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General information
Admiral Group plc is a public limited Company incorporated in England and Wales. Its registered office is at T\u0177 Admiral,
David\u00a0Street, Cardiff, CF10 2EH and its shares are listed on the London Stock Exchange. The nature of Admiral Group
operations and its principal activities are set out in the Business model section on page 6 onwards.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "Admiral Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "Admiral Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "public limited Company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "T\u0177 Admiral, David\u00a0Street, Cardiff, CF10 2EH", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
1. Basis of preparation
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\u00a0Company has elected to prepare its Parent Company financial statements in accordance with Financial Reporting
Standard 101 Reduced Disclosure Framework (\u2018FRS 101\u2019).
The accounting policies set out in the notes to the financial statements have, unless otherwise stated, been applied
consistently to\u00a0all 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\u00a0fair value through profit or loss or as fair value through other comprehensive income, and insurance and reinsurance
contract assets and liabilities which are measured at their fulfilment value in accordance with IFRS 17 Insurance Contracts.
The Group and Company financial statements are presented in pounds sterling, rounded to the nearest \u00a30.1 million.
Cashflows from operating activities before movements in investments comprise all cashflows arising from the Group\u2019s
insurance and reinsurance activities, and from loans and advances issued to customers. Cashflows from financing activities
include the cashflows 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\u00a0the 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\u00a0the 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\u00a0deficit balance.
The Group has securitised certain loans and advances to customers by the transfer of the loans to special purpose entities
(\u2018SPEs\u2019) 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. Further information is provided in note 6.
These SPEs are fully consolidated into the Group financial statements under IFRS 10 Consolidated Financial Statements,
as\u00a0the Group controls the entity in line with the above definition.
The Group has employee benefit trusts through which its employee share scheme obligations are settled. Prior to 2025,
new\u00a0shares were issued and transferred to the trusts to meet these obligations. During the year, the Group advanced a loan
to fund the market purchase of shares. This resulted in the Group obtaining control of the trusts and consequently
consolidating the trusts under IFRS 10 Consolidated Financial Statements.
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 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\u00a0the 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\u00a0change occurs. Further information regarding the Group\u2019s critical accounting judgements and
estimates is provided in note 2 to\u00a0the financial statements.
Going concern
The consolidated financial statements have been prepared on a going concern basis. In considering this requirement,
the\u00a0Directors have taken into account the following:
\u2022 The Group\u2019s profit projections, including:
\u2013 Changes in premium rates and projected policy volumes across the Group\u2019s insurance businesses
\u2013 Projected cost of settling claims across all of the Group\u2019s insurance businesses, including the impact of continuing,
albeit\u00a0reducing, high levels of inflation
\u2013 Projected trends in motor claims frequency
\u2013 Projected trends in other revenue generated by the Group\u2019s insurance business from fees and the sale of
ancillary\u00a0products
\u2013 Projected contributions to profit from businesses other than the UK Motor insurance business
\u2013 Expected trends in unemployment in the context of credit risks and the growth of the Group\u2019s consumer
lending\u00a0business
\u2022 The Group\u2019s solvency position, which continues to be closely monitored. The Group continues to maintain a strong
solvency position above target levels
\u2022 The adequacy of the Group\u2019s liquidity position after considering all the factors noted above
\u2022 The results of business plan scenarios and stress tests on the projected profitability, solvency and liquidity positions
including the\u00a0impact of severe downside scenarios that assume severe adverse economic, credit and trading stresses
\u2022 The regulatory environment, focusing on regulatory guidance issued by the FCA and the PRA in the UK and regular
communications between management and regulators
\u2022 A review of the Group\u2019s principal risks and uncertainties and the assessment of emerging risks, including economic
uncertainty, tariffs, trade negotiations, and cyber and climate-related risks.
Following consideration of all of the above, the Directors have reasonable expectation that the Group has adequate resources
to\u00a0continue 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 consolidated 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\u00a0cashflows, liquidity position and borrowing facilities are also described in the Strategic Report.
In addition, note 3 to the financial statements includes the Group\u2019s insurance and financial risk management objectives,
details of its financial instruments and its exposures to credit risk and liquidity risk; and its objectives, policies and processes
for managing its capital.
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 IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (effective 1 January
2025).
The application of the amendments listed above has not had a material impact on the Group\u2019s results, financial position
and\u00a0cashflows.
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 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures \u2013 Classification and
Measurement of Financial Instruments (effective 1 January 2026)
\u2022 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures \u2013 Contracts Referencing
Nature-dependent Electricity (effective 1 January 2026)
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 (effective 1 January 2026)
\u2022 IFRS 18: Presentation and Disclosure in Financial Statements (effective 1 January 2027)
\u2013 IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them
with\u00a0new requirements. The Group will apply the new standard from its mandatory effective date of 1 January 2027.
Even though IFRS 18\u00a0will not impact the recognition or measurement of items in the financial statements, it is anticipated
that the application of\u00a0these amendments may have an impact on the presentation group\u2019s consolidated financial
statements in future periods
\u2022 IFRS 19: Subsidiaries without Public Accountability: Disclosures and Amendments (effective 1 January 2027) \u2013
not yet endorsed in the UK
\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation
Currency (effective 1 January 2027) \u2013 not yet endorsed in the UK.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "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\u00a0Company has elected to prepare its Parent Company financial statements in accordance with Financial Reporting
Standard 101 Reduced Disclosure Framework (\u2018FRS 101\u2019).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "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\u00a0Company has elected to prepare its Parent Company financial statements in accordance with Financial Reporting
Standard 101 Reduced Disclosure Framework (\u2018FRS 101\u2019).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "Losses applicable
to\u00a0the 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\u00a0deficit balance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
Going concern
The consolidated financial statements have been prepared on a going concern basis. In considering this requirement,
the\u00a0Directors have taken into account the following:
\u2022 The Group\u2019s profit projections, including:
\u2013 Changes in premium rates and projected policy volumes across the Group\u2019s insurance businesses
\u2013 Projected cost of settling claims across all of the Group\u2019s insurance businesses, including the impact of continuing,
albeit\u00a0reducing, high levels of inflation
\u2013 Projected trends in motor claims frequency
\u2013 Projected trends in other revenue generated by the Group\u2019s insurance business from fees and the sale of
ancillary\u00a0products
\u2013 Projected contributions to profit from businesses other than the UK Motor insurance business
\u2013 Expected trends in unemployment in the context of credit risks and the growth of the Group\u2019s consumer
lending\u00a0business
\u2022 The Group\u2019s solvency position, which continues to be closely monitored. The Group continues to maintain a strong
solvency position above target levels
\u2022 The adequacy of the Group\u2019s liquidity position after considering all the factors noted above
\u2022 The results of business plan scenarios and stress tests on the projected profitability, solvency and liquidity positions
including the\u00a0impact of severe downside scenarios that assume severe adverse economic, credit and trading stresses
\u2022 The regulatory environment, focusing on regulatory guidance issued by the FCA and the PRA in the UK and regular
communications between management and regulators
\u2022 A review of the Group\u2019s principal risks and uncertainties and the assessment of emerging risks, including economic
uncertainty, tariffs, trade negotiations, and cyber and climate-related risks.
Following consideration of all of the above, the Directors have reasonable expectation that the Group has adequate resources
to\u00a0continue 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 consolidated 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\u00a0cashflows, liquidity position and borrowing facilities are also described in the Strategic Report.
In addition, note 3 to the financial statements includes the Group\u2019s insurance and financial risk management objectives,
details of its financial instruments and its exposures to credit risk and liquidity risk; and its objectives, policies and processes
for managing its capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "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 IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (effective 1 January
2025).
The application of the amendments listed above has not had a material impact on the Group\u2019s results, financial position
and\u00a0cashflows.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
2. Critical accounting judgements and estimates
2.1 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\u00a0the amounts recognised in the financial statements.
Premium allocation approach (\u2018PAA\u2019)
The Group applies the PAA to all of its insurance and reinsurance contracts.
The coverage period of insurance contracts is typically one year or less, including insurance contract services arising from
all\u00a0premiums within the contract boundary. The Group does not consider the existing products with more than 12 months
coverage to\u00a0be material. The Group\u2019s insurance contracts are therefore automatically eligible for the PAA.
However, the Group\u2019s reinsurance contracts are not automatically eligible for the PAA given that the coverage period is
greater than one year. The Group has modelled the expected cashflows and reasonably possible future scenarios for its
reinsurance contracts, and as a result expects that the measurement of the asset for remaining coverage for the group
containing those contracts under the PAA does not differ materially from the measurement that would be produced applying
the general model. Its reinsurance contracts are therefore eligible for the PAA.
The modelling of the cashflows associated with the Group\u2019s reinsurance contracts, and reasonably possible future
scenarios, is a key area of judgement that impacts the PAA eligibility assessment and the resulting measurement of
and\u00a0presentation of reinsurance contracts in these 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\u00a0reinsurance contracts (both excess of loss and quota share contracts) held by the Group have been assessed and it has
been concluded that all\u00a0contracts transfer significant insurance risk and have therefore been classified and accounted for
as\u00a0reinsurance contracts within these financial statements.
Unit of account: combination of insurance contracts and separation of distinct components
The lowest unit of account in IFRS 17 is the contract and there is a presumption that a contract with the legal form of a
single\u00a0contract would generally be considered a single contract in substance. However, there might be certain facts and
circumstances where legal form does not reflect the substance of the arrangement and separation of the contract is
required, or alternatively circumstances when contracts should be combined, such as when a set of insurance contracts
with the same or a related counterparty may achieve, or be designed to achieve, an overall commercial effect.
Overriding the legal contract to reflect substance is not a policy choice; it is a significant judgement requiring careful
consideration of all relevant facts and circumstances. The following considerations are deemed relevant in assessing
whether the contracts should be separated, or alternatively, combined:
\u2022 Whether there is interdependency between the different risks covered
\u2022 Whether components lapse together, and
\u2022 Whether components can be priced and sold separately.
In addition, any cashflows related to promises to transfer distinct goods or services, other than insurance contract services,
that are within the host insurance contract are separated and recognised by applying IFRS 15. In determining whether there
are\u00a0such distinct components, the following is considered:
\u2022 Whether the policyholder can benefit from the good or service on its own or together with other resources available
to\u00a0the\u00a0policyholder
\u2022 Whether the cashflows and risks associated with the good or services are highly interrelated with the cashflows and risks
associated with the insurance components in the contract
\u2022 Whether the Group provides a significant service in integrating the good or service with the insurance components.
After separating any such distinct components, IFRS 17 is applied to all remaining components of the (host) insurance
contract.
The Group has determined that, in applying these requirements to its insurance contracts:
\u2022 The individual insurance policies contained in a \u2018multi-cover policy\u2019 are treated as separate contracts, given that the
components can be priced and sold separately, there is little interdependency between the risks covered, and the
components can lapse separately
\u2022 The cashflows associated with administration fees (for changes to the underlying insurance policy), and instalment
income (being the additional fees payable by a policyholder associated with paying for an insurance contract over 12
months, rather than in one up-front payment), are non-distinct given that the policyholder cannot benefit from these
services separately and the services are highly interrelated with the core insurance policy. These cashflows are therefore
treated as insurance revenue under IFRS 17. However, for the component of the insurance policy that is underwritten
outside the Group by a third party insurer, the Group is\u00a0performing an agency service on behalf of the third party insurer,
and therefore this component is treated as a separate component of revenue and accounted for under IFRS 15
\u2022 The cashflows associated with ancillary or \u2019add on\u2019 products (which are sold within the same set of contracts as the core
product), are separated from the core product in cases where the policyholder can benefit from the product on its own,
and where the cashflows are not highly interrelated with the insurance components in the contract or the Group does not
provide a\u00a0significant service in integrating the products.
In addition, the Group\u2019s quota share reinsurance contracts contain profit commission arrangements. Under these
arrangements, there is a minimum guaranteed amount that the Group, as the policyholder, will always receive \u2013 either in
the\u00a0form of profit commission, or as claims, or another contractual payment irrespective of the insured event happening.
The\u00a0minimum guaranteed amounts have been assessed to be highly interrelated with the insurance component of the
reinsurance contacts and are, therefore, non-distinct investment components which are not accounted for separately.
Given\u00a0that the receipt and payment of\u00a0these non-distinct investment components do not relate to the provision of insurance
services, the amounts are excluded from the net reinsurance expenses in the Group\u2019s Income Statement (i.e. both ceded
reinsurance premiums and ceded recoveries are\u00a0presented net of the minimum guaranteed amount that the Group will
always receive).
Presentation of reinsurance \u2018funds withheld\u2019 contracts
The Group has a number of quota share reinsurance contracts that have funds withheld features, whereby the quota share
proportion of ceded premiums and related recoveries are retained by the Group, and settled on a net basis at commutation.
The\u00a0only initial cashflows during the coverage period are therefore the payment of any reinsurer margin.
Under IFRS 17, the reinsurance assets related to these funds withheld contracts are presented on a cashflow basis i.e. the
full proportional share of ceded premiums and recoveries is not presented in either the Income Statement or the Statement
of Financial Position.
Consolidation of the Group\u2019s special purpose entities (\u2018SPEs\u2019)
The Group has set up a number of SPEs in relation to the Loans businesses, whereby the Group securitises certain loans
by\u00a0the transfer of the loans to the respective SPEs. The securitisation enables a subsequent issue of debt by the SPEs to
investors who thereby 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 therefore been fully consolidated in the Group\u2019s financial statements.
2.2 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\u00a0discussed below.
Best estimate of future cashflows to fulfil insurance contracts
The ultimate cost of outstanding claims that have been incurred prior to the balance sheet date and that remain unsettled
at\u00a0the balance sheet date, for material lines of business, is estimated by internal actuarial teams using a range of standard
actuarial claims projection techniques, (such as incurred and paid chain ladder techniques, Bornhuetter-Ferguson methods
and initial expected assumptions) to allow an actuarial assessment of their potential outcome. This includes an allowance
for\u00a0unreported claims. The\u00a0projection of the overall claims reserve is subject to comparison against equivalent outputs
produced by an independent external actuarial specialist for material lines of business.
Claims are segmented into groups with similar characteristics and which are expected to develop and behave similarly,
for\u00a0example bodily injury (attritional and large) and damage claims, with specific projection methods selected for each
head\u00a0of damage. Key\u00a0sources of estimation uncertainty arise from both the selection of the projection methods and the
assumptions made in setting claims provisions.
Internal and external factors may affect the cost of settling claims in ways that wouldn\u2019t be allowed for by standard actuarial
techniques; where this occurs adjustments to the technique, assumptions or result may be applied. Examples of these factors
include:
\u2022 Changes in the reporting patterns of claims impacting the frequency of bodily injury and damage 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\u00a0costs
\u2022 Changes to the underlying process and methodologies employed in setting and reviewing case reserve estimates.
Additional qualitative judgement is used to assess the extent to which past trends may not apply in future (e.g., to reflect
one-off occurrences, changes in external or market factors such as public attitudes to claiming, economic conditions, levels
of claims inflation, judicial decisions and legislation, as well as internal factors such as portfolio mix, policy features and
claims handling procedures), in order to arrive at the estimated ultimate cost of claims that present the probability weighted
expected value outcome from the range of possible outcomes, taking account of all the uncertainties involved.
The Group also has the right to pursue third parties for payment of some or all costs. Estimates of salvage recoveries and
subrogation reimbursements are offset against ultimate claims costs. Other key circumstances affecting the reliability
of\u00a0assumptions include delays in settlement.
Outputs of the actuarial projections include ultimate average cost per claim and claim frequency by accident year, implied
claims inflation metrics and ultimate loss ratios and burn costs by accident year and underwriting year. These metrics are
reviewed and\u00a0challenged as part of the process for making allowance for the uncertainties noted.
The Group also provides a best estimate for remediation cost relating to UK Motor total loss claims settled in previous
periods and\u00a0related processes. Management exercise judgement in assessing which customers should be remediated
and\u00a0apply estimation techniques in deriving the remediation amounts included in these financial statements.
Refer to the analysis in note 5 to the financial statements for further detail on the methodology used to estimate future
cashflows to\u00a0fulfil insurance contracts.
Methods used to measure the risk adjustment for non-financial risk
The risk adjustment for non-financial risk is the compensation that is required for bearing the uncertainty about the amount
and timing of cashflows that arises from non-financial risk as the insurance contract is fulfilled. Because the risk adjustment
represents compensation for uncertainty, estimates are made on the degree of diversification benefits and expected
favourable and unfavourable outcomes in a way that reflects the Group\u2019s degree of risk aversion. The Group estimates
an\u00a0adjustment for non-financial risk separately from all other estimates.
Applying a confidence level technique (value at risk (\u2018VaR\u2019)) on an ultimate basis, the Group estimates the probability
distribution of\u00a0the present value of the future cashflows from insurance contracts at each reporting date and calculates
the\u00a0risk adjustment for\u00a0non-financial risk as the excess of the value at risk at the target confidence level over the expected
present value of the future cashflows. Factors included in the scenarios used to derive the risk adjustment distribution
include the impact of future claims inflation, Ogden shocks, and increases in claims costs due to regulatory decisions,
and\u00a0internal operational changes.
The Group\u2019s risk adjustment is set in a range between the 85th and 95th percentile, on a net of excess of loss reinsurance
basis. The level and estimate of risk adjustment required at the reporting date is made in a way that reflect the Group\u2019s
degree of risk aversion, taking into account both internal factors (such as data quality and trends; diversification across
portfolios) and external factors (such as inflation and the political environment) that are relevant at that point in time.
To determine the risk adjustment for non-financial risk for reinsurance contracts, the Group applies these techniques
both\u00a0gross and net of excess of loss reinsurance and derives the amount of risk being transferred to the reinsurer as the
difference between the two results. The net of excess of loss risk adjustment is allocated to quota share reinsurance
contracts on a proportional basis.
The risk adjustment is calculated at the issuing entity level. Diversification benefit is included across portfolios within the
entity, to\u00a0reflect the diversification in contracts sold across entities.
The risk adjustment is then allocated down to each portfolio of contracts within the entity using a spread VaR methodology
to\u00a0inform the allocation, to ensure coherence of the gross and excess of loss reinsurance results for risk adjustment across
the portfolios within an entity. Allocations of the risk adjustment to each underwriting year (annual cohort) of contracts within
a portfolio is performed manually, based on a systematic approach using management judgement. This typically involves
allocating a higher proportion of the risk adjustment to the more recent underwriting years that are less developed and
therefore more uncertain, compared to the proportion of risk adjustment allocated to older, more developed years.
Where a risk adjustment is required for the liability for remaining coverage due to facts and circumstances indicating that
contracts are onerous, this is derived using the risk adjustment for the earned portion of the reserves, adjusted for the
unearned claims reserves to reflect the difference in exposure/size of reserves and difference in drivers of risk in the
reserves.
Refer to the analysis in note 5 to the financial statements for further detail on the methods used in the period to measure
risk\u00a0adjustment for non-financial risk.
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
Money loan book in line with the requirements of IFRS 9. Due to the size of the loan book, the calculation of the ECL
is\u00a0deemed to be a\u00a0critical 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 (\u2018PD\u2019) in the base scenario for stage
1 and\u00a02 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.
Impact of climate-related risks on accounting judgements and estimates
Directors have assessed the impact of climate-related risks on the Group\u2019s Statement of Financial Position. Whilst there
is\u00a0inherent uncertainty in performing such an assessment, no material impact has been identified in respect of specific
judgements or estimates related to climate-related risks on valuations included within the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "2. Critical accounting judgements and estimates2.1 Critical accounting judgementsThe 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\u00a0the amounts recognised in the financial statements.Premium allocation approach (\u2018PAA\u2019)The Group applies the PAA to all of its insurance and reinsurance contracts. The coverage period of insurance contracts is typically one year or less, including insurance contract services arising from all\u00a0premiums within the contract boundary. The Group does not consider the existing products with more than 12 months coverage to\u00a0be material. The Group\u2019s insurance contracts are therefore automatically eligible for the PAA.However, the Group\u2019s reinsurance contracts are not automatically eligible for the PAA given that the coverage period is greater than one year. The Group has modelled the expected cashflows and reasonably possible future scenarios for its reinsurance contracts, and as a result expects that the measurement of the asset for remaining coverage for the group containing those contracts under the PAA does not differ materially from the measurement that would be produced applying the general model. Its reinsurance contracts are therefore eligible for the PAA. The modelling of the cashflows associated with the Group\u2019s reinsurance contracts, and reasonably possible future scenarios, is a key area of judgement that impacts the PAA eligibility assessment and the resulting measurement of and\u00a0presentation of reinsurance contracts in these financial statements.Classification of the Group\u2019s contracts with reinsurers as reinsurance contractsA 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\u00a0reinsurance contracts (both excess of loss and quota share contracts) held by the Group have been assessed and it has been concluded that all\u00a0contracts transfer significant insurance risk and have therefore been classified and accounted for as\u00a0reinsurance contracts within these financial statements. Unit of account: combination of insurance contracts and separation of distinct componentsThe lowest unit of account in IFRS 17 is the contract and there is a presumption that a contract with the legal form of a single\u00a0contract would generally be considered a single contract in substance. However, there might be certain facts and circumstances where legal form does not reflect the substance of the arrangement and separation of the contract is required, or alternatively circumstances when contracts should be combined, such as when a set of insurance contracts with the same or a related counterparty may achieve, or be designed to achieve, an overall commercial effect. Overriding the legal contract to reflect substance is not a policy choice; it is a significant judgement requiring careful consideration of all relevant facts and circumstances. The following considerations are deemed relevant in assessing whether the contracts should be separated, or alternatively, combined: \u2022 Whether there is interdependency between the different risks covered \u2022 Whether components lapse together, and \u2022 Whether components can be priced and sold separately. In addition, any cashflows related to promises to transfer distinct goods or services, other than insurance contract services, that are within the host insurance contract are separated and recognised by applying IFRS 15. In determining whether there are\u00a0such distinct components, the following is considered:\u2022 Whether the policyholder can benefit from the good or service on its own or together with other resources available to\u00a0the\u00a0policyholder\u2022 Whether the cashflows and risks associated with the good or services are highly interrelated with the cashflows and risks associated with the insurance components in the contract\u2022 Whether the Group provides a significant service in integrating the good or service with the insurance components. After separating any such distinct components, IFRS 17 is applied to all remaining components of the (host) insurance contract.The Group has determined that, in applying these requirements to its insurance contracts:\u2022 The individual insurance policies contained in a \u2018multi-cover policy\u2019 are treated as separate contracts, given that the components can be priced and sold separately, there is little interdependency between the risks covered, and the components can lapse separately \u2022 The cashflows associated with administration fees (for changes to the underlying insurance policy), and instalment income (being the additional fees payable by a policyholder associated with paying for an insurance contract over 12 months, rather than in one up-front payment), are non-distinct given that the policyholder cannot benefit from these services separately and the services are highly interrelated with the core insurance policy. These cashflows are therefore treated as insurance revenue under IFRS 17. However, for the component of the insurance policy that is underwritten outside the Group by a third party insurer, the Group is\u00a0performing an agency service on behalf of the third party insurer, and therefore this component is treated as a separate component of revenue and accounted for under IFRS 15\u2022 The cashflows associated with ancillary or \u2019add on\u2019 products (which are sold within the same set of contracts as the core product), are separated from the core product in cases where the policyholder can benefit from the product on its own, and where the cashflows are not highly interrelated with the insurance components in the contract or the Group does not provide a\u00a0significant service in integrating the products.In addition, the Group\u2019s quota share reinsurance contracts contain profit commission arrangements. Under these arrangements, there is a minimum guaranteed amount that the Group, as the policyholder, will always receive \u2013 either in the\u00a0form of profit commission, or as claims, or another contractual payment irrespective of the insured event happening. The\u00a0minimum guaranteed amounts have been assessed to be highly interrelated with the insurance component of the reinsurance contacts and are, therefore, non-distinct investment components which are not accounted for separately. Given\u00a0that the receipt and payment of\u00a0these non-distinct investment components do not relate to the provision of insurance services, the amounts are excluded from the net reinsurance expenses in the Group\u2019s Income Statement (i.e. both ceded reinsurance premiums and ceded recoveries are\u00a0presented net of the minimum guaranteed amount that the Group will always receive). Presentation of reinsurance \u2018funds withheld\u2019 contractsThe Group has a number of quota share reinsurance contracts that have funds withheld features, whereby the quota share proportion of ceded premiums and related recoveries are retained by the Group, and settled on a net basis at commutation. The\u00a0only initial cashflows during the coverage period are therefore the payment of any reinsurer margin.Under IFRS 17, the reinsurance assets related to these funds withheld contracts are presented on a cashflow basis i.e. the full proportional share of ceded premiums and recoveries is not presented in either the Income Statement or the Statement of Financial Position. Consolidation of the Group\u2019s special purpose entities (\u2018SPEs\u2019)The Group has set up a number of SPEs in relation to the Loans businesses, whereby the Group securitises certain loans by\u00a0the transfer of the loans to the respective SPEs. The securitisation enables a subsequent issue of debt by the SPEs to investors who thereby 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 therefore been fully consolidated in the Group\u2019s financial statements.2.2 Key sources of estimation uncertaintyThe 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\u00a0discussed below. Best estimate of future cashflows to fulfil insurance contractsThe ultimate cost of outstanding claims that have been incurred prior to the balance sheet date and that remain unsettled at\u00a0the balance sheet date, for material lines of business, is estimated by internal actuarial teams using a range of standard actuarial claims projection techniques, (such as incurred and paid chain ladder techniques, Bornhuetter-Ferguson methods and initial expected assumptions) to allow an actuarial assessment of their potential outcome. This includes an allowance for\u00a0unreported claims. The\u00a0projection of the overall claims reserve is subject to comparison against equivalent outputs produced by an independent external actuarial specialist for material lines of business.Claims are segmented into groups with similar characteristics and which are expected to develop and behave similarly, for\u00a0example bodily injury (attritional and large) and damage claims, with specific projection methods selected for each head\u00a0of damage. Key\u00a0sources of estimation uncertainty arise from both the selection of the projection methods and the assumptions made in setting claims provisions. Internal and external factors may affect the cost of settling claims in ways that wouldn\u2019t be allowed for by standard actuarial techniques; where this occurs adjustments to the technique, assumptions or result may be applied. Examples of these factors include:\u2022 Changes in the reporting patterns of claims impacting the frequency of bodily injury and damage 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\u00a0costs \u2022 Changes to the underlying process and methodologies employed in setting and reviewing case reserve estimates. Additional qualitative judgement is used to assess the extent to which past trends may not apply in future (e.g., to reflect one-off occurrences, changes in external or market factors such as public attitudes to claiming, economic conditions, levels of claims inflation, judicial decisions and legislation, as well as internal factors such as portfolio mix, policy features and claims handling procedures), in order to arrive at the estimated ultimate cost of claims that present the probability weighted expected value outcome from the range of possible outcomes, taking account of all the uncertainties involved.The Group also has the right to pursue third parties for payment of some or all costs. Estimates of salvage recoveries and subrogation reimbursements are offset against ultimate claims costs. Other key circumstances affecting the reliability of\u00a0assumptions include delays in settlement. Outputs of the actuarial projections include ultimate average cost per claim and claim frequency by accident year, implied claims inflation metrics and ultimate loss ratios and burn costs by accident year and underwriting year. These metrics are reviewed and\u00a0challenged as part of the process for making allowance for the uncertainties noted.The Group also provides a best estimate for remediation cost relating to UK Motor total loss claims settled in previous periods and\u00a0related processes. Management exercise judgement in assessing which customers should be remediated and\u00a0apply estimation techniques in deriving the remediation amounts included in these financial statements.Refer to the analysis in note 5 to the financial statements for further detail on the methodology used to estimate future cashflows to\u00a0fulfil insurance contracts.Methods used to measure the risk adjustment for non-financial riskThe risk adjustment for non-financial risk is the compensation that is required for bearing the uncertainty about the amount and timing of cashflows that arises from non-financial risk as the insurance contract is fulfilled. Because the risk adjustment represents compensation for uncertainty, estimates are made on the degree of diversification benefits and expected favourable and unfavourable outcomes in a way that reflects the Group\u2019s degree of risk aversion. The Group estimates an\u00a0adjustment for non-financial risk separately from all other estimates. Applying a confidence level technique (value at risk (\u2018VaR\u2019)) on an ultimate basis, the Group estimates the probability distribution of\u00a0the present value of the future cashflows from insurance contracts at each reporting date and calculates the\u00a0risk adjustment for\u00a0non-financial risk as the excess of the value at risk at the target confidence level over the expected present value of the future cashflows. Factors included in the scenarios used to derive the risk adjustment distribution include the impact of future claims inflation, Ogden shocks, and increases in claims costs due to regulatory decisions, and\u00a0internal operational changes.The Group\u2019s risk adjustment is set in a range between the 85th and 95th percentile, on a net of excess of loss reinsurance basis. The level and estimate of risk adjustment required at the reporting date is made in a way that reflect the Group\u2019s degree of risk aversion, taking into account both internal factors (such as data quality and trends; diversification across portfolios) and external factors (such as inflation and the political environment) that are relevant at that point in time.To determine the risk adjustment for non-financial risk for reinsurance contracts, the Group applies these techniques both\u00a0gross and net of excess of loss reinsurance and derives the amount of risk being transferred to the reinsurer as the difference between the two results. The net of excess of loss risk adjustment is allocated to quota share reinsurance contracts on a proportional basis. The risk adjustment is calculated at the issuing entity level. Diversification benefit is included across portfolios within the entity, to\u00a0reflect the diversification in contracts sold across entities. The risk adjustment is then allocated down to each portfolio of contracts within the entity using a spread VaR methodology to\u00a0inform the allocation, to ensure coherence of the gross and excess of loss reinsurance results for risk adjustment across the portfolios within an entity. Allocations of the risk adjustment to each underwriting year (annual cohort) of contracts within a portfolio is performed manually, based on a systematic approach using management judgement. This typically involves allocating a higher proportion of the risk adjustment to the more recent underwriting years that are less developed and therefore more uncertain, compared to the proportion of risk adjustment allocated to older, more developed years.Where a risk adjustment is required for the liability for remaining coverage due to facts and circumstances indicating that contracts are onerous, this is derived using the risk adjustment for the earned portion of the reserves, adjusted for the unearned claims reserves to reflect the difference in exposure/size of reserves and difference in drivers of risk in the reserves.Refer to the analysis in note 5 to the financial statements for further detail on the methods used in the period to measure risk\u00a0adjustment for non-financial risk.Calculation of expected credit loss provisionThe Group is required to calculate an expected credit loss (\u2018ECL\u2019) allowance in respect of the carrying value of the Admiral Money loan book in line with the requirements of IFRS 9. Due to the size of the loan book, the calculation of the ECL is\u00a0deemed to be a\u00a0critical 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 (\u2018PD\u2019) in the base scenario for stage 1 and\u00a02 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.Impact of climate-related risks on accounting judgements and estimatesDirectors have assessed the impact of climate-related risks on the Group\u2019s Statement of Financial Position. Whilst there is\u00a0inherent uncertainty in performing such an assessment, no material impact has been identified in respect of specific judgements or estimates related to climate-related risks on valuations included within the financial statements.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
3. Financial risk
The Group\u2019s activities expose it primarily to financial risk including insurance, reinsurance and reserve risk, credit risks and
wider market risks. The Board of Directors is ultimately responsible for the management of financial risks, although it has
delegated the\u00a0detailed oversight of supervising risk management and internal control to the Group Risk Committee.
There are several key elements to the risk management environment throughout the Group. These are detailed in full in the
Corporate Governance Statement.
The Group\u2019s primary business is the issuance of insurance contracts that transfer risk from policyholders to the Group and
its co-insurance partners. Primary risks arising from the issuance of insurance contracts include reserve risk; where claims
reserves may prove inadequate to cover the ultimate cost of claims which are by nature uncertain, and insurance risk; where
inappropriate premiums are charged for its insurance products leading to either insufficient premiums to cover claims costs
or uncompetitive rates resulting in reduced business volumes.
The Board has ultimate responsibility for the management of insurance risk, although as set out above, it has delegated the
detailed oversight of risk management to the Group Risk Committee. The Group 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 which monitor reserving risks. The Reserving Committees primarily recommend the
approach for claims reserving but also review the systems and controls in place to support accurate reserving and consider
material reserving issues such as large bodily injury claims frequency and severity, the impact of changes in the claims
systems and the external environment.
The Board implements certain policies to mitigate and control the level of risk accepted by the Group. These include pricing
policies and claims management and administration processes, in addition to reserving policies and entering into
reinsurance arrangements.
3.1. Reserve risk
Reserve risk arises from:
\u2022 The uncertain nature of claims, in particular the development of large bodily injury claims
\u2022 Unexpected future impact of socioeconomic trends or regulatory changes, for example changes to the Ogden
discount\u00a0rate
\u2022 Data issues and changes to the claims reporting process
\u2022 Failure to recognise claims trends in the market including a slow-down in the processing of recoveries and liabilities
with\u00a0third party insurers which increases the estimation risk of these amounts
\u2022 Changes in underwriting and business written so that past trends are not necessarily a predictor of the future.
Understatement of reserves may result in not being able to pay claims when they fall due. Alternatively, overstatement
of\u00a0reserves can lead to a surplus of funds being retained resulting in opportunity cost; for example, lost investment return
or\u00a0insufficient resource to pursue strategic projects and develop the business.
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\u00a0management information and exception reporting of significant movements
\u2022 Regular management and internal actuarial review of large claims, including claims settled or potentially settled by Periodic
Payment Orders (\u2018PPOs\u2019) for which the uncertainty is increased by factors such as the lifetime of the claimant and
movements in the indexation for\u00a0the cost of future care of the claimant
\u2022 Bi-annual external actuarial review of best estimate claims reserves using a variety of recognised actuarial techniques
\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 The application of a risk adjustment aligned with Group risk appetite.
As described in note 2, critical accounting judgements and estimates, the Group includes the risk adjustment for
non-financial risk within its measurement of insurance contracts and reinsurance contract assets, using a confidence level
technique, with the risk adjustment being set in a range between the 85th and 95th percentile, on a net of excess of loss
reinsurance basis. See note 3.4 for related sensitivity disclosures.
There have been no significant changes to the underlying methods to calibrate the reserve distribution during 2025,
compared with\u00a0the reserve risk modelling in 2024. There has been no significant change in the reserve risk distribution from
which the\u00a0percentile is selected in 2025, with a trend of a modestly narrowing distribution as a result of lower volatility seen
within the best estimate.
The reserves for the Group, including risk adjustment, at 31\u00a0December 2025 equated to a 95th percentile confidence level
position (2024:\u00a095th percentile) to the nearest whole percentile. The risk adjustment is reflective of the Group\u2019s risk appetite,
taking\u00a0into account an assessment of uncertainty, releases in the best estimate, inherent uncertainty in\u00a0bodily injury claims,
and regulatory decisions along with an assessment of other external and internal factors.
3.2. Pricing risk
As noted above, the Group defines pricing 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. Pricing risk is considered within Insurance risk within the Group\u2019s
principal risks and uncertainties.
Key processes and controls operating to mitigate pricing risk are as follows:
\u2022 Experienced and focused senior management and teams in relevant business areas including pricing and
claims\u00a0management
\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.
3.3. Reinsurance risk
Reinsurance risk is the risk of placement of ineffective reinsurance arrangements, or the economic risk of reduced
availability of\u00a0reinsurance arrangements in future periods.
The Group mitigates these risks by ensuring that it has a diverse range of financially secure reinsurance partners, including
a\u00a0long-term relationship with Munich Re and a number of other large reinsurers.
The Group purchases reinsurance as part of its risk mitigation programme. Reinsurance held is placed on both an excess
of\u00a0loss basis, designed to protect the Group against very large individual claims and catastrophe losses, and a proportional
basis i.e. quota share reinsurance which is taken out to reduce the overall exposure of the Group to its insurance contracts.
Amounts recoverable from reinsurers are estimated in a manner consistent with underlying insurance contract liabilities and
in\u00a0accordance with the reinsurance contract terms. Although the Group has reinsurance arrangements, it is not relieved of
its\u00a0direct obligations to its policyholders and thus a credit exposure exists with respect to reinsurance held, to the extent
that any reinsurer is\u00a0unable to meet its obligations.
Information regarding reinsurance credit risk is provided in note 3.5.
3.4. Sensitivity analysis
The following sensitivity analysis shows the impact on profit for reasonably possible movements in key assumptions with
all\u00a0other assumptions held constant. The correlation of assumptions will have a significant effect in determining the ultimate
impacts, but to demonstrate the impact due to changes in each assumption, assumptions have been changed on an
individual basis. It should be noted that movements in these assumptions are non-linear.
The sensitivities are shown for UK Motor only, being the line of business where such sensitivities could have a material
impact at a Group level. The sensitivities are shown on a gross and net of quota share reinsurance basis to illustrate the
impacts on shareholder profit and equity before and after risk mitigation from quota share reinsurance. The sensitivities
(both gross and net) include the impacts of movements in co-insurance profit commission, given that underwriting year
loss\u00a0ratios including risk adjustment, are a direct input to the calculation of profit commission.
Refer to note 8 to these financial statements for the accounting policy for co-insurance profit commission.
Risk adjustment
At a group level, the risk adjustment confidence level is equivalent to the 95th percentile (31\u00a0December 2024: 95th
percentile). The sensitivities below reflect the impact on profit before tax and equity as at the end of 2025 for changes in the
selection of the UK Motor risk adjustment confidence level at 31\u00a0December 2025, with all other assumptions remaining
unchanged.
2025
Impact on profit
before tax gross of
reinsurance
\u00a3m
Impact on profit
before tax net of
reinsurance
\u00a3m
Impact on
equity gross of
reinsurance
\u00a3m
Impact on
equity net of
reinsurance
\u00a3m
Risk adjustment decrease to 90th percentile
93.3
75.9
77.2
62.2
Risk adjustment decrease to 85th percentile
170.9
138.3
141.2
113.3
Undiscounted loss ratios, including risk adjustment
The sensitivities reflect the impact on profit before tax in 2025 and equity as at the end of 2025, of a change in the booked
loss ratios for individual underwriting years (\u2018UWY\u2019) as at 31\u00a0December 2025, with all other assumptions remaining unchanged.
UWY 2022 impact
on:
UWY 2023 impact
on:
UWY 2024 impact
on:
UWY 2025 impact
on:
\u00a3m1
PBT
Equity
PBT
Equity
PBT
Equity
PBT
Equity
Increase of 1%: gross of reinsurance
(17.8)
(14.4)
(24.8)
(20.5)
(33.6)
(27.7)
(13.9)
(11.8)
Increase of 5%: gross of reinsurance
(89.0)
(72.0)
(124.1)
(102.4)
(168.0)
(138.6)
(69.7)
(58.8)
Increase of 10%: gross of reinsurance
(177.9)
(144.0)
(247.5)
(204.3)
(331.6)
(273.9)
(139.4)
(117.7)
Decrease of 1%: gross of reinsurance
17.8
14.4
24.8
20.5
33.6
27.7
13.9
11.8
Decrease of 5%: gross of reinsurance
88.4
71.6
118.8
98.5
168.0
138.6
73.7
61.8
Decrease of 10%: gross of reinsurance
169.5
137.7
238.7
197.7
336.0
277.2
158.9
132.3
Increase of 1%: net of reinsurance
(11.0)
(8.6)
(24.8)
(20.5)
(33.6)
(27.7)
(6.0)
(5.0)
Increase of 5%: net of reinsurance
(54.7)
(42.9)
(124.1)
(102.4)
(168.0)
(138.6)
(30.2)
(24.9)
Increase of 10%: net of reinsurance
(109.4)
(85.8)
(241.2)
(199.0)
(331.6)
(273.9)
(55.6)
(45.7)
Decrease of 1%: net of reinsurance
10.9
8.5
24.8
20.5
33.6
27.7
6.0
5.0
Decrease of 5%: net of reinsurance
61.8
49.0
118.8
98.5
168.0
138.6
40.2
33.1
Decrease of 10%: net of reinsurance
123.9
99.0
238.7
197.7
336.0
277.2
119.9
98.8
1\u2018Booked\u2019 loss ratios are undiscounted underwriting year loss ratios, including risk adjustment.
The sensitivities below reflect the impact on co-insurance profit commission within profit before tax in 2025, of a change
in\u00a0in the booked loss ratios for individual underwriting years (UWY) as at 31\u00a0December 2025.
\u00a3m
UWY 2022
UWY 2023
UWY 2024
UWY 2025
Increase of 1%: gross of reinsurance
(3.6)
(5.0)
(6.8)
\u2014
Increase of 5%: gross of reinsurance
(18.2)
(25.1)
(34.0)
\u2014
Increase of 10%: gross of reinsurance
(36.4)
(49.6)
(63.6)
\u2014
Decrease of 1%: gross of reinsurance
3.6
5.0
6.8
\u2014
Decrease of 5%: gross of reinsurance
17.7
19.9
34.0
4.0
Decrease of 10%: gross of reinsurance
28.0
40.8
68.0
19.5
3.5. Credit risk
The Group defines credit risk as the risk of financial loss if another party, with whom the Group has contracted, fails to
perform or\u00a0meet 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 other 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 2025 and historically, no material credit losses have been experienced by the Group.
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 Group primarily invests in the following asset types:
\u2022 Debt securities are held within segregated mandates and investment funds. This includes corporate, government and
private debt as well as asset backed securities. The investment guidelines ensure management of credit risk. Generally,
the duration of\u00a0the securities is relatively short and similar to the duration of the on-book claims liabilities
\u2022 Equity securities including private equity and infrastructure equity are held within diversified funds
\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 held with well-rated institutions and which are short in duration (under three years). These are classified as held
at\u00a0amortised cost.
The detailed holdings are reviewed regularly by the Investment Committee.
Reinsurance assets
To mitigate the risk arising from exposure to reinsurers (in the form of reinsurance recoveries), the Group only conducts
business with companies of appropriate financial strength ratings. In addition, many reinsurance contracts are operated on
a\u00a0funds withheld basis, which substantially reduces credit risk, as the Group retains the cash received from policyholders.
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.
The\u00a0Group manages risks through a comprehensive framework of key risk indicators (\u2018KRIs\u2019). These indicators are regularly
monitored and reviewed to ensure effective risk identification, measurement, and control. See note 7 for further information.
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\u00a0all counterparties prior to them being accepted.
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.
Credit exposure and quality analysis
The table below provides information regarding the credit risk exposure of the Group.
31 December 2025
AAA
AA
A
BBB and
Sub-BBB
Not rated
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial investments classified as FVTPL
Money market and other funds
926.5
256.4
80.6
35.2
147.5
1,446.2
Equity investments (designated FVTPL)
\u2013
\u2013
\u2013
\u2013
39.3
39.3
Derivative financial instruments
\u2013
\u2013
\u2013
\u2013
1.5
1.5
Financial investments classified as FVOCI
Corporate and private debt securities
650.4
154.0
1,161.0
587.3
128.8
2,681.5
Government debt securities
58.5
924.7
40.2
2.7
\u2013
1,026.1
Financial assets measured at amortised
cost
Deposits with credit institutions
\u2013
\u2013
57.9
\u2013
\u2013
57.9
Total financial investments
1,635.4
1,335.1
1,339.7
625.2
317.1
5,252.5
Cash and cash equivalents
\u2013
0.2
285.0
15.9
\u2013
301.1
Reinsurance contract assets
\u2013
848.4
231.8
0.3
\u2013
1,080.5
Other receivables
\u2013
\u2013
\u2013
\u2013
148.4
148.4
Loans and advances to customers (note 7)2
\u2013
\u2013
\u2013
\u2013
1,628.7
1,628.7
Total exposure
1,635.4
2,183.7
1,856.5
641.4
2,094.2
8,411.2
31 December 2024
AAA
AA
A
BBB and
Sub-BBB
Not rated
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial investments measured at FVTPL
Money market and other funds1
870.5
258.4
59.9
27.4
160.3
1,376.5
Equity investments (designated FVTPL)
\u2013
\u2013
\u2013
\u2013
46.9
46.9
Derivative financial instruments
\u2013
\u2013
\u2013
\u2013
(2.4)
(2.4)
Financial investments classified as FVOCI
Corporate and private debt securities
631.7
202.4
1,072.0
513.5
143.6
2,563.2
Government debt securities
53.4
711.1
5.1
2.6
\u2013
772.2
Financial assets measured at amortised
cost
Deposits with credit institutions
\u2013
\u2013
81.7
10.0
\u2013
91.7
Total financial investments
1,555.6
1,171.9
1,218.7
553.5
348.4
4,848.1
Cash and cash equivalents
\u2013
12.7
288.7
12.0
0.2
313.6
Reinsurance contract assets
114.0
681.5
192.9
0.2
\u2013
988.6
Other receivables
\u2013
\u2013
\u2013
\u2013
110.4
110.4
Loans and advances to customers (note 7)2
\u2013
\u2013
\u2013
\u2013
1,106.9
1,106.9
Total exposure
1,669.6
1,866.1
1,700.3
565.7
1,565.9
7,367.6
1Money market and other funds have been represented to use fund-level ratings rather than a look-through approach, better reflecting
credit risk exposure and aligning with industry practice.
2Loans and advances to customers are assets generated within the Group and hence not externally rated. See note 7 for management\u2019s
internal assessment of credit risk.
Not rated corporate and private debt represents debt securities without a public rating. For these investments, credit
analysis is undertaken by Admiral\u2019s asset managers, whose credit processes are reviewed by Admiral. Based on the asset
managers\u2019 rating methodologies, scoring tools from external rating agencies and historical data, Admiral estimates that
approximately 38% or \u00a3103.2 million (2024: 39% or \u00a3116.1 million) of these investments are equivalent to investment grade
(BBB- / Baa3 and above) and 62% or \u00a3169.5 million (2024: 61% or \u00a3182.3 million) is sub-investment grade. A watchlist is
maintained across rated and not rated exposure to determine credit deterioration. Typical exposure stems from real estate
debt, infrastructure debt, corporate loans and other assets.
There were no significant financial assets that were past due at the close of either 2025 or 2024.
3.6. Market risk
The Group\u2019s activities expose it primarily to market risks of credit spread, interest rate, liquidity and currency risk.
The\u00a0detailed oversight of supervising risk management and internal control has been delegated 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, as well as advising on liquidity funding and foreign exchange management.
3.6.1. Credit spread risk
Spread risk is the risk of losses arising from changes in the spread between corporate bond yields and the risk-free yield
curve. These losses may not be realised as bonds are typically held to maturity.
Sensitivity to credit spread risk
The impact on equity of 100 and 200 basis point increases in credit spreads on financial investments and cash at the
relevant valuation date, is as follows:
31 December
2025
31 December
2024
\u00a3m
\u00a3m
Reduction in equity \u2013 100bps
(55.4)
(50.6)
Reduction in equity \u2013 200bps
(108.3)
(99.0)
The impact on the Income Statement from movements in credit spreads at the valuation date is immaterial.
No sensitivity analysis has been presented in relation to the impact on insurance liabilities and reinsurance assets in respect
of changes in credit spreads, as it has been assumed that there is no direct impact on the illiquidity premium as a result of
a\u00a0movement in credit spreads.
Also see note 7 for further information on sensitivity in respect of credit risk in relation to loans and advances to customers.
3.6.2. 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.
Interest rate risk on financial instruments arises primarily from the Group\u2019s investments in debt securities. These investments
are\u00a0exposed to the risk of adverse changes in fair values or future cashflows because of changes in market interest rates.
Money market funds and other funds, and private debt are not materially affected by interest rate movements. As at
31\u00a0December 2025, debt securities of \u00a3715.8 million are floating rate and \u00a32,991.8 million are fixed rate.
In addition, the value of insurance contract liabilities and reinsurance contracts assets recognised within the financial
statements are impacted by changes in interest rates, given that these are discounted using a risk-free interest rate,
plus\u00a0illiquidity premium.
The Group manages interest rate risk by closely matching, where possible, the durations of insurance contracts with fixed
and guaranteed terms and the supporting financial assets. The Group monitors its interest rate risk exposure through
periodic reviews of asset and liability positions. Additionally, estimates of cashflows and the impact of interest rate
fluctuations are modelled and reviewed every six months.
Loans and advances to customers
The Group\u2019s consumer loan portfolio consists of fixed rate loans, which are funded at a floating variable rate. The Group has
interest rate swap arrangements in place to eliminate the majority of the interest rate risk variability in the cashflows payable
on the loan backed securities.
Hedge accounting
Hedge accounting is applied when the criteria specified in IFRS 9 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 holds a financial liability in the form of a \u00a3250.0 million subordinated loan note with a ten year maturity and fixed
rate coupon of 8.5% with a redemption date of 6 January 2034. This liability is recorded at amortised cost and therefore
neither the\u00a0carrying 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\u00a0amortised\u00a0cost.
Sensitivity to interest rate risk
The impact on equity arising from the impact of 100 basis point and 200 basis point increases and decreases in interest
rates on insurance contract liabilities and reinsurance contract assets as at 31\u00a0December 2025, is as follows:
2025
2024
Impact on equity
gross of reinsurance
\u00a3m
Impact on equity net
of reinsurance
\u00a3m
Impact on equity
gross of reinsurance
\u00a3m
Impact on equity net
of reinsurance
\u00a3m
Increase of 100 basis points
61.5
58.3
60.8
58.3
Decrease of 100 basis points
(68.8)
(65.4)
(69.7)
(67.1)
Increase of 200 basis points
117.3
111.1
115.1
110.3
Decrease of 200 basis points
(147.7)
(140.8)
(152.2)
(146.9)
The impact on profit before tax of a 100 basis and 200 basis point move is not material.
The impact on equity arising from the impact of 100 basis point and 200 basis point increases and decreases in interest
rates on investments and cash as at 31\u00a0December 2025, is as follows:
2025
2024
Impact on equity
\u00a3m
Impact on equity
\u00a3m
Increase of 100 basis points
(97.4)
(83.4)
Decrease of 100 basis points
105.6
90.4
Increase of 200 basis points
(187.8)
(161.0)
Decrease of 200 basis points
221.1
189.2
Admiral invests in fixed and floating rate securities. Investment income on floating rate securities increases with changes
in\u00a0interest rates, where as the market value of fixed rate securities is negatively correlated with changes in interest rates.
Admiral\u2019s Money market and other funds and private debt are predominantly floating rate securities, whereas corporate and
government debt are mostly fixed rate securities.
Changes in interest rates as at 31 December 2025 have no material impact on profit before tax (refer to Appendix 2 for the
impact on profit before tax arising from the impact of 100 and 200 basis point increases and decreases in interest rates
during 2025).
The changes impact equity as follows:
Equity
\u2022 Changes in the fair value of fixed-rate financial assets measured at FVOCI
\u2022 Insurance finance income and expenses recognised in OCI as a result of discounting future cashflows at a revised current
rate
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.
3.6.3. 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\u00a0obligations 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.
Further, as noted above, a significant portion of insurance funds are invested in investment funds with same day liquidity,
meaning\u00a0that a large proportion of the Group\u2019s cash and investments are readily available.
Insurance and reinsurance contracts
The following table analyses the undiscounted, best estimate cashflows of the Group\u2019s claims liabilities under its insurance
and reinsurance contracts, which reflects the dates on which the cashflows are expected to occur. Liabilities and assets
for\u00a0remaining coverage are excluded from this analysis.
Insurance contract liabilities
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
31 December 2025
UK Motor
860.3
532.9
445.6
320.2
199.0
759.6
UK Other Personal lines
181.4
51.0
22.2
9.0
3.7
0.7
European insurance
289.2
123.9
68.5
41.0
27.7
108.7
31 December 2024
UK Motor
747.5
421.6
330.7
256.2
181.3
840.0
UK Other Personal lines
142.3
32.4
11.5
4.6
1.4
0.2
European insurance
237.6
99.3
54.4
32.4
23.0
128.2
Reinsurance contract assets
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
31 December 2025
UK Motor
32.1
19.0
20.9
61.9
15.7
138.4
UK Other Personal lines
160.8
27.3
11.0
5.2
2.6
1.1
European insurance
245.3
89.5
49.2
28.5
19.1
74.3
31 December 2024
UK Motor
27.0
14.1
14.1
17.7
59.3
153.5
UK Other Personal lines
125.9
21.3
7.3
4.6
2.0
0.7
European insurance
226.5
68.6
39.6
24.4
16.3
94.6
Financial liabilities
31 December 2025
<1 year
1-3 years
3-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities
Subordinated notes1
21.3
42.5
42.5
324.4
Loan backed securities
391.1
593.4
341.4
191.7
Other borrowings
200.3
\u2013
\u2013
\u2013
Trade and other payables2
110.6
2.6
4.5
3.7
Lease liabilities1
8.9
16.2
12.6
46.7
Total financial liabilities
732.2
654.7
401.0
566.5
31 December 2024
<1 year
1-3 years
3-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities
Subordinated notes1
21.3
42.5
42.5
345.6
Loan backed securities3
318.0
456.8
219.0
56.9
Other borrowings
117.4
\u2013
\u2013
\u2013
Trade and other payables2
79.5
0.2
3.1
3.6
Lease liabilities1
7.2
14.6
11.2
51.9
Total financial liabilities
543.4
514.1
275.8
458.0
1Maturity analysis has been performed on a cash-settled basis.
2Trade and other payables as at 31\u00a0December 2025 exclude deferred income, accruals and other tax and social security of \u00a395.8 million
(2024: \u00a388.9 million).
3Loan backed securities have been restated for 31 December 2024 to include forecast interest.
A breakdown of the Group\u2019s other borrowings, trade payables and other payables is shown in note 11. The majority of trade
and\u00a0other payables will mature within three to six months of the balance sheet date.
Financial assets
The following table analyses the carrying value of financial investments and cash and cash equivalents by contractual
maturity, which can fund the repayment of liabilities as they crystallise, as well as the Group\u2019s other financial assets
recognised under IFRS 9. The Group has disclosed a maturity analysis for financial assets that it holds as part of managing
liquidity risk because it considers that this information is necessary to enable users of financial statements to evaluate the
nature and extent of its liquidity risk.
31 December 2025
<1 year
1-3 years
3-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial investments
Money market and other funds
1,210.5
29.2
63.5
143.0
Derivative financial instruments
(1.4)
(4.9)
\u2013
0.1
Deposits with credit institutions
57.9
\u2013
\u2013
\u2013
Debt securities
656.2
1,265.8
850.2
935.4
Total financial investments
1,923.2
1,290.1
913.7
1,078.5
Cash and cash equivalents
301.1
\u2013
\u2013
\u2013
Total financial investments and cash
2,224.3
1,290.1
913.7
1,078.5
Insurance, trade and other receivables1
199.0
\u2013
\u2013
\u2013
Loans and advances to customers
374.6
661.8
388.8
203.5
Total financial assets
2,797.9
1,951.9
1,302.5
1,282.0
31 December 2024
<1 year
1-3 years
3-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial investments
Money market and other funds
1,237.9
31.0
67.6
40.0
Derivative financial instruments
(2.2)
0.4
(0.4)
(0.2)
Deposits with credit institutions
91.7
\u2013
\u2013
\u2013
Debt securities
390.5
1,155.5
955.4
834.0
Total financial investments
1,717.9
1,186.9
1,022.6
873.8
Cash and cash equivalents
313.6
\u2013
\u2013
\u2013
Total financial investments and cash
2,031.5
1,186.9
1,022.6
873.8
Insurance, trade and other receivables1
146.7
\u2013
\u2013
\u2013
Loans and advances to customers
265.5
533.7
263.6
44.1
Total financial assets
2,443.7
1,720.6
1,286.2
917.9
1Trade and other receivables as at 31\u00a0December 2025 exclude contract assets of \u00a313.5 million (2024: \u00a314.8 million)
The Group\u2019s Directors believe that the cashflows arising from these assets will be consistent with this profile. Liquidity risk
is\u00a0not, therefore, considered to be significant.
3.6.4. Foreign exchange risk
Foreign exchange risk arises from unfavourable movements in foreign exchange rates that could adversely impact the
valuation of\u00a0overseas assets and liabilities.
The Group is exposed to foreign exchange risk mainly through its operations overseas. Although the relative size of the
European operations means that the risks are relatively small, increasingly volatile foreign exchange rates could result
in\u00a0larger 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.
Beyond the overseas operations, the Group is exposed to foreign exchange risk arising through investments denominated
in\u00a0dollars and euros within its UK subsidiaries. The Group mitigates the risk through the application of derivative positions
resulting in an immaterial exposure.
The Group\u2019s exposure to net assets and profits in currencies other than the reporting currency is immaterial other than
for\u00a0euros.\u00a0The Group\u2019s exposure to net assets held in euros was \u00a3163.9 million (2024: \u00a3123.4 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 \u00a30.7 million (2024: \u00a32.9 million).
3.7. Concentration of risk
The Directors do not believe there are significant concentrations of insurance risk and/or reserve risk. This is because the
risks are spread across a large number of policies across a wide regional base. The European Insurance, UK Household,
UK\u00a0Travel and UK Pet businesses further contribute to the diversification of the Group\u2019s insurance risk.
The Group\u2019s placement of reinsurance is diversified such that it is neither dependent on a single reinsurer nor are the
operations of\u00a0the Group substantially dependent upon any single reinsurance contract.
The tables in note 5f(i) show the concentration of net insurance contract liabilities by product type and geographic area.
As seen in the notes above, there is no significant concentration of market or credit risk given that investments are
diversified.
