stage 3 to stage 2 \u2013 \u2013 \u2013 \u2013 2021 Stage 1 12- month ECL \u00a3m Stage 2 Lifetime ECL \u00a3m Stage 3 Lifetime ECL \u00a3m Total \u00a3m Expected credit loss allowance as at 1 January 2022 10.9 12.7 17.9 41.5 Movements with a profit and loss impact Transfers Transfers from stage 1 to stage 2 (1.3) 2.3 \u2013 1.0 Transfers from stage 1 to stage 3 (0.4) \u2013 0.6 0.2 Transfers from stage 2 to stage 1 3.1 (5.1) \u2013 (2.0) Transfers from stage 3 to stage 1 0.1 \u2013 (0.2) (0.1) Changes in PDs/LGDs/EADs (8.8) (4.8) 5.6 (8.0) New financial assets originated or purchased 10.1 7.6 2.0 19.7 Total net profit and loss charge in the period 2.8 \u2013 8.0 10.8 Write-offs \u2013 \u2013 (2.4) (2.4) Expected credit loss allowance as at 31 December 2022 13.7 12.7 23.5 49.9 Other movements with no profit and loss impact Transfers Transfers from stage 2 to stage 3 \u2013 (4.0) 4.0 \u2013 Transfers from stage 3 to stage 2 \u2013 0.1 (0.1) \u2013 7. Loans and advances to customers continued 7c. Finance lease receivables Loans and advances to customers include the following finance leases. The Group is the lessor for leases of cars. 31 December 2022 \u00a3m 31 December 2021 \u00a3m Gross investment in finance leases, receivable Less than 1 year 9.8 11.7 Between 1 to 5 years 25.7 33.3 More than 5 years \u2013 \u2013 35.5 45.0 Unearned finance income (4.0) (5.2) Net investment in lease receivables 31.5 39.8 Less impairment allowance (0.8) (1.3) 30.7 38.5 Net investment in finance leases, receivable Less than 1 year 7.9 9.2 Between 1 to 5 years 23.7 30.6 More than 5 years \u2013 \u2013 31.6 39.8 The net investment in finance leases shown above includes an unguaranteed residual value of \u00a30.3 million (2021: The net investment in finance leases shown above is net of the unguaranteed residual value of \u00a30.4 million). 7d. Interest income Post Model Adjustments 31 December 2022 \u00a3m 31 December 2021 \u00a3m From loans and advances to customers 56.1 34.0 From finance leases 2.6 2.6 Total interest income 58.7 36.6 Interest income receivable is recognised in the income statement using the effective interest method, which calculates the amortised cost of the financial asset and allocates the interest income over the expected product life. 7e. Interest expense Post Model Adjustments 31 December 2022 \u00a3m 31 December 2021 \u00a3m Interest payable on loan backed securities 11.7 5.5 Interest payable on other credit facilities 0.9 0.6 Total interest expense*1 12.6 6.1 *1 Interest paid in total during the year was \u00a311.9 million (2021: \u00a36.1 million) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-564": {
"value": "7a. Accounting policies Loans and advances to customers relate to the Admiral Money\u2019s business, consisting of unsecured personal loans and car finance products. Classification Loans and advances to customers are measured at amortised cost. This is because assets are held in order to collect contractual cash flows and the contractual terms of the financial asset demand cash inflows which are solely payments of principal and interest on the principal amount outstanding. Interest income and expense Interest income received in relation to loans and advances to customers is calculated using the effective interest method which allocates interest, direct and incremental fees and costs over the expected lives of the assets and liabilities. There has been no change in recognition of interest income from the comparative period. Interest expense is calculated using the process appropriate to each source of funding, which is not linked to individual accounts. Finance leases Included within loans and advances to customers are personal contract purchase (PCP) and hire purchase (HP) arrangements which are classified as finance leases under IFRS 16. A receivable equal to the net investment in the lease has been recognised. The net investment is equal to the gross investment in the lease discounted at the rate implicit in the lease. Lease interest income is recognised within interest income in the income statement over the term of the lease using the effective interest rate method. The title to the underlying vehicle remains with the Group until the lessee has made all contractual payments, at which point ownership is transferred to the lessee. In the event of breach of contract, such as non-payment, the vehicle itself acts as collateral for the finance lease, becoming available for repossession in most cases. Some of the ways in which the Group maintains its rights to the vehicle, and thus manages the risk of loss associated with the finance lease, include: \u2022 The Group does not enter into any finance leases with a maximum loan-to-value limit, reducing the risk of shortfall on termination of the contract \u2022 The Group requires the lessee to insure the underlying vehicle at all times, reducing the risk of non-recovery if the asset is stolen or destroyed \u2022 The estimated future value of each vehicle, which is sourced externally, is considered in the pricing of the lease contracts to provide protection against deterioration in that value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-614": {
"value": "Interest income and expense Interest income received in relation to loans and advances to customers is calculated using the effective interest method which allocates interest, direct and incremental fees and costs over the expected lives of the assets and liabilities. There has been no change in recognition of interest income from the comparative period. Interest expense is calculated using the process appropriate to each source of funding, which is not linked to individual accounts. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-530": {
"value": "7d. Interest income Post Model Adjustments 31 December 2022 \u00a3m 31 December 2021 \u00a3m From loans and advances to customers 56.1 34.0 From finance leases 2.6 2.6 Total interest income 58.7 36.6 Interest income receivable is recognised in the income statement using the effective interest method, which calculates the amortised cost of the financial asset and allocates the interest income over the expected product life. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-531": {
"value": "7e. Interest expense Post Model Adjustments 31 December 2022 \u00a3m 31 December 2021 \u00a3m Interest payable on loan backed securities 11.7 5.5 Interest payable on other credit facilities 0.9 0.6 Total interest expense*1 12.6 6.1 *1 Interest paid in total during the year was \u00a311.9 million (2021: \u00a36.1 million) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-509": {
"value": "8. Other revenue 8a. Accounting policy (i) Contribution from additional products and fees and other revenue Revenue is credited to the income statement over the period matching the Group\u2019s obligations to provide services. Where the Group has no remaining obligations, the revenue is recognised immediately. An allowance is made for expected cancellations where the customer may be entitled to a refund of amounts charged. Commission from the provision of insurance intermediary services is credited to revenue on the sale of the underlying insurance policy. There has been no change in revenue recognition from the comparative period. (ii) Nature of goods and services The following is a description of the principal activities within the scope of IFRS 15 from which the Group generates its other revenue. Products and services Nature, timing of satisfaction of performance obligations and significant payment terms Fee and commission revenue: Commission on underlying products The performance obligation is the provision of insurance intermediary services, at which point the performance obligation is met. Revenue is therefore recognised at a point in time. Payment of the commission is due within 30 days of the period close. Fee and commission revenue: Administration fees The performance obligation is the change requested being made to the underlying policy, at which point the performance obligation is met. Revenue is therefore recognised at a point in time and is collected immediately or in line with direct debit instalments. Revenue from law firm The performance obligation is the pursuit of the compensation from the at fault party\u2019s insurer on behalf of the customer. Once the case is settled the performance obligation is fully satisfied. Revenue is therefore recognised over time using the expected value method. This method values revenue by multiplying hours incurred on open cases by a 12-month realisable rate. The realisable rate is a probability weighted transaction price based on settled cases. The expected value method therefore results in revenue recognised being constrained to that where there is a high probability of no significant reversal. Revenue is recognised over time because as the Group has an enforceable right to payment for performance completed to date and the work performed to date has no alternative use to the Group. A contract asset is recognised equal to the work performed up to the balance sheet date but not yet billed. Refer to note 6h for further detail of this balance. Payment is due within 28 days of invoice. Profit commission from co-insurers The Group\u2019s profit commission revenue falling within the scope of IFRS 15 Revenue from Contracts with Customers relates to a contractual arrangement between the Group\u2019s insurance intermediary EUI Limited, and an external co-insurer (Great Lakes) which underwrites a share of the UK Car Insurance business generated by EUI Limited. The variable consideration, being the profit commission recognised in respect of each underwriting year at the end of each reporting period, is recognised at a point in time, and calculated based on a number of detailed inputs, the most material of which are as follows: \u2022 Premiums, defined as gross premiums ceded including any instalment income, less reinsurance premium (for excess of loss reinsurance) \u2022 Insurance expenses incurred \u2022 Claims ratio (more typically referred to as a loss ratio) Whilst the premiums and insurance expenses related to an underwriting year are typically fixed at the conclusion of each underwriting year and are not subject to judgement, the claims ratio is calculated from the underwriting year loss ratios that result from the setting of claims reserves in the financial statements meaning it is subject to inherent uncertainty. As stated in note 5d, Admiral\u2019s reserving policy is initially to reserve conservatively, above internal and independent projections of actuarial best estimates. This is designed to create a margin held in reserves to allow for unforeseen adverse development in open claims. Admiral\u2019s financial statement loss ratios, used in the calculation of profit commission income, continue to include a significant margin above projected best estimates of ultimate claims costs. It is this margin for uncertainty, included in the financial statement loss ratios, which creates the constraint over the recognition of the variable consideration, as using the booked loss ratio rather than the actuarial best estimate constrains the profit commission income to a level where there is a high probability of no significant reversal of the revenue recognised. The key methods, inputs and assumptions used to estimate the variable consideration of profit commission are therefore in line with those used for the calculation of claims liabilities, as set out in note 3 to the financial statements, with further detail also included in note 5. There are no further critical accounting estimates or judgements in relation to the recognition of profit commission. Comparison The performance obligation is the provision of insurance intermediary services, at which point the performance obligation is met. Revenue is therefore recognised at a point in time. 8. Other revenue continued Instalment income on insurance premium paid via instalments is using the effective interest rate, and as such is not within the scope of IFRS 15. Profit commission from reinsurers is within the scope of IFRS 4, and not within the scope of IFRS 15 Revenue from Contracts with Customers due to the nature of the income. 8b. Disaggregation of revenue In the following tables, other revenue is disaggregated by major products/service lines and timing of revenue recognition. The total revenue disclosed in the table of \u00a3489.7 million (2021: \u00a3678.9 million) represents total other revenue and profit commission and is disaggregated into the segments included in note 4. Year ended 31 December 2022 UK Insurance \u00a3m International Insurance \u00a3m Admiral Money \u00a3m Other \u00a3m Total \u00a3m Major products/service line Instalment income 93.0 5.9 \u2013 \u2013 98.9 Fee and commission revenue 149.9 33.8 0.3 \u2013 184.0 Revenue from law firm 15.8 \u2013 \u2013 \u2013 15.8 Comparison *1 \u2013 \u2013 \u2013 8.3 8.3 Other 11.6 \u2013 \u2013 0.2 11.8 Total other revenue 270.3 39.7 0.3 8.5 318.8 Profit commission 170.5 0.4 \u2013 \u2013 170.9 Total other revenue and profit commission 440.8 40.1 0.3 8.5 489.7 Timing of revenue recognition Point in time 289.9 33.8 0.3 8.5 332.5 Over time 17.8 \u2013 \u2013 \u2013 17.8 Revenue outside the scope of IFRS 15 133.1 6.3 \u2013 \u2013 139.4 440.8 40.1 0.3 8.5 489.7 Year ended 31 December 2021 UK Insurance \u00a3m International Insurance \u00a3m Admiral Money \u00a3m Other \u00a3m Total (continuing) \u00a3m Comparison (discontinued) \u00a3m Total \u00a3m Major products/service line Instalment income 101.7 3.7 \u2013 \u2013 105.4 \u2013 105.4 Fee and commission revenue 137.2 28.3 1.0 \u2013 166.5 \u2013 166.5 Revenue from law firms 25.0 \u2013 \u2013 \u2013 25.0 \u2013 25.0 Comparison *1 \u2013 \u2013 \u2013 5.3 5.3 59.6 64.9 Other 12.0 \u2013 \u2013 0.6 12.6 \u2013 12.6 Total other revenue 275.9 32.0 1.0 5.9 314.8 59.6 374.4 Profit commission 301.9 2.6 \u2013 \u2013 304.5 \u2013 304.5 Total other revenue and profit commission 577.8 34.6 1.0 5.9 619.3 59.6 678.9 Timing of revenue recognition Point in time 309.6 28.3 1.0 5.9 344.8 59.6 404.4 Over time 27.5 \u2013 \u2013 \u2013 27.5 \u2013 27.5 Revenue outside the scope of IFRS 15 240.7 6.3 \u2013 \u2013 247.0 \u2013 247.0 577.8 34.6 1.0 5.9 619.3 59.6 678.9 *1 Comparison revenue excludes \u00a30.3 million (31 December 2021: \u00a37.8 million) of income from other Group companies, including \u00a3nil million (2021: \u00a37.5 million) from discontinued operations A dmiral Group plc Annual Report and Accounts 2022 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-565": {
"value": "8a. Accounting policy (i) Contribution from additional products and fees and other revenue Revenue is credited to the income statement over the period matching the Group\u2019s obligations to provide services. Where the Group has no remaining obligations, the revenue is recognised immediately. An allowance is made for expected cancellations where the customer may be entitled to a refund of amounts charged. Commission from the provision of insurance intermediary services is credited to revenue on the sale of the underlying insurance policy. There has been no change in revenue recognition from the comparative period. (ii) Nature of goods and services The following is a description of the principal activities within the scope of IFRS 15 from which the Group generates its other revenue. Products and services Nature, timing of satisfaction of performance obligations and significant payment terms Fee and commission revenue: Commission on underlying products The performance obligation is the provision of insurance intermediary services, at which point the performance obligation is met. Revenue is therefore recognised at a point in time. Payment of the commission is due within 30 days of the period close. Fee and commission revenue: Administration fees The performance obligation is the change requested being made to the underlying policy, at which point the performance obligation is met. Revenue is therefore recognised at a point in time and is collected immediately or in line with direct debit instalments. Revenue from law firm The performance obligation is the pursuit of the compensation from the at fault party\u2019s insurer on behalf of the customer. Once the case is settled the performance obligation is fully satisfied. Revenue is therefore recognised over time using the expected value method. This method values revenue by multiplying hours incurred on open cases by a 12-month realisable rate. The realisable rate is a probability weighted transaction price based on settled cases. The expected value method therefore results in revenue recognised being constrained to that where there is a high probability of no significant reversal. Revenue is recognised over time because as the Group has an enforceable right to payment for performance completed to date and the work performed to date has no alternative use to the Group. A contract asset is recognised equal to the work performed up to the balance sheet date but not yet billed. Refer to note 6h for further detail of this balance. Payment is due within 28 days of invoice. Profit commission from co-insurers The Group\u2019s profit commission revenue falling within the scope of IFRS 15 Revenue from Contracts with Customers relates to a contractual arrangement between the Group\u2019s insurance intermediary EUI Limited, and an external co-insurer (Great Lakes) which underwrites a share of the UK Car Insurance business generated by EUI Limited. The variable consideration, being the profit commission recognised in respect of each underwriting year at the end of each reporting period, is recognised at a point in time, and calculated based on a number of detailed inputs, the most material of which are as follows: \u2022 Premiums, defined as gross premiums ceded including any instalment income, less reinsurance premium (for excess of loss reinsurance) \u2022 Insurance expenses incurred \u2022 Claims ratio (more typically referred to as a loss ratio) Whilst the premiums and insurance expenses related to an underwriting year are typically fixed at the conclusion of each underwriting year and are not subject to judgement, the claims ratio is calculated from the underwriting year loss ratios that result from the setting of claims reserves in the financial statements meaning it is subject to inherent uncertainty. As stated in note 5d, Admiral\u2019s reserving policy is initially to reserve conservatively, above internal and independent projections of actuarial best estimates. This is designed to create a margin held in reserves to allow for unforeseen adverse development in open claims. Admiral\u2019s financial statement loss ratios, used in the calculation of profit commission income, continue to include a significant margin above projected best estimates of ultimate claims costs. It is this margin for uncertainty, included in the financial statement loss ratios, which creates the constraint over the recognition of the variable consideration, as using the booked loss ratio rather than the actuarial best estimate constrains the profit commission income to a level where there is a high probability of no significant reversal of the revenue recognised. The key methods, inputs and assumptions used to estimate the variable consideration of profit commission are therefore in line with those used for the calculation of claims liabilities, as set out in note 3 to the financial statements, with further detail also included in note 5. There are no further critical accounting estimates or judgements in relation to the recognition of profit commission. Comparison The performance obligation is the provision of insurance intermediary services, at which point the performance obligation is met. Revenue is therefore recognised at a point in time. 8. Other revenue continued Instalment income on insurance premium paid via instalments is using the effective interest rate, and as such is not within the scope of IFRS 15. Profit commission from reinsurers is within the scope of IFRS 4, and not within the scope of IFRS 15 Revenue from Contracts with Customers due to the nature of the income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-605": {
"value": "(i) Contribution from additional products and fees and other revenue Revenue is credited to the income statement over the period matching the Group\u2019s obligations to provide services. Where the Group has no remaining obligations, the revenue is recognised immediately. An allowance is made for expected cancellations where the customer may be entitled to a refund of amounts charged. Commission from the provision of insurance intermediary services is credited to revenue on the sale of the underlying insurance policy. There has been no change in revenue recognition from the comparative period. (ii) Nature of goods and services The following is a description of the principal activities within the scope of IFRS 15 from which the Group generates its other revenue. Products and services Nature, timing of satisfaction of performance obligations and significant payment terms Fee and commission revenue: Commission on underlying products The performance obligation is the provision of insurance intermediary services, at which point the performance obligation is met. Revenue is therefore recognised at a point in time. Payment of the commission is due within 30 days of the period close. Fee and commission revenue: Administration fees The performance obligation is the change requested being made to the underlying policy, at which point the performance obligation is met. Revenue is therefore recognised at a point in time and is collected immediately or in line with direct debit instalments. Revenue from law firm The performance obligation is the pursuit of the compensation from the at fault party\u2019s insurer on behalf of the customer. Once the case is settled the performance obligation is fully satisfied. Revenue is therefore recognised over time using the expected value method. This method values revenue by multiplying hours incurred on open cases by a 12-month realisable rate. The realisable rate is a probability weighted transaction price based on settled cases. The expected value method therefore results in revenue recognised being constrained to that where there is a high probability of no significant reversal. Revenue is recognised over time because as the Group has an enforceable right to payment for performance completed to date and the work performed to date has no alternative use to the Group. A contract asset is recognised equal to the work performed up to the balance sheet date but not yet billed. Refer to note 6h for further detail of this balance. Payment is due within 28 days of invoice. Profit commission from co-insurers The Group\u2019s profit commission revenue falling within the scope of IFRS 15 Revenue from Contracts with Customers relates to a contractual arrangement between the Group\u2019s insurance intermediary EUI Limited, and an external co-insurer (Great Lakes) which underwrites a share of the UK Car Insurance business generated by EUI Limited. The variable consideration, being the profit commission recognised in respect of each underwriting year at the end of each reporting period, is recognised at a point in time, and calculated based on a number of detailed inputs, the most material of which are as follows: \u2022 Premiums, defined as gross premiums ceded including any instalment income, less reinsurance premium (for excess of loss reinsurance) \u2022 Insurance expenses incurred \u2022 Claims ratio (more typically referred to as a loss ratio) Whilst the premiums and insurance expenses related to an underwriting year are typically fixed at the conclusion of each underwriting year and are not subject to judgement, the claims ratio is calculated from the underwriting year loss ratios that result from the setting of claims reserves in the financial statements meaning it is subject to inherent uncertainty. As stated in note 5d, Admiral\u2019s reserving policy is initially to reserve conservatively, above internal and independent projections of actuarial best estimates. This is designed to create a margin held in reserves to allow for unforeseen adverse development in open claims. Admiral\u2019s financial statement loss ratios, used in the calculation of profit commission income, continue to include a significant margin above projected best estimates of ultimate claims costs. It is this margin for uncertainty, included in the financial statement loss ratios, which creates the constraint over the recognition of the variable consideration, as using the booked loss ratio rather than the actuarial best estimate constrains the profit commission income to a level where there is a high probability of no significant reversal of the revenue recognised. The key methods, inputs and assumptions used to estimate the variable consideration of profit commission are therefore in line with those used for the calculation of claims liabilities, as set out in note 3 to the financial statements, with further detail also included in note 5. There are no further critical accounting estimates or judgements in relation to the recognition of profit commission. Comparison The performance obligation is the provision of insurance intermediary services, at which point the performance obligation is met. Revenue is therefore recognised at a point in time. Instalment income on insurance premium paid via instalments is using the effective interest rate, and as such is not within the scope of IFRS 15. Profit commission from reinsurers is within the scope of IFRS 4, and not within the scope of IFRS 15 Revenue from Contracts with Customers due to the nature of the income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-615": {