3.8. 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\u00a0addition 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\u00a0co-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\u00a0horizon)
\u2022 An additional contingency to cover unforeseen events and losses that could realistically arise. This risk appetite buffer
is\u00a0assessed 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 50% above the regulatory SCR.
The Group\u2019s current dividend policy is to pay a normal dividend equal to 65% of post-tax profits, and a special dividend
calculated with reference to distributable reserves and surplus capital held above the risk appetite buffer.
The Group\u2019s dividend policy from mid-2026, subject to regulatory approval, will be to:
\u2022 Pay a normal dividend equal to 65% of post-tax profits for the period
\u2022 Pay either a special dividend or buy back and cancel shares to the value of surplus economic capital available at the
dividend calculation date (with reference to distributable reserves at the calculation date).
Surplus economic capital is calculated at the dividend valuation date and is defined as available capital, less capital
requirements, less risk appetite buffer, less any further buffer determined by the Board at the appropriate time.\u00a0
The change in policy, which follows a review during the year, including consultation of the Group\u2019s largest shareholders,
gives the Directors flexibility in managing the Group\u2019s capital. Current risk appetite is consistent with\u00a0the prior period.
As noted above, the Group\u2019s regulatory capital position is calculated under the Solvency II Framework. The SCR is based
on\u00a0the 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 (\u2018PPO\u2019) 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\u00a0regulatory approval, is 193% (2024: 203%). This includes the recognition of the 2025 final dividend of 90.0 pence per
share (2024:\u00a0121.0\u00a0pence per share).
The Group\u2019s 2025 Solvency and Financial Condition Report (\u2018SFCR\u2019) 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 185%, with the reconciliation between this ratio
and the 193% noted above being as follows:
31 December
2025
31 December
2024
\u00a3m
\u00a3m
Regulatory solvency ratio (estimated and unaudited)
Solvency ratio as reported above
193%
203%
Change in valuation date1
(11%)
(9%)
Other (including impact of updated, unapproved capital add-on)
3%
4%
Solvency ratio to be reported ('SFCR')
185%
198%
1The solvency ratio reported above includes additional own funds generated post year-end up to the date of this report.
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 Parent Company in the form of dividends on
a\u00a0regular basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
3.4. Sensitivity analysis
The following sensitivity analysis shows the impact on profit for reasonably possible movements in key assumptions with
all\u00a0other assumptions held constant. The correlation of assumptions will have a significant effect in determining the ultimate
impacts, but to demonstrate the impact due to changes in each assumption, assumptions have been changed on an
individual basis. It should be noted that movements in these assumptions are non-linear.
The sensitivities are shown for UK Motor only, being the line of business where such sensitivities could have a material
impact at a Group level. The sensitivities are shown on a gross and net of quota share reinsurance basis to illustrate the
impacts on shareholder profit and equity before and after risk mitigation from quota share reinsurance. The sensitivities
(both gross and net) include the impacts of movements in co-insurance profit commission, given that underwriting year
loss\u00a0ratios including risk adjustment, are a direct input to the calculation of profit commission.
Refer to note 8 to these financial statements for the accounting policy for co-insurance profit commission.
Risk adjustment
At a group level, the risk adjustment confidence level is equivalent to the 95th percentile (31\u00a0December 2024: 95th
percentile). The sensitivities below reflect the impact on profit before tax and equity as at the end of 2025 for changes in the
selection of the UK Motor risk adjustment confidence level at 31\u00a0December 2025, with all other assumptions remaining
unchanged.
2025
Impact on profit
before tax gross of
reinsurance
\u00a3m
Impact on profit
before tax net of
reinsurance
\u00a3m
Impact on
equity gross of
reinsurance
\u00a3m
Impact on
equity net of
reinsurance
\u00a3m
Risk adjustment decrease to 90th percentile
93.3
75.9
77.2
62.2
Risk adjustment decrease to 85th percentile
170.9
138.3
141.2
113.3
Undiscounted loss ratios, including risk adjustment
The sensitivities reflect the impact on profit before tax in 2025 and equity as at the end of 2025, of a change in the booked
loss ratios for individual underwriting years (\u2018UWY\u2019) as at 31\u00a0December 2025, with all other assumptions remaining unchanged.
UWY 2022 impact
on:
UWY 2023 impact
on:
UWY 2024 impact
on:
UWY 2025 impact
on:
\u00a3m1
PBT
Equity
PBT
Equity
PBT
Equity
PBT
Equity
Increase of 1%: gross of reinsurance
(17.8)
(14.4)
(24.8)
(20.5)
(33.6)
(27.7)
(13.9)
(11.8)
Increase of 5%: gross of reinsurance
(89.0)
(72.0)
(124.1)
(102.4)
(168.0)
(138.6)
(69.7)
(58.8)
Increase of 10%: gross of reinsurance
(177.9)
(144.0)
(247.5)
(204.3)
(331.6)
(273.9)
(139.4)
(117.7)
Decrease of 1%: gross of reinsurance
17.8
14.4
24.8
20.5
33.6
27.7
13.9
11.8
Decrease of 5%: gross of reinsurance
88.4
71.6
118.8
98.5
168.0
138.6
73.7
61.8
Decrease of 10%: gross of reinsurance
169.5
137.7
238.7
197.7
336.0
277.2
158.9
132.3
Increase of 1%: net of reinsurance
(11.0)
(8.6)
(24.8)
(20.5)
(33.6)
(27.7)
(6.0)
(5.0)
Increase of 5%: net of reinsurance
(54.7)
(42.9)
(124.1)
(102.4)
(168.0)
(138.6)
(30.2)
(24.9)
Increase of 10%: net of reinsurance
(109.4)
(85.8)
(241.2)
(199.0)
(331.6)
(273.9)
(55.6)
(45.7)
Decrease of 1%: net of reinsurance
10.9
8.5
24.8
20.5
33.6
27.7
6.0
5.0
Decrease of 5%: net of reinsurance
61.8
49.0
118.8
98.5
168.0
138.6
40.2
33.1
Decrease of 10%: net of reinsurance
123.9
99.0
238.7
197.7
336.0
277.2
119.9
98.8
1\u2018Booked\u2019 loss ratios are undiscounted underwriting year loss ratios, including risk adjustment.
The sensitivities below reflect the impact on co-insurance profit commission within profit before tax in 2025, of a change
in\u00a0in the booked loss ratios for individual underwriting years (UWY) as at 31\u00a0December 2025.
\u00a3m
UWY 2022
UWY 2023
UWY 2024
UWY 2025
Increase of 1%: gross of reinsurance
(3.6)
(5.0)
(6.8)
\u2014
Increase of 5%: gross of reinsurance
(18.2)
(25.1)
(34.0)
\u2014
Increase of 10%: gross of reinsurance
(36.4)
(49.6)
(63.6)
\u2014
Decrease of 1%: gross of reinsurance
3.6
5.0
6.8
\u2014
Decrease of 5%: gross of reinsurance
17.7
19.9
34.0
4.0
Decrease of 10%: gross of reinsurance
28.0
40.8
68.0
19.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisToChangesInRiskExposuresThatAriseFromContractsWithinScopeOfIFRS17Explanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
3.5. Credit risk
The Group defines credit risk as the risk of financial loss if another party, with whom the Group has contracted, fails to
perform or\u00a0meet 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 other 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 2025 and historically, no material credit losses have been experienced by the Group.
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 Group primarily invests in the following asset types:
\u2022 Debt securities are held within segregated mandates and investment funds. This includes corporate, government and
private debt as well as asset backed securities. The investment guidelines ensure management of credit risk. Generally,
the duration of\u00a0the securities is relatively short and similar to the duration of the on-book claims liabilities
\u2022 Equity securities including private equity and infrastructure equity are held within diversified funds
\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 held with well-rated institutions and which are short in duration (under three years). These are classified as held
at\u00a0amortised cost.
The detailed holdings are reviewed regularly by the Investment Committee.
Reinsurance assets
To mitigate the risk arising from exposure to reinsurers (in the form of reinsurance recoveries), the Group only conducts
business with companies of appropriate financial strength ratings. In addition, many reinsurance contracts are operated on
a\u00a0funds withheld basis, which substantially reduces credit risk, as the Group retains the cash received from policyholders.
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.
The\u00a0Group manages risks through a comprehensive framework of key risk indicators (\u2018KRIs\u2019). These indicators are regularly
monitored and reviewed to ensure effective risk identification, measurement, and control. See note 7 for further information.
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\u00a0all counterparties prior to them being accepted.
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.
Credit exposure and quality analysis
The table below provides information regarding the credit risk exposure of the Group.
31 December 2025
AAA
AA
A
BBB and
Sub-BBB
Not rated
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial investments classified as FVTPL
Money market and other funds
926.5
256.4
80.6
35.2
147.5
1,446.2
Equity investments (designated FVTPL)
\u2013
\u2013
\u2013
\u2013
39.3
39.3
Derivative financial instruments
\u2013
\u2013
\u2013
\u2013
1.5
1.5
Financial investments classified as FVOCI
Corporate and private debt securities
650.4
154.0
1,161.0
587.3
128.8
2,681.5
Government debt securities
58.5
924.7
40.2
2.7
\u2013
1,026.1
Financial assets measured at amortised
cost
Deposits with credit institutions
\u2013
\u2013
57.9
\u2013
\u2013
57.9
Total financial investments
1,635.4
1,335.1
1,339.7
625.2
317.1
5,252.5
Cash and cash equivalents
\u2013
0.2
285.0
15.9
\u2013
301.1
Reinsurance contract assets
\u2013
848.4
231.8
0.3
\u2013
1,080.5
Other receivables
\u2013
\u2013
\u2013
\u2013
148.4
148.4
Loans and advances to customers (note 7)2
\u2013
\u2013
\u2013
\u2013
1,628.7
1,628.7
Total exposure
1,635.4
2,183.7
1,856.5
641.4
2,094.2
8,411.2
31 December 2024
AAA
AA
A
BBB and
Sub-BBB
Not rated
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial investments measured at FVTPL
Money market and other funds1
870.5
258.4
59.9
27.4
160.3
1,376.5
Equity investments (designated FVTPL)
\u2013
\u2013
\u2013
\u2013
46.9
46.9
Derivative financial instruments
\u2013
\u2013
\u2013
\u2013
(2.4)
(2.4)
Financial investments classified as FVOCI
Corporate and private debt securities
631.7
202.4
1,072.0
513.5
143.6
2,563.2
Government debt securities
53.4
711.1
5.1
2.6
\u2013
772.2
Financial assets measured at amortised
cost
Deposits with credit institutions
\u2013
\u2013
81.7
10.0
\u2013
91.7
Total financial investments
1,555.6
1,171.9
1,218.7
553.5
348.4
4,848.1
Cash and cash equivalents
\u2013
12.7
288.7
12.0
0.2
313.6
Reinsurance contract assets
114.0
681.5
192.9
0.2
\u2013
988.6
Other receivables
\u2013
\u2013
\u2013
\u2013
110.4
110.4
Loans and advances to customers (note 7)2
\u2013
\u2013
\u2013
\u2013
1,106.9
1,106.9
Total exposure
1,669.6
1,866.1
1,700.3
565.7
1,565.9
7,367.6
1Money market and other funds have been represented to use fund-level ratings rather than a look-through approach, better reflecting
credit risk exposure and aligning with industry practice.
2Loans and advances to customers are assets generated within the Group and hence not externally rated. See note 7 for management\u2019s
internal assessment of credit risk.
Not rated corporate and private debt represents debt securities without a public rating. For these investments, credit
analysis is undertaken by Admiral\u2019s asset managers, whose credit processes are reviewed by Admiral. Based on the asset
managers\u2019 rating methodologies, scoring tools from external rating agencies and historical data, Admiral estimates that
approximately 38% or \u00a3103.2 million (2024: 39% or \u00a3116.1 million) of these investments are equivalent to investment grade
(BBB- / Baa3 and above) and 62% or \u00a3169.5 million (2024: 61% or \u00a3182.3 million) is sub-investment grade. A watchlist is
maintained across rated and not rated exposure to determine credit deterioration. Typical exposure stems from real estate
debt, infrastructure debt, corporate loans and other assets.
There were no significant financial assets that were past due at the close of either 2025 or 2024.
3.6.1. Credit spread risk
Spread risk is the risk of losses arising from changes in the spread between corporate bond yields and the risk-free yield
curve. These losses may not be realised as bonds are typically held to maturity.
Sensitivity to credit spread risk
The impact on equity of 100 and 200 basis point increases in credit spreads on financial investments and cash at the
relevant valuation date, is as follows:
31 December
2025
31 December
2024
\u00a3m
\u00a3m
Reduction in equity \u2013 100bps
(55.4)
(50.6)
Reduction in equity \u2013 200bps
(108.3)
(99.0)
The impact on the Income Statement from movements in credit spreads at the valuation date is immaterial.
No sensitivity analysis has been presented in relation to the impact on insurance liabilities and reinsurance assets in respect
of changes in credit spreads, as it has been assumed that there is no direct impact on the illiquidity premium as a result of
a\u00a0movement in credit spreads.
Also see note 7 for further information on sensitivity in respect of credit risk in relation to loans and advances to customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
3.6. Market risk
The Group\u2019s activities expose it primarily to market risks of credit spread, interest rate, liquidity and currency risk.
The\u00a0detailed oversight of supervising risk management and internal control has been delegated 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, as well as advising on liquidity funding and foreign exchange management.
3.6.1. Credit spread risk
Spread risk is the risk of losses arising from changes in the spread between corporate bond yields and the risk-free yield
curve. These losses may not be realised as bonds are typically held to maturity.
Sensitivity to credit spread risk
The impact on equity of 100 and 200 basis point increases in credit spreads on financial investments and cash at the
relevant valuation date, is as follows:
31 December
2025
31 December
2024
\u00a3m
\u00a3m
Reduction in equity \u2013 100bps
(55.4)
(50.6)
Reduction in equity \u2013 200bps
(108.3)
(99.0)
The impact on the Income Statement from movements in credit spreads at the valuation date is immaterial.
No sensitivity analysis has been presented in relation to the impact on insurance liabilities and reinsurance assets in respect
of changes in credit spreads, as it has been assumed that there is no direct impact on the illiquidity premium as a result of
a\u00a0movement in credit spreads.
Also see note 7 for further information on sensitivity in respect of credit risk in relation to loans and advances to customers.
3.6.2. 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.
Interest rate risk on financial instruments arises primarily from the Group\u2019s investments in debt securities. These investments
are\u00a0exposed to the risk of adverse changes in fair values or future cashflows because of changes in market interest rates.
Money market funds and other funds, and private debt are not materially affected by interest rate movements. As at
31\u00a0December 2025, debt securities of \u00a3715.8 million are floating rate and \u00a32,991.8 million are fixed rate.
In addition, the value of insurance contract liabilities and reinsurance contracts assets recognised within the financial
statements are impacted by changes in interest rates, given that these are discounted using a risk-free interest rate,
plus\u00a0illiquidity premium.
The Group manages interest rate risk by closely matching, where possible, the durations of insurance contracts with fixed
and guaranteed terms and the supporting financial assets. The Group monitors its interest rate risk exposure through
periodic reviews of asset and liability positions. Additionally, estimates of cashflows and the impact of interest rate
fluctuations are modelled and reviewed every six months.
Loans and advances to customers
The Group\u2019s consumer loan portfolio consists of fixed rate loans, which are funded at a floating variable rate. The Group has
interest rate swap arrangements in place to eliminate the majority of the interest rate risk variability in the cashflows payable
on the loan backed securities.
Hedge accounting
Hedge accounting is applied when the criteria specified in IFRS 9 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 holds a financial liability in the form of a \u00a3250.0 million subordinated loan note with a ten year maturity and fixed
rate coupon of 8.5% with a redemption date of 6 January 2034. This liability is recorded at amortised cost and therefore
neither the\u00a0carrying 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\u00a0amortised\u00a0cost.
Sensitivity to interest rate risk
The impact on equity arising from the impact of 100 basis point and 200 basis point increases and decreases in interest
rates on insurance contract liabilities and reinsurance contract assets as at 31\u00a0December 2025, is as follows:
2025
2024
Impact on equity
gross of reinsurance
\u00a3m
Impact on equity net
of reinsurance
\u00a3m
Impact on equity
gross of reinsurance
\u00a3m
Impact on equity net
of reinsurance
\u00a3m
Increase of 100 basis points
61.5
58.3
60.8
58.3
Decrease of 100 basis points
(68.8)
(65.4)
(69.7)
(67.1)
Increase of 200 basis points
117.3
111.1
115.1
110.3
Decrease of 200 basis points
(147.7)
(140.8)
(152.2)
(146.9)
The impact on profit before tax of a 100 basis and 200 basis point move is not material.
The impact on equity arising from the impact of 100 basis point and 200 basis point increases and decreases in interest
rates on investments and cash as at 31\u00a0December 2025, is as follows:
2025
2024
Impact on equity
\u00a3m
Impact on equity
\u00a3m
Increase of 100 basis points
(97.4)
(83.4)
Decrease of 100 basis points
105.6
90.4
Increase of 200 basis points
(187.8)
(161.0)
Decrease of 200 basis points
221.1
189.2
Admiral invests in fixed and floating rate securities. Investment income on floating rate securities increases with changes
in\u00a0interest rates, where as the market value of fixed rate securities is negatively correlated with changes in interest rates.
Admiral\u2019s Money market and other funds and private debt are predominantly floating rate securities, whereas corporate and
government debt are mostly fixed rate securities.
Changes in interest rates as at 31 December 2025 have no material impact on profit before tax (refer to Appendix 2 for the
impact on profit before tax arising from the impact of 100 and 200 basis point increases and decreases in interest rates
during 2025).
The changes impact equity as follows:
Equity
\u2022 Changes in the fair value of fixed-rate financial assets measured at FVOCI
\u2022 Insurance finance income and expenses recognised in OCI as a result of discounting future cashflows at a revised current
rate
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.
3.6.3. 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\u00a0obligations 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.
Further, as noted above, a significant portion of insurance funds are invested in investment funds with same day liquidity,
meaning\u00a0that a large proportion of the Group\u2019s cash and investments are readily available.
Insurance and reinsurance contracts
The following table analyses the undiscounted, best estimate cashflows of the Group\u2019s claims liabilities under its insurance
and reinsurance contracts, which reflects the dates on which the cashflows are expected to occur. Liabilities and assets
for\u00a0remaining coverage are excluded from this analysis.
Insurance contract liabilities
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
31 December 2025
UK Motor
860.3
532.9
445.6
320.2
199.0
759.6
UK Other Personal lines
181.4
51.0
22.2
9.0
3.7
0.7
European insurance
289.2
123.9
68.5
41.0
27.7
108.7
31 December 2024
UK Motor
747.5
421.6
330.7
256.2
181.3
840.0
UK Other Personal lines
142.3
32.4
11.5
4.6
1.4
0.2
European insurance
237.6
99.3
54.4
32.4
23.0
128.2
Reinsurance contract assets
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
31 December 2025
UK Motor
32.1
19.0
20.9
61.9
15.7
138.4
UK Other Personal lines
160.8
27.3
11.0
5.2
2.6
1.1
European insurance
245.3
89.5
49.2
28.5
19.1
74.3
31 December 2024
UK Motor
27.0
14.1
14.1
17.7
59.3
153.5
UK Other Personal lines
125.9
21.3
7.3
4.6
2.0
0.7
European insurance
226.5
68.6
39.6
24.4
16.3
94.6
Financial liabilities
31 December 2025
<1 year
1-3 years
3-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities
Subordinated notes1
21.3
42.5
42.5
324.4
Loan backed securities
391.1
593.4
341.4
191.7
Other borrowings
200.3
\u2013
\u2013
\u2013
Trade and other payables2
110.6
2.6
4.5
3.7
Lease liabilities1
8.9
16.2
12.6
46.7
Total financial liabilities
732.2
654.7
401.0
566.5
31 December 2024
<1 year
1-3 years
3-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities
Subordinated notes1
21.3
42.5
42.5
345.6
Loan backed securities3
318.0
456.8
219.0
56.9
Other borrowings
117.4
\u2013
\u2013
\u2013
Trade and other payables2
79.5
0.2
3.1
3.6
Lease liabilities1
7.2
14.6
11.2
51.9
Total financial liabilities
543.4
514.1
275.8
458.0
1Maturity analysis has been performed on a cash-settled basis.
2Trade and other payables as at 31\u00a0December 2025 exclude deferred income, accruals and other tax and social security of \u00a395.8 million
(2024: \u00a388.9 million).
3Loan backed securities have been restated for 31 December 2024 to include forecast interest.
A breakdown of the Group\u2019s other borrowings, trade payables and other payables is shown in note 11. The majority of trade
and\u00a0other payables will mature within three to six months of the balance sheet date.
Financial assets
The following table analyses the carrying value of financial investments and cash and cash equivalents by contractual
maturity, which can fund the repayment of liabilities as they crystallise, as well as the Group\u2019s other financial assets
recognised under IFRS 9. The Group has disclosed a maturity analysis for financial assets that it holds as part of managing
liquidity risk because it considers that this information is necessary to enable users of financial statements to evaluate the
nature and extent of its liquidity risk.
31 December 2025
<1 year
1-3 years
3-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial investments
Money market and other funds
1,210.5
29.2
63.5
143.0
Derivative financial instruments
(1.4)
(4.9)
\u2013
0.1
Deposits with credit institutions
57.9
\u2013
\u2013
\u2013
Debt securities
656.2
1,265.8
850.2
935.4
Total financial investments
1,923.2
1,290.1
913.7
1,078.5
Cash and cash equivalents
301.1
\u2013
\u2013
\u2013
Total financial investments and cash
2,224.3
1,290.1
913.7
1,078.5
Insurance, trade and other receivables1
199.0
\u2013
\u2013
\u2013
Loans and advances to customers
374.6
661.8
388.8
203.5
Total financial assets
2,797.9
1,951.9
1,302.5
1,282.0
31 December 2024
<1 year
1-3 years
3-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial investments
Money market and other funds
1,237.9
31.0
67.6
40.0
Derivative financial instruments
(2.2)
0.4
(0.4)
(0.2)
Deposits with credit institutions
91.7
\u2013
\u2013
\u2013
Debt securities
390.5
1,155.5
955.4
834.0
Total financial investments
1,717.9
1,186.9
1,022.6
873.8
Cash and cash equivalents
313.6
\u2013
\u2013
\u2013
Total financial investments and cash
2,031.5
1,186.9
1,022.6
873.8
Insurance, trade and other receivables1
146.7
\u2013
\u2013
\u2013
Loans and advances to customers
265.5
533.7
263.6
44.1
Total financial assets
2,443.7
1,720.6
1,286.2
917.9
1Trade and other receivables as at 31\u00a0December 2025 exclude contract assets of \u00a313.5 million (2024: \u00a314.8 million)
The Group\u2019s Directors believe that the cashflows arising from these assets will be consistent with this profile. Liquidity risk
is\u00a0not, therefore, considered to be significant.
3.6.4. Foreign exchange risk
Foreign exchange risk arises from unfavourable movements in foreign exchange rates that could adversely impact the
valuation of\u00a0overseas assets and liabilities.
The Group is exposed to foreign exchange risk mainly through its operations overseas. Although the relative size of the
European operations means that the risks are relatively small, increasingly volatile foreign exchange rates could result
in\u00a0larger 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.
Beyond the overseas operations, the Group is exposed to foreign exchange risk arising through investments denominated
in\u00a0dollars and euros within its UK subsidiaries. The Group mitigates the risk through the application of derivative positions
resulting in an immaterial exposure.
The Group\u2019s exposure to net assets and profits in currencies other than the reporting currency is immaterial other than
for\u00a0euros.\u00a0The Group\u2019s exposure to net assets held in euros was \u00a3163.9 million (2024: \u00a3123.4 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 \u00a30.7 million (2024: \u00a32.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
Hedge accounting
Hedge accounting is applied when the criteria specified in IFRS 9 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
Hedge accounting
Hedge accounting is applied when the criteria specified in IFRS 9 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
Hedge accounting
Hedge accounting is applied when the criteria specified in IFRS 9 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
Sensitivity to interest rate risk
The impact on equity arising from the impact of 100 basis point and 200 basis point increases and decreases in interest
rates on insurance contract liabilities and reinsurance contract assets as at 31\u00a0December 2025, is as follows:
2025
2024
Impact on equity
gross of reinsurance
\u00a3m
Impact on equity net
of reinsurance
\u00a3m
Impact on equity
gross of reinsurance
\u00a3m
Impact on equity net
of reinsurance
\u00a3m
Increase of 100 basis points
61.5
58.3
60.8
58.3
Decrease of 100 basis points
(68.8)
(65.4)
(69.7)
(67.1)
Increase of 200 basis points
117.3
111.1
115.1
110.3
Decrease of 200 basis points
(147.7)
(140.8)
(152.2)
(146.9)
The impact on profit before tax of a 100 basis and 200 basis point move is not material.
The impact on equity arising from the impact of 100 basis point and 200 basis point increases and decreases in interest
rates on investments and cash as at 31\u00a0December 2025, is as follows:
2025
2024
Impact on equity
\u00a3m
Impact on equity
\u00a3m
Increase of 100 basis points
(97.4)
(83.4)
Decrease of 100 basis points
105.6
90.4
Increase of 200 basis points
(187.8)
(161.0)
Decrease of 200 basis points
221.1
189.2
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
3.6.3. 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\u00a0obligations 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.
Further, as noted above, a significant portion of insurance funds are invested in investment funds with same day liquidity,
meaning\u00a0that a large proportion of the Group\u2019s cash and investments are readily available.
Insurance and reinsurance contracts
The following table analyses the undiscounted, best estimate cashflows of the Group\u2019s claims liabilities under its insurance
and reinsurance contracts, which reflects the dates on which the cashflows are expected to occur. Liabilities and assets
for\u00a0remaining coverage are excluded from this analysis.
Insurance contract liabilities
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
31 December 2025
UK Motor
860.3
532.9
445.6
320.2
199.0
759.6
UK Other Personal lines
181.4
51.0
22.2
9.0
3.7
0.7
European insurance
289.2
123.9
68.5
41.0
27.7
108.7
31 December 2024
UK Motor
747.5
421.6
330.7
256.2
181.3
840.0
UK Other Personal lines
142.3
32.4
11.5
4.6
1.4
0.2
European insurance
237.6
99.3
54.4
32.4
23.0
128.2
Reinsurance contract assets
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
31 December 2025
UK Motor
32.1
19.0
20.9
61.9
15.7
138.4
UK Other Personal lines
160.8
27.3
11.0
5.2
2.6
1.1
European insurance
245.3
89.5
49.2
28.5
19.1
74.3
31 December 2024
UK Motor
27.0
14.1
14.1
17.7
59.3
153.5
UK Other Personal lines
125.9
21.3
7.3
4.6
2.0
0.7
European insurance
226.5
68.6
39.6
24.4
16.3
94.6
Financial liabilities
31 December 2025
<1 year
1-3 years
3-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities
Subordinated notes1
21.3
42.5
42.5
324.4
Loan backed securities
391.1
593.4
341.4
191.7
Other borrowings
200.3
\u2013
\u2013
\u2013
Trade and other payables2
110.6
2.6
4.5
3.7
Lease liabilities1
8.9
16.2
12.6
46.7
Total financial liabilities
732.2
654.7
401.0
566.5
31 December 2024
<1 year
1-3 years
3-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities
Subordinated notes1
21.3
42.5
42.5
345.6
Loan backed securities3
318.0
456.8
219.0
56.9
Other borrowings
117.4
\u2013
\u2013
\u2013
Trade and other payables2
79.5
0.2
3.1
3.6
Lease liabilities1
7.2
14.6
11.2
51.9
Total financial liabilities
543.4
514.1
275.8
458.0
1Maturity analysis has been performed on a cash-settled basis.
2Trade and other payables as at 31\u00a0December 2025 exclude deferred income, accruals and other tax and social security of \u00a395.8 million
(2024: \u00a388.9 million).
3Loan backed securities have been restated for 31 December 2024 to include forecast interest.
A breakdown of the Group\u2019s other borrowings, trade payables and other payables is shown in note 11. The majority of trade
and\u00a0other payables will mature within three to six months of the balance sheet date.
Financial assets
The following table analyses the carrying value of financial investments and cash and cash equivalents by contractual
maturity, which can fund the repayment of liabilities as they crystallise, as well as the Group\u2019s other financial assets
recognised under IFRS 9. The Group has disclosed a maturity analysis for financial assets that it holds as part of managing
liquidity risk because it considers that this information is necessary to enable users of financial statements to evaluate the
nature and extent of its liquidity risk.
31 December 2025
<1 year
1-3 years
3-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial investments
Money market and other funds
1,210.5
29.2
63.5
143.0
Derivative financial instruments
(1.4)
(4.9)
\u2013
0.1
Deposits with credit institutions
57.9
\u2013
\u2013
\u2013
Debt securities
656.2
1,265.8
850.2
935.4
Total financial investments
1,923.2
1,290.1
913.7
1,078.5
Cash and cash equivalents
301.1
\u2013
\u2013
\u2013
Total financial investments and cash
2,224.3
1,290.1
913.7
1,078.5
Insurance, trade and other receivables1
199.0
\u2013
\u2013
\u2013
Loans and advances to customers
374.6
661.8
388.8
203.5
Total financial assets
2,797.9
1,951.9
1,302.5
1,282.0
31 December 2024
<1 year
1-3 years
3-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial investments
Money market and other funds
1,237.9
31.0
67.6
40.0
Derivative financial instruments
(2.2)
0.4
(0.4)
(0.2)
Deposits with credit institutions
91.7
\u2013
\u2013
\u2013
Debt securities
390.5
1,155.5
955.4
834.0
Total financial investments
1,717.9
1,186.9
1,022.6
873.8
Cash and cash equivalents
313.6
\u2013
\u2013
\u2013
Total financial investments and cash
2,031.5
1,186.9
1,022.6
873.8
Insurance, trade and other receivables1
146.7
\u2013
\u2013
\u2013
Loans and advances to customers
265.5
533.7
263.6
44.1
Total financial assets
2,443.7
1,720.6
1,286.2
917.9
1Trade and other receivables as at 31\u00a0December 2025 exclude contract assets of \u00a313.5 million (2024: \u00a314.8 million)
The Group\u2019s Directors believe that the cashflows arising from these assets will be consistent with this profile. Liquidity risk
is\u00a0not, therefore, considered to be significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
Insurance contract liabilities
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
31 December 2025
UK Motor
860.3
532.9
445.6
320.2
199.0
759.6
UK Other Personal lines
181.4
51.0
22.2
9.0
3.7
0.7
European insurance
289.2
123.9
68.5
41.0
27.7
108.7
31 December 2024
UK Motor
747.5
421.6
330.7
256.2
181.3
840.0
UK Other Personal lines
142.3
32.4
11.5
4.6
1.4
0.2
European insurance
237.6
99.3
54.4
32.4
23.0
128.2
Reinsurance contract assets
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
31 December 2025
UK Motor
32.1
19.0
20.9
61.9
15.7
138.4
UK Other Personal lines
160.8
27.3
11.0
5.2
2.6
1.1
European insurance
245.3
89.5
49.2
28.5
19.1
74.3
31 December 2024
UK Motor
27.0
14.1
14.1
17.7
59.3
153.5
UK Other Personal lines
125.9
21.3
7.3
4.6
2.0
0.7
European insurance
226.5
68.6
39.6
24.4
16.3
94.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisForLiquidityRiskThatArisesFromContractsWithinScopeOfIFRS17Explanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
Financial assets
The following table analyses the carrying value of financial investments and cash and cash equivalents by contractual
maturity, which can fund the repayment of liabilities as they crystallise, as well as the Group\u2019s other financial assets
recognised under IFRS 9. The Group has disclosed a maturity analysis for financial assets that it holds as part of managing
liquidity risk because it considers that this information is necessary to enable users of financial statements to evaluate the
nature and extent of its liquidity risk.
31 December 2025
<1 year
1-3 years
3-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial investments
Money market and other funds
1,210.5
29.2
63.5
143.0
Derivative financial instruments
(1.4)
(4.9)
\u2013
0.1
Deposits with credit institutions
57.9
\u2013
\u2013
\u2013
Debt securities
656.2
1,265.8
850.2
935.4
Total financial investments
1,923.2
1,290.1
913.7
1,078.5
Cash and cash equivalents
301.1
\u2013
\u2013
\u2013
Total financial investments and cash
2,224.3
1,290.1
913.7
1,078.5
Insurance, trade and other receivables1
199.0
\u2013
\u2013
\u2013
Loans and advances to customers
374.6
661.8
388.8
203.5
Total financial assets
2,797.9
1,951.9
1,302.5
1,282.0
31 December 2024
<1 year
1-3 years
3-5 years
>5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial investments
Money market and other funds
1,237.9
31.0
67.6
40.0
Derivative financial instruments
(2.2)
0.4
(0.4)
(0.2)
Deposits with credit institutions
91.7
\u2013
\u2013
\u2013
Debt securities
390.5
1,155.5
955.4
834.0
Total financial investments
1,717.9
1,186.9
1,022.6
873.8
Cash and cash equivalents
313.6
\u2013
\u2013
\u2013
Total financial investments and cash
2,031.5
1,186.9
1,022.6
873.8
Insurance, trade and other receivables1
146.7
\u2013
\u2013
\u2013
Loans and advances to customers
265.5
533.7
263.6
44.1
Total financial assets
2,443.7
1,720.6
1,286.2
917.9
1Trade and other receivables as at 31\u00a0December 2025 exclude contract assets of \u00a313.5 million (2024: \u00a314.8 million)
The Group\u2019s Directors believe that the cashflows arising from these assets will be consistent with this profile. Liquidity risk
is\u00a0not, therefore, considered to be significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisForFinancialAssetsHeldForManagingLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
3.6.4. Foreign exchange risk
Foreign exchange risk arises from unfavourable movements in foreign exchange rates that could adversely impact the
valuation of\u00a0overseas assets and liabilities.
The Group is exposed to foreign exchange risk mainly through its operations overseas. Although the relative size of the
European operations means that the risks are relatively small, increasingly volatile foreign exchange rates could result
in\u00a0larger 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.
Beyond the overseas operations, the Group is exposed to foreign exchange risk arising through investments denominated
in\u00a0dollars and euros within its UK subsidiaries. The Group mitigates the risk through the application of derivative positions
resulting in an immaterial exposure.
The Group\u2019s exposure to net assets and profits in currencies other than the reporting currency is immaterial other than
for\u00a0euros.\u00a0The Group\u2019s exposure to net assets held in euros was \u00a3163.9 million (2024: \u00a3123.4 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 \u00a30.7 million (2024: \u00a32.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
3.8. 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\u00a0addition 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\u00a0co-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\u00a0horizon)
\u2022 An additional contingency to cover unforeseen events and losses that could realistically arise. This risk appetite buffer
is\u00a0assessed 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 50% above the regulatory SCR.
The Group\u2019s current dividend policy is to pay a normal dividend equal to 65% of post-tax profits, and a special dividend
calculated with reference to distributable reserves and surplus capital held above the risk appetite buffer.
The Group\u2019s dividend policy from mid-2026, subject to regulatory approval, will be to:
\u2022 Pay a normal dividend equal to 65% of post-tax profits for the period
\u2022 Pay either a special dividend or buy back and cancel shares to the value of surplus economic capital available at the
dividend calculation date (with reference to distributable reserves at the calculation date).
Surplus economic capital is calculated at the dividend valuation date and is defined as available capital, less capital
requirements, less risk appetite buffer, less any further buffer determined by the Board at the appropriate time.\u00a0
The change in policy, which follows a review during the year, including consultation of the Group\u2019s largest shareholders,
gives the Directors flexibility in managing the Group\u2019s capital. Current risk appetite is consistent with\u00a0the prior period.
As noted above, the Group\u2019s regulatory capital position is calculated under the Solvency II Framework. The SCR is based
on\u00a0the 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 (\u2018PPO\u2019) claims).", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "0.900", "decimals": 1, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-491": { "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, employee benefit trusts (EBTs) and SPEs (together referred to as the Group), for the year
ended 31\u00a0December 2025 and comparative figures for the year ended 31\u00a0December 2024. The financial statements of the
Company\u2019s subsidiaries and its EBTs and 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.
An SPE and/or EBT is fully consolidated into the Group financial statements under IFRS 10, where the Group has control.
The Parent Company financial statements present information about the Company as a separate entity and not about
its\u00a0Group. In\u00a0accordance 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\u00a0the 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\u00a0the 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 an average exchange rate (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\u00a0translated 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\u00a0the Income Statement.
4b. Segment reporting
The Group has five reportable segments, as described below. These segments represent the principal split of business that
is\u00a0regularly 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\u00a0fees from underwriting insurance in the UK. The Directors consider the results of these activities to be reportable as
one\u00a0segment as the activities carried out in generating the revenue are not independent of each other and are performed
as\u00a0one\u00a0business. This mirrors the approach taken in management reporting.
European 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. None of these operations are reportable on an individual
basis, based on the threshold requirements in IFRS 8.
During the year ended 31 December 2025, the Group revisited its internal reporting structure following the classification
of\u00a0Elephant Auto in the US as held for sale and discontinued. As a result, this segment now comprises only European
operations and has been renamed from International Insurance to European insurance. The comparative segment
information has been restated to reflect the change in the segment composition.
Admiral Money
The segment relates to the Admiral Money business launched in 2017, which provides consumer finance and car finance
products in the UK, through the comparison channel, credit scoring applications and direct channels including car dealers
and brokers.
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 the results of
Admiral Pioneer.
Discontinued Operations
As set out in note 13 to the financial statements, on 22 April 2025 the Group announced its planned sale of the US motor
insurance business, including Elephant Insurance Company and Elephant Insurance Services (\u2018Elephant\u2019). The sale was
completed on 31 December 2025.
The US operations are presented as discontinued operations in both 2024 and 2025. The results for 2025 are reflective
of\u00a0the loss on disposal and 12 months of trading prior to disposal.
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\u00a0December 2025, by reportable segment, is shown
below. The\u00a0accounting policies of the reportable segments are materially consistent with those presented in the notes
to\u00a0the\u00a0financial statements for the Group.
Year ended 31 December 2025
UK
Insurance
\u00a3m
European
Insurance
\u00a3m
Admiral
Money
\u00a3m
Other
\u00a3m
Discontinued
operations
\u00a3m
Eliminations3
\u00a3m
Total
(continuing)
\u00a3m
Total
\u00a3m
Turnover1
4,952.5
674.3
148.9
119.8
166.9
\u2013
5,895.5
6,062.4
Insurance revenue
4,221.6
654.5
\u2013
103.2
174.1
\u2013
4,979.3
5,153.4
Insurance revenue net of XoL
4,112.5
623.5
\u2013
91.9
173.6
\u2013
4,827.9
5,001.5
Insurance services expenses
(787.3)
(175.0)
\u2013
(45.2)
(61.7)
\u2013
(1,007.5)
(1,069.2)
Insurance claims net of XoL
(2,386.1)
(414.0)
\u2013
(59.4)
(89.0)
\u2013
(2,859.5)
(2,948.5)
Quota share reinsurance result
(96.0)
(31.3)
\u2013
\u2013
(3.2)
\u2013
(127.3)
(130.5)
Net movement in onerous loss
component
\u2013
1.2
\u2013
\u2013
\u2013
\u2013
1.2
1.2
Underwriting result
843.1
4.4
\u2013
(12.7)
19.7
\u2013
834.8
854.5
Net investment income2
87.9
2.7
0.1
5.0
4.5
(9.4)
86.3
90.8
Net interest income from
financial services5
\u2013
\u2013
78.0
2.7
\u2013
8.3
89.0
89.0
Net other revenue and
operating expenses
155.3
(0.5)
(52.3)
(23.4)
\u2013
\u2013
79.1
79.1
Segment profit/(loss) before
tax4
1,086.3
6.6
25.8
(28.4)
24.2
(1.1)
1,089.2
1,113.4
Other central revenue and expenses, including share scheme charges
(126.6)
(153.9)
Investment and interest income
17.7
17.7
Finance costs
(22.4)
(22.4)
Consolidated profit before tax
957.9
954.8
Taxation expense
(212.6)
(212.5)
Consolidated profit after tax
745.3
742.3
Revenue and results for the corresponding reportable segments for the year ended 31\u00a0December 2024 are shown below.
Year ended 31 December 2024
UK
Insurance
\u00a3m
European
Insurance
\u00a3m
Admiral
Money
\u00a3m
Other
\u00a3m
Discontinued
operations
\u00a3m
Eliminations3
\u00a3m
Total
(continuing)
\u00a3m
Total
\u00a3m
Turnover1
5,108.5
639.9
108.3
89.9
200.1
\u2013
5,946.5
6,146.7
Insurance revenue
3,873.4
606.7
\u2013
73.3
222.8
\u2013
4,553.4
4,776.2
Insurance revenue net of XoL
3,751.1
572.7
\u2013
65.8
221.5
\u2013
4,389.6
4,611.1
Insurance services expenses
(745.7)
(168.0)
\u2013
(33.7)
(68.5)
\u2013
(947.4)
(1,015.9)
Insurance claims net of XoL
(1,952.1)
(437.7)
\u2013
(39.0)
(126.8)
\u2013
(2,428.8)
(2,555.6)
Quota share reinsurance result
(290.0)
12.4
\u2013
\u2013
(16.5)
\u2013
(277.6)
(294.1)
Net movement in onerous loss
component
1.1
0.4
\u2013
\u2013
\u2013
\u2013
1.5
1.5
Underwriting result
764.4
(20.2)
\u2013
(6.9)
9.7
\u2013
737.3
747.0
Net investment income2
70.5
1.4
0.3
0.7
4.7
(7.9)
65.0
69.7
Net interest income from
financial services5
\u2013
\u2013
69.3
0.9
\u2013
6.1
76.3
76.3
Net other revenue and
operating expenses
141.8
(0.9)
(56.6)
(12.1)
\u2013
\u2013
72.2
72.2
Segment profit/(loss) before
tax4
976.7
(19.7)
13.0
(17.4)
14.4
(1.8)
950.8
965.2
Other central revenue and expenses, including share scheme charges
(113.4)
(115.0)
Investment and interest income
13.5
13.5
Finance costs
(24.4)
(24.5)
Consolidated profit before tax
826.5
839.2
Taxation expense
(175.3)
(176.3)
Consolidated profit after tax
651.2
662.9
1Turnover is an Alternative Performance Measure presented before intra-group eliminations. Refer to the glossary and note 14
for further information.
2Net investment income is reported net of impairment of financial assets, in line with management reporting.
3Eliminations are in respect of the intra-group interest charges related to the UK Insurance and Admiral Money segment.
4Segment results exclude gross share scheme charges, and any quota share reinsurance recoveries; these net share scheme charges
are\u00a0presented within \u2018Other central revenue and\u00a0expenses, including share scheme charges\u2019 in line with internal management reporting.
5Interest income is presented net of interest expense as these segments predominantly earn interest income and performance is reviewed
on a net basis.
Segment revenues
The UK and European Insurance reportable segments derive all insurance revenue from external policyholders.
Revenue\u00a0within 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.
All material revenues from external customers, and net assets attributed to a foreign country, are shown within the European
Insurance reportable segment shown on the previous pages.
Segment assets and liabilities
The identifiable segment assets and liabilities at 31\u00a0December 2025 are as follows:
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 and balances included in insurance and other receivables.
The segment assets and liabilities at 31\u00a0December 2024 are as follows:
Year ended 31 December 2024
UK
Insurance
European
Insurance
Admiral
Money
Other
Eliminations
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Reportable segment assets
5,556.9
955.7
1,222.6
500.2
(600.8)
7,634.6
Reportable segment liabilities
(4,185.2)
(871.1)
(1,211.2)
(483.8)
600.8
(6,150.5)
Reportable segment net assets
1,371.7
84.6
11.4
16.4
\u2013
1,484.1
Unallocated assets and liabilities
(113.4)
Consolidated net assets
1,370.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "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, employee benefit trusts (EBTs) and SPEs (together referred to as the Group), for the year
ended 31\u00a0December 2025 and comparative figures for the year ended 31\u00a0December 2024. The financial statements of the
Company\u2019s subsidiaries and its EBTs and 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.
An SPE and/or EBT is fully consolidated into the Group financial statements under IFRS 10, where the Group has control.
The Parent Company financial statements present information about the Company as a separate entity and not about
its\u00a0Group. In\u00a0accordance 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\u00a0the 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\u00a0the 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 an average exchange rate (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\u00a0translated 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\u00a0the Income Statement.
5a. Accounting policies
(i) Insurance, Reinsurance and Co-insurance contracts classification
Under IFRS 17, an insurance contract is defined as a contract under which one party (the insurer) accepts significant
insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain
future event (the insured event) adversely affects the policyholder.
Insurance contracts
The Group issues insurance contracts in the normal course of business, under which it accepts significant insurance risk
from its policyholders. As a general guideline, the Group determines whether it has significant insurance risk by comparing
benefits payable after an insured event with benefits payable if the insured event did not occur.
Reinsurance contracts
The Group also enters into both excess of loss (\u2018XoL\u2019) and quota share reinsurance contracts. A contract is only accounted
for as a\u00a0reinsurance contract in these financial statements where there is significant insurance risk transfer, after an
assessment made by\u00a0management based on the terms and conditions of the contracts.
Co-insurance contracts
Co-insurance arrangements are contracts entered into by the Group\u2019s intermediaries, under which insurance risks are
shared on\u00a0a\u00a0proportional 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
subsequently directly responsible to the claimant for its proportion of the claim. As the contractual liability is several and
not\u00a0joint, neither the premiums nor the claims relating to any external co-insurance contract (i.e. outside the Group) are
included in the Income Statement.
Under the terms of these arrangements, the co-insurers reimburse the Group for the same proportionate share of the
directly attributable costs in fulfilling the insurance contracts.
(ii) Level of aggregation
IFRS 17 requires an entity to determine the level of aggregation for applying its requirements. The level of aggregation for
the Group is determined firstly by dividing the business written into portfolios, which comprise contracts subject to similar
risks and which are managed together.
The Group\u2019s insurance business is therefore divided into portfolios based on both the product (line of business such
as\u00a0motor, household etc), and geography (UK, Italy, Spain, and France).
IFRS 17 requires a further division of the portfolios into a \u2018group\u2019 of contracts (being the lowest unit of account) based on
expected profitability, and also requires that no group contains contracts issued more than one year apart. However, the
Group makes an evaluation of the smallest unit of account, i.e. whether a series of contracts need to be treated together
as\u00a0one unit based on reasonable and supportable information, or whether a single contract contains components that need
to be separated and treated as if they were stand-alone contracts.
Following the application of the IFRS 17 level of aggregation requirements, each of the Group\u2019s portfolios (which are
determined by geography and line of business) is further disaggregated by year of issue into a group of contracts based
on\u00a0expected profitability at inception into three categories:
1) A group of contracts that are onerous at initial recognition, if any
2) A group of contracts that at initial recognition have no significant possibility of becoming onerous subsequently, if any
3) A group of the remaining contracts in the portfolio.
The Group has elected to group together those contracts that would fall into different groups only because law or regulation
specifically constrains its practical ability to set a different price or level of benefits for policyholders with different
characteristics.
To assess the profitability of groups of contracts, the Group determines the appropriate level at which reasonable and
supportable information is available. The Group assumes that no contracts in the portfolio are onerous at initial recognition
unless facts and circumstances indicate otherwise. For contracts that are not onerous, the Group assesses, at initial
recognition, that there is no significant possibility of becoming onerous subsequently by assessing the likelihood of changes
in applicable facts and circumstances. The Group considers facts and circumstances to identify whether a group of
contracts are onerous based on:
\u2022 Pricing information
\u2022 Results of similar contracts it has recognised
\u2022 Environmental factors, e.g., a change in market experience or regulations.
The Group divides portfolios of reinsurance contracts held applying the same principles set out above, except that the
references to onerous contracts refer to contracts on which there is a net gain on initial recognition.
Reinsurance contracts held are assessed for aggregation requirements on an individual contract basis. For many of the
Group\u2019s reinsurance contracts held, a group comprises a single contract. The Group reports its reinsurance contracts
by\u00a0portfolio, which aggregate the contracts by type of reinsurance (e.g. quota share or XoL) and product.
These groups represent the level of aggregation at which insurance contracts issued and reinsurance contracts held are
initially recognised and measured. Such groups are not subsequently reconsidered.
(iii) Recognition, modification and derecognition
Groups of insurance contracts issued are recognised from the earliest of the following:
\u2022 The beginning of the coverage period
\u2022 The date when the first payment from the policyholder is due or actually received, if there is no due date
\u2022 For a group of onerous contracts, when the Group determines that facts and circumstances indicate that the group
is\u00a0onerous.
A group of reinsurance contracts held is entered into from the earlier of:
\u2022 The beginning of the coverage period of the group of reinsurance contracts held. However, the Group delays the
recognition of\u00a0a\u00a0group of reinsurance contracts held that provide fully proportionate coverage until the date any underlying
insurance contract is\u00a0initially recognised, if that date is later than the beginning of the coverage period of the group of
reinsurance contracts held
\u2022 The date the Group recognises an onerous group of underlying insurance contracts if the Group entered into the related
reinsurance contract held in the group of reinsurance contracts held at or before that date.
The Group derecognises an insurance or reinsurance contract when it is:
\u2022 Extinguished i.e. when the obligation specified in the insurance contract expires or is discharged or cancelled, or
\u2022 The contract is modified such that the modification results in a change in the measurement model or the applicable
standard for\u00a0measuring a component of the contract, substantially changes the contract boundary, or requires the
modified contract to be included in a different group. In such cases, the Group derecognises the initial contract and
recognises the modified contract as a\u00a0new contract.
When a modification is not treated as a derecognition, the Group recognises amounts paid or received for the modification
with the\u00a0contract as an adjustment to the relevant liability for remaining coverage.
(iv) Contract boundary
The Group includes in the measurement of a group of insurance contracts all the future cashflows within the boundary of
each contract in the group. Cashflows are within the boundary of an insurance contract if they arise from substantive rights
and obligations that exist during the reporting period in which the Group can compel the policyholder to pay the premiums,
or in which the Group has a substantive obligation to provide the policyholder with insurance contract services.
A\u00a0substantive obligation to\u00a0provide insurance contract services ends when:
\u2022 The Group has the practical ability to reassess the risks of the particular policyholder and, as a result, can set a price
or\u00a0level of\u00a0benefits that fully reflects those risks, or
\u2022 Both of the following criteria are satisfied:
1. The Group has the practical ability to reassess the risks of the portfolio of insurance contracts that contain the contract
and, as\u00a0a\u00a0result, can set a price or level of benefits that fully reflects the risk of that portfolio
2. The pricing of the premiums up to the date when the risks are reassessed does not take into account the risks that relate
to\u00a0periods after the reassessment date.
A liability or asset relating to expected premiums or claims outside the boundary of the insurance contract is not recognised.
Such\u00a0amounts relate to future insurance contracts. In assessing the practical ability to reprice, risks transferred from the
policyholder to\u00a0the Group, such as insurance risk and financial risk, are considered; other risks, such as lapse or surrender
risk, are\u00a0not included.
For groups of reinsurance contracts held, cashflows are within the contract boundary if they arise from substantive rights
and obligations of the Group that exist during the reporting period in which the Group is compelled to pay amounts to the
reinsurer or\u00a0in\u00a0which the Group has a substantive right to receive services from the reinsurer.
(v) Presentation
The Group presents separately, in the Statement of Financial Position, the carrying amount of portfolios of insurance
contracts issued that are assets, portfolios of insurance contracts issued that are liabilities, portfolios of reinsurance
contracts held that are\u00a0assets and portfolios of reinsurance contracts held that are liabilities.
The Group disaggregates the total amount recognised in the Consolidated Income Statement and Consolidated Statement
of Other Comprehensive Income into an insurance service result, comprising insurance revenue and insurance service
expense, and insurance finance income or expenses.
The Group separately presents income or expenses from reinsurance contracts held from the expenses or income from
insurance contracts issued. This is presented as one single amount in the Consolidated Income Statement, with additional
disclosure provided in the notes to the financial statements.
(vi) Measurement
Accounting policy choices
Area
IFRS 17 options
Adopted approach
Premium allocation
approach (\u2018PAA\u2019)
eligibility
Subject to specified criteria, the PAA can
be\u00a0adopted as a simplified approach to the
IFRS\u00a017\u00a0general model.
Coverage period for the Group\u2019s insurance
contracts assumed is one year or less and so
qualifies automatically for PAA.
Reinsurance contracts (both XoL and quota share)
include contracts with a coverage period greater
than one year. However, there is no material
difference in the measurement of the\u00a0asset for
remaining coverage between PAA\u00a0and the general
model, therefore these qualify for PAA.
Insurance
acquisition
cashflows for
insurance
contracts\u00a0issued
Where the coverage period of all contracts
within a group is not longer than one year,
insurance acquisition cashflows can either be
expensed as incurred, or allocated, using a
systematic and rational method, to groups of
insurance contracts (including future groups
containing insurance contracts that are
expected to arise from renewals) and then
amortised over the coverage period of the
related group. For groups containing contracts
longer than one year, insurance acquisition
cashflows must be allocated to related groups
of insurance contracts and amortised over the
coverage period of the related group.
The Group\u2019s insurance contracts are all one year
or\u00a0less. The Group has therefore taken the option
to expense acquisition costs as incurred.
Liability for
Remaining
Coverage (\u2018LRC\u2019),
adjusted for
financial risk and
time value of
money
Where there is no significant financing
component in relation to the LRC, or where
the\u00a0time between providing each part of the
services and the related premium due date is
no more than a year, an entity is not required
to\u00a0make an adjustment for accretion of
interest\u00a0on the LRC.
There is no allowance made for accretion
of\u00a0interest on the LRC given that the premiums\u00a0are
received within one year of\u00a0the\u00a0coverage period.
Liability for
Incurred Claims
(\u2018LIC\u2019) adjusted for
time value of
money
For PAA groups, where claims or directly
attributable insurance expenses are
expected to be paid within a year of the date
that the claim is incurred, it is not required
to\u00a0adjust these amounts for the time value
of\u00a0money.
For some claims, for example within the travel
product line in the UK, and other immaterial
product lines across the Group, the incurred claims
are expected to be paid out in less than one year.
Similarly, the majority of directly attributable
insurance expenses are expected to be settled
within one year. For these claims and expenses,
no\u00a0adjustment is made for the time value of\u00a0money.
For all other business, the LIC is adjusted for\u00a0the
time value of money.
Insurance finance
income and
expense
There is an option to disaggregate part of
the\u00a0movement in the LIC, LRC, AIC and ARC
resulting from changes in discount rates,
and\u00a0present this in Other Comprehensive
Income (\u2018OCI\u2019).
The impact on LIC, LRC, AIC and ARC of changes
in discount rates will be captured within OCI, in line
with the accounting for assets backing the
insurance claims liabilities.
Interim reporting
Where an entity is required to apply IAS 34
(as\u00a0for the Group) there is an option as to
whether to choose a \u2018year-to-date\u2019 basis or
a\u00a0\u201cperiod to date\u201d basis for financial reporting.
The Group has opted to apply the option to use
year-to-date accounting for interim reporting.
Fulfilment cashflows within the contract boundary
The fulfilment cashflows (\u2018FCF\u2019) are the current estimates of the future cashflows within the contract boundary of a group
of\u00a0contracts that the Group expects to collect from premiums and pay out for claims, benefits and expenses, adjusted
to\u00a0reflect the\u00a0timing and the uncertainty of those amounts. The estimates of future cashflows:
\u2022 Are based on a probability weighted mean of the full range of possible outcomes
\u2022 Are determined from the perspective of the Group, provided the estimates are consistent with observable market prices
for\u00a0market variables
\u2022 Reflect conditions existing at the measurement date.
In estimating future cashflows, the Group incorporates, in an unbiased way, all reasonable and supportable information that
is available without undue cost or effort at the reporting date. This information includes both internal and external historical
data about claims and other experience, updated to reflect current expectations of future events. The estimates of future
cashflows reflect the Group\u2019s view of current conditions at the reporting date, as long as the estimates of any relevant
market variables are consistent with observable market prices.
An explicit risk adjustment for non-financial risk is estimated separately from the other estimates.
For the Group\u2019s contracts which are measured under the PAA, unless the contracts are onerous, the explicit risk adjustment
for\u00a0non-financial risk is only estimated and included within the measurement of the liability for incurred claims.
Risk of the Group\u2019s non-performance is not included in the measurement of groups of insurance contracts issued. In the
measurement of reinsurance contracts held, the probability weighted estimates of the present value of future cashflows
include potential credit losses and other disputes of the reinsurer to reflect the non-performance risk of the reinsurer.
The Group estimates certain fulfilment cashflows at the portfolio level or higher and then allocates such estimates to groups
of\u00a0contracts.
The Group uses consistent assumptions to measure the estimates of the present value of future cashflows for the group
of\u00a0reinsurance contracts held and such estimates for the groups of underlying insurance contracts.
Discount rates
A bottom-up approach has been applied in the determination of discount rates. Under this approach, the discount rate is
determined as the risk-free yield adjusted for differences in liquidity characteristics between the financial assets used to
derive the\u00a0risk-free yield and the relevant liability cashflows (known as an illiquidity premium).
A separate risk-free yield is obtained for each currency, where a material amount of business is written in that currency.
The\u00a0risk-free yield curve is obtained using rates published by the Prudential Regulation Authority (PRA) for the UK insurance
business, whilst for AECS the EIOPA risk free term structures are used. These curves are available from October 2015 and
provides rates for terms up to 150 years.
For periods prior to October 2015, observable market data is available for terms up to 25 years for GBP (30 years for EUR).
For\u00a0terms that aren\u2019t directly observable from market data, the Smith-Wilson approach is used to derive the rates which
extrapolates between the observable data and an assumed ultimate forward rate. The Smith-Wilson approach is used to
derive the\u00a0published Solvency II yield curves, which supports consistency over time.
Similarly to the approach to risk-free rates, an illiquidity premium will be set by currency.\u00a0The illiquidity premium is
determined by\u00a0management considering various internal benchmarks. This includes considering the cost of liquidity for
the\u00a0Group (through its\u00a0Revolving Credit Facilities), by deducting the risk-free rate and credit risk premium from a corporate
bond reference portfolio, and by deducting public market yields from similarly rated private market yields. Each method
points to a\u00a0different mathematical result and judgement is applied when determining the illiquidity premium. \u00a0
The following weighted average rates, based on the yield curves derived using the above methodology, were used
to\u00a0discount the liability for incurred claims at the end of the current and prior periods:
31 December 2025
31 December 2024
1 year
3 years
5 years
10 years
1 year
3 years
5 years
10 years
UK Insurance
4.0%
4.0%
4.2%
4.5%
5.0%
4.7%
4.5%
4.6%
European Motor
2.6%
2.8%
3.0%
3.4%
2.7%
2.6%
2.6%
2.8%
Generally, the illiquidity premium is expected to be stable over time and re-assessment of the assumption will be triggered
by significant changes in internal illiquidity benchmarks and/or changes in the illiquidity of the liabilities (e.g. claims
mix).\u00a0Quantitative analysis will be performed when the illiquidity premium changes, including performing sensitivity analysis
on the assumption.
Insurance revenue
The insurance revenue for the period is comprised of the amount of expected premium receipts (excluding any investment
component) allocated to the period. The Group allocates the expected premium receipts to each period of insurance
contract services on the basis of the passage of time. However, if the expected pattern of release of risk during the
coverage period differs significantly from the passage of time, for example due to seasonality of claims, then the allocation
is\u00a0made on the basis of the expected timing of incurred insurance service expenses. For the periods presented, all insurance
premium revenue has been recognised based on the passage of time. If a change in allocation is necessary due to a change
of facts and circumstances, the\u00a0change is accounted for prospectively as a change in accounting estimate.
The Group\u2019s insurance revenue is comprised of the following component parts:
\u2022 Insurance premium revenue: Insurance premium revenue reflects the expected premium receipts allocated to the period
based on the passage of time, adjusted for seasonality if required. It excludes any additional income that arises from the
writing of the insurance contract that is presented as part of insurance revenue as set out below.
\u2022 Instalment income: In contrast to IFRS 4, instalment income related to the risk attaching part of the premium that
is\u00a0retained within the Group is recognised as part of the insurance revenue cashflows due to it being considered
non-distinct from the underlying insurance policy, as set out in note 2 to the financial statements.
\u2022 Administration fees: Administration fees are costs charged to the customer for arranging a change to their policy.
The\u00a0performance obligation is the change in a customer\u2019s policy and given that the obligation related to activities that are
required to\u00a0fulfil the insurance contract and the policyholder cannot benefit from the service by itself, it is considered as
part of fulfilment cashflows, i.e., the full transaction price is therefore recognised as part of insurance revenue on a point
in\u00a0time basis.
IFRS 17 does not require separate insurance revenue analysis for insurance contracts measured under PAA. See Appendix 1
and note 14 for further information regarding the disaggretation of insurance revenue.
As stated in note 2, the Group has excluded any instalment income and administration fees from insurance revenue derived
from the proportion of insurance coverage under the co-insurance arrangements where the Group bears no risks. Please
see note 8a for the treatment of the co-insurance share retained by the group of instalment income and administration fees.
Insurance service expenses
The following elements are included in insurance service expenses:
\u2022 Incurred claims and benefits excluding investment components
\u2022 Other incurred directly attributable insurance service expenses, including administration (such as employee costs,
depreciation and amortisation) and acquisition expenses, and share scheme expenses that are attributable to
insurance\u00a0services
\u2022 Changes that relate to past service (i.e. changes in the fulfilment cashflows relating to the Liability for Incurred Claims)
\u2022 Changes that relate to future service (i.e. losses/reversals on onerous groups of contracts from changes in the loss
components).
Only items that reflect insurance service expenses (i.e. incurred claims and other insurance service expenses arising from
insurance contracts the Group issues) are reported as insurance expenses. Cashflows that are not directly attributable to
a\u00a0portfolio of insurance contracts, such as some product development and training costs, are recognised in other operating
expenses as incurred.
The total costs incurred in relation to the co-insurance share of insurance business are presented within other operating
expenses, as is the reimbursement of these costs, given that they are not related to the costs directly attributable to fulfilling
the Group\u2019s insurance contracts.
Non-cash costs that are directly attributable, such as depreciation, amortisation and IFRS 2 equity-settled share scheme
costs, are\u00a0recognised within insurance service expenses; these are transferred out of the LIC into the appropriate Financial
Statement line item for presentation in the Statement of Financial Position.
Reinsurance net expense/income
The Group has presented the income or expenses from a group of reinsurance contracts held separately from insurance
finance income or expenses as a single amount and has provided in the disclosure note a separate analysis of the amounts
recovered from the reinsurer and an allocation of the premiums paid that together give a net amount equal to that single
amount.
As part of its quota share arrangements, the Group typically recovers either a set ceding commission, or the quota share
reinsurer\u2019s proportional share of the expenses that are incurred in fulfilling the insurance contracts.
These amounts are typically settled net with the premium charged and are not contingent on claims. As a result, under IFRS
17 the expenses and ceding commissions recovered are considered to reflect a reduction in the transaction price equivalent
to charging a\u00a0lower premium (with no corresponding ceding commission or expense recovery).
In addition, as set out in note 3 to these financial statements, where the reinsurance arrangements result in a \u201cminimum
recovery\u201d from the reinsurer due to profit commission or sliding scale commission arrangements that is not contingent
on\u00a0claims, and the amount is not settled \u2018net\u2019 with premium, the minimum recovery is treated as a non-distinct investment
component.
As a result, the Group treats reinsurance cashflows that are contingent on claims on the underlying contracts as part of the
claims that are expected to be reimbursed under the reinsurance contract held, and excludes non-distinct investment
components and commissions from the allocation of reinsurance premiums presented in the notes to the financial statements.
Insurance finance income and expense
Insurance finance income or expenses comprise the change in the carrying amount of the group of insurance contracts
arising\u00a0from:
1. The effect of the time value of money and changes in the time value of money
2. The effect of financial risk and changes in financial risk.
The Group has taken the option to disaggregate insurance finance income or expenses on insurance contracts issued
between the\u00a0Consolidated Income Statement and the Consolidated Statement of Other Comprehensive Income.
As a result, applying the premium allocation approach, claims incurred are discounted at the date of initial recognition and
the finance expense recognised in the Consolidated Income Statement reflects the unwind of this discounting, at the locked
in discount rate, over the expected payment period. The same approach is taken for reinsurance claims assets. Discounting
on the liability and asset for remaining coverage only occurs in the case of the recognition of an onerous loss component
(and related loss-recovery component) and as a result is not material.
The impact of changes in market interest rates on the value of the insurance assets and liabilities are reflected in Other
Comprehensive Income in order to minimise accounting mismatches between the accounting for financial assets and
insurance assets and liabilities. The Group\u2019s financial assets backing the insurance portfolios are predominantly measured
at\u00a0Fair Value through Other Comprehensive Income (\u2018FVOCI\u2019).
Insurance contracts: Liability for remaining coverage
Initial measurement
For a group of contracts that is not onerous at initial recognition, the Group measures the liability for remaining coverage as:
\u2022 The premiums, if any, received at initial recognition
\u2022 Any other asset or liability previously recognised for cashflows related to the group of contracts that the Group pays
or\u00a0receives before the group of insurance contracts is recognised.
The Group recognises any insurance premium tax collected in relation to the premiums received as part of the premium
receipts, but given it is acting as an agent, these taxes are not included as either insurance revenue or an insurance
expense. Any outstanding insurance premium tax liability is presented within the liability for remaining coverage until paid.
There is no allowance for time value of money as the premiums are received within one year of the coverage period.
Where facts and circumstances indicate that contracts are onerous at initial recognition, the onerous contracts are
separately grouped from other contracts and a loss is recognised in the Consolidated Income Statement for the net outflow,
resulting in the carrying amount of the liability for the group being equal to the fulfilment cashflows. A loss component is
established by the Group for the liability for remaining coverage for such onerous group depicting the losses recognised.
Subsequent measurement
The Group measures the carrying amount of the liability for remaining coverage at the end of each reporting period as:
\u2022 The liability for remaining coverage at the beginning of the period; plus
\u2022 Premiums received in the period; minus
\u2022 The amount recognised as insurance revenue for the services provided in the period; minus
\u2022 Payments to the tax authorities in respect of premium receipts.
The onerous loss component is re-measured over the coverage period so that at the end of the coverage period,
it\u00a0is\u00a0reduced to \u00a3nil.
Insurance contracts: Liability for incurred claims
The Group estimates the liability for incurred claims as the fulfilment cashflows related to incurred claims, including any
creditors related to directly attributable insurance expenses. The liability for incurred claims also includes an explicit
adjustment for non-financial risk (the risk adjustment).
Reinsurance contracts held
Initial measurement
The Group measures its reinsurance assets for a group of reinsurance contracts that it holds on the same basis as insurance
contracts that it issues. However, they are adapted to reflect the features of reinsurance contracts held that differ from
insurance contracts issued.
Where the Group recognises a loss on initial recognition of an onerous group of underlying insurance contracts or when
further onerous underlying insurance contracts are added to a group, the Group establishes a loss-recovery component
of\u00a0the asset for\u00a0remaining coverage for a group of reinsurance contracts held depicting the recovery of losses. The Group
calculates the loss-recovery component by multiplying the loss recognised on the underlying insurance contracts and the
percentage of claims on the underlying insurance contracts the Group expects to recover from the group of reinsurance
contracts held. The Group uses\u00a0a systematic and rational method to determine the portion of losses recognised on the
group of insurance contracts covered by the reinsurance contracts held, in the case that there is partial coverage of
underlying insurance contracts by reinsurance contracts. The loss-recovery component adjusts the carrying amount
of\u00a0the\u00a0asset for remaining coverage.
The risk adjustment for non-financial risk is the amount of risk being transferred by the Group to the reinsurer and
is\u00a0calculated with reference to the gross risk adjustment, adjusted for any excess of loss risk adjustment, as required.
Subsequent measurement
The subsequent measurement of reinsurance contracts held follows the same principles as those for insurance contracts
issued and has been adapted to reflect the specific features and terms and conditions of the reinsurance contracts held.
In\u00a0addition, changes in the fulfilment cashflows that arise from changes in the risk of non-performance of the reinsurer are
reflected within net\u00a0expenses from reinsurance contracts held within the Income Statement.
Where the Group has established a loss-recovery component, the Group subsequently reduces the loss recovery
component to\u00a0zero in line with reductions in the onerous group of underlying insurance contracts in order to reflect that the
loss-recovery component shall not exceed the portion of the carrying amount of the loss component of the onerous group
of underlying insurance contracts that the entity expects to recover from the group of reinsurance contracts held.
The extinguishment or commutation of a reinsurance arrangement results in a derecognition of any reinsurance assets
or\u00a0liabilities related to the commuted contract from the balance sheet, so that the Group retains the full future risk of claims
development. As\u00a0a\u00a0result of commutation, any difference arising between the present carrying value of reinsurance assets
or liabilities and the cash settlement is recognised in the Consolidated Income Statement.
6a. Accounting policies
(i) Financial assets
Classification and measurement
The classification and subsequent measurement of the financial asset under IFRS 9 depends on:
1. The Group\u2019s business model for managing the financial assets, and
2. The contractual cashflow characteristics of the financial asset.
Based on these factors, the financial asset is classified into one of the following categories:
Amortised cost
These comprise assets which are held in order to collect contractual cashflows and the contractual terms of the financial
asset give rise to cashflows which are solely payments of principal and interest on the principal amount outstanding (\u2018SPPI\u2019),
where the asset is\u00a0not designated as fair value through profit or loss (\u2018FVTPL\u2019).
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\u00a0customers and cash and cash equivalents relating to the loans business, where the interest receivable is recognised
in\u00a0interest\u00a0income.
Fair value through other comprehensive income (\u2018FVOCI\u2019)
These comprise assets which are held both to collect contractual cashflows and to sell the asset, where the contractual
terms of\u00a0the financial asset give rise to cashflows which are solely payments of principal and interest on the principal
amount outstanding (\u2018SPPI\u2019), where the asset is not designated as FVTPL.
For the Group, these assets include corporate, government and private debt securities. 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
consolidated income statement.
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
investments which are not held for trading and are strategic investments to be designated as being reported through FVOCI.
These represent open ended private debt securities held in investment funds.
Movements in the carrying amount are taken through OCI, with the exception of recognition of impairment gains or losses,
interest revenue, dividend income and foreign exchange gains or losses which are recognised in profit or loss.
A gain or loss on disposal of an investment measured at FVOCI is presented within investment return in the period in which
it\u00a0arises.
Fair value through profit or loss (\u2018FVTPL\u2019)
These are 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, closed ended private debt
funds and derivative financial instruments. The regulatory capital within the Group is used to invest in these instruments
in\u00a0addition to any surplus funds which may be held. Buying and selling activity occurs depending on timing of different
cashflows. Loan assets originated with the intention of being sold under the forward flow agreement in Admiral Money
are\u00a0also measured at FVTPL. See note 7 for further information on the forward flow agreement.
Impairment
The expected credit loss model (\u2018ECL\u2019) 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\u00a0loans and advances to customers (see note 7), as well as financial investments measured at FVOCI.
For financial investments measured at FVOCI, the approach is based on an assessment made based on an external credit
rating agency or an assessment from the Group\u2019s external asset managers, to assess whether there has been a significant
increase in credit risk, combined with other external data as follows:
\u2022 Financial assets in stage 1 are those where the credit risk has not increased significantly since initial recognition. A 12
month ECL is recognised. To determine the default rate, the average of external rates using Standard & Poor and Moody\u2019s
is used, together with consideration of any overlay based on qualitative criteria
\u2022 Financial assets in stage 2 are those where credit risk has increased significantly since initial recognition, with the
provision reflecting a lifetime loss. A significant increase in credit risk is defined as public assets that are downgraded
outside of investment grade or by two or more credit ratings in investment grade, or for a bond purchased at sub-
investment grade, a fall in of a full credit banding i.e. BB to B; and private assets which have been flagged on watchlists for
significant credit deterioration. For\u00a0assets in\u00a0stage 2, the lifetime ECL is based on the lifetime default rate which factors in
the number of years from maturity
\u2022 For assets in stage 1 and stage 2, a recovery rate is also applied to the loss given default, based on an average of
a\u00a0number of\u00a0external and internal sources
\u2022 Financial assets in stage 3 are credit impaired, which typically occurs when the asset has defaulted, restructured or is not
expected to return full proceeds. Each asset in this category is reviewed to assess the recoverable amount based on the
information available.
The credit rating of all assets is regularly monitored. As at the year-end reporting date, the majority of financial assets are
considered low risk under IFRS 9 (2025 stage 1 assets: 99% of total investments). These therefore remain within stage 1 and
a 12-month expected loss is used to calculate the impairment provision required.
The impairment provision at 31\u00a0December 2025 is \u00a36.8 million (\u00a312.9 million at 31\u00a0December 2024).
The calculated impairment loss within the fair value is recognised through the Income Statement whilst fair value
movements are\u00a0recognised in Other Comprehensive Income.
Given there is no material change in the credit quality or type of financial assets in the year and the movement in provision
is\u00a0immaterial, no further disclosure has been made.
Derecognition
A financial asset is derecognised when the rights to receive cashflows 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\u00a0derivatives 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, 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.
(iv) Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured initially at cost,
including transaction costs. Subsequent to initial recognition, investment property is measured at fair value in accordance
with IAS 40. Fair value is determined based on valuations performed by independent professionally qualified valuers. Gains
or losses arising from changes in the fair value of investment property are included in profit or loss in the period in which
they arise.
An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use
and no\u00a0future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property
(calculated as\u00a0the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit
or loss in the period in which the property is derecognised.
7a. Accounting policies
Loans and advances to customers consist of unsecured personal loans and secured loans.\u00a0\u00a0
Classification\u00a0
Loans and advances to customers are measured at amortised cost, except for those originated for sale under the forward
flow agreement which are measured at FVTPL. This is because assets are held\u00a0in order to\u00a0collect contractual cashflows and
the contractual terms of the financial asset demand cash inflows which are solely payments of principal and interest on the
principal amount outstanding.\u00a0\u00a0
Interest income and expense\u00a0
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.
Interest expense is calculated\u00a0using the effective interest rate appropriate to each source of funding.\u00a0
Finance leases\u00a0
Included within\u00a0loans and advances to customers are\u00a0personal contract purchase\u00a0(PCP)\u00a0and hire purchase\u00a0(HP) arrangements
which are classified as finance leases under IFRS 16.\u00a0A receivable equal to the net investment in the lease has been
recognised.\u00a0The\u00a0net investment is equal to the gross investment in the lease discounted at the rate implicit in the lease.\u00a0\u00a0
Lease\u00a0interest\u00a0income is recognised within\u00a0interest income\u00a0in the income statement over the term of the lease using
the\u00a0effective interest rate\u00a0method.\u00a0\u00a0
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. When vehicles are repossessed, they are
sold at auction to release the value and settle the obligation. The difference between the net investment in the lease and
the proceeds from the sale of the vehicle is recognised immediately in profit and loss. At 31 December 2025, the carrying
amount of finance lease receivables subject to collateral arrangements was \u00a3186.8 million (2024: \u00a318.1 million).
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 sets a maximum loan-to-value for the origination of financial leases, 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\u00a0stolen or destroyed
\u2022 The estimated future value of each vehicle, which is sourced externally, is considered in the pricing of the lease contracts
to\u00a0provide protection against deterioration in that value.
Secured homeowner loans
Included within loans and advances to customers are second-charge mortgages, secured by a second-ranking charge over
residential property. These assets are classified as financial assets at amortised cost under IFRS 9.
Second-charge mortgages are recognised when funds are advanced, initially measured at fair value plus directly
attributable transaction costs.
Interest income is recognised within interest income in the income statement over the term of the lease using effective
interest rate method.
Loans are secured by a second-ranking charge against residential property. External appraisals of security collateral are
obtained at origination and reviewed periodically to mitigate credit risk.
Upon borrower default, the property collateral for both first and second charges may be repossessed. Recoveries
are\u00a0applied in the order of senior ranking, with any residual benefit accruing to the Group for second-charge exposure.
Based on information obtained at origination and updated through normal servicing activities, the Group expects that the
majority of the homeowner loan portfolio is supported by residential property with loan\u2011to\u2011value ratios of less than 100%,
after taking into account the first\u2011charge lender\u2019s priority position.
At 31 December 2025, the carrying amount of homeowner loans subject to collateral arrangements was \u00a3219.0 million
(2024: \u00a3nil).
Forward Flow Agreement
In 2025, the Group completed a sale of back book loans with a carrying value of \u00a3146.4 million to an external third party
under a forward flow agreement. This sale generated a net gain of \u00a39.8 million, comprised of:
\u2022 origination fee income of \u00a35.9 million which has been recognised within Other revenue and profit commission;
\u2022 a credit provision release of \u00a34.9m due to the derecognition of the underlying loans;
\u2022 immediate recognition of \u00a31.0m of unamortised acquisition costs.
Based on management\u2019s assessment, the sale is consistent with the hold to collect business model as the transaction is
considered infrequent. Furthermore, as the Group transferred substantially all the risks and rewards of ownership to the third
party, the loans sale met the derecognition requirements under IFRS 9 and the loans sold have been derecognised from the
Statement of Financial Position as at 31\u00a0December 2025.
Loans sold as part of the front book sales through the forward flow agreement are considered to fall under a new business
model under IFRS 9, given they are originated with the express intention of being sold shortly thereafter to an external third
party. These assets are therefore initially recognised and subsequently measured at FVTPL. Loan sales are completed on
average twice per month, with the external third party providing prefunding to be used for the origination of loans sold under
the agreement, which removes the liquidity impact of originating these loans. \u00a3279.5 million of loans were originated under
this business model in 2025 which, due to the way in which the forward flow arrangement is structured, have been
derecognised in full and have a carrying value of \u00a3nil in the Statement of Financial Position as at 31\u00a0December 2025.
The\u00a0sale of loans under this business model has generated origination fee income of \u00a39.7 million, recognised within Other
revenue and profit commission.
The Group\u2019s continuing involvement is limited to servicing arrangements, i.e. collecting the contractual cash flows of the
underlying loans and remitting these to the external third party. The collected cash flows are remitted by the Group at
market rate which relates solely to the servicing activity. A receivable is recognised in respect of the amounts outstanding
in\u00a0relation to servicing fees. As at 31\u00a0December 2025, the outstanding receivable totals \u00a30.1 million (2024: \u00a3nil) and is
recognised within accrued income.
The Group is entitled to receive additional consideration (\u2018commission\u2019) in respect of (i) loans sold as part of the back\u2011book
forward flow arrangement, and (ii) loans sold to the third-party purchaser under the Group\u2019s ongoing new business model.
This commission represents variable consideration and is contingent on the credit performance of the transferred loan
portfolios over the 24\u2011month period following each sale. At 31 December 2025, the Group has estimated the commission
receivable to be \u00a31.5 million (2024: \u00a3nil), which has been recognised to the extent that it is highly probable that a significant
reversal will not occur.
8a. Accounting policies
(i) Composition of Other revenue and co-insurer profit commission
Other revenue falling within the scope of IFRS 15 Revenue from Contracts with Customers is generated from:
\u2022 Fee and commission revenue related to the sale of insurance contracts (see note 5).
Where additional fee and commission revenue is generated from the sale of insurance contracts, but that revenue is
separable from the host insurance contract in accordance with the principles of IFRS 17, and the goods or services provided
to the policyholder are distinct, the revenue is recognised applying IFRS 15.
\u2022 Revenue from the Group\u2019s law firm
\u2022 Servicing fee income.
Other revenue also includes instalment income on insurance premium paid via instalments, where it is not recognised under
IFRS 17 (see note 5) due to the income being separable from the host insurance contract. This instalment income is
recognised over time in\u00a0line with the provision of the service.
Co-insurer profit commission revenue falling within the scope of IFRS 15 Revenue from Contracts with Customers relates
primarily to a contractual arrangement between the Group\u2019s insurance intermediary EUI Limited, and an external co-insurer
(Great Lakes, a\u00a0subsidiary of Munich Re) which underwrites a share of the UK Car Insurance business generated by EUI
Limited.
Gain on de-recognition of assets relates to origination fee income recognised on sale of Admiral Money loan balances under
the forward flow agreement. The loans sold under the arrangement are derecognised from the balance sheet because
substantially all risks and rewards are transferred. The difference between the carrying amount of the loans and the
consideration received in the form of premium is recognised as a gain on derecognition of financial assets. This falls under
the scope of IFRS 9 Financial Instruments.
(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\u00a0other\u00a0revenue.
Products and services
Nature, timing of satisfaction of performance obligations and significant payment terms
Fee and commission
revenue, including
instalment income
and administration
fees: where\u00a0the
income is\u00a0separable
from the\u00a0underlying
insurance\u00a0contract
The performance obligation is the provision of insurance intermediary services, being a successful
sale of ancillary product at which point the performance obligation is met, and in the case
of\u00a0instalment income, the provision of credit. Revenue for intermediary services is therefore
recognised at a point in time, whilst revenue for the provision of credit is recognised over time,
matching the Group\u2019s provision of 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.
Payment from revenue generated from policyholders is due immediately, or in line with direct debit
instalments. Payments from external parties is due within 30 days of the period close.
Revenue from
law firm
The performance obligation is the pursuit of the compensation from the at fault party\u2019s insurer
on\u00a0behalf 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 closed 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 the Group has an enforceable right to payment
for\u00a0performance completed to date and the work performed to date has no alternative use
to\u00a0the\u00a0Group.
A contract asset is recognised equal to the work performed up to the balance sheet date.
Refer\u00a0to\u00a0note 6h for further detail of this balance. Deferred revenue is recognised when payment
has been received in advance of work completed.
Payment is due within 28 days of invoice.
Servicing fee
income
The performance obligation is servicing of the loans transferred under the forward flow
arrangement, in exchange for a fee based on the balance of loans being serviced. Revenue is
recognised on a straight-line basis over the servicing period, as the services are provided evenly
over time and the benefits are simultaneously received and consumed by the other party.
Profit commission
from\u00a0co-insurers
Profit commission is generated if an individual year is profitable, based on the premiums written
and expenses and claims costs incurred. Given that the ultimate outcome of the claims cost is
uncertain for a period of time until final settlement, profit commission is therefore variable.\u00a0
The cumulative profit commission recognised at each point in time is calculated in aggregate
across the contract, in line with contract terms, based on a number of detailed inputs for each
individual underwriting year, 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 costs incurred.
Whilst the premiums and insurance expenses related to an underwriting year are typically fixed
at\u00a0the conclusion of each underwriting year and are not subject to judgement, the claims cost
is\u00a0subject to inherent uncertainty. This results in the co-insurer profit commission recognised under
IFRS 15 being a variable amount.
As such:
\u2022 The Group uses the expected value method for the initial calculation of profit commission
revenue, based on known premiums and expenses, and the best estimate of claims costs.
\u2022 The variable revenue estimated using the expected value method above is constrained through
the inclusion of the risk adjustment within the claims cost element of the calculation, with the
profit commission recognised aligned to the IFRS 17 booked loss ratios, discounted at locked-in
rates, and inclusive of finance expense. The inclusion of the risk adjustment constrains the
cumulative profit commission revenue recognised to a level where there is a high probability
of\u00a0no significant reversal.
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\u00a0note 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.
Profit commission from reinsurers is within the scope of IFRS 17, and not within the scope of IFRS 15 Revenue from
Contracts with Customers due to the nature of the income.
Under IFRS 17 a significant proportion of \u201cOther revenue\u201d is recognised as insurance revenue given that it is not separable
from the underlying insurance contract.
9a. Accounting policies
(i) Directly attributable insurance expenses
Directly attributable expenses are cashflows that are directly attributable to a portfolio of insurance contracts and
recognised as\u00a0incurred insurance service expenses. See note 5a for details of the types of expenses recognised as directly
attributable insurance expenses.
(ii) Other operating expenses
All other operating expenses are charged to the Income Statement in the period that they are incurred.
(iii) Employee benefits
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 Administration and acquisition expenses, Expenses relating to additional products and fees and Other
expenses 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\u00a0to them being materially comprised of an accounting charge in line with IFRS 2 Share-based payments
which does not result in\u00a0a\u00a0cash 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\u00a0incurred.
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 (\u2018SIP\u2019), which is in place for all UK employees encouraging wide share ownership across employees;
and
\u2022 The Discretionary Free Share Scheme (\u2018DFSS\u2019). DFSS shares are typically awarded to managers, and for the majority of
employees, 50% of DFSS shares awarded are subject to financial and non-financial performance conditions. The financial
performance conditions are Earnings per Share growth, Return on Equity and Total Shareholder Return vs. the FTSE 350
(excluding investment companies) over a three-year period. The non-financial performance conditions include measures
for Group net promoter scores, diversity and inclusion. The other 50% of DFSS shares awarded 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\u00a0shares are forfeited.
The majority of these schemes are classed as equity settled under IFRS 2, due to the employees receiving shares
(rather\u00a0than cash) as consideration for the services provided.
For equity-settled schemes, the charge which represents the fair value of the employee services received and to which is
measured by reference to the fair value of the shares granted, is recognised as an expense, with a corresponding increase
in equity, as shown in Consolidated Statement of Changes in Equity (2025: \u00a375.0 million; 2024: \u00a367.8 million).
For the cash-settled schemes, the expense recognised for the fair value of services received results in a corresponding
increase in\u00a0liabilities.
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\u00a0receive 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.
\u2022 Employee 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\u00a0shares 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\u00a0significant changes in assumptions may therefore result in an increased / decreased charge in an accounting period
as\u00a0a 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 three to five 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\u00a0the discretionary bonus. No accrual is made for future discretionary bonus payments due to there being no contractual
obligation for such a bonus at\u00a0the balance sheet date.
10a. Accounting policies
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\u00a0substantively 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\u00a0carrying 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 substantively enacted by the balance sheet date and
that are\u00a0expected to apply in the period when the liability is settled, or the asset is realised.
The principal temporary differences arise from IFRS recognition differences due timing differences in the recognition of
intragroup profit commission across subsidiaries, carried forward losses, differences between tax capital allowances and
depreciation of property, plant and equipment, reserve movements and share scheme charges.
The resulting deferred tax is charged or credited to the Income Statement, except to the extent it relates to items that are
recognised in other comprehensive income or directly in equity, in which case the deferred tax is also recognised in other
comprehensive income or directly in equity respectively.
Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets (including
those 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. Such assets and liabilities are not recognised if the temporary difference
arises from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the
accounting profit, other than in a business combination or for transactions that give rise to equal taxable and deductible
temporary differences. In addition, a deferred tax liability is not recognised if the temporary difference arises from the initial
recognition of goodwill. For the recognition of deferred tax assets, the probability of the availability of future taxable profits
is\u00a0determined by a combination of the existence of taxable temporary differences and reviewing future profit projections for
the businesses.
11a. Accounting policies
(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
Right-of-use assets
\u2013 two to 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 to 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\u00a0straight-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 on acquisitions of
trade and assets representing a business and/or acquisition of subsidiaries and represents the difference between the cost
of the acquisition and the fair value of the net identifiable assets acquired.
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 every six months for evidence of impairment and tested annually for
impairment.
The goodwill held on the balance sheet at 31\u00a0December 2025 includes goodwill from acquisition of EUI Limited which has
been allocated to the UK insurance segment, and goodwill arising from the acquisition of Home and Pet renewal rights from
RSA Insurance Group Limited which has been allocated to the UK Pet and Household CGUs.
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.
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 cashflow projections based on financial budgets approved by management covering
a\u00a0period of\u00a0up to five years.
The key assumptions used in the value in use calculations are those regarding revenue growth, along with expected
changes in\u00a0pricing 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.
Renewal Rights (included within Customer contracts, relationships and brand)
Renewal rights are recognised as an intangible asset and amortised using the reducing balance method over an expected
useful life determined as ranging between nine and fourteen years. Renewal rights on initial recognition have been
recognised at fair value arising through an acquisition.
The carrying value of renewal rights is reviewed every six months for evidence of impairment, with the value being written
down if\u00a0any impairment exists. Impairment may be reversed if conditions subsequently improve.
Brand (included within Customer contracts, relationships and brand)
Brand rights are recognised as an intangible asset and amortised using the straight line method over an expected useful life
of\u00a0fifteen years. Brand rights on initial recognition have been recognised at its fair value arising through an acquisition.
The carrying value of brand rights 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.
Software
Purchased software is recognised as an intangible asset and amortised on a straight-line basis over its expected useful life
(generally the license term which is typically between 2 and 4 years). 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 on a straight-line basis over the expected useful life of the systems (generally between
3\u00a0and\u00a04 years) 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\u00a0possible 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\u00a0non-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) Fair value reserve
For investments recognised as fair value through other comprehensive income (FVOCI), changes in fair value are
accumulated within the fair value reserve within equity except for impairment gains and losses which are recognised in the
income statement. The accumulated changes in fair value are transferred to profit or loss when the investment is
derecognised or reclassified.
(iii) Hedging reserve
The hedging reserve includes the cash flow hedge reserve. The cash flow hedge reserve is used to recognise the effective
portion of gains or losses on derivatives that are designated and qualify as cash flow hedges. Amounts are subsequently
reclassified to\u00a0profit or loss as appropriate.
(iv) Insurance finance reserve
The insurance finance reserve relates to the impact of changes in market interest rates on the value of the insurance
and\u00a0reinsurance assets and liabilities. These changes are reflected in the insurance finance reserve in order to minimise
accounting mismatches between the accounting for financial assets and insurance assets and liabilities. See note 5e
for\u00a0details of the composition of the insurance finance reserve.
(v) Dividends
Dividends are recorded in the period in which they are declared and paid.
(vi) 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\u00a0separate 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. Non-current assets within a disposal group are not depreciated or amortised
from the point of classification as held for sale. The results of discontinued operations are presented separately in the
Consolidated Income Statement. In the period in which an operation is first classified as discontinued, the Income Statement
and applicable notes are represented to present those operations as discontinued.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "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, employee benefit trusts (EBTs) and SPEs (together referred to as the Group), for the year
ended 31\u00a0December 2025 and comparative figures for the year ended 31\u00a0December 2024. The financial statements of the
Company\u2019s subsidiaries and its EBTs and 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.
An SPE and/or EBT is fully consolidated into the Group financial statements under IFRS 10, where the Group has control.
The Parent Company financial statements present information about the Company as a separate entity and not about
its\u00a0Group. In\u00a0accordance 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
The consolidated financial statements comprise the results and balances of the Company and all entities controlled by the
Company, being its subsidiaries, employee benefit trusts (EBTs) and SPEs (together referred to as the Group), for the year
ended 31\u00a0December 2025 and comparative figures for the year ended 31\u00a0December 2024. The financial statements of the
Company\u2019s subsidiaries and its EBTs and 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "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\u00a0the 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\u00a0the 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 an average exchange rate (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\u00a0translated 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\u00a0the Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
The Group has five reportable segments, as described below. These segments represent the principal split of business that
is\u00a0regularly 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
5. Insurance Service result
5a. Accounting policies
(i) Insurance, Reinsurance and Co-insurance contracts classification
Under IFRS 17, an insurance contract is defined as a contract under which one party (the insurer) accepts significant
insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain
future event (the insured event) adversely affects the policyholder.
Insurance contracts
The Group issues insurance contracts in the normal course of business, under which it accepts significant insurance risk
from its policyholders. As a general guideline, the Group determines whether it has significant insurance risk by comparing
benefits payable after an insured event with benefits payable if the insured event did not occur.
Reinsurance contracts
The Group also enters into both excess of loss (\u2018XoL\u2019) and quota share reinsurance contracts. A contract is only accounted
for as a\u00a0reinsurance contract in these financial statements where there is significant insurance risk transfer, after an
assessment made by\u00a0management based on the terms and conditions of the contracts.
Co-insurance contracts
Co-insurance arrangements are contracts entered into by the Group\u2019s intermediaries, under which insurance risks are
shared on\u00a0a\u00a0proportional 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
subsequently directly responsible to the claimant for its proportion of the claim. As the contractual liability is several and
not\u00a0joint, neither the premiums nor the claims relating to any external co-insurance contract (i.e. outside the Group) are
included in the Income Statement.
Under the terms of these arrangements, the co-insurers reimburse the Group for the same proportionate share of the
directly attributable costs in fulfilling the insurance contracts.
(ii) Level of aggregation
IFRS 17 requires an entity to determine the level of aggregation for applying its requirements. The level of aggregation for
the Group is determined firstly by dividing the business written into portfolios, which comprise contracts subject to similar
risks and which are managed together.
The Group\u2019s insurance business is therefore divided into portfolios based on both the product (line of business such
as\u00a0motor, household etc), and geography (UK, Italy, Spain, and France).
IFRS 17 requires a further division of the portfolios into a \u2018group\u2019 of contracts (being the lowest unit of account) based on
expected profitability, and also requires that no group contains contracts issued more than one year apart. However, the
Group makes an evaluation of the smallest unit of account, i.e. whether a series of contracts need to be treated together
as\u00a0one unit based on reasonable and supportable information, or whether a single contract contains components that need
to be separated and treated as if they were stand-alone contracts.
Following the application of the IFRS 17 level of aggregation requirements, each of the Group\u2019s portfolios (which are
determined by geography and line of business) is further disaggregated by year of issue into a group of contracts based
on\u00a0expected profitability at inception into three categories:
1) A group of contracts that are onerous at initial recognition, if any
2) A group of contracts that at initial recognition have no significant possibility of becoming onerous subsequently, if any
3) A group of the remaining contracts in the portfolio.
The Group has elected to group together those contracts that would fall into different groups only because law or regulation
specifically constrains its practical ability to set a different price or level of benefits for policyholders with different
characteristics.
To assess the profitability of groups of contracts, the Group determines the appropriate level at which reasonable and
supportable information is available. The Group assumes that no contracts in the portfolio are onerous at initial recognition
unless facts and circumstances indicate otherwise. For contracts that are not onerous, the Group assesses, at initial
recognition, that there is no significant possibility of becoming onerous subsequently by assessing the likelihood of changes
in applicable facts and circumstances. The Group considers facts and circumstances to identify whether a group of
contracts are onerous based on:
\u2022 Pricing information
\u2022 Results of similar contracts it has recognised
\u2022 Environmental factors, e.g., a change in market experience or regulations.
The Group divides portfolios of reinsurance contracts held applying the same principles set out above, except that the
references to onerous contracts refer to contracts on which there is a net gain on initial recognition.
Reinsurance contracts held are assessed for aggregation requirements on an individual contract basis. For many of the
Group\u2019s reinsurance contracts held, a group comprises a single contract. The Group reports its reinsurance contracts
by\u00a0portfolio, which aggregate the contracts by type of reinsurance (e.g. quota share or XoL) and product.
These groups represent the level of aggregation at which insurance contracts issued and reinsurance contracts held are
initially recognised and measured. Such groups are not subsequently reconsidered.
(iii) Recognition, modification and derecognition
Groups of insurance contracts issued are recognised from the earliest of the following:
\u2022 The beginning of the coverage period
\u2022 The date when the first payment from the policyholder is due or actually received, if there is no due date
\u2022 For a group of onerous contracts, when the Group determines that facts and circumstances indicate that the group
is\u00a0onerous.
A group of reinsurance contracts held is entered into from the earlier of:
\u2022 The beginning of the coverage period of the group of reinsurance contracts held. However, the Group delays the
recognition of\u00a0a\u00a0group of reinsurance contracts held that provide fully proportionate coverage until the date any underlying
insurance contract is\u00a0initially recognised, if that date is later than the beginning of the coverage period of the group of
reinsurance contracts held
\u2022 The date the Group recognises an onerous group of underlying insurance contracts if the Group entered into the related
reinsurance contract held in the group of reinsurance contracts held at or before that date.
The Group derecognises an insurance or reinsurance contract when it is:
\u2022 Extinguished i.e. when the obligation specified in the insurance contract expires or is discharged or cancelled, or
\u2022 The contract is modified such that the modification results in a change in the measurement model or the applicable
standard for\u00a0measuring a component of the contract, substantially changes the contract boundary, or requires the
modified contract to be included in a different group. In such cases, the Group derecognises the initial contract and
recognises the modified contract as a\u00a0new contract.
When a modification is not treated as a derecognition, the Group recognises amounts paid or received for the modification
with the\u00a0contract as an adjustment to the relevant liability for remaining coverage.
(iv) Contract boundary
The Group includes in the measurement of a group of insurance contracts all the future cashflows within the boundary of
each contract in the group. Cashflows are within the boundary of an insurance contract if they arise from substantive rights
and obligations that exist during the reporting period in which the Group can compel the policyholder to pay the premiums,
or in which the Group has a substantive obligation to provide the policyholder with insurance contract services.
A\u00a0substantive obligation to\u00a0provide insurance contract services ends when:
\u2022 The Group has the practical ability to reassess the risks of the particular policyholder and, as a result, can set a price
or\u00a0level of\u00a0benefits that fully reflects those risks, or
\u2022 Both of the following criteria are satisfied:
1. The Group has the practical ability to reassess the risks of the portfolio of insurance contracts that contain the contract
and, as\u00a0a\u00a0result, can set a price or level of benefits that fully reflects the risk of that portfolio
2. The pricing of the premiums up to the date when the risks are reassessed does not take into account the risks that relate
to\u00a0periods after the reassessment date.
A liability or asset relating to expected premiums or claims outside the boundary of the insurance contract is not recognised.
Such\u00a0amounts relate to future insurance contracts. In assessing the practical ability to reprice, risks transferred from the
policyholder to\u00a0the Group, such as insurance risk and financial risk, are considered; other risks, such as lapse or surrender
risk, are\u00a0not included.
For groups of reinsurance contracts held, cashflows are within the contract boundary if they arise from substantive rights
and obligations of the Group that exist during the reporting period in which the Group is compelled to pay amounts to the
reinsurer or\u00a0in\u00a0which the Group has a substantive right to receive services from the reinsurer.
(v) Presentation
The Group presents separately, in the Statement of Financial Position, the carrying amount of portfolios of insurance
contracts issued that are assets, portfolios of insurance contracts issued that are liabilities, portfolios of reinsurance
contracts held that are\u00a0assets and portfolios of reinsurance contracts held that are liabilities.
The Group disaggregates the total amount recognised in the Consolidated Income Statement and Consolidated Statement
of Other Comprehensive Income into an insurance service result, comprising insurance revenue and insurance service
expense, and insurance finance income or expenses.
The Group separately presents income or expenses from reinsurance contracts held from the expenses or income from
insurance contracts issued. This is presented as one single amount in the Consolidated Income Statement, with additional
disclosure provided in the notes to the financial statements.
(vi) Measurement
Accounting policy choices
Area
IFRS 17 options
Adopted approach
Premium allocation
approach (\u2018PAA\u2019)
eligibility
Subject to specified criteria, the PAA can
be\u00a0adopted as a simplified approach to the
IFRS\u00a017\u00a0general model.
Coverage period for the Group\u2019s insurance
contracts assumed is one year or less and so
qualifies automatically for PAA.
Reinsurance contracts (both XoL and quota share)
include contracts with a coverage period greater
than one year. However, there is no material
difference in the measurement of the\u00a0asset for
remaining coverage between PAA\u00a0and the general
model, therefore these qualify for PAA.
Insurance
acquisition
cashflows for
insurance
contracts\u00a0issued
Where the coverage period of all contracts
within a group is not longer than one year,
insurance acquisition cashflows can either be
expensed as incurred, or allocated, using a
systematic and rational method, to groups of
insurance contracts (including future groups
containing insurance contracts that are
expected to arise from renewals) and then
amortised over the coverage period of the
related group. For groups containing contracts
longer than one year, insurance acquisition
cashflows must be allocated to related groups
of insurance contracts and amortised over the
coverage period of the related group.
The Group\u2019s insurance contracts are all one year
or\u00a0less. The Group has therefore taken the option
to expense acquisition costs as incurred.
Liability for
Remaining
Coverage (\u2018LRC\u2019),
adjusted for
financial risk and
time value of
money
Where there is no significant financing
component in relation to the LRC, or where
the\u00a0time between providing each part of the
services and the related premium due date is
no more than a year, an entity is not required
to\u00a0make an adjustment for accretion of
interest\u00a0on the LRC.
There is no allowance made for accretion
of\u00a0interest on the LRC given that the premiums\u00a0are
received within one year of\u00a0the\u00a0coverage period.
Liability for
Incurred Claims
(\u2018LIC\u2019) adjusted for
time value of
money
For PAA groups, where claims or directly
attributable insurance expenses are
expected to be paid within a year of the date
that the claim is incurred, it is not required
to\u00a0adjust these amounts for the time value
of\u00a0money.
For some claims, for example within the travel
product line in the UK, and other immaterial
product lines across the Group, the incurred claims
are expected to be paid out in less than one year.
Similarly, the majority of directly attributable
insurance expenses are expected to be settled
within one year. For these claims and expenses,
no\u00a0adjustment is made for the time value of\u00a0money.
For all other business, the LIC is adjusted for\u00a0the
time value of money.
Insurance finance
income and
expense
There is an option to disaggregate part of
the\u00a0movement in the LIC, LRC, AIC and ARC
resulting from changes in discount rates,
and\u00a0present this in Other Comprehensive
Income (\u2018OCI\u2019).
The impact on LIC, LRC, AIC and ARC of changes
in discount rates will be captured within OCI, in line
with the accounting for assets backing the
insurance claims liabilities.
Interim reporting
Where an entity is required to apply IAS 34
(as\u00a0for the Group) there is an option as to
whether to choose a \u2018year-to-date\u2019 basis or
a\u00a0\u201cperiod to date\u201d basis for financial reporting.
The Group has opted to apply the option to use
year-to-date accounting for interim reporting.
Fulfilment cashflows within the contract boundary
The fulfilment cashflows (\u2018FCF\u2019) are the current estimates of the future cashflows within the contract boundary of a group
of\u00a0contracts that the Group expects to collect from premiums and pay out for claims, benefits and expenses, adjusted
to\u00a0reflect the\u00a0timing and the uncertainty of those amounts. The estimates of future cashflows:
\u2022 Are based on a probability weighted mean of the full range of possible outcomes
\u2022 Are determined from the perspective of the Group, provided the estimates are consistent with observable market prices
for\u00a0market variables
\u2022 Reflect conditions existing at the measurement date.
In estimating future cashflows, the Group incorporates, in an unbiased way, all reasonable and supportable information that
is available without undue cost or effort at the reporting date. This information includes both internal and external historical
data about claims and other experience, updated to reflect current expectations of future events. The estimates of future
cashflows reflect the Group\u2019s view of current conditions at the reporting date, as long as the estimates of any relevant
market variables are consistent with observable market prices.
An explicit risk adjustment for non-financial risk is estimated separately from the other estimates.
For the Group\u2019s contracts which are measured under the PAA, unless the contracts are onerous, the explicit risk adjustment
for\u00a0non-financial risk is only estimated and included within the measurement of the liability for incurred claims.
Risk of the Group\u2019s non-performance is not included in the measurement of groups of insurance contracts issued. In the
measurement of reinsurance contracts held, the probability weighted estimates of the present value of future cashflows
include potential credit losses and other disputes of the reinsurer to reflect the non-performance risk of the reinsurer.
The Group estimates certain fulfilment cashflows at the portfolio level or higher and then allocates such estimates to groups
of\u00a0contracts.
The Group uses consistent assumptions to measure the estimates of the present value of future cashflows for the group
of\u00a0reinsurance contracts held and such estimates for the groups of underlying insurance contracts.
Discount rates
A bottom-up approach has been applied in the determination of discount rates. Under this approach, the discount rate is
determined as the risk-free yield adjusted for differences in liquidity characteristics between the financial assets used to
derive the\u00a0risk-free yield and the relevant liability cashflows (known as an illiquidity premium).
A separate risk-free yield is obtained for each currency, where a material amount of business is written in that currency.
The\u00a0risk-free yield curve is obtained using rates published by the Prudential Regulation Authority (PRA) for the UK insurance
business, whilst for AECS the EIOPA risk free term structures are used. These curves are available from October 2015 and
provides rates for terms up to 150 years.
For periods prior to October 2015, observable market data is available for terms up to 25 years for GBP (30 years for EUR).
For\u00a0terms that aren\u2019t directly observable from market data, the Smith-Wilson approach is used to derive the rates which
extrapolates between the observable data and an assumed ultimate forward rate. The Smith-Wilson approach is used to
derive the\u00a0published Solvency II yield curves, which supports consistency over time.
Similarly to the approach to risk-free rates, an illiquidity premium will be set by currency.\u00a0The illiquidity premium is
determined by\u00a0management considering various internal benchmarks. This includes considering the cost of liquidity for
the\u00a0Group (through its\u00a0Revolving Credit Facilities), by deducting the risk-free rate and credit risk premium from a corporate
bond reference portfolio, and by deducting public market yields from similarly rated private market yields. Each method
points to a\u00a0different mathematical result and judgement is applied when determining the illiquidity premium. \u00a0
The following weighted average rates, based on the yield curves derived using the above methodology, were used
to\u00a0discount the liability for incurred claims at the end of the current and prior periods:
31 December 2025
31 December 2024
1 year
3 years
5 years
10 years
1 year
3 years
5 years
10 years
UK Insurance
4.0%
4.0%
4.2%
4.5%
5.0%
4.7%
4.5%
4.6%
European Motor
2.6%
2.8%
3.0%
3.4%
2.7%
2.6%
2.6%
2.8%
Generally, the illiquidity premium is expected to be stable over time and re-assessment of the assumption will be triggered
by significant changes in internal illiquidity benchmarks and/or changes in the illiquidity of the liabilities (e.g. claims
mix).\u00a0Quantitative analysis will be performed when the illiquidity premium changes, including performing sensitivity analysis
on the assumption.
Insurance revenue
The insurance revenue for the period is comprised of the amount of expected premium receipts (excluding any investment
component) allocated to the period. The Group allocates the expected premium receipts to each period of insurance
contract services on the basis of the passage of time. However, if the expected pattern of release of risk during the
coverage period differs significantly from the passage of time, for example due to seasonality of claims, then the allocation
is\u00a0made on the basis of the expected timing of incurred insurance service expenses. For the periods presented, all insurance
premium revenue has been recognised based on the passage of time. If a change in allocation is necessary due to a change
of facts and circumstances, the\u00a0change is accounted for prospectively as a change in accounting estimate.
The Group\u2019s insurance revenue is comprised of the following component parts:
\u2022 Insurance premium revenue: Insurance premium revenue reflects the expected premium receipts allocated to the period
based on the passage of time, adjusted for seasonality if required. It excludes any additional income that arises from the
writing of the insurance contract that is presented as part of insurance revenue as set out below.
\u2022 Instalment income: In contrast to IFRS 4, instalment income related to the risk attaching part of the premium that
is\u00a0retained within the Group is recognised as part of the insurance revenue cashflows due to it being considered
non-distinct from the underlying insurance policy, as set out in note 2 to the financial statements.
\u2022 Administration fees: Administration fees are costs charged to the customer for arranging a change to their policy.
The\u00a0performance obligation is the change in a customer\u2019s policy and given that the obligation related to activities that are
required to\u00a0fulfil the insurance contract and the policyholder cannot benefit from the service by itself, it is considered as
part of fulfilment cashflows, i.e., the full transaction price is therefore recognised as part of insurance revenue on a point
in\u00a0time basis.
IFRS 17 does not require separate insurance revenue analysis for insurance contracts measured under PAA. See Appendix 1
and note 14 for further information regarding the disaggretation of insurance revenue.
As stated in note 2, the Group has excluded any instalment income and administration fees from insurance revenue derived
from the proportion of insurance coverage under the co-insurance arrangements where the Group bears no risks. Please
see note 8a for the treatment of the co-insurance share retained by the group of instalment income and administration fees.
Insurance service expenses
The following elements are included in insurance service expenses:
\u2022 Incurred claims and benefits excluding investment components
\u2022 Other incurred directly attributable insurance service expenses, including administration (such as employee costs,
depreciation and amortisation) and acquisition expenses, and share scheme expenses that are attributable to
insurance\u00a0services
\u2022 Changes that relate to past service (i.e. changes in the fulfilment cashflows relating to the Liability for Incurred Claims)
\u2022 Changes that relate to future service (i.e. losses/reversals on onerous groups of contracts from changes in the loss
components).
Only items that reflect insurance service expenses (i.e. incurred claims and other insurance service expenses arising from
insurance contracts the Group issues) are reported as insurance expenses. Cashflows that are not directly attributable to
a\u00a0portfolio of insurance contracts, such as some product development and training costs, are recognised in other operating
expenses as incurred.
The total costs incurred in relation to the co-insurance share of insurance business are presented within other operating
expenses, as is the reimbursement of these costs, given that they are not related to the costs directly attributable to fulfilling
the Group\u2019s insurance contracts.
Non-cash costs that are directly attributable, such as depreciation, amortisation and IFRS 2 equity-settled share scheme
costs, are\u00a0recognised within insurance service expenses; these are transferred out of the LIC into the appropriate Financial
Statement line item for presentation in the Statement of Financial Position.
Reinsurance net expense/income
The Group has presented the income or expenses from a group of reinsurance contracts held separately from insurance
finance income or expenses as a single amount and has provided in the disclosure note a separate analysis of the amounts
recovered from the reinsurer and an allocation of the premiums paid that together give a net amount equal to that single
amount.
As part of its quota share arrangements, the Group typically recovers either a set ceding commission, or the quota share
reinsurer\u2019s proportional share of the expenses that are incurred in fulfilling the insurance contracts.
These amounts are typically settled net with the premium charged and are not contingent on claims. As a result, under IFRS
17 the expenses and ceding commissions recovered are considered to reflect a reduction in the transaction price equivalent
to charging a\u00a0lower premium (with no corresponding ceding commission or expense recovery).
In addition, as set out in note 3 to these financial statements, where the reinsurance arrangements result in a \u201cminimum
recovery\u201d from the reinsurer due to profit commission or sliding scale commission arrangements that is not contingent
on\u00a0claims, and the amount is not settled \u2018net\u2019 with premium, the minimum recovery is treated as a non-distinct investment
component.
As a result, the Group treats reinsurance cashflows that are contingent on claims on the underlying contracts as part of the
claims that are expected to be reimbursed under the reinsurance contract held, and excludes non-distinct investment
components and commissions from the allocation of reinsurance premiums presented in the notes to the financial statements.
Insurance finance income and expense
Insurance finance income or expenses comprise the change in the carrying amount of the group of insurance contracts
arising\u00a0from:
1. The effect of the time value of money and changes in the time value of money
2. The effect of financial risk and changes in financial risk.
The Group has taken the option to disaggregate insurance finance income or expenses on insurance contracts issued
between the\u00a0Consolidated Income Statement and the Consolidated Statement of Other Comprehensive Income.
As a result, applying the premium allocation approach, claims incurred are discounted at the date of initial recognition and
the finance expense recognised in the Consolidated Income Statement reflects the unwind of this discounting, at the locked
in discount rate, over the expected payment period. The same approach is taken for reinsurance claims assets. Discounting
on the liability and asset for remaining coverage only occurs in the case of the recognition of an onerous loss component
(and related loss-recovery component) and as a result is not material.
The impact of changes in market interest rates on the value of the insurance assets and liabilities are reflected in Other
Comprehensive Income in order to minimise accounting mismatches between the accounting for financial assets and
insurance assets and liabilities. The Group\u2019s financial assets backing the insurance portfolios are predominantly measured
at\u00a0Fair Value through Other Comprehensive Income (\u2018FVOCI\u2019).
Insurance contracts: Liability for remaining coverage
Initial measurement
For a group of contracts that is not onerous at initial recognition, the Group measures the liability for remaining coverage as:
\u2022 The premiums, if any, received at initial recognition
\u2022 Any other asset or liability previously recognised for cashflows related to the group of contracts that the Group pays
or\u00a0receives before the group of insurance contracts is recognised.
The Group recognises any insurance premium tax collected in relation to the premiums received as part of the premium
receipts, but given it is acting as an agent, these taxes are not included as either insurance revenue or an insurance
expense. Any outstanding insurance premium tax liability is presented within the liability for remaining coverage until paid.
There is no allowance for time value of money as the premiums are received within one year of the coverage period.
Where facts and circumstances indicate that contracts are onerous at initial recognition, the onerous contracts are
separately grouped from other contracts and a loss is recognised in the Consolidated Income Statement for the net outflow,
resulting in the carrying amount of the liability for the group being equal to the fulfilment cashflows. A loss component is
established by the Group for the liability for remaining coverage for such onerous group depicting the losses recognised.
Subsequent measurement
The Group measures the carrying amount of the liability for remaining coverage at the end of each reporting period as:
\u2022 The liability for remaining coverage at the beginning of the period; plus
\u2022 Premiums received in the period; minus
\u2022 The amount recognised as insurance revenue for the services provided in the period; minus
\u2022 Payments to the tax authorities in respect of premium receipts.
The onerous loss component is re-measured over the coverage period so that at the end of the coverage period,
it\u00a0is\u00a0reduced to \u00a3nil.
Insurance contracts: Liability for incurred claims
The Group estimates the liability for incurred claims as the fulfilment cashflows related to incurred claims, including any
creditors related to directly attributable insurance expenses. The liability for incurred claims also includes an explicit
adjustment for non-financial risk (the risk adjustment).
Reinsurance contracts held
Initial measurement
The Group measures its reinsurance assets for a group of reinsurance contracts that it holds on the same basis as insurance
contracts that it issues. However, they are adapted to reflect the features of reinsurance contracts held that differ from
insurance contracts issued.
Where the Group recognises a loss on initial recognition of an onerous group of underlying insurance contracts or when
further onerous underlying insurance contracts are added to a group, the Group establishes a loss-recovery component
of\u00a0the asset for\u00a0remaining coverage for a group of reinsurance contracts held depicting the recovery of losses. The Group
calculates the loss-recovery component by multiplying the loss recognised on the underlying insurance contracts and the
percentage of claims on the underlying insurance contracts the Group expects to recover from the group of reinsurance
contracts held. The Group uses\u00a0a systematic and rational method to determine the portion of losses recognised on the
group of insurance contracts covered by the reinsurance contracts held, in the case that there is partial coverage of
underlying insurance contracts by reinsurance contracts. The loss-recovery component adjusts the carrying amount
of\u00a0the\u00a0asset for remaining coverage.
The risk adjustment for non-financial risk is the amount of risk being transferred by the Group to the reinsurer and
is\u00a0calculated with reference to the gross risk adjustment, adjusted for any excess of loss risk adjustment, as required.
Subsequent measurement
The subsequent measurement of reinsurance contracts held follows the same principles as those for insurance contracts
issued and has been adapted to reflect the specific features and terms and conditions of the reinsurance contracts held.