"value": "8b. Disaggregation of revenue In the following tables, other revenue is disaggregated by major products/service lines and timing of revenue recognition. The total revenue disclosed in the table of \u00a3489.7 million (2021: \u00a3678.9 million) represents total other revenue and profit commission and is disaggregated into the segments included in note 4. Year ended 31 December 2022 UK Insurance \u00a3m International Insurance \u00a3m Admiral Money \u00a3m Other \u00a3m Total \u00a3m Major products/service line Instalment income 93.0 5.9 \u2013 \u2013 98.9 Fee and commission revenue 149.9 33.8 0.3 \u2013 184.0 Revenue from law firm 15.8 \u2013 \u2013 \u2013 15.8 Comparison *1 \u2013 \u2013 \u2013 8.3 8.3 Other 11.6 \u2013 \u2013 0.2 11.8 Total other revenue 270.3 39.7 0.3 8.5 318.8 Profit commission 170.5 0.4 \u2013 \u2013 170.9 Total other revenue and profit commission 440.8 40.1 0.3 8.5 489.7 Timing of revenue recognition Point in time 289.9 33.8 0.3 8.5 332.5 Over time 17.8 \u2013 \u2013 \u2013 17.8 Revenue outside the scope of IFRS 15 133.1 6.3 \u2013 \u2013 139.4 440.8 40.1 0.3 8.5 489.7 Year ended 31 December 2021 UK Insurance \u00a3m International Insurance \u00a3m Admiral Money \u00a3m Other \u00a3m Total (continuing) \u00a3m Comparison (discontinued) \u00a3m Total \u00a3m Major products/service line Instalment income 101.7 3.7 \u2013 \u2013 105.4 \u2013 105.4 Fee and commission revenue 137.2 28.3 1.0 \u2013 166.5 \u2013 166.5 Revenue from law firms 25.0 \u2013 \u2013 \u2013 25.0 \u2013 25.0 Comparison *1 \u2013 \u2013 \u2013 5.3 5.3 59.6 64.9 Other 12.0 \u2013 \u2013 0.6 12.6 \u2013 12.6 Total other revenue 275.9 32.0 1.0 5.9 314.8 59.6 374.4 Profit commission 301.9 2.6 \u2013 \u2013 304.5 \u2013 304.5 Total other revenue and profit commission 577.8 34.6 1.0 5.9 619.3 59.6 678.9 Timing of revenue recognition Point in time 309.6 28.3 1.0 5.9 344.8 59.6 404.4 Over time 27.5 \u2013 \u2013 \u2013 27.5 \u2013 27.5 Revenue outside the scope of IFRS 15 240.7 6.3 \u2013 \u2013 247.0 \u2013 247.0 577.8 34.6 1.0 5.9 619.3 59.6 678.9 *1 Comparison revenue excludes \u00a30.3 million (31 December 2021: \u00a37.8 million) of income from other Group companies, including \u00a3nil million (2021: \u00a37.5 million) from discontinued operations A ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-510": {
"value": "9. Expenses 9a. Accounting policies (i) Acquisition costs and operating expenses Acquisition costs incurred in obtaining new and renewal business are charged to the income statement over the period in which those premiums are earned. All other operating expenses are charged to the income statement as incurred. (ii) Employee benefits As detailed in the Remuneration Committee Report, the key elements of employee remuneration are: \u2022 Base salaries and pension contributions; \u2022 Share based incentive plans; \u2022 A discretionary bonus, (the \u2018DFSS Bonus\u2019), rather than an annual cash bonus, that is based on the number of DFSS awards held and actual dividends paid out to shareholders Within note 9b, the charges for base salaries and pension contributions (and the related social security costs) are recognised within insurance contract expenses or administration and other marketing costs, based on the role of the employee. Charges for the share-based incentive plans (and related social security costs) and discretionary bonus are included within share scheme charges. These charges are not shown as part of the result for each reportable segment, or within the expense ratio, due to them being materially comprised of an accounting charge in line with IFRS 2 Share-based payments which does not result in a cash payment to employees but instead results in an issue of new shares (resulting in a dilution of existing shares). The rules of the share schemes ensure that the actual dilution level does not exceed 10% in any rolling ten-year period. Base salaries and pension contributions Base salaries and the related employer social security costs are charged to the income statement in the period that they are incurred. The Group contributes to defined contribution personal pension plans for its employees. The contributions payable to these schemes are charged in the accounting period to which they relate. Share based incentive plans and related social security costs The Group operates a number of equity and cash settled compensation schemes for its employees, the main ones being: \u2022 A Share Incentive Plan (SIP), which is in place for all UK employees encouraging wide share ownership across employees, and \u2022 The Discretionary Free Share Scheme (DFSS). DFSS shares are typically awarded to managers, and for the majority of employees 50% of the DFSS shares awarded are subject to three performance conditions being Earnings per Share growth, Return on Equity and Total Shareholder Return vs. the FTSE 350 (excluding investment companies) over a three-year period. The other 50% are guaranteed with continued employment For both schemes, employees must remain in employment three years after the award date (i.e. at the vesting date), otherwise the shares are forfeited. The majority of these schemes are classed as equity settled under IFRS 2, due to the employees receiving shares (rather than cash) as consideration for the services provided. For equity settled schemes, the charge, which reflects the fair value of the employee services received in exchange for the grant of the free shares, is recognised as an expense, with a corresponding increase in equity, as shown in the consolidated statement of changes in equity (2022: \u00a357.3 million; 2021: \u00a363.1 million). For the cash settled schemes, the expense recognised for the fair value of services received results in a corresponding increase in liabilities. The key drivers and assumptions used to calculate the charge for the schemes over the three year vesting period are: \u2022 The number of shares awarded, which is set at the start of each scheme. Details of the number of shares awarded for each scheme where shares remain unvested is set out in note 9f(iii) \u2022 The fair value of the shares; \u2013 For the SIP, the fair value of the shares awarded is the share price at the award date. Awards under the SIP are entitled to receive dividends, and hence no adjustment is made to this fair value \u2013 For the DFSS equity settled awards, awards are not eligible for dividends, although a discretionary bonus is currently paid equivalent to the dividend that would have been paid on the shareholding, hence the fair value of the shares is revised downwards to take account of these expected dividends \u2013 For the DFSS cash settled awards, the fair value is based on the share price at the vesting date. The closing share price at the end of each reporting period is used as an approximation for the closing price at the end of the vesting period A dmiral Group plc Annual Report and Accounts 2022 9. Expenses continued \u2022 Staff attrition rates, which impact the ultimate number of shares that vest \u2022 In the case of the DFSS, the vesting rates based on the performance conditions, which also impact the ultimate number of shares that vest The number of shares that have ultimately vested compared to those originally awarded is set out in note 9f(iv). At each balance sheet date, the Group revises its assumptions on the number of shares which will ultimately vest based on the latest forecast information for attrition rates and, for the DFSS, the extent to which the performance conditions are met. The financial impact as a result of any change in the assumptions is recognised through the income statement. Any significant changes in assumptions may therefore result in an increased / decreased charge in an accounting period as a result of this true-up of the expected cumulative charge required. Social security costs on share-based incentive plans Social security costs are incurred by the Group in respect of the share-based incentive plans, with the expense recognised over the vesting period for each share scheme. For the SIP, these costs are paid when the employees sell the shares after vesting (typically 3\u20135 years after the grant date). For the DFSS, the costs are paid immediately upon vesting. The total social security costs are calculated based on the following: \u2022 The taxable value of the shares, being: \u2013 For the SIP, the lower of the share price at award date and the share price at the balance sheet date \u2013 For the DFSS, the share price at the balance sheet date \u2022 the number of shares expected to vest for each scheme, driven by the number of shares awarded, attrition rates and, for the DFSS, the vesting rate based on performance conditions \u2022 the appropriate social security rate These assumptions are updated at the end of each reporting period. The financial impact as a result of any change in the assumptions is recognised through the income statement. Any significant changes in assumptions may therefore result in an increased / decreased charge in an accounting period as a result of this true-up of the expected cumulative charge required. Discretionary bonus on shares allocated but unvested The cost of the DFSS bonus is recognised and paid in each period equivalent to the dividends on shares allocated to employees that are still entitled to vest but have not yet vested. The cost shown also includes the social security costs on the discretionary bonus. No accrual is made for future discretionary bonus payments due to there being no contractual obligation for such a bonus at the balance sheet date. 9b. Operating expenses and share scheme charges 31 December 2022 Continuing operations Gross \u00a3m Recoverable from co- and reinsurers \u00a3m Net \u00a3m Acquisition of insurance contracts *1 178.8 (98.1) 80.7 Administration and other marketing costs (insurance contracts) 530.5 (313.6) 216.9 Insurance contract expenses 709.3 (411.7) 297.6 Administration and other marketing costs (other) 136.2 \u2013 136.2 Share scheme charges 79.3 (27.6) 51.7 Movement in expected credit loss provision 18.9 \u2013 18.9 Total expenses and share scheme charges \u2013 continuing operations 943.7 (439.3) 504.4 31 December 2021 Continuing operations Gross \u00a3m Recoverable from co- and reinsurers \u00a3m Net \u00a3m Acquisition of insurance contracts*1 179.5 (113.0) 66.5 Administration and other marketing costs (insurance contracts) 540.0 (343.8) 196.2 Insurance contract expenses 719.5 (456.8) 262.7 Administration and other marketing costs (other) 151.5 \u2013 151.5 Share scheme charges 99.1 (34.3) 64.8 Movement in expected credit loss provision 13.3 \u2013 13.3 Total expenses and share scheme charges \u2013 continuing operations 983.4 (491.1) 492.3 *1 Acquisition of insurance contracts expense excludes \u00a30.3 million (2021: \u00a30.2 million) of aggregator fees from other Group companies The \u00a3216.9 million (2021: \u00a3196.2 million) administration and marketing costs allocated to insurance contracts is principally made up of salary costs. Analysis of other administration and other marketing costs: Continuing operations 31 December 2022 \u00a3m 31 December 2021 \u00a3m Expenses relating to additional products and fees 74.5 91.9 Loans expenses (excluding movement on ECL provision) 22.2 23.7 Other expenses 39.5 35.9 Total 136.2 151.5 Refer to note 14 for a reconciliation between insurance contract expenses and the reported expense ratio. 9. Expenses continued 9c. Employee costs and other expenses 31 December 2022 31 December 2021 Continuing operations Total \u00a3m Net \u00a3m Total \u00a3m Net \u00a3m Salaries 397.0 127.9 338.2 111.9 Social security charges 41.4 15.1 35.4 12.8 Pension costs 14.6 5.0 17.7 6.0 Share scheme charges (see note 9f) 79.3 51.7 99.1 64.8 Total employee expenses 523.3 199.7 490.4 195.5 Depreciation charge: \u2013 Owned assets 10.1 2.8 13.4 3.4 \u2013 ROU assets 8.1 2.2 10.2 2.7 Amortisation charge: \u2013 Software 23.7 7.2 19.3 5.6 \u2013 Deferred acquisition costs 179.1 81.0 180.6 68.0 Auditor\u2019s remuneration (including VAT) (total Group): \u2013 Fees payable for the audit of the Company\u2019s annual accounts 0.1 0.1 0.1 0.1 \u2013 Fees payable for the audit of the Company\u2019s subsidiary accounts 1.7 0.9 1.5 0.6 \u2013 Fees payable for audit related assurance services pursuant to legislation or regulation 1.0 0.5 0.8 0.5 \u00a310,800 (inclusive of VAT) (2021: \u00a334,800) was payable to the auditor for other services in the year. Total and net expenses are before and after co- and reinsurance arrangements respectively. Refer to the Corporate Governance Report for details of the Audit Committee\u2019s policy on fees paid to the Company\u2019s auditor for non- audit services. Audit fees are 65% (2021: 64%) of total fees and 35% (2021: 36%) of total fees are for non-audit services, which are classed as audit related assurance services under the FRC rules on non-audit services. The amortisation of software and deferred acquisition cost assets is charged to expenses in the income statement. 9d. Employee numbers (including Directors) Average for the year 2022 Number 2021 Number Direct customer contact employees 7,490 7,271 Support employees 3,845 3,454 Total 11,335 10,725 Total average employees in 2021 relating to comparison entities disposed of during the year were 222. 9e. Directors\u2019 remuneration (i) Directors\u2019 remuneration 31 December 2022 \u00a3m 31 December 2021 \u00a3m Directors\u2019 emoluments 1.1 1.1 Amounts receivable under SIP and DFSS share schemes 2.2 3.0 Company contributions to money purchase pension plans \u2013 \u2013 Total *1 3.3 4.1 *1 Directors\u2019 remuneration is stated as that of the executive directors. For information on non-executive directors\u2019 remuneration see the remuneration report 9f. Employee share schemes Total share scheme costs for the Group excluding discontinued operations are analysed below: 31 December 2022 SIP charge (i) DFSS charge (ii) Total charge Gross \u00a3m Net \u00a3m Gross \u00a3m Net \u00a3m Gross \u00a3m Net \u00a3m IFRS 2 charge for equity settled share schemes 18.0 12.1 39.3 25.6 57.3 37.7 IFRS 2 charge for cash settled share schemes \u2013 \u2013 0.2 0.2 0.2 0.2 Total IFRS 2 charge 18.0 12.1 39.5 25.8 57.5 37.9 Social security costs on IFRS 2 charge 0.7 0.5 0.4 0.3 1.1 0.8 Discretionary bonus on shares allocated but unvested \u2013 \u2013 20.7 13.0 20.7 13.0 Total share scheme charges 18.7 12.6 60.6 39.1 79.3 51.7 31 December 2021 SIP charge (i) DFSS charge (ii) Total charge Gross \u00a3m Net \u00a3m Gross \u00a3m Net \u00a3m Gross \u00a3m Net \u00a3m IFRS 2 charge for equity settled share schemes 19.9 13.7 41.3 27.0 61.2 40.7 IFRS 2 charge for cash settled share schemes \u2013 \u2013 5.0 2.9 5.0 2.9 Total IFRS 2 charge 19.9 13.7 46.3 29.9 66.2 43.6 Social security costs 0.8 0.5 9.0 6.4 9.8 6.9 Discretionary bonus on shares allocated but unvested \u2013 \u2013 23.1 14.3 23.1 14.3 Total share scheme charges \u2013 continuing operations 20.7 14.2 78.4 50.6 99.1 64.8 Total share scheme costs for discontinued operations in 2021 were \u00a30.4 million. The total IFRS 2 charge for equity settled share schemes for discontinued operations in 2021 were \u00a30.5 million. 9. Expenses continued Net share scheme charges are presented after allocations to co-insurers (in the UK and Italy) and reinsurers (in the International Insurance businesses). The proportion of net to gross share scheme charges would be expected to be consistent in each period, at approximately 65%. Financial year ended 31 December Analysis of gross cost 2019 and prior \u00a3m 2020 \u00a3m 2021 \u00a3m 2022 \u00a3m Total cumulative charge to date \u00a3m Year of share scheme \u2013 SIP 2018 9.3 5.9 2.4 \u2013 17.6 2019 3.4 6.0 6.4 4.1 19.9 2020*1 \u2013 3.1 6.7 5.4 15.2 2021*1 \u2013 \u2013 4.4 5.4 9.8 2022*1 \u2013 \u2013 \u2013 3.1 3.1 Gross IFRS 2 costs \u2013 SIP 19.9 18.0 Year of share scheme \u2013 DFSS 2018 18.5 16.6 12.6 \u2013 47.7 2019 3.4 10.9 15.8 8.0 38.1 2020*2 \u2013 4.7 13.0 14.6 32.3 2021*2 \u2013 \u2013 4.9 13.4 18.3 2022*2 \u2013 \u2013 \u2013 3.5 3.5 Gross IFRS 2 costs \u2013 DFSS 46.3 39.5 Total IFRS 2 costs \u2013 continuing operations 66.2 57.5 *1 Awards are made in March and September of each year, and vest over 36 months from award date. On the 2020 scheme, an average of 5 months\u2019 charge remains outstanding, on the 2021 scheme an average of 17 months\u2019 charge remains outstanding, and on the 2022 schemes an average of 29 months\u2019 charge remains outstanding *2 The main award is made in September of each year, with smaller awards made at other points through the year. The shares vest over 36 months from award date. On the 2020 main DFSS, 9 months\u2019 charge remains outstanding; on the 2021 main DFSS 21 months\u2019 charge remains outstanding, and on the 2022 main DFSS, 33 months\u2019 charge remains outstanding (i) The Approved Share Incentive Plan (the SIP) Eligible UK based employees qualify for awards under the SIP based upon the performance of the Group in each half-year period. The maximum award for each year is \u00a33,600 per employee and the maximum number of shares that can vest relating to the 2022 schemes is 872,728 (2021 schemes: 688,384; 2020 schemes: 982,643). The awards are made at the discretion of the Remuneration Committee, taking into account the Group\u2019s performance. (ii) The Discretionary Free Share Scheme (the DFSS) Under the DFSS, details of which are contained in the remuneration policy section of the Directors\u2019 Remuneration Report, individuals receive an award of free shares at no charge. The maximum number of shares that can vest relating to the 2022 schemes is 3,070,323 (2021 scheme: 2,850,114; 2020 scheme: 2,795,261). The vesting percentage for most employees for the 2019 DFSS scheme which vested during 2022 was 98.9% (2018 DFSS scheme: 99.3%). (iii) Number of free share awards committed at 31 December 2022 Awards outstanding *1 SIP 2020*2 982,643 SIP 2021*2 688,384 SIP 2022*2 872,728 DFSS 2020* 3 2,795,261 DFSS 2021* 3 2,850,114 DFSS 2022* 3 3,070,323 Total awards committed 11,259,453 *1 Being the maximum number of awards committed before accounting for expected staff attrition and vesting conditions *2 Shares are awarded in March and September of each year, and vest three years later *3 The main award is made in September of each year, with smaller awards made at other points through the year (iv) Number of free share awards vesting during the year ended 31 December 2022 During the year ended 31 December 2022, awards under the SIP H1 19 and H2 19 schemes and the DFSS 2019 schemes vested. The total number of awards vesting for each scheme is as follows. Original awards Awards vested SIP 2019 schemes 1,113,496 907,466 DFSS 2019 schemes 2,637,196 2,262,590 The difference between the original and vested awards reflects employee attrition (SIP schemes) and both employee attrition and the vesting outcomes based on performance conditions noted above (DFSS schemes). The weighted average fair value of the shares granted in the year was \u00a319.45 (2021: \u00a331.16). The weighted average market share price at the date of exercise for shares exercised during the year was \u00a321.51 (2021: \u00a331.92). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-616": {
"value": "9a. Accounting policies (i) Acquisition costs and operating expenses Acquisition costs incurred in obtaining new and renewal business are charged to the income statement over the period in which those premiums are earned. All other operating expenses are charged to the income statement as incurred. (ii) Employee benefits As detailed in the Remuneration Committee Report, the key elements of employee remuneration are: \u2022 Base salaries and pension contributions; \u2022 Share based incentive plans; \u2022 A discretionary bonus, (the \u2018DFSS Bonus\u2019), rather than an annual cash bonus, that is based on the number of DFSS awards held and actual dividends paid out to shareholders Within note 9b, the charges for base salaries and pension contributions (and the related social security costs) are recognised within insurance contract expenses or administration and other marketing costs, based on the role of the employee. Charges for the share-based incentive plans (and related social security costs) and discretionary bonus are included within share scheme charges. These charges are not shown as part of the result for each reportable segment, or within the expense ratio, due to them being materially comprised of an accounting charge in line with IFRS 2 Share-based payments which does not result in a cash payment to employees but instead results in an issue of new shares (resulting in a dilution of existing shares). The rules of the share schemes ensure that the actual dilution level does not exceed 10% in any rolling ten-year period. Base salaries and pension contributions Base salaries and the related employer social security costs are charged to the income statement in the period that they are incurred. The Group contributes to defined contribution personal pension plans for its employees. The contributions payable to these schemes are charged in the accounting period to which they relate. Share based incentive plans and related social security costs The Group operates a number of equity and cash settled compensation schemes for its employees, the main ones being: \u2022 A Share Incentive Plan (SIP), which is in place for all UK employees encouraging wide share ownership across employees, and \u2022 The Discretionary Free Share Scheme (DFSS). DFSS shares are typically awarded to managers, and for the majority of employees 50% of the DFSS shares awarded are subject to three performance conditions being Earnings per Share growth, Return on Equity and Total Shareholder Return vs. the FTSE 350 (excluding investment companies) over a three-year period. The other 50% are guaranteed with continued employment For both schemes, employees must remain in employment three years after the award date (i.e. at the vesting date), otherwise the shares are forfeited. The majority of these schemes are classed as equity settled under IFRS 2, due to the employees receiving shares (rather than cash) as consideration for the services provided. For equity settled schemes, the charge, which reflects the fair value of the employee services received in exchange for the grant of the free shares, is recognised as an expense, with a corresponding increase in equity, as shown in the consolidated statement of changes in equity (2022: \u00a357.3 million; 2021: \u00a363.1 million). For the cash settled schemes, the expense recognised for the fair value of services received results in a corresponding increase in liabilities. The key drivers and assumptions used to calculate the charge for the schemes over the three year vesting period are: \u2022 The number of shares awarded, which is set at the start of each scheme. Details of the number of shares awarded for each scheme where shares remain unvested is set out in note 9f(iii) \u2022 The fair value of the shares; \u2013 For the SIP, the fair value of the shares awarded is the share price at the award date. Awards under the SIP are entitled to receive dividends, and hence no adjustment is made to this fair value \u2013 For the DFSS equity settled awards, awards are not eligible for dividends, although a discretionary bonus is currently paid equivalent to the dividend that would have been paid on the shareholding, hence the fair value of the shares is revised downwards to take account of these expected dividends \u2013 For the DFSS cash settled awards, the fair value is based on the share price at the vesting date. The closing share price at the end of each reporting period is used as an approximation for the closing price at the end of the vesting period A 9. Expenses continued \u2022 Staff attrition rates, which impact the ultimate number of shares that vest \u2022 In the case of the DFSS, the vesting rates based on the performance conditions, which also impact the ultimate number of shares that vest The number of shares that have ultimately vested compared to those originally awarded is set out in note 9f(iv). At each balance sheet date, the Group revises its assumptions on the number of shares which will ultimately vest based on the latest forecast information for attrition rates and, for the DFSS, the extent to which the performance conditions are met. The financial impact as a result of any change in the assumptions is recognised through the income statement. Any significant changes in assumptions may therefore result in an increased / decreased charge in an accounting period as a result of this true-up of the expected cumulative charge required. Social security costs on share-based incentive plans Social security costs are incurred by the Group in respect of the share-based incentive plans, with the expense recognised over the vesting period for each share scheme. For the SIP, these costs are paid when the employees sell the shares after vesting (typically 3\u20135 years after the grant date). For the DFSS, the costs are paid immediately upon vesting. The total social security costs are calculated based on the following: \u2022 The taxable value of the shares, being: \u2013 For the SIP, the lower of the share price at award date and the share price at the balance sheet date \u2013 For the DFSS, the share price at the balance sheet date \u2022 the number of shares expected to vest for each scheme, driven by the number of shares awarded, attrition rates and, for the DFSS, the vesting rate based on performance conditions \u2022 the appropriate social security rate These assumptions are updated at the end of each reporting period. The financial impact as a result of any change in the assumptions is recognised through the income statement. Any significant changes in assumptions may therefore result in an increased / decreased charge in an accounting period as a result of this true-up of the expected cumulative charge required. Discretionary bonus on shares allocated but unvested The cost of the DFSS bonus is recognised and paid in each period equivalent to the dividends on shares allocated to employees that are still entitled to vest but have not yet vested. The cost shown also includes the social security costs on the discretionary bonus. No accrual is made for future discretionary bonus payments due to there being no contractual obligation for such a bonus at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-566": {