In\u00a0addition, changes in the fulfilment cashflows that arise from changes in the risk of non-performance of the reinsurer are
reflected within net\u00a0expenses from reinsurance contracts held within the Income Statement.
Where the Group has established a loss-recovery component, the Group subsequently reduces the loss recovery
component to\u00a0zero in line with reductions in the onerous group of underlying insurance contracts in order to reflect that the
loss-recovery component shall not exceed the portion of the carrying amount of the loss component of the onerous group
of underlying insurance contracts that the entity expects to recover from the group of reinsurance contracts held.
The extinguishment or commutation of a reinsurance arrangement results in a derecognition of any reinsurance assets
or\u00a0liabilities related to the commuted contract from the balance sheet, so that the Group retains the full future risk of claims
development. As\u00a0a\u00a0result of commutation, any difference arising between the present carrying value of reinsurance assets
or liabilities and the cash settlement is recognised in the Consolidated Income Statement.
5b. Insurance revenue
Insurance revenue for the corresponding reportable segments for the period ended 31\u00a0December 2025
are shown below.
31 December 2025
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Insurance revenue related movement in liability for
remaining coverage
3,511.5
710.1
654.5
103.2
4,979.3
Insurance revenue for the corresponding reportable segments for the period ended 31\u00a0December 2024 are shown below.
31 December 2024
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Insurance revenue related movement in liability for
remaining coverage
3,369.5
503.9
606.7
73.3
4,553.4
The Group\u2019s share of its insurance business was underwritten by Admiral Insurance (Gibraltar) Limited, Admiral Insurance
Company Limited and Admiral Europe Compa\u00f1ia Seguros (\u2018AECS\u2019). The majority of contracts are short term in\u00a0duration,
lasting for between 6 and 12 months.
5c. Insurance service expenses
Insurance service expenses for the corresponding reportable segments for the period ended 31\u00a0December 2025 are shown
below.
31 December 2025
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Incurred claims
Claims incurred in the period
2,317.1
452.1
468.8
72.6
3,310.6
Changes to liabilities for incurred claims
(335.7)
(33.6)
(49.1)
(5.5)
(423.9)
Total incurred claims
1,981.4
418.5
419.7
67.1
2,886.7
Movement in onerous contracts
0.1
0.2
(3.3)
\u2013
(3.0)
Directly attributable expenses
Administration expenses
496.3
131.9
119.1
25.4
772.7
Acquisition expenses
103.9
55.2
55.9
19.8
234.8
Insurance expenses
600.2
187.1
175.0
45.2
1,007.5
Share scheme expenses
56.1
8.7
9.8
1.3
75.9
Total insurance expenses including share scheme
expenses
656.3
195.8
184.8
46.5
1,083.4
Total Insurance service expenses
2,637.8
614.5
601.2
113.6
3,967.1
Insurance service expenses for the corresponding reportable segments for the period ended 31\u00a0December 2024 are shown
below.
31 December 2024
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Incurred claims
Claims incurred in the period
2,107.2
298.2
453.2
48.9
2,907.5
Changes to liabilities for incurred claims
(496.1)
(51.4)
(7.3)
(1.4)
(556.2)
Total incurred claims
1,611.1
246.8
445.9
47.5
2,351.3
Movement in onerous contracts
(5.1)
0.1
(0.1)
\u2013
(5.1)
Directly attributable expenses
Administration expenses
461.5
113.7
117.0
18.7
710.9
Acquisition expenses
125.3
45.2
51.0
15.0
236.5
Insurance expenses
586.8
158.9
168.0
33.7
947.4
Share scheme expenses
40.7
5.4
8.6
1.4
56.1
Total insurance expenses including share scheme
expenses
627.5
164.3
176.6
35.1
1,003.5
Total Insurance service expenses
2,233.5
411.2
622.4
82.6
3,349.7
5d. Net expenses from reinsurance contracts held
Net expenses from reinsurance contracts held for the corresponding reportable segments for the period ended
31\u00a0December 2025 are shown below.
31 December 2025
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Allocation of reinsurance premiums
133.5
143.1
155.8
11.3
443.7
Amounts recoverable from reinsurers for incurred
insurance service expenses
Incurred claims
(70.9)
(91.1)
(151.1)
(7.7)
(320.8)
Changes to liabilities for incurred claims
56.8
(1.4)
45.8
\u2013
101.2
Net expense from reinsurance contracts excluding
movement in onerous loss component
119.4
50.6
50.5
3.6
224.1
Other reinsurance recoveries including movement in
onerous loss component
(0.1)
(0.2)
2.1
\u2013
1.8
Net expenses from reinsurance contracts held
119.3
50.4
52.6
3.6
225.9
Net expenses from reinsurance contracts held for the corresponding reportable segments for the period ended
31\u00a0December 2024 are shown below.
31 December 2024
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Allocation of reinsurance premiums
145.8
45.8
119.2
7.6
318.4
Amounts recoverable from reinsurers for incurred
insurance service expenses
Incurred claims
(29.2)
3.1
(255.2)
(8.5)
(289.8)
Changes to liabilities for incurred claims
291.6
34.3
143.5
\u2013
469.4
Net expense from reinsurance contracts excluding
movement in onerous loss component
408.2
83.2
7.5
(0.9)
498.0
Other reinsurance recoveries including movement in loss
recovery component
4.0
(0.1)
(0.3)
\u2013
3.6
Net expenses/(income) from reinsurance contracts held
412.2
83.1
7.2
(0.9)
501.6
5e. Finance expenses /(income) from insurance contracts held and reinsurance contracts issued
\u00a3m
31 December
2025
31 December
2024
Amounts recognised through the income statement - Continuing basis
Insurance finance expenses from insurance contracts issued
140.9
128.4
Insurance finance income from reinsurance contracts held
(29.4)
(35.9)
Net finance expense from insurance / reinsurance contracts issued
111.5
92.5
Amounts recognised in other comprehensive income
(Losses)/ gains due to changes in discount rates - insurance contracts
(54.4)
7.9
(Losses)/ gains due to changes in discount rates - reinsurance contracts
9.6
3.3
Total (losses)/ gains before tax recognised in other comprehensive income
(44.8)
11.2
The insurance finance reserve is comprised of the following:
\u00a3m
31 December
2025
31 December
2024
Insurance finance reserve - Continuing basis
Insurance finance reserve \u2013 insurance contracts
64.6
119.0
Deferred tax in relation to insurance finance reserve - insurance contracts
(9.1)
(18.6)
Insurance finance reserve \u2013 reinsurance contracts
(22.8)
(32.4)
Deferred tax in relation to insurance finance reserve - reinsurance contracts
2.6
4.7
Total insurance finance reserve
35.3
72.7
See note 6b for details of the relationship between finance (expenses)/ income from insurance contracts held and
reinsurance contracts issued, and investment return.
5f. Insurance Liabilities and Reinsurance assets
(i) Analysis of recognised amounts
Year ended 31 December 2025
Year ended 31 December 2024
\u00a3m
Liability for
remaining
coverage
Liability for
incurred
claims
Total
Liability for
remaining
coverage
Liability for
incurred
claims
Total
Insurance contracts issued
UK Motor
774.1
3,070.0
3,844.1
883.3
2,691.1
3,574.4
UK Other Personal lines
206.2
303.4
509.6
195.3
214.7
410.0
European Insurance
217.0
691.1
908.1
190.1
591.2
781.3
Other
11.8
125.6
137.4
19.9
175.8
195.7
Total insurance contracts issued
1,209.1
4,190.1
5,399.2
1,288.6
3,672.8
4,961.4
\u00a3m
Asset for
remaining
coverage
Asset for
incurred
claims
Total
Asset for
remaining
coverage
Asset for
incurred
claims
Total
Reinsurance contracts held
UK Motor
45.7
267.7
313.4
34.0
236.5
270.5
UK Other Personal lines
13.6
215.2
228.8
11.2
173.5
184.7
European Insurance
19.9
507.0
526.9
42.5
461.7
504.2
Other
1.2
10.2
11.4
0.5
28.7
29.2
Total reinsurance contracts held
80.4
1,000.1
1,080.5
88.2
900.4
988.6
\u00a3m
Liability for
remaining
coverage
Liability for
incurred
claims
Total
Liability for
remaining
coverage
Liability for
incurred
claims
Total
Net
UK Motor
728.4
2,802.3
3,530.7
849.3
2,454.6
3,303.9
UK Other Personal lines
192.6
88.2
280.8
184.1
41.2
225.3
European Insurance
197.1
184.1
381.2
147.6
129.5
277.1
Other
10.6
115.4
126.0
19.4
147.1
166.5
Total insurance contracts issued
1,128.7
3,190.0
4,318.7
1,200.4
2,772.4
3,972.8
The table above has been represented for the year end 31 December 2024 such that insurance liabilities and reinsurance
assets in relation to the US operation are presented within Other (previously included within International insurance). Refer
to note 4a for further details on European Insurance.
(ii) Roll-forward of net asset or liability for insurance contracts issued
UK Motor
The following tables reconcile the opening and closing balances of the LRC and LIC for UK Motor.
Liability for remaining coverage
Liability for incurred claims
2025
Excluding
loss
component
Loss
component
Total
Present
value of
future
cashflows
Risk adj.
for non-
financial
risk
Total
Total
\u00a3m
Opening assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Opening liabilities
(883.3)
\u2013
(883.3)
(2,300.8)
(390.3)
(2,691.1)
(3,574.4)
Net opening balance
(883.3)
\u2013
(883.3)
(2,300.8)
(390.3)
(2,691.1)
(3,574.4)
Insurance revenue
3,511.5
\u2013
3,511.5
\u2013
\u2013
\u2013
3,511.5
Insurance service expenses
Incurred claims and insurance
service expenses
\u2013
\u2013
\u2013
(2,787.4)
(185.9)
(2,973.3)
(2,973.3)
Changes to liabilities for incurred
claims
\u2013
\u2013
\u2013
115.8
219.9
335.7
335.7
Losses and reversals of losses on
onerous contracts
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
(0.1)
Insurance service result
3,511.5
(0.1)
3,511.4
(2,671.6)
33.9
(2,637.7)
873.7
Insurance finance income/
(expense) recognised in
profit or loss
\u2013
0.1
0.1
(96.0)
(17.4)
(113.5)
(113.4)
Insurance finance income/
(expense) recognised in OCI
\u2013
\u2013
\u2013
(47.6)
(10.5)
(58.0)
(58.0)
Total changes in comprehensive
income
3,511.5
\u2013
3,511.5
(2,815.2)
6.0
(2,809.2)
702.3
Other changes
\u2013
\u2013
\u2013
74.3
\u2013
74.3
74.3
Cashflows
Premiums received
(3,402.3)
\u2013
(3,402.3)
\u2013
\u2013
\u2013
(3,402.3)
Claims and other insurance
service expenses paid
\u2013
\u2013
\u2013
2,356.0
\u2013
2,356.0
2,356.0
Other movements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total cashflows
(3,402.3)
\u2013
(3,402.3)
2,356.0
\u2013
2,356.0
(1,046.3)
Net closing balance
(774.1)
\u2013
(774.1)
(2,685.7)
(384.3)
(3,070.0)
(3,844.1)
Closing assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Closing liabilities
(774.1)
\u2013
(774.1)
(2,685.7)
(384.3)
(3,070.0)
(3,844.1)
Liability for remaining coverage
Liability for incurred claims
2024
Excluding
loss
component
Loss
component
Total
Present
value of
future
cashflows
Risk adj.
for non-
financial
risk
Total
Total
\u00a3m
Opening assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Opening liabilities
(766.0)
(3.0)
(769.0)
(2,202.8)
(343.9)
(2,546.7)
(3,315.7)
Net opening balance
(766.0)
(3.0)
(769.0)
(2,202.8)
(343.9)
(2,546.7)
(3,315.7)
Insurance revenue
3,369.5
\u2013
3,369.5
\u2013
\u2013
\u2013
3,369.5
Insurance service expenses
Incurred claims and insurance
service expenses
\u2013
\u2013
\u2013
(2,548.7)
(186.0)
(2,734.7)
(2,734.7)
Changes to liabilities for
incurred claims
\u2013
\u2013
\u2013
343.4
152.7
496.1
496.1
Losses and reversals of losses on
onerous contracts
\u2013
5.1
5.1
\u2013
\u2013
\u2013
5.1
Insurance service result
3,369.5
5.1
3,374.6
(2,205.3)
(33.3)
(2,238.6)
1,136.0
Insurance finance income/
(expense) recognised in
profit or loss
\u2013
(2.4)
(2.4)
(86.5)
(15.3)
(101.8)
(104.2)
Insurance finance income/
(expense) recognised in OCI
\u2013
0.3
0.3
16.2
2.2
18.4
18.7
Total changes in comprehensive
income
3,369.5
3.0
3,372.5
(2,275.6)
(46.4)
(2,322.0)
1,050.5
Other changes
35.9
\u2013
35.9
79.3
\u2013
79.3
115.2
Cashflows
Premiums received
(3,522.7)
\u2013
(3,522.7)
\u2013
\u2013
\u2013
(3,522.7)
Claims and other insurance
service expenses paid
\u2013
\u2013
\u2013
2,098.3
\u2013
2,098.3
2,098.3
Other movements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total cashflows
(3,522.7)
\u2013
(3,522.7)
2,098.3
\u2013
2,098.3
(1,424.4)
Net closing balance
(883.3)
\u2013
(883.3)
(2,300.8)
(390.3)
(2,691.1)
(3,574.4)
Closing assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Closing liabilities
(883.3)
\u2013
(883.3)
(2,300.8)
(390.3)
(2,691.1)
(3,574.4)
UK Other Personal lines Insurance
The following tables reconcile the opening and closing balances of the LRC and LIC for UK Other Personal lines insurance
(UK Household, Pet\u00a0and\u00a0Travel).
Liability for remaining coverage
Liability for incurred claims
2025
Excluding
loss
component
Loss
component
Total
Present
value of
future
cashflows
Risk adj.
for non-
financial
risk
Total
Total
\u00a3m
Opening assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Opening liabilities
(195.3)
\u2013
(195.3)
(190.8)
(23.9)
(214.7)
(410.0)
Net opening balance
(195.3)
\u2013
(195.3)
(190.8)
(23.9)
(214.7)
(410.0)
Insurance revenue
710.1
\u2013
710.1
\u2013
\u2013
\u2013
710.1
Insurance service expenses
Incurred claims and insurance
service expenses
\u2013
\u2013
\u2013
(618.3)
(29.6)
(647.9)
(647.9)
Changes to liabilities for
incurred claims
\u2013
\u2013
\u2013
16.7
16.9
33.6
33.6
Losses and reversals of losses
on onerous contracts
\u2013
(0.2)
(0.2)
\u2013
\u2013
\u2013
(0.2)
Insurance service result
710.1
(0.2)
709.9
(601.6)
(12.7)
(614.3)
95.6
Insurance finance income/
(expense) recognised in
profit or loss
\u2013
\u2013
\u2013
(8.5)
(1.1)
(9.6)
(9.6)
Insurance finance income/
(expense) recognised in OCI
\u2013
\u2013
\u2013
(0.7)
(0.1)
(0.8)
(0.8)
Total changes in comprehensive
income
710.1
(0.2)
709.9
(610.8)
(13.9)
(624.7)
85.2
Other changes
\u2013
0.2
0.2
17.1
0.1
17.2
17.4
Cashflows
Premiums received
(721.0)
\u2013
(721.0)
\u2013
\u2013
\u2013
(721.0)
Claims and other insurance
service expenses paid
\u2013
\u2013
\u2013
518.8
\u2013
518.8
518.8
Other movements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total cashflows
(721.0)
\u2013
(721.0)
518.8
\u2013
518.8
(202.2)
Net closing balance
(206.2)
\u2013
(206.2)
(265.7)
(37.7)
(303.4)
(509.6)
Closing assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Closing liabilities
(206.2)
\u2013
(206.2)
(265.7)
(37.7)
(303.4)
(509.6)
Liability for remaining coverage
Liability for incurred claims
2024
Excluding
loss
component
Loss
component
Total
Present
value of
future
cashflows
Risk adj.
for non-
financial
risk
Total
Total
\u00a3m
Opening assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Opening liabilities
(136.2)
\u2013
(136.2)
(193.6)
(23.9)
(217.5)
(353.7)
Net opening balance
(136.2)
\u2013
(136.2)
(193.6)
(23.9)
(217.5)
(353.7)
Insurance revenue
503.9
\u2013
503.9
\u2013
\u2013
\u2013
503.9
Insurance service expenses
Incurred claims and insurance
service expenses
\u2013
\u2013
\u2013
(444.8)
(17.7)
(462.5)
(462.5)
Changes to liabilities for
incurred claims
\u2013
\u2013
\u2013
32.6
18.8
51.4
51.4
Losses and reversals of losses
on onerous contracts
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
(0.2)
Insurance service result
503.9
\u2013
503.9
(412.2)
0.9
(411.3)
92.6
Insurance finance income/
(expense) recognised in
profit or loss
\u2013
\u2013
\u2013
(8.0)
(0.9)
(8.9)
(8.9)
Insurance finance income/
(expense) recognised in OCI
\u2013
\u2013
\u2013
0.1
\u2013
0.1
0.1
Total changes in comprehensive
income
503.9
\u2013
503.9
(420.1)
\u2013
(420.1)
83.8
Other changes
\u2013
\u2013
\u2013
14.9
\u2013
14.9
14.9
Cashflows
Premiums received
(563.0)
\u2013
(563.0)
\u2013
\u2013
\u2013
(563.0)
Claims and other insurance
service expenses paid
\u2013
\u2013
\u2013
408.0
\u2013
408.0
408.0
Other movements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total cashflows
(563.0)
\u2013
(563.0)
408.0
\u2013
408.0
(155.0)
Net closing balance
(195.3)
\u2013
(195.3)
(190.8)
(23.9)
(214.7)
(410.0)
Closing assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Closing liabilities
(195.3)
\u2013
(195.3)
(190.8)
(23.9)
(214.7)
(410.0)
European Insurance
The following tables reconcile the opening and closing balances of the LRC and LIC for European Insurance.
Liability for remaining coverage
Liability for incurred claims
2025
Excluding
loss
component
Loss
component
Total
Present
value of
future
cashflows
Risk adj.
for non-
financial
risk
Total
Total
\u00a3m
Opening assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Opening liabilities
(187.3)
(2.8)
(190.1)
(520.5)
(70.7)
(591.2)
(781.3)
Net opening balance
(187.3)
(2.8)
(190.1)
(520.5)
(70.7)
(591.2)
(781.3)
Insurance revenue
654.5
\u2013
654.5
\u2013
\u2013
\u2013
654.5
Insurance service expenses
Incurred claims and insurance
service expenses
\u2013
\u2013
\u2013
(594.4)
(59.2)
(653.6)
(653.6)
Changes to liabilities for
incurred claims
\u2013
\u2013
\u2013
(8.8)
57.9
49.1
49.1
Losses and reversals of losses
on onerous contracts
\u2013
3.3
3.3
\u2013
\u2013
\u2013
3.3
Insurance service result
654.5
3.3
657.8
(603.2)
(1.3)
(604.5)
53.3
Insurance finance income/
(expense) recognised in
profit or loss
\u2013
(3.3)
(3.3)
(12.7)
(1.9)
(14.6)
(17.9)
Insurance finance income/
(expense) recognised in OCI
\u2013
0.2
0.2
5.1
0.8
5.9
6.1
Foreign exchange impact
(11.3)
\u2013
(11.3)
(30.6)
(4.0)
(34.6)
(45.9)
Total changes in comprehensive
income
643.2
0.2
643.4
(641.4)
(6.4)
(647.8)
(4.4)
Other changes
\u2013
\u2013
\u2013
11.4
\u2013
11.4
11.4
Cashflows
Premiums received
(670.3)
\u2013
(670.3)
\u2013
\u2013
\u2013
(670.3)
Claims and other insurance
service expenses paid
\u2013
\u2013
\u2013
536.5
\u2013
536.5
536.5
Other movements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total cashflows
(670.3)
\u2013
(670.3)
536.5
\u2013
536.5
(133.8)
Net closing balance
(214.4)
(2.6)
(217.0)
(614.0)
(77.1)
(691.1)
(908.1)
Closing assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Closing liabilities
(214.4)
(2.6)
(217.0)
(614.0)
(77.1)
(691.1)
(908.1)
Liability for remaining coverage
Liability for incurred claims
2024
Excluding
loss
component
Loss
component
Total
Present
value of
future
cashflows
Risk adj.
for non-
financial
risk
Total
Total
\u00a3m
Opening assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Opening liabilities
(200.3)
(2.9)
(203.2)
(442.6)
(68.1)
(510.7)
(713.9)
Net opening balance
(200.3)
(2.9)
(203.2)
(442.6)
(68.1)
(510.7)
(713.9)
Insurance revenue
606.7
\u2013
606.7
\u2013
\u2013
\u2013
606.7
Insurance service expenses
Incurred claims and insurance
service expenses
\u2013
\u2013
\u2013
(566.0)
(63.8)
(629.8)
(629.8)
Changes to liabilities for
incurred claims
\u2013
\u2013
\u2013
(53.8)
61.1
7.3
7.3
Losses and reversals of losses
on onerous contracts
\u2013
0.1
0.1
\u2013
\u2013
\u2013
0.1
Insurance service result
606.7
0.1
606.8
(619.8)
(2.7)
(622.5)
(15.7)
Insurance finance income/
(expense) recognised in
profit or loss
\u2013
\u2013
\u2013
(12.7)
(2.4)
(15.1)
(15.1)
Insurance finance income/
(expense) recognised in OCI
\u2013
(0.1)
(0.1)
(7.8)
(0.9)
(8.7)
(8.8)
Foreign exchange impact
9.6
0.1
9.7
22.7
3.4
26.1
35.8
Total changes in comprehensive
income
616.3
0.1
616.4
(617.6)
(2.6)
(620.2)
(3.8)
Other changes
11.3
\u2013
11.3
15.5
\u2013
15.5
26.8
Cashflows
Premiums received
(614.6)
\u2013
(614.6)
\u2013
\u2013
\u2013
(614.6)
Claims and other insurance
service expenses paid
\u2013
\u2013
\u2013
524.2
\u2013
524.2
524.2
Other movements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total cashflows
(614.6)
\u2013
(614.6)
524.2
\u2013
524.2
(90.4)
Net closing balance
(187.3)
(2.8)
(190.1)
(520.5)
(70.7)
(591.2)
(781.3)
Closing assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Closing liabilities
(187.3)
(2.8)
(190.1)
(520.5)
(70.7)
(591.2)
(781.3)
(iv) Claims development
The following tables illustrate how estimates of cumulative claims for UK Motor, UK Other Personal lines and European
Insurance have developed over time on a gross and net of reinsurance basis.
Each table shows how the Group\u2019s estimates of total claims for each underwriting year have developed over time and
reconciles the cumulative claims to the amount included in the Statement of Financial Position. Balances have been
translated at the exchange rates prevailing at the reporting date. The Group has not disclosed information for underwriting
years 2017 and prior for the European Insurance and Other UK Personal lines Insurance businesses , given that the claims
that remain outstanding on those years are immaterial.
IFRS 17 does not require an entity to disclose claims development information for which uncertainty about the amount and
timing of\u00a0the claims payments is typically resolved within one year. Therefore, the Group has not disclosed information about
the claims in\u00a0its other lines of business or related directly attributable expenses.
Gross claims development
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK Motor (core)
At end of year one
436
552
686
701
552
688
845
973
1,241
1,242
At end of year two
829
1,144
1,175
1,067
985
1,326
1,584
1,812
2,158
At end of year three
788
994
1,109
1,010
954
1,294
1,544
1,724
At end of year four
727
947
1,064
996
921
1,270
1,517
At end of year five
713
912
1,008
981
910
1,200
At end of year six
690
890
1,000
938
876
At end of year seven
656
865
959
936
At end of year eight
652
849
953
At end of year nine
657
843
Ten years later
643
Gross best estimates
of undiscounted
claims
4,367
643
843
953
936
876
1,200
1,517
1,724
2,158
1,242
16,459
Cumulative gross
claims paid
(4,229)
(611)
(778)
(908)
(847)
(763)
(990)
(1,161)
(1,193)
(1,318)
(546)
(13,344)
Gross undiscounted
best estimate liabilities
138
32
65
45
89
113
210
356
531
840
696
3,115
Risk adjustment
(undiscounted)
453
Effect of discounting
(624)
Gross claims
liabilities
2,944
Ancillary claims and
expense liabilities
126
UK Motor Gross
liabilities for incurred
claims
3,070
UK Other (core)
At end of year one
26
29
56
55
53
58
116
146
160
228
At end of year two
50
78
102
105
96
128
224
253
341
At end of year three
47
76
102
103
95
124
227
251
At end of year four
47
75
102
102
90
126
225
At end of year five
47
76
102
93
93
125
At end of year six
47
76
100
96
94
At end of year seven
47
75
102
101
At end of year eight
48
77
100
At end of year nine
48
75
Ten years later
48
Gross best estimates
of undiscounted
claims
57
48
75
100
101
94
125
225
251
341
228
1,645
Cumulative gross
claims paid
(57)
(48)
(75)
(100)
(99)
(92)
(121)
(212)
(226)
(252)
(98)
(1,380)
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross undiscounted
best estimate liabilities
\u2013
\u2013
\u2013
\u2013
2
2
4
13
25
89
130
265
Risk adjustment
(undiscounted)
39
Effect of discounting
(10)
Gross claims
liabilities
294
Ancillary claims and
expense liabilities
9
UK Other Gross
liabilities for incurred
claims
303
European Insurance
At end of year one
\u2013
\u2013
98
123
111
159
167
202
214
240
At end of year two
\u2013
128
191
212
229
310
390
397
432
At end of year three
118
174
186
225
227
314
388
421
At end of year four
135
172
190
221
227
310
405
At end of year five
134
173
189
214
221
335
At end of year six
134
173
184
210
238
At end of year seven
134
167
181
219
At end of year eight
130
162
193
At end of year nine
127
176
Ten years later
137
Gross best estimates
of undiscounted
claims
565
137
176
193
219
238
335
405
421
432
240
3,361
Cumulative gross
claims paid
(515)
(137)
(162)
(180)
(206)
(205)
(277)
(327)
(325)
(269)
(99)
(2,702)
Gross undiscounted
best estimate liabilities
50
\u2013
14
13
13
33
58
78
96
163
141
659
Risk adjustment
(undiscounted)
82
Effect of discounting
(75)
Gross claims
liabilities
666
Ancillary claims and
expense liabilities
25
European Insurance
Gross liabilities for
incurred claims
691
Claims development net of XoL reinsurance
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK Motor (core)
At end of year one
427
510
646
675
520
661
825
951
1,220
1,220
At end of year two
783
1,053
1,123
1,033
949
1,292
1,550
1,776
2,115
At end of year three
743
917
1,053
986
927
1,257
1,517
1,694
At end of year four
692
883
1,024
969
892
1,240
1,495
At end of year five
677
860
974
950
886
1,185
At end of year six
663
840
978
925
864
At end of year seven
640
820
946
921
At end of year eight
635
825
939
At end of year nine
644
814
Ten years later
630
Net of XoL best
estimates of
undiscounted claims
4,329
630
814
939
921
864
1,185
1,495
1,694
2,115
1,220
16,206
Cumulative
claims paid
(4,228)
(611)
(777)
(903)
(847)
(763)
(990)
(1,161)
(1,193)
(1,318)
(546)
(13,337)
Net of XoL
undiscounted best
estimate liabilities
101
19
37
36
74
101
195
334
501
797
674
2,869
Risk adjustment
(undiscounted)
411
Effect of discounting
(512)
Net of XoL
claims liabilities
2,768
Ancillary claims and
expense liabilities
126
UK Motor Net of XoL
liabilities for incurred
claims
2,894
UK Other (core)
At end of year one
26
29
56
54
50
57
116
127
152
224
At end of year two
50
78
102
96
91
126
220
229
327
At end of year three
47
75
101
94
90
124
221
233
At end of year four
47
75
101
93
90
127
220
At end of year five
47
76
101
93
93
124
At end of year six
47
75
100
96
89
At end of year seven
47
75
102
92
At end of year eight
48
77
99
At end of year nine
48
75
Ten years later
48
Net of XoL best
estimates of
undiscounted claims
57
48
75
99
92
89
124
220
233
327
224
1,588
Cumulative
claims paid
(57)
(48)
(75)
(99)
(91)
(88)
(119)
(207)
(213)
(247)
(98)
(1,342)
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net of XoL
undiscounted best
estimate liabilities
\u2013
\u2013
\u2013
\u2013
1
1
5
13
20
80
126
246
Risk adjustment
(undiscounted)
37
Effect of discounting
(9)
Net of XoL
claims liabilities
274
Ancillary claims and
expense liabilities
10
UK Other Net of XoL
liabilities for incurred
claims
284
European Insurance
At end of year one
\u2013
\u2013
98
123
112
159
167
200
213
230
At end of year two
\u2013
128
190
212
229
310
349
387
425
At end of year three
118
175
186
225
226
293
346
412
At end of year four
135
172
189
220
217
283
380
At end of year five
134
173
189
211
213
314
At end of year six
134
173
182
206
234
At end of year seven
134
161
179
216
At end of year eight
130
157
193
At end of year nine
127
171
Ten years later
137
Net of XoL best
estimates of
undiscounted claims
534
137
171
193
216
234
314
380
412
425
230
3,246
Cumulative
claims paid
(512)
(137)
(161)
(181)
(205)
(207)
(276)
(323)
(325)
(269)
(94)
(2,690)
Net of XoL
undiscounted best
estimate liabilities
22
\u2013
10
12
11
27
38
57
87
156
136
556
Risk adjustment
(undiscounted)
76
Effect of discounting
(43)
Net of XoL
claims liabilities
589
Ancillary claims and
expense liabilities
25
European Insurance
Net of XoL liabilities
for incurred claims
614
Claims development net of reinsurance
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK Motor (core)
At end of year one
427
493
625
626
520
657
762
939
1,220
1,220
At end of year two
783
1,016
1,086
1,033
949
1,259
1,442
1,776
2,115
At end of year three
743
886
1,018
986
927
1,239
1,470
1,694
At end of year four
692
853
990
969
892
1,236
1,451
At end of year five
677
830
957
950
886
1,185
At end of year six
663
811
944
925
864
At end of year seven
640
793
913
921
At end of year eight
635
798
939
At end of year nine
644
814
Ten years later
630
Net best estimates of
undiscounted claims1
4,329
630
814
939
921
864
1,185
1,451
1,694
2,115
1,220
16,162
Cumulative net
claims paid
(4,228)
(611)
(777)
(903)
(847)
(763)
(990)
(1,161)
(1,193)
(1,318)
(546)
(13,337)
Net undiscounted
best
estimate liabilities
101
19
37
36
74
101
195
290
501
797
674
2,825
Risk adjustment
(undiscounted)
345
Effect of discounting
(494)
Net claims liabilities
2,676
Ancillary claims and
expense liabilities
126
UK Motor Net
liabilities for
incurred claims
2,802
UK Other (core)
At end of year one
7
6
20
18
16
16
43
68
78
117
At end of year two
14
22
34
25
12
41
94
108
117
At end of year three
12
24
33
31
19
36
88
87
At end of year four
12
22
37
30
18
40
79
At end of year five
12
24
37
29
21
35
At end of year six
12
24
36
33
18
At end of year seven
12
24
39
29
At end of year eight
13
25
35
At end of year nine
13
23
Ten years later
13
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net best estimates of
undiscounted claims
16
13
23
35
29
18
35
79
87
117
117
569
Cumulative net
claims paid
(16)
(13)
(23)
(35)
(28)
(17)
(33)
(77)
(81)
(106)
(83)
(512)
Net undiscounted
best estimate liabilities
\u2013
\u2013
\u2013
\u2013
1
1
2
2
6
11
34
57
Risk adjustment
(undiscounted)
17
Effect of discounting
(4)
Net claims liabilities
70
Ancillary claims and
expense liabilities
18
UK Other Net
liabilities for
incurred claims
88
European Insurance
At end of year one
\u2013
\u2013
34
41
37
48
54
71
77
56
At end of year two
\u2013
41
65
72
76
100
120
138
123
At end of year three
75
54
63
74
76
103
121
144
At end of year four
93
53
65
75
75
101
132
At end of year five
92
59
65
74
76
112
At end of year six
47
59
63
75
84
At end of year seven
47
57
63
75
At end of year eight
46
57
69
At end of year nine
46
62
Ten years later
49
Net best estimates of
undiscounted claims
206
49
62
69
75
84
112
132
144
123
56
1,112
Cumulative net
claims paid
(189)
(49)
(58)
(65)
(72)
(74)
(98)
(111)
(113)
(93)
(37)
(959)
Net undiscounted
best estimate liabilities
17
\u2013
4
4
3
10
14
21
31
30
19
153
Risk adjustment
(undiscounted)
(37)
Effect of discounting
(25)
Net claims liabilities
91
Ancillary claims and
expense liabilities
25
European Insurance
Net liabilities\u00a0
incurred claims
116
1 The gross best estimate of undiscounted claims and cumulative gross claims paid reported in the prior year financial statements were
inclusive of underwritten ancillaries, and have been removed from all underwriting years
(v) UK Motor Loss ratios and Changes to liabilities for incurred claims
The table below shows the development of UK Motor Insurance loss ratios for the past five financial periods, presented
on\u00a0an underwriting year basis, both using undiscounted amounts (i.e. cashflows) and discounted amounts.
UK Motor Insurance loss ratio development -
undiscounted, net of excess of loss reinsurance1
31 December
2021
2022
2023
2024
2025
Underwriting year
2020
68%
65%
58%
57%
55%
2021
95%
91%
86%
82%
77%
2022
\u2013
104%
96%
91%
89%
2023
\u2013
\u2013
94%
80%
76%
2024
\u2013
\u2013
\u2013
77%
71%
2025
\u2013
\u2013
\u2013
\u2013
85%
1Booked undiscounted loss ratios presented from the transition date of IFRS 17 (1 January 2022) onwards.
UK Motor Insurance loss ratio development -
discounted, net of excess of loss reinsurance 1
31 December
2021
2022
2023
2024
2025
Underwriting year
2020
67%
63%
57%
55%
54%
2021
92%
86%
81%
77%
74%
2022
\u2013
97%
88%
83%
82%
2023
\u2013
\u2013
86%
72%
69%
2024
\u2013
\u2013
\u2013
71%
65%
2025
\u2013
\u2013
\u2013
\u2013
78%
1Loss ratios using discounted locked-in curves, excluding finance expenses are presented from the transition date of IFRS 17
(1 January 2022) onwards.
The following table analyses the impact of movements in changes to liabilities from incurred claims by underwriting year
on\u00a0a gross and net of excess of loss reinsurance basis for UK Motor (core).
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Gross
Underwriting year
2020 & prior
33.1
215.5
2021
59.5
87.0
2022
26.6
107.1
2023
91.4
83.8
2024
119.8
\u2013
2025
\u2013
\u2013
Total UK Motor (core) gross changes to liabilities for incurred claims
330.4
493.4
Net
Underwriting year
2020 & prior
30.9
130.1
2021
47.2
70.6
2022
22.5
94.5
2023
86.0
76.7
2024
118.5
\u2013
2025
\u2013
\u2013
Total UK Motor (core) net of excess of loss changes to liabilities for incurred claims
305.1
371.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
5a. Accounting policies
(i) Insurance, Reinsurance and Co-insurance contracts classification
Under IFRS 17, an insurance contract is defined as a contract under which one party (the insurer) accepts significant
insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain
future event (the insured event) adversely affects the policyholder.
Insurance contracts
The Group issues insurance contracts in the normal course of business, under which it accepts significant insurance risk
from its policyholders. As a general guideline, the Group determines whether it has significant insurance risk by comparing
benefits payable after an insured event with benefits payable if the insured event did not occur.
Reinsurance contracts
The Group also enters into both excess of loss (\u2018XoL\u2019) and quota share reinsurance contracts. A contract is only accounted
for as a\u00a0reinsurance contract in these financial statements where there is significant insurance risk transfer, after an
assessment made by\u00a0management based on the terms and conditions of the contracts.
Co-insurance contracts
Co-insurance arrangements are contracts entered into by the Group\u2019s intermediaries, under which insurance risks are
shared on\u00a0a\u00a0proportional 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
subsequently directly responsible to the claimant for its proportion of the claim. As the contractual liability is several and
not\u00a0joint, neither the premiums nor the claims relating to any external co-insurance contract (i.e. outside the Group) are
included in the Income Statement.
Under the terms of these arrangements, the co-insurers reimburse the Group for the same proportionate share of the
directly attributable costs in fulfilling the insurance contracts.
(ii) Level of aggregation
IFRS 17 requires an entity to determine the level of aggregation for applying its requirements. The level of aggregation for
the Group is determined firstly by dividing the business written into portfolios, which comprise contracts subject to similar
risks and which are managed together.
The Group\u2019s insurance business is therefore divided into portfolios based on both the product (line of business such
as\u00a0motor, household etc), and geography (UK, Italy, Spain, and France).
IFRS 17 requires a further division of the portfolios into a \u2018group\u2019 of contracts (being the lowest unit of account) based on
expected profitability, and also requires that no group contains contracts issued more than one year apart. However, the
Group makes an evaluation of the smallest unit of account, i.e. whether a series of contracts need to be treated together
as\u00a0one unit based on reasonable and supportable information, or whether a single contract contains components that need
to be separated and treated as if they were stand-alone contracts.
Following the application of the IFRS 17 level of aggregation requirements, each of the Group\u2019s portfolios (which are
determined by geography and line of business) is further disaggregated by year of issue into a group of contracts based
on\u00a0expected profitability at inception into three categories:
1) A group of contracts that are onerous at initial recognition, if any
2) A group of contracts that at initial recognition have no significant possibility of becoming onerous subsequently, if any
3) A group of the remaining contracts in the portfolio.
The Group has elected to group together those contracts that would fall into different groups only because law or regulation
specifically constrains its practical ability to set a different price or level of benefits for policyholders with different
characteristics.
To assess the profitability of groups of contracts, the Group determines the appropriate level at which reasonable and
supportable information is available. The Group assumes that no contracts in the portfolio are onerous at initial recognition
unless facts and circumstances indicate otherwise. For contracts that are not onerous, the Group assesses, at initial
recognition, that there is no significant possibility of becoming onerous subsequently by assessing the likelihood of changes
in applicable facts and circumstances. The Group considers facts and circumstances to identify whether a group of
contracts are onerous based on:
\u2022 Pricing information
\u2022 Results of similar contracts it has recognised
\u2022 Environmental factors, e.g., a change in market experience or regulations.
The Group divides portfolios of reinsurance contracts held applying the same principles set out above, except that the
references to onerous contracts refer to contracts on which there is a net gain on initial recognition.
Reinsurance contracts held are assessed for aggregation requirements on an individual contract basis. For many of the
Group\u2019s reinsurance contracts held, a group comprises a single contract. The Group reports its reinsurance contracts
by\u00a0portfolio, which aggregate the contracts by type of reinsurance (e.g. quota share or XoL) and product.
These groups represent the level of aggregation at which insurance contracts issued and reinsurance contracts held are
initially recognised and measured. Such groups are not subsequently reconsidered.
(iii) Recognition, modification and derecognition
Groups of insurance contracts issued are recognised from the earliest of the following:
\u2022 The beginning of the coverage period
\u2022 The date when the first payment from the policyholder is due or actually received, if there is no due date
\u2022 For a group of onerous contracts, when the Group determines that facts and circumstances indicate that the group
is\u00a0onerous.
A group of reinsurance contracts held is entered into from the earlier of:
\u2022 The beginning of the coverage period of the group of reinsurance contracts held. However, the Group delays the
recognition of\u00a0a\u00a0group of reinsurance contracts held that provide fully proportionate coverage until the date any underlying
insurance contract is\u00a0initially recognised, if that date is later than the beginning of the coverage period of the group of
reinsurance contracts held
\u2022 The date the Group recognises an onerous group of underlying insurance contracts if the Group entered into the related
reinsurance contract held in the group of reinsurance contracts held at or before that date.
The Group derecognises an insurance or reinsurance contract when it is:
\u2022 Extinguished i.e. when the obligation specified in the insurance contract expires or is discharged or cancelled, or
\u2022 The contract is modified such that the modification results in a change in the measurement model or the applicable
standard for\u00a0measuring a component of the contract, substantially changes the contract boundary, or requires the
modified contract to be included in a different group. In such cases, the Group derecognises the initial contract and
recognises the modified contract as a\u00a0new contract.
When a modification is not treated as a derecognition, the Group recognises amounts paid or received for the modification
with the\u00a0contract as an adjustment to the relevant liability for remaining coverage.
(iv) Contract boundary
The Group includes in the measurement of a group of insurance contracts all the future cashflows within the boundary of
each contract in the group. Cashflows are within the boundary of an insurance contract if they arise from substantive rights
and obligations that exist during the reporting period in which the Group can compel the policyholder to pay the premiums,
or in which the Group has a substantive obligation to provide the policyholder with insurance contract services.
A\u00a0substantive obligation to\u00a0provide insurance contract services ends when:
\u2022 The Group has the practical ability to reassess the risks of the particular policyholder and, as a result, can set a price
or\u00a0level of\u00a0benefits that fully reflects those risks, or
\u2022 Both of the following criteria are satisfied:
1. The Group has the practical ability to reassess the risks of the portfolio of insurance contracts that contain the contract
and, as\u00a0a\u00a0result, can set a price or level of benefits that fully reflects the risk of that portfolio
2. The pricing of the premiums up to the date when the risks are reassessed does not take into account the risks that relate
to\u00a0periods after the reassessment date.
A liability or asset relating to expected premiums or claims outside the boundary of the insurance contract is not recognised.
Such\u00a0amounts relate to future insurance contracts. In assessing the practical ability to reprice, risks transferred from the
policyholder to\u00a0the Group, such as insurance risk and financial risk, are considered; other risks, such as lapse or surrender
risk, are\u00a0not included.
For groups of reinsurance contracts held, cashflows are within the contract boundary if they arise from substantive rights
and obligations of the Group that exist during the reporting period in which the Group is compelled to pay amounts to the
reinsurer or\u00a0in\u00a0which the Group has a substantive right to receive services from the reinsurer.
(v) Presentation
The Group presents separately, in the Statement of Financial Position, the carrying amount of portfolios of insurance
contracts issued that are assets, portfolios of insurance contracts issued that are liabilities, portfolios of reinsurance
contracts held that are\u00a0assets and portfolios of reinsurance contracts held that are liabilities.
The Group disaggregates the total amount recognised in the Consolidated Income Statement and Consolidated Statement
of Other Comprehensive Income into an insurance service result, comprising insurance revenue and insurance service
expense, and insurance finance income or expenses.
The Group separately presents income or expenses from reinsurance contracts held from the expenses or income from
insurance contracts issued. This is presented as one single amount in the Consolidated Income Statement, with additional
disclosure provided in the notes to the financial statements.
(vi) Measurement
Accounting policy choices
Area
IFRS 17 options
Adopted approach
Premium allocation
approach (\u2018PAA\u2019)
eligibility
Subject to specified criteria, the PAA can
be\u00a0adopted as a simplified approach to the
IFRS\u00a017\u00a0general model.
Coverage period for the Group\u2019s insurance
contracts assumed is one year or less and so
qualifies automatically for PAA.
Reinsurance contracts (both XoL and quota share)
include contracts with a coverage period greater
than one year. However, there is no material
difference in the measurement of the\u00a0asset for
remaining coverage between PAA\u00a0and the general
model, therefore these qualify for PAA.
Insurance
acquisition
cashflows for
insurance
contracts\u00a0issued
Where the coverage period of all contracts
within a group is not longer than one year,
insurance acquisition cashflows can either be
expensed as incurred, or allocated, using a
systematic and rational method, to groups of
insurance contracts (including future groups
containing insurance contracts that are
expected to arise from renewals) and then
amortised over the coverage period of the
related group. For groups containing contracts
longer than one year, insurance acquisition
cashflows must be allocated to related groups
of insurance contracts and amortised over the
coverage period of the related group.
The Group\u2019s insurance contracts are all one year
or\u00a0less. The Group has therefore taken the option
to expense acquisition costs as incurred.
Liability for
Remaining
Coverage (\u2018LRC\u2019),
adjusted for
financial risk and
time value of
money
Where there is no significant financing
component in relation to the LRC, or where
the\u00a0time between providing each part of the
services and the related premium due date is
no more than a year, an entity is not required
to\u00a0make an adjustment for accretion of
interest\u00a0on the LRC.
There is no allowance made for accretion
of\u00a0interest on the LRC given that the premiums\u00a0are
received within one year of\u00a0the\u00a0coverage period.
Liability for
Incurred Claims
(\u2018LIC\u2019) adjusted for
time value of
money
For PAA groups, where claims or directly
attributable insurance expenses are
expected to be paid within a year of the date
that the claim is incurred, it is not required
to\u00a0adjust these amounts for the time value
of\u00a0money.
For some claims, for example within the travel
product line in the UK, and other immaterial
product lines across the Group, the incurred claims
are expected to be paid out in less than one year.
Similarly, the majority of directly attributable
insurance expenses are expected to be settled
within one year. For these claims and expenses,
no\u00a0adjustment is made for the time value of\u00a0money.
For all other business, the LIC is adjusted for\u00a0the
time value of money.
Insurance finance
income and
expense
There is an option to disaggregate part of
the\u00a0movement in the LIC, LRC, AIC and ARC
resulting from changes in discount rates,
and\u00a0present this in Other Comprehensive
Income (\u2018OCI\u2019).
The impact on LIC, LRC, AIC and ARC of changes
in discount rates will be captured within OCI, in line
with the accounting for assets backing the
insurance claims liabilities.
Interim reporting
Where an entity is required to apply IAS 34
(as\u00a0for the Group) there is an option as to
whether to choose a \u2018year-to-date\u2019 basis or
a\u00a0\u201cperiod to date\u201d basis for financial reporting.
The Group has opted to apply the option to use
year-to-date accounting for interim reporting.
Fulfilment cashflows within the contract boundary
The fulfilment cashflows (\u2018FCF\u2019) are the current estimates of the future cashflows within the contract boundary of a group
of\u00a0contracts that the Group expects to collect from premiums and pay out for claims, benefits and expenses, adjusted
to\u00a0reflect the\u00a0timing and the uncertainty of those amounts. The estimates of future cashflows:
\u2022 Are based on a probability weighted mean of the full range of possible outcomes
\u2022 Are determined from the perspective of the Group, provided the estimates are consistent with observable market prices
for\u00a0market variables
\u2022 Reflect conditions existing at the measurement date.
In estimating future cashflows, the Group incorporates, in an unbiased way, all reasonable and supportable information that
is available without undue cost or effort at the reporting date. This information includes both internal and external historical
data about claims and other experience, updated to reflect current expectations of future events. The estimates of future
cashflows reflect the Group\u2019s view of current conditions at the reporting date, as long as the estimates of any relevant
market variables are consistent with observable market prices.
An explicit risk adjustment for non-financial risk is estimated separately from the other estimates.
For the Group\u2019s contracts which are measured under the PAA, unless the contracts are onerous, the explicit risk adjustment
for\u00a0non-financial risk is only estimated and included within the measurement of the liability for incurred claims.
Risk of the Group\u2019s non-performance is not included in the measurement of groups of insurance contracts issued. In the
measurement of reinsurance contracts held, the probability weighted estimates of the present value of future cashflows
include potential credit losses and other disputes of the reinsurer to reflect the non-performance risk of the reinsurer.
The Group estimates certain fulfilment cashflows at the portfolio level or higher and then allocates such estimates to groups
of\u00a0contracts.
The Group uses consistent assumptions to measure the estimates of the present value of future cashflows for the group
of\u00a0reinsurance contracts held and such estimates for the groups of underlying insurance contracts.
Discount rates
A bottom-up approach has been applied in the determination of discount rates. Under this approach, the discount rate is
determined as the risk-free yield adjusted for differences in liquidity characteristics between the financial assets used to
derive the\u00a0risk-free yield and the relevant liability cashflows (known as an illiquidity premium).
A separate risk-free yield is obtained for each currency, where a material amount of business is written in that currency.
The\u00a0risk-free yield curve is obtained using rates published by the Prudential Regulation Authority (PRA) for the UK insurance
business, whilst for AECS the EIOPA risk free term structures are used. These curves are available from October 2015 and
provides rates for terms up to 150 years.
For periods prior to October 2015, observable market data is available for terms up to 25 years for GBP (30 years for EUR).
For\u00a0terms that aren\u2019t directly observable from market data, the Smith-Wilson approach is used to derive the rates which
extrapolates between the observable data and an assumed ultimate forward rate. The Smith-Wilson approach is used to
derive the\u00a0published Solvency II yield curves, which supports consistency over time.
Similarly to the approach to risk-free rates, an illiquidity premium will be set by currency.\u00a0The illiquidity premium is
determined by\u00a0management considering various internal benchmarks. This includes considering the cost of liquidity for
the\u00a0Group (through its\u00a0Revolving Credit Facilities), by deducting the risk-free rate and credit risk premium from a corporate
bond reference portfolio, and by deducting public market yields from similarly rated private market yields. Each method
points to a\u00a0different mathematical result and judgement is applied when determining the illiquidity premium. \u00a0
The following weighted average rates, based on the yield curves derived using the above methodology, were used
to\u00a0discount the liability for incurred claims at the end of the current and prior periods:
31 December 2025
31 December 2024
1 year
3 years
5 years
10 years
1 year
3 years
5 years
10 years
UK Insurance
4.0%
4.0%
4.2%
4.5%
5.0%
4.7%
4.5%
4.6%
European Motor
2.6%
2.8%
3.0%
3.4%
2.7%
2.6%
2.6%
2.8%
Generally, the illiquidity premium is expected to be stable over time and re-assessment of the assumption will be triggered
by significant changes in internal illiquidity benchmarks and/or changes in the illiquidity of the liabilities (e.g. claims
mix).\u00a0Quantitative analysis will be performed when the illiquidity premium changes, including performing sensitivity analysis
on the assumption.
Insurance revenue
The insurance revenue for the period is comprised of the amount of expected premium receipts (excluding any investment
component) allocated to the period. The Group allocates the expected premium receipts to each period of insurance
contract services on the basis of the passage of time. However, if the expected pattern of release of risk during the
coverage period differs significantly from the passage of time, for example due to seasonality of claims, then the allocation
is\u00a0made on the basis of the expected timing of incurred insurance service expenses. For the periods presented, all insurance
premium revenue has been recognised based on the passage of time. If a change in allocation is necessary due to a change
of facts and circumstances, the\u00a0change is accounted for prospectively as a change in accounting estimate.
The Group\u2019s insurance revenue is comprised of the following component parts:
\u2022 Insurance premium revenue: Insurance premium revenue reflects the expected premium receipts allocated to the period
based on the passage of time, adjusted for seasonality if required. It excludes any additional income that arises from the
writing of the insurance contract that is presented as part of insurance revenue as set out below.
\u2022 Instalment income: In contrast to IFRS 4, instalment income related to the risk attaching part of the premium that
is\u00a0retained within the Group is recognised as part of the insurance revenue cashflows due to it being considered
non-distinct from the underlying insurance policy, as set out in note 2 to the financial statements.
\u2022 Administration fees: Administration fees are costs charged to the customer for arranging a change to their policy.
The\u00a0performance obligation is the change in a customer\u2019s policy and given that the obligation related to activities that are
required to\u00a0fulfil the insurance contract and the policyholder cannot benefit from the service by itself, it is considered as
part of fulfilment cashflows, i.e., the full transaction price is therefore recognised as part of insurance revenue on a point
in\u00a0time basis.
IFRS 17 does not require separate insurance revenue analysis for insurance contracts measured under PAA. See Appendix 1
and note 14 for further information regarding the disaggretation of insurance revenue.
As stated in note 2, the Group has excluded any instalment income and administration fees from insurance revenue derived
from the proportion of insurance coverage under the co-insurance arrangements where the Group bears no risks. Please
see note 8a for the treatment of the co-insurance share retained by the group of instalment income and administration fees.
Insurance service expenses
The following elements are included in insurance service expenses:
\u2022 Incurred claims and benefits excluding investment components
\u2022 Other incurred directly attributable insurance service expenses, including administration (such as employee costs,
depreciation and amortisation) and acquisition expenses, and share scheme expenses that are attributable to
insurance\u00a0services
\u2022 Changes that relate to past service (i.e. changes in the fulfilment cashflows relating to the Liability for Incurred Claims)
\u2022 Changes that relate to future service (i.e. losses/reversals on onerous groups of contracts from changes in the loss
components).
Only items that reflect insurance service expenses (i.e. incurred claims and other insurance service expenses arising from
insurance contracts the Group issues) are reported as insurance expenses. Cashflows that are not directly attributable to
a\u00a0portfolio of insurance contracts, such as some product development and training costs, are recognised in other operating
expenses as incurred.
The total costs incurred in relation to the co-insurance share of insurance business are presented within other operating
expenses, as is the reimbursement of these costs, given that they are not related to the costs directly attributable to fulfilling
the Group\u2019s insurance contracts.
Non-cash costs that are directly attributable, such as depreciation, amortisation and IFRS 2 equity-settled share scheme
costs, are\u00a0recognised within insurance service expenses; these are transferred out of the LIC into the appropriate Financial
Statement line item for presentation in the Statement of Financial Position.
Reinsurance net expense/income
The Group has presented the income or expenses from a group of reinsurance contracts held separately from insurance
finance income or expenses as a single amount and has provided in the disclosure note a separate analysis of the amounts
recovered from the reinsurer and an allocation of the premiums paid that together give a net amount equal to that single
amount.
As part of its quota share arrangements, the Group typically recovers either a set ceding commission, or the quota share
reinsurer\u2019s proportional share of the expenses that are incurred in fulfilling the insurance contracts.
These amounts are typically settled net with the premium charged and are not contingent on claims. As a result, under IFRS
17 the expenses and ceding commissions recovered are considered to reflect a reduction in the transaction price equivalent
to charging a\u00a0lower premium (with no corresponding ceding commission or expense recovery).
In addition, as set out in note 3 to these financial statements, where the reinsurance arrangements result in a \u201cminimum
recovery\u201d from the reinsurer due to profit commission or sliding scale commission arrangements that is not contingent
on\u00a0claims, and the amount is not settled \u2018net\u2019 with premium, the minimum recovery is treated as a non-distinct investment
component.
As a result, the Group treats reinsurance cashflows that are contingent on claims on the underlying contracts as part of the
claims that are expected to be reimbursed under the reinsurance contract held, and excludes non-distinct investment
components and commissions from the allocation of reinsurance premiums presented in the notes to the financial statements.
Insurance finance income and expense
Insurance finance income or expenses comprise the change in the carrying amount of the group of insurance contracts
arising\u00a0from:
1. The effect of the time value of money and changes in the time value of money
2. The effect of financial risk and changes in financial risk.
The Group has taken the option to disaggregate insurance finance income or expenses on insurance contracts issued
between the\u00a0Consolidated Income Statement and the Consolidated Statement of Other Comprehensive Income.
As a result, applying the premium allocation approach, claims incurred are discounted at the date of initial recognition and
the finance expense recognised in the Consolidated Income Statement reflects the unwind of this discounting, at the locked
in discount rate, over the expected payment period. The same approach is taken for reinsurance claims assets. Discounting
on the liability and asset for remaining coverage only occurs in the case of the recognition of an onerous loss component
(and related loss-recovery component) and as a result is not material.
The impact of changes in market interest rates on the value of the insurance assets and liabilities are reflected in Other
Comprehensive Income in order to minimise accounting mismatches between the accounting for financial assets and
insurance assets and liabilities. The Group\u2019s financial assets backing the insurance portfolios are predominantly measured
at\u00a0Fair Value through Other Comprehensive Income (\u2018FVOCI\u2019).
Insurance contracts: Liability for remaining coverage
Initial measurement
For a group of contracts that is not onerous at initial recognition, the Group measures the liability for remaining coverage as:
\u2022 The premiums, if any, received at initial recognition
\u2022 Any other asset or liability previously recognised for cashflows related to the group of contracts that the Group pays
or\u00a0receives before the group of insurance contracts is recognised.
The Group recognises any insurance premium tax collected in relation to the premiums received as part of the premium
receipts, but given it is acting as an agent, these taxes are not included as either insurance revenue or an insurance
expense. Any outstanding insurance premium tax liability is presented within the liability for remaining coverage until paid.
There is no allowance for time value of money as the premiums are received within one year of the coverage period.
Where facts and circumstances indicate that contracts are onerous at initial recognition, the onerous contracts are
separately grouped from other contracts and a loss is recognised in the Consolidated Income Statement for the net outflow,
resulting in the carrying amount of the liability for the group being equal to the fulfilment cashflows. A loss component is
established by the Group for the liability for remaining coverage for such onerous group depicting the losses recognised.
Subsequent measurement
The Group measures the carrying amount of the liability for remaining coverage at the end of each reporting period as:
\u2022 The liability for remaining coverage at the beginning of the period; plus
\u2022 Premiums received in the period; minus
\u2022 The amount recognised as insurance revenue for the services provided in the period; minus
\u2022 Payments to the tax authorities in respect of premium receipts.
The onerous loss component is re-measured over the coverage period so that at the end of the coverage period,
it\u00a0is\u00a0reduced to \u00a3nil.
Insurance contracts: Liability for incurred claims
The Group estimates the liability for incurred claims as the fulfilment cashflows related to incurred claims, including any
creditors related to directly attributable insurance expenses. The liability for incurred claims also includes an explicit
adjustment for non-financial risk (the risk adjustment).
Reinsurance contracts held
Initial measurement
The Group measures its reinsurance assets for a group of reinsurance contracts that it holds on the same basis as insurance
contracts that it issues. However, they are adapted to reflect the features of reinsurance contracts held that differ from
insurance contracts issued.
Where the Group recognises a loss on initial recognition of an onerous group of underlying insurance contracts or when
further onerous underlying insurance contracts are added to a group, the Group establishes a loss-recovery component
of\u00a0the asset for\u00a0remaining coverage for a group of reinsurance contracts held depicting the recovery of losses. The Group
calculates the loss-recovery component by multiplying the loss recognised on the underlying insurance contracts and the
percentage of claims on the underlying insurance contracts the Group expects to recover from the group of reinsurance
contracts held. The Group uses\u00a0a systematic and rational method to determine the portion of losses recognised on the
group of insurance contracts covered by the reinsurance contracts held, in the case that there is partial coverage of
underlying insurance contracts by reinsurance contracts. The loss-recovery component adjusts the carrying amount
of\u00a0the\u00a0asset for remaining coverage.
The risk adjustment for non-financial risk is the amount of risk being transferred by the Group to the reinsurer and
is\u00a0calculated with reference to the gross risk adjustment, adjusted for any excess of loss risk adjustment, as required.
Subsequent measurement
The subsequent measurement of reinsurance contracts held follows the same principles as those for insurance contracts
issued and has been adapted to reflect the specific features and terms and conditions of the reinsurance contracts held.
In\u00a0addition, changes in the fulfilment cashflows that arise from changes in the risk of non-performance of the reinsurer are
reflected within net\u00a0expenses from reinsurance contracts held within the Income Statement.
Where the Group has established a loss-recovery component, the Group subsequently reduces the loss recovery
component to\u00a0zero in line with reductions in the onerous group of underlying insurance contracts in order to reflect that the
loss-recovery component shall not exceed the portion of the carrying amount of the loss component of the onerous group
of underlying insurance contracts that the entity expects to recover from the group of reinsurance contracts held.
The extinguishment or commutation of a reinsurance arrangement results in a derecognition of any reinsurance assets
or\u00a0liabilities related to the commuted contract from the balance sheet, so that the Group retains the full future risk of claims
development. As\u00a0a\u00a0result of commutation, any difference arising between the present carrying value of reinsurance assets
or liabilities and the cash settlement is recognised in the Consolidated Income Statement.
5b. Insurance revenue
Insurance revenue for the corresponding reportable segments for the period ended 31\u00a0December 2025
are shown below.
31 December 2025
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Insurance revenue related movement in liability for
remaining coverage
3,511.5
710.1
654.5
103.2
4,979.3
Insurance revenue for the corresponding reportable segments for the period ended 31\u00a0December 2024 are shown below.
31 December 2024
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Insurance revenue related movement in liability for
remaining coverage
3,369.5
503.9
606.7
73.3
4,553.4
The Group\u2019s share of its insurance business was underwritten by Admiral Insurance (Gibraltar) Limited, Admiral Insurance
Company Limited and Admiral Europe Compa\u00f1ia Seguros (\u2018AECS\u2019). The majority of contracts are short term in\u00a0duration,
lasting for between 6 and 12 months.
5c. Insurance service expenses
Insurance service expenses for the corresponding reportable segments for the period ended 31\u00a0December 2025 are shown
below.
31 December 2025
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Incurred claims
Claims incurred in the period
2,317.1
452.1
468.8
72.6
3,310.6
Changes to liabilities for incurred claims
(335.7)
(33.6)
(49.1)
(5.5)
(423.9)
Total incurred claims
1,981.4
418.5
419.7
67.1
2,886.7
Movement in onerous contracts
0.1
0.2
(3.3)
\u2013
(3.0)
Directly attributable expenses
Administration expenses
496.3
131.9
119.1
25.4
772.7
Acquisition expenses
103.9
55.2
55.9
19.8
234.8
Insurance expenses
600.2
187.1
175.0
45.2
1,007.5
Share scheme expenses
56.1
8.7
9.8
1.3
75.9
Total insurance expenses including share scheme
expenses
656.3
195.8
184.8
46.5
1,083.4
Total Insurance service expenses
2,637.8
614.5
601.2
113.6
3,967.1
Insurance service expenses for the corresponding reportable segments for the period ended 31\u00a0December 2024 are shown
below.
31 December 2024
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Incurred claims
Claims incurred in the period
2,107.2
298.2
453.2
48.9
2,907.5
Changes to liabilities for incurred claims
(496.1)
(51.4)
(7.3)
(1.4)
(556.2)
Total incurred claims
1,611.1
246.8
445.9
47.5
2,351.3
Movement in onerous contracts
(5.1)
0.1
(0.1)
\u2013
(5.1)
Directly attributable expenses
Administration expenses
461.5
113.7
117.0
18.7
710.9
Acquisition expenses
125.3
45.2
51.0
15.0
236.5
Insurance expenses
586.8
158.9
168.0
33.7
947.4
Share scheme expenses
40.7
5.4
8.6
1.4
56.1
Total insurance expenses including share scheme
expenses
627.5
164.3
176.6
35.1
1,003.5
Total Insurance service expenses
2,233.5
411.2
622.4
82.6
3,349.7
5d. Net expenses from reinsurance contracts held
Net expenses from reinsurance contracts held for the corresponding reportable segments for the period ended
31\u00a0December 2025 are shown below.
31 December 2025
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Allocation of reinsurance premiums
133.5
143.1
155.8
11.3
443.7
Amounts recoverable from reinsurers for incurred
insurance service expenses
Incurred claims
(70.9)
(91.1)
(151.1)
(7.7)
(320.8)
Changes to liabilities for incurred claims
56.8
(1.4)
45.8
\u2013
101.2
Net expense from reinsurance contracts excluding
movement in onerous loss component
119.4
50.6
50.5
3.6
224.1
Other reinsurance recoveries including movement in
onerous loss component
(0.1)
(0.2)
2.1
\u2013
1.8
Net expenses from reinsurance contracts held
119.3
50.4
52.6
3.6
225.9
Net expenses from reinsurance contracts held for the corresponding reportable segments for the period ended
31\u00a0December 2024 are shown below.
31 December 2024
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Allocation of reinsurance premiums
145.8
45.8
119.2
7.6
318.4
Amounts recoverable from reinsurers for incurred
insurance service expenses
Incurred claims
(29.2)
3.1
(255.2)
(8.5)
(289.8)
Changes to liabilities for incurred claims
291.6
34.3
143.5
\u2013
469.4
Net expense from reinsurance contracts excluding
movement in onerous loss component
408.2
83.2
7.5
(0.9)
498.0
Other reinsurance recoveries including movement in loss
recovery component
4.0
(0.1)
(0.3)
\u2013
3.6
Net expenses/(income) from reinsurance contracts held
412.2
83.1
7.2
(0.9)
501.6
5e. Finance expenses /(income) from insurance contracts held and reinsurance contracts issued
\u00a3m
31 December
2025
31 December
2024
Amounts recognised through the income statement - Continuing basis
Insurance finance expenses from insurance contracts issued
140.9
128.4
Insurance finance income from reinsurance contracts held
(29.4)
(35.9)
Net finance expense from insurance / reinsurance contracts issued
111.5
92.5
Amounts recognised in other comprehensive income
(Losses)/ gains due to changes in discount rates - insurance contracts
(54.4)
7.9
(Losses)/ gains due to changes in discount rates - reinsurance contracts
9.6
3.3
Total (losses)/ gains before tax recognised in other comprehensive income
(44.8)
11.2
The insurance finance reserve is comprised of the following:
\u00a3m
31 December
2025
31 December
2024
Insurance finance reserve - Continuing basis
Insurance finance reserve \u2013 insurance contracts
64.6
119.0
Deferred tax in relation to insurance finance reserve - insurance contracts
(9.1)
(18.6)
Insurance finance reserve \u2013 reinsurance contracts
(22.8)
(32.4)
Deferred tax in relation to insurance finance reserve - reinsurance contracts
2.6
4.7
Total insurance finance reserve
35.3
72.7
See note 6b for details of the relationship between finance (expenses)/ income from insurance contracts held and
reinsurance contracts issued, and investment return.
5f. Insurance Liabilities and Reinsurance assets
(i) Analysis of recognised amounts
Year ended 31 December 2025
Year ended 31 December 2024
\u00a3m
Liability for
remaining
coverage
Liability for
incurred
claims
Total
Liability for
remaining
coverage
Liability for
incurred
claims
Total
Insurance contracts issued
UK Motor
774.1
3,070.0
3,844.1
883.3
2,691.1
3,574.4
UK Other Personal lines
206.2
303.4
509.6
195.3
214.7
410.0
European Insurance
217.0
691.1
908.1
190.1
591.2
781.3
Other
11.8
125.6
137.4
19.9
175.8
195.7
Total insurance contracts issued
1,209.1
4,190.1
5,399.2
1,288.6
3,672.8
4,961.4
\u00a3m
Asset for
remaining
coverage
Asset for
incurred
claims
Total
Asset for
remaining
coverage
Asset for
incurred
claims
Total
Reinsurance contracts held
UK Motor
45.7
267.7
313.4
34.0
236.5
270.5
UK Other Personal lines
13.6
215.2
228.8
11.2
173.5
184.7
European Insurance
19.9
507.0
526.9
42.5
461.7
504.2
Other
1.2
10.2
11.4
0.5
28.7
29.2
Total reinsurance contracts held
80.4
1,000.1
1,080.5
88.2
900.4
988.6
\u00a3m
Liability for
remaining
coverage
Liability for
incurred
claims
Total
Liability for
remaining
coverage
Liability for
incurred
claims
Total
Net
UK Motor
728.4
2,802.3
3,530.7
849.3
2,454.6
3,303.9
UK Other Personal lines
192.6
88.2
280.8
184.1
41.2
225.3
European Insurance
197.1
184.1
381.2
147.6
129.5
277.1
Other
10.6
115.4
126.0
19.4
147.1
166.5
Total insurance contracts issued
1,128.7
3,190.0
4,318.7
1,200.4
2,772.4
3,972.8
The table above has been represented for the year end 31 December 2024 such that insurance liabilities and reinsurance
assets in relation to the US operation are presented within Other (previously included within International insurance). Refer
to note 4a for further details on European Insurance.
(iii). Roll-forward of net asset or liability for reinsurance contracts issued
UK Motor
The following tables reconcile the opening and closing balances of the ARC and AIC for UK Motor.
Asset for remaining coverage
Asset for incurred claims
2025
Excluding
loss
component
Loss-
recovery
component
Total
Present
value of
future
cashflows
Risk adj.
for non-
financial
risk
Total
Total
\u00a3m
Opening assets
34.0
\u2013
34.0
172.5
64.0
236.5
270.5
Opening liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Net opening balance
34.0
\u2013
34.0
172.5
64.0
236.5
270.5
Allocation of reinsurance
premiums
(133.5)
\u2013
(133.5)
\u2013
\u2013
\u2013
(133.5)
Amounts recoverable from
reinsurers for incurred claims
Incurred claims
\u2013
\u2013
\u2013
26.1
44.9
71.0
71.0
Changes to liabilities for incurred
claims
\u2013
\u2013
\u2013
(18.3)
(38.5)
(56.8)
(56.8)
Changes in the loss
recovery component
\u2013
0.1
0.1
\u2013
\u2013
\u2013
0.1
Net income/ (expense) from
reinsurance contracts held
(133.5)
0.1
(133.4)
7.8
6.4
14.2
(119.2)
Reinsurance finance income/
(expense) recognised in
profit or loss
\u2013
(0.1)
(0.1)
7.0
3.6
10.6
10.5
Reinsurance finance income/
(expense) recognised in OCI
\u2013
\u2013
\u2013
8.7
4.4
13.1
13.1
Total changes in comprehensive
income
(133.5)
\u2013
(133.5)
23.5
14.4
37.9
(95.6)
Cashflows
Premiums paid
145.2
\u2013
145.2
\u2013
\u2013
\u2013
145.2
Claims recoveries
\u2013
\u2013
\u2013
(6.7)
\u2013
(6.7)
(6.7)
Recoveries as a result of
commutations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total cashflows
145.2
\u2013
145.2
(6.7)
\u2013
(6.7)
138.5
Net closing balance
45.7
\u2013
45.7
189.3
78.4
267.7
313.4
Closing assets
45.7
\u2013
45.7
189.3
78.4
267.7
313.4
Closing liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Asset for remaining coverage
Asset for incurred claims
2024
Excluding
loss
component
Loss-
recovery
component
Total
Present
value of
future
cashflows
Risk adj.
for non-
financial
risk
Total
Total
\u00a3m
Opening assets
20.8
2.3
23.1
313.2
183.6
496.8
519.9
Opening liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Net opening balance
20.8
2.3
23.1
313.2
183.6
496.8
519.9
Allocation of reinsurance
premiums
(145.8)
\u2013
(145.8)
\u2013
\u2013
\u2013
(145.8)
Amounts recoverable from
reinsurers for incurred claims
Incurred claims
\u2013
\u2013
\u2013
22.2
7.0
29.2
29.2
Changes to liabilities for incurred
claims
\u2013
\u2013
\u2013
(158.6)
(133.0)
(291.6)
(291.6)
Changes in the loss
recovery component
\u2013
(4.0)
(4.0)
\u2013
\u2013
\u2013
(4.0)
Net income/ (expense) from
reinsurance contracts held
(145.8)
(4.0)
(149.8)
(136.4)
(126.0)
(262.4)
(412.2)
Reinsurance finance income/
(expense) recognised in
profit or loss
\u2013
1.8
1.8
11.1
7.9
19.0
20.8
Reinsurance finance income/
(expense) recognised in OCI
\u2013
(0.1)
(0.1)
(2.8)
(1.5)
(4.3)
(4.4)
Total changes in comprehensive
income
(145.8)
(2.3)
(148.1)
(128.1)
(119.6)
(247.7)
(395.8)
Cashflows
Premiums paid
159.0
\u2013
159.0
\u2013
\u2013
\u2013
159.0
Claims recoveries
\u2013
\u2013
\u2013
(0.9)
\u2013
(0.9)
(0.9)
Recoveries as a result of
commutations
\u2013
\u2013
\u2013
(11.7)
\u2013
(11.7)
(11.7)
Total cashflows
159.0
\u2013
159.0
(12.6)
\u2013
(12.6)
146.4
Net closing balance
34.0
\u2013
34.0
172.5
64.0
236.5
270.5
Closing assets
34.0
\u2013
34.0
172.5
64.0
236.5
270.5
Closing liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
UK Other Personal lines insurance
The following tables reconcile the opening and closing balances of the ARC and AIC for UK Other Personal lines insurance
(Household, Travel and Pet).
Asset for remaining coverage
Asset for incurred claims
2025
Excluding
loss
component
Loss-
recovery
component
Total
Present
value of
future
cashflows
Risk adj.
for non-
financial
risk
Total
Total
\u00a3m
Opening assets
11.1
0.1
11.2
174.5
(1.0)
173.5
184.7
Opening liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Net opening balance
11.1
0.1
11.2
174.5
(1.0)
173.5
184.7
Allocation of reinsurance
premiums
(143.1)
\u2013
(143.1)
\u2013
\u2013
\u2013
(143.1)
Amounts recoverable from
reinsurers for incurred claims
Incurred claims
\u2013
\u2013
\u2013
75.4
15.8
91.2
91.2
Changes to liabilities for
incurred claims
\u2013
\u2013
\u2013
8.7
(7.3)
1.4
1.4
Changes in the loss
recovery component
\u2013
0.2
0.2
\u2013
\u2013
\u2013
0.2
Net income/ (expense) from
reinsurance contracts held
(143.1)
0.2
(142.9)
84.1
8.5
92.6
(50.3)
Reinsurance finance income/
(expense) recognised in
profit or loss
\u2013
\u2013
\u2013
7.1
(0.1)
7.0
7.0
Reinsurance finance income/
(expense) recognised in OCI
\u2013
(0.3)
(0.3)
0.5
(0.2)
0.3
\u2013
Total changes in comprehensive
income
(143.1)
(0.1)
(143.2)
91.7
8.2
99.9
(43.3)
Reinsurance investment
components
(150.0)
\u2013
(150.0)
150.0
\u2013
150.0
\u2013
Cashflows
Premiums paid
295.6
\u2013
295.6
\u2013
\u2013
\u2013
295.6
Claims recoveries
\u2013
\u2013
\u2013
(208.2)
\u2013
(208.2)
(208.2)
Recoveries as a result of
commutations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total cashflows
295.6
\u2013
295.6
(208.2)
\u2013
(208.2)
87.4
Net closing balance
13.6
\u2013
13.6
208.0
7.2
215.2
228.8
Closing assets
13.6
\u2013
13.6
208.0
7.2
215.2
228.8
Closing liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Asset for remaining coverage
Asset for incurred claims
2024
Excluding
loss
component
Loss-
recovery
component
Total
Present
value of
future
cashflows
Risk adj.
for non-
financial
risk
Total
Total
\u00a3m
Opening assets
21.4
\u2013
21.4
154.9
15.3
170.2
191.6
Opening liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Net opening balance
21.4
\u2013
21.4
154.9
15.3
170.2
191.6
Allocation of reinsurance
premiums
(45.8)
\u2013
(45.8)
\u2013
\u2013
\u2013
(45.8)
Amounts recoverable from
reinsurers for incurred claims
Incurred claims
\u2013
\u2013
\u2013
(8.2)
5.1
(3.1)
(3.1)
Changes to liabilities for
incurred claims
\u2013
\u2013
\u2013
(12.3)
(22.0)
(34.3)
(34.3)
Changes in the loss
recovery component
\u2013
0.1
0.1
\u2013
\u2013
\u2013
0.1
Net income/ (expense) from
reinsurance contracts held
(45.8)
0.1
(45.7)
(20.5)
(16.9)
(37.4)
(83.1)
Reinsurance finance income/
(expense) recognised in
profit or loss
\u2013
\u2013
\u2013
6.1
0.6
6.7
6.7
Reinsurance finance income/
(expense) recognised in OCI
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
(0.3)
Total changes in comprehensive
income
(45.8)
0.1
(45.7)
(14.7)
(16.3)
(31.0)
(76.7)
Reinsurance investment
components
(178.6)
\u2013
(178.6)
178.6
\u2013
178.6
\u2013
Cashflows
Premiums paid
214.1
\u2013
214.1
\u2013
\u2013
\u2013
214.1
Claims recoveries
\u2013
\u2013
\u2013
(144.3)
\u2013
(144.3)
(144.3)
Recoveries as a result of
commutations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total cashflows
214.1
\u2013
214.1
(144.3)
\u2013
(144.3)
69.8
Net closing balance
11.1
0.1
11.2
174.5
(1.0)
173.5
184.7
Closing assets
11.1
0.1
11.2
174.5
(1.0)
173.5
184.7
Closing liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
European Insurance
The following tables reconcile the opening and closing balances of the ARC and AIC for European Insurance.
Asset for remaining coverage
Asset for incurred claims
2025
Excluding
loss
component
Loss-
recovery
component
Total
Present
value of
future
cashflows
Risk adj.
for non-
financial
risk
Total
Total
\u00a3m
Opening assets
40.2
2.3
42.5
425.7
36.0
461.7
504.2
Opening liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Net opening balance
40.2
2.3
42.5
425.7
36.0
461.7
504.2
Allocation of reinsurance
premiums
(155.8)
\u2013
(155.8)
\u2013
\u2013
\u2013
(155.8)
Amounts recoverable from
reinsurers for incurred claims
Incurred claims
\u2013
\u2013
\u2013
101.7
49.5
151.2
151.2
Changes to liabilities for
incurred claims
\u2013
\u2013
\u2013
2.2
(48.0)
(45.8)
(45.8)
Changes in the loss
recovery component
\u2013
(2.1)
(2.1)
\u2013
\u2013
\u2013
(2.1)
Net income/ (expense) from
reinsurance contracts held
(155.8)
(2.1)
(157.9)
103.9
1.5
105.4
(52.5)
Reinsurance finance income/
(expense) recognised in
profit or loss
\u2013
2.3
2.3
8.5
1.1
9.6
11.9
Reinsurance finance income/
(expense) recognised in OCI
\u2013
(0.1)
(0.1)
(3.4)
(0.5)
(3.9)
(4.0)
Foreign exchange impact
2.0
0.1
2.1
24.5
2.1
26.6
28.7
Total changes in comprehensive
income
(153.8)
0.2
(153.6)
133.5
4.2
137.7
(15.9)
Reinsurance investment
components
(147.4)
\u2013
(147.4)
147.4
\u2013
147.4
\u2013
Cashflows
Premiums paid
278.4
\u2013
278.4
\u2013
\u2013
\u2013
278.4
Claims recoveries
\u2013
\u2013
\u2013
(239.8)
\u2013
(239.8)
(239.8)
Recoveries as a result of
commutations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total cashflows
278.4
\u2013
278.4
(239.8)
\u2013
(239.8)
38.6
Net closing balance
17.4
2.5
19.9
466.8
40.2
507.0
526.9
Closing assets
17.4
2.5
19.9
466.8
40.2
507.0
526.9
Closing liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Asset for remaining coverage
Asset for incurred claims
2024
Excluding
loss
component
Loss-
recovery
component
Total
Present
value of
future
cashflows
Risk adj.
for non-
financial
risk
Total
Total
\u00a3m
Opening assets
\u2013
2.0
2.0
415.8
34.5
450.3
452.3
Opening liabilities
(4.9)
\u2013
(4.9)
\u2013
\u2013
\u2013
(4.9)
Net opening balance
(4.9)
2.0
(2.9)
415.8
34.5
450.3
447.4
Allocation of reinsurance
premiums
(119.2)
\u2013
(119.2)
\u2013
\u2013
\u2013
(119.2)
Amounts recoverable from
reinsurers for incurred claims
Incurred claims
\u2013
\u2013
\u2013
189.8
65.4
255.2
255.2
Changes to liabilities for
incurred claims
\u2013
\u2013
\u2013
(79.6)
(63.9)
(143.5)
(143.5)
Changes in the loss
recovery component
\u2013
0.3
0.3
\u2013
\u2013
\u2013
0.3
Net income/ (expense) from
reinsurance contracts held
(119.2)
0.3
(118.9)
110.2
1.5
111.7
(7.2)
Reinsurance finance income/
(expense) recognised in
profit or loss
\u2013
\u2013
\u2013
7.4
1.1
8.5
8.5
Reinsurance finance income/
(expense) recognised in OCI
\u2013
\u2013
\u2013
6.5
0.6
7.1
7.1
Foreign exchange impact
(0.9)
\u2013
(0.9)
(20.0)
(1.7)
(21.7)
(22.6)
Total changes in comprehensive
income
(0.9)
\u2013
(0.9)
(6.1)
\u2013
(6.1)
(7.0)
Reinsurance investment
components
(175.0)
\u2013
(175.0)
175.0
\u2013
175.0
\u2013
Cashflows
Premiums paid
340.2
\u2013
340.2
\u2013
\u2013
\u2013
340.2
Claims recoveries
\u2013
\u2013
\u2013
(269.2)
\u2013
(269.2)
(269.2)
Recoveries as a result of
commutations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total cashflows
340.2
\u2013
340.2
(269.2)
\u2013
(269.2)
71.0
Net closing balance
40.2
2.3
42.5
425.7
36.0
461.7
504.2
Closing assets
40.2
2.3
42.5
425.7
36.0
461.7
504.2
Closing liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(iv) Claims development
The following tables illustrate how estimates of cumulative claims for UK Motor, UK Other Personal lines and European
Insurance have developed over time on a gross and net of reinsurance basis.
Each table shows how the Group\u2019s estimates of total claims for each underwriting year have developed over time and
reconciles the cumulative claims to the amount included in the Statement of Financial Position. Balances have been
translated at the exchange rates prevailing at the reporting date. The Group has not disclosed information for underwriting
years 2017 and prior for the European Insurance and Other UK Personal lines Insurance businesses , given that the claims
that remain outstanding on those years are immaterial.
IFRS 17 does not require an entity to disclose claims development information for which uncertainty about the amount and
timing of\u00a0the claims payments is typically resolved within one year. Therefore, the Group has not disclosed information about
the claims in\u00a0its other lines of business or related directly attributable expenses.
Gross claims development
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK Motor (core)
At end of year one
436
552
686
701
552
688
845
973
1,241
1,242
At end of year two
829
1,144
1,175
1,067
985
1,326
1,584
1,812
2,158
At end of year three
788
994
1,109
1,010
954
1,294
1,544
1,724
At end of year four
727
947
1,064
996
921
1,270
1,517
At end of year five
713
912
1,008
981
910
1,200
At end of year six
690
890
1,000
938
876
At end of year seven
656
865
959
936
At end of year eight
652
849
953
At end of year nine
657
843
Ten years later
643
Gross best estimates
of undiscounted
claims
4,367
643
843
953
936
876
1,200
1,517
1,724
2,158
1,242
16,459
Cumulative gross
claims paid
(4,229)
(611)
(778)
(908)
(847)
(763)
(990)
(1,161)
(1,193)
(1,318)
(546)
(13,344)
Gross undiscounted
best estimate liabilities
138
32
65
45
89
113
210
356
531
840
696
3,115
Risk adjustment
(undiscounted)
453
Effect of discounting
(624)
Gross claims
liabilities
2,944
Ancillary claims and
expense liabilities
126
UK Motor Gross
liabilities for incurred
claims
3,070
UK Other (core)
At end of year one
26
29
56
55
53
58
116
146
160
228
At end of year two
50
78
102
105
96
128
224
253
341
At end of year three
47
76
102
103
95
124
227
251
At end of year four
47
75
102
102
90
126
225
At end of year five
47
76
102
93
93
125
At end of year six
47
76
100
96
94
At end of year seven
47
75
102
101
At end of year eight
48
77
100
At end of year nine
48
75
Ten years later
48
Gross best estimates
of undiscounted
claims
57
48
75
100
101
94
125
225
251
341
228
1,645
Cumulative gross
claims paid
(57)
(48)
(75)
(100)
(99)
(92)
(121)
(212)
(226)
(252)
(98)
(1,380)
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross undiscounted
best estimate liabilities
\u2013
\u2013
\u2013
\u2013
2
2
4
13
25
89
130
265
Risk adjustment
(undiscounted)
39
Effect of discounting
(10)
Gross claims
liabilities
294
Ancillary claims and
expense liabilities
9
UK Other Gross
liabilities for incurred
claims
303
European Insurance
At end of year one
\u2013
\u2013
98
123
111
159
167
202
214
240
At end of year two
\u2013
128
191
212
229
310
390
397
432
At end of year three
118
174
186
225
227
314
388
421
At end of year four
135
172
190
221
227
310
405
At end of year five
134
173
189
214
221
335
At end of year six
134
173
184
210
238
At end of year seven
134
167
181
219
At end of year eight
130
162
193
At end of year nine
127
176
Ten years later
137
Gross best estimates
of undiscounted
claims
565
137
176
193
219
238
335
405
421
432
240
3,361
Cumulative gross
claims paid
(515)
(137)
(162)
(180)
(206)
(205)
(277)
(327)
(325)
(269)
(99)
(2,702)
Gross undiscounted
best estimate liabilities
50
\u2013
14
13
13
33
58
78
96
163
141
659
Risk adjustment
(undiscounted)
82
Effect of discounting
(75)
Gross claims
liabilities
666
Ancillary claims and
expense liabilities
25
European Insurance
Gross liabilities for
incurred claims
691
Claims development net of XoL reinsurance
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK Motor (core)
At end of year one
427
510
646
675
520
661
825
951
1,220
1,220
At end of year two
783
1,053
1,123
1,033
949
1,292
1,550
1,776
2,115
At end of year three
743
917
1,053
986
927
1,257
1,517
1,694
At end of year four
692
883
1,024
969
892
1,240
1,495
At end of year five
677
860
974
950
886
1,185
At end of year six
663
840
978
925
864
At end of year seven
640
820
946
921
At end of year eight
635
825
939
At end of year nine
644
814
Ten years later
630
Net of XoL best
estimates of
undiscounted claims
4,329
630
814
939
921
864
1,185
1,495
1,694
2,115
1,220
16,206
Cumulative
claims paid
(4,228)
(611)
(777)
(903)
(847)
(763)
(990)
(1,161)
(1,193)
(1,318)
(546)
(13,337)
Net of XoL
undiscounted best
estimate liabilities
101
19
37
36
74
101
195
334
501
797
674
2,869
Risk adjustment
(undiscounted)
411
Effect of discounting
(512)
Net of XoL
claims liabilities
2,768
Ancillary claims and
expense liabilities
126
UK Motor Net of XoL
liabilities for incurred
claims
2,894
UK Other (core)
At end of year one
26
29
56
54
50
57
116
127
152
224
At end of year two
50
78
102
96
91
126
220
229
327
At end of year three
47
75
101
94
90
124
221
233
At end of year four
47
75
101
93
90
127
220
At end of year five
47
76
101
93
93
124
At end of year six
47
75
100
96
89
At end of year seven
47
75
102
92
At end of year eight
48
77
99
At end of year nine
48
75
Ten years later
48
Net of XoL best
estimates of
undiscounted claims
57
48
75
99
92
89
124
220
233
327
224
1,588
Cumulative
claims paid
(57)
(48)
(75)
(99)
(91)
(88)
(119)
(207)
(213)
(247)
(98)
(1,342)
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net of XoL
undiscounted best
estimate liabilities
\u2013
\u2013
\u2013
\u2013
1
1
5
13
20
80
126
246
Risk adjustment
(undiscounted)
37
Effect of discounting
(9)
Net of XoL
claims liabilities
274
Ancillary claims and
expense liabilities
10
UK Other Net of XoL
liabilities for incurred
claims
284
European Insurance
At end of year one
\u2013
\u2013
98
123
112
159
167
200
213
230
At end of year two
\u2013
128
190
212
229
310
349
387
425
At end of year three
118
175
186
225
226
293
346
412
At end of year four
135
172
189
220
217
283
380
At end of year five
134
173
189
211
213
314
At end of year six
134
173
182
206
234
At end of year seven
134
161
179
216
At end of year eight
130
157
193
At end of year nine
127
171
Ten years later
137
Net of XoL best
estimates of
undiscounted claims
534
137
171
193
216
234
314
380
412
425
230
3,246
Cumulative
claims paid
(512)
(137)
(161)
(181)
(205)
(207)
(276)
(323)
(325)
(269)
(94)
(2,690)
Net of XoL
undiscounted best
estimate liabilities
22
\u2013
10
12
11
27
38
57
87
156
136
556
Risk adjustment
(undiscounted)
76
Effect of discounting
(43)
Net of XoL
claims liabilities
589
Ancillary claims and
expense liabilities
25
European Insurance
Net of XoL liabilities
for incurred claims
614
Claims development net of reinsurance
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK Motor (core)
At end of year one
427
493
625
626
520
657
762
939
1,220
1,220
At end of year two
783
1,016
1,086
1,033
949
1,259
1,442
1,776
2,115
At end of year three
743
886
1,018
986
927
1,239
1,470
1,694
At end of year four
692
853
990
969
892
1,236
1,451
At end of year five
677
830
957
950
886
1,185
At end of year six
663
811
944
925
864
At end of year seven
640
793
913
921
At end of year eight
635
798
939
At end of year nine
644
814
Ten years later
630
Net best estimates of
undiscounted claims1
4,329
630
814
939
921
864
1,185
1,451
1,694
2,115
1,220
16,162
Cumulative net
claims paid
(4,228)
(611)
(777)
(903)
(847)
(763)
(990)
(1,161)
(1,193)
(1,318)
(546)
(13,337)
Net undiscounted
best
estimate liabilities
101
19
37
36
74
101
195
290
501
797
674
2,825
Risk adjustment
(undiscounted)
345
Effect of discounting
(494)
Net claims liabilities
2,676
Ancillary claims and
expense liabilities
126
UK Motor Net
liabilities for
incurred claims
2,802
UK Other (core)
At end of year one
7
6
20
18
16
16
43
68
78
117
At end of year two
14
22
34
25
12
41
94
108
117
At end of year three
12
24
33
31
19
36
88
87
At end of year four
12
22
37
30
18
40
79
At end of year five
12
24
37
29
21
35
At end of year six
12
24
36
33
18
At end of year seven
12
24
39
29
At end of year eight
13
25
35
At end of year nine
13
23
Ten years later
13
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net best estimates of
undiscounted claims
16
13
23
35
29
18
35
79
87
117
117
569
Cumulative net
claims paid
(16)
(13)
(23)
(35)
(28)
(17)
(33)
(77)
(81)
(106)
(83)
(512)
Net undiscounted
best estimate liabilities
\u2013
\u2013
\u2013
\u2013
1
1
2
2
6
11
34
57
Risk adjustment
(undiscounted)
17
Effect of discounting
(4)
Net claims liabilities
70
Ancillary claims and
expense liabilities
18
UK Other Net
liabilities for
incurred claims
88
European Insurance
At end of year one
\u2013
\u2013
34
41
37
48
54
71
77
56
At end of year two
\u2013
41
65
72
76
100
120
138
123
At end of year three
75
54
63
74
76
103
121
144
At end of year four
93
53
65
75
75
101
132
At end of year five
92
59
65
74
76
112
At end of year six
47
59
63
75
84
At end of year seven
47
57
63
75
At end of year eight
46
57
69
At end of year nine
46
62
Ten years later
49
Net best estimates of
undiscounted claims
206
49
62
69
75
84
112
132
144
123
56
1,112
Cumulative net
claims paid
(189)
(49)
(58)
(65)
(72)
(74)
(98)
(111)
(113)
(93)
(37)
(959)
Net undiscounted
best estimate liabilities
17
\u2013
4
4
3
10
14
21
31
30
19
153
Risk adjustment
(undiscounted)
(37)
Effect of discounting
(25)
Net claims liabilities
91
Ancillary claims and
expense liabilities
25
European Insurance
Net liabilities\u00a0
incurred claims
116
1 The gross best estimate of undiscounted claims and cumulative gross claims paid reported in the prior year financial statements were
inclusive of underwritten ancillaries, and have been removed from all underwriting years
(v) UK Motor Loss ratios and Changes to liabilities for incurred claims
The table below shows the development of UK Motor Insurance loss ratios for the past five financial periods, presented
on\u00a0an underwriting year basis, both using undiscounted amounts (i.e. cashflows) and discounted amounts.
UK Motor Insurance loss ratio development -
undiscounted, net of excess of loss reinsurance1
31 December
2021
2022
2023
2024
2025
Underwriting year
2020
68%
65%
58%
57%
55%
2021
95%
91%
86%
82%
77%
2022
\u2013
104%
96%
91%
89%
2023
\u2013
\u2013
94%
80%
76%
2024
\u2013
\u2013
\u2013
77%
71%
2025
\u2013
\u2013
\u2013
\u2013
85%
1Booked undiscounted loss ratios presented from the transition date of IFRS 17 (1 January 2022) onwards.
UK Motor Insurance loss ratio development -
discounted, net of excess of loss reinsurance 1
31 December
2021
2022
2023
2024
2025
Underwriting year
2020
67%
63%
57%
55%
54%
2021
92%
86%
81%
77%
74%
2022
\u2013
97%
88%
83%
82%
2023
\u2013
\u2013
86%
72%
69%
2024
\u2013
\u2013
\u2013
71%
65%
2025
\u2013
\u2013
\u2013
\u2013
78%
1Loss ratios using discounted locked-in curves, excluding finance expenses are presented from the transition date of IFRS 17
(1 January 2022) onwards.
The following table analyses the impact of movements in changes to liabilities from incurred claims by underwriting year
on\u00a0a gross and net of excess of loss reinsurance basis for UK Motor (core).
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Gross
Underwriting year
2020 & prior
33.1
215.5
2021
59.5
87.0
2022
26.6
107.1
2023
91.4
83.8
2024
119.8
\u2013
2025
\u2013
\u2013
Total UK Motor (core) gross changes to liabilities for incurred claims
330.4
493.4
Net
Underwriting year
2020 & prior
30.9
130.1
2021
47.2
70.6
2022
22.5
94.5
2023
86.0
76.7
2024
118.5
\u2013
2025
\u2013
\u2013
Total UK Motor (core) net of excess of loss changes to liabilities for incurred claims
305.1
371.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
(i) Insurance, Reinsurance and Co-insurance contracts classification
Under IFRS 17, an insurance contract is defined as a contract under which one party (the insurer) accepts significant
insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain
future event (the insured event) adversely affects the policyholder.
Insurance contracts
The Group issues insurance contracts in the normal course of business, under which it accepts significant insurance risk
from its policyholders. As a general guideline, the Group determines whether it has significant insurance risk by comparing
benefits payable after an insured event with benefits payable if the insured event did not occur.
Reinsurance contracts
The Group also enters into both excess of loss (\u2018XoL\u2019) and quota share reinsurance contracts. A contract is only accounted
for as a\u00a0reinsurance contract in these financial statements where there is significant insurance risk transfer, after an
assessment made by\u00a0management based on the terms and conditions of the contracts.
Co-insurance contracts
Co-insurance arrangements are contracts entered into by the Group\u2019s intermediaries, under which insurance risks are
shared on\u00a0a\u00a0proportional 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
subsequently directly responsible to the claimant for its proportion of the claim. As the contractual liability is several and
not\u00a0joint, neither the premiums nor the claims relating to any external co-insurance contract (i.e. outside the Group) are
included in the Income Statement.
Under the terms of these arrangements, the co-insurers reimburse the Group for the same proportionate share of the
directly attributable costs in fulfilling the insurance contracts.
(ii) Level of aggregation
IFRS 17 requires an entity to determine the level of aggregation for applying its requirements. The level of aggregation for
the Group is determined firstly by dividing the business written into portfolios, which comprise contracts subject to similar
risks and which are managed together.
The Group\u2019s insurance business is therefore divided into portfolios based on both the product (line of business such
as\u00a0motor, household etc), and geography (UK, Italy, Spain, and France).
IFRS 17 requires a further division of the portfolios into a \u2018group\u2019 of contracts (being the lowest unit of account) based on
expected profitability, and also requires that no group contains contracts issued more than one year apart. However, the
Group makes an evaluation of the smallest unit of account, i.e. whether a series of contracts need to be treated together
as\u00a0one unit based on reasonable and supportable information, or whether a single contract contains components that need
to be separated and treated as if they were stand-alone contracts.
Following the application of the IFRS 17 level of aggregation requirements, each of the Group\u2019s portfolios (which are
determined by geography and line of business) is further disaggregated by year of issue into a group of contracts based
on\u00a0expected profitability at inception into three categories:
1) A group of contracts that are onerous at initial recognition, if any
2) A group of contracts that at initial recognition have no significant possibility of becoming onerous subsequently, if any
3) A group of the remaining contracts in the portfolio.
The Group has elected to group together those contracts that would fall into different groups only because law or regulation
specifically constrains its practical ability to set a different price or level of benefits for policyholders with different
characteristics.
To assess the profitability of groups of contracts, the Group determines the appropriate level at which reasonable and
supportable information is available. The Group assumes that no contracts in the portfolio are onerous at initial recognition
unless facts and circumstances indicate otherwise. For contracts that are not onerous, the Group assesses, at initial
recognition, that there is no significant possibility of becoming onerous subsequently by assessing the likelihood of changes
in applicable facts and circumstances. The Group considers facts and circumstances to identify whether a group of
contracts are onerous based on:
\u2022 Pricing information
\u2022 Results of similar contracts it has recognised
\u2022 Environmental factors, e.g., a change in market experience or regulations.
The Group divides portfolios of reinsurance contracts held applying the same principles set out above, except that the
references to onerous contracts refer to contracts on which there is a net gain on initial recognition.
Reinsurance contracts held are assessed for aggregation requirements on an individual contract basis. For many of the
Group\u2019s reinsurance contracts held, a group comprises a single contract. The Group reports its reinsurance contracts
by\u00a0portfolio, which aggregate the contracts by type of reinsurance (e.g. quota share or XoL) and product.
These groups represent the level of aggregation at which insurance contracts issued and reinsurance contracts held are
initially recognised and measured. Such groups are not subsequently reconsidered.
(iii) Recognition, modification and derecognition
Groups of insurance contracts issued are recognised from the earliest of the following:
\u2022 The beginning of the coverage period
\u2022 The date when the first payment from the policyholder is due or actually received, if there is no due date
\u2022 For a group of onerous contracts, when the Group determines that facts and circumstances indicate that the group
is\u00a0onerous.
A group of reinsurance contracts held is entered into from the earlier of:
\u2022 The beginning of the coverage period of the group of reinsurance contracts held. However, the Group delays the
recognition of\u00a0a\u00a0group of reinsurance contracts held that provide fully proportionate coverage until the date any underlying
insurance contract is\u00a0initially recognised, if that date is later than the beginning of the coverage period of the group of
reinsurance contracts held
\u2022 The date the Group recognises an onerous group of underlying insurance contracts if the Group entered into the related
reinsurance contract held in the group of reinsurance contracts held at or before that date.
The Group derecognises an insurance or reinsurance contract when it is:
\u2022 Extinguished i.e. when the obligation specified in the insurance contract expires or is discharged or cancelled, or
\u2022 The contract is modified such that the modification results in a change in the measurement model or the applicable
standard for\u00a0measuring a component of the contract, substantially changes the contract boundary, or requires the
modified contract to be included in a different group. In such cases, the Group derecognises the initial contract and
recognises the modified contract as a\u00a0new contract.
When a modification is not treated as a derecognition, the Group recognises amounts paid or received for the modification
with the\u00a0contract as an adjustment to the relevant liability for remaining coverage.
(iv) Contract boundary
The Group includes in the measurement of a group of insurance contracts all the future cashflows within the boundary of
each contract in the group. Cashflows are within the boundary of an insurance contract if they arise from substantive rights
and obligations that exist during the reporting period in which the Group can compel the policyholder to pay the premiums,
or in which the Group has a substantive obligation to provide the policyholder with insurance contract services.
A\u00a0substantive obligation to\u00a0provide insurance contract services ends when:
\u2022 The Group has the practical ability to reassess the risks of the particular policyholder and, as a result, can set a price
or\u00a0level of\u00a0benefits that fully reflects those risks, or
\u2022 Both of the following criteria are satisfied:
1. The Group has the practical ability to reassess the risks of the portfolio of insurance contracts that contain the contract
and, as\u00a0a\u00a0result, can set a price or level of benefits that fully reflects the risk of that portfolio
2. The pricing of the premiums up to the date when the risks are reassessed does not take into account the risks that relate
to\u00a0periods after the reassessment date.
A liability or asset relating to expected premiums or claims outside the boundary of the insurance contract is not recognised.
Such\u00a0amounts relate to future insurance contracts. In assessing the practical ability to reprice, risks transferred from the
policyholder to\u00a0the Group, such as insurance risk and financial risk, are considered; other risks, such as lapse or surrender
risk, are\u00a0not included.
For groups of reinsurance contracts held, cashflows are within the contract boundary if they arise from substantive rights
and obligations of the Group that exist during the reporting period in which the Group is compelled to pay amounts to the
reinsurer or\u00a0in\u00a0which the Group has a substantive right to receive services from the reinsurer.
(v) Presentation
The Group presents separately, in the Statement of Financial Position, the carrying amount of portfolios of insurance
contracts issued that are assets, portfolios of insurance contracts issued that are liabilities, portfolios of reinsurance
contracts held that are\u00a0assets and portfolios of reinsurance contracts held that are liabilities.
The Group disaggregates the total amount recognised in the Consolidated Income Statement and Consolidated Statement
of Other Comprehensive Income into an insurance service result, comprising insurance revenue and insurance service
expense, and insurance finance income or expenses.
The Group separately presents income or expenses from reinsurance contracts held from the expenses or income from
insurance contracts issued. This is presented as one single amount in the Consolidated Income Statement, with additional
disclosure provided in the notes to the financial statements.
(vi) Measurement
Accounting policy choices
Area
IFRS 17 options
Adopted approach
Premium allocation
approach (\u2018PAA\u2019)
eligibility
Subject to specified criteria, the PAA can
be\u00a0adopted as a simplified approach to the
IFRS\u00a017\u00a0general model.
Coverage period for the Group\u2019s insurance
contracts assumed is one year or less and so
qualifies automatically for PAA.
Reinsurance contracts (both XoL and quota share)
include contracts with a coverage period greater
than one year. However, there is no material
difference in the measurement of the\u00a0asset for
remaining coverage between PAA\u00a0and the general
model, therefore these qualify for PAA.
Insurance
acquisition
cashflows for
insurance
contracts\u00a0issued
Where the coverage period of all contracts
within a group is not longer than one year,
insurance acquisition cashflows can either be
expensed as incurred, or allocated, using a
systematic and rational method, to groups of
insurance contracts (including future groups
containing insurance contracts that are
expected to arise from renewals) and then
amortised over the coverage period of the
related group. For groups containing contracts
longer than one year, insurance acquisition
cashflows must be allocated to related groups
of insurance contracts and amortised over the
coverage period of the related group.
The Group\u2019s insurance contracts are all one year
or\u00a0less. The Group has therefore taken the option
to expense acquisition costs as incurred.
Liability for
Remaining
Coverage (\u2018LRC\u2019),
adjusted for
financial risk and
time value of
money
Where there is no significant financing
component in relation to the LRC, or where
the\u00a0time between providing each part of the
services and the related premium due date is
no more than a year, an entity is not required
to\u00a0make an adjustment for accretion of
interest\u00a0on the LRC.
There is no allowance made for accretion
of\u00a0interest on the LRC given that the premiums\u00a0are
received within one year of\u00a0the\u00a0coverage period.
Liability for
Incurred Claims
(\u2018LIC\u2019) adjusted for
time value of
money
For PAA groups, where claims or directly
attributable insurance expenses are
expected to be paid within a year of the date
that the claim is incurred, it is not required
to\u00a0adjust these amounts for the time value
of\u00a0money.
For some claims, for example within the travel
product line in the UK, and other immaterial
product lines across the Group, the incurred claims
are expected to be paid out in less than one year.
Similarly, the majority of directly attributable
insurance expenses are expected to be settled
within one year. For these claims and expenses,
no\u00a0adjustment is made for the time value of\u00a0money.
For all other business, the LIC is adjusted for\u00a0the
time value of money.
Insurance finance
income and
expense
There is an option to disaggregate part of
the\u00a0movement in the LIC, LRC, AIC and ARC
resulting from changes in discount rates,
and\u00a0present this in Other Comprehensive
Income (\u2018OCI\u2019).
The impact on LIC, LRC, AIC and ARC of changes
in discount rates will be captured within OCI, in line
with the accounting for assets backing the
insurance claims liabilities.
Interim reporting
Where an entity is required to apply IAS 34
(as\u00a0for the Group) there is an option as to
whether to choose a \u2018year-to-date\u2019 basis or
a\u00a0\u201cperiod to date\u201d basis for financial reporting.
The Group has opted to apply the option to use
year-to-date accounting for interim reporting.
Fulfilment cashflows within the contract boundary
The fulfilment cashflows (\u2018FCF\u2019) are the current estimates of the future cashflows within the contract boundary of a group
of\u00a0contracts that the Group expects to collect from premiums and pay out for claims, benefits and expenses, adjusted
to\u00a0reflect the\u00a0timing and the uncertainty of those amounts. The estimates of future cashflows:
\u2022 Are based on a probability weighted mean of the full range of possible outcomes
\u2022 Are determined from the perspective of the Group, provided the estimates are consistent with observable market prices
for\u00a0market variables
\u2022 Reflect conditions existing at the measurement date.
In estimating future cashflows, the Group incorporates, in an unbiased way, all reasonable and supportable information that
is available without undue cost or effort at the reporting date. This information includes both internal and external historical
data about claims and other experience, updated to reflect current expectations of future events. The estimates of future
cashflows reflect the Group\u2019s view of current conditions at the reporting date, as long as the estimates of any relevant
market variables are consistent with observable market prices.
An explicit risk adjustment for non-financial risk is estimated separately from the other estimates.
For the Group\u2019s contracts which are measured under the PAA, unless the contracts are onerous, the explicit risk adjustment
for\u00a0non-financial risk is only estimated and included within the measurement of the liability for incurred claims.
Risk of the Group\u2019s non-performance is not included in the measurement of groups of insurance contracts issued. In the
measurement of reinsurance contracts held, the probability weighted estimates of the present value of future cashflows
include potential credit losses and other disputes of the reinsurer to reflect the non-performance risk of the reinsurer.
The Group estimates certain fulfilment cashflows at the portfolio level or higher and then allocates such estimates to groups
of\u00a0contracts.
The Group uses consistent assumptions to measure the estimates of the present value of future cashflows for the group
of\u00a0reinsurance contracts held and such estimates for the groups of underlying insurance contracts.
Discount rates
A bottom-up approach has been applied in the determination of discount rates. Under this approach, the discount rate is
determined as the risk-free yield adjusted for differences in liquidity characteristics between the financial assets used to
derive the\u00a0risk-free yield and the relevant liability cashflows (known as an illiquidity premium).
A separate risk-free yield is obtained for each currency, where a material amount of business is written in that currency.
The\u00a0risk-free yield curve is obtained using rates published by the Prudential Regulation Authority (PRA) for the UK insurance
business, whilst for AECS the EIOPA risk free term structures are used. These curves are available from October 2015 and
provides rates for terms up to 150 years.
For periods prior to October 2015, observable market data is available for terms up to 25 years for GBP (30 years for EUR).
For\u00a0terms that aren\u2019t directly observable from market data, the Smith-Wilson approach is used to derive the rates which
extrapolates between the observable data and an assumed ultimate forward rate. The Smith-Wilson approach is used to
derive the\u00a0published Solvency II yield curves, which supports consistency over time.
Similarly to the approach to risk-free rates, an illiquidity premium will be set by currency.\u00a0The illiquidity premium is
determined by\u00a0management considering various internal benchmarks. This includes considering the cost of liquidity for
the\u00a0Group (through its\u00a0Revolving Credit Facilities), by deducting the risk-free rate and credit risk premium from a corporate
bond reference portfolio, and by deducting public market yields from similarly rated private market yields. Each method
points to a\u00a0different mathematical result and judgement is applied when determining the illiquidity premium. \u00a0
The following weighted average rates, based on the yield curves derived using the above methodology, were used
to\u00a0discount the liability for incurred claims at the end of the current and prior periods:
31 December 2025
31 December 2024
1 year
3 years
5 years
10 years
1 year
3 years
5 years
10 years
UK Insurance
4.0%
4.0%
4.2%
4.5%
5.0%
4.7%
4.5%
4.6%
European Motor
2.6%
2.8%
3.0%
3.4%
2.7%
2.6%
2.6%
2.8%
Generally, the illiquidity premium is expected to be stable over time and re-assessment of the assumption will be triggered
by significant changes in internal illiquidity benchmarks and/or changes in the illiquidity of the liabilities (e.g. claims
mix).\u00a0Quantitative analysis will be performed when the illiquidity premium changes, including performing sensitivity analysis
on the assumption.
Insurance revenue
The insurance revenue for the period is comprised of the amount of expected premium receipts (excluding any investment
component) allocated to the period. The Group allocates the expected premium receipts to each period of insurance
contract services on the basis of the passage of time. However, if the expected pattern of release of risk during the
coverage period differs significantly from the passage of time, for example due to seasonality of claims, then the allocation
is\u00a0made on the basis of the expected timing of incurred insurance service expenses. For the periods presented, all insurance
premium revenue has been recognised based on the passage of time. If a change in allocation is necessary due to a change
of facts and circumstances, the\u00a0change is accounted for prospectively as a change in accounting estimate.
The Group\u2019s insurance revenue is comprised of the following component parts:
\u2022 Insurance premium revenue: Insurance premium revenue reflects the expected premium receipts allocated to the period
based on the passage of time, adjusted for seasonality if required. It excludes any additional income that arises from the
writing of the insurance contract that is presented as part of insurance revenue as set out below.
\u2022 Instalment income: In contrast to IFRS 4, instalment income related to the risk attaching part of the premium that
is\u00a0retained within the Group is recognised as part of the insurance revenue cashflows due to it being considered
non-distinct from the underlying insurance policy, as set out in note 2 to the financial statements.
\u2022 Administration fees: Administration fees are costs charged to the customer for arranging a change to their policy.
The\u00a0performance obligation is the change in a customer\u2019s policy and given that the obligation related to activities that are
required to\u00a0fulfil the insurance contract and the policyholder cannot benefit from the service by itself, it is considered as
part of fulfilment cashflows, i.e., the full transaction price is therefore recognised as part of insurance revenue on a point
in\u00a0time basis.
IFRS 17 does not require separate insurance revenue analysis for insurance contracts measured under PAA. See Appendix 1
and note 14 for further information regarding the disaggretation of insurance revenue.
As stated in note 2, the Group has excluded any instalment income and administration fees from insurance revenue derived
from the proportion of insurance coverage under the co-insurance arrangements where the Group bears no risks. Please
see note 8a for the treatment of the co-insurance share retained by the group of instalment income and administration fees.
Insurance service expenses
The following elements are included in insurance service expenses:
\u2022 Incurred claims and benefits excluding investment components
\u2022 Other incurred directly attributable insurance service expenses, including administration (such as employee costs,
depreciation and amortisation) and acquisition expenses, and share scheme expenses that are attributable to
insurance\u00a0services
\u2022 Changes that relate to past service (i.e. changes in the fulfilment cashflows relating to the Liability for Incurred Claims)
\u2022 Changes that relate to future service (i.e. losses/reversals on onerous groups of contracts from changes in the loss
components).
Only items that reflect insurance service expenses (i.e. incurred claims and other insurance service expenses arising from
insurance contracts the Group issues) are reported as insurance expenses. Cashflows that are not directly attributable to
a\u00a0portfolio of insurance contracts, such as some product development and training costs, are recognised in other operating
expenses as incurred.
The total costs incurred in relation to the co-insurance share of insurance business are presented within other operating
expenses, as is the reimbursement of these costs, given that they are not related to the costs directly attributable to fulfilling
the Group\u2019s insurance contracts.
Non-cash costs that are directly attributable, such as depreciation, amortisation and IFRS 2 equity-settled share scheme
costs, are\u00a0recognised within insurance service expenses; these are transferred out of the LIC into the appropriate Financial
Statement line item for presentation in the Statement of Financial Position.
Reinsurance net expense/income
The Group has presented the income or expenses from a group of reinsurance contracts held separately from insurance
finance income or expenses as a single amount and has provided in the disclosure note a separate analysis of the amounts
recovered from the reinsurer and an allocation of the premiums paid that together give a net amount equal to that single
amount.
As part of its quota share arrangements, the Group typically recovers either a set ceding commission, or the quota share
reinsurer\u2019s proportional share of the expenses that are incurred in fulfilling the insurance contracts.
These amounts are typically settled net with the premium charged and are not contingent on claims. As a result, under IFRS
17 the expenses and ceding commissions recovered are considered to reflect a reduction in the transaction price equivalent
to charging a\u00a0lower premium (with no corresponding ceding commission or expense recovery).
In addition, as set out in note 3 to these financial statements, where the reinsurance arrangements result in a \u201cminimum
recovery\u201d from the reinsurer due to profit commission or sliding scale commission arrangements that is not contingent
on\u00a0claims, and the amount is not settled \u2018net\u2019 with premium, the minimum recovery is treated as a non-distinct investment
component.
As a result, the Group treats reinsurance cashflows that are contingent on claims on the underlying contracts as part of the
claims that are expected to be reimbursed under the reinsurance contract held, and excludes non-distinct investment
components and commissions from the allocation of reinsurance premiums presented in the notes to the financial statements.
Insurance finance income and expense
Insurance finance income or expenses comprise the change in the carrying amount of the group of insurance contracts
arising\u00a0from:
1. The effect of the time value of money and changes in the time value of money
2. The effect of financial risk and changes in financial risk.
The Group has taken the option to disaggregate insurance finance income or expenses on insurance contracts issued
between the\u00a0Consolidated Income Statement and the Consolidated Statement of Other Comprehensive Income.
As a result, applying the premium allocation approach, claims incurred are discounted at the date of initial recognition and
the finance expense recognised in the Consolidated Income Statement reflects the unwind of this discounting, at the locked
in discount rate, over the expected payment period. The same approach is taken for reinsurance claims assets. Discounting
on the liability and asset for remaining coverage only occurs in the case of the recognition of an onerous loss component
(and related loss-recovery component) and as a result is not material.
The impact of changes in market interest rates on the value of the insurance assets and liabilities are reflected in Other
Comprehensive Income in order to minimise accounting mismatches between the accounting for financial assets and
insurance assets and liabilities. The Group\u2019s financial assets backing the insurance portfolios are predominantly measured
at\u00a0Fair Value through Other Comprehensive Income (\u2018FVOCI\u2019).
Insurance contracts: Liability for remaining coverage
Initial measurement
For a group of contracts that is not onerous at initial recognition, the Group measures the liability for remaining coverage as:
\u2022 The premiums, if any, received at initial recognition
\u2022 Any other asset or liability previously recognised for cashflows related to the group of contracts that the Group pays
or\u00a0receives before the group of insurance contracts is recognised.
The Group recognises any insurance premium tax collected in relation to the premiums received as part of the premium
receipts, but given it is acting as an agent, these taxes are not included as either insurance revenue or an insurance
expense. Any outstanding insurance premium tax liability is presented within the liability for remaining coverage until paid.