"value": "(i) Acquisition costs and operating expenses Acquisition costs incurred in obtaining new and renewal business are charged to the income statement over the period in which those premiums are earned. All other operating expenses are charged to the income statement as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-567": {
"value": "(ii) Employee benefits As detailed in the Remuneration Committee Report, the key elements of employee remuneration are: \u2022 Base salaries and pension contributions; \u2022 Share based incentive plans; \u2022 A discretionary bonus, (the \u2018DFSS Bonus\u2019), rather than an annual cash bonus, that is based on the number of DFSS awards held and actual dividends paid out to shareholders Within note 9b, the charges for base salaries and pension contributions (and the related social security costs) are recognised within insurance contract expenses or administration and other marketing costs, based on the role of the employee. Charges for the share-based incentive plans (and related social security costs) and discretionary bonus are included within share scheme charges. These charges are not shown as part of the result for each reportable segment, or within the expense ratio, due to them being materially comprised of an accounting charge in line with IFRS 2 Share-based payments which does not result in a cash payment to employees but instead results in an issue of new shares (resulting in a dilution of existing shares). The rules of the share schemes ensure that the actual dilution level does not exceed 10% in any rolling ten-year period. Base salaries and pension contributions Base salaries and the related employer social security costs are charged to the income statement in the period that they are incurred. The Group contributes to defined contribution personal pension plans for its employees. The contributions payable to these schemes are charged in the accounting period to which they relate. Share based incentive plans and related social security costs The Group operates a number of equity and cash settled compensation schemes for its employees, the main ones being: \u2022 A Share Incentive Plan (SIP), which is in place for all UK employees encouraging wide share ownership across employees, and \u2022 The Discretionary Free Share Scheme (DFSS). DFSS shares are typically awarded to managers, and for the majority of employees 50% of the DFSS shares awarded are subject to three performance conditions being Earnings per Share growth, Return on Equity and Total Shareholder Return vs. the FTSE 350 (excluding investment companies) over a three-year period. The other 50% are guaranteed with continued employment For both schemes, employees must remain in employment three years after the award date (i.e. at the vesting date), otherwise the shares are forfeited. The majority of these schemes are classed as equity settled under IFRS 2, due to the employees receiving shares (rather than cash) as consideration for the services provided. For equity settled schemes, the charge, which reflects the fair value of the employee services received in exchange for the grant of the free shares, is recognised as an expense, with a corresponding increase in equity, as shown in the consolidated statement of changes in equity (2022: \u00a357.3 million; 2021: \u00a363.1 million). For the cash settled schemes, the expense recognised for the fair value of services received results in a corresponding increase in liabilities. The key drivers and assumptions used to calculate the charge for the schemes over the three year vesting period are: \u2022 The number of shares awarded, which is set at the start of each scheme. Details of the number of shares awarded for each scheme where shares remain unvested is set out in note 9f(iii) \u2022 The fair value of the shares; \u2013 For the SIP, the fair value of the shares awarded is the share price at the award date. Awards under the SIP are entitled to receive dividends, and hence no adjustment is made to this fair value \u2013 For the DFSS equity settled awards, awards are not eligible for dividends, although a discretionary bonus is currently paid equivalent to the dividend that would have been paid on the shareholding, hence the fair value of the shares is revised downwards to take account of these expected dividends \u2013 For the DFSS cash settled awards, the fair value is based on the share price at the vesting date. The closing share price at the end of each reporting period is used as an approximation for the closing price at the end of the vesting period A 9. Expenses continued \u2022 Staff attrition rates, which impact the ultimate number of shares that vest \u2022 In the case of the DFSS, the vesting rates based on the performance conditions, which also impact the ultimate number of shares that vest The number of shares that have ultimately vested compared to those originally awarded is set out in note 9f(iv). At each balance sheet date, the Group revises its assumptions on the number of shares which will ultimately vest based on the latest forecast information for attrition rates and, for the DFSS, the extent to which the performance conditions are met. The financial impact as a result of any change in the assumptions is recognised through the income statement. Any significant changes in assumptions may therefore result in an increased / decreased charge in an accounting period as a result of this true-up of the expected cumulative charge required. Social security costs on share-based incentive plans Social security costs are incurred by the Group in respect of the share-based incentive plans, with the expense recognised over the vesting period for each share scheme. For the SIP, these costs are paid when the employees sell the shares after vesting (typically 3\u20135 years after the grant date). For the DFSS, the costs are paid immediately upon vesting. The total social security costs are calculated based on the following: \u2022 The taxable value of the shares, being: \u2013 For the SIP, the lower of the share price at award date and the share price at the balance sheet date \u2013 For the DFSS, the share price at the balance sheet date \u2022 the number of shares expected to vest for each scheme, driven by the number of shares awarded, attrition rates and, for the DFSS, the vesting rate based on performance conditions \u2022 the appropriate social security rate These assumptions are updated at the end of each reporting period. The financial impact as a result of any change in the assumptions is recognised through the income statement. Any significant changes in assumptions may therefore result in an increased / decreased charge in an accounting period as a result of this true-up of the expected cumulative charge required. Discretionary bonus on shares allocated but unvested The cost of the DFSS bonus is recognised and paid in each period equivalent to the dividends on shares allocated to employees that are still entitled to vest but have not yet vested. The cost shown also includes the social security costs on the discretionary bonus. No accrual is made for future discretionary bonus payments due to there being no contractual obligation for such a bonus at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-593": {
"value": "Share based incentive plans and related social security costs The Group operates a number of equity and cash settled compensation schemes for its employees, the main ones being: \u2022 A Share Incentive Plan (SIP), which is in place for all UK employees encouraging wide share ownership across employees, and \u2022 The Discretionary Free Share Scheme (DFSS). DFSS shares are typically awarded to managers, and for the majority of employees 50% of the DFSS shares awarded are subject to three performance conditions being Earnings per Share growth, Return on Equity and Total Shareholder Return vs. the FTSE 350 (excluding investment companies) over a three-year period. The other 50% are guaranteed with continued employment For both schemes, employees must remain in employment three years after the award date (i.e. at the vesting date), otherwise the shares are forfeited. The majority of these schemes are classed as equity settled under IFRS 2, due to the employees receiving shares (rather than cash) as consideration for the services provided. For equity settled schemes, the charge, which reflects the fair value of the employee services received in exchange for the grant of the free shares, is recognised as an expense, with a corresponding increase in equity, as shown in the consolidated statement of changes in equity (2022: \u00a357.3 million; 2021: \u00a363.1 million). For the cash settled schemes, the expense recognised for the fair value of services received results in a corresponding increase in liabilities. The key drivers and assumptions used to calculate the charge for the schemes over the three year vesting period are: \u2022 The number of shares awarded, which is set at the start of each scheme. Details of the number of shares awarded for each scheme where shares remain unvested is set out in note 9f(iii) \u2022 The fair value of the shares; \u2013 For the SIP, the fair value of the shares awarded is the share price at the award date. Awards under the SIP are entitled to receive dividends, and hence no adjustment is made to this fair value \u2013 For the DFSS equity settled awards, awards are not eligible for dividends, although a discretionary bonus is currently paid equivalent to the dividend that would have been paid on the shareholding, hence the fair value of the shares is revised downwards to take account of these expected dividends \u2013 For the DFSS cash settled awards, the fair value is based on the share price at the vesting date. The closing share price at the end of each reporting period is used as an approximation for the closing price at the end of the vesting period A 9. Expenses continued \u2022 Staff attrition rates, which impact the ultimate number of shares that vest \u2022 In the case of the DFSS, the vesting rates based on the performance conditions, which also impact the ultimate number of shares that vest The number of shares that have ultimately vested compared to those originally awarded is set out in note 9f(iv). At each balance sheet date, the Group revises its assumptions on the number of shares which will ultimately vest based on the latest forecast information for attrition rates and, for the DFSS, the extent to which the performance conditions are met. The financial impact as a result of any change in the assumptions is recognised through the income statement. Any significant changes in assumptions may therefore result in an increased / decreased charge in an accounting period as a result of this true-up of the expected cumulative charge required. Social security costs on share-based incentive plans Social security costs are incurred by the Group in respect of the share-based incentive plans, with the expense recognised over the vesting period for each share scheme. For the SIP, these costs are paid when the employees sell the shares after vesting (typically 3\u20135 years after the grant date). For the DFSS, the costs are paid immediately upon vesting. The total social security costs are calculated based on the following: \u2022 The taxable value of the shares, being: \u2013 For the SIP, the lower of the share price at award date and the share price at the balance sheet date \u2013 For the DFSS, the share price at the balance sheet date \u2022 the number of shares expected to vest for each scheme, driven by the number of shares awarded, attrition rates and, for the DFSS, the vesting rate based on performance conditions \u2022 the appropriate social security rate These assumptions are updated at the end of each reporting period. The financial impact as a result of any change in the assumptions is recognised through the income statement. Any significant changes in assumptions may therefore result in an increased / decreased charge in an accounting period as a result of this true-up of the expected cumulative charge required. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-568": {
"value": "9b. Operating expenses and share scheme charges 31 December 2022 Continuing operations Gross \u00a3m Recoverable from co- and reinsurers \u00a3m Net \u00a3m Acquisition of insurance contracts *1 178.8 (98.1) 80.7 Administration and other marketing costs (insurance contracts) 530.5 (313.6) 216.9 Insurance contract expenses 709.3 (411.7) 297.6 Administration and other marketing costs (other) 136.2 \u2013 136.2 Share scheme charges 79.3 (27.6) 51.7 Movement in expected credit loss provision 18.9 \u2013 18.9 Total expenses and share scheme charges \u2013 continuing operations 943.7 (439.3) 504.4 31 December 2021 Continuing operations Gross \u00a3m Recoverable from co- and reinsurers \u00a3m Net \u00a3m Acquisition of insurance contracts*1 179.5 (113.0) 66.5 Administration and other marketing costs (insurance contracts) 540.0 (343.8) 196.2 Insurance contract expenses 719.5 (456.8) 262.7 Administration and other marketing costs (other) 151.5 \u2013 151.5 Share scheme charges 99.1 (34.3) 64.8 Movement in expected credit loss provision 13.3 \u2013 13.3 Total expenses and share scheme charges \u2013 continuing operations 983.4 (491.1) 492.3 *1 Acquisition of insurance contracts expense excludes \u00a30.3 million (2021: \u00a30.2 million) of aggregator fees from other Group companies The \u00a3216.9 million (2021: \u00a3196.2 million) administration and marketing costs allocated to insurance contracts is principally made up of salary costs. Analysis of other administration and other marketing costs: Continuing operations 31 December 2022 \u00a3m 31 December 2021 \u00a3m Expenses relating to additional products and fees 74.5 91.9 Loans expenses (excluding movement on ECL provision) 22.2 23.7 Other expenses 39.5 35.9 Total 136.2 151.5 Refer to note 14 for a reconciliation between insurance contract expenses and the reported expense ratio. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-617": {
"value": "Analysis of other administration and other marketing costs: Continuing operations 31 December 2022 \u00a3m 31 December 2021 \u00a3m Expenses relating to additional products and fees 74.5 91.9 Loans expenses (excluding movement on ECL provision) 22.2 23.7 Other expenses 39.5 35.9 Total 136.2 151.5 Refer to note 14 for a reconciliation between insurance contract expenses and the reported expense ratio. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-569": {
"value": "9c. Employee costs and other expenses 31 December 2022 31 December 2021 Continuing operations Total \u00a3m Net \u00a3m Total \u00a3m Net \u00a3m Salaries 397.0 127.9 338.2 111.9 Social security charges 41.4 15.1 35.4 12.8 Pension costs 14.6 5.0 17.7 6.0 Share scheme charges (see note 9f) 79.3 51.7 99.1 64.8 Total employee expenses 523.3 199.7 490.4 195.5 Depreciation charge: \u2013 Owned assets 10.1 2.8 13.4 3.4 \u2013 ROU assets 8.1 2.2 10.2 2.7 Amortisation charge: \u2013 Software 23.7 7.2 19.3 5.6 \u2013 Deferred acquisition costs 179.1 81.0 180.6 68.0 Auditor\u2019s remuneration (including VAT) (total Group): \u2013 Fees payable for the audit of the Company\u2019s annual accounts 0.1 0.1 0.1 0.1 \u2013 Fees payable for the audit of the Company\u2019s subsidiary accounts 1.7 0.9 1.5 0.6 \u2013 Fees payable for audit related assurance services pursuant to legislation or regulation 1.0 0.5 0.8 0.5 \u00a310,800 (inclusive of VAT) (2021: \u00a334,800) was payable to the auditor for other services in the year. Total and net expenses are before and after co- and reinsurance arrangements respectively. Refer to the Corporate Governance Report for details of the Audit Committee\u2019s policy on fees paid to the Company\u2019s auditor for non- audit services. Audit fees are 65% (2021: 64%) of total fees and 35% (2021: 36%) of total fees are for non-audit services, which are classed as audit related assurance services under the FRC rules on non-audit services. The amortisation of software and deferred acquisition cost assets is charged to expenses in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-532": {
"value": "9c. Employee costs and other expenses 31 December 2022 31 December 2021 Continuing operations Total \u00a3m Net \u00a3m Total \u00a3m Net \u00a3m Salaries 397.0 127.9 338.2 111.9 Social security charges 41.4 15.1 35.4 12.8 Pension costs 14.6 5.0 17.7 6.0 Share scheme charges (see note 9f) 79.3 51.7 99.1 64.8 Total employee expenses 523.3 199.7 490.4 195.5 Depreciation charge: \u2013 Owned assets 10.1 2.8 13.4 3.4 \u2013 ROU assets 8.1 2.2 10.2 2.7 Amortisation charge: \u2013 Software 23.7 7.2 19.3 5.6 \u2013 Deferred acquisition costs 179.1 81.0 180.6 68.0 Auditor\u2019s remuneration (including VAT) (total Group): \u2013 Fees payable for the audit of the Company\u2019s annual accounts 0.1 0.1 0.1 0.1 \u2013 Fees payable for the audit of the Company\u2019s subsidiary accounts 1.7 0.9 1.5 0.6 \u2013 Fees payable for audit related assurance services pursuant to legislation or regulation 1.0 0.5 0.8 0.5 \u00a310,800 (inclusive of VAT) (2021: \u00a334,800) was payable to the auditor for other services in the year. Total and net expenses are before and after co- and reinsurance arrangements respectively. Refer to the Corporate Governance Report for details of the Audit Committee\u2019s policy on fees paid to the Company\u2019s auditor for non- audit services. Audit fees are 65% (2021: 64%) of total fees and 35% (2021: 36%) of total fees are for non-audit services, which are classed as audit related assurance services under the FRC rules on non-audit services. The amortisation of software and deferred acquisition cost assets is charged to expenses in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-533": {
"value": "9d. Employee numbers (including Directors) Average for the year 2022 Number 2021 Number Direct customer contact employees 7,490 7,271 Support employees 3,845 3,454 Total 11,335 10,725 Total average employees in 2021 relating to comparison entities disposed of during the year were 222. 9e. Directors\u2019 remuneration (i) Directors\u2019 remuneration 31 December 2022 \u00a3m 31 December 2021 \u00a3m Directors\u2019 emoluments 1.1 1.1 Amounts receivable under SIP and DFSS share schemes 2.2 3.0 Company contributions to money purchase pension plans \u2013 \u2013 Total *1 3.3 4.1 *1 Directors\u2019 remuneration is stated as that of the executive directors. For information on non-executive directors\u2019 remuneration see the remuneration report ( ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-534": {
"value": "9f. Employee share schemes Total share scheme costs for the Group excluding discontinued operations are analysed below: 31 December 2022 SIP charge (i) DFSS charge (ii) Total charge Gross \u00a3m Net \u00a3m Gross \u00a3m Net \u00a3m Gross \u00a3m Net \u00a3m IFRS 2 charge for equity settled share schemes 18.0 12.1 39.3 25.6 57.3 37.7 IFRS 2 charge for cash settled share schemes \u2013 \u2013 0.2 0.2 0.2 0.2 Total IFRS 2 charge 18.0 12.1 39.5 25.8 57.5 37.9 Social security costs on IFRS 2 charge 0.7 0.5 0.4 0.3 1.1 0.8 Discretionary bonus on shares allocated but unvested \u2013 \u2013 20.7 13.0 20.7 13.0 Total share scheme charges 18.7 12.6 60.6 39.1 79.3 51.7 31 December 2021 SIP charge (i) DFSS charge (ii) Total charge Gross \u00a3m Net \u00a3m Gross \u00a3m Net \u00a3m Gross \u00a3m Net \u00a3m IFRS 2 charge for equity settled share schemes 19.9 13.7 41.3 27.0 61.2 40.7 IFRS 2 charge for cash settled share schemes \u2013 \u2013 5.0 2.9 5.0 2.9 Total IFRS 2 charge 19.9 13.7 46.3 29.9 66.2 43.6 Social security costs 0.8 0.5 9.0 6.4 9.8 6.9 Discretionary bonus on shares allocated but unvested \u2013 \u2013 23.1 14.3 23.1 14.3 Total share scheme charges \u2013 continuing operations 20.7 14.2 78.4 50.6 99.1 64.8 Total share scheme costs for discontinued operations in 2021 were \u00a30.4 million. The total IFRS 2 charge for equity settled share schemes for discontinued operations in 2021 were \u00a30.5 million. 9. Expenses continued Net share scheme charges are presented after allocations to co-insurers (in the UK and Italy) and reinsurers (in the International Insurance businesses). The proportion of net to gross share scheme charges would be expected to be consistent in each period, at approximately 65%. Financial year ended 31 December Analysis of gross cost 2019 and prior \u00a3m 2020 \u00a3m 2021 \u00a3m 2022 \u00a3m Total cumulative charge to date \u00a3m Year of share scheme \u2013 SIP 2018 9.3 5.9 2.4 \u2013 17.6 2019 3.4 6.0 6.4 4.1 19.9 2020*1 \u2013 3.1 6.7 5.4 15.2 2021*1 \u2013 \u2013 4.4 5.4 9.8 2022*1 \u2013 \u2013 \u2013 3.1 3.1 Gross IFRS 2 costs \u2013 SIP 19.9 18.0 Year of share scheme \u2013 DFSS 2018 18.5 16.6 12.6 \u2013 47.7 2019 3.4 10.9 15.8 8.0 38.1 2020*2 \u2013 4.7 13.0 14.6 32.3 2021*2 \u2013 \u2013 4.9 13.4 18.3 2022*2 \u2013 \u2013 \u2013 3.5 3.5 Gross IFRS 2 costs \u2013 DFSS 46.3 39.5 Total IFRS 2 costs \u2013 continuing operations 66.2 57.5 *1 Awards are made in March and September of each year, and vest over 36 months from award date. On the 2020 scheme, an average of 5 months\u2019 charge remains outstanding, on the 2021 scheme an average of 17 months\u2019 charge remains outstanding, and on the 2022 schemes an average of 29 months\u2019 charge remains outstanding *2 The main award is made in September of each year, with smaller awards made at other points through the year. The shares vest over 36 months from award date. On the 2020 main DFSS, 9 months\u2019 charge remains outstanding; on the 2021 main DFSS 21 months\u2019 charge remains outstanding, and on the 2022 main DFSS, 33 months\u2019 charge remains outstanding (i) The Approved Share Incentive Plan (the SIP) Eligible UK based employees qualify for awards under the SIP based upon the performance of the Group in each half-year period. The maximum award for each year is \u00a33,600 per employee and the maximum number of shares that can vest relating to the 2022 schemes is 872,728 (2021 schemes: 688,384; 2020 schemes: 982,643). The awards are made at the discretion of the Remuneration Committee, taking into account the Group\u2019s performance. (ii) The Discretionary Free Share Scheme (the DFSS) Under the DFSS, details of which are contained in the remuneration policy section of the Directors\u2019 Remuneration Report, individuals receive an award of free shares at no charge. The maximum number of shares that can vest relating to the 2022 schemes is 3,070,323 (2021 scheme: 2,850,114; 2020 scheme: 2,795,261). The vesting percentage for most employees for the 2019 DFSS scheme which vested during 2022 was 98.9% (2018 DFSS scheme: 99.3%). (iii) Number of free share awards committed at 31 December 2022 Awards outstanding *1 SIP 2020*2 982,643 SIP 2021*2 688,384 SIP 2022*2 872,728 DFSS 2020* 3 2,795,261 DFSS 2021* 3 2,850,114 DFSS 2022* 3 3,070,323 Total awards committed 11,259,453 *1 Being the maximum number of awards committed before accounting for expected staff attrition and vesting conditions *2 Shares are awarded in March and September of each year, and vest three years later *3 The main award is made in September of each year, with smaller awards made at other points through the year (iv) Number of free share awards vesting during the year ended 31 December 2022 During the year ended 31 December 2022, awards under the SIP H1 19 and H2 19 schemes and the DFSS 2019 schemes vested. The total number of awards vesting for each scheme is as follows. Original awards Awards vested SIP 2019 schemes 1,113,496 907,466 DFSS 2019 schemes 2,637,196 2,262,590 The difference between the original and vested awards reflects employee attrition (SIP schemes) and both employee attrition and the vesting outcomes based on performance conditions noted above (DFSS schemes). The weighted average fair value of the shares granted in the year was \u00a319.45 (2021: \u00a331.16). The weighted average market share price at the date of exercise for shares exercised during the year was \u00a321.51 (2021: \u00a331.92). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-511": {