There is no allowance for time value of money as the premiums are received within one year of the coverage period.
Where facts and circumstances indicate that contracts are onerous at initial recognition, the onerous contracts are
separately grouped from other contracts and a loss is recognised in the Consolidated Income Statement for the net outflow,
resulting in the carrying amount of the liability for the group being equal to the fulfilment cashflows. A loss component is
established by the Group for the liability for remaining coverage for such onerous group depicting the losses recognised.
Subsequent measurement
The Group measures the carrying amount of the liability for remaining coverage at the end of each reporting period as:
\u2022 The liability for remaining coverage at the beginning of the period; plus
\u2022 Premiums received in the period; minus
\u2022 The amount recognised as insurance revenue for the services provided in the period; minus
\u2022 Payments to the tax authorities in respect of premium receipts.
The onerous loss component is re-measured over the coverage period so that at the end of the coverage period,
it\u00a0is\u00a0reduced to \u00a3nil.
Insurance contracts: Liability for incurred claims
The Group estimates the liability for incurred claims as the fulfilment cashflows related to incurred claims, including any
creditors related to directly attributable insurance expenses. The liability for incurred claims also includes an explicit
adjustment for non-financial risk (the risk adjustment).
Reinsurance contracts held
Initial measurement
The Group measures its reinsurance assets for a group of reinsurance contracts that it holds on the same basis as insurance
contracts that it issues. However, they are adapted to reflect the features of reinsurance contracts held that differ from
insurance contracts issued.
Where the Group recognises a loss on initial recognition of an onerous group of underlying insurance contracts or when
further onerous underlying insurance contracts are added to a group, the Group establishes a loss-recovery component
of\u00a0the asset for\u00a0remaining coverage for a group of reinsurance contracts held depicting the recovery of losses. The Group
calculates the loss-recovery component by multiplying the loss recognised on the underlying insurance contracts and the
percentage of claims on the underlying insurance contracts the Group expects to recover from the group of reinsurance
contracts held. The Group uses\u00a0a systematic and rational method to determine the portion of losses recognised on the
group of insurance contracts covered by the reinsurance contracts held, in the case that there is partial coverage of
underlying insurance contracts by reinsurance contracts. The loss-recovery component adjusts the carrying amount
of\u00a0the\u00a0asset for remaining coverage.
The risk adjustment for non-financial risk is the amount of risk being transferred by the Group to the reinsurer and
is\u00a0calculated with reference to the gross risk adjustment, adjusted for any excess of loss risk adjustment, as required.
Subsequent measurement
The subsequent measurement of reinsurance contracts held follows the same principles as those for insurance contracts
issued and has been adapted to reflect the specific features and terms and conditions of the reinsurance contracts held.
In\u00a0addition, changes in the fulfilment cashflows that arise from changes in the risk of non-performance of the reinsurer are
reflected within net\u00a0expenses from reinsurance contracts held within the Income Statement.
Where the Group has established a loss-recovery component, the Group subsequently reduces the loss recovery
component to\u00a0zero in line with reductions in the onerous group of underlying insurance contracts in order to reflect that the
loss-recovery component shall not exceed the portion of the carrying amount of the loss component of the onerous group
of underlying insurance contracts that the entity expects to recover from the group of reinsurance contracts held.
The extinguishment or commutation of a reinsurance arrangement results in a derecognition of any reinsurance assets
or\u00a0liabilities related to the commuted contract from the balance sheet, so that the Group retains the full future risk of claims
development. As\u00a0a\u00a0result of commutation, any difference arising between the present carrying value of reinsurance assets
or liabilities and the cash settlement is recognised in the Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
(i) Insurance, Reinsurance and Co-insurance contracts classification
Under IFRS 17, an insurance contract is defined as a contract under which one party (the insurer) accepts significant
insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain
future event (the insured event) adversely affects the policyholder.
Insurance contracts
The Group issues insurance contracts in the normal course of business, under which it accepts significant insurance risk
from its policyholders. As a general guideline, the Group determines whether it has significant insurance risk by comparing
benefits payable after an insured event with benefits payable if the insured event did not occur.
Reinsurance contracts
The Group also enters into both excess of loss (\u2018XoL\u2019) and quota share reinsurance contracts. A contract is only accounted
for as a\u00a0reinsurance contract in these financial statements where there is significant insurance risk transfer, after an
assessment made by\u00a0management based on the terms and conditions of the contracts.
Co-insurance contracts
Co-insurance arrangements are contracts entered into by the Group\u2019s intermediaries, under which insurance risks are
shared on\u00a0a\u00a0proportional 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
subsequently directly responsible to the claimant for its proportion of the claim. As the contractual liability is several and
not\u00a0joint, neither the premiums nor the claims relating to any external co-insurance contract (i.e. outside the Group) are
included in the Income Statement.
Under the terms of these arrangements, the co-insurers reimburse the Group for the same proportionate share of the
directly attributable costs in fulfilling the insurance contracts.
(ii) Level of aggregation
IFRS 17 requires an entity to determine the level of aggregation for applying its requirements. The level of aggregation for
the Group is determined firstly by dividing the business written into portfolios, which comprise contracts subject to similar
risks and which are managed together.
The Group\u2019s insurance business is therefore divided into portfolios based on both the product (line of business such
as\u00a0motor, household etc), and geography (UK, Italy, Spain, and France).
IFRS 17 requires a further division of the portfolios into a \u2018group\u2019 of contracts (being the lowest unit of account) based on
expected profitability, and also requires that no group contains contracts issued more than one year apart. However, the
Group makes an evaluation of the smallest unit of account, i.e. whether a series of contracts need to be treated together
as\u00a0one unit based on reasonable and supportable information, or whether a single contract contains components that need
to be separated and treated as if they were stand-alone contracts.
Following the application of the IFRS 17 level of aggregation requirements, each of the Group\u2019s portfolios (which are
determined by geography and line of business) is further disaggregated by year of issue into a group of contracts based
on\u00a0expected profitability at inception into three categories:
1) A group of contracts that are onerous at initial recognition, if any
2) A group of contracts that at initial recognition have no significant possibility of becoming onerous subsequently, if any
3) A group of the remaining contracts in the portfolio.
The Group has elected to group together those contracts that would fall into different groups only because law or regulation
specifically constrains its practical ability to set a different price or level of benefits for policyholders with different
characteristics.
To assess the profitability of groups of contracts, the Group determines the appropriate level at which reasonable and
supportable information is available. The Group assumes that no contracts in the portfolio are onerous at initial recognition
unless facts and circumstances indicate otherwise. For contracts that are not onerous, the Group assesses, at initial
recognition, that there is no significant possibility of becoming onerous subsequently by assessing the likelihood of changes
in applicable facts and circumstances. The Group considers facts and circumstances to identify whether a group of
contracts are onerous based on:
\u2022 Pricing information
\u2022 Results of similar contracts it has recognised
\u2022 Environmental factors, e.g., a change in market experience or regulations.
The Group divides portfolios of reinsurance contracts held applying the same principles set out above, except that the
references to onerous contracts refer to contracts on which there is a net gain on initial recognition.
Reinsurance contracts held are assessed for aggregation requirements on an individual contract basis. For many of the
Group\u2019s reinsurance contracts held, a group comprises a single contract. The Group reports its reinsurance contracts
by\u00a0portfolio, which aggregate the contracts by type of reinsurance (e.g. quota share or XoL) and product.
These groups represent the level of aggregation at which insurance contracts issued and reinsurance contracts held are
initially recognised and measured. Such groups are not subsequently reconsidered.
(iii) Recognition, modification and derecognition
Groups of insurance contracts issued are recognised from the earliest of the following:
\u2022 The beginning of the coverage period
\u2022 The date when the first payment from the policyholder is due or actually received, if there is no due date
\u2022 For a group of onerous contracts, when the Group determines that facts and circumstances indicate that the group
is\u00a0onerous.
A group of reinsurance contracts held is entered into from the earlier of:
\u2022 The beginning of the coverage period of the group of reinsurance contracts held. However, the Group delays the
recognition of\u00a0a\u00a0group of reinsurance contracts held that provide fully proportionate coverage until the date any underlying
insurance contract is\u00a0initially recognised, if that date is later than the beginning of the coverage period of the group of
reinsurance contracts held
\u2022 The date the Group recognises an onerous group of underlying insurance contracts if the Group entered into the related
reinsurance contract held in the group of reinsurance contracts held at or before that date.
The Group derecognises an insurance or reinsurance contract when it is:
\u2022 Extinguished i.e. when the obligation specified in the insurance contract expires or is discharged or cancelled, or
\u2022 The contract is modified such that the modification results in a change in the measurement model or the applicable
standard for\u00a0measuring a component of the contract, substantially changes the contract boundary, or requires the
modified contract to be included in a different group. In such cases, the Group derecognises the initial contract and
recognises the modified contract as a\u00a0new contract.
When a modification is not treated as a derecognition, the Group recognises amounts paid or received for the modification
with the\u00a0contract as an adjustment to the relevant liability for remaining coverage.
(iv) Contract boundary
The Group includes in the measurement of a group of insurance contracts all the future cashflows within the boundary of
each contract in the group. Cashflows are within the boundary of an insurance contract if they arise from substantive rights
and obligations that exist during the reporting period in which the Group can compel the policyholder to pay the premiums,
or in which the Group has a substantive obligation to provide the policyholder with insurance contract services.
A\u00a0substantive obligation to\u00a0provide insurance contract services ends when:
\u2022 The Group has the practical ability to reassess the risks of the particular policyholder and, as a result, can set a price
or\u00a0level of\u00a0benefits that fully reflects those risks, or
\u2022 Both of the following criteria are satisfied:
1. The Group has the practical ability to reassess the risks of the portfolio of insurance contracts that contain the contract
and, as\u00a0a\u00a0result, can set a price or level of benefits that fully reflects the risk of that portfolio
2. The pricing of the premiums up to the date when the risks are reassessed does not take into account the risks that relate
to\u00a0periods after the reassessment date.
A liability or asset relating to expected premiums or claims outside the boundary of the insurance contract is not recognised.
Such\u00a0amounts relate to future insurance contracts. In assessing the practical ability to reprice, risks transferred from the
policyholder to\u00a0the Group, such as insurance risk and financial risk, are considered; other risks, such as lapse or surrender
risk, are\u00a0not included.
For groups of reinsurance contracts held, cashflows are within the contract boundary if they arise from substantive rights
and obligations of the Group that exist during the reporting period in which the Group is compelled to pay amounts to the
reinsurer or\u00a0in\u00a0which the Group has a substantive right to receive services from the reinsurer.
(v) Presentation
The Group presents separately, in the Statement of Financial Position, the carrying amount of portfolios of insurance
contracts issued that are assets, portfolios of insurance contracts issued that are liabilities, portfolios of reinsurance
contracts held that are\u00a0assets and portfolios of reinsurance contracts held that are liabilities.
The Group disaggregates the total amount recognised in the Consolidated Income Statement and Consolidated Statement
of Other Comprehensive Income into an insurance service result, comprising insurance revenue and insurance service
expense, and insurance finance income or expenses.
The Group separately presents income or expenses from reinsurance contracts held from the expenses or income from
insurance contracts issued. This is presented as one single amount in the Consolidated Income Statement, with additional
disclosure provided in the notes to the financial statements.
(vi) Measurement
Accounting policy choices
Area
IFRS 17 options
Adopted approach
Premium allocation
approach (\u2018PAA\u2019)
eligibility
Subject to specified criteria, the PAA can
be\u00a0adopted as a simplified approach to the
IFRS\u00a017\u00a0general model.
Coverage period for the Group\u2019s insurance
contracts assumed is one year or less and so
qualifies automatically for PAA.
Reinsurance contracts (both XoL and quota share)
include contracts with a coverage period greater
than one year. However, there is no material
difference in the measurement of the\u00a0asset for
remaining coverage between PAA\u00a0and the general
model, therefore these qualify for PAA.
Insurance
acquisition
cashflows for
insurance
contracts\u00a0issued
Where the coverage period of all contracts
within a group is not longer than one year,
insurance acquisition cashflows can either be
expensed as incurred, or allocated, using a
systematic and rational method, to groups of
insurance contracts (including future groups
containing insurance contracts that are
expected to arise from renewals) and then
amortised over the coverage period of the
related group. For groups containing contracts
longer than one year, insurance acquisition
cashflows must be allocated to related groups
of insurance contracts and amortised over the
coverage period of the related group.
The Group\u2019s insurance contracts are all one year
or\u00a0less. The Group has therefore taken the option
to expense acquisition costs as incurred.
Liability for
Remaining
Coverage (\u2018LRC\u2019),
adjusted for
financial risk and
time value of
money
Where there is no significant financing
component in relation to the LRC, or where
the\u00a0time between providing each part of the
services and the related premium due date is
no more than a year, an entity is not required
to\u00a0make an adjustment for accretion of
interest\u00a0on the LRC.
There is no allowance made for accretion
of\u00a0interest on the LRC given that the premiums\u00a0are
received within one year of\u00a0the\u00a0coverage period.
Liability for
Incurred Claims
(\u2018LIC\u2019) adjusted for
time value of
money
For PAA groups, where claims or directly
attributable insurance expenses are
expected to be paid within a year of the date
that the claim is incurred, it is not required
to\u00a0adjust these amounts for the time value
of\u00a0money.
For some claims, for example within the travel
product line in the UK, and other immaterial
product lines across the Group, the incurred claims
are expected to be paid out in less than one year.
Similarly, the majority of directly attributable
insurance expenses are expected to be settled
within one year. For these claims and expenses,
no\u00a0adjustment is made for the time value of\u00a0money.
For all other business, the LIC is adjusted for\u00a0the
time value of money.
Insurance finance
income and
expense
There is an option to disaggregate part of
the\u00a0movement in the LIC, LRC, AIC and ARC
resulting from changes in discount rates,
and\u00a0present this in Other Comprehensive
Income (\u2018OCI\u2019).
The impact on LIC, LRC, AIC and ARC of changes
in discount rates will be captured within OCI, in line
with the accounting for assets backing the
insurance claims liabilities.
Interim reporting
Where an entity is required to apply IAS 34
(as\u00a0for the Group) there is an option as to
whether to choose a \u2018year-to-date\u2019 basis or
a\u00a0\u201cperiod to date\u201d basis for financial reporting.
The Group has opted to apply the option to use
year-to-date accounting for interim reporting.
Fulfilment cashflows within the contract boundary
The fulfilment cashflows (\u2018FCF\u2019) are the current estimates of the future cashflows within the contract boundary of a group
of\u00a0contracts that the Group expects to collect from premiums and pay out for claims, benefits and expenses, adjusted
to\u00a0reflect the\u00a0timing and the uncertainty of those amounts. The estimates of future cashflows:
\u2022 Are based on a probability weighted mean of the full range of possible outcomes
\u2022 Are determined from the perspective of the Group, provided the estimates are consistent with observable market prices
for\u00a0market variables
\u2022 Reflect conditions existing at the measurement date.
In estimating future cashflows, the Group incorporates, in an unbiased way, all reasonable and supportable information that
is available without undue cost or effort at the reporting date. This information includes both internal and external historical
data about claims and other experience, updated to reflect current expectations of future events. The estimates of future
cashflows reflect the Group\u2019s view of current conditions at the reporting date, as long as the estimates of any relevant
market variables are consistent with observable market prices.
An explicit risk adjustment for non-financial risk is estimated separately from the other estimates.
For the Group\u2019s contracts which are measured under the PAA, unless the contracts are onerous, the explicit risk adjustment
for\u00a0non-financial risk is only estimated and included within the measurement of the liability for incurred claims.
Risk of the Group\u2019s non-performance is not included in the measurement of groups of insurance contracts issued. In the
measurement of reinsurance contracts held, the probability weighted estimates of the present value of future cashflows
include potential credit losses and other disputes of the reinsurer to reflect the non-performance risk of the reinsurer.
The Group estimates certain fulfilment cashflows at the portfolio level or higher and then allocates such estimates to groups
of\u00a0contracts.
The Group uses consistent assumptions to measure the estimates of the present value of future cashflows for the group
of\u00a0reinsurance contracts held and such estimates for the groups of underlying insurance contracts.
Discount rates
A bottom-up approach has been applied in the determination of discount rates. Under this approach, the discount rate is
determined as the risk-free yield adjusted for differences in liquidity characteristics between the financial assets used to
derive the\u00a0risk-free yield and the relevant liability cashflows (known as an illiquidity premium).
A separate risk-free yield is obtained for each currency, where a material amount of business is written in that currency.
The\u00a0risk-free yield curve is obtained using rates published by the Prudential Regulation Authority (PRA) for the UK insurance
business, whilst for AECS the EIOPA risk free term structures are used. These curves are available from October 2015 and
provides rates for terms up to 150 years.
For periods prior to October 2015, observable market data is available for terms up to 25 years for GBP (30 years for EUR).
For\u00a0terms that aren\u2019t directly observable from market data, the Smith-Wilson approach is used to derive the rates which
extrapolates between the observable data and an assumed ultimate forward rate. The Smith-Wilson approach is used to
derive the\u00a0published Solvency II yield curves, which supports consistency over time.
Similarly to the approach to risk-free rates, an illiquidity premium will be set by currency.\u00a0The illiquidity premium is
determined by\u00a0management considering various internal benchmarks. This includes considering the cost of liquidity for
the\u00a0Group (through its\u00a0Revolving Credit Facilities), by deducting the risk-free rate and credit risk premium from a corporate
bond reference portfolio, and by deducting public market yields from similarly rated private market yields. Each method
points to a\u00a0different mathematical result and judgement is applied when determining the illiquidity premium. \u00a0
The following weighted average rates, based on the yield curves derived using the above methodology, were used
to\u00a0discount the liability for incurred claims at the end of the current and prior periods:
31 December 2025
31 December 2024
1 year
3 years
5 years
10 years
1 year
3 years
5 years
10 years
UK Insurance
4.0%
4.0%
4.2%
4.5%
5.0%
4.7%
4.5%
4.6%
European Motor
2.6%
2.8%
3.0%
3.4%
2.7%
2.6%
2.6%
2.8%
Generally, the illiquidity premium is expected to be stable over time and re-assessment of the assumption will be triggered
by significant changes in internal illiquidity benchmarks and/or changes in the illiquidity of the liabilities (e.g. claims
mix).\u00a0Quantitative analysis will be performed when the illiquidity premium changes, including performing sensitivity analysis
on the assumption.
Insurance revenue
The insurance revenue for the period is comprised of the amount of expected premium receipts (excluding any investment
component) allocated to the period. The Group allocates the expected premium receipts to each period of insurance
contract services on the basis of the passage of time. However, if the expected pattern of release of risk during the
coverage period differs significantly from the passage of time, for example due to seasonality of claims, then the allocation
is\u00a0made on the basis of the expected timing of incurred insurance service expenses. For the periods presented, all insurance
premium revenue has been recognised based on the passage of time. If a change in allocation is necessary due to a change
of facts and circumstances, the\u00a0change is accounted for prospectively as a change in accounting estimate.
The Group\u2019s insurance revenue is comprised of the following component parts:
\u2022 Insurance premium revenue: Insurance premium revenue reflects the expected premium receipts allocated to the period
based on the passage of time, adjusted for seasonality if required. It excludes any additional income that arises from the
writing of the insurance contract that is presented as part of insurance revenue as set out below.
\u2022 Instalment income: In contrast to IFRS 4, instalment income related to the risk attaching part of the premium that
is\u00a0retained within the Group is recognised as part of the insurance revenue cashflows due to it being considered
non-distinct from the underlying insurance policy, as set out in note 2 to the financial statements.
\u2022 Administration fees: Administration fees are costs charged to the customer for arranging a change to their policy.
The\u00a0performance obligation is the change in a customer\u2019s policy and given that the obligation related to activities that are
required to\u00a0fulfil the insurance contract and the policyholder cannot benefit from the service by itself, it is considered as
part of fulfilment cashflows, i.e., the full transaction price is therefore recognised as part of insurance revenue on a point
in\u00a0time basis.
IFRS 17 does not require separate insurance revenue analysis for insurance contracts measured under PAA. See Appendix 1
and note 14 for further information regarding the disaggretation of insurance revenue.
As stated in note 2, the Group has excluded any instalment income and administration fees from insurance revenue derived
from the proportion of insurance coverage under the co-insurance arrangements where the Group bears no risks. Please
see note 8a for the treatment of the co-insurance share retained by the group of instalment income and administration fees.
Insurance service expenses
The following elements are included in insurance service expenses:
\u2022 Incurred claims and benefits excluding investment components
\u2022 Other incurred directly attributable insurance service expenses, including administration (such as employee costs,
depreciation and amortisation) and acquisition expenses, and share scheme expenses that are attributable to
insurance\u00a0services
\u2022 Changes that relate to past service (i.e. changes in the fulfilment cashflows relating to the Liability for Incurred Claims)
\u2022 Changes that relate to future service (i.e. losses/reversals on onerous groups of contracts from changes in the loss
components).
Only items that reflect insurance service expenses (i.e. incurred claims and other insurance service expenses arising from
insurance contracts the Group issues) are reported as insurance expenses. Cashflows that are not directly attributable to
a\u00a0portfolio of insurance contracts, such as some product development and training costs, are recognised in other operating
expenses as incurred.
The total costs incurred in relation to the co-insurance share of insurance business are presented within other operating
expenses, as is the reimbursement of these costs, given that they are not related to the costs directly attributable to fulfilling
the Group\u2019s insurance contracts.
Non-cash costs that are directly attributable, such as depreciation, amortisation and IFRS 2 equity-settled share scheme
costs, are\u00a0recognised within insurance service expenses; these are transferred out of the LIC into the appropriate Financial
Statement line item for presentation in the Statement of Financial Position.
Reinsurance net expense/income
The Group has presented the income or expenses from a group of reinsurance contracts held separately from insurance
finance income or expenses as a single amount and has provided in the disclosure note a separate analysis of the amounts
recovered from the reinsurer and an allocation of the premiums paid that together give a net amount equal to that single
amount.
As part of its quota share arrangements, the Group typically recovers either a set ceding commission, or the quota share
reinsurer\u2019s proportional share of the expenses that are incurred in fulfilling the insurance contracts.
These amounts are typically settled net with the premium charged and are not contingent on claims. As a result, under IFRS
17 the expenses and ceding commissions recovered are considered to reflect a reduction in the transaction price equivalent
to charging a\u00a0lower premium (with no corresponding ceding commission or expense recovery).
In addition, as set out in note 3 to these financial statements, where the reinsurance arrangements result in a \u201cminimum
recovery\u201d from the reinsurer due to profit commission or sliding scale commission arrangements that is not contingent
on\u00a0claims, and the amount is not settled \u2018net\u2019 with premium, the minimum recovery is treated as a non-distinct investment
component.
As a result, the Group treats reinsurance cashflows that are contingent on claims on the underlying contracts as part of the
claims that are expected to be reimbursed under the reinsurance contract held, and excludes non-distinct investment
components and commissions from the allocation of reinsurance premiums presented in the notes to the financial statements.
Insurance finance income and expense
Insurance finance income or expenses comprise the change in the carrying amount of the group of insurance contracts
arising\u00a0from:
1. The effect of the time value of money and changes in the time value of money
2. The effect of financial risk and changes in financial risk.
The Group has taken the option to disaggregate insurance finance income or expenses on insurance contracts issued
between the\u00a0Consolidated Income Statement and the Consolidated Statement of Other Comprehensive Income.
As a result, applying the premium allocation approach, claims incurred are discounted at the date of initial recognition and
the finance expense recognised in the Consolidated Income Statement reflects the unwind of this discounting, at the locked
in discount rate, over the expected payment period. The same approach is taken for reinsurance claims assets. Discounting
on the liability and asset for remaining coverage only occurs in the case of the recognition of an onerous loss component
(and related loss-recovery component) and as a result is not material.
The impact of changes in market interest rates on the value of the insurance assets and liabilities are reflected in Other
Comprehensive Income in order to minimise accounting mismatches between the accounting for financial assets and
insurance assets and liabilities. The Group\u2019s financial assets backing the insurance portfolios are predominantly measured
at\u00a0Fair Value through Other Comprehensive Income (\u2018FVOCI\u2019).
Insurance contracts: Liability for remaining coverage
Initial measurement
For a group of contracts that is not onerous at initial recognition, the Group measures the liability for remaining coverage as:
\u2022 The premiums, if any, received at initial recognition
\u2022 Any other asset or liability previously recognised for cashflows related to the group of contracts that the Group pays
or\u00a0receives before the group of insurance contracts is recognised.
The Group recognises any insurance premium tax collected in relation to the premiums received as part of the premium
receipts, but given it is acting as an agent, these taxes are not included as either insurance revenue or an insurance
expense. Any outstanding insurance premium tax liability is presented within the liability for remaining coverage until paid.
There is no allowance for time value of money as the premiums are received within one year of the coverage period.
Where facts and circumstances indicate that contracts are onerous at initial recognition, the onerous contracts are
separately grouped from other contracts and a loss is recognised in the Consolidated Income Statement for the net outflow,
resulting in the carrying amount of the liability for the group being equal to the fulfilment cashflows. A loss component is
established by the Group for the liability for remaining coverage for such onerous group depicting the losses recognised.
Subsequent measurement
The Group measures the carrying amount of the liability for remaining coverage at the end of each reporting period as:
\u2022 The liability for remaining coverage at the beginning of the period; plus
\u2022 Premiums received in the period; minus
\u2022 The amount recognised as insurance revenue for the services provided in the period; minus
\u2022 Payments to the tax authorities in respect of premium receipts.
The onerous loss component is re-measured over the coverage period so that at the end of the coverage period,
it\u00a0is\u00a0reduced to \u00a3nil.
Insurance contracts: Liability for incurred claims
The Group estimates the liability for incurred claims as the fulfilment cashflows related to incurred claims, including any
creditors related to directly attributable insurance expenses. The liability for incurred claims also includes an explicit
adjustment for non-financial risk (the risk adjustment).
Reinsurance contracts held
Initial measurement
The Group measures its reinsurance assets for a group of reinsurance contracts that it holds on the same basis as insurance
contracts that it issues. However, they are adapted to reflect the features of reinsurance contracts held that differ from
insurance contracts issued.
Where the Group recognises a loss on initial recognition of an onerous group of underlying insurance contracts or when
further onerous underlying insurance contracts are added to a group, the Group establishes a loss-recovery component
of\u00a0the asset for\u00a0remaining coverage for a group of reinsurance contracts held depicting the recovery of losses. The Group
calculates the loss-recovery component by multiplying the loss recognised on the underlying insurance contracts and the
percentage of claims on the underlying insurance contracts the Group expects to recover from the group of reinsurance
contracts held. The Group uses\u00a0a systematic and rational method to determine the portion of losses recognised on the
group of insurance contracts covered by the reinsurance contracts held, in the case that there is partial coverage of
underlying insurance contracts by reinsurance contracts. The loss-recovery component adjusts the carrying amount
of\u00a0the\u00a0asset for remaining coverage.
The risk adjustment for non-financial risk is the amount of risk being transferred by the Group to the reinsurer and
is\u00a0calculated with reference to the gross risk adjustment, adjusted for any excess of loss risk adjustment, as required.
Subsequent measurement
The subsequent measurement of reinsurance contracts held follows the same principles as those for insurance contracts
issued and has been adapted to reflect the specific features and terms and conditions of the reinsurance contracts held.
In\u00a0addition, changes in the fulfilment cashflows that arise from changes in the risk of non-performance of the reinsurer are
reflected within net\u00a0expenses from reinsurance contracts held within the Income Statement.
Where the Group has established a loss-recovery component, the Group subsequently reduces the loss recovery
component to\u00a0zero in line with reductions in the onerous group of underlying insurance contracts in order to reflect that the
loss-recovery component shall not exceed the portion of the carrying amount of the loss component of the onerous group
of underlying insurance contracts that the entity expects to recover from the group of reinsurance contracts held.
The extinguishment or commutation of a reinsurance arrangement results in a derecognition of any reinsurance assets
or\u00a0liabilities related to the commuted contract from the balance sheet, so that the Group retains the full future risk of claims
development. As\u00a0a\u00a0result of commutation, any difference arising between the present carrying value of reinsurance assets
or liabilities and the cash settlement is recognised in the Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "
5b. Insurance revenue
Insurance revenue for the corresponding reportable segments for the period ended 31\u00a0December 2025
are shown below.
31 December 2025
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Insurance revenue related movement in liability for
remaining coverage
3,511.5
710.1
654.5
103.2
4,979.3
Insurance revenue for the corresponding reportable segments for the period ended 31\u00a0December 2024 are shown below.
31 December 2024
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Insurance revenue related movement in liability for
remaining coverage
3,369.5
503.9
606.7
73.3
4,553.4
The Group\u2019s share of its insurance business was underwritten by Admiral Insurance (Gibraltar) Limited, Admiral Insurance
Company Limited and Admiral Europe Compa\u00f1ia Seguros (\u2018AECS\u2019). The majority of contracts are short term in\u00a0duration,
lasting for between 6 and 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "
5c. Insurance service expenses
Insurance service expenses for the corresponding reportable segments for the period ended 31\u00a0December 2025 are shown
below.
31 December 2025
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Incurred claims
Claims incurred in the period
2,317.1
452.1
468.8
72.6
3,310.6
Changes to liabilities for incurred claims
(335.7)
(33.6)
(49.1)
(5.5)
(423.9)
Total incurred claims
1,981.4
418.5
419.7
67.1
2,886.7
Movement in onerous contracts
0.1
0.2
(3.3)
\u2013
(3.0)
Directly attributable expenses
Administration expenses
496.3
131.9
119.1
25.4
772.7
Acquisition expenses
103.9
55.2
55.9
19.8
234.8
Insurance expenses
600.2
187.1
175.0
45.2
1,007.5
Share scheme expenses
56.1
8.7
9.8
1.3
75.9
Total insurance expenses including share scheme
expenses
656.3
195.8
184.8
46.5
1,083.4
Total Insurance service expenses
2,637.8
614.5
601.2
113.6
3,967.1
Insurance service expenses for the corresponding reportable segments for the period ended 31\u00a0December 2024 are shown
below.
31 December 2024
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Incurred claims
Claims incurred in the period
2,107.2
298.2
453.2
48.9
2,907.5
Changes to liabilities for incurred claims
(496.1)
(51.4)
(7.3)
(1.4)
(556.2)
Total incurred claims
1,611.1
246.8
445.9
47.5
2,351.3
Movement in onerous contracts
(5.1)
0.1
(0.1)
\u2013
(5.1)
Directly attributable expenses
Administration expenses
461.5
113.7
117.0
18.7
710.9
Acquisition expenses
125.3
45.2
51.0
15.0
236.5
Insurance expenses
586.8
158.9
168.0
33.7
947.4
Share scheme expenses
40.7
5.4
8.6
1.4
56.1
Total insurance expenses including share scheme
expenses
627.5
164.3
176.6
35.1
1,003.5
Total Insurance service expenses
2,233.5
411.2
622.4
82.6
3,349.7
5d. Net expenses from reinsurance contracts held
Net expenses from reinsurance contracts held for the corresponding reportable segments for the period ended
31\u00a0December 2025 are shown below.
31 December 2025
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Allocation of reinsurance premiums
133.5
143.1
155.8
11.3
443.7
Amounts recoverable from reinsurers for incurred
insurance service expenses
Incurred claims
(70.9)
(91.1)
(151.1)
(7.7)
(320.8)
Changes to liabilities for incurred claims
56.8
(1.4)
45.8
\u2013
101.2
Net expense from reinsurance contracts excluding
movement in onerous loss component
119.4
50.6
50.5
3.6
224.1
Other reinsurance recoveries including movement in
onerous loss component
(0.1)
(0.2)
2.1
\u2013
1.8
Net expenses from reinsurance contracts held
119.3
50.4
52.6
3.6
225.9
Net expenses from reinsurance contracts held for the corresponding reportable segments for the period ended
31\u00a0December 2024 are shown below.
31 December 2024
Continuing operations
UK Motor
\u00a3m
UK Other
\u00a3m
European
Insurance
\u00a3m
Other
\u00a3m
Total
\u00a3m
Allocation of reinsurance premiums
145.8
45.8
119.2
7.6
318.4
Amounts recoverable from reinsurers for incurred
insurance service expenses
Incurred claims
(29.2)
3.1
(255.2)
(8.5)
(289.8)
Changes to liabilities for incurred claims
291.6
34.3
143.5
\u2013
469.4
Net expense from reinsurance contracts excluding
movement in onerous loss component
408.2
83.2
7.5
(0.9)
498.0
Other reinsurance recoveries including movement in loss
recovery component
4.0
(0.1)
(0.3)
\u2013
3.6
Net expenses/(income) from reinsurance contracts held
412.2
83.1
7.2
(0.9)
501.6
(iv) Claims development
The following tables illustrate how estimates of cumulative claims for UK Motor, UK Other Personal lines and European
Insurance have developed over time on a gross and net of reinsurance basis.
Each table shows how the Group\u2019s estimates of total claims for each underwriting year have developed over time and
reconciles the cumulative claims to the amount included in the Statement of Financial Position. Balances have been
translated at the exchange rates prevailing at the reporting date. The Group has not disclosed information for underwriting
years 2017 and prior for the European Insurance and Other UK Personal lines Insurance businesses , given that the claims
that remain outstanding on those years are immaterial.
IFRS 17 does not require an entity to disclose claims development information for which uncertainty about the amount and
timing of\u00a0the claims payments is typically resolved within one year. Therefore, the Group has not disclosed information about
the claims in\u00a0its other lines of business or related directly attributable expenses.
Gross claims development
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK Motor (core)
At end of year one
436
552
686
701
552
688
845
973
1,241
1,242
At end of year two
829
1,144
1,175
1,067
985
1,326
1,584
1,812
2,158
At end of year three
788
994
1,109
1,010
954
1,294
1,544
1,724
At end of year four
727
947
1,064
996
921
1,270
1,517
At end of year five
713
912
1,008
981
910
1,200
At end of year six
690
890
1,000
938
876
At end of year seven
656
865
959
936
At end of year eight
652
849
953
At end of year nine
657
843
Ten years later
643
Gross best estimates
of undiscounted
claims
4,367
643
843
953
936
876
1,200
1,517
1,724
2,158
1,242
16,459
Cumulative gross
claims paid
(4,229)
(611)
(778)
(908)
(847)
(763)
(990)
(1,161)
(1,193)
(1,318)
(546)
(13,344)
Gross undiscounted
best estimate liabilities
138
32
65
45
89
113
210
356
531
840
696
3,115
Risk adjustment
(undiscounted)
453
Effect of discounting
(624)
Gross claims
liabilities
2,944
Ancillary claims and
expense liabilities
126
UK Motor Gross
liabilities for incurred
claims
3,070
UK Other (core)
At end of year one
26
29
56
55
53
58
116
146
160
228
At end of year two
50
78
102
105
96
128
224
253
341
At end of year three
47
76
102
103
95
124
227
251
At end of year four
47
75
102
102
90
126
225
At end of year five
47
76
102
93
93
125
At end of year six
47
76
100
96
94
At end of year seven
47
75
102
101
At end of year eight
48
77
100
At end of year nine
48
75
Ten years later
48
Gross best estimates
of undiscounted
claims
57
48
75
100
101
94
125
225
251
341
228
1,645
Cumulative gross
claims paid
(57)
(48)
(75)
(100)
(99)
(92)
(121)
(212)
(226)
(252)
(98)
(1,380)
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross undiscounted
best estimate liabilities
\u2013
\u2013
\u2013
\u2013
2
2
4
13
25
89
130
265
Risk adjustment
(undiscounted)
39
Effect of discounting
(10)
Gross claims
liabilities
294
Ancillary claims and
expense liabilities
9
UK Other Gross
liabilities for incurred
claims
303
European Insurance
At end of year one
\u2013
\u2013
98
123
111
159
167
202
214
240
At end of year two
\u2013
128
191
212
229
310
390
397
432
At end of year three
118
174
186
225
227
314
388
421
At end of year four
135
172
190
221
227
310
405
At end of year five
134
173
189
214
221
335
At end of year six
134
173
184
210
238
At end of year seven
134
167
181
219
At end of year eight
130
162
193
At end of year nine
127
176
Ten years later
137
Gross best estimates
of undiscounted
claims
565
137
176
193
219
238
335
405
421
432
240
3,361
Cumulative gross
claims paid
(515)
(137)
(162)
(180)
(206)
(205)
(277)
(327)
(325)
(269)
(99)
(2,702)
Gross undiscounted
best estimate liabilities
50
\u2013
14
13
13
33
58
78
96
163
141
659
Risk adjustment
(undiscounted)
82
Effect of discounting
(75)
Gross claims
liabilities
666
Ancillary claims and
expense liabilities
25
European Insurance
Gross liabilities for
incurred claims
691
Claims development net of XoL reinsurance
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK Motor (core)
At end of year one
427
510
646
675
520
661
825
951
1,220
1,220
At end of year two
783
1,053
1,123
1,033
949
1,292
1,550
1,776
2,115
At end of year three
743
917
1,053
986
927
1,257
1,517
1,694
At end of year four
692
883
1,024
969
892
1,240
1,495
At end of year five
677
860
974
950
886
1,185
At end of year six
663
840
978
925
864
At end of year seven
640
820
946
921
At end of year eight
635
825
939
At end of year nine
644
814
Ten years later
630
Net of XoL best
estimates of
undiscounted claims
4,329
630
814
939
921
864
1,185
1,495
1,694
2,115
1,220
16,206
Cumulative
claims paid
(4,228)
(611)
(777)
(903)
(847)
(763)
(990)
(1,161)
(1,193)
(1,318)
(546)
(13,337)
Net of XoL
undiscounted best
estimate liabilities
101
19
37
36
74
101
195
334
501
797
674
2,869
Risk adjustment
(undiscounted)
411
Effect of discounting
(512)
Net of XoL
claims liabilities
2,768
Ancillary claims and
expense liabilities
126
UK Motor Net of XoL
liabilities for incurred
claims
2,894
UK Other (core)
At end of year one
26
29
56
54
50
57
116
127
152
224
At end of year two
50
78
102
96
91
126
220
229
327
At end of year three
47
75
101
94
90
124
221
233
At end of year four
47
75
101
93
90
127
220
At end of year five
47
76
101
93
93
124
At end of year six
47
75
100
96
89
At end of year seven
47
75
102
92
At end of year eight
48
77
99
At end of year nine
48
75
Ten years later
48
Net of XoL best
estimates of
undiscounted claims
57
48
75
99
92
89
124
220
233
327
224
1,588
Cumulative
claims paid
(57)
(48)
(75)
(99)
(91)
(88)
(119)
(207)
(213)
(247)
(98)
(1,342)
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net of XoL
undiscounted best
estimate liabilities
\u2013
\u2013
\u2013
\u2013
1
1
5
13
20
80
126
246
Risk adjustment
(undiscounted)
37
Effect of discounting
(9)
Net of XoL
claims liabilities
274
Ancillary claims and
expense liabilities
10
UK Other Net of XoL
liabilities for incurred
claims
284
European Insurance
At end of year one
\u2013
\u2013
98
123
112
159
167
200
213
230
At end of year two
\u2013
128
190
212
229
310
349
387
425
At end of year three
118
175
186
225
226
293
346
412
At end of year four
135
172
189
220
217
283
380
At end of year five
134
173
189
211
213
314
At end of year six
134
173
182
206
234
At end of year seven
134
161
179
216
At end of year eight
130
157
193
At end of year nine
127
171
Ten years later
137
Net of XoL best
estimates of
undiscounted claims
534
137
171
193
216
234
314
380
412
425
230
3,246
Cumulative
claims paid
(512)
(137)
(161)
(181)
(205)
(207)
(276)
(323)
(325)
(269)
(94)
(2,690)
Net of XoL
undiscounted best
estimate liabilities
22
\u2013
10
12
11
27
38
57
87
156
136
556
Risk adjustment
(undiscounted)
76
Effect of discounting
(43)
Net of XoL
claims liabilities
589
Ancillary claims and
expense liabilities
25
European Insurance
Net of XoL liabilities
for incurred claims
614
Claims development net of reinsurance
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK Motor (core)
At end of year one
427
493
625
626
520
657
762
939
1,220
1,220
At end of year two
783
1,016
1,086
1,033
949
1,259
1,442
1,776
2,115
At end of year three
743
886
1,018
986
927
1,239
1,470
1,694
At end of year four
692
853
990
969
892
1,236
1,451
At end of year five
677
830
957
950
886
1,185
At end of year six
663
811
944
925
864
At end of year seven
640
793
913
921
At end of year eight
635
798
939
At end of year nine
644
814
Ten years later
630
Net best estimates of
undiscounted claims1
4,329
630
814
939
921
864
1,185
1,451
1,694
2,115
1,220
16,162
Cumulative net
claims paid
(4,228)
(611)
(777)
(903)
(847)
(763)
(990)
(1,161)
(1,193)
(1,318)
(546)
(13,337)
Net undiscounted
best
estimate liabilities
101
19
37
36
74
101
195
290
501
797
674
2,825
Risk adjustment
(undiscounted)
345
Effect of discounting
(494)
Net claims liabilities
2,676
Ancillary claims and
expense liabilities
126
UK Motor Net
liabilities for
incurred claims
2,802
UK Other (core)
At end of year one
7
6
20
18
16
16
43
68
78
117
At end of year two
14
22
34
25
12
41
94
108
117
At end of year three
12
24
33
31
19
36
88
87
At end of year four
12
22
37
30
18
40
79
At end of year five
12
24
37
29
21
35
At end of year six
12
24
36
33
18
At end of year seven
12
24
39
29
At end of year eight
13
25
35
At end of year nine
13
23
Ten years later
13
Financial year ended 31 December 2025
Underwriting year
2015 &
prior
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net best estimates of
undiscounted claims
16
13
23
35
29
18
35
79
87
117
117
569
Cumulative net
claims paid
(16)
(13)
(23)
(35)
(28)
(17)
(33)
(77)
(81)
(106)
(83)
(512)
Net undiscounted
best estimate liabilities
\u2013
\u2013
\u2013
\u2013
1
1
2
2
6
11
34
57
Risk adjustment
(undiscounted)
17
Effect of discounting
(4)
Net claims liabilities
70
Ancillary claims and
expense liabilities
18
UK Other Net
liabilities for
incurred claims
88
European Insurance
At end of year one
\u2013
\u2013
34
41
37
48
54
71
77
56
At end of year two
\u2013
41
65
72
76
100
120
138
123
At end of year three
75
54
63
74
76
103
121
144
At end of year four
93
53
65
75
75
101
132
At end of year five
92
59
65
74
76
112
At end of year six
47
59
63
75
84
At end of year seven
47
57
63
75
At end of year eight
46
57
69
At end of year nine
46
62
Ten years later
49
Net best estimates of
undiscounted claims
206
49
62
69
75
84
112
132
144
123
56
1,112
Cumulative net
claims paid
(189)
(49)
(58)
(65)
(72)
(74)
(98)
(111)
(113)
(93)
(37)
(959)
Net undiscounted
best estimate liabilities
17
\u2013
4
4
3
10
14
21
31
30
19
153
Risk adjustment
(undiscounted)
(37)
Effect of discounting
(25)
Net claims liabilities
91
Ancillary claims and
expense liabilities
25
European Insurance
Net liabilities\u00a0
incurred claims
116
1 The gross best estimate of undiscounted claims and cumulative gross claims paid reported in the prior year financial statements were
inclusive of underwritten ancillaries, and have been removed from all underwriting years
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
6. Investment income and finance costs
6a. Accounting policies
(i) Financial assets
Classification and measurement
The classification and subsequent measurement of the financial asset under IFRS 9 depends on:
1. The Group\u2019s business model for managing the financial assets, and
2. The contractual cashflow characteristics of the financial asset.
Based on these factors, the financial asset is classified into one of the following categories:
Amortised cost
These comprise assets which are held in order to collect contractual cashflows and the contractual terms of the financial
asset give rise to cashflows which are solely payments of principal and interest on the principal amount outstanding (\u2018SPPI\u2019),
where the asset is\u00a0not designated as fair value through profit or loss (\u2018FVTPL\u2019).
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\u00a0customers and cash and cash equivalents relating to the loans business, where the interest receivable is recognised
in\u00a0interest\u00a0income.
Fair value through other comprehensive income (\u2018FVOCI\u2019)
These comprise assets which are held both to collect contractual cashflows and to sell the asset, where the contractual
terms of\u00a0the financial asset give rise to cashflows which are solely payments of principal and interest on the principal
amount outstanding (\u2018SPPI\u2019), where the asset is not designated as FVTPL.
For the Group, these assets include corporate, government and private debt securities. 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
consolidated income statement.
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
investments which are not held for trading and are strategic investments to be designated as being reported through FVOCI.
These represent open ended private debt securities held in investment funds.
Movements in the carrying amount are taken through OCI, with the exception of recognition of impairment gains or losses,
interest revenue, dividend income and foreign exchange gains or losses which are recognised in profit or loss.
A gain or loss on disposal of an investment measured at FVOCI is presented within investment return in the period in which
it\u00a0arises.
Fair value through profit or loss (\u2018FVTPL\u2019)
These are 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, closed ended private debt
funds and derivative financial instruments. The regulatory capital within the Group is used to invest in these instruments
in\u00a0addition to any surplus funds which may be held. Buying and selling activity occurs depending on timing of different
cashflows. Loan assets originated with the intention of being sold under the forward flow agreement in Admiral Money
are\u00a0also measured at FVTPL. See note 7 for further information on the forward flow agreement.
Impairment
The expected credit loss model (\u2018ECL\u2019) 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\u00a0loans and advances to customers (see note 7), as well as financial investments measured at FVOCI.
For financial investments measured at FVOCI, the approach is based on an assessment made based on an external credit
rating agency or an assessment from the Group\u2019s external asset managers, to assess whether there has been a significant
increase in credit risk, combined with other external data as follows:
\u2022 Financial assets in stage 1 are those where the credit risk has not increased significantly since initial recognition. A 12
month ECL is recognised. To determine the default rate, the average of external rates using Standard & Poor and Moody\u2019s
is used, together with consideration of any overlay based on qualitative criteria
\u2022 Financial assets in stage 2 are those where credit risk has increased significantly since initial recognition, with the
provision reflecting a lifetime loss. A significant increase in credit risk is defined as public assets that are downgraded
outside of investment grade or by two or more credit ratings in investment grade, or for a bond purchased at sub-
investment grade, a fall in of a full credit banding i.e. BB to B; and private assets which have been flagged on watchlists for
significant credit deterioration. For\u00a0assets in\u00a0stage 2, the lifetime ECL is based on the lifetime default rate which factors in
the number of years from maturity
\u2022 For assets in stage 1 and stage 2, a recovery rate is also applied to the loss given default, based on an average of
a\u00a0number of\u00a0external and internal sources
\u2022 Financial assets in stage 3 are credit impaired, which typically occurs when the asset has defaulted, restructured or is not
expected to return full proceeds. Each asset in this category is reviewed to assess the recoverable amount based on the
information available.
The credit rating of all assets is regularly monitored. As at the year-end reporting date, the majority of financial assets are
considered low risk under IFRS 9 (2025 stage 1 assets: 99% of total investments). These therefore remain within stage 1 and
a 12-month expected loss is used to calculate the impairment provision required.
The impairment provision at 31\u00a0December 2025 is \u00a36.8 million (\u00a312.9 million at 31\u00a0December 2024).
The calculated impairment loss within the fair value is recognised through the Income Statement whilst fair value
movements are\u00a0recognised in Other Comprehensive Income.
Given there is no material change in the credit quality or type of financial assets in the year and the movement in provision
is\u00a0immaterial, no further disclosure has been made.
Derecognition
A financial asset is derecognised when the rights to receive cashflows 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\u00a0derivatives 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, 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.
(iv) Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured initially at cost,
including transaction costs. Subsequent to initial recognition, investment property is measured at fair value in accordance
with IAS 40. Fair value is determined based on valuations performed by independent professionally qualified valuers. Gains
or losses arising from changes in the fair value of investment property are included in profit or loss in the period in which
they arise.
An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use
and no\u00a0future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property
(calculated as\u00a0the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit
or loss in the period in which the property is derecognised.
6b. Investment return
31 December 2025
\u00a3m
31 December 2024
\u00a3m
Continuing operations
At EIR
Other
Total
At EIR
Other
Total
Investment return
On assets classified as FVTPL
\u2013
74.7
74.7
\u2013
65.4
65.4
On assets classified as FVOCI1, 3
125.9
4.6
130.5
97.5
5.3
102.8
On assets classified as amortised cost1
3.1
\u2013
3.1
5.9
\u2013
5.9
Net unrealised losses
Unrealised (loss) / gain on forward contracts
\u2013
(0.4)
(0.4)
\u2013
(0.2)
(0.2)
Share of associate profit/ loss
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
Interest income on cash and cash equivalents1
\u2013
3.8
3.8
\u2013
5.3
5.3
Investment fees
\u2013
(2.3)
(2.3)
\u2013
(2.0)
(2.0)
Total investment and interest income2
129.0
80.4
209.4
103.4
72.8
176.2
1Interest received during the year was \u00a3120.4 million (2024: \u00a390.6 million).
2Total investment return excludes \u00a39.4 million of intra-group interest (2024: \u00a37.9 million).
3Realised losses on sales of debt securities classified as FVOCI are \u00a36.3 million (2024: \u00a34.5 million).
Investment return, which is comprised of distributions as well as net realised and unrealised gains on financial assets
classified as\u00a0FVTPL, interest income and net realised gains from financial assets classified as FVOCI, and interest income
from financial assets classified as amortised cost, is impacted by the interest rates on cash and financial investments.
Finance expense (note 5e), which reflects the unwind of discounting applied using a discount rate locked in at the date the
claim is\u00a0recognised over the expected payment period, is also impacted by interest rates derived from the EIOPA yield curve
at the time of claim. Both these items are impacted by risk-free interest rates, albeit with differences driven by timing of
making investments versus the timing of claims recognition and payment. All other factors being equal, higher risk-free rates
should result in an increase in both investment return and finance expense being recognised in the Income Statement.
Admiral primarily invests to match its liabilities hence the OCI impacts on assets within the fair value reserve should correlate
to\u00a0those on the insurance contract liabilities within the insurance finance reserve. However, Admiral invests in a diverse range
of\u00a0assets including corporate and government bonds hence the investment fair value reserve is driven by factors beyond the
interest rates used in discounting the liabilities. These include market credit spreads as well as fair value movements on
surplus assets not held to match the insurance liabilities and can move in the opposite direction to interest rates.
6c. Finance costs
Continuing operations
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Interest expense on subordinated loan notes and other credit facilities1, 2
22.3
24.5
Interest expense on lease liabilities
2.1
2.5
Interest recoverable from co-insurers
(0.4)
(0.6)
Total finance costs3
24.0
26.4
1Interest paid during the year was \u00a324.4 million (2024: \u00a326.9 million).
2See note 7e f or details of credit facilities.
3No interest has been capitalised in the period.
Finance costs represent interest payable on the \u00a3250.0 million (2024: \u00a3250.0 million) subordinated notes and other
financial\u00a0liabilities.
Interest expense on lease liabilities represents the unwinding of the discount on lease liabilities under IFRS 16.
6d. Expected credit losses
Continuing operations
Note
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Expected credit (gains)/losses on financial investments
6f
(6.1)
6.3
Expected credit losses on loans and advances to customers1
7b
35.9
28.3
Total expense for expected credit losses
29.8
34.6
1 Includes \u00a316.2 million (2024: \u00a326.1 million) of write-offs, with total movement in the ECL provision being \u00a335.9 million
(2024: \u00a328.3 million).
See note 6a and note 7 for details of the impairment methodology.
6e. Financial assets and liabilities
The Group\u2019s financial assets and liabilities can be analysed as follows:
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Financial investments classified as FVTPL
Money market funds
824.4
902.6
Other funds1
621.8
473.9
Derivative financial instruments
1.5
5.8
Equity investments (designated FVTPL)
39.3
46.9
1,487.0
1,429.2
Financial investments classified as FVOCI
Corporate debt securities
2,474.7
2,410.9
Government debt securities2
1,026.1
772.2
Private debt securities
206.8
152.3
3,707.6
3,335.4
Financial assets measured at amortised cost
Deposits with credit institutions
57.9
91.7
Other
Investment property
5.7
6.9
Total financial investments
5,258.2
4,863.2
Other financial assets measured at amortised cost
Insurance related receivables
64.1
51.1
Trade and other receivables
148.4
110.4
Insurance related and other receivables
212.5
161.5
Loans and advances to customers (note 7)
1,628.7
1,106.9
Cash and cash equivalents
301.1
313.6
Total financial assets
7,400.5
6,445.2
Financial liabilities
Subordinated notes3
259.0
258.9
Loan backed securities
1,352.9
937.7
Other borrowings
200.3
117.4
Derivative financial instruments
7.7
8.2
Subordinated and other financial liabilities
1,819.9
1,322.2
Trade and other payables4
217.2
175.3
Lease liabilities
73.6
79.6
Total financial liabilities5
2,110.7
1,577.1
1Other funds include funds which primarily invest in public and private fixed income securities are recognised as fair value through profit
and loss
2Government debt securities include \u00a30.6 million of short term UK government bonds held for collateral against foreign exchange
hedging\u00a0derivatives
3\u00a0 The fair value of subordinated notes (level one validation) is \u00a3288.5 million (31\u00a0December 2024: \u00a3276.4 million).
4\u00a0 Trade and other payables include deferred income, accruals and other tax and social security.
5\u00a0 All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method (2025: \u00a32,103.0
million; 2024: \u00a31,568.9 million), except for\u00a0derivatives that are classified at fair value through profit or loss and subsequently measured at
fair value.
6f. 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 (2024: none).
The table below shows how the financial assets and liabilities held at fair value have been measured using the fair value
hierarchy:
31 December 2025
31 December 2024
FVTPL
\u00a3m
FVOCI
\u00a3m
FVTPL
\u00a3m
FVOCI
\u00a3m
Level one (quoted prices in active markets)
1,192.1
3,500.8
1,221.2
3,183.1
Level two (use of observable inputs)
(6.1)
\u2013
(2.4)
\u2013
Level three (use of significant unobservable inputs)
293.3
206.8
202.2
152.3
Total
1,479.3
3,707.6
1,421.0
3,335.4
Fair value measurement using observable inputs (level two)
Level two investments represent derivatives used for interest rate and FX hedging purposes, these are valued using market
interest rates and in the case of FX derivatives a combination of interest rates and spot FX rates.
Fair value measurement\u00a0using significant unobservable inputs (level three)
Level three investments consist of debt and equity investments.
Debt investments are comprised primarily of investments in funds which invest in debt securities, these are valued at the
proportion of the Group\u2019s holding of\u00a0the Net Asset Value (NAV) reported by the investment vehicle. These include funds that
invest in corporate direct lending, residential and commercial mortgages, infrastructure debt and other private debt.
In\u00a0addition, 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; these
valuations are performed by the external fund managers. The key unobservable input across private debt securities is the
discount rate which is based on the credit performance of the assets. A\u00a0deterioration of the credit performance or expected
future performance will result in higher discount rates and lower values.
As these debt investments are held within investment funds where appropriate the Group elects to treat these investments
as\u00a0equity through OCI. Debt investments in which the funds are closed ended are classified as FVTPL within Other funds
(2025: \u00a3254 million).
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 cashflow forecasts. These are held at FVTPL, with realised and
unrealised gains/losses flowing through the P&L.
There were no significant inter-relationships between unobservable inputs that materially affect fair values.
The table below presents the movement in the period relating to financial instruments valued using a level three valuation:
31 December 2025
\u00a3m
Level Three Investments
Equity
Investments
Debt
Investments
Total
Balance as at 1 January
46.9
307.6
354.5
Gains/(losses) recognised in the Income Statement
(7.5)
19.1
11.6
Gains/(losses) recognised in Other Comprehensive Income
\u2013
(2.5)
(2.5)
Purchases
1.0
200.8
201.8
Disposals
(1.1)
(64.4)
(65.5)
Translation differences
\u2013
0.2
0.2
Balance as at 31 December
39.3
460.8
500.1
31 December 2024
\u00a3m
Level Three Investments
Equity
Investments
Debt
Investments
Total
Balance as at 1 January
35.5
242.7
278.2
Gains/(losses) recognised in the Income Statement
(4.5)
9.6
5.1
Gains/(losses) recognised in Other Comprehensive Income
\u2013
(2.8)
(2.8)
Purchases
16.1
94.9
111.0
Disposals
(0.2)
(36.8)
(37.0)
Balance as at 31 December
46.9
307.6
354.5
Gains/(losses) recognised in the Income Statement are recognised within investment returns and gains/(losses) recognised
in Other Comprehensive Income is recognised within movements in fair value reserve.
6g. Cash and cash equivalents
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Cash at bank and in hand1
301.1
313.6
Total cash and cash equivalents
301.1
313.6
1Cash at bank and in hand includes \u00a359.6 million (2024: \u00a345.2 million) related to special purpose entities which is not available for use
by\u00a0the Group.
Cash 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.
An assessment has been completed for impairment purposes in line with that set out in note 6a 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, the fair value approximates to the book value due to their short maturity.
6h. Other receivables
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Insurance related receivables
64.1
51.1
Trade and other receivables
148.4
110.4
Prepayments and accrued income
65.2
63.7
Total other receivables
277.7
225.2
Insurance related receivables
Insurance related receivables, which are measured at historic cost, reflect amounts relating to the Group\u2019s intermediary
activities.
Given the short-term duration of these assets no material 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 ECLs are recognised irrespective of the credit risk. In this case, the\u00a0provision is
based on a combination of:
1. Aged debtor analysis
2. Historic experience of write-offs for each receivable
3. Any specific indicators of credit deterioration observed, and
4. 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\u00a0balances are included in Trade and other receivables.
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Receivables
15.5
16.7
Contract assets
13.5
14.8
The contract asset relates to work undertaken in the law companies on behalf of clients which is ongoing and where the
Company's right to consideration remains dependent on the Company's continued successful performance under the
contract. The contract asset is transferred to trade receivables once only the passage of time is required before payment
of\u00a0the consideration is due, which is typically at the point of the fee being billed.
Significant changes in the contract asset balance during the period are as follows:
Contract asset balance
31 December
2025
\u00a3m
At 1 January 2024
17.0
Revenue recognised
16.7
Transferred to trade receivables
(18.5)
Write-offs
(0.4)
At 31 December 2024
14.8
Revenue recognised
23.7
Transferred to trade receivables
(24.4)
Write-offs
(0.6)
At 31 December 2025
13.5
The amount of revenue recognised in 2025 from performance obligations satisfied (or partially satisfied) in previous periods
in\u00a0relation to the above contract balances is \u00a3nil ( 2024: \u00a3nil).
6i. Financial liabilities
31 December 2025
Subordinated
loans
\u00a3m
Loan backed
securities
\u00a3m
Other
borrowings
and
derivatives
\u00a3m
Lease
liabilities
\u00a3m
Total
\u00a3m
Financial liability at the start of the period
258.9
937.7
125.6
79.6
1,401.8
Interest expense per Income Statement
21.4
52.1
(4.4)
2.1
71.2
Cashflows relating to interest1
(21.3)
(52.1)
4.4
(1.7)
(70.7)
Cashflows relating to principal - payments
\u2013
(299.1)
(180.4)
(8.4)
(487.9)
Cashflows relating to principal - receipts
\u2013
713.8
262.3
\u2013
976.1
Other foreign exchange and non-cash
movements
\u2013
0.5
0.5
2.0
3.0
Financial liability at the end of the period
259.0
1,352.9
208.0
73.6
1,893.5
31 December 2024
Subordinated
loans
\u00a3m
Loan backed
securities
\u00a3m
Other
borrowings
and
derivatives
\u00a3m
Lease
liabilities
\u00a3m
Total
\u00a3m
Financial liability at the start of the period
315.2
759.6
55.0
81.2
1,211.0
Interest expense per Income Statement
23.0
47.9
2.1
2.6
75.6
Cashflows relating to interest1
(24.2)
(47.9)
(2.1)
(2.4)
(76.6)
Cashflows relating to principal - payments
(55.1)
(194.1)
(115.0)
(12.7)
(376.9)
Cashflows relating to principal - receipts
\u2013
372.2
177.7
\u2013
549.9
Other foreign exchange and non-cash
movements
\u2013
\u2013
7.9
10.9
18.8
Financial liability at the end of the period
258.9
937.7
125.6
79.6
1,401.8
1Cashflows relating to interest are shown within finance costs paid, including expense paid on funding for loans
Subordinated notes
Financial liabilities are inclusive of \u00a3250.0 million subordinated notes issued on 6 July 2023 at a fixed rate of 8.5% per annum
with a\u00a0redemption date of 6 January 2034.
On 24 July 2024, the remaining 27.55% (\u00a355.1 million) of subordinated loan notes issued on 25 July 2014 were repaid
on\u00a0maturity.
The notes are unsecured subordinated obligations of the Group and rank pari passu without any preference among
themselves. In\u00a0the event of a winding-up or bankruptcy, they are to be repaid only after the claims of all other senior
creditors have been met.
There have been no defaults on any of the notes during the year. The Group has the requirement to defer interest payments
on the notes in certain circumstances but to date none of these circumstances has arisen.
The fair value of subordinated notes (level one valuation based on quoted prices in active markets) at 31\u00a0December 2025
is\u00a0\u00a3288.5\u00a0million (2024: \u00a3276.4 million).
The Group\u2019s subordinated loan notes deed requires confirmation there is non-existence of the event of default or potential
event of\u00a0default. The Group monitors compliance and there are no indicators that the default covenants will be breached
in\u00a0the foreseeable future.
Other borrowings
The Group holds various revolving credit facilities including a \u00a3300.0 million facility which expires in April 2028 and a
\u20ac100.0\u00a0million facility which expires in August 2027. As at 31\u00a0December 2025, \u00a3200.3 million was drawn under these
facilities (2024: \u00a3117.4 million), which is shown within other borrowings in the table above. This is made up of \u00a3175.0 million
from the\u00a0sterling facility expiring April 2028 (2024: \u00a3105.0 million) and \u00a325.3 million from the euro facility expiring August
2027 (2024:\u00a0\u00a312.4 million).
The carrying value is a reasonable approximation of fair value.
The Group's revolving credit facility agreement includes a covenant requiring that a percentage of the Group's debt does
not\u00a0exceed an adjusted net assets valuation as well as confirmation of no default. The Group monitors compliance and there
are\u00a0no\u00a0indicators that the covenants will be breached in the foreseeable future.
Loan backed securities
The Group has securitised certain loans and advances to customers by the transfer of the loans to special purpose entities
(SPEs) 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.
In connection with this securitisation, the Group and the SPE have granted a fixed and floating charge over, and assigned
by\u00a0way of security, substantially all of their present and future assets to a Security Trustee. The Security Trustee holds
this\u00a0security for itself and as trustee for the senior lenders and other secured creditors under the facility. The charged
assets\u00a0include the receivables held by the SPE, the associated cash collections, and certain related bank accounts and
contractual rights.
At 31 December 2025, receivables with a carrying amount of \u00a31,523.5 million (2024: \u00a31,061.8 million) were pledged
as\u00a0collateral under these arrangements.
Asset backed senior loan note facilities of \u00a31,563.0 million have been established in relation to the Admiral Money business. As at
the year end, \u00a31,352.9 million (2024: \u00a3937.7 million) of these facilities had been utilised. During the year, an asset backed senior
loan note facility of \u20ac100.0 million has also been established in relation to the Italian loans business. As at the year end, \u20ac31.3
million (2024: \u20acnil) of this facility 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.
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\u00a0asset of a similar value in a similar economic environment, with similar terms and conditions. Generally,
the\u00a0Group 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\u00a0finance 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\u00a0payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
6a. Accounting policies
(i) Financial assets
Classification and measurement
The classification and subsequent measurement of the financial asset under IFRS 9 depends on:
1. The Group\u2019s business model for managing the financial assets, and
2. The contractual cashflow characteristics of the financial asset.
Based on these factors, the financial asset is classified into one of the following categories:
Amortised cost
These comprise assets which are held in order to collect contractual cashflows and the contractual terms of the financial
asset give rise to cashflows which are solely payments of principal and interest on the principal amount outstanding (\u2018SPPI\u2019),
where the asset is\u00a0not designated as fair value through profit or loss (\u2018FVTPL\u2019).
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\u00a0customers and cash and cash equivalents relating to the loans business, where the interest receivable is recognised
in\u00a0interest\u00a0income.
Fair value through other comprehensive income (\u2018FVOCI\u2019)
These comprise assets which are held both to collect contractual cashflows and to sell the asset, where the contractual
terms of\u00a0the financial asset give rise to cashflows which are solely payments of principal and interest on the principal
amount outstanding (\u2018SPPI\u2019), where the asset is not designated as FVTPL.
For the Group, these assets include corporate, government and private debt securities. 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
consolidated income statement.
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
investments which are not held for trading and are strategic investments to be designated as being reported through FVOCI.
These represent open ended private debt securities held in investment funds.
Movements in the carrying amount are taken through OCI, with the exception of recognition of impairment gains or losses,
interest revenue, dividend income and foreign exchange gains or losses which are recognised in profit or loss.
A gain or loss on disposal of an investment measured at FVOCI is presented within investment return in the period in which
it\u00a0arises.
Fair value through profit or loss (\u2018FVTPL\u2019)
These are 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, closed ended private debt
funds and derivative financial instruments. The regulatory capital within the Group is used to invest in these instruments
in\u00a0addition to any surplus funds which may be held. Buying and selling activity occurs depending on timing of different
cashflows. Loan assets originated with the intention of being sold under the forward flow agreement in Admiral Money
are\u00a0also measured at FVTPL. See note 7 for further information on the forward flow agreement.
Impairment
The expected credit loss model (\u2018ECL\u2019) 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\u00a0loans and advances to customers (see note 7), as well as financial investments measured at FVOCI.
For financial investments measured at FVOCI, the approach is based on an assessment made based on an external credit
rating agency or an assessment from the Group\u2019s external asset managers, to assess whether there has been a significant
increase in credit risk, combined with other external data as follows:
\u2022 Financial assets in stage 1 are those where the credit risk has not increased significantly since initial recognition. A 12
month ECL is recognised. To determine the default rate, the average of external rates using Standard & Poor and Moody\u2019s
is used, together with consideration of any overlay based on qualitative criteria
\u2022 Financial assets in stage 2 are those where credit risk has increased significantly since initial recognition, with the
provision reflecting a lifetime loss. A significant increase in credit risk is defined as public assets that are downgraded
outside of investment grade or by two or more credit ratings in investment grade, or for a bond purchased at sub-
investment grade, a fall in of a full credit banding i.e. BB to B; and private assets which have been flagged on watchlists for
significant credit deterioration. For\u00a0assets in\u00a0stage 2, the lifetime ECL is based on the lifetime default rate which factors in
the number of years from maturity
\u2022 For assets in stage 1 and stage 2, a recovery rate is also applied to the loss given default, based on an average of
a\u00a0number of\u00a0external and internal sources
\u2022 Financial assets in stage 3 are credit impaired, which typically occurs when the asset has defaulted, restructured or is not
expected to return full proceeds. Each asset in this category is reviewed to assess the recoverable amount based on the
information available.
The credit rating of all assets is regularly monitored. As at the year-end reporting date, the majority of financial assets are
considered low risk under IFRS 9 (2025 stage 1 assets: 99% of total investments). These therefore remain within stage 1 and
a 12-month expected loss is used to calculate the impairment provision required.
The impairment provision at 31\u00a0December 2025 is \u00a36.8 million (\u00a312.9 million at 31\u00a0December 2024).
The calculated impairment loss within the fair value is recognised through the Income Statement whilst fair value
movements are\u00a0recognised in Other Comprehensive Income.
Given there is no material change in the credit quality or type of financial assets in the year and the movement in provision
is\u00a0immaterial, no further disclosure has been made.
Derecognition
A financial asset is derecognised when the rights to receive cashflows 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\u00a0derivatives 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, 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.
(iv) Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured initially at cost,
including transaction costs. Subsequent to initial recognition, investment property is measured at fair value in accordance
with IAS 40. Fair value is determined based on valuations performed by independent professionally qualified valuers. Gains
or losses arising from changes in the fair value of investment property are included in profit or loss in the period in which
they arise.
An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use
and no\u00a0future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property
(calculated as\u00a0the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit
or loss in the period in which the property is derecognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
6a. Accounting policies
(i) Financial assets
Classification and measurement
The classification and subsequent measurement of the financial asset under IFRS 9 depends on:
1. The Group\u2019s business model for managing the financial assets, and
2. The contractual cashflow characteristics of the financial asset.
Based on these factors, the financial asset is classified into one of the following categories:
Amortised cost
These comprise assets which are held in order to collect contractual cashflows and the contractual terms of the financial
asset give rise to cashflows which are solely payments of principal and interest on the principal amount outstanding (\u2018SPPI\u2019),
where the asset is\u00a0not designated as fair value through profit or loss (\u2018FVTPL\u2019).
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\u00a0customers and cash and cash equivalents relating to the loans business, where the interest receivable is recognised
in\u00a0interest\u00a0income.
Fair value through other comprehensive income (\u2018FVOCI\u2019)
These comprise assets which are held both to collect contractual cashflows and to sell the asset, where the contractual
terms of\u00a0the financial asset give rise to cashflows which are solely payments of principal and interest on the principal
amount outstanding (\u2018SPPI\u2019), where the asset is not designated as FVTPL.
For the Group, these assets include corporate, government and private debt securities. 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
consolidated income statement.
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
investments which are not held for trading and are strategic investments to be designated as being reported through FVOCI.
These represent open ended private debt securities held in investment funds.
Movements in the carrying amount are taken through OCI, with the exception of recognition of impairment gains or losses,
interest revenue, dividend income and foreign exchange gains or losses which are recognised in profit or loss.
A gain or loss on disposal of an investment measured at FVOCI is presented within investment return in the period in which
it\u00a0arises.
Fair value through profit or loss (\u2018FVTPL\u2019)
These are 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, closed ended private debt
funds and derivative financial instruments. The regulatory capital within the Group is used to invest in these instruments
in\u00a0addition to any surplus funds which may be held. Buying and selling activity occurs depending on timing of different
cashflows. Loan assets originated with the intention of being sold under the forward flow agreement in Admiral Money
are\u00a0also measured at FVTPL. See note 7 for further information on the forward flow agreement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "i) Financial assets
Classification and measurement
The classification and subsequent measurement of the financial asset under IFRS 9 depends on:
1. The Group\u2019s business model for managing the financial assets, and
2. The contractual cashflow characteristics of the financial asset.
Based on these factors, the financial asset is classified into one of the following categories:
Amortised cost
These comprise assets which are held in order to collect contractual cashflows and the contractual terms of the financial
asset give rise to cashflows which are solely payments of principal and interest on the principal amount outstanding (\u2018SPPI\u2019),
where the asset is\u00a0not designated as fair value through profit or loss (\u2018FVTPL\u2019).
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\u00a0customers and cash and cash equivalents relating to the loans business, where the interest receivable is recognised
in\u00a0interest\u00a0income.
Fair value through other comprehensive income (\u2018FVOCI\u2019)
These comprise assets which are held both to collect contractual cashflows and to sell the asset, where the contractual
terms of\u00a0the financial asset give rise to cashflows which are solely payments of principal and interest on the principal
amount outstanding (\u2018SPPI\u2019), where the asset is not designated as FVTPL.
For the Group, these assets include corporate, government and private debt securities. 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
consolidated income statement.
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
investments which are not held for trading and are strategic investments to be designated as being reported through FVOCI.
These represent open ended private debt securities held in investment funds.
Movements in the carrying amount are taken through OCI, with the exception of recognition of impairment gains or losses,
interest revenue, dividend income and foreign exchange gains or losses which are recognised in profit or loss.
A gain or loss on disposal of an investment measured at FVOCI is presented within investment return in the period in which
it\u00a0arises.
Fair value through profit or loss (\u2018FVTPL\u2019)
These are 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, closed ended private debt
funds and derivative financial instruments. The regulatory capital within the Group is used to invest in these instruments
in\u00a0addition to any surplus funds which may be held. Buying and selling activity occurs depending on timing of different
cashflows. Loan assets originated with the intention of being sold under the forward flow agreement in Admiral Money
are\u00a0also measured at FVTPL. See note 7 for further information on the forward flow agreement.
Impairment
The expected credit loss model (\u2018ECL\u2019) 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\u00a0loans and advances to customers (see note 7), as well as financial investments measured at FVOCI.
For financial investments measured at FVOCI, the approach is based on an assessment made based on an external credit
rating agency or an assessment from the Group\u2019s external asset managers, to assess whether there has been a significant
increase in credit risk, combined with other external data as follows:
\u2022 Financial assets in stage 1 are those where the credit risk has not increased significantly since initial recognition. A 12
month ECL is recognised. To determine the default rate, the average of external rates using Standard & Poor and Moody\u2019s
is used, together with consideration of any overlay based on qualitative criteria
\u2022 Financial assets in stage 2 are those where credit risk has increased significantly since initial recognition, with the
provision reflecting a lifetime loss. A significant increase in credit risk is defined as public assets that are downgraded
outside of investment grade or by two or more credit ratings in investment grade, or for a bond purchased at sub-
investment grade, a fall in of a full credit banding i.e. BB to B; and private assets which have been flagged on watchlists for
significant credit deterioration. For\u00a0assets in\u00a0stage 2, the lifetime ECL is based on the lifetime default rate which factors in
the number of years from maturity
\u2022 For assets in stage 1 and stage 2, a recovery rate is also applied to the loss given default, based on an average of
a\u00a0number of\u00a0external and internal sources
\u2022 Financial assets in stage 3 are credit impaired, which typically occurs when the asset has defaulted, restructured or is not
expected to return full proceeds. Each asset in this category is reviewed to assess the recoverable amount based on the
information available.
The credit rating of all assets is regularly monitored. As at the year-end reporting date, the majority of financial assets are
considered low risk under IFRS 9 (2025 stage 1 assets: 99% of total investments). These therefore remain within stage 1 and
a 12-month expected loss is used to calculate the impairment provision required.
The impairment provision at 31\u00a0December 2025 is \u00a36.8 million (\u00a312.9 million at 31\u00a0December 2024).
The calculated impairment loss within the fair value is recognised through the Income Statement whilst fair value
movements are\u00a0recognised in Other Comprehensive Income.
Given there is no material change in the credit quality or type of financial assets in the year and the movement in provision
is\u00a0immaterial, no further disclosure has been made.
Derecognition
A financial asset is derecognised when the rights to receive cashflows 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.
7a. Accounting policies
Loans and advances to customers consist of unsecured personal loans and secured loans.\u00a0\u00a0
Classification\u00a0
Loans and advances to customers are measured at amortised cost, except for those originated for sale under the forward
flow agreement which are measured at FVTPL. This is because assets are held\u00a0in order to\u00a0collect contractual cashflows and
the contractual terms of the financial asset demand cash inflows which are solely payments of principal and interest on the
principal amount outstanding.\u00a0\u00a0
Interest income and expense\u00a0
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.
Interest expense is calculated\u00a0using the effective interest rate appropriate to each source of funding.\u00a0
Finance leases\u00a0
Included within\u00a0loans and advances to customers are\u00a0personal contract purchase\u00a0(PCP)\u00a0and hire purchase\u00a0(HP) arrangements
which are classified as finance leases under IFRS 16.\u00a0A receivable equal to the net investment in the lease has been
recognised.\u00a0The\u00a0net investment is equal to the gross investment in the lease discounted at the rate implicit in the lease.\u00a0\u00a0
Lease\u00a0interest\u00a0income is recognised within\u00a0interest income\u00a0in the income statement over the term of the lease using
the\u00a0effective interest rate\u00a0method.\u00a0\u00a0
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. When vehicles are repossessed, they are
sold at auction to release the value and settle the obligation. The difference between the net investment in the lease and
the proceeds from the sale of the vehicle is recognised immediately in profit and loss. At 31 December 2025, the carrying
amount of finance lease receivables subject to collateral arrangements was \u00a3186.8 million (2024: \u00a318.1 million).
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 sets a maximum loan-to-value for the origination of financial leases, 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\u00a0stolen or destroyed
\u2022 The estimated future value of each vehicle, which is sourced externally, is considered in the pricing of the lease contracts
to\u00a0provide protection against deterioration in that value.
Secured homeowner loans
Included within loans and advances to customers are second-charge mortgages, secured by a second-ranking charge over
residential property. These assets are classified as financial assets at amortised cost under IFRS 9.
Second-charge mortgages are recognised when funds are advanced, initially measured at fair value plus directly
attributable transaction costs.
Interest income is recognised within interest income in the income statement over the term of the lease using effective
interest rate method.
Loans are secured by a second-ranking charge against residential property. External appraisals of security collateral are
obtained at origination and reviewed periodically to mitigate credit risk.
Upon borrower default, the property collateral for both first and second charges may be repossessed. Recoveries
are\u00a0applied in the order of senior ranking, with any residual benefit accruing to the Group for second-charge exposure.
Based on information obtained at origination and updated through normal servicing activities, the Group expects that the
majority of the homeowner loan portfolio is supported by residential property with loan\u2011to\u2011value ratios of less than 100%,
after taking into account the first\u2011charge lender\u2019s priority position.
At 31 December 2025, the carrying amount of homeowner loans subject to collateral arrangements was \u00a3219.0 million
(2024: \u00a3nil).
Forward Flow Agreement
In 2025, the Group completed a sale of back book loans with a carrying value of \u00a3146.4 million to an external third party
under a forward flow agreement. This sale generated a net gain of \u00a39.8 million, comprised of:
\u2022 origination fee income of \u00a35.9 million which has been recognised within Other revenue and profit commission;
\u2022 a credit provision release of \u00a34.9m due to the derecognition of the underlying loans;
\u2022 immediate recognition of \u00a31.0m of unamortised acquisition costs.
Based on management\u2019s assessment, the sale is consistent with the hold to collect business model as the transaction is
considered infrequent. Furthermore, as the Group transferred substantially all the risks and rewards of ownership to the third
party, the loans sale met the derecognition requirements under IFRS 9 and the loans sold have been derecognised from the
Statement of Financial Position as at 31\u00a0December 2025.
Loans sold as part of the front book sales through the forward flow agreement are considered to fall under a new business
model under IFRS 9, given they are originated with the express intention of being sold shortly thereafter to an external third
party. These assets are therefore initially recognised and subsequently measured at FVTPL. Loan sales are completed on
average twice per month, with the external third party providing prefunding to be used for the origination of loans sold under
the agreement, which removes the liquidity impact of originating these loans. \u00a3279.5 million of loans were originated under
this business model in 2025 which, due to the way in which the forward flow arrangement is structured, have been
derecognised in full and have a carrying value of \u00a3nil in the Statement of Financial Position as at 31\u00a0December 2025.
The\u00a0sale of loans under this business model has generated origination fee income of \u00a39.7 million, recognised within Other
revenue and profit commission.
The Group\u2019s continuing involvement is limited to servicing arrangements, i.e. collecting the contractual cash flows of the
underlying loans and remitting these to the external third party. The collected cash flows are remitted by the Group at
market rate which relates solely to the servicing activity. A receivable is recognised in respect of the amounts outstanding
in\u00a0relation to servicing fees. As at 31\u00a0December 2025, the outstanding receivable totals \u00a30.1 million (2024: \u00a3nil) and is
recognised within accrued income.
The Group is entitled to receive additional consideration (\u2018commission\u2019) in respect of (i) loans sold as part of the back\u2011book
forward flow arrangement, and (ii) loans sold to the third-party purchaser under the Group\u2019s ongoing new business model.
This commission represents variable consideration and is contingent on the credit performance of the transferred loan
portfolios over the 24\u2011month period following each sale. At 31 December 2025, the Group has estimated the commission
receivable to be \u00a31.5 million (2024: \u00a3nil), which has been recognised to the extent that it is highly probable that a significant
reversal will not occur.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
Fair value through profit or loss (\u2018FVTPL\u2019)
These are 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, closed ended private debt
funds and derivative financial instruments. The regulatory capital within the Group is used to invest in these instruments
in\u00a0addition to any surplus funds which may be held. Buying and selling activity occurs depending on timing of different
cashflows. Loan assets originated with the intention of being sold under the forward flow agreement in Admiral Money
are\u00a0also measured at FVTPL. See note 7 for further information on the forward flow agreement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
Impairment
The expected credit loss model (\u2018ECL\u2019) 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\u00a0loans and advances to customers (see note 7), as well as financial investments measured at FVOCI.
For financial investments measured at FVOCI, the approach is based on an assessment made based on an external credit
rating agency or an assessment from the Group\u2019s external asset managers, to assess whether there has been a significant
increase in credit risk, combined with other external data as follows:
\u2022 Financial assets in stage 1 are those where the credit risk has not increased significantly since initial recognition. A 12
month ECL is recognised. To determine the default rate, the average of external rates using Standard & Poor and Moody\u2019s
is used, together with consideration of any overlay based on qualitative criteria
\u2022 Financial assets in stage 2 are those where credit risk has increased significantly since initial recognition, with the
provision reflecting a lifetime loss. A significant increase in credit risk is defined as public assets that are downgraded
outside of investment grade or by two or more credit ratings in investment grade, or for a bond purchased at sub-
investment grade, a fall in of a full credit banding i.e. BB to B; and private assets which have been flagged on watchlists for
significant credit deterioration. For\u00a0assets in\u00a0stage 2, the lifetime ECL is based on the lifetime default rate which factors in
the number of years from maturity
\u2022 For assets in stage 1 and stage 2, a recovery rate is also applied to the loss given default, based on an average of
a\u00a0number of\u00a0external and internal sources
\u2022 Financial assets in stage 3 are credit impaired, which typically occurs when the asset has defaulted, restructured or is not
expected to return full proceeds. Each asset in this category is reviewed to assess the recoverable amount based on the
information available.
The credit rating of all assets is regularly monitored. As at the year-end reporting date, the majority of financial assets are
considered low risk under IFRS 9 (2025 stage 1 assets: 99% of total investments). These therefore remain within stage 1 and
a 12-month expected loss is used to calculate the impairment provision required.
The impairment provision at 31\u00a0December 2025 is \u00a36.8 million (\u00a312.9 million at 31\u00a0December 2024).
The calculated impairment loss within the fair value is recognised through the Income Statement whilst fair value
movements are\u00a0recognised in Other Comprehensive Income.
Given there is no material change in the credit quality or type of financial assets in the year and the movement in provision
is\u00a0immaterial, no further disclosure has been made.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "
Impairment
The expected credit loss model (\u2018ECL\u2019) 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\u00a0loans and advances to customers (see note 7), as well as financial investments measured at FVOCI.
For financial investments measured at FVOCI, the approach is based on an assessment made based on an external credit
rating agency or an assessment from the Group\u2019s external asset managers, to assess whether there has been a significant
increase in credit risk, combined with other external data as follows:
\u2022 Financial assets in stage 1 are those where the credit risk has not increased significantly since initial recognition. A 12
month ECL is recognised. To determine the default rate, the average of external rates using Standard & Poor and Moody\u2019s
is used, together with consideration of any overlay based on qualitative criteria
\u2022 Financial assets in stage 2 are those where credit risk has increased significantly since initial recognition, with the
provision reflecting a lifetime loss. A significant increase in credit risk is defined as public assets that are downgraded
outside of investment grade or by two or more credit ratings in investment grade, or for a bond purchased at sub-
investment grade, a fall in of a full credit banding i.e. BB to B; and private assets which have been flagged on watchlists for
significant credit deterioration. For\u00a0assets in\u00a0stage 2, the lifetime ECL is based on the lifetime default rate which factors in
the number of years from maturity
\u2022 For assets in stage 1 and stage 2, a recovery rate is also applied to the loss given default, based on an average of
a\u00a0number of\u00a0external and internal sources
\u2022 Financial assets in stage 3 are credit impaired, which typically occurs when the asset has defaulted, restructured or is not
expected to return full proceeds. Each asset in this category is reviewed to assess the recoverable amount based on the
information available.
The credit rating of all assets is regularly monitored. As at the year-end reporting date, the majority of financial assets are
considered low risk under IFRS 9 (2025 stage 1 assets: 99% of total investments). These therefore remain within stage 1 and
a 12-month expected loss is used to calculate the impairment provision required.
The impairment provision at 31\u00a0December 2025 is \u00a36.8 million (\u00a312.9 million at 31\u00a0December 2024).
The calculated impairment loss within the fair value is recognised through the Income Statement whilst fair value
movements are\u00a0recognised in Other Comprehensive Income.
Given there is no material change in the credit quality or type of financial assets in the year and the movement in provision
is\u00a0immaterial, no further disclosure has been made.
(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.
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 cashflow projections based on financial budgets approved by management covering
a\u00a0period of\u00a0up to five years.
The key assumptions used in the value in use calculations are those regarding revenue growth, along with expected
changes in\u00a0pricing 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.
Renewal Rights (included within Customer contracts, relationships and brand)
Renewal rights are recognised as an intangible asset and amortised using the reducing balance method over an expected
useful life determined as ranging between nine and fourteen years. Renewal rights on initial recognition have been
recognised at fair value arising through an acquisition.
The carrying value of renewal rights is reviewed every six months for evidence of impairment, with the value being written
down if\u00a0any impairment exists. Impairment may be reversed if conditions subsequently improve.
Brand (included within Customer contracts, relationships and brand)
Brand rights are recognised as an intangible asset and amortised using the straight line method over an expected useful life
of\u00a0fifteen years. Brand rights on initial recognition have been recognised at its fair value arising through an acquisition.
The carrying value of brand rights 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
Derecognition
A financial asset is derecognised when the rights to receive cashflows 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.
Derecognition
A financial liability is derecognised when the obligation under that liability is discharged, cancelled or expires.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "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\u00a0derivatives 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "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\u00a0derivatives 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "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, 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.
(iv) Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured initially at cost,
including transaction costs. Subsequent to initial recognition, investment property is measured at fair value in accordance
with IAS 40. Fair value is determined based on valuations performed by independent professionally qualified valuers. Gains
or losses arising from changes in the fair value of investment property are included in profit or loss in the period in which
they arise.
An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use
and no\u00a0future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property
(calculated as\u00a0the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit
or loss in the period in which the property is derecognised.
Interest income and expense\u00a0
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.
Interest expense is calculated\u00a0using the effective interest rate appropriate to each source of funding.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "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, 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "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, 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "
(iv) Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured initially at cost,
including transaction costs. Subsequent to initial recognition, investment property is measured at fair value in accordance
with IAS 40. Fair value is determined based on valuations performed by independent professionally qualified valuers. Gains
or losses arising from changes in the fair value of investment property are included in profit or loss in the period in which
they arise.
An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use
and no\u00a0future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property
(calculated as\u00a0the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit
or loss in the period in which the property is derecognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": "iv) Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured initially at cost,
including transaction costs. Subsequent to initial recognition, investment property is measured at fair value in accordance
with IAS 40. Fair value is determined based on valuations performed by independent professionally qualified valuers. Gains
or losses arising from changes in the fair value of investment property are included in profit or loss in the period in which
they arise.
An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use
and no\u00a0future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property
(calculated as\u00a0the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit
or loss in the period in which the property is derecognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-519": { "value": "
6b. Investment return
31 December 2025
\u00a3m
31 December 2024
\u00a3m
Continuing operations
At EIR
Other
Total
At EIR
Other
Total
Investment return
On assets classified as FVTPL
\u2013
74.7
74.7
\u2013
65.4
65.4
On assets classified as FVOCI1, 3
125.9
4.6
130.5
97.5
5.3
102.8
On assets classified as amortised cost1
3.1
\u2013
3.1
5.9
\u2013
5.9
Net unrealised losses
Unrealised (loss) / gain on forward contracts
\u2013
(0.4)
(0.4)
\u2013
(0.2)
(0.2)
Share of associate profit/ loss
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
Interest income on cash and cash equivalents1
\u2013
3.8
3.8
\u2013
5.3
5.3
Investment fees
\u2013
(2.3)
(2.3)
\u2013
(2.0)
(2.0)
Total investment and interest income2
129.0
80.4
209.4
103.4
72.8
176.2
1Interest received during the year was \u00a3120.4 million (2024: \u00a390.6 million).
2Total investment return excludes \u00a39.4 million of intra-group interest (2024: \u00a37.9 million).
3Realised losses on sales of debt securities classified as FVOCI are \u00a36.3 million (2024: \u00a34.5 million).
Investment return, which is comprised of distributions as well as net realised and unrealised gains on financial assets
classified as\u00a0FVTPL, interest income and net realised gains from financial assets classified as FVOCI, and interest income
from financial assets classified as amortised cost, is impacted by the interest rates on cash and financial investments.
Finance expense (note 5e), which reflects the unwind of discounting applied using a discount rate locked in at the date the
claim is\u00a0recognised over the expected payment period, is also impacted by interest rates derived from the EIOPA yield curve
at the time of claim. Both these items are impacted by risk-free interest rates, albeit with differences driven by timing of
making investments versus the timing of claims recognition and payment. All other factors being equal, higher risk-free rates
should result in an increase in both investment return and finance expense being recognised in the Income Statement.
Admiral primarily invests to match its liabilities hence the OCI impacts on assets within the fair value reserve should correlate
to\u00a0those on the insurance contract liabilities within the insurance finance reserve. However, Admiral invests in a diverse range
of\u00a0assets including corporate and government bonds hence the investment fair value reserve is driven by factors beyond the
interest rates used in discounting the liabilities. These include market credit spreads as well as fair value movements on
surplus assets not held to match the insurance liabilities and can move in the opposite direction to interest rates.
7d. Interest income
31 December
2025
\u00a3m
31 December
2024
\u00a3m
From loans and advances to customers
135.9
107.9
Finance income on the net investment in finance leases
7.2
1.2
From bank interest
4.2
4.4
147.3
113.5
Interest income receivable is recognised in the income statement using the effective interest method, which calculates
the\u00a0amortised 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "
6b. Investment return
31 December 2025
\u00a3m
31 December 2024
\u00a3m
Continuing operations
At EIR
Other
Total
At EIR
Other
Total
Investment return
On assets classified as FVTPL
\u2013
74.7
74.7
\u2013
65.4
65.4
On assets classified as FVOCI1, 3
125.9
4.6
130.5
97.5
5.3
102.8
On assets classified as amortised cost1
3.1
\u2013
3.1
5.9
\u2013
5.9
Net unrealised losses
Unrealised (loss) / gain on forward contracts
\u2013
(0.4)
(0.4)
\u2013
(0.2)
(0.2)
Share of associate profit/ loss
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
Interest income on cash and cash equivalents1
\u2013
3.8
3.8
\u2013
5.3
5.3
Investment fees
\u2013
(2.3)
(2.3)
\u2013
(2.0)
(2.0)
Total investment and interest income2
129.0
80.4
209.4
103.4
72.8
176.2
1Interest received during the year was \u00a3120.4 million (2024: \u00a390.6 million).
2Total investment return excludes \u00a39.4 million of intra-group interest (2024: \u00a37.9 million).
3Realised losses on sales of debt securities classified as FVOCI are \u00a36.3 million (2024: \u00a34.5 million).
Investment return, which is comprised of distributions as well as net realised and unrealised gains on financial assets
classified as\u00a0FVTPL, interest income and net realised gains from financial assets classified as FVOCI, and interest income
from financial assets classified as amortised cost, is impacted by the interest rates on cash and financial investments.
Finance expense (note 5e), which reflects the unwind of discounting applied using a discount rate locked in at the date the
claim is\u00a0recognised over the expected payment period, is also impacted by interest rates derived from the EIOPA yield curve
at the time of claim. Both these items are impacted by risk-free interest rates, albeit with differences driven by timing of
making investments versus the timing of claims recognition and payment. All other factors being equal, higher risk-free rates
should result in an increase in both investment return and finance expense being recognised in the Income Statement.
Admiral primarily invests to match its liabilities hence the OCI impacts on assets within the fair value reserve should correlate
to\u00a0those on the insurance contract liabilities within the insurance finance reserve. However, Admiral invests in a diverse range
of\u00a0assets including corporate and government bonds hence the investment fair value reserve is driven by factors beyond the
interest rates used in discounting the liabilities. These include market credit spreads as well as fair value movements on
surplus assets not held to match the insurance liabilities and can move in the opposite direction to interest rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "
6c. Finance costs
Continuing operations
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Interest expense on subordinated loan notes and other credit facilities1, 2
22.3
24.5
Interest expense on lease liabilities
2.1
2.5
Interest recoverable from co-insurers
(0.4)
(0.6)
Total finance costs3
24.0
26.4
1Interest paid during the year was \u00a324.4 million (2024: \u00a326.9 million).
2See note 7e f or details of credit facilities.
3No interest has been capitalised in the period.
Finance costs represent interest payable on the \u00a3250.0 million (2024: \u00a3250.0 million) subordinated notes and other
financial\u00a0liabilities.
Interest expense on lease liabilities represents the unwinding of the discount on lease liabilities under IFRS 16.
7e. Interest expense
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Interest payable on loan backed securities
47.9
32.0
Interest payable on other credit facilities
10.4
5.2
Total interest expense1
58.3
37.2
1Interest paid in total net of swaps during the year was \u00a355.7 million (2024: \u00a342.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "value": "
6c. Finance costs
Continuing operations
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Interest expense on subordinated loan notes and other credit facilities1, 2
22.3
24.5
Interest expense on lease liabilities
2.1
2.5
Interest recoverable from co-insurers
(0.4)
(0.6)
Total finance costs3
24.0
26.4
1Interest paid during the year was \u00a324.4 million (2024: \u00a326.9 million).
2See note 7e f or details of credit facilities.
3No interest has been capitalised in the period.
Finance costs represent interest payable on the \u00a3250.0 million (2024: \u00a3250.0 million) subordinated notes and other
financial\u00a0liabilities.
Interest expense on lease liabilities represents the unwinding of the discount on lease liabilities under IFRS 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "
6d. Expected credit losses
Continuing operations
Note
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Expected credit (gains)/losses on financial investments
6f
(6.1)
6.3
Expected credit losses on loans and advances to customers1
7b
35.9
28.3
Total expense for expected credit losses
29.8
34.6
1 Includes \u00a316.2 million (2024: \u00a326.1 million) of write-offs, with total movement in the ECL provision being \u00a335.9 million
(2024: \u00a328.3 million).
See note 6a and note 7 for details of the impairment methodology.
Expected credit losses \u2013 Admiral Money
The expected credit loss (ECL) 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\u00a0Probability of\u00a0Default (PD),\u00a0Exposure at\u00a0Default (EAD)
and\u00a0Loss\u00a0Given\u00a0Default (LGD) defined as follows:\u00a0\u00a0
\u2022 Probability of Default (PD): The likelihood of an account defaulting; calibrated through analysis of historic\u00a0customer
behaviour. Where customers have already met the definition of default this is 100%. For customers that are\u00a0not in default
the PD is determined through analysis of historic default data using external and internal data sources available at the
reporting date.
\u2022 Exposure at Default (EAD): The amount of balance at the time of default. For loans that are in arrears the EAD is taken
as\u00a0the current balance plus any expected interest arrears.\u00a0For up-to-date loans the EAD is calculated as the expected
balance 3 months prior to\u00a0each period, plus 3 months of interest arrears to account for the time it takes to default
following falling into arrears.\u00a0\u00a0
\u2022 Loss Given Default (LGD): The amount of the asset not recovered following a borrower\u2019s default, determined through
analysis of\u00a0historic recovery performance.\u00a0
The PD is applied to the EAD to calculate the expected loss\u00a0excluding 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.\u00a0
Loan assets are segmented into three stages of credit impairment:\u00a0
\u2022 Stage 1 \u2013 no significant increase in credit risk of the financial asset since inception\u00a0
\u2022 Stage 2 \u2013 significant increase in credit risk of the financial asset since inception
\u2022 Stage 3 \u2013 financial asset is credit impaired.\u00a0
For assets in stage 1, the allowance is calculated as the ECLs from events within 12 months after the reporting date.
For\u00a0assets in stages 2 and 3 the allowance is calculated as the ECL from events in the remaining lifetime of\u00a0each
asset.\u00a0The\u00a0allowance is calculated for each loan at an individual level.
The following tables reconcile the opening and closing gross carrying amount and ECL allowance. Loans originated in the
year are initially classified as Stage 1. In the following tables, the loans are presented in line with their staging as at each
year\u00a0end. During the year, the Group has enhanced the following disclosures by presenting gross balances and ECL within
one table, with this information being presented separately in the previous year. The net movement relating to the
remeasurement of ECL and to the movement in PMA\u2019s is now also presented separately within the tables to assist with
understanding of the movements in the ECL provision. Prior year comparatives have been represented to enable better
comparison of balances year on year.
Performing assets
Subject to 12-Month ECL
Stage 1
Underperforming assets
Subject to lifetime ECL
Stage 2
Non-performing assets
Subject to lifetime ECL
Stage 3
Total
2025
Balance
(\u00a3m)
ECL
(\u00a3m)
Balance
(\u00a3m)
ECL
(\u00a3m)
Balance
(\u00a3m)
ECL
(\u00a3m)
Balance
(\u00a3m)
ECL
(\u00a3m)1
As at 1 January 2025
1,029.3
(16.7)
98.3
(19.8)
65.0
(48.7)
1,192.6
(85.2)
Stage transfers
Transfers from\u00a0stage\u00a01
to\u00a0stage\u00a02\u00a0
(57.1)
1.3
57.1
(1.3)
\u2013
\u2013
\u2013
\u2013
Transfers from\u00a0stage\u00a02
to stage 1
29.4
(3.4)
(29.4)
3.4
\u2013
\u2013
\u2013
\u2013
To stage 3
(21.9)
0.5
(13.1)
4.1
35.0
(4.6)
\u2013
\u2013
From stage 3
0.3
(0.2)
1.4
(1.1)
(1.7)
1.3
\u2013
\u2013
Net remeasurement of
ECL
\u2013
1.4
\u2013
(2.5)
\u2013
(1.8)
\u2013
(2.9)
Net movement
(49.3)
(0.4)
16.0
2.6
33.3
(5.1)
\u2013
(2.9)
Net assets originated
in period
1,354.7
(13.7)
52.8
(8.6)
9.0
(6.9)
1,416.5
(29.2)
Forward flow of
new assets
(279.3)
\u2013
(0.1)
\u2013
(0.1)
\u2013
(279.5)
\u2013
Net new assets
1,075.4
(13.7)
52.7
(8.6)
8.9
(6.9)
1,137.0
(29.2)
Repayments and
change in risk
parameters
(394.4)
7.1
(40.9)
2.6
(13.5)
(17.7)
(448.8)
(8.0)
Forward flow \u2013
back book sale
(134.3)
2.3
(11.3)
2.2
(0.8)
0.5
(146.4)
5.0
Net write-offs
\u2013
\u2013
0.1
\u2013
(16.0)
16.2
(15.9)
16.2
Net movements in PMAs
\u2013
(1.0)
\u2013
\u2013
\u2013
1.7
\u2013
0.7
EIR adjustment
12.8
\u2013
0.5
\u2013
0.1
\u2013
13.4
\u2013
Foreign exchange
differences
1.8
\u2013
0.1
\u2013
(0.2)
(0.2)
1.7
(0.2)
Total other movements
(514.1)
8.4
(51.5)
4.8
(30.4)
0.5
(596.0)
13.7
As at 31 December
2025
1,541.3
(22.4)
115.5
(21.0)
76.8
(60.2)
1,733.6
(103.6)
Net carrying amount
\u2013
1,518.9
\u2013
94.5
\u2013
16.6
\u2013
1,630.0
Performing assets
Subject to 12-Month ECL
Stage 1
Underperforming assets
Subject to lifetime ECL
Stage 2
Non-performing assets
Subject to lifetime ECL
Stage 3
Total
2024
Balance
(\u00a3m)
ECL
(\u00a3m)
Balance
(\u00a3m)
ECL
(\u00a3m)
Balance
(\u00a3m)
ECL
(\u00a3m)
Balance
(\u00a3m)
ECL
(\u00a3m)1
As at 1 January 2024
779.6
(12.7)
126.0
(29.3)
55.6
(39.3)
961.2
(81.3)
Stage transfers
Transfers from\u00a0stage\u00a01
to\u00a0stage\u00a02
(50.1)
1.5
50.1
(1.5)
\u2013
\u2013
\u2013
\u2013
Transfers from\u00a0stage\u00a02
to stage 1
45.4
(8.2)
(45.4)
8.2
\u2013
\u2013
\u2013
\u2013
To stage 3
(20.7)
0.7
(17.5)
7.9
38.2
(8.6)
\u2013
\u2013
From stage 3
0.3
(0.1)
1.2
(0.7)
(1.5)
0.8
\u2013
\u2013
Net remeasurement of
ECL
\u2013
3.6
\u2013
(2.6)
\u2013
0.2
\u2013
1.2
Net movement
(25.1)
(2.5)
(11.6)
11.3
36.7
(7.6)
\u2013
1.2
Net assets originated in
period
629.6
(9.9)
34.0
(6.3)
5.1
(3.7)
668.7
(19.9)
Forward flow of
new assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Net new assets
629.6
(9.9)
34.0
(6.3)
5.1
(3.7)
668.7
(19.9)
Repayments and
change in risk
parameters
(355.9)
6.2
(49.9)
\u2013
(7.0)
(22.7)
(412.8)
(16.5)
Forward flow \u2013
back book sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Net write-offs
\u2013
\u2013
\u2013
\u2013
(25.4)
26.1
(25.4)
26.1
Net movements in
PMAs
\u2013
1.9
\u2013
4.2
\u2013
(1.5)
\u2013
4.6
EIR adjustment
1.1
\u2013
(0.2)
\u2013
\u2013
\u2013
0.9
\u2013
Total other movements
(354.8)
8.1
(50.1)
4.2
(32.4)
1.9
(437.3)
14.2
As at 31 December
2024
1,029.3
(17.0)
98.3
(20.1)
65.0
(48.7)
1,192.6
(85.8)
Net carrying amount
\u2013
1,012.3
\u2013
78.2
\u2013
16.3
\u2013
1,106.8
1 Excludes other loss allowance of \u00a31.3 million (2024: \u00a30.5 million)
Of the amounts written off during the year, \u00a311.9 million related to loans which were still subject to enforcement activity
(2024: \u00a313.6 million). The loss allowance in place in relation to these loans at the time of writing off totalled \u00a311.9 million
(2024: \u00a313.6 million).
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.
The following table sets out the Stage 2 credit-impaired assets for Admiral Money unsecured personal loans and secured
loans, analysed by the primary reasons for their classification within stage 2.
31 December 2025
PD
movement
Forbearance
support
provided
Probationary
period
Other
qualitative
reasons
Backstop
Total
Gross carrying amount (\u00a3m)
67.9
1.1
5.0
25.2
13.6
112.8
ECL (\u00a3m)
12.0
0.5
0.7
2.5
5.1
20.8
Coverage (%)
17.7
45.5
14.0
9.9
37.5
18.4
31 December 2024
PD
movement
Forbearance
support
provided
Probationary
period
Other
qualitative
reasons
Backstop
Total
Gross carrying amount (\u00a3m)
61.2
2.4
4.4
18.8
11.2
98.0
ECL (\u00a3m)
11.4
1.2
0.6
1.8
4.8
19.8
Coverage (%)
18.6
50.0
13.6
9.6
42.9
20.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "
6e. Financial assets and liabilities
The Group\u2019s financial assets and liabilities can be analysed as follows:
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Financial investments classified as FVTPL
Money market funds
824.4
902.6
Other funds1
621.8
473.9
Derivative financial instruments
1.5
5.8
Equity investments (designated FVTPL)
39.3
46.9
1,487.0
1,429.2
Financial investments classified as FVOCI
Corporate debt securities
2,474.7
2,410.9
Government debt securities2
1,026.1
772.2
Private debt securities
206.8
152.3
3,707.6
3,335.4
Financial assets measured at amortised cost
Deposits with credit institutions
57.9
91.7
Other
Investment property
5.7
6.9
Total financial investments
5,258.2
4,863.2
Other financial assets measured at amortised cost
Insurance related receivables
64.1
51.1
Trade and other receivables
148.4
110.4
Insurance related and other receivables
212.5
161.5
Loans and advances to customers (note 7)
1,628.7
1,106.9
Cash and cash equivalents
301.1
313.6
Total financial assets
7,400.5
6,445.2
Financial liabilities
Subordinated notes3
259.0
258.9
Loan backed securities
1,352.9
937.7
Other borrowings
200.3
117.4
Derivative financial instruments
7.7
8.2
Subordinated and other financial liabilities
1,819.9
1,322.2
Trade and other payables4
217.2
175.3
Lease liabilities
73.6
79.6
Total financial liabilities5
2,110.7
1,577.1
1Other funds include funds which primarily invest in public and private fixed income securities are recognised as fair value through profit
and loss
2Government debt securities include \u00a30.6 million of short term UK government bonds held for collateral against foreign exchange
hedging\u00a0derivatives
3\u00a0 The fair value of subordinated notes (level one validation) is \u00a3288.5 million (31\u00a0December 2024: \u00a3276.4 million).
4\u00a0 Trade and other payables include deferred income, accruals and other tax and social security.
5\u00a0 All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method (2025: \u00a32,103.0
million; 2024: \u00a31,568.9 million), except for\u00a0derivatives that are classified at fair value through profit or loss and subsequently measured at
fair value.
6f. 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 (2024: none).
The table below shows how the financial assets and liabilities held at fair value have been measured using the fair value
hierarchy:
31 December 2025
31 December 2024
FVTPL
\u00a3m
FVOCI
\u00a3m
FVTPL
\u00a3m
FVOCI
\u00a3m
Level one (quoted prices in active markets)
1,192.1
3,500.8
1,221.2
3,183.1
Level two (use of observable inputs)
(6.1)
\u2013
(2.4)
\u2013
Level three (use of significant unobservable inputs)
293.3
206.8
202.2
152.3
Total
1,479.3
3,707.6
1,421.0
3,335.4
Fair value measurement using observable inputs (level two)
Level two investments represent derivatives used for interest rate and FX hedging purposes, these are valued using market
interest rates and in the case of FX derivatives a combination of interest rates and spot FX rates.
Fair value measurement\u00a0using significant unobservable inputs (level three)
Level three investments consist of debt and equity investments.
Debt investments are comprised primarily of investments in funds which invest in debt securities, these are valued at the
proportion of the Group\u2019s holding of\u00a0the Net Asset Value (NAV) reported by the investment vehicle. These include funds that
invest in corporate direct lending, residential and commercial mortgages, infrastructure debt and other private debt.
In\u00a0addition, 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; these
valuations are performed by the external fund managers. The key unobservable input across private debt securities is the
discount rate which is based on the credit performance of the assets. A\u00a0deterioration of the credit performance or expected
future performance will result in higher discount rates and lower values.
As these debt investments are held within investment funds where appropriate the Group elects to treat these investments
as\u00a0equity through OCI. Debt investments in which the funds are closed ended are classified as FVTPL within Other funds
(2025: \u00a3254 million).
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 cashflow forecasts. These are held at FVTPL, with realised and
unrealised gains/losses flowing through the P&L.
There were no significant inter-relationships between unobservable inputs that materially affect fair values.
The table below presents the movement in the period relating to financial instruments valued using a level three valuation:
31 December 2025
\u00a3m
Level Three Investments
Equity
Investments
Debt
Investments
Total
Balance as at 1 January
46.9
307.6
354.5
Gains/(losses) recognised in the Income Statement
(7.5)
19.1
11.6
Gains/(losses) recognised in Other Comprehensive Income
\u2013
(2.5)
(2.5)
Purchases
1.0
200.8
201.8
Disposals
(1.1)
(64.4)
(65.5)
Translation differences
\u2013
0.2
0.2
Balance as at 31 December
39.3
460.8
500.1
31 December 2024
\u00a3m
Level Three Investments
Equity
Investments
Debt
Investments
Total
Balance as at 1 January
35.5
242.7
278.2
Gains/(losses) recognised in the Income Statement
(4.5)
9.6
5.1
Gains/(losses) recognised in Other Comprehensive Income
\u2013
(2.8)
(2.8)
Purchases
16.1
94.9
111.0
Disposals
(0.2)
(36.8)
(37.0)
Balance as at 31 December
46.9
307.6
354.5
Gains/(losses) recognised in the Income Statement are recognised within investment returns and gains/(losses) recognised
in Other Comprehensive Income is recognised within movements in fair value reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "
6e. Financial assets and liabilities
The Group\u2019s financial assets and liabilities can be analysed as follows:
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Financial investments classified as FVTPL
Money market funds
824.4
902.6
Other funds1
621.8
473.9
Derivative financial instruments
1.5
5.8
Equity investments (designated FVTPL)
39.3
46.9
1,487.0
1,429.2
Financial investments classified as FVOCI
Corporate debt securities
2,474.7
2,410.9
Government debt securities2
1,026.1
772.2
Private debt securities
206.8
152.3
3,707.6
3,335.4
Financial assets measured at amortised cost
Deposits with credit institutions
57.9
91.7
Other
Investment property
5.7
6.9
Total financial investments
5,258.2
4,863.2
Other financial assets measured at amortised cost
Insurance related receivables
64.1
51.1
Trade and other receivables
148.4
110.4
Insurance related and other receivables
212.5
161.5
Loans and advances to customers (note 7)
1,628.7
1,106.9
Cash and cash equivalents
301.1
313.6
Total financial assets
7,400.5
6,445.2
Financial liabilities
Subordinated notes3
259.0
258.9
Loan backed securities
1,352.9
937.7
Other borrowings
200.3
117.4
Derivative financial instruments
7.7
8.2
Subordinated and other financial liabilities
1,819.9
1,322.2
Trade and other payables4
217.2
175.3
Lease liabilities
73.6
79.6
Total financial liabilities5
2,110.7
1,577.1
1Other funds include funds which primarily invest in public and private fixed income securities are recognised as fair value through profit
and loss
2Government debt securities include \u00a30.6 million of short term UK government bonds held for collateral against foreign exchange
hedging\u00a0derivatives
3\u00a0 The fair value of subordinated notes (level one validation) is \u00a3288.5 million (31\u00a0December 2024: \u00a3276.4 million).
4\u00a0 Trade and other payables include deferred income, accruals and other tax and social security.
5\u00a0 All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method (2025: \u00a32,103.0
million; 2024: \u00a31,568.9 million), except for\u00a0derivatives that are classified at fair value through profit or loss and subsequently measured at
fair value.
6f. 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 (2024: none).
The table below shows how the financial assets and liabilities held at fair value have been measured using the fair value
hierarchy:
31 December 2025
31 December 2024
FVTPL
\u00a3m
FVOCI
\u00a3m
FVTPL
\u00a3m
FVOCI
\u00a3m
Level one (quoted prices in active markets)
1,192.1
3,500.8
1,221.2
3,183.1
Level two (use of observable inputs)
(6.1)
\u2013
(2.4)
\u2013
Level three (use of significant unobservable inputs)
293.3
206.8
202.2
152.3
Total
1,479.3
3,707.6
1,421.0
3,335.4
Fair value measurement using observable inputs (level two)
Level two investments represent derivatives used for interest rate and FX hedging purposes, these are valued using market
interest rates and in the case of FX derivatives a combination of interest rates and spot FX rates.
Fair value measurement\u00a0using significant unobservable inputs (level three)
Level three investments consist of debt and equity investments.
Debt investments are comprised primarily of investments in funds which invest in debt securities, these are valued at the
proportion of the Group\u2019s holding of\u00a0the Net Asset Value (NAV) reported by the investment vehicle. These include funds that
invest in corporate direct lending, residential and commercial mortgages, infrastructure debt and other private debt.
In\u00a0addition, 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; these
valuations are performed by the external fund managers. The key unobservable input across private debt securities is the
discount rate which is based on the credit performance of the assets. A\u00a0deterioration of the credit performance or expected
future performance will result in higher discount rates and lower values.
As these debt investments are held within investment funds where appropriate the Group elects to treat these investments
as\u00a0equity through OCI. Debt investments in which the funds are closed ended are classified as FVTPL within Other funds
(2025: \u00a3254 million).
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 cashflow forecasts. These are held at FVTPL, with realised and
unrealised gains/losses flowing through the P&L.
There were no significant inter-relationships between unobservable inputs that materially affect fair values.
The table below presents the movement in the period relating to financial instruments valued using a level three valuation:
31 December 2025
\u00a3m
Level Three Investments
Equity
Investments
Debt
Investments
Total
Balance as at 1 January
46.9
307.6
354.5
Gains/(losses) recognised in the Income Statement
(7.5)
19.1
11.6
Gains/(losses) recognised in Other Comprehensive Income
\u2013
(2.5)
(2.5)
Purchases
1.0
200.8
201.8
Disposals
(1.1)
(64.4)
(65.5)
Translation differences
\u2013
0.2
0.2
Balance as at 31 December
39.3
460.8
500.1
31 December 2024
\u00a3m
Level Three Investments
Equity
Investments
Debt
Investments
Total
Balance as at 1 January
35.5
242.7
278.2
Gains/(losses) recognised in the Income Statement
(4.5)
9.6
5.1
Gains/(losses) recognised in Other Comprehensive Income
\u2013
(2.8)
(2.8)
Purchases
16.1
94.9
111.0
Disposals
(0.2)
(36.8)
(37.0)
Balance as at 31 December
46.9
307.6
354.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "
6e. Financial assets and liabilities
The Group\u2019s financial assets and liabilities can be analysed as follows:
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Financial investments classified as FVTPL
Money market funds
824.4
902.6
Other funds1
621.8
473.9
Derivative financial instruments
1.5
5.8
Equity investments (designated FVTPL)
39.3
46.9
1,487.0
1,429.2
Financial investments classified as FVOCI
Corporate debt securities
2,474.7
2,410.9
Government debt securities2
1,026.1
772.2
Private debt securities
206.8
152.3
3,707.6
3,335.4
Financial assets measured at amortised cost
Deposits with credit institutions
57.9
91.7
Other
Investment property
5.7
6.9
Total financial investments
5,258.2
4,863.2
Other financial assets measured at amortised cost
Insurance related receivables
64.1
51.1
Trade and other receivables
148.4
110.4
Insurance related and other receivables
212.5
161.5
Loans and advances to customers (note 7)
1,628.7
1,106.9
Cash and cash equivalents
301.1
313.6
Total financial assets
7,400.5
6,445.2
Financial liabilities
Subordinated notes3
259.0
258.9
Loan backed securities
1,352.9
937.7
Other borrowings
200.3
117.4
Derivative financial instruments
7.7
8.2
Subordinated and other financial liabilities
1,819.9
1,322.2
Trade and other payables4
217.2
175.3
Lease liabilities
73.6
79.6
Total financial liabilities5
2,110.7
1,577.1
1Other funds include funds which primarily invest in public and private fixed income securities are recognised as fair value through profit
and loss
2Government debt securities include \u00a30.6 million of short term UK government bonds held for collateral against foreign exchange
hedging\u00a0derivatives
3\u00a0 The fair value of subordinated notes (level one validation) is \u00a3288.5 million (31\u00a0December 2024: \u00a3276.4 million).