"value": "10. Taxation 10a. Accounting policy Income tax on the profit or loss for the periods presented comprise of current and deferred tax. (i) Current tax Current tax is the expected tax payable on the taxable income for the period, using tax rates that have been enacted or substantively enacted by the balance sheet date, and includes any adjustment to tax payable in respect of previous periods. Current tax related to items recognised in other comprehensive income is also recognised in other comprehensive income and not in the income statement. (ii) Deferred tax Deferred tax is provided in full using the balance sheet liability method, providing for temporary differences arising between the carrying amount of assets and liabilities for accounting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that have been enacted or substantially enacted by the balance sheet date and that are expected to apply in the period when the liability is settled, or the asset is realised. The principal temporary differences arise from carried forward losses, depreciation of property and equipment and share scheme charges. The resulting deferred tax is charged or credited in the income statement, except in relation to share scheme charges where the amount of tax benefit credited to the income statement is limited to an equivalent credit calculated on the accounting charge. Any excess is recognised directly in equity. Deferred tax assets relating to carried forward losses are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. The probability of the availability of future taxable profits is determined by a combination of the classification of the status of the businesses holding cumulative tax losses and the business plan profit projections for that business, subject to appropriate stress testing. 10b. Taxation Continuing operations 31 December 2022 \u00a3m 31 December 2021 \u00a3m Current tax Corporation tax on profits for the year 107.6 129.2 (Over)/under-provision relating to prior periods (0.9) 4.2 Current tax charge 106.7 133.4 Deferred tax Current period deferred taxation movement (10.2) (1.5) (Over)/under- provision relating to prior periods 0.7 (1.7) Total tax charge per consolidated income statement 97.2 130.2 10. Taxation continued Factors affecting the total tax charge are: Continuing operations 31 December 2022 \u00a3m 31 December 2021 \u00a3m Profit before tax 469.0 713.5 Corporation tax thereon at effective UK corporation tax rate of 19.0% (2021: 19.0%) 89.1 135.6 Expenses and provisions not deductible for tax purposes 2.3 2.2 Non-taxable income (8.7) (8.3) Impact of change in UK tax rate on deferred tax balances (2.2) (3.6) Adjustments relating to prior periods (0.2) 2.5 Impact of different overseas tax rates 4.5 (1.4) Unrecognised deferred tax 12.4 3.2 Total tax charge for the period as above 97.2 130.2 The corporation tax liability as at 31 December 2022 was \u00a35.0 million (2021: \u00a310.6 million recoverable for continuing operations). In 2021, over 130 countries reached a historic agreement to reform the international tax framework. The main aim of the agreement was to ensure that large, multinational corporations pay their fair share of tax in the countries in which they operate and this included the introduction of a new global minimum corporate income tax rate of 15%. In November 2022, the UK Tax Authorities confirmed that, for accounting periods beginning on or after 31 December 2023, it would introduce rules requiring UK headquartered multinational groups to pay a top-up tax where their foreign operations had an effective tax rate of less than 15%. These new rules are not expected to have a material impact on the Admiral Group. 10c. Deferred income tax asset/(liability) Analysis of deferred tax asset/(liability) Tax treatment of share schemes \u00a3m Capital allowances \u00a3m Carried forward losses \u00a3m Fair value reserve \u00a3m Hedging reserve \u00a3m Other differences \u00a3m Total \u00a3m Balance brought forward at 1 January 2021 8.8 (1.7) \u2013 (7.2) \u2013 (0.8) (0.9) Tax treatment of share scheme charges through income or expense (6.3) \u2013 \u2013 \u2013 \u2013 \u2013 (6.3) Tax treatment of share scheme charges through reserves 6.0 \u2013 \u2013 \u2013 \u2013 \u2013 6.0 Capital allowances \u2013 9.5 \u2013 \u2013 \u2013 \u2013 9.5 Movement in fair value reserve \u2013 \u2013 \u2013 1.4 \u2013 \u2013 1.4 Other difference \u2013 \u2013 \u2013 \u2013 \u2013 (0.4) (0.4) Balance carried forward at 31 December 2021 8.5 7.8 \u2013 (5.8) \u2013 (1.2) 9.3 Tax treatment of share scheme charges through income or expense 1.2 \u2013 \u2013 \u2013 \u2013 \u2013 1.2 Tax treatment of share scheme charges through reserves (6.3) \u2013 \u2013 \u2013 \u2013 \u2013 (6.3) Capital allowances \u2013 (0.7) \u2013 \u2013 \u2013 \u2013 (0.7) Carried forward losses \u2013 \u2013 7.9 \u2013 \u2013 \u2013 7.9 Movement in fair value reserve \u2013 \u2013 \u2013 13.0 \u2013 \u2013 13.0 Movement in hedging reserve \u2013 \u2013 \u2013 \u2013 (7.0) \u2013 (7.0) Other difference \u2013 \u2013 \u2013 (0.3) \u2013 1.4 1.1 Balance carried forward at 31 December 2022 3.4 7.1 7.9 6.9 (7.0) 0.2 18.5 Positive amounts presented above relate to a deferred tax asset position. The average effective rate of tax for 2022 is 19.0% (2021: 19.0%). An increase to the main rate of corporation tax in the UK to 25% was announced in the 2021 Budget and is expected to come into effect in 2023. This will increase the Group\u2019s future tax charge accordingly. The deferred tax asset has increased during the year, mainly relating to the movements in the fair value reserve. The deferred tax asset in relation to carried forward losses in the US remains at \u00a3nil at the year-end (2021: \u00a3nil) due to uncertainty over the availability of future taxable profits against which to offset or utilise any deferred tax asset. At 31 December 2022, the Group had unused tax losses amounting to \u00a3322.0 million (2021: \u00a3261.8 million), relating primarily to the Group\u2019s US businesses Elephant Auto and compare.com, for which no deferred tax asset has been recognised. The earliest expiry date for any of these tax losses is 2029. The total aggregated unrecognised deferred tax liabilities on temporary differences associated with subsidiaries is \u00a3nil (2021: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-570": {
"value": "10a. Accounting policy Income tax on the profit or loss for the periods presented comprise of current and deferred tax. (i) Current tax Current tax is the expected tax payable on the taxable income for the period, using tax rates that have been enacted or substantively enacted by the balance sheet date, and includes any adjustment to tax payable in respect of previous periods. Current tax related to items recognised in other comprehensive income is also recognised in other comprehensive income and not in the income statement. (ii) Deferred tax Deferred tax is provided in full using the balance sheet liability method, providing for temporary differences arising between the carrying amount of assets and liabilities for accounting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that have been enacted or substantially enacted by the balance sheet date and that are expected to apply in the period when the liability is settled, or the asset is realised. The principal temporary differences arise from carried forward losses, depreciation of property and equipment and share scheme charges. The resulting deferred tax is charged or credited in the income statement, except in relation to share scheme charges where the amount of tax benefit credited to the income statement is limited to an equivalent credit calculated on the accounting charge. Any excess is recognised directly in equity. Deferred tax assets relating to carried forward losses are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. The probability of the availability of future taxable profits is determined by a combination of the classification of the status of the businesses holding cumulative tax losses and the business plan profit projections for that business, subject to appropriate stress testing. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-594": {
"value": "(ii) Deferred tax Deferred tax is provided in full using the balance sheet liability method, providing for temporary differences arising between the carrying amount of assets and liabilities for accounting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that have been enacted or substantially enacted by the balance sheet date and that are expected to apply in the period when the liability is settled, or the asset is realised. The principal temporary differences arise from carried forward losses, depreciation of property and equipment and share scheme charges. The resulting deferred tax is charged or credited in the income statement, except in relation to share scheme charges where the amount of tax benefit credited to the income statement is limited to an equivalent credit calculated on the accounting charge. Any excess is recognised directly in equity. Deferred tax assets relating to carried forward losses are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. The probability of the availability of future taxable profits is determined by a combination of the classification of the status of the businesses holding cumulative tax losses and the business plan profit projections for that business, subject to appropriate stress testing. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-606": {
"value": "10b. Taxation Continuing operations 31 December 2022 \u00a3m 31 December 2021 \u00a3m Current tax Corporation tax on profits for the year 107.6 129.2 (Over)/under-provision relating to prior periods (0.9) 4.2 Current tax charge 106.7 133.4 Deferred tax Current period deferred taxation movement (10.2) (1.5) (Over)/under- provision relating to prior periods 0.7 (1.7) Total tax charge per consolidated income statement 97.2 130.2 10. Taxation continued Factors affecting the total tax charge are: Continuing operations 31 December 2022 \u00a3m 31 December 2021 \u00a3m Profit before tax 469.0 713.5 Corporation tax thereon at effective UK corporation tax rate of 19.0% (2021: 19.0%) 89.1 135.6 Expenses and provisions not deductible for tax purposes 2.3 2.2 Non-taxable income (8.7) (8.3) Impact of change in UK tax rate on deferred tax balances (2.2) (3.6) Adjustments relating to prior periods (0.2) 2.5 Impact of different overseas tax rates 4.5 (1.4) Unrecognised deferred tax 12.4 3.2 Total tax charge for the period as above 97.2 130.2 The corporation tax liability as at 31 December 2022 was \u00a35.0 million (2021: \u00a310.6 million recoverable for continuing operations). In 2021, over 130 countries reached a historic agreement to reform the international tax framework. The main aim of the agreement was to ensure that large, multinational corporations pay their fair share of tax in the countries in which they operate and this included the introduction of a new global minimum corporate income tax rate of 15%. In November 2022, the UK Tax Authorities confirmed that, for accounting periods beginning on or after 31 December 2023, it would introduce rules requiring UK headquartered multinational groups to pay a top-up tax where their foreign operations had an effective tax rate of less than 15%. These new rules are not expected to have a material impact on the Admiral Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-571": {
"value": "10c. Deferred income tax asset/(liability) Analysis of deferred tax asset/(liability) Tax treatment of share schemes \u00a3m Capital allowances \u00a3m Carried forward losses \u00a3m Fair value reserve \u00a3m Hedging reserve \u00a3m Other differences \u00a3m Total \u00a3m Balance brought forward at 1 January 2021 8.8 (1.7) \u2013 (7.2) \u2013 (0.8) (0.9) Tax treatment of share scheme charges through income or expense (6.3) \u2013 \u2013 \u2013 \u2013 \u2013 (6.3) Tax treatment of share scheme charges through reserves 6.0 \u2013 \u2013 \u2013 \u2013 \u2013 6.0 Capital allowances \u2013 9.5 \u2013 \u2013 \u2013 \u2013 9.5 Movement in fair value reserve \u2013 \u2013 \u2013 1.4 \u2013 \u2013 1.4 Other difference \u2013 \u2013 \u2013 \u2013 \u2013 (0.4) (0.4) Balance carried forward at 31 December 2021 8.5 7.8 \u2013 (5.8) \u2013 (1.2) 9.3 Tax treatment of share scheme charges through income or expense 1.2 \u2013 \u2013 \u2013 \u2013 \u2013 1.2 Tax treatment of share scheme charges through reserves (6.3) \u2013 \u2013 \u2013 \u2013 \u2013 (6.3) Capital allowances \u2013 (0.7) \u2013 \u2013 \u2013 \u2013 (0.7) Carried forward losses \u2013 \u2013 7.9 \u2013 \u2013 \u2013 7.9 Movement in fair value reserve \u2013 \u2013 \u2013 13.0 \u2013 \u2013 13.0 Movement in hedging reserve \u2013 \u2013 \u2013 \u2013 (7.0) \u2013 (7.0) Other difference \u2013 \u2013 \u2013 (0.3) \u2013 1.4 1.1 Balance carried forward at 31 December 2022 3.4 7.1 7.9 6.9 (7.0) 0.2 18.5 Positive amounts presented above relate to a deferred tax asset position. The average effective rate of tax for 2022 is 19.0% (2021: 19.0%). An increase to the main rate of corporation tax in the UK to 25% was announced in the 2021 Budget and is expected to come into effect in 2023. This will increase the Group\u2019s future tax charge accordingly. The deferred tax asset has increased during the year, mainly relating to the movements in the fair value reserve. The deferred tax asset in relation to carried forward losses in the US remains at \u00a3nil at the year-end (2021: \u00a3nil) due to uncertainty over the availability of future taxable profits against which to offset or utilise any deferred tax asset. At 31 December 2022, the Group had unused tax losses amounting to \u00a3322.0 million (2021: \u00a3261.8 million), relating primarily to the Group\u2019s US businesses Elephant Auto and compare.com, for which no deferred tax asset has been recognised. The earliest expiry date for any of these tax losses is 2029. The total aggregated unrecognised deferred tax liabilities on temporary differences associated with subsidiaries is \u00a3nil (2021: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-512": {
"value": "11. Other assets and other liabilities 11a. Accounting policy (i) Property and equipment, and depreciation All property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method to write off the cost less residual values of the assets over their useful economic lives. These useful economic lives are as follows: Improvements to short leasehold buildings \u2013 four to ten years Computer equipment \u2013 two to four years Office equipment \u2013 four years Furniture and fittings \u2013 four years Motor vehicles \u2013 four years Right-of-use assets \u2013 two \u2013 twenty years, aligned to lease agreement As set out further in note 6i to the financial statements, a right-of-use asset is established in relation the Group\u2019s lease arrangements. The right-of-use asset is measured at cost, which comprises the following: \u2022 the amount of the initial measurement of lease liability (note 6i to the financial statements) \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs The right-of-use asset is subsequently depreciated over the shorter of the lease term and the asset\u2019s useful life on a straight-line basis. The Group does not have any significant leases which qualify for the short-term leases or leases of low-value assets exemption. (ii) Impairment of property and equipment In the case of property and equipment, carrying values are reviewed at each balance sheet date to determine whether there are any indicators of impairment. If any such indicators exist, the asset\u2019s recoverable amount is estimated and compared to the carrying value. The carrying value is the higher of the fair value of the asset less costs to sell and the asset\u2019s value in use. Impairment losses are recognised through the income statement. (iii) Intangible assets Goodwill All business combinations are accounted for using the acquisition method. Goodwill has been recognised in acquisitions of subsidiaries and represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. The classification and accounting treatment of acquisitions occurring before 1 January 2004 have not been reconsidered in preparing the Group\u2019s opening IFRS balance sheet at 1 January 2004 due to the exemption available in IFRS 1 (First time adoption). In respect of acquisitions prior to 1 January 2004, goodwill is included at the transition date on the basis of its deemed cost, which represents the amount recorded under UK GAAP, which was tested for impairment at the transition date. On transition, amortisation of goodwill has ceased as required by IAS 38. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units (CGUs) according to business segment and is reviewed annually for impairment. The goodwill held on the balance sheet at 31 December 2022 and 2021 is allocated solely to the UK Insurance segment. Impairment of goodwill The annual impairment review involves comparing the carrying amount to the estimated recoverable amount (by allocating the goodwill to CGUs) and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised through the income statement and are not subsequently reversed. 11. Other assets and other liabilities continued The recoverable amount is the greater of the fair value of the asset less costs to sell and the value in use of the CGU. The value in use calculations use cash flow projections based on financial budgets approved by management covering a period of up to three years. Cash flows beyond this period are considered, but not included in the calculation. The key assumptions used in the value in use calculations are those regarding revenue growth, along with expected changes in pricing and expenses incurred during the forecast period. Management estimates revenue growth rates and changes in pricing based on past practices and expected future changes in the market. The headroom above the goodwill carrying value is very significant, and there is no foreseeable event that would eliminate this margin. Deferred acquisition costs Acquisition costs comprise all direct and indirect costs arising from the conclusion of insurance contracts. Deferred acquisition costs represent the proportion of acquisition costs incurred that correspond to the unearned premiums provision at the balance sheet date. This balance is held as an intangible asset. It is amortised over the term of the contract as premium is earned. Software Purchased software is recognised as an intangible asset and amortised over its expected useful life (generally the licence term). Internally generated software is recognised as an intangible asset, with directly attributable costs incurred in the development stage capitalised. The internally generated software assets are amortised over the expected useful life of the systems and amortisation commences when the software is available for use. The carrying value of software is reviewed every six months for evidence of impairment, with the value being written down if any impairment exists. Impairment may be reversed if conditions subsequently improve. (iv) Provisions, contingent liabilities and contingent assets Provisions are recognised when a legal or constructive obligation arises as a result of an event that occurred before the balance sheet date, when a cash-outflow relating to this obligation is probable and when the amount can be estimated reliably. Where a material obligation exists, but the likelihood of a cash outflow or the amount is uncertain, or where there is a possible obligation arising from a past event that is contingent on a future event, a contingent liability is disclosed. Contingent assets are possible assets that arise from past events, whose existence will be confirmed only by the occurrence or non-occurrence of future events. Where it is probable that a cash inflow will arise from a contingent asset, this is disclosed. 11b. Property and equipment Improvements to short leasehold buildings \u00a3m Computer equipment \u00a3m Office equipment \u00a3m Furniture and fittings \u00a3m ROU Asset \u2013 Leasehold buildings \u00a3m Total \u00a3m Cost At 1 January 2021 36.0 78.6 22.6 10.2 124.2 271.6 Additions 1.9 7.6 0.4 0.7 5.6 16.2 Impairment (0.2) \u2013 (0.7) (0.6) (17.8) (19.3) Disposals (0.3) (17.1) (0.1) (0.3) (8.2) (26.0) Foreign exchange and other movements (0.4) (0.2) (0.3) (0.1) (0.5) (1.5) At 31 December 2021 37.0 68.9 21.9 9.9 103.3 241.0 Depreciation At 1 January 2021 23.0 59.6 20.0 9.1 19.5 131.2 Charge for the year 3.9 8.2 0.9 0.4 10.2 23.6 Impairment (0.2) \u2013 (0.7) (0.6) \u2013 (1.5) Disposals (0.2) (10.4) (0.1) (0.3) (3.8) (14.8) Foreign exchange and other movements (0.2) (0.1) (0.2) (0.1) (0.1) (0.7) At 31 December 2021 26.3 57.3 19.9 8.5 25.8 137.8 Net book amount At 1 January 2021 13.0 19.0 2.6 1.1 104.7 140.4 Net book amount At 31 December 2021 10.7 11.6 2.0 1.4 77.5 103.2 Cost At 1 January 2022 37.0 68.9 21.9 9.9 103.3 241.0 Additions 1.7 7.0 0.6 0.7 1.3 11.3 Impairment \u2013 \u2013 \u2013 \u2013 (1.3) (1.3) Disposals (1.6) (2.7) (1.5) (0.1) (9.7) (15.6) Foreign exchange and other movements 0.4 0.7 0.4 0.2 1.4 3.1 At 31 December 2022 37.5 73.9 21.4 10.7 95.0 238.5 Depreciation At 1 January 2022 26.3 57.3 19.9 8.5 25.8 137.8 Charge for the year 3.2 5.5 0.8 0.6 8.1 18.2 Impairment \u2013 \u2013 \u2013 \u2013 (0.7) (0.7) Disposals (1.6) (2.4) (1.5) \u2013 (3.2) (8.7) Foreign exchange and other movements 0.2 0.7 0.3 0.1 0.8 2.1 At 31 December 2022 28.1 61.1 19.5 9.2 30.8 148.7 Net book amount At 31 December 2022 9.4 12.8 1.9 1.5 64.2 89.8 11. Other assets and other liabilities continued 11c. Intangible assets Goodwill \u00a3m Deferred acquisition costs \u00a3m Software \u2013 Internally generated*1 \u00a3m Software \u2013 Other *1 \u00a3m Total \u00a3m At 1 January 2021 62.3 27.3 72.6 4.5 166.7 Additions \u2013 69.4 36.8 21.8 128.0 Amortisation charge \u2013 (68.0) (18.1) (1.2) (87.3) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 (25.4) \u2013 (25.4) Foreign exchange movement \u2013 (0.5) (1.5) (0.1) (2.1) At 31 December 2021 62.3 28.2 64.4 25.0 179.9 Additions \u2013 82.9 83.4 5.2 171.5 Amortisation charge \u2013 (81.0) (18.3) (5.4) (104.9) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 \u2013 Foreign exchange movement and other \u2013 0.6 6.9 (5.9) 1.6 At 31 December 2022 62.3 30.7 136.4 18.9 248.3 *1 Gross carrying amount and accumulated amortisation of internally generated software as at the end of 2022 are \u00a3173.7 million (2021: \u00a3119.7 million) and \u00a337.3 million respectively (2021: \u00a355.3 million). Gross carrying amount and accumulated amortisation of other software as at the end of 2022 are \u00a391.5 million (2021: \u00a355.9 million) and \u00a372.6 million respectively (2021: \u00a330.9 million). During the period, there are reclassifications on gross cost and accumulated depreciation between internally generated software and other software Goodwill relates to the acquisition of Group subsidiary EUI Limited (formerly Admiral Insurance Services Limited) in November 1999. As described in the accounting policies, the amortisation of this asset ceased on transition to IFRS on 1 January 2004. All annual impairment reviews since the transition date have indicated that the estimated recoverable value of the asset is greater than the carrying amount and therefore no impairment losses have been recognised. Internally generated software includes a new claims system implemented within the UK business during 2022 which has a net carrying amount of \u00a333.4m as at 31 December 2022 and a remaining amortisation period of 4 years. Only one year of forecasts is required to support the recoverable value of goodwill above. Given the short time period used to support the recoverable amount, no terminal growth rate or discounting is applied. Refer to the accounting policy for goodwill for further information. An analysis of deferred acquisition costs is given in the table below: Gross \u00a3m Reinsurance \u00a3m Total \u00a3m At 1 January 2021 77.6 (50.3) 27.3 Additions 181.4 (112.0) 69.4 Amortisation (180.6) 112.6 (68.0) Foreign exchange movement (1.5) 1.0 (0.5) At 31 December 2021 76.9 (48.7) 28.2 Additions 174.3 (91.4) 82.9 Amortisation (179.1) 98.1 (81.0) Foreign exchange movement 0.6 \u2013 0.6 At 31 December 2022 72.7 (42.0) 30.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-628": {
"value": "(i) Property and equipment, and depreciation All property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method to write off the cost less residual values of the assets over their useful economic lives. These useful economic lives are as follows: Improvements to short leasehold buildings \u2013 four to ten years Computer equipment \u2013 two to four years Office equipment \u2013 four years Furniture and fittings \u2013 four years Motor vehicles \u2013 four years Right-of-use assets \u2013 two \u2013 twenty years, aligned to lease agreement As set out further in note 6i to the financial statements, a right-of-use asset is established in relation the Group\u2019s lease arrangements. The right-of-use asset is measured at cost, which comprises the following: \u2022 the amount of the initial measurement of lease liability (note 6i to the financial statements) \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs The right-of-use asset is subsequently depreciated over the shorter of the lease term and the asset\u2019s useful life on a straight-line basis. The Group does not have any significant leases which qualify for the short-term leases or leases of low-value assets exemption. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-618": {
"value": "(i) Property and equipment, and depreciation All property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method to write off the cost less residual values of the assets over their useful economic lives. These useful economic lives are as follows: Improvements to short leasehold buildings \u2013 four to ten years Computer equipment \u2013 two to four years Office equipment \u2013 four years Furniture and fittings \u2013 four years Motor vehicles \u2013 four years Right-of-use assets \u2013 two \u2013 twenty years, aligned to lease agreement As set out further in note 6i to the financial statements, a right-of-use asset is established in relation the Group\u2019s lease arrangements. The right-of-use asset is measured at cost, which comprises the following: \u2022 the amount of the initial measurement of lease liability (note 6i to the financial statements) \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs The right-of-use asset is subsequently depreciated over the shorter of the lease term and the asset\u2019s useful life on a straight-line basis. The Group does not have any significant leases which qualify for the short-term leases or leases of low-value assets exemption. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-572": {
"value": "(i) Property and equipment, and depreciation All property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method to write off the cost less residual values of the assets over their useful economic lives. These useful economic lives are as follows: Improvements to short leasehold buildings \u2013 four to ten years Computer equipment \u2013 two to four years Office equipment \u2013 four years Furniture and fittings \u2013 four years Motor vehicles \u2013 four years Right-of-use assets \u2013 two \u2013 twenty years, aligned to lease agreement As set out further in note 6i to the financial statements, a right-of-use asset is established in relation the Group\u2019s lease arrangements. The right-of-use asset is measured at cost, which comprises the following: \u2022 the amount of the initial measurement of lease liability (note 6i to the financial statements) \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs The right-of-use asset is subsequently depreciated over the shorter of the lease term and the asset\u2019s useful life on a straight-line basis. The Group does not have any significant leases which qualify for the short-term leases or leases of low-value assets exemption. (ii) Impairment of property and equipment In the case of property and equipment, carrying values are reviewed at each balance sheet date to determine whether there are any indicators of impairment. If any such indicators exist, the asset\u2019s recoverable amount is estimated and compared to the carrying value. The carrying value is the higher of the fair value of the asset less costs to sell and the asset\u2019s value in use. Impairment losses are recognised through the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-619": {
"value": "(ii) Impairment of property and equipment In the case of property and equipment, carrying values are reviewed at each balance sheet date to determine whether there are any indicators of impairment. If any such indicators exist, the asset\u2019s recoverable amount is estimated and compared to the carrying value. The carrying value is the higher of the fair value of the asset less costs to sell and the asset\u2019s value in use. Impairment losses are recognised through the income statement. Impairment of goodwill The annual impairment review involves comparing the carrying amount to the estimated recoverable amount (by allocating the goodwill to CGUs) and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised through the income statement and are not subsequently reversed. 11. Other assets and other liabilities continued The recoverable amount is the greater of the fair value of the asset less costs to sell and the value in use of the CGU. The value in use calculations use cash flow projections based on financial budgets approved by management covering a period of up to three years. Cash flows beyond this period are considered, but not included in the calculation. The key assumptions used in the value in use calculations are those regarding revenue growth, along with expected changes in pricing and expenses incurred during the forecast period. Management estimates revenue growth rates and changes in pricing based on past practices and expected future changes in the market. The headroom above the goodwill carrying value is very significant, and there is no foreseeable event that would eliminate this margin. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-573": {
"value": "(iii) Intangible assets Goodwill All business combinations are accounted for using the acquisition method. Goodwill has been recognised in acquisitions of subsidiaries and represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. The classification and accounting treatment of acquisitions occurring before 1 January 2004 have not been reconsidered in preparing the Group\u2019s opening IFRS balance sheet at 1 January 2004 due to the exemption available in IFRS 1 (First time adoption). In respect of acquisitions prior to 1 January 2004, goodwill is included at the transition date on the basis of its deemed cost, which represents the amount recorded under UK GAAP, which was tested for impairment at the transition date. On transition, amortisation of goodwill has ceased as required by IAS 38. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units (CGUs) according to business segment and is reviewed annually for impairment. The goodwill held on the balance sheet at 31 December 2022 and 2021 is allocated solely to the UK Insurance segment. Impairment of goodwill The annual impairment review involves comparing the carrying amount to the estimated recoverable amount (by allocating the goodwill to CGUs) and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised through the income statement and are not subsequently reversed. 11. Other assets and other liabilities continued The recoverable amount is the greater of the fair value of the asset less costs to sell and the value in use of the CGU. The value in use calculations use cash flow projections based on financial budgets approved by management covering a period of up to three years. Cash flows beyond this period are considered, but not included in the calculation. The key assumptions used in the value in use calculations are those regarding revenue growth, along with expected changes in pricing and expenses incurred during the forecast period. Management estimates revenue growth rates and changes in pricing based on past practices and expected future changes in the market. The headroom above the goodwill carrying value is very significant, and there is no foreseeable event that would eliminate this margin. Deferred acquisition costs Acquisition costs comprise all direct and indirect costs arising from the conclusion of insurance contracts. Deferred acquisition costs represent the proportion of acquisition costs incurred that correspond to the unearned premiums provision at the balance sheet date. This balance is held as an intangible asset. It is amortised over the term of the contract as premium is earned. Software Purchased software is recognised as an intangible asset and amortised over its expected useful life (generally the licence term). Internally generated software is recognised as an intangible asset, with directly attributable costs incurred in the development stage capitalised. The internally generated software assets are amortised over the expected useful life of the systems and amortisation commences when the software is available for use. The carrying value of software is reviewed every six months for evidence of impairment, with the value being written down if any impairment exists. Impairment may be reversed if conditions subsequently improve. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-595": {
"value": "Goodwill All business combinations are accounted for using the acquisition method. Goodwill has been recognised in acquisitions of subsidiaries and represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. The classification and accounting treatment of acquisitions occurring before 1 January 2004 have not been reconsidered in preparing the Group\u2019s opening IFRS balance sheet at 1 January 2004 due to the exemption available in IFRS 1 (First time adoption). In respect of acquisitions prior to 1 January 2004, goodwill is included at the transition date on the basis of its deemed cost, which represents the amount recorded under UK GAAP, which was tested for impairment at the transition date. On transition, amortisation of goodwill has ceased as required by IAS 38. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units (CGUs) according to business segment and is reviewed annually for impairment. The goodwill held on the balance sheet at 31 December 2022 and 2021 is allocated solely to the UK Insurance segment. Impairment of goodwill The annual impairment review involves comparing the carrying amount to the estimated recoverable amount (by allocating the goodwill to CGUs) and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised through the income statement and are not subsequently reversed. 11. Other assets and other liabilities continued The recoverable amount is the greater of the fair value of the asset less costs to sell and the value in use of the CGU. The value in use calculations use cash flow projections based on financial budgets approved by management covering a period of up to three years. Cash flows beyond this period are considered, but not included in the calculation. The key assumptions used in the value in use calculations are those regarding revenue growth, along with expected changes in pricing and expenses incurred during the forecast period. Management estimates revenue growth rates and changes in pricing based on past practices and expected future changes in the market. The headroom above the goodwill carrying value is very significant, and there is no foreseeable event that would eliminate this margin. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-620": {
"value": "Deferred acquisition costs Acquisition costs comprise all direct and indirect costs arising from the conclusion of insurance contracts. Deferred acquisition costs represent the proportion of acquisition costs incurred that correspond to the unearned premiums provision at the balance sheet date. This balance is held as an intangible asset. It is amortised over the term of the contract as premium is earned. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-596": {
"value": "Deferred acquisition costs Acquisition costs comprise all direct and indirect costs arising from the conclusion of insurance contracts. Deferred acquisition costs represent the proportion of acquisition costs incurred that correspond to the unearned premiums provision at the balance sheet date. This balance is held as an intangible asset. It is amortised over the term of the contract as premium is earned. Software Purchased software is recognised as an intangible asset and amortised over its expected useful life (generally the licence term). Internally generated software is recognised as an intangible asset, with directly attributable costs incurred in the development stage capitalised. The internally generated software assets are amortised over the expected useful life of the systems and amortisation commences when the software is available for use. The carrying value of software is reviewed every six months for evidence of impairment, with the value being written down if any impairment exists. Impairment may be reversed if conditions subsequently improve. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-597": {
"value": "(iv) Provisions, contingent liabilities and contingent assets Provisions are recognised when a legal or constructive obligation arises as a result of an event that occurred before the balance sheet date, when a cash-outflow relating to this obligation is probable and when the amount can be estimated reliably. Where a material obligation exists, but the likelihood of a cash outflow or the amount is uncertain, or where there is a possible obligation arising from a past event that is contingent on a future event, a contingent liability is disclosed. Contingent assets are possible assets that arise from past events, whose existence will be confirmed only by the occurrence or non-occurrence of future events. Where it is probable that a cash inflow will arise from a contingent asset, this is disclosed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-574": {
"value": "(iv) Provisions, contingent liabilities and contingent assets Provisions are recognised when a legal or constructive obligation arises as a result of an event that occurred before the balance sheet date, when a cash-outflow relating to this obligation is probable and when the amount can be estimated reliably. Where a material obligation exists, but the likelihood of a cash outflow or the amount is uncertain, or where there is a possible obligation arising from a past event that is contingent on a future event, a contingent liability is disclosed. Contingent assets are possible assets that arise from past events, whose existence will be confirmed only by the occurrence or non-occurrence of future events. Where it is probable that a cash inflow will arise from a contingent asset, this is disclosed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-607": {
"value": "(iv) Provisions, contingent liabilities and contingent assets Provisions are recognised when a legal or constructive obligation arises as a result of an event that occurred before the balance sheet date, when a cash-outflow relating to this obligation is probable and when the amount can be estimated reliably. Where a material obligation exists, but the likelihood of a cash outflow or the amount is uncertain, or where there is a possible obligation arising from a past event that is contingent on a future event, a contingent liability is disclosed. Contingent assets are possible assets that arise from past events, whose existence will be confirmed only by the occurrence or non-occurrence of future events. Where it is probable that a cash inflow will arise from a contingent asset, this is disclosed. 11d. Trade and other payables 31 December 2022 \u00a3m 31 December 2021 \u00a3m Trade payables 30.0 39.8 Amounts owed to co-insurers 109.5 161.9 Amounts owed to reinsurers 1,513.7 1,274.9 Other taxation and social security liabilities 90.2 71.7 Other payables 96.2 112.4 Accruals and deferred income (see below) 318.4 299.3 Total trade and other payables 2,158.0 1,960.0 Of amounts owed to reinsurers (recognised under IFRS 4), \u00a31,389.4 million (2021: \u00a31,169.8 million) is held under funds withheld arrangements. Analysis of accruals and deferred income: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Premium received in advance of policy inception 136.6 117.4 Accrued expenses 114.7 117.5 Deferred income 67.1 64.4 Total accruals and deferred income as above 318.4 299.3 11e. Leases The Group occupies various properties under leasing arrangements that are now recognised as right of use assets and lease liabilities. A maturity analysis of lease liabilities based on contractual undiscounted cash flows is set out below: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Maturity analysis \u2013 contractual undiscounted cash flows Within one year 10.2 12.9 Between two to five years 35.0 41.8 Between five to ten years 26.8 32.7 Over ten years 30.9 35.4 Total 102.9 122.8 Amounts recognised in the statement of financial position are as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Lease liabilities Current 8.3 10.5 Non-Current 80.2 94.8 Total 88.5 105.3 See note 11b for right of use assets depreciation and the carrying amount of right of use asset at the end of the reporting period. Only one class of underlying assets is identified as leasehold buildings. Total cash outflows in relation to leases is disclosed under 6i. The Group has no significant financial commitments other than those accounted for as right of use assets and lease liabilities under IFRS 16. 11. Other assets and other liabilities continued 11f. Contingent liabilities The Group\u2019s legal entities operate in numerous tax jurisdictions and on a regular basis are subject to review and enquiry by the relevant tax authority. One of the Group\u2019s previously owned subsidiaries was subject to a Spanish Tax Audit which concluded with the Tax Authority denying the application of the VAT exemption relating to insurance intermediary services. The Company has appealed this decision via the Spanish Courts and is confident in defending its position which is, in its view, in line with the EU Directive and is also consistent with the way similar supplies are treated throughout Europe. Whilst the Company is no longer part of the Admiral Group, the contingent liability which the Company is exposed to has been indemnified by the Admiral Group up to a cap of \u00a322 million. The Group is also in discussions with some of the tax authorities in the other countries in which it operates. To date these discussions have focused primarily on the transfer pricing and cross-border arrangements in place between the Group\u2019s intermediaries and insurers. No material provision has been made in these financial statements in relation to the matters noted above. The Group is, from time to time, subject to threatened or actual litigation and/or legal and/or regulatory disputes, investigations or similar actions both in the UK and overseas. All potentially material matters are assessed, with the assistance of external advisers if appropriate, and in cases where it is concluded that it is more likely than not that a payment will be made, a provision is established to reflect the best estimate of the liability. In some cases it will not be possible to form a view, for example if the facts are unclear or because further time is needed to properly assess the merits of the case. No provisions are held in relation to such matters. In these circumstances, specific disclosure of a contingent liability will be made where material. The Directors do not consider that the final outcome of any such current case will have a material adverse effect on the Group\u2019s financial position, operations or cash flows, and no material provisions are currently held in relation to such matters. A number of the Group\u2019s contractual arrangements with reinsurers include features that, in certain scenarios, allow for reinsurers to recover losses incurred to date. The overall impact of such scenarios would not lead to an overall net economic outflow from the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-621": {
"value": "11b. Property and equipment Improvements to short leasehold buildings \u00a3m Computer equipment \u00a3m Office equipment \u00a3m Furniture and fittings \u00a3m ROU Asset \u2013 Leasehold buildings \u00a3m Total \u00a3m Cost At 1 January 2021 36.0 78.6 22.6 10.2 124.2 271.6 Additions 1.9 7.6 0.4 0.7 5.6 16.2 Impairment (0.2) \u2013 (0.7) (0.6) (17.8) (19.3) Disposals (0.3) (17.1) (0.1) (0.3) (8.2) (26.0) Foreign exchange and other movements (0.4) (0.2) (0.3) (0.1) (0.5) (1.5) At 31 December 2021 37.0 68.9 21.9 9.9 103.3 241.0 Depreciation At 1 January 2021 23.0 59.6 20.0 9.1 19.5 131.2 Charge for the year 3.9 8.2 0.9 0.4 10.2 23.6 Impairment (0.2) \u2013 (0.7) (0.6) \u2013 (1.5) Disposals (0.2) (10.4) (0.1) (0.3) (3.8) (14.8) Foreign exchange and other movements (0.2) (0.1) (0.2) (0.1) (0.1) (0.7) At 31 December 2021 26.3 57.3 19.9 8.5 25.8 137.8 Net book amount At 1 January 2021 13.0 19.0 2.6 1.1 104.7 140.4 Net book amount At 31 December 2021 10.7 11.6 2.0 1.4 77.5 103.2 Cost At 1 January 2022 37.0 68.9 21.9 9.9 103.3 241.0 Additions 1.7 7.0 0.6 0.7 1.3 11.3 Impairment \u2013 \u2013 \u2013 \u2013 (1.3) (1.3) Disposals (1.6) (2.7) (1.5) (0.1) (9.7) (15.6) Foreign exchange and other movements 0.4 0.7 0.4 0.2 1.4 3.1 At 31 December 2022 37.5 73.9 21.4 10.7 95.0 238.5 Depreciation At 1 January 2022 26.3 57.3 19.9 8.5 25.8 137.8 Charge for the year 3.2 5.5 0.8 0.6 8.1 18.2 Impairment \u2013 \u2013 \u2013 \u2013 (0.7) (0.7) Disposals (1.6) (2.4) (1.5) \u2013 (3.2) (8.7) Foreign exchange and other movements 0.2 0.7 0.3 0.1 0.8 2.1 At 31 December 2022 28.1 61.1 19.5 9.2 30.8 148.7 Net book amount At 31 December 2022 9.4 12.8 1.9 1.5 64.2 89.8 11. Other assets and other liabilities continued 11c. Intangible assets Goodwill \u00a3m Deferred acquisition costs \u00a3m Software \u2013 Internally generated*1 \u00a3m Software \u2013 Other *1 \u00a3m Total \u00a3m At 1 January 2021 62.3 27.3 72.6 4.5 166.7 Additions \u2013 69.4 36.8 21.8 128.0 Amortisation charge \u2013 (68.0) (18.1) (1.2) (87.3) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 (25.4) \u2013 (25.4) Foreign exchange movement \u2013 (0.5) (1.5) (0.1) (2.1) At 31 December 2021 62.3 28.2 64.4 25.0 179.9 Additions \u2013 82.9 83.4 5.2 171.5 Amortisation charge \u2013 (81.0) (18.3) (5.4) (104.9) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 \u2013 Foreign exchange movement and other \u2013 0.6 6.9 (5.9) 1.6 At 31 December 2022 62.3 30.7 136.4 18.9 248.3 *1 Gross carrying amount and accumulated amortisation of internally generated software as at the end of 2022 are \u00a3173.7 million (2021: \u00a3119.7 million) and \u00a337.3 million respectively (2021: \u00a355.3 million). Gross carrying amount and accumulated amortisation of other software as at the end of 2022 are \u00a391.5 million (2021: \u00a355.9 million) and \u00a372.6 million respectively (2021: \u00a330.9 million). During the period, there are reclassifications on gross cost and accumulated depreciation between internally generated software and other software Goodwill relates to the acquisition of Group subsidiary EUI Limited (formerly Admiral Insurance Services Limited) in November 1999. As described in the accounting policies, the amortisation of this asset ceased on transition to IFRS on 1 January 2004. All annual impairment reviews since the transition date have indicated that the estimated recoverable value of the asset is greater than the carrying amount and therefore no impairment losses have been recognised. Internally generated software includes a new claims system implemented within the UK business during 2022 which has a net carrying amount of \u00a333.4m as at 31 December 2022 and a remaining amortisation period of 4 years. Only one year of forecasts is required to support the recoverable value of goodwill above. Given the short time period used to support the recoverable amount, no terminal growth rate or discounting is applied. Refer to the accounting policy for goodwill for further information. An analysis of deferred acquisition costs is given in the table below: Gross \u00a3m Reinsurance \u00a3m Total \u00a3m At 1 January 2021 77.6 (50.3) 27.3 Additions 181.4 (112.0) 69.4 Amortisation (180.6) 112.6 (68.0) Foreign exchange movement (1.5) 1.0 (0.5) At 31 December 2021 76.9 (48.7) 28.2 Additions 174.3 (91.4) 82.9 Amortisation (179.1) 98.1 (81.0) Foreign exchange movement 0.6 \u2013 0.6 At 31 December 2022 72.7 (42.0) 30.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-535": {
"value": "11b. Property and equipment Improvements to short leasehold buildings \u00a3m Computer equipment \u00a3m Office equipment \u00a3m Furniture and fittings \u00a3m ROU Asset \u2013 Leasehold buildings \u00a3m Total \u00a3m Cost At 1 January 2021 36.0 78.6 22.6 10.2 124.2 271.6 Additions 1.9 7.6 0.4 0.7 5.6 16.2 Impairment (0.2) \u2013 (0.7) (0.6) (17.8) (19.3) Disposals (0.3) (17.1) (0.1) (0.3) (8.2) (26.0) Foreign exchange and other movements (0.4) (0.2) (0.3) (0.1) (0.5) (1.5) At 31 December 2021 37.0 68.9 21.9 9.9 103.3 241.0 Depreciation At 1 January 2021 23.0 59.6 20.0 9.1 19.5 131.2 Charge for the year 3.9 8.2 0.9 0.4 10.2 23.6 Impairment (0.2) \u2013 (0.7) (0.6) \u2013 (1.5) Disposals (0.2) (10.4) (0.1) (0.3) (3.8) (14.8) Foreign exchange and other movements (0.2) (0.1) (0.2) (0.1) (0.1) (0.7) At 31 December 2021 26.3 57.3 19.9 8.5 25.8 137.8 Net book amount At 1 January 2021 13.0 19.0 2.6 1.1 104.7 140.4 Net book amount At 31 December 2021 10.7 11.6 2.0 1.4 77.5 103.2 Cost At 1 January 2022 37.0 68.9 21.9 9.9 103.3 241.0 Additions 1.7 7.0 0.6 0.7 1.3 11.3 Impairment \u2013 \u2013 \u2013 \u2013 (1.3) (1.3) Disposals (1.6) (2.7) (1.5) (0.1) (9.7) (15.6) Foreign exchange and other movements 0.4 0.7 0.4 0.2 1.4 3.1 At 31 December 2022 37.5 73.9 21.4 10.7 95.0 238.5 Depreciation At 1 January 2022 26.3 57.3 19.9 8.5 25.8 137.8 Charge for the year 3.2 5.5 0.8 0.6 8.1 18.2 Impairment \u2013 \u2013 \u2013 \u2013 (0.7) (0.7) Disposals (1.6) (2.4) (1.5) \u2013 (3.2) (8.7) Foreign exchange and other movements 0.2 0.7 0.3 0.1 0.8 2.1 At 31 December 2022 28.1 61.1 19.5 9.2 30.8 148.7 Net book amount At 31 December 2022 9.4 12.8 1.9 1.5 64.2 89.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-632": {
"value": "11c. Intangible assets Goodwill \u00a3m Deferred acquisition costs \u00a3m Software \u2013 Internally generated*1 \u00a3m Software \u2013 Other *1 \u00a3m Total \u00a3m At 1 January 2021 62.3 27.3 72.6 4.5 166.7 Additions \u2013 69.4 36.8 21.8 128.0 Amortisation charge \u2013 (68.0) (18.1) (1.2) (87.3) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 (25.4) \u2013 (25.4) Foreign exchange movement \u2013 (0.5) (1.5) (0.1) (2.1) At 31 December 2021 62.3 28.2 64.4 25.0 179.9 Additions \u2013 82.9 83.4 5.2 171.5 Amortisation charge \u2013 (81.0) (18.3) (5.4) (104.9) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 \u2013 Foreign exchange movement and other \u2013 0.6 6.9 (5.9) 1.6 At 31 December 2022 62.3 30.7 136.4 18.9 248.3 *1 Gross carrying amount and accumulated amortisation of internally generated software as at the end of 2022 are \u00a3173.7 million (2021: \u00a3119.7 million) and \u00a337.3 million respectively (2021: \u00a355.3 million). Gross carrying amount and accumulated amortisation of other software as at the end of 2022 are \u00a391.5 million (2021: \u00a355.9 million) and \u00a372.6 million respectively (2021: \u00a330.9 million). During the period, there are reclassifications on gross cost and accumulated depreciation between internally generated software and other software Goodwill relates to the acquisition of Group subsidiary EUI Limited (formerly Admiral Insurance Services Limited) in November 1999. As described in the accounting policies, the amortisation of this asset ceased on transition to IFRS on 1 January 2004. All annual impairment reviews since the transition date have indicated that the estimated recoverable value of the asset is greater than the carrying amount and therefore no impairment losses have been recognised. Internally generated software includes a new claims system implemented within the UK business during 2022 which has a net carrying amount of \u00a333.4m as at 31 December 2022 and a remaining amortisation period of 4 years. Only one year of forecasts is required to support the recoverable value of goodwill above. Given the short time period used to support the recoverable amount, no terminal growth rate or discounting is applied. Refer to the accounting policy for goodwill for further information. An analysis of deferred acquisition costs is given in the table below: Gross \u00a3m Reinsurance \u00a3m Total \u00a3m At 1 January 2021 77.6 (50.3) 27.3 Additions 181.4 (112.0) 69.4 Amortisation (180.6) 112.6 (68.0) Foreign exchange movement (1.5) 1.0 (0.5) At 31 December 2021 76.9 (48.7) 28.2 Additions 174.3 (91.4) 82.9 Amortisation (179.1) 98.1 (81.0) Foreign exchange movement 0.6 \u2013 0.6 At 31 December 2022 72.7 (42.0) 30.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-629": {
"value": "11c. Intangible assets Goodwill \u00a3m Deferred acquisition costs \u00a3m Software \u2013 Internally generated*1 \u00a3m Software \u2013 Other *1 \u00a3m Total \u00a3m At 1 January 2021 62.3 27.3 72.6 4.5 166.7 Additions \u2013 69.4 36.8 21.8 128.0 Amortisation charge \u2013 (68.0) (18.1) (1.2) (87.3) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 (25.4) \u2013 (25.4) Foreign exchange movement \u2013 (0.5) (1.5) (0.1) (2.1) At 31 December 2021 62.3 28.2 64.4 25.0 179.9 Additions \u2013 82.9 83.4 5.2 171.5 Amortisation charge \u2013 (81.0) (18.3) (5.4) (104.9) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 \u2013 Foreign exchange movement and other \u2013 0.6 6.9 (5.9) 1.6 At 31 December 2022 62.3 30.7 136.4 18.9 248.3 *1 Gross carrying amount and accumulated amortisation of internally generated software as at the end of 2022 are \u00a3173.7 million (2021: \u00a3119.7 million) and \u00a337.3 million respectively (2021: \u00a355.3 million). Gross carrying amount and accumulated amortisation of other software as at the end of 2022 are \u00a391.5 million (2021: \u00a355.9 million) and \u00a372.6 million respectively (2021: \u00a330.9 million). During the period, there are reclassifications on gross cost and accumulated depreciation between internally generated software and other software Goodwill relates to the acquisition of Group subsidiary EUI Limited (formerly Admiral Insurance Services Limited) in November 1999. As described in the accounting policies, the amortisation of this asset ceased on transition to IFRS on 1 January 2004. All annual impairment reviews since the transition date have indicated that the estimated recoverable value of the asset is greater than the carrying amount and therefore no impairment losses have been recognised. Internally generated software includes a new claims system implemented within the UK business during 2022 which has a net carrying amount of \u00a333.4m as at 31 December 2022 and a remaining amortisation period of 4 years. Only one year of forecasts is required to support the recoverable value of goodwill above. Given the short time period used to support the recoverable amount, no terminal growth rate or discounting is applied. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-598": {
"value": "11c. Intangible assets Goodwill \u00a3m Deferred acquisition costs \u00a3m Software \u2013 Internally generated*1 \u00a3m Software \u2013 Other *1 \u00a3m Total \u00a3m At 1 January 2021 62.3 27.3 72.6 4.5 166.7 Additions \u2013 69.4 36.8 21.8 128.0 Amortisation charge \u2013 (68.0) (18.1) (1.2) (87.3) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 (25.4) \u2013 (25.4) Foreign exchange movement \u2013 (0.5) (1.5) (0.1) (2.1) At 31 December 2021 62.3 28.2 64.4 25.0 179.9 Additions \u2013 82.9 83.4 5.2 171.5 Amortisation charge \u2013 (81.0) (18.3) (5.4) (104.9) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 \u2013 Foreign exchange movement and other \u2013 0.6 6.9 (5.9) 1.6 At 31 December 2022 62.3 30.7 136.4 18.9 248.3 *1 Gross carrying amount and accumulated amortisation of internally generated software as at the end of 2022 are \u00a3173.7 million (2021: \u00a3119.7 million) and \u00a337.3 million respectively (2021: \u00a355.3 million). Gross carrying amount and accumulated amortisation of other software as at the end of 2022 are \u00a391.5 million (2021: \u00a355.9 million) and \u00a372.6 million respectively (2021: \u00a330.9 million). During the period, there are reclassifications on gross cost and accumulated depreciation between internally generated software and other software Goodwill relates to the acquisition of Group subsidiary EUI Limited (formerly Admiral Insurance Services Limited) in November 1999. As described in the accounting policies, the amortisation of this asset ceased on transition to IFRS on 1 January 2004. All annual impairment reviews since the transition date have indicated that the estimated recoverable value of the asset is greater than the carrying amount and therefore no impairment losses have been recognised. Internally generated software includes a new claims system implemented within the UK business during 2022 which has a net carrying amount of \u00a333.4m as at 31 December 2022 and a remaining amortisation period of 4 years. Only one year of forecasts is required to support the recoverable value of goodwill above. Given the short time period used to support the recoverable amount, no terminal growth rate or discounting is applied. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-575": {
"value": "11c. Intangible assets Goodwill \u00a3m Deferred acquisition costs \u00a3m Software \u2013 Internally generated*1 \u00a3m Software \u2013 Other *1 \u00a3m Total \u00a3m At 1 January 2021 62.3 27.3 72.6 4.5 166.7 Additions \u2013 69.4 36.8 21.8 128.0 Amortisation charge \u2013 (68.0) (18.1) (1.2) (87.3) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 (25.4) \u2013 (25.4) Foreign exchange movement \u2013 (0.5) (1.5) (0.1) (2.1) At 31 December 2021 62.3 28.2 64.4 25.0 179.9 Additions \u2013 82.9 83.4 5.2 171.5 Amortisation charge \u2013 (81.0) (18.3) (5.4) (104.9) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 \u2013 Foreign exchange movement and other \u2013 0.6 6.9 (5.9) 1.6 At 31 December 2022 62.3 30.7 136.4 18.9 248.3 *1 Gross carrying amount and accumulated amortisation of internally generated software as at the end of 2022 are \u00a3173.7 million (2021: \u00a3119.7 million) and \u00a337.3 million respectively (2021: \u00a355.3 million). Gross carrying amount and accumulated amortisation of other software as at the end of 2022 are \u00a391.5 million (2021: \u00a355.9 million) and \u00a372.6 million respectively (2021: \u00a330.9 million). During the period, there are reclassifications on gross cost and accumulated depreciation between internally generated software and other software Goodwill relates to the acquisition of Group subsidiary EUI Limited (formerly Admiral Insurance Services Limited) in November 1999. As described in the accounting policies, the amortisation of this asset ceased on transition to IFRS on 1 January 2004. All annual impairment reviews since the transition date have indicated that the estimated recoverable value of the asset is greater than the carrying amount and therefore no impairment losses have been recognised. Internally generated software includes a new claims system implemented within the UK business during 2022 which has a net carrying amount of \u00a333.4m as at 31 December 2022 and a remaining amortisation period of 4 years. Only one year of forecasts is required to support the recoverable value of goodwill above. Given the short time period used to support the recoverable amount, no terminal growth rate or discounting is applied. Refer to the accounting policy for goodwill for further information. An analysis of deferred acquisition costs is given in the table below: Gross \u00a3m Reinsurance \u00a3m Total \u00a3m At 1 January 2021 77.6 (50.3) 27.3 Additions 181.4 (112.0) 69.4 Amortisation (180.6) 112.6 (68.0) Foreign exchange movement (1.5) 1.0 (0.5) At 31 December 2021 76.9 (48.7) 28.2 Additions 174.3 (91.4) 82.9 Amortisation (179.1) 98.1 (81.0) Foreign exchange movement 0.6 \u2013 0.6 At 31 December 2022 72.7 (42.0) 30.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-536": {
"value": "11c. Intangible assets Goodwill \u00a3m Deferred acquisition costs \u00a3m Software \u2013 Internally generated*1 \u00a3m Software \u2013 Other *1 \u00a3m Total \u00a3m At 1 January 2021 62.3 27.3 72.6 4.5 166.7 Additions \u2013 69.4 36.8 21.8 128.0 Amortisation charge \u2013 (68.0) (18.1) (1.2) (87.3) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 (25.4) \u2013 (25.4) Foreign exchange movement \u2013 (0.5) (1.5) (0.1) (2.1) At 31 December 2021 62.3 28.2 64.4 25.0 179.9 Additions \u2013 82.9 83.4 5.2 171.5 Amortisation charge \u2013 (81.0) (18.3) (5.4) (104.9) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 \u2013 Foreign exchange movement and other \u2013 0.6 6.9 (5.9) 1.6 At 31 December 2022 62.3 30.7 136.4 18.9 248.3 *1 Gross carrying amount and accumulated amortisation of internally generated software as at the end of 2022 are \u00a3173.7 million (2021: \u00a3119.7 million) and \u00a337.3 million respectively (2021: \u00a355.3 million). Gross carrying amount and accumulated amortisation of other software as at the end of 2022 are \u00a391.5 million (2021: \u00a355.9 million) and \u00a372.6 million respectively (2021: \u00a330.9 million). During the period, there are reclassifications on gross cost and accumulated depreciation between internally generated software and other software Goodwill relates to the acquisition of Group subsidiary EUI Limited (formerly Admiral Insurance Services Limited) in November 1999. As described in the accounting policies, the amortisation of this asset ceased on transition to IFRS on 1 January 2004. All annual impairment reviews since the transition date have indicated that the estimated recoverable value of the asset is greater than the carrying amount and therefore no impairment losses have been recognised. Internally generated software includes a new claims system implemented within the UK business during 2022 which has a net carrying amount of \u00a333.4m as at 31 December 2022 and a remaining amortisation period of 4 years. Only one year of forecasts is required to support the recoverable value of goodwill above. Given the short time period used to support the recoverable amount, no terminal growth rate or discounting is applied. Refer to the accounting policy for goodwill for further information. An analysis of deferred acquisition costs is given in the table below: Gross \u00a3m Reinsurance \u00a3m Total \u00a3m At 1 January 2021 77.6 (50.3) 27.3 Additions 181.4 (112.0) 69.4 Amortisation (180.6) 112.6 (68.0) Foreign exchange movement (1.5) 1.0 (0.5) At 31 December 2021 76.9 (48.7) 28.2 Additions 174.3 (91.4) 82.9 Amortisation (179.1) 98.1 (81.0) Foreign exchange movement 0.6 \u2013 0.6 At 31 December 2022 72.7 (42.0) 30.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-537": {
"value": "11d. Trade and other payables 31 December 2022 \u00a3m 31 December 2021 \u00a3m Trade payables 30.0 39.8 Amounts owed to co-insurers 109.5 161.9 Amounts owed to reinsurers 1,513.7 1,274.9 Other taxation and social security liabilities 90.2 71.7 Other payables 96.2 112.4 Accruals and deferred income (see below) 318.4 299.3 Total trade and other payables 2,158.0 1,960.0 Of amounts owed to reinsurers (recognised under IFRS 4), \u00a31,389.4 million (2021: \u00a31,169.8 million) is held under funds withheld arrangements. Analysis of accruals and deferred income: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Premium received in advance of policy inception 136.6 117.4 Accrued expenses 114.7 117.5 Deferred income 67.1 64.4 Total accruals and deferred income as above 318.4 299.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-622": {
"value": "Analysis of accruals and deferred income: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Premium received in advance of policy inception 136.6 117.4 Accrued expenses 114.7 117.5 Deferred income 67.1 64.4 Total accruals and deferred income as above 318.4 299.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-576": {
"value": "Analysis of accruals and deferred income: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Premium received in advance of policy inception 136.6 117.4 Accrued expenses 114.7 117.5 Deferred income 67.1 64.4 Total accruals and deferred income as above 318.4 299.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-538": {
"value": "11e. Leases The Group occupies various properties under leasing arrangements that are now recognised as right of use assets and lease liabilities. A maturity analysis of lease liabilities based on contractual undiscounted cash flows is set out below: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Maturity analysis \u2013 contractual undiscounted cash flows Within one year 10.2 12.9 Between two to five years 35.0 41.8 Between five to ten years 26.8 32.7 Over ten years 30.9 35.4 Total 102.9 122.8 Amounts recognised in the statement of financial position are as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Lease liabilities Current 8.3 10.5 Non-Current 80.2 94.8 Total 88.5 105.3 See note 11b for right of use assets depreciation and the carrying amount of right of use asset at the end of the reporting period. Only one class of underlying assets is identified as leasehold buildings. Total cash outflows in relation to leases is disclosed under 6i. The Group has no significant financial commitments other than those accounted for as right of use assets and lease liabilities under IFRS 16. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-577": {
"value": "11f. Contingent liabilities The Group\u2019s legal entities operate in numerous tax jurisdictions and on a regular basis are subject to review and enquiry by the relevant tax authority. One of the Group\u2019s previously owned subsidiaries was subject to a Spanish Tax Audit which concluded with the Tax Authority denying the application of the VAT exemption relating to insurance intermediary services. The Company has appealed this decision via the Spanish Courts and is confident in defending its position which is, in its view, in line with the EU Directive and is also consistent with the way similar supplies are treated throughout Europe. Whilst the Company is no longer part of the Admiral Group, the contingent liability which the Company is exposed to has been indemnified by the Admiral Group up to a cap of \u00a322 million. The Group is also in discussions with some of the tax authorities in the other countries in which it operates. To date these discussions have focused primarily on the transfer pricing and cross-border arrangements in place between the Group\u2019s intermediaries and insurers. No material provision has been made in these financial statements in relation to the matters noted above. The Group is, from time to time, subject to threatened or actual litigation and/or legal and/or regulatory disputes, investigations or similar actions both in the UK and overseas. All potentially material matters are assessed, with the assistance of external advisers if appropriate, and in cases where it is concluded that it is more likely than not that a payment will be made, a provision is established to reflect the best estimate of the liability. In some cases it will not be possible to form a view, for example if the facts are unclear or because further time is needed to properly assess the merits of the case. No provisions are held in relation to such matters. In these circumstances, specific disclosure of a contingent liability will be made where material. The Directors do not consider that the final outcome of any such current case will have a material adverse effect on the Group\u2019s financial position, operations or cash flows, and no material provisions are currently held in relation to such matters. A number of the Group\u2019s contractual arrangements with reinsurers include features that, in certain scenarios, allow for reinsurers to recover losses incurred to date. The overall impact of such scenarios would not lead to an overall net economic outflow from the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-539": {
"value": "11f. Contingent liabilities The Group\u2019s legal entities operate in numerous tax jurisdictions and on a regular basis are subject to review and enquiry by the relevant tax authority. One of the Group\u2019s previously owned subsidiaries was subject to a Spanish Tax Audit which concluded with the Tax Authority denying the application of the VAT exemption relating to insurance intermediary services. The Company has appealed this decision via the Spanish Courts and is confident in defending its position which is, in its view, in line with the EU Directive and is also consistent with the way similar supplies are treated throughout Europe. Whilst the Company is no longer part of the Admiral Group, the contingent liability which the Company is exposed to has been indemnified by the Admiral Group up to a cap of \u00a322 million. The Group is also in discussions with some of the tax authorities in the other countries in which it operates. To date these discussions have focused primarily on the transfer pricing and cross-border arrangements in place between the Group\u2019s intermediaries and insurers. No material provision has been made in these financial statements in relation to the matters noted above. The Group is, from time to time, subject to threatened or actual litigation and/or legal and/or regulatory disputes, investigations or similar actions both in the UK and overseas. All potentially material matters are assessed, with the assistance of external advisers if appropriate, and in cases where it is concluded that it is more likely than not that a payment will be made, a provision is established to reflect the best estimate of the liability. In some cases it will not be possible to form a view, for example if the facts are unclear or because further time is needed to properly assess the merits of the case. No provisions are held in relation to such matters. In these circumstances, specific disclosure of a contingent liability will be made where material. The Directors do not consider that the final outcome of any such current case will have a material adverse effect on the Group\u2019s financial position, operations or cash flows, and no material provisions are currently held in relation to such matters. A number of the Group\u2019s contractual arrangements with reinsurers include features that, in certain scenarios, allow for reinsurers to recover losses incurred to date. The overall impact of such scenarios would not lead to an overall net economic outflow from the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-513": {
"value": "12. Share capital The Group\u2019s capital includes share capital and the share premium account, other reserves which are comprised of the fair value reserve, hedging reserve and foreign exchange reserve, and retained earnings. 12a. Accounting policies (i) Share capital Shares are classified as equity when there is no obligation to transfer cash or other assets. (ii) Dividends Dividends are recorded in the period in which they are declared and paid. (iii) Earnings per share Basic earnings per share is calculated by dividing profit or loss attributable to equity holders of the Group parent company, Admiral Group plc by the weighted average number of ordinary shares during the period. Diluted earnings per share is calculated by dividing profit or loss attributable to equity holders of the Group parent company by the weighted average number of ordinary shares outstanding, adjusted for the effects of all dilutive potential ordinary shares. 12b. Dividends Dividends were proposed, approved and paid as follows. 31 December 2022 \u00a3m 31 December 2021 \u00a3m Proposed March 2021 (86.0 pence per share approved April 2021 and paid June 2021) \u2013 250.8 Declared August 2021 (161.0 pence per share paid October 2021) \u2013 470.1 Proposed March 2022 (118.0 pence per share, approved April 2022 and paid June 2022) 348.1 \u2013 Declared August 2022 (105.0 pence per share, paid October 2022) 310.2 \u2013 Total dividends 658.3 720.9 The dividends proposed in March (approved in April) represent the final dividends paid in respect of the 2020 and 2021 financial years. The dividends declared in August are interim distributions in respect of 2021 and 2022. A 2022 final dividend of 52.0 pence per share (approximately \u00a3155.0 million) has been proposed. Refer to the Chair\u2019s Statement and financial narrative for further detail. 12c. Earnings per share 31 December 2022 \u00a3m 31 December 2021 \u00a3m Profit for the financial year after taxation attributable to equity shareholders \u2013 continuing operations 373.0 585.0 Profit for the financial year after taxation attributable to equity shareholders \u2013 discontinued operations \u2013 412.9 Profit for the financial year after taxation attributable to equity shareholders \u2013 continuing and discontinued operations 373.0 997.9 Weighted average number of shares \u2013 basic 300,207,330 297,480,041 Unadjusted earnings per share \u2013 basic \u2013 continuing operations 124.3p 196.7p Unadjusted earnings per share \u2013 basic \u2013 discontinued operations \u2013 138.8p Unadjusted earnings per share \u2013 basic \u2013 continuing and discontinued operations 124.3p 335.5p Weighted average number of shares \u2013 diluted 301,543,390 298,351,248 Unadjusted earnings per share \u2013 diluted \u2013 continuing operations 123.7p 196.1p Unadjusted earnings per share \u2013 diluted \u2013 discontinued operations \u2013 138.4p Unadjusted earnings per share \u2013 diluted \u2013 continuing and discontinued operations 123.7p 334.5p The difference between the basic and diluted number of shares at the end of 2022 (being 1,336,060 2021: 871,207) relates to awards committed, but not yet issued under the Group\u2019s share schemes. Refer to note 9 for further detail. 12d. Share capital 31 December 2022 \u00a3m 31 December 2021 \u00a3m Authorised 500,000,000 ordinary shares of 0.1 pence 0.5 0.5 Issued, called up and fully paid 302,837,726 ordinary shares of 0.1 pence 0.3 \u2013 299,554,720 ordinary shares of 0.1 pence \u2013 0.3 0.3 0.3 During 2022, 3,283,006 (2021: 2,862,657) new ordinary shares of 0.1 pence were issued to the trusts administering the Group\u2019s share schemes. 675,927 (2021: 632,657) of these were issued to the Admiral Group Share Incentive Plan Trust for the purposes of this share scheme resulting in cumulative shares issued to the Trust at 31 December 2022 of 13,693,299 (31 December 2021: 13,017,372). Of the shares issued, 3,851,967 remain in the Trust at 31 December 2022 (2021: 4,078,496). These shares are entitled to receive dividends. 2,607,079 (2021: 2,230,000) shares were issued to the Admiral Group Employee Benefit Trust for the purposes of the Discretionary Free Share Scheme resulting in cumulative shares issued to the Trust of 30,549,027 (31 December 2021: 27,941,948). Of the shares issued 5,111,601 remain in the Trust at 31 December 2022 (2021: 4,767,112) to be used for future vesting, the remaining issued shares having vested. The balance of awards made to employees under the Discretionary Free Share Scheme that have not either vested or lapsed is 8,302,363 (2021: 7,981,132). The Trustees have waived the right to dividend payments, other than to the extent of 0.001 pence per share, unless and to the extent otherwise directed by the Company from time to time. There is one class of share with no unusual restrictions. 12. Share capital continued 12e. Objectives, policies and procedures for managing capital The Group\u2019s capital management policy defines the Board oversight, risk appetite and tier structure of the Group\u2019s capital in addition to management actions that may be taken in respect of capital, such as dividend payments. The Group aims to operate a capital-efficient business model by transferring a significant proportion of underwriting risk to co-insurance and reinsurance partners. This in turn reduces the amount of capital the Group needs to retain to operate and grow and allows the Group to distribute the majority of its earnings as dividends. The Board has determined that it will hold capital as follows: \u2022 Sufficient Solvency II Own Funds to meet all of the Group\u2019s Solvency II capital requirements (over a 1 year and ultimate time horizon) \u2022 An additional contingency to cover unforeseen events and losses that could realistically arise. This risk appetite buffer is assessed via stress testing performed on an annual basis and is calibrated in relation to the one-year regulatory SCR The Group\u2019s current risk appetite buffer is 30% above the regulatory SCR. This forms the lower bound of the longer-term solvency target operating range of 130% to 150%. The Group\u2019s dividend policy is to: \u2022 Pay a normal dividend equal to 65% of post-tax profits for the period \u2022 Pay a special dividend calculated with reference to distributable reserves and surplus capital held above the risk appetite buffer This policy gives the Directors flexibility in managing the Group\u2019s capital. As noted above, the Group\u2019s regulatory capital position is calculated under the Solvency II Framework. The Solvency Capital Requirement (SCR) is based on the Solvency II Standard Formula, with a capital-add-on to reflect limitations in the Standard Formula with respect to Admiral\u2019s risk profile (predominately in respect of profit commission arrangements in co-and reinsurance agreements and risks relating to Periodic Payment Order (PPO) claims). Solvency ratio (unaudited) At the date of this report, the Group\u2019s regulatory solvency ratio, calculated using a capital add-on that has not been subject to regulatory approval, is 180% (2021: 195%). This includes the recognition of the 2022 final dividend of 52 pence per share (2021: 118 pence per share). The Group\u2019s 2022 Solvency and Financial Condition Report (SFCR) will, when published, disclose a solvency ratio that is calculated at the balance sheet date rather than annual report date, using the capital add-on that was most recently subject to regulatory approval. The estimated and unaudited SFCR solvency ratio is 150%, with the reconciliation between this ratio and the 180% noted above being as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Regulatory Solvency ratio (Unaudited) Solvency Ratio reported in the Annual Report 180% 195% Change in valuation date (11%) (5%) Other (including impact of updated, unapproved capital add-on) (19%) (9%) Solvency Ratio to be reported in the SFCR 150% 181% The Group has complied with its regulatory capital requirements throughout the period. Subsidiaries The Group manages the capital of its subsidiaries to ensure that all entities within the Group are able to continue as going concerns and also to ensure that regulated entities meet regulatory requirements with an appropriate risk appetite buffer. Excess capital above these levels within subsidiaries is paid up to the Group holding company in the form of dividends on a regular basis. 12f. Group related undertakings The parent company\u2019s subsidiaries are as follows: Subsidiary Class of shares held % ownership Principal Activity Incorporated in England and Wales Registered office: Ty Admiral, David Street, Cardiff, United Kingdom, CF10 2EH Admiral Law Limited Ordinary 95 Legal company Registered office: Ty Admiral, David Street, Cardiff, United Kingdom, CF10 2EH Able Insurance Services Limited Ordinary 100 Insurance Intermediary Registered office: Ty Admiral, David Street, Cardiff, United Kingdom, CF10 2EH EUI Limited *2 Ordinary 100 Insurance Intermediary Admiral Insurance Company Limited Ordinary 100 Insurance company Admiral Life Limited Ordinary 100 Dormant*1 Admiral Syndicate Limited Ordinary 100 Dormant*1 Admiral Syndicate Management Limited Ordinary 100 Dormant*1 Bell Direct Limited Ordinary 100 Dormant*1 Diamond Motor Insurance Services Limited Ordinary 100 Dormant*1 Elephant Insurance Services Limited Ordinary 100 Dormant*1 Admiral Financial Services Limited Ordinary 100 Financial services company Incorporated in Gibraltar Registered office: 2Aa 2nd Floor, Leisure Island Business Centre, 23 Ocean Village Promenade, Gibraltar, GX11 1AA Admiral Insurance (Gibraltar) Limited Ordinary 100 Insurance company Incorporated in France Registered office: 4 Rue Marceau 92300 Levallois Perret Pioneer Intermediary Europe Services Ordinary 100 (indirect) Insurance intermediary Incorporated in Italy Registered office: Via Della Bufalotta 374, Romat Admiral Financial Services Italia S.P.A. Ordinary 100 Financial services company Incorporated in Spain Registered office: Calle Rodr\u00edguez Mar\u00edn 61 1\u00aa Planta, 28016 Madrid Admiral Europe Compa\u00f1\u00eda de Seguros, S.A. Ordinary 100 Insurance company Registered office: Calle Albert Einstein, 10 41092 Sevilla Admiral Intermediary Services S.A.*3 Ordinary 100 Insurance Intermediary Incorporated in the United States of America Registered office: Deep Run 1; Suite 400, 9950 Mayland Drive, Henrico, VA 23233 Elephant Insurance Company Ordinary 100 (indirect) Insurance company Grove General Agency Inc Ordinary 100 (indirect) Insurance intermediary Platinum General Agency Inc Ordinary 100 (indirect) Insurance intermediary Registered office: Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 Elephant Insurance Services LLC Ordinary 100 (indirect) Insurance intermediary Elephant Holding Company LLC Ordinary 100 Holding company Registered office: 6802 Paragon Place Suite 410 Richmond, VA 23230 compare.com Insurance Agency LLC Ordinary 70.98 (indirect) Internet-based Comparison Site Inspop USA LLC Ordinary 70.98 Holding company Subsidiary Class of shares held % ownership Principal Activity Subsidiaries by virtue of control The related undertakings below are subsidiaries in accordance with IFRS 10, as Admiral can exercise dominant influence or control over them: Registered office: 10th Floor, 5 Churchill Place, London E14 5HU Seren One Limited n/a 0 Special purpose entity Seren Two Limited n/a 0 Special purpose entity Associates Registered office: Tramshed Tech, Pendyris Street, Cardiff, Wales, CF11 6BH Wagonex Limited Ordinary 23.56 (indirect) Internet-based Subscription Platform *1 Exempt from audit under S480 of Companies Act 2006 *2 EUI Limited has branches in India and Canada *3 Admiral Intermediary Services S.A. has branches in Italy and France For further information on how the Group conducts its business across the UK, Europe and the US, refer to the Strategic Report. 12g. Related party transactions The Board considers that only the Executive and Non-Executive Directors of Admiral Group plc are key management personnel. A summary of the remuneration of key management personnel is as follows, with further detail relating to the remuneration and shareholdings of key management personnel set out in the Directors\u2019 Remuneration Report. Key management personnel received short term employee benefits in the year of \u00a33,058,170 (2021: \u00a33,077,686), post-employment benefits of \u00a330,000 (2021: \u00a330,643) and share based payments of \u00a31,561,768 (2021: \u00a32,149,734). Key management personnel are able to obtain discounted motor insurance at the same rates as all other Group staff, typically at a reduction of 15% . 12h. Post balance sheet events No events have occurred since the reporting date that materially impact these financial statements. On 4 March 2023, the Group reached an agreement with Insurify, Inc. (\u201cInsurify\u201d) whereby, Insurify will purchase 100% of the shares of Inspop USA, LLC (\u201cCompare\u201d) from the Group and Compare\u2019s minority shareholders, in return for a minority shareholding in Insurify. The total transaction value, including amounts attributable to minority shareholders is immaterial based on an assessment of the fair value of shares in Insurify and related options to be received as consideration, as at the date of the agreement. The Group will not receive any cash consideration. As at 31 December 2022, the net assets of Compare and the carrying value of the Group parent company\u2019s investment in Compare net of impairment provisions, were both \u00a3nil. The transaction is expected to complete during the first half of 2023 and is subject to regulatory approval. 12. Share capital continued ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-578": {
"value": "(i) Share capital Shares are classified as equity when there is no obligation to transfer cash or other assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-579": {
"value": "(ii) Dividends Dividends are recorded in the period in which they are declared and paid. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-580": {
"value": "(iii) Earnings per share Basic earnings per share is calculated by dividing profit or loss attributable to equity holders of the Group parent company, Admiral Group plc by the weighted average number of ordinary shares during the period. Diluted earnings per share is calculated by dividing profit or loss attributable to equity holders of the Group parent company by the weighted average number of ordinary shares outstanding, adjusted for the effects of all dilutive potential ordinary shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-540": {
"value": "12b. Dividends Dividends were proposed, approved and paid as follows. 31 December 2022 \u00a3m 31 December 2021 \u00a3m Proposed March 2021 (86.0 pence per share approved April 2021 and paid June 2021) \u2013 250.8 Declared August 2021 (161.0 pence per share paid October 2021) \u2013 470.1 Proposed March 2022 (118.0 pence per share, approved April 2022 and paid June 2022) 348.1 \u2013 Declared August 2022 (105.0 pence per share, paid October 2022) 310.2 \u2013 Total dividends 658.3 720.9 The dividends proposed in March (approved in April) represent the final dividends paid in respect of the 2020 and 2021 financial years. The dividends declared in August are interim distributions in respect of 2021 and 2022. A 2022 final dividend of 52.0 pence per share (approximately \u00a3155.0 million) has been proposed. Refer to the Chair\u2019s Statement and financial narrative for further detail. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-541": {
"value": "12c. Earnings per share 31 December 2022 \u00a3m 31 December 2021 \u00a3m Profit for the financial year after taxation attributable to equity shareholders \u2013 continuing operations 373.0 585.0 Profit for the financial year after taxation attributable to equity shareholders \u2013 discontinued operations \u2013 412.9 Profit for the financial year after taxation attributable to equity shareholders \u2013 continuing and discontinued operations 373.0 997.9 Weighted average number of shares \u2013 basic 300,207,330 297,480,041 Unadjusted earnings per share \u2013 basic \u2013 continuing operations 124.3p 196.7p Unadjusted earnings per share \u2013 basic \u2013 discontinued operations \u2013 138.8p Unadjusted earnings per share \u2013 basic \u2013 continuing and discontinued operations 124.3p 335.5p Weighted average number of shares \u2013 diluted 301,543,390 298,351,248 Unadjusted earnings per share \u2013 diluted \u2013 continuing operations 123.7p 196.1p Unadjusted earnings per share \u2013 diluted \u2013 discontinued operations \u2013 138.4p Unadjusted earnings per share \u2013 diluted \u2013 continuing and discontinued operations 123.7p 334.5p The difference between the basic and diluted number of shares at the end of 2022 (being 1,336,060 2021: 871,207) relates to awards committed, but not yet issued under the Group\u2019s share schemes. Refer to note 9 for further detail. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-542": {
"value": "12d. Share capital 31 December 2022 \u00a3m 31 December 2021 \u00a3m Authorised 500,000,000 ordinary shares of 0.1 pence 0.5 0.5 Issued, called up and fully paid 302,837,726 ordinary shares of 0.1 pence 0.3 \u2013 299,554,720 ordinary shares of 0.1 pence \u2013 0.3 0.3 0.3 During 2022, 3,283,006 (2021: 2,862,657) new ordinary shares of 0.1 pence were issued to the trusts administering the Group\u2019s share schemes. 675,927 (2021: 632,657) of these were issued to the Admiral Group Share Incentive Plan Trust for the purposes of this share scheme resulting in cumulative shares issued to the Trust at 31 December 2022 of 13,693,299 (31 December 2021: 13,017,372). Of the shares issued, 3,851,967 remain in the Trust at 31 December 2022 (2021: 4,078,496). These shares are entitled to receive dividends. 2,607,079 (2021: 2,230,000) shares were issued to the Admiral Group Employee Benefit Trust for the purposes of the Discretionary Free Share Scheme resulting in cumulative shares issued to the Trust of 30,549,027 (31 December 2021: 27,941,948). Of the shares issued 5,111,601 remain in the Trust at 31 December 2022 (2021: 4,767,112) to be used for future vesting, the remaining issued shares having vested. The balance of awards made to employees under the Discretionary Free Share Scheme that have not either vested or lapsed is 8,302,363 (2021: 7,981,132). The Trustees have waived the right to dividend payments, other than to the extent of 0.001 pence per share, unless and to the extent otherwise directed by the Company from time to time. There is one class of share with no unusual restrictions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-543": {
"value": "12e. Objectives, policies and procedures for managing capital The Group\u2019s capital management policy defines the Board oversight, risk appetite and tier structure of the Group\u2019s capital in addition to management actions that may be taken in respect of capital, such as dividend payments. The Group aims to operate a capital-efficient business model by transferring a significant proportion of underwriting risk to co-insurance and reinsurance partners. This in turn reduces the amount of capital the Group needs to retain to operate and grow and allows the Group to distribute the majority of its earnings as dividends. The Board has determined that it will hold capital as follows: \u2022 Sufficient Solvency II Own Funds to meet all of the Group\u2019s Solvency II capital requirements (over a 1 year and ultimate time horizon) \u2022 An additional contingency to cover unforeseen events and losses that could realistically arise. This risk appetite buffer is assessed via stress testing performed on an annual basis and is calibrated in relation to the one-year regulatory SCR The Group\u2019s current risk appetite buffer is 30% above the regulatory SCR. This forms the lower bound of the longer-term solvency target operating range of 130% to 150%. The Group\u2019s dividend policy is to: \u2022 Pay a normal dividend equal to 65% of post-tax profits for the period \u2022 Pay a special dividend calculated with reference to distributable reserves and surplus capital held above the risk appetite buffer This policy gives the Directors flexibility in managing the Group\u2019s capital. As noted above, the Group\u2019s regulatory capital position is calculated under the Solvency II Framework. The Solvency Capital Requirement (SCR) is based on the Solvency II Standard Formula, with a capital-add-on to reflect limitations in the Standard Formula with respect to Admiral\u2019s risk profile (predominately in respect of profit commission arrangements in co-and reinsurance agreements and risks relating to Periodic Payment Order (PPO) claims). Solvency ratio (unaudited) At the date of this report, the Group\u2019s regulatory solvency ratio, calculated using a capital add-on that has not been subject to regulatory approval, is 180% (2021: 195%). This includes the recognition of the 2022 final dividend of 52 pence per share (2021: 118 pence per share). The Group\u2019s 2022 Solvency and Financial Condition Report (SFCR) will, when published, disclose a solvency ratio that is calculated at the balance sheet date rather than annual report date, using the capital add-on that was most recently subject to regulatory approval. The estimated and unaudited SFCR solvency ratio is 150%, with the reconciliation between this ratio and the 180% noted above being as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Regulatory Solvency ratio (Unaudited) Solvency Ratio reported in the Annual Report 180% 195% Change in valuation date (11%) (5%) Other (including impact of updated, unapproved capital add-on) (19%) (9%) Solvency Ratio to be reported in the SFCR 150% 181% The Group has complied with its regulatory capital requirements throughout the period. Subsidiaries The Group manages the capital of its subsidiaries to ensure that all entities within the Group are able to continue as going concerns and also to ensure that regulated entities meet regulatory requirements with an appropriate risk appetite buffer. Excess capital above these levels within subsidiaries is paid up to the Group holding company in the form of dividends on a regular basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-544": {
"value": "12f. Group related undertakings The parent company\u2019s subsidiaries are as follows: Subsidiary Class of shares held % ownership Principal Activity Incorporated in England and Wales Registered office: Ty Admiral, David Street, Cardiff, United Kingdom, CF10 2EH Admiral Law Limited Ordinary 95 Legal company Registered office: Ty Admiral, David Street, Cardiff, United Kingdom, CF10 2EH Able Insurance Services Limited Ordinary 100 Insurance Intermediary Registered office: Ty Admiral, David Street, Cardiff, United Kingdom, CF10 2EH EUI Limited *2 Ordinary 100 Insurance Intermediary Admiral Insurance Company Limited Ordinary 100 Insurance company Admiral Life Limited Ordinary 100 Dormant*1 Admiral Syndicate Limited Ordinary 100 Dormant*1 Admiral Syndicate Management Limited Ordinary 100 Dormant*1 Bell Direct Limited Ordinary 100 Dormant*1 Diamond Motor Insurance Services Limited Ordinary 100 Dormant*1 Elephant Insurance Services Limited Ordinary 100 Dormant*1 Admiral Financial Services Limited Ordinary 100 Financial services company Incorporated in Gibraltar Registered office: 2Aa 2nd Floor, Leisure Island Business Centre, 23 Ocean Village Promenade, Gibraltar, GX11 1AA Admiral Insurance (Gibraltar) Limited Ordinary 100 Insurance company Incorporated in France Registered office: 4 Rue Marceau 92300 Levallois Perret Pioneer Intermediary Europe Services Ordinary 100 (indirect) Insurance intermediary Incorporated in Italy Registered office: Via Della Bufalotta 374, Romat Admiral Financial Services Italia S.P.A. Ordinary 100 Financial services company Incorporated in Spain Registered office: Calle Rodr\u00edguez Mar\u00edn 61 1\u00aa Planta, 28016 Madrid Admiral Europe Compa\u00f1\u00eda de Seguros, S.A. Ordinary 100 Insurance company Registered office: Calle Albert Einstein, 10 41092 Sevilla Admiral Intermediary Services S.A.*3 Ordinary 100 Insurance Intermediary Incorporated in the United States of America Registered office: Deep Run 1; Suite 400, 9950 Mayland Drive, Henrico, VA 23233 Elephant Insurance Company Ordinary 100 (indirect) Insurance company Grove General Agency Inc Ordinary 100 (indirect) Insurance intermediary Platinum General Agency Inc Ordinary 100 (indirect) Insurance intermediary Registered office: Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 Elephant Insurance Services LLC Ordinary 100 (indirect) Insurance intermediary Elephant Holding Company LLC Ordinary 100 Holding company Registered office: 6802 Paragon Place Suite 410 Richmond, VA 23230 compare.com Insurance Agency LLC Ordinary 70.98 (indirect) Internet-based Comparison Site Inspop USA LLC Ordinary 70.98 Holding company Subsidiary Class of shares held % ownership Principal Activity Subsidiaries by virtue of control The related undertakings below are subsidiaries in accordance with IFRS 10, as Admiral can exercise dominant influence or control over them: Registered office: 10th Floor, 5 Churchill Place, London E14 5HU Seren One Limited n/a 0 Special purpose entity Seren Two Limited n/a 0 Special purpose entity Associates Registered office: Tramshed Tech, Pendyris Street, Cardiff, Wales, CF11 6BH Wagonex Limited Ordinary 23.56 (indirect) Internet-based Subscription Platform *1 Exempt from audit under S480 of Companies Act 2006 *2 EUI Limited has branches in India and Canada *3 Admiral Intermediary Services S.A. has branches in Italy and France For further information on how the Group conducts its business across the UK, Europe and the US, refer to the Strategic Report. 12. Share capital continued ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-7": {
"value": "the Group conducts its business across the UK, Europe and the US,",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-545": {
"value": "12g. Related party transactions The Board considers that only the Executive and Non-Executive Directors of Admiral Group plc are key management personnel. A summary of the remuneration of key management personnel is as follows, with further detail relating to the remuneration and shareholdings of key management personnel set out in the Directors\u2019 Remuneration Report. Key management personnel received short term employee benefits in the year of \u00a33,058,170 (2021: \u00a33,077,686), post-employment benefits of \u00a330,000 (2021: \u00a330,643) and share based payments of \u00a31,561,768 (2021: \u00a32,149,734). Key management personnel are able to obtain discounted motor insurance at the same rates as all other Group staff, typically at a reduction of 15% . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-581": {
"value": "12g. Related party transactions The Board considers that only the Executive and Non-Executive Directors of Admiral Group plc are key management personnel. A summary of the remuneration of key management personnel is as follows, with further detail relating to the remuneration and shareholdings of key management personnel set out in the Directors\u2019 Remuneration Report. Key management personnel received short term employee benefits in the year of \u00a33,058,170 (2021: \u00a33,077,686), post-employment benefits of \u00a330,000 (2021: \u00a330,643) and share based payments of \u00a31,561,768 (2021: \u00a32,149,734). Key management personnel are able to obtain discounted motor insurance at the same rates as all other Group staff, typically at a reduction of 15% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-546": {
"value": "12h. Post balance sheet events No events have occurred since the reporting date that materially impact these financial statements. On 4 March 2023, the Group reached an agreement with Insurify, Inc. (\u201cInsurify\u201d) whereby, Insurify will purchase 100% of the shares of Inspop USA, LLC (\u201cCompare\u201d) from the Group and Compare\u2019s minority shareholders, in return for a minority shareholding in Insurify. The total transaction value, including amounts attributable to minority shareholders is immaterial based on an assessment of the fair value of shares in Insurify and related options to be received as consideration, as at the date of the agreement. The Group will not receive any cash consideration. As at 31 December 2022, the net assets of Compare and the carrying value of the Group parent company\u2019s investment in Compare net of impairment provisions, were both \u00a3nil. The transaction is expected to complete during the first half of 2023 and is subject to regulatory approval. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-623": {
"value": "13. Discontinued Operations 13a. Accounting policy Disposal groups are classified as held for sale in accordance with IFRS 5 if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. A discontinued operation is a component of the business that has been disposed of or is classified as held for sale and represents a separate major line of business or is part of a single co-ordinated plan to dispose of such a line of business. The assets and liabilities of a disposal group classified as held for sale are presented separately from the other assets and liabilities in the Statement of Financial Position. The results of discontinued operations are presented separately in the Statement of Comprehensive Income. The result comprises the profit or loss after tax from discontinued operations and other comprehensive income attributable to discontinued operations . 13b. Description On the 29 December 2020, the Group announced that it had reached an agreement with ZPG Comparison Services Holdings UK Limited (\u201cRVU\u201d) that RVU would purchase the Penguin Portals Group (\u201cPenguin Portals\u201d, comprising online comparison portals Confused. com, Rastreator.com and LeLynx.fr and the Group\u2019s technology operation Admiral Technologies) and its 50% share of Preminen Price Comparison Holdings Limited (\u201cPreminen\u201d). MAPFRE would also sell its 25% holding in Rastreator and 50% holding in Preminen as part of the transaction. Management considered these entities to meet the definition of a disposal group as set out under IFRS 5 above. The disposal group is included within the \u201cDiscontinued (comparison)\u201d operating segment as stated in note 4. On the 30 April 2021, the Group announced that, following regulatory and competition authority approvals, RVU had completed the purchase of the Penguin Portals Group and acquired Admiral\u2019s 50% share of Preminen. MAPFRE also sold its 25% holding in Rastreator and 50% holding in Preminen to RVU. The total transaction value was settled in cash on completion. 13c. Financial performance and cash flow information Financial information relating to the discontinued operations for the financial year ending 31 December 2021 are presented below. The results for the financial year ending 31 December 2021 relates to the profit earned prior to completion on 30 April 2021, and the gain recognised on disposal. Gross \u00a3m Eliminations \u00a3m Net \u00a3m Revenue (Other Revenue) 67.2 (7.6) 59.6 Interest Income \u2013 \u2013 \u2013 Net Revenue 67.2 (7.6) 59.6 Operating expenses and share scheme charges (55.8) 7.6 (48.2) Operating profit 11.4 \u2013 11.4 Finance costs (0.1) \u2013 (0.1) Gain on disposal sale of Comparison entities held for sale 404.4 \u2013 404.4 Profit before tax from discontinued operations 415.7 \u2013 415.7 Taxation expense (2.3) \u2013 (2.3) Profit after tax from discontinued operations 413.4 \u2013 413.4 Due to the availability of certain tax reliefs on the gain of the comparison businesses sold, the effective tax rate for 2021 for discontinued operations is lower than the current standard corporate tax rate. Operating expenses and share scheme charges include \u00a30.5 million of share scheme expenses that are not included in the segmental result in note 4. The net cash flows incurred by the disposal group are as follows: 31 December 2021 \u00a3m Net cash inflow from operating activities 10.6 Net cash (outflow) from investing activities (0.2) Net cash (outflow) from financing activities (22.6) Net cash (outflow)/inflow from discontinued operations (12.2) 13. Discontinued Operations continued 13d. Assets disposed of Consideration received consisted of cash only and was received at the point of completion. The total consideration received by the Group in cash was \u00a3471.8 million. This excludes any costs incurred by the Group in relation to the sale. The total gain on disposal was \u00a3404.4 million. The carrying amount of assets and liabilities as at the date of sale (30 April 2021) are outlined below. All assets previously held for sale have been disposed of as at 31 December 2021 and as at 31 December 2022. Note 30 April 2021 \u00a3m Assets Property and equipment 11b 5.4 Intangible assets 11c 1.1 Deferred tax asset 10c 4.2 Trade and other receivables 41.9 Corporation tax asset 0.2 Cash and cash equivalents 41.3 Assets associated with disposal group held for sale 94.1 Liabilities Trade and other payables 33.3 Lease liabilities 3.6 Corporation tax liability \u2013 Liabilities directly associated with disposal group held for sale 36.9 13e. Gain on disposal 31 December 2021 \u00a3m Gross sales proceeds 508.1 Accrued sale proceeds less dividends received prior to disposal and costs to sell recharged from purchaser (7.4) Non-controlling interest share of sales proceeds (28.9) Total Admiral Group cash received (note 13c) 471.8 Costs to sell incurred by seller, out of proceeds (17.6) Proceeds to Admiral, net of minority interests and transaction costs 454.2 Assets held for sale (note 13d) (57.2) Non-controlling interest share of assets held for sale 6.6 Other adjustments 0.8 Gain on disposal of comparison entities held for sale 404.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-608": {
"value": "13. Discontinued Operations 13a. Accounting policy Disposal groups are classified as held for sale in accordance with IFRS 5 if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. A discontinued operation is a component of the business that has been disposed of or is classified as held for sale and represents a separate major line of business or is part of a single co-ordinated plan to dispose of such a line of business. The assets and liabilities of a disposal group classified as held for sale are presented separately from the other assets and liabilities in the Statement of Financial Position. The results of discontinued operations are presented separately in the Statement of Comprehensive Income. The result comprises the profit or loss after tax from discontinued operations and other comprehensive income attributable to discontinued operations . 13b. Description On the 29 December 2020, the Group announced that it had reached an agreement with ZPG Comparison Services Holdings UK Limited (\u201cRVU\u201d) that RVU would purchase the Penguin Portals Group (\u201cPenguin Portals\u201d, comprising online comparison portals Confused. com, Rastreator.com and LeLynx.fr and the Group\u2019s technology operation Admiral Technologies) and its 50% share of Preminen Price Comparison Holdings Limited (\u201cPreminen\u201d). MAPFRE would also sell its 25% holding in Rastreator and 50% holding in Preminen as part of the transaction. Management considered these entities to meet the definition of a disposal group as set out under IFRS 5 above. The disposal group is included within the \u201cDiscontinued (comparison)\u201d operating segment as stated in note 4. On the 30 April 2021, the Group announced that, following regulatory and competition authority approvals, RVU had completed the purchase of the Penguin Portals Group and acquired Admiral\u2019s 50% share of Preminen. MAPFRE also sold its 25% holding in Rastreator and 50% holding in Preminen to RVU. The total transaction value was settled in cash on completion. 13c. Financial performance and cash flow information Financial information relating to the discontinued operations for the financial year ending 31 December 2021 are presented below. The results for the financial year ending 31 December 2021 relates to the profit earned prior to completion on 30 April 2021, and the gain recognised on disposal. Gross \u00a3m Eliminations \u00a3m Net \u00a3m Revenue (Other Revenue) 67.2 (7.6) 59.6 Interest Income \u2013 \u2013 \u2013 Net Revenue 67.2 (7.6) 59.6 Operating expenses and share scheme charges (55.8) 7.6 (48.2) Operating profit 11.4 \u2013 11.4 Finance costs (0.1) \u2013 (0.1) Gain on disposal sale of Comparison entities held for sale 404.4 \u2013 404.4 Profit before tax from discontinued operations 415.7 \u2013 415.7 Taxation expense (2.3) \u2013 (2.3) Profit after tax from discontinued operations 413.4 \u2013 413.4 Due to the availability of certain tax reliefs on the gain of the comparison businesses sold, the effective tax rate for 2021 for discontinued operations is lower than the current standard corporate tax rate. Operating expenses and share scheme charges include \u00a30.5 million of share scheme expenses that are not included in the segmental result in note 4. The net cash flows incurred by the disposal group are as follows: 31 December 2021 \u00a3m Net cash inflow from operating activities 10.6 Net cash (outflow) from investing activities (0.2) Net cash (outflow) from financing activities (22.6) Net cash (outflow)/inflow from discontinued operations (12.2) 13. Discontinued Operations continued 13d. Assets disposed of Consideration received consisted of cash only and was received at the point of completion. The total consideration received by the Group in cash was \u00a3471.8 million. This excludes any costs incurred by the Group in relation to the sale. The total gain on disposal was \u00a3404.4 million. The carrying amount of assets and liabilities as at the date of sale (30 April 2021) are outlined below. All assets previously held for sale have been disposed of as at 31 December 2021 and as at 31 December 2022. Note 30 April 2021 \u00a3m Assets Property and equipment 11b 5.4 Intangible assets 11c 1.1 Deferred tax asset 10c 4.2 Trade and other receivables 41.9 Corporation tax asset 0.2 Cash and cash equivalents 41.3 Assets associated with disposal group held for sale 94.1 Liabilities Trade and other payables 33.3 Lease liabilities 3.6 Corporation tax liability \u2013 Liabilities directly associated with disposal group held for sale 36.9 13e. Gain on disposal 31 December 2021 \u00a3m Gross sales proceeds 508.1 Accrued sale proceeds less dividends received prior to disposal and costs to sell recharged from purchaser (7.4) Non-controlling interest share of sales proceeds (28.9) Total Admiral Group cash received (note 13c) 471.8 Costs to sell incurred by seller, out of proceeds (17.6) Proceeds to Admiral, net of minority interests and transaction costs 454.2 Assets held for sale (note 13d) (57.2) Non-controlling interest share of assets held for sale 6.6 Other adjustments 0.8 Gain on disposal of comparison entities held for sale 404.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-514": {
"value": "13. Discontinued Operations 13a. Accounting policy Disposal groups are classified as held for sale in accordance with IFRS 5 if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. A discontinued operation is a component of the business that has been disposed of or is classified as held for sale and represents a separate major line of business or is part of a single co-ordinated plan to dispose of such a line of business. The assets and liabilities of a disposal group classified as held for sale are presented separately from the other assets and liabilities in the Statement of Financial Position. The results of discontinued operations are presented separately in the Statement of Comprehensive Income. The result comprises the profit or loss after tax from discontinued operations and other comprehensive income attributable to discontinued operations . 13b. Description On the 29 December 2020, the Group announced that it had reached an agreement with ZPG Comparison Services Holdings UK Limited (\u201cRVU\u201d) that RVU would purchase the Penguin Portals Group (\u201cPenguin Portals\u201d, comprising online comparison portals Confused. com, Rastreator.com and LeLynx.fr and the Group\u2019s technology operation Admiral Technologies) and its 50% share of Preminen Price Comparison Holdings Limited (\u201cPreminen\u201d). MAPFRE would also sell its 25% holding in Rastreator and 50% holding in Preminen as part of the transaction. Management considered these entities to meet the definition of a disposal group as set out under IFRS 5 above. The disposal group is included within the \u201cDiscontinued (comparison)\u201d operating segment as stated in note 4. On the 30 April 2021, the Group announced that, following regulatory and competition authority approvals, RVU had completed the purchase of the Penguin Portals Group and acquired Admiral\u2019s 50% share of Preminen. MAPFRE also sold its 25% holding in Rastreator and 50% holding in Preminen to RVU. The total transaction value was settled in cash on completion. 13c. Financial performance and cash flow information Financial information relating to the discontinued operations for the financial year ending 31 December 2021 are presented below. The results for the financial year ending 31 December 2021 relates to the profit earned prior to completion on 30 April 2021, and the gain recognised on disposal. Gross \u00a3m Eliminations \u00a3m Net \u00a3m Revenue (Other Revenue) 67.2 (7.6) 59.6 Interest Income \u2013 \u2013 \u2013 Net Revenue 67.2 (7.6) 59.6 Operating expenses and share scheme charges (55.8) 7.6 (48.2) Operating profit 11.4 \u2013 11.4 Finance costs (0.1) \u2013 (0.1) Gain on disposal sale of Comparison entities held for sale 404.4 \u2013 404.4 Profit before tax from discontinued operations 415.7 \u2013 415.7 Taxation expense (2.3) \u2013 (2.3) Profit after tax from discontinued operations 413.4 \u2013 413.4 Due to the availability of certain tax reliefs on the gain of the comparison businesses sold, the effective tax rate for 2021 for discontinued operations is lower than the current standard corporate tax rate. Operating expenses and share scheme charges include \u00a30.5 million of share scheme expenses that are not included in the segmental result in note 4. The net cash flows incurred by the disposal group are as follows: 31 December 2021 \u00a3m Net cash inflow from operating activities 10.6 Net cash (outflow) from investing activities (0.2) Net cash (outflow) from financing activities (22.6) Net cash (outflow)/inflow from discontinued operations (12.2) 13. Discontinued Operations continued 13d. Assets disposed of Consideration received consisted of cash only and was received at the point of completion. The total consideration received by the Group in cash was \u00a3471.8 million. This excludes any costs incurred by the Group in relation to the sale. The total gain on disposal was \u00a3404.4 million. The carrying amount of assets and liabilities as at the date of sale (30 April 2021) are outlined below. All assets previously held for sale have been disposed of as at 31 December 2021 and as at 31 December 2022. Note 30 April 2021 \u00a3m Assets Property and equipment 11b 5.4 Intangible assets 11c 1.1 Deferred tax asset 10c 4.2 Trade and other receivables 41.9 Corporation tax asset 0.2 Cash and cash equivalents 41.3 Assets associated with disposal group held for sale 94.1 Liabilities Trade and other payables 33.3 Lease liabilities 3.6 Corporation tax liability \u2013 Liabilities directly associated with disposal group held for sale 36.9 13e. Gain on disposal 31 December 2021 \u00a3m Gross sales proceeds 508.1 Accrued sale proceeds less dividends received prior to disposal and costs to sell recharged from purchaser (7.4) Non-controlling interest share of sales proceeds (28.9) Total Admiral Group cash received (note 13c) 471.8 Costs to sell incurred by seller, out of proceeds (17.6) Proceeds to Admiral, net of minority interests and transaction costs 454.2 Assets held for sale (note 13d) (57.2) Non-controlling interest share of assets held for sale 6.6 Other adjustments 0.8 Gain on disposal of comparison entities held for sale 404.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-599": {
"value": "13a. Accounting policy Disposal groups are classified as held for sale in accordance with IFRS 5 if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. A discontinued operation is a component of the business that has been disposed of or is classified as held for sale and represents a separate major line of business or is part of a single co-ordinated plan to dispose of such a line of business. The assets and liabilities of a disposal group classified as held for sale are presented separately from the other assets and liabilities in the Statement of Financial Position. The results of discontinued operations are presented separately in the Statement of Comprehensive Income. The result comprises the profit or loss after tax from discontinued operations and other comprehensive income attributable to discontinued operations . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-582": {
"value": "13a. Accounting policy Disposal groups are classified as held for sale in accordance with IFRS 5 if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. A discontinued operation is a component of the business that has been disposed of or is classified as held for sale and represents a separate major line of business or is part of a single co-ordinated plan to dispose of such a line of business. The assets and liabilities of a disposal group classified as held for sale are presented separately from the other assets and liabilities in the Statement of Financial Position. The results of discontinued operations are presented separately in the Statement of Comprehensive Income. The result comprises the profit or loss after tax from discontinued operations and other comprehensive income attributable to discontinued operations . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-515": {
"value": "14. Reconciliations The following tables reconcile significant key performance indicators and non-GAAP measures included in the Strategic Report to items included in the financial statements. 14a. Reconciliation of continuing operations turnover to reported gross premiums written and other revenue as per the financial statements 31 December 2022 \u00a3m 31 December 2021 \u00a3m Gross premiums written after co-insurance per note 5b of financial statements 2,849.7 2,513.6 Premiums underwritten through co-insurance arrangements 393.4 585.1 Total premiums written 3,243.1 3,098.7 Other Revenue *1 318.8 314.8 Admiral Loans interest income 58.7 36.6 3,620.6 3,450.1 Other*2 60.0 57.2 Turnover as per note 4b of financial statements*1 3,680.6 3,507.3 Intra-group income elimination *3 0.3 0.2 Total turnover \u2013 continuing operations *1 3,680.9 3,507.5 *1 Continuing operations *2 Other reconciling items represent co-insurer and reinsurer shares of Other Revenue in the Group\u2019s Insurance businesses outside of UK Car Insurance *3 Intra-group income elimination relates to comparison income earned in the Group from other Group companies 14b. Reconciliation of claims incurred to reported loss ratios, excluding releases on commuted reinsurance December 2022 UK Motor \u00a3m UK Home \u00a3m Int. Ins \u00a3m Other \u00a3m Group \u00a3m Net insurance claims (note 5) 159.8 51.8 220.3 74.2 506.1 Deduct claims handling costs (12.0) (1.7) (14.3) (1.2) (29.2) Prior year release/strengthening \u2013 net original share 124.0 1.1 15.8 3.7 144.6 Prior year release/strengthening \u2013 commuted share 189.1 0.5 \u2013 \u2013 189.6 Impact of reinsurer caps \u2013 \u2013 (10.5) \u2013 (10.5) Impact of weather events \u2013 (17.8) \u2013 \u2013 (17.8) Attritional current period claims 460.9 33.9 211.3 76.7 782.8 Net insurance premium revenue 471.0 55.6 241.8 142.6 911.0 Loss ratio \u2013 current period attritional 97.8% 61.1% 87.4% \u2013 85.9% Loss ratio \u2013 current period weather events \u2013 32.0% \u2013 \u2013 2.0% Loss ratio \u2013 prior year release/strengthening (net original share) (26.3%) (1.9%) (6.5%) \u2013 (15.9%) Loss ratio \u2013 reported 71.5% 91.2% 80.9% \u2013 72.0% 14. Reconciliations continued December 2021 UK Motor \u00a3m UK Home \u00a3m Int. Ins \u00a3m Other \u00a3m Group \u00a3m Net insurance claims (note 5) 86.1 31.8 170.8 43.6 332.3 Deduct claims handling costs (12.1) (1.4) (8.9) (0.5) (22.9) Prior year release/strengthening \u2013 net original share 128.1 1.8 16.4 2.2 148.5 Prior year release/strengthening \u2013 commuted share 189.2 0.7 \u2013 \u2013 189.9 Impact of reinsurer caps \u2013 \u2013 1.0 \u2013 1.0 Impact of weather events \u2013 (1.1) \u2013 \u2013 (1.1) Attritional current period claims 391.3 31.8 179.3 45.3 647.7 Net insurance premium revenue 496.5 49.1 221.0 88.4 855.0 Loss ratio \u2013 current period attritional 78.8% 64.8% 81.1% \u2013 75.8% Loss ratio \u2013 current period weather events \u2013 2.2% \u2013 \u2013 0.1% Loss ratio \u2013 prior year release/strengthening (net original share) (25.8%) (3.7%) (7.4%) \u2013 (17.4%) Loss ratio \u2013 reported 53.0% 63.3% 73.7% \u2013 58.5% 14c. Reconciliation of expenses related to insurance contracts to reported expense ratios December 2022 UK Motor \u00a3m UK Home \u00a3m Int. Ins \u00a3m Other \u00a3m Group \u00a3m Net insurance expenses (note 9) 125.7 17.0 114.8 40.1 297.6 Claims handling costs 12.0 1.7 14.3 1.2 29.2 Intra-group expenses elimination *1 \u2013 \u2013 0.3 \u2013 0.3 Impact of co- and reinsurers recoveries *2 (35.6) \u2013 (21.7) \u2013 (57.3) Net IFRS 16 finance costs 0.4 \u2013 \u2013 \u2013 0.4 Adjusted net insurance expenses 102.5 18.7 107.7 41.3 270.2 Net insurance premium revenue 471.0 55.6 241.8 142.6 911.0 Expense ratio \u2013 reported 21.8% 33.5% 44.5% \u2013 29.7% December 2021 UK Motor \u00a3m UK Home \u00a3m Int. Ins \u00a3m Other \u00a3m Group \u00a3m Net insurance expenses (note 9) 136.7 17.9 91.3 16.8 262.7 Restructure Costs *3 (41.6) (4.4) \u2013 \u2013 (46.0) Claims handling costs 12.1 1.4 8.9 0.5 22.9 Intra-group expenses elimination *1 \u2013 \u2013 0.3 \u2013 0.3 Impact of reinsurer caps (10.1) \u2013 (1.7) \u2013 (11.8) Net IFRS 16 finance costs 0.5 \u2013 0.1 \u2013 0.6 Adjusted net insurance expenses 97.6 14.9 98.9 17.3 228.7 Net insurance premium revenue 496.5 49.1 221.0 88.4 855.0 Expense ratio \u2013 reported 19.7% 30.3% 44.8% \u2013 26.7% *1 The intra-group expenses elimination amount relates to aggregator fees charges by the Group\u2019s comparison business, Compare.com to other Group companies: given the re-presentation of other comparison businesses to discontinued operations, those expenses are now included in net insurance expenses in note 9, as acquisition costs *2 Impact of co- and reinsurers recoveries relates to the impact of reinsurer caps and ceding commissions *3 For the year ended 31 December 2021, restructure costs of \u00a38.0 million relate to ancillary costs. Total restructure costs incurred for the year ended 31 December 2021 within UK insurance are \u00a354.0 million ",
"dimensions": {
"concept": "admiralgroupplc:DisclosureOfReconciliations",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-8": {
"value": "Admiral Group plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800FGVM7Z9EJB2685",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}