4\u00a0 Trade and other payables include deferred income, accruals and other tax and social security.
5\u00a0 All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method (2025: \u00a32,103.0
million; 2024: \u00a31,568.9 million), except for\u00a0derivatives that are classified at fair value through profit or loss and subsequently measured at
fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "value": "
6e. Financial assets and liabilities
The Group\u2019s financial assets and liabilities can be analysed as follows:
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Financial investments classified as FVTPL
Money market funds
824.4
902.6
Other funds1
621.8
473.9
Derivative financial instruments
1.5
5.8
Equity investments (designated FVTPL)
39.3
46.9
1,487.0
1,429.2
Financial investments classified as FVOCI
Corporate debt securities
2,474.7
2,410.9
Government debt securities2
1,026.1
772.2
Private debt securities
206.8
152.3
3,707.6
3,335.4
Financial assets measured at amortised cost
Deposits with credit institutions
57.9
91.7
Other
Investment property
5.7
6.9
Total financial investments
5,258.2
4,863.2
Other financial assets measured at amortised cost
Insurance related receivables
64.1
51.1
Trade and other receivables
148.4
110.4
Insurance related and other receivables
212.5
161.5
Loans and advances to customers (note 7)
1,628.7
1,106.9
Cash and cash equivalents
301.1
313.6
Total financial assets
7,400.5
6,445.2
Financial liabilities
Subordinated notes3
259.0
258.9
Loan backed securities
1,352.9
937.7
Other borrowings
200.3
117.4
Derivative financial instruments
7.7
8.2
Subordinated and other financial liabilities
1,819.9
1,322.2
Trade and other payables4
217.2
175.3
Lease liabilities
73.6
79.6
Total financial liabilities5
2,110.7
1,577.1
1Other funds include funds which primarily invest in public and private fixed income securities are recognised as fair value through profit
and loss
2Government debt securities include \u00a30.6 million of short term UK government bonds held for collateral against foreign exchange
hedging\u00a0derivatives
3\u00a0 The fair value of subordinated notes (level one validation) is \u00a3288.5 million (31\u00a0December 2024: \u00a3276.4 million).
4\u00a0 Trade and other payables include deferred income, accruals and other tax and social security.
5\u00a0 All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method (2025: \u00a32,103.0
million; 2024: \u00a31,568.9 million), except for\u00a0derivatives that are classified at fair value through profit or loss and subsequently measured at
fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "
6e. Financial assets and liabilities
The Group\u2019s financial assets and liabilities can be analysed as follows:
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Financial investments classified as FVTPL
Money market funds
824.4
902.6
Other funds1
621.8
473.9
Derivative financial instruments
1.5
5.8
Equity investments (designated FVTPL)
39.3
46.9
1,487.0
1,429.2
Financial investments classified as FVOCI
Corporate debt securities
2,474.7
2,410.9
Government debt securities2
1,026.1
772.2
Private debt securities
206.8
152.3
3,707.6
3,335.4
Financial assets measured at amortised cost
Deposits with credit institutions
57.9
91.7
Other
Investment property
5.7
6.9
Total financial investments
5,258.2
4,863.2
Other financial assets measured at amortised cost
Insurance related receivables
64.1
51.1
Trade and other receivables
148.4
110.4
Insurance related and other receivables
212.5
161.5
Loans and advances to customers (note 7)
1,628.7
1,106.9
Cash and cash equivalents
301.1
313.6
Total financial assets
7,400.5
6,445.2
Financial liabilities
Subordinated notes3
259.0
258.9
Loan backed securities
1,352.9
937.7
Other borrowings
200.3
117.4
Derivative financial instruments
7.7
8.2
Subordinated and other financial liabilities
1,819.9
1,322.2
Trade and other payables4
217.2
175.3
Lease liabilities
73.6
79.6
Total financial liabilities5
2,110.7
1,577.1
1Other funds include funds which primarily invest in public and private fixed income securities are recognised as fair value through profit
and loss
2Government debt securities include \u00a30.6 million of short term UK government bonds held for collateral against foreign exchange
hedging\u00a0derivatives
3\u00a0 The fair value of subordinated notes (level one validation) is \u00a3288.5 million (31\u00a0December 2024: \u00a3276.4 million).
4\u00a0 Trade and other payables include deferred income, accruals and other tax and social security.
5\u00a0 All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method (2025: \u00a32,103.0
million; 2024: \u00a31,568.9 million), except for\u00a0derivatives that are classified at fair value through profit or loss and subsequently measured at
fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "
6e. Financial assets and liabilities
The Group\u2019s financial assets and liabilities can be analysed as follows:
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Financial investments classified as FVTPL
Money market funds
824.4
902.6
Other funds1
621.8
473.9
Derivative financial instruments
1.5
5.8
Equity investments (designated FVTPL)
39.3
46.9
1,487.0
1,429.2
Financial investments classified as FVOCI
Corporate debt securities
2,474.7
2,410.9
Government debt securities2
1,026.1
772.2
Private debt securities
206.8
152.3
3,707.6
3,335.4
Financial assets measured at amortised cost
Deposits with credit institutions
57.9
91.7
Other
Investment property
5.7
6.9
Total financial investments
5,258.2
4,863.2
Other financial assets measured at amortised cost
Insurance related receivables
64.1
51.1
Trade and other receivables
148.4
110.4
Insurance related and other receivables
212.5
161.5
Loans and advances to customers (note 7)
1,628.7
1,106.9
Cash and cash equivalents
301.1
313.6
Total financial assets
7,400.5
6,445.2
Financial liabilities
Subordinated notes3
259.0
258.9
Loan backed securities
1,352.9
937.7
Other borrowings
200.3
117.4
Derivative financial instruments
7.7
8.2
Subordinated and other financial liabilities
1,819.9
1,322.2
Trade and other payables4
217.2
175.3
Lease liabilities
73.6
79.6
Total financial liabilities5
2,110.7
1,577.1
1Other funds include funds which primarily invest in public and private fixed income securities are recognised as fair value through profit
and loss
2Government debt securities include \u00a30.6 million of short term UK government bonds held for collateral against foreign exchange
hedging\u00a0derivatives
3\u00a0 The fair value of subordinated notes (level one validation) is \u00a3288.5 million (31\u00a0December 2024: \u00a3276.4 million).
4\u00a0 Trade and other payables include deferred income, accruals and other tax and social security.
5\u00a0 All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method (2025: \u00a32,103.0
million; 2024: \u00a31,568.9 million), except for\u00a0derivatives that are classified at fair value through profit or loss and subsequently measured at
fair value.
6f. 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 (2024: none).
The table below shows how the financial assets and liabilities held at fair value have been measured using the fair value
hierarchy:
31 December 2025
31 December 2024
FVTPL
\u00a3m
FVOCI
\u00a3m
FVTPL
\u00a3m
FVOCI
\u00a3m
Level one (quoted prices in active markets)
1,192.1
3,500.8
1,221.2
3,183.1
Level two (use of observable inputs)
(6.1)
\u2013
(2.4)
\u2013
Level three (use of significant unobservable inputs)
293.3
206.8
202.2
152.3
Total
1,479.3
3,707.6
1,421.0
3,335.4
Fair value measurement using observable inputs (level two)
Level two investments represent derivatives used for interest rate and FX hedging purposes, these are valued using market
interest rates and in the case of FX derivatives a combination of interest rates and spot FX rates.
Fair value measurement\u00a0using significant unobservable inputs (level three)
Level three investments consist of debt and equity investments.
Debt investments are comprised primarily of investments in funds which invest in debt securities, these are valued at the
proportion of the Group\u2019s holding of\u00a0the Net Asset Value (NAV) reported by the investment vehicle. These include funds that
invest in corporate direct lending, residential and commercial mortgages, infrastructure debt and other private debt.
In\u00a0addition, 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; these
valuations are performed by the external fund managers. The key unobservable input across private debt securities is the
discount rate which is based on the credit performance of the assets. A\u00a0deterioration of the credit performance or expected
future performance will result in higher discount rates and lower values.
As these debt investments are held within investment funds where appropriate the Group elects to treat these investments
as\u00a0equity through OCI. Debt investments in which the funds are closed ended are classified as FVTPL within Other funds
(2025: \u00a3254 million).
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 cashflow forecasts. These are held at FVTPL, with realised and
unrealised gains/losses flowing through the P&L.
There were no significant inter-relationships between unobservable inputs that materially affect fair values.
The table below presents the movement in the period relating to financial instruments valued using a level three valuation:
31 December 2025
\u00a3m
Level Three Investments
Equity
Investments
Debt
Investments
Total
Balance as at 1 January
46.9
307.6
354.5
Gains/(losses) recognised in the Income Statement
(7.5)
19.1
11.6
Gains/(losses) recognised in Other Comprehensive Income
\u2013
(2.5)
(2.5)
Purchases
1.0
200.8
201.8
Disposals
(1.1)
(64.4)
(65.5)
Translation differences
\u2013
0.2
0.2
Balance as at 31 December
39.3
460.8
500.1
31 December 2024
\u00a3m
Level Three Investments
Equity
Investments
Debt
Investments
Total
Balance as at 1 January
35.5
242.7
278.2
Gains/(losses) recognised in the Income Statement
(4.5)
9.6
5.1
Gains/(losses) recognised in Other Comprehensive Income
\u2013
(2.8)
(2.8)
Purchases
16.1
94.9
111.0
Disposals
(0.2)
(36.8)
(37.0)
Balance as at 31 December
46.9
307.6
354.5
Gains/(losses) recognised in the Income Statement are recognised within investment returns and gains/(losses) recognised
in Other Comprehensive Income is recognised within movements in fair value reserve.
6i. Financial liabilities
31 December 2025
Subordinated
loans
\u00a3m
Loan backed
securities
\u00a3m
Other
borrowings
and
derivatives
\u00a3m
Lease
liabilities
\u00a3m
Total
\u00a3m
Financial liability at the start of the period
258.9
937.7
125.6
79.6
1,401.8
Interest expense per Income Statement
21.4
52.1
(4.4)
2.1
71.2
Cashflows relating to interest1
(21.3)
(52.1)
4.4
(1.7)
(70.7)
Cashflows relating to principal - payments
\u2013
(299.1)
(180.4)
(8.4)
(487.9)
Cashflows relating to principal - receipts
\u2013
713.8
262.3
\u2013
976.1
Other foreign exchange and non-cash
movements
\u2013
0.5
0.5
2.0
3.0
Financial liability at the end of the period
259.0
1,352.9
208.0
73.6
1,893.5
31 December 2024
Subordinated
loans
\u00a3m
Loan backed
securities
\u00a3m
Other
borrowings
and
derivatives
\u00a3m
Lease
liabilities
\u00a3m
Total
\u00a3m
Financial liability at the start of the period
315.2
759.6
55.0
81.2
1,211.0
Interest expense per Income Statement
23.0
47.9
2.1
2.6
75.6
Cashflows relating to interest1
(24.2)
(47.9)
(2.1)
(2.4)
(76.6)
Cashflows relating to principal - payments
(55.1)
(194.1)
(115.0)
(12.7)
(376.9)
Cashflows relating to principal - receipts
\u2013
372.2
177.7
\u2013
549.9
Other foreign exchange and non-cash
movements
\u2013
\u2013
7.9
10.9
18.8
Financial liability at the end of the period
258.9
937.7
125.6
79.6
1,401.8
1Cashflows relating to interest are shown within finance costs paid, including expense paid on funding for loans
Subordinated notes
Financial liabilities are inclusive of \u00a3250.0 million subordinated notes issued on 6 July 2023 at a fixed rate of 8.5% per annum
with a\u00a0redemption date of 6 January 2034.
On 24 July 2024, the remaining 27.55% (\u00a355.1 million) of subordinated loan notes issued on 25 July 2014 were repaid
on\u00a0maturity.
The notes are unsecured subordinated obligations of the Group and rank pari passu without any preference among
themselves. In\u00a0the event of a winding-up or bankruptcy, they are to be repaid only after the claims of all other senior
creditors have been met.
There have been no defaults on any of the notes during the year. The Group has the requirement to defer interest payments
on the notes in certain circumstances but to date none of these circumstances has arisen.
The fair value of subordinated notes (level one valuation based on quoted prices in active markets) at 31\u00a0December 2025
is\u00a0\u00a3288.5\u00a0million (2024: \u00a3276.4 million).
The Group\u2019s subordinated loan notes deed requires confirmation there is non-existence of the event of default or potential
event of\u00a0default. The Group monitors compliance and there are no indicators that the default covenants will be breached
in\u00a0the foreseeable future.
Other borrowings
The Group holds various revolving credit facilities including a \u00a3300.0 million facility which expires in April 2028 and a
\u20ac100.0\u00a0million facility which expires in August 2027. As at 31\u00a0December 2025, \u00a3200.3 million was drawn under these
facilities (2024: \u00a3117.4 million), which is shown within other borrowings in the table above. This is made up of \u00a3175.0 million
from the\u00a0sterling facility expiring April 2028 (2024: \u00a3105.0 million) and \u00a325.3 million from the euro facility expiring August
2027 (2024:\u00a0\u00a312.4 million).
The carrying value is a reasonable approximation of fair value.
The Group's revolving credit facility agreement includes a covenant requiring that a percentage of the Group's debt does
not\u00a0exceed an adjusted net assets valuation as well as confirmation of no default. The Group monitors compliance and there
are\u00a0no\u00a0indicators that the covenants will be breached in the foreseeable future.
Loan backed securities
The Group has securitised certain loans and advances to customers by the transfer of the loans to special purpose entities
(SPEs) 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.
In connection with this securitisation, the Group and the SPE have granted a fixed and floating charge over, and assigned
by\u00a0way of security, substantially all of their present and future assets to a Security Trustee. The Security Trustee holds
this\u00a0security for itself and as trustee for the senior lenders and other secured creditors under the facility. The charged
assets\u00a0include the receivables held by the SPE, the associated cash collections, and certain related bank accounts and
contractual rights.
At 31 December 2025, receivables with a carrying amount of \u00a31,523.5 million (2024: \u00a31,061.8 million) were pledged
as\u00a0collateral under these arrangements.
Asset backed senior loan note facilities of \u00a31,563.0 million have been established in relation to the Admiral Money business. As at
the year end, \u00a31,352.9 million (2024: \u00a3937.7 million) of these facilities had been utilised. During the year, an asset backed senior
loan note facility of \u20ac100.0 million has also been established in relation to the Italian loans business. As at the year end, \u20ac31.3
million (2024: \u20acnil) of this facility 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.
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\u00a0asset of a similar value in a similar economic environment, with similar terms and conditions. Generally,
the\u00a0Group 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\u00a0finance 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\u00a0payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "
6e. Financial assets and liabilities
The Group\u2019s financial assets and liabilities can be analysed as follows:
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Financial investments classified as FVTPL
Money market funds
824.4
902.6
Other funds1
621.8
473.9
Derivative financial instruments
1.5
5.8
Equity investments (designated FVTPL)
39.3
46.9
1,487.0
1,429.2
Financial investments classified as FVOCI
Corporate debt securities
2,474.7
2,410.9
Government debt securities2
1,026.1
772.2
Private debt securities
206.8
152.3
3,707.6
3,335.4
Financial assets measured at amortised cost
Deposits with credit institutions
57.9
91.7
Other
Investment property
5.7
6.9
Total financial investments
5,258.2
4,863.2
Other financial assets measured at amortised cost
Insurance related receivables
64.1
51.1
Trade and other receivables
148.4
110.4
Insurance related and other receivables
212.5
161.5
Loans and advances to customers (note 7)
1,628.7
1,106.9
Cash and cash equivalents
301.1
313.6
Total financial assets
7,400.5
6,445.2
Financial liabilities
Subordinated notes3
259.0
258.9
Loan backed securities
1,352.9
937.7
Other borrowings
200.3
117.4
Derivative financial instruments
7.7
8.2
Subordinated and other financial liabilities
1,819.9
1,322.2
Trade and other payables4
217.2
175.3
Lease liabilities
73.6
79.6
Total financial liabilities5
2,110.7
1,577.1
1Other funds include funds which primarily invest in public and private fixed income securities are recognised as fair value through profit
and loss
2Government debt securities include \u00a30.6 million of short term UK government bonds held for collateral against foreign exchange
hedging\u00a0derivatives
3\u00a0 The fair value of subordinated notes (level one validation) is \u00a3288.5 million (31\u00a0December 2024: \u00a3276.4 million).
4\u00a0 Trade and other payables include deferred income, accruals and other tax and social security.
5\u00a0 All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method (2025: \u00a32,103.0
million; 2024: \u00a31,568.9 million), except for\u00a0derivatives that are classified at fair value through profit or loss and subsequently measured at
fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-524": { "value": "
6e. Financial assets and liabilities
The Group\u2019s financial assets and liabilities can be analysed as follows:
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Financial investments classified as FVTPL
Money market funds
824.4
902.6
Other funds1
621.8
473.9
Derivative financial instruments
1.5
5.8
Equity investments (designated FVTPL)
39.3
46.9
1,487.0
1,429.2
Financial investments classified as FVOCI
Corporate debt securities
2,474.7
2,410.9
Government debt securities2
1,026.1
772.2
Private debt securities
206.8
152.3
3,707.6
3,335.4
Financial assets measured at amortised cost
Deposits with credit institutions
57.9
91.7
Other
Investment property
5.7
6.9
Total financial investments
5,258.2
4,863.2
Other financial assets measured at amortised cost
Insurance related receivables
64.1
51.1
Trade and other receivables
148.4
110.4
Insurance related and other receivables
212.5
161.5
Loans and advances to customers (note 7)
1,628.7
1,106.9
Cash and cash equivalents
301.1
313.6
Total financial assets
7,400.5
6,445.2
Financial liabilities
Subordinated notes3
259.0
258.9
Loan backed securities
1,352.9
937.7
Other borrowings
200.3
117.4
Derivative financial instruments
7.7
8.2
Subordinated and other financial liabilities
1,819.9
1,322.2
Trade and other payables4
217.2
175.3
Lease liabilities
73.6
79.6
Total financial liabilities5
2,110.7
1,577.1
1Other funds include funds which primarily invest in public and private fixed income securities are recognised as fair value through profit
and loss
2Government debt securities include \u00a30.6 million of short term UK government bonds held for collateral against foreign exchange
hedging\u00a0derivatives
3\u00a0 The fair value of subordinated notes (level one validation) is \u00a3288.5 million (31\u00a0December 2024: \u00a3276.4 million).
4\u00a0 Trade and other payables include deferred income, accruals and other tax and social security.
5\u00a0 All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method (2025: \u00a32,103.0
million; 2024: \u00a31,568.9 million), except for\u00a0derivatives that are classified at fair value through profit or loss and subsequently measured at
fair value.
6i. Financial liabilities
31 December 2025
Subordinated
loans
\u00a3m
Loan backed
securities
\u00a3m
Other
borrowings
and
derivatives
\u00a3m
Lease
liabilities
\u00a3m
Total
\u00a3m
Financial liability at the start of the period
258.9
937.7
125.6
79.6
1,401.8
Interest expense per Income Statement
21.4
52.1
(4.4)
2.1
71.2
Cashflows relating to interest1
(21.3)
(52.1)
4.4
(1.7)
(70.7)
Cashflows relating to principal - payments
\u2013
(299.1)
(180.4)
(8.4)
(487.9)
Cashflows relating to principal - receipts
\u2013
713.8
262.3
\u2013
976.1
Other foreign exchange and non-cash
movements
\u2013
0.5
0.5
2.0
3.0
Financial liability at the end of the period
259.0
1,352.9
208.0
73.6
1,893.5
31 December 2024
Subordinated
loans
\u00a3m
Loan backed
securities
\u00a3m
Other
borrowings
and
derivatives
\u00a3m
Lease
liabilities
\u00a3m
Total
\u00a3m
Financial liability at the start of the period
315.2
759.6
55.0
81.2
1,211.0
Interest expense per Income Statement
23.0
47.9
2.1
2.6
75.6
Cashflows relating to interest1
(24.2)
(47.9)
(2.1)
(2.4)
(76.6)
Cashflows relating to principal - payments
(55.1)
(194.1)
(115.0)
(12.7)
(376.9)
Cashflows relating to principal - receipts
\u2013
372.2
177.7
\u2013
549.9
Other foreign exchange and non-cash
movements
\u2013
\u2013
7.9
10.9
18.8
Financial liability at the end of the period
258.9
937.7
125.6
79.6
1,401.8
1Cashflows relating to interest are shown within finance costs paid, including expense paid on funding for loans
Subordinated notes
Financial liabilities are inclusive of \u00a3250.0 million subordinated notes issued on 6 July 2023 at a fixed rate of 8.5% per annum
with a\u00a0redemption date of 6 January 2034.
On 24 July 2024, the remaining 27.55% (\u00a355.1 million) of subordinated loan notes issued on 25 July 2014 were repaid
on\u00a0maturity.
The notes are unsecured subordinated obligations of the Group and rank pari passu without any preference among
themselves. In\u00a0the event of a winding-up or bankruptcy, they are to be repaid only after the claims of all other senior
creditors have been met.
There have been no defaults on any of the notes during the year. The Group has the requirement to defer interest payments
on the notes in certain circumstances but to date none of these circumstances has arisen.
The fair value of subordinated notes (level one valuation based on quoted prices in active markets) at 31\u00a0December 2025
is\u00a0\u00a3288.5\u00a0million (2024: \u00a3276.4 million).
The Group\u2019s subordinated loan notes deed requires confirmation there is non-existence of the event of default or potential
event of\u00a0default. The Group monitors compliance and there are no indicators that the default covenants will be breached
in\u00a0the foreseeable future.
Other borrowings
The Group holds various revolving credit facilities including a \u00a3300.0 million facility which expires in April 2028 and a
\u20ac100.0\u00a0million facility which expires in August 2027. As at 31\u00a0December 2025, \u00a3200.3 million was drawn under these
facilities (2024: \u00a3117.4 million), which is shown within other borrowings in the table above. This is made up of \u00a3175.0 million
from the\u00a0sterling facility expiring April 2028 (2024: \u00a3105.0 million) and \u00a325.3 million from the euro facility expiring August
2027 (2024:\u00a0\u00a312.4 million).
The carrying value is a reasonable approximation of fair value.
The Group's revolving credit facility agreement includes a covenant requiring that a percentage of the Group's debt does
not\u00a0exceed an adjusted net assets valuation as well as confirmation of no default. The Group monitors compliance and there
are\u00a0no\u00a0indicators that the covenants will be breached in the foreseeable future.
Loan backed securities
The Group has securitised certain loans and advances to customers by the transfer of the loans to special purpose entities
(SPEs) 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.
In connection with this securitisation, the Group and the SPE have granted a fixed and floating charge over, and assigned
by\u00a0way of security, substantially all of their present and future assets to a Security Trustee. The Security Trustee holds
this\u00a0security for itself and as trustee for the senior lenders and other secured creditors under the facility. The charged
assets\u00a0include the receivables held by the SPE, the associated cash collections, and certain related bank accounts and
contractual rights.
At 31 December 2025, receivables with a carrying amount of \u00a31,523.5 million (2024: \u00a31,061.8 million) were pledged
as\u00a0collateral under these arrangements.
Asset backed senior loan note facilities of \u00a31,563.0 million have been established in relation to the Admiral Money business. As at
the year end, \u00a31,352.9 million (2024: \u00a3937.7 million) of these facilities had been utilised. During the year, an asset backed senior
loan note facility of \u20ac100.0 million has also been established in relation to the Italian loans business. As at the year end, \u20ac31.3
million (2024: \u20acnil) of this facility 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.
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\u00a0asset of a similar value in a similar economic environment, with similar terms and conditions. Generally,
the\u00a0Group 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\u00a0finance 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\u00a0payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "value": "
6f. 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 (2024: none).
The table below shows how the financial assets and liabilities held at fair value have been measured using the fair value
hierarchy:
31 December 2025
31 December 2024
FVTPL
\u00a3m
FVOCI
\u00a3m
FVTPL
\u00a3m
FVOCI
\u00a3m
Level one (quoted prices in active markets)
1,192.1
3,500.8
1,221.2
3,183.1
Level two (use of observable inputs)
(6.1)
\u2013
(2.4)
\u2013
Level three (use of significant unobservable inputs)
293.3
206.8
202.2
152.3
Total
1,479.3
3,707.6
1,421.0
3,335.4
Fair value measurement using observable inputs (level two)
Level two investments represent derivatives used for interest rate and FX hedging purposes, these are valued using market
interest rates and in the case of FX derivatives a combination of interest rates and spot FX rates.
Fair value measurement\u00a0using significant unobservable inputs (level three)
Level three investments consist of debt and equity investments.
Debt investments are comprised primarily of investments in funds which invest in debt securities, these are valued at the
proportion of the Group\u2019s holding of\u00a0the Net Asset Value (NAV) reported by the investment vehicle. These include funds that
invest in corporate direct lending, residential and commercial mortgages, infrastructure debt and other private debt.
In\u00a0addition, 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; these
valuations are performed by the external fund managers. The key unobservable input across private debt securities is the
discount rate which is based on the credit performance of the assets. A\u00a0deterioration of the credit performance or expected
future performance will result in higher discount rates and lower values.
As these debt investments are held within investment funds where appropriate the Group elects to treat these investments
as\u00a0equity through OCI. Debt investments in which the funds are closed ended are classified as FVTPL within Other funds
(2025: \u00a3254 million).
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 cashflow forecasts. These are held at FVTPL, with realised and
unrealised gains/losses flowing through the P&L.
There were no significant inter-relationships between unobservable inputs that materially affect fair values.
The table below presents the movement in the period relating to financial instruments valued using a level three valuation:
31 December 2025
\u00a3m
Level Three Investments
Equity
Investments
Debt
Investments
Total
Balance as at 1 January
46.9
307.6
354.5
Gains/(losses) recognised in the Income Statement
(7.5)
19.1
11.6
Gains/(losses) recognised in Other Comprehensive Income
\u2013
(2.5)
(2.5)
Purchases
1.0
200.8
201.8
Disposals
(1.1)
(64.4)
(65.5)
Translation differences
\u2013
0.2
0.2
Balance as at 31 December
39.3
460.8
500.1
31 December 2024
\u00a3m
Level Three Investments
Equity
Investments
Debt
Investments
Total
Balance as at 1 January
35.5
242.7
278.2
Gains/(losses) recognised in the Income Statement
(4.5)
9.6
5.1
Gains/(losses) recognised in Other Comprehensive Income
\u2013
(2.8)
(2.8)
Purchases
16.1
94.9
111.0
Disposals
(0.2)
(36.8)
(37.0)
Balance as at 31 December
46.9
307.6
354.5
Gains/(losses) recognised in the Income Statement are recognised within investment returns and gains/(losses) recognised
in Other Comprehensive Income is recognised within movements in fair value reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "value": "
Fair value measurement\u00a0using significant unobservable inputs (level three)
Level three investments consist of debt and equity investments.
Debt investments are comprised primarily of investments in funds which invest in debt securities, these are valued at the
proportion of the Group\u2019s holding of\u00a0the Net Asset Value (NAV) reported by the investment vehicle. These include funds that
invest in corporate direct lending, residential and commercial mortgages, infrastructure debt and other private debt.
In\u00a0addition, 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; these
valuations are performed by the external fund managers. The key unobservable input across private debt securities is the
discount rate which is based on the credit performance of the assets. A\u00a0deterioration of the credit performance or expected
future performance will result in higher discount rates and lower values.
As these debt investments are held within investment funds where appropriate the Group elects to treat these investments
as\u00a0equity through OCI. Debt investments in which the funds are closed ended are classified as FVTPL within Other funds
(2025: \u00a3254 million).
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 cashflow forecasts. These are held at FVTPL, with realised and
unrealised gains/losses flowing through the P&L.
There were no significant inter-relationships between unobservable inputs that materially affect fair values.
The table below presents the movement in the period relating to financial instruments valued using a level three valuation:
31 December 2025
\u00a3m
Level Three Investments
Equity
Investments
Debt
Investments
Total
Balance as at 1 January
46.9
307.6
354.5
Gains/(losses) recognised in the Income Statement
(7.5)
19.1
11.6
Gains/(losses) recognised in Other Comprehensive Income
\u2013
(2.5)
(2.5)
Purchases
1.0
200.8
201.8
Disposals
(1.1)
(64.4)
(65.5)
Translation differences
\u2013
0.2
0.2
Balance as at 31 December
39.3
460.8
500.1
31 December 2024
\u00a3m
Level Three Investments
Equity
Investments
Debt
Investments
Total
Balance as at 1 January
35.5
242.7
278.2
Gains/(losses) recognised in the Income Statement
(4.5)
9.6
5.1
Gains/(losses) recognised in Other Comprehensive Income
\u2013
(2.8)
(2.8)
Purchases
16.1
94.9
111.0
Disposals
(0.2)
(36.8)
(37.0)
Balance as at 31 December
46.9
307.6
354.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "
6g. Cash and cash equivalents
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Cash at bank and in hand1
301.1
313.6
Total cash and cash equivalents
301.1
313.6
1Cash at bank and in hand includes \u00a359.6 million (2024: \u00a345.2 million) related to special purpose entities which is not available for use
by\u00a0the Group.
Cash 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.
An assessment has been completed for impairment purposes in line with that set out in note 6a 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, the fair value approximates to the book value due to their short maturity.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "
6g. Cash and cash equivalents
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Cash at bank and in hand1
301.1
313.6
Total cash and cash equivalents
301.1
313.6
1Cash at bank and in hand includes \u00a359.6 million (2024: \u00a345.2 million) related to special purpose entities which is not available for use
by\u00a0the Group.
Cash 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.
An assessment has been completed for impairment purposes in line with that set out in note 6a 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, the fair value approximates to the book value due to their short maturity.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "
6h. Other receivables
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Insurance related receivables
64.1
51.1
Trade and other receivables
148.4
110.4
Prepayments and accrued income
65.2
63.7
Total other receivables
277.7
225.2
Insurance related receivables
Insurance related receivables, which are measured at historic cost, reflect amounts relating to the Group\u2019s intermediary
activities.
Given the short-term duration of these assets no material 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 ECLs are recognised irrespective of the credit risk. In this case, the\u00a0provision is
based on a combination of:
1. Aged debtor analysis
2. Historic experience of write-offs for each receivable
3. Any specific indicators of credit deterioration observed, and
4. 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\u00a0balances are included in Trade and other receivables.
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Receivables
15.5
16.7
Contract assets
13.5
14.8
The contract asset relates to work undertaken in the law companies on behalf of clients which is ongoing and where the
Company's right to consideration remains dependent on the Company's continued successful performance under the
contract. The contract asset is transferred to trade receivables once only the passage of time is required before payment
of\u00a0the consideration is due, which is typically at the point of the fee being billed.
Significant changes in the contract asset balance during the period are as follows:
Contract asset balance
31 December
2025
\u00a3m
At 1 January 2024
17.0
Revenue recognised
16.7
Transferred to trade receivables
(18.5)
Write-offs
(0.4)
At 31 December 2024
14.8
Revenue recognised
23.7
Transferred to trade receivables
(24.4)
Write-offs
(0.6)
At 31 December 2025
13.5
The amount of revenue recognised in 2025 from performance obligations satisfied (or partially satisfied) in previous periods
in\u00a0relation to the above contract balances is \u00a3nil ( 2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "
6h. Other receivables
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Insurance related receivables
64.1
51.1
Trade and other receivables
148.4
110.4
Prepayments and accrued income
65.2
63.7
Total other receivables
277.7
225.2
Insurance related receivables
Insurance related receivables, which are measured at historic cost, reflect amounts relating to the Group\u2019s intermediary
activities.
Given the short-term duration of these assets no material 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 ECLs are recognised irrespective of the credit risk. In this case, the\u00a0provision is
based on a combination of:
1. Aged debtor analysis
2. Historic experience of write-offs for each receivable
3. Any specific indicators of credit deterioration observed, and
4. 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\u00a0balances are included in Trade and other receivables.
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Receivables
15.5
16.7
Contract assets
13.5
14.8
The contract asset relates to work undertaken in the law companies on behalf of clients which is ongoing and where the
Company's right to consideration remains dependent on the Company's continued successful performance under the
contract. The contract asset is transferred to trade receivables once only the passage of time is required before payment
of\u00a0the consideration is due, which is typically at the point of the fee being billed.
Significant changes in the contract asset balance during the period are as follows:
Contract asset balance
31 December
2025
\u00a3m
At 1 January 2024
17.0
Revenue recognised
16.7
Transferred to trade receivables
(18.5)
Write-offs
(0.4)
At 31 December 2024
14.8
Revenue recognised
23.7
Transferred to trade receivables
(24.4)
Write-offs
(0.6)
At 31 December 2025
13.5
The amount of revenue recognised in 2025 from performance obligations satisfied (or partially satisfied) in previous periods
in\u00a0relation to the above contract balances is \u00a3nil ( 2024: \u00a3nil).
7c. Finance lease receivables
Loans and advances to customers include the following finance leases. The Group is the lessor for leases of cars. During the
year, the Group has enhanced the following disclosures by presenting the maturity profile split by year, rather than grouping
years. Prior year comparatives have been represented to enable better comparison of balances year on year.
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Gross investment in\u00a0finance\u00a0leases,\u00a0receivable\u00a0
Less than 1 year\u00a0
48.9
7.8
One to two years
46.7
5.8
Two to three years
46.0
3.5
Three to four years
55.1
2.4
Four to five years
22.6
1.7
More than 5 years
7.1
\u2013
Total gross finance lease receivables
226.4
21.2
Less: unearned finance income
(36.1)
(2.8)
Net investment in lease receivables
190.3
18.4
Less: allowance for expected credit losses
(3.4)
(0.3)
186.9
18.1
\u00a0
Net investment in finance leases, receivable\u00a0
Less than 1 year\u00a0
37.1
6.4
One to two years
36.7
5.1
Two to three years
38.1
3.2
Three to four years
50.4
2.2
Four to five years
21.4
1.5
More than 5 years\u00a0
6.6
\u2013
190.3
18.4
The net investment in finance leases shown above is net of the unguaranteed residual value of \u00a30.7 million
(2024: \u00a30.2 million).
The Group\u2019s net investment in finance leases changed during the year, primarily due to new finance leases disbursed
and\u00a0interest accruing on the Group\u2019s loan book, offset by the collection of lease payments which reduce the receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "
6h. Other receivables
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Insurance related receivables
64.1
51.1
Trade and other receivables
148.4
110.4
Prepayments and accrued income
65.2
63.7
Total other receivables
277.7
225.2
Insurance related receivables
Insurance related receivables, which are measured at historic cost, reflect amounts relating to the Group\u2019s intermediary
activities.
Given the short-term duration of these assets no material 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 ECLs are recognised irrespective of the credit risk. In this case, the\u00a0provision is
based on a combination of:
1. Aged debtor analysis
2. Historic experience of write-offs for each receivable
3. Any specific indicators of credit deterioration observed, and
4. 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\u00a0balances are included in Trade and other receivables.
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Receivables
15.5
16.7
Contract assets
13.5
14.8
The contract asset relates to work undertaken in the law companies on behalf of clients which is ongoing and where the
Company's right to consideration remains dependent on the Company's continued successful performance under the
contract. The contract asset is transferred to trade receivables once only the passage of time is required before payment
of\u00a0the consideration is due, which is typically at the point of the fee being billed.
Significant changes in the contract asset balance during the period are as follows:
Contract asset balance
31 December
2025
\u00a3m
At 1 January 2024
17.0
Revenue recognised
16.7
Transferred to trade receivables
(18.5)
Write-offs
(0.4)
At 31 December 2024
14.8
Revenue recognised
23.7
Transferred to trade receivables
(24.4)
Write-offs
(0.6)
At 31 December 2025
13.5
The amount of revenue recognised in 2025 from performance obligations satisfied (or partially satisfied) in previous periods
in\u00a0relation to the above contract balances is \u00a3nil ( 2024: \u00a3nil).
10. Taxation
10a. Accounting policies
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\u00a0substantively 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\u00a0carrying 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 substantively enacted by the balance sheet date and
that are\u00a0expected to apply in the period when the liability is settled, or the asset is realised.
The principal temporary differences arise from IFRS recognition differences due timing differences in the recognition of
intragroup profit commission across subsidiaries, carried forward losses, differences between tax capital allowances and
depreciation of property, plant and equipment, reserve movements and share scheme charges.
The resulting deferred tax is charged or credited to the Income Statement, except to the extent it relates to items that are
recognised in other comprehensive income or directly in equity, in which case the deferred tax is also recognised in other
comprehensive income or directly in equity respectively.
Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets (including
those 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. Such assets and liabilities are not recognised if the temporary difference
arises from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the
accounting profit, other than in a business combination or for transactions that give rise to equal taxable and deductible
temporary differences. In addition, a deferred tax liability is not recognised if the temporary difference arises from the initial
recognition of goodwill. For the recognition of deferred tax assets, the probability of the availability of future taxable profits
is\u00a0determined by a combination of the existence of taxable temporary differences and reviewing future profit projections for
the businesses.
10b. Taxation
Continuing operations
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Current tax
Corporation tax on profits for the year
222.6
139.1
Under provision relating to prior periods
(2.3)
1.8
Pillar Two income taxes
6.6
15.3
Current tax charge
226.9
156.2
Deferred tax
Current period deferred taxation movement
(15.7)
15.7
Under provision relating to prior periods
1.4
3.4
Total tax charge per Consolidated Income Statement
212.6
175.3
Factors affecting the total tax charge are:
Continuing operations
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Profit before tax
957.9
826.5
Corporation tax thereon at effective UK corporation tax rate of 25% (2024: 25%)
239.5
206.6
Expenses and provisions not deductible for tax purposes
1.8
4.1
Non-taxable income
(10.7)
(21.3)
Adjustments relating to prior periods
0.6
5.2
Impact of Pillar Two income taxes
5.1
15.3
Impact of different overseas tax rates
(27.5)
(44.9)
Unrecognised deferred tax
3.8
10.3
Total tax charge
212.6
175.3
Corporation tax assets as at 31\u00a0December 2025 totalled \u00a3 18.1 million, with corporation tax liabilities of \u00a369.3 million
(2024:\u00a0\u00a3\u00a018.1 million assets and \u00a3 35.0 million liabilities). Corporation tax liabilities includes \u00a322.0 million (2024: \u00a315.4 million)
relating to Pillar Two income taxes.
The UK corporation tax rate for 2025 is 25% (2024: 25%).
Pillar Two income taxes included above relates to estimated top-up tax payable under the OECD Pillar Two rules which
establish a global minimum effective tax rate of 15%. The Group has continued to apply the temporary mandatory exception
to recognising and disclosing information about deferred tax assets and\u00a0liabilities related to Pillar Two income taxes,
as\u00a0provided in the amendments to IAS 12 issued in May 2023.
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
Insurance
finance
reserve
\u00a3m
IFRS
recognition
difference
\u00a3m1
Other
differences
\u00a3m
Total
\u00a3m
Balance brought forward at
1 January 2024
7.2
(3.9)
53.5
1.2
(2.5)
(10.1)
\u2013
0.7
46.1
Reallocation of brought
forward deferred tax
\u2013
\u2013
(15.1)
\u2013
\u2013
\u2013
15.1
\u2013
\u2013
Tax treatment of share
scheme charges through
income or expense
(0.9)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.9)
Tax treatment of share
scheme charges through
reserves
3.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3.2
Capital allowances - deferred
tax acquired in business
combination
\u2013
(9.1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(9.1)
Capital allowances
\u2013
4.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.8
Carried forward losses
\u2013
\u2013
(38.4)
\u2013
\u2013
\u2013
\u2013
\u2013
(38.4)
Movement in fair value
reserve
\u2013
\u2013
\u2013
2.4
\u2013
\u2013
\u2013
\u2013
2.4
Movement in hedging
reserve
\u2013
\u2013
\u2013
\u2013
1.0
\u2013
\u2013
\u2013
1.0
Movement in insurance
finance reserve
\u2013
\u2013
\u2013
\u2013
\u2013
(3.8)
\u2013
\u2013
(3.8)
Movement in IFRS
recognition differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
14.0
\u2013
14.0
Other differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.5
0.5
Balance carried forward at
31 December 2024
9.5
(8.2)
\u2013
3.6
(1.5)
(13.9)
29.1
1.2
19.8
Tax treatment of share
scheme charges through
income or expense
(5.5)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5.5)
Tax treatment of share
scheme charges through
reserves
8.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
8.8
Capital allowances
\u2013
(0.3)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.3)
Movement in fair value
reserve
\u2013
\u2013
\u2013
(2.8)
\u2013
\u2013
\u2013
\u2013
(2.8)
Movement in hedging
reserve
\u2013
\u2013
\u2013
\u2013
3.4
\u2013
\u2013
\u2013
3.4
Movement in insurance
finance reserve
\u2013
\u2013
\u2013
\u2013
\u2013
7.4
\u2013
\u2013
7.4
Movement in IFRS
recognition differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
19.8
\u2013
19.8
Other differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Balance carried forward at
31 December 2025
12.8
(8.5)
\u2013
0.8
1.9
(6.5)
48.9
1.3
50.7
1Deferred tax on IFRS recognition differences is separately disclosed with a \u00a315.1 million reallocation of the brought forward deferred tax
asset at 1 January 2024 included above, as presented in the prior year financial statements. The majority of deferred tax on IFRS recognition
differences relates to timing differences in the recognition of intragroup profit commission across subsidiaries in different tax jurisdictions.\u00a0
Positive amounts presented above relate to a deferred tax asset position.
The deferred tax asset has increased during the year, mainly relating to the IFRS recognition differences. Deferred tax
assets are recognised where it is considered probable that there are sufficient future taxable profits available against which
the assets can be utilised.
At 31\u00a0December 2025, the Group\u2019s continuing operations had unused tax losses amounting to \u00a378.1 million (2024 excluding
US operations: \u00a375.9 million) and other deductible timing differences of \u00a371.7 million (2024 excluding US operations: \u00a360.0
million), relating primarily to the Group\u2019s business in Spain, for which no deferred tax assets have been recognised. This is
due to uncertainty over the availability and timing of future taxable profits against which to utilise these deferred tax assets.
There is no expiry date for these tax losses, however annual utilisation may be subject to a restriction.
11. Other Assets and Other Liabilities
11a. Accounting policies
(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
Right-of-use assets
\u2013 two to 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 to 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\u00a0straight-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 on acquisitions of
trade and assets representing a business and/or acquisition of subsidiaries and represents the difference between the cost
of the acquisition and the fair value of the net identifiable assets acquired.
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 every six months for evidence of impairment and tested annually for
impairment.
The goodwill held on the balance sheet at 31\u00a0December 2025 includes goodwill from acquisition of EUI Limited which has
been allocated to the UK insurance segment, and goodwill arising from the acquisition of Home and Pet renewal rights from
RSA Insurance Group Limited which has been allocated to the UK Pet and Household CGUs.
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.
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 cashflow projections based on financial budgets approved by management covering
a\u00a0period of\u00a0up to five years.
The key assumptions used in the value in use calculations are those regarding revenue growth, along with expected
changes in\u00a0pricing 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.
Renewal Rights (included within Customer contracts, relationships and brand)
Renewal rights are recognised as an intangible asset and amortised using the reducing balance method over an expected
useful life determined as ranging between nine and fourteen years. Renewal rights on initial recognition have been
recognised at fair value arising through an acquisition.
The carrying value of renewal rights is reviewed every six months for evidence of impairment, with the value being written
down if\u00a0any impairment exists. Impairment may be reversed if conditions subsequently improve.
Brand (included within Customer contracts, relationships and brand)
Brand rights are recognised as an intangible asset and amortised using the straight line method over an expected useful life
of\u00a0fifteen years. Brand rights on initial recognition have been recognised at its fair value arising through an acquisition.
The carrying value of brand rights 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.
Software
Purchased software is recognised as an intangible asset and amortised on a straight-line basis over its expected useful life
(generally the license term which is typically between 2 and 4 years). 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 on a straight-line basis over the expected useful life of the systems (generally between
3\u00a0and\u00a04 years) 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\u00a0possible 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\u00a0non-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
\u00a3m
Improvements
to short
leasehold
buildings\u00a0
Computer
equipment\u00a0
Office
equipment\u00a0
Furniture and
fittings\u00a0
ROU Asset \u2013
Leasehold
buildings
Total\u00a0
Cost
At 1 January 2024
29.7
57.3
18.3
9.6
99.9
214.8
Additions\u00a0
2.6
5.4
0.5
0.2
17.4
26.1
Impairment\u00a0
(0.6)
(3.2)
(0.6)
\u2013
\u2013
(4.4)
Disposals\u00a0
(15.5)
(16.4)
(8.2)
(2.5)
(8.5)
(51.1)
Foreign exchange and other
movements\u00a0
(0.3)
(0.3)
(0.1)
(0.2)
(0.8)
(1.7)
At 31 December 2024
15.9
42.8
9.9
7.1
108.0
183.7
Depreciation\u00a0
At 1 January 2024
21.6
45.8
17.2
8.4
31.7
124.7
Charge for the year
2.8
6.3
0.5
0.4
8.8
18.8
Impairment
(0.5)
(2.8)
(0.4)
\u2013
\u2013
(3.7)
Disposals
(15.5)
(16.4)
(8.1)
(2.5)
(0.2)
(42.7)
Foreign exchange and other
movements
(0.2)
(0.2)
(0.1)
(0.1)
(0.6)
(1.2)
At 31 December 2024
8.2
32.7
9.1
6.2
39.7
95.9
Net book amount
At 31 December 2024
7.7
10.1
0.8
0.9
68.3
87.8
Cost
At 1 January 2025
15.9
42.8
9.9
7.1
108.0
183.7
Additions
2.4
3.6
0.5
0.1
3.5
10.1
Impairment
\u2013
(1.2)
\u2013
\u2013
\u2013
(1.2)
Disposals
\u2013
(0.1)
\u2013
\u2013
\u2013
(0.1)
Disposals on sale of subsidiary
\u2013
(1.4)
\u2013
(0.6)
(1.1)
(3.1)
Foreign exchange and other
movements
(0.6)
(0.3)
0.2
0.7
(0.4)
(0.4)
At 31 December 2025
17.7
43.4
10.6
7.3
110.0
189.0
Depreciation
At 1 January 2025
8.2
32.7
9.1
6.2
39.7
95.9
Charge for the year
2.5
4.7
0.4
0.5
7.8
15.9
Impairment
\u2013
(1.0)
\u2013
\u2013
\u2013
(1.0)
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals on sale of subsidiary
\u2013
(1.3)
\u2013
(0.5)
(0.4)
(2.2)
Foreign exchange and other
movements
0.1
\u2013
0.2
\u2013
(0.1)
0.2
At 31 December 2025
10.8
35.1
9.7
6.2
47.0
108.8
Net book amount
At 31 December 2025
6.9
8.3
0.9
1.1
63.0
80.2
11c. Intangible assets
Goodwill
\u00a3m
Customer
contracts,
relationships
and brand
\u00a3m
Software \u2013
Internally
generated
\u00a3m
Software \u2013
Other
\u00a3m
Total
\u00a3m
At 1 January 2024
62.3
7.9
152.0
20.7
242.9
Additions
49.8
44.5
48.8
3.1
146.2
Amortisation charge
\u2013
(2.8)
(54.5)
(4.3)
(61.6)
Disposals
\u2013
\u2013
(0.3)
(0.4)
(0.7)
Impairment
\u2013
\u2013
(3.5)
(0.9)
(4.4)
Transfers
\u2013
\u2013
6.2
(6.2)
\u2013
Foreign exchange movement & other
movements
\u2013
(0.3)
(0.6)
(0.5)
(1.4)
At 31 December 2024
112.1
49.3
148.1
11.5
321.0
Additions
\u2013
\u2013
64.7
3.0
67.7
Amortisation charge
\u2013
(7.4)
(48.3)
(3.4)
(59.1)
Disposals
\u2013
\u2013
(0.3)
\u2013
(0.3)
Impairment
\u2013
\u2013
(3.6)
\u2013
(3.6)
Foreign exchange movement & other
movements
\u2013
0.4
0.7
0.8
1.9
At 31 December 2025
112.1
42.3
161.3
11.9
327.6
Customer contracts and relationships includes Home and Pet renewal rights which has a net carrying value of \u00a328.1 million
as at 31\u00a0December 2025 and an amortisation period of 9 years for Home renewal rights and 14 years for Pet renewal rights.
See note 13 for further information.
Goodwill relates to the acquisition of Group subsidiary EUI Limited (formerly Admiral Insurance Services Limited) in
November 1999, and on the purchase of the direct Home and Pet renewal rights from the RSA Insurance Group Limited
(\u2018RSA\u2019) in April 2024. The carrying amount of goodwill as at 31\u00a0December 2025 is \u00a3112.1 million (2024: \u00a3112.1 million),
of\u00a0which \u00a362.3 million (2024: 62.3 million) is allocated to UK insurance, \u00a341.2 million (2024: \u00a341.2 million) to UK Pet and
\u00a38.6\u00a0million (2024: \u00a38.6 million) to UK Household CGUs.
Goodwill is tested for impairment annually and whenever there is an indication of impairment at the level of the CGU to
which it\u00a0is\u00a0allocated. Annual impairment reviews have indicated that the estimated recoverable value of the asset is greater
than the carrying amount and therefore no impairment losses have been recognised.
Only one year of forecasts is required to support the recoverable value of goodwill from EUI acquisition. Given the short time
period used to support the recoverable amount, no terminal growth rate or discounting is applied.
With regards to the goodwill arising from RSA acquisition, the recoverable amount of the CGU has been determined based
on a\u00a0value in use calculation using discounted cash flow projections based on financial budgets approved by the board
of\u00a0directors covering a five-year period and a pre-tax discount rate of 13%. Cash flows beyond the five year period are
extrapolated into perpetuity as the fifth year represents a reasonable estimate of a steady state of business. No long term
growth rate has been applied to the perpetuity calculations.
The key assumptions on which the cash flow projections are based on forecast growth in premiums written, related
expenses and\u00a0claims costs. The forecasts are based on past experience adjusted for market trends and strategic decisions
made in respect of the Pet and Household lines of business.
Refer to the accounting policy for goodwill for further information.
11d. Trade and other payables
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Trade payables
57.3
52.4
Other tax and social security
12.3
12.5
Amounts owed to co-insurers
22.0
\u2013
Other payables
42.1
34.0
Accruals and deferred income
83.5
76.4
Total trade and other payables
217.2
175.3
Analysis of accruals and deferred income
Accruals
59.2
48.2
Deferred income
24.3
28.2
Total accruals and deferred income as above
83.5
76.4
11e. Leases
The Group occupies various properties under leasing arrangements that are now recognised as right of use assets and
lease\u00a0liabilities.
Amounts recognised in the Statement of Financial Position are as follows:
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Lease liabilities
Current
7.4
8.6
Non-Current
66.2
71.0
Total
73.6
79.6
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.
Under IFRS16 the Group has no significant financial commitments in relation to leases other than those accounted for as right of use
assets and lease liabilities
11f. Contingent liabilities and assets
The Group\u2019s legal entities operate in numerous tax jurisdictions and continue to engage on a regular basis with the relevant
tax authority on matters of review and enquiry.
In addition, 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. The Group extensively engages with its regulators as part of
normal operations and participates in industry wide regulatory reviews.
All potentially material matters are assessed, with the assistance of external advisors where 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 or form a reliable estimate of its financial effect. In these
circumstances, specific disclosure of a contingent asset/ liability and an estimate of its financial effect will be made where
material, unless it is not practicable to do so.
Other than the amounts held in within insurance contract liabilities within the Statement of Financial Position in respect of UK
motor total loss claims as set out in the Strategic Report, no material provisions are currently held.
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.\u00a0The Company has
appealed this decision via the Spanish Courts and in December 2025 won the appeal in relation to two of the periods under
enquiry and is confident in defending its position in relation to the other open periods. 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 \u20ac24 million.
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.
No further contingent assets or liabilities are disclosed in relation to any ongoing matters such as those set out above given
the uncertainty over whether the asset or liability will crystallise and the quantum of any resulting impact.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "
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 ECLs are recognised irrespective of the credit risk. In this case, the\u00a0provision is
based on a combination of:
1. Aged debtor analysis
2. Historic experience of write-offs for each receivable
3. Any specific indicators of credit deterioration observed, and
4. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "
6i. Financial liabilities
31 December 2025
Subordinated
loans
\u00a3m
Loan backed
securities
\u00a3m
Other
borrowings
and
derivatives
\u00a3m
Lease
liabilities
\u00a3m
Total
\u00a3m
Financial liability at the start of the period
258.9
937.7
125.6
79.6
1,401.8
Interest expense per Income Statement
21.4
52.1
(4.4)
2.1
71.2
Cashflows relating to interest1
(21.3)
(52.1)
4.4
(1.7)
(70.7)
Cashflows relating to principal - payments
\u2013
(299.1)
(180.4)
(8.4)
(487.9)
Cashflows relating to principal - receipts
\u2013
713.8
262.3
\u2013
976.1
Other foreign exchange and non-cash
movements
\u2013
0.5
0.5
2.0
3.0
Financial liability at the end of the period
259.0
1,352.9
208.0
73.6
1,893.5
31 December 2024
Subordinated
loans
\u00a3m
Loan backed
securities
\u00a3m
Other
borrowings
and
derivatives
\u00a3m
Lease
liabilities
\u00a3m
Total
\u00a3m
Financial liability at the start of the period
315.2
759.6
55.0
81.2
1,211.0
Interest expense per Income Statement
23.0
47.9
2.1
2.6
75.6
Cashflows relating to interest1
(24.2)
(47.9)
(2.1)
(2.4)
(76.6)
Cashflows relating to principal - payments
(55.1)
(194.1)
(115.0)
(12.7)
(376.9)
Cashflows relating to principal - receipts
\u2013
372.2
177.7
\u2013
549.9
Other foreign exchange and non-cash
movements
\u2013
\u2013
7.9
10.9
18.8
Financial liability at the end of the period
258.9
937.7
125.6
79.6
1,401.8
1Cashflows relating to interest are shown within finance costs paid, including expense paid on funding for loans
Subordinated notes
Financial liabilities are inclusive of \u00a3250.0 million subordinated notes issued on 6 July 2023 at a fixed rate of 8.5% per annum
with a\u00a0redemption date of 6 January 2034.
On 24 July 2024, the remaining 27.55% (\u00a355.1 million) of subordinated loan notes issued on 25 July 2014 were repaid
on\u00a0maturity.
The notes are unsecured subordinated obligations of the Group and rank pari passu without any preference among
themselves. In\u00a0the event of a winding-up or bankruptcy, they are to be repaid only after the claims of all other senior
creditors have been met.
There have been no defaults on any of the notes during the year. The Group has the requirement to defer interest payments
on the notes in certain circumstances but to date none of these circumstances has arisen.
The fair value of subordinated notes (level one valuation based on quoted prices in active markets) at 31\u00a0December 2025
is\u00a0\u00a3288.5\u00a0million (2024: \u00a3276.4 million).
The Group\u2019s subordinated loan notes deed requires confirmation there is non-existence of the event of default or potential
event of\u00a0default. The Group monitors compliance and there are no indicators that the default covenants will be breached
in\u00a0the foreseeable future.
Other borrowings
The Group holds various revolving credit facilities including a \u00a3300.0 million facility which expires in April 2028 and a
\u20ac100.0\u00a0million facility which expires in August 2027. As at 31\u00a0December 2025, \u00a3200.3 million was drawn under these
facilities (2024: \u00a3117.4 million), which is shown within other borrowings in the table above. This is made up of \u00a3175.0 million
from the\u00a0sterling facility expiring April 2028 (2024: \u00a3105.0 million) and \u00a325.3 million from the euro facility expiring August
2027 (2024:\u00a0\u00a312.4 million).
The carrying value is a reasonable approximation of fair value.
The Group's revolving credit facility agreement includes a covenant requiring that a percentage of the Group's debt does
not\u00a0exceed an adjusted net assets valuation as well as confirmation of no default. The Group monitors compliance and there
are\u00a0no\u00a0indicators that the covenants will be breached in the foreseeable future.
Loan backed securities
The Group has securitised certain loans and advances to customers by the transfer of the loans to special purpose entities
(SPEs) 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.
In connection with this securitisation, the Group and the SPE have granted a fixed and floating charge over, and assigned
by\u00a0way of security, substantially all of their present and future assets to a Security Trustee. The Security Trustee holds
this\u00a0security for itself and as trustee for the senior lenders and other secured creditors under the facility. The charged
assets\u00a0include the receivables held by the SPE, the associated cash collections, and certain related bank accounts and
contractual rights.
At 31 December 2025, receivables with a carrying amount of \u00a31,523.5 million (2024: \u00a31,061.8 million) were pledged
as\u00a0collateral under these arrangements.
Asset backed senior loan note facilities of \u00a31,563.0 million have been established in relation to the Admiral Money business. As at
the year end, \u00a31,352.9 million (2024: \u00a3937.7 million) of these facilities had been utilised. During the year, an asset backed senior
loan note facility of \u20ac100.0 million has also been established in relation to the Italian loans business. As at the year end, \u20ac31.3
million (2024: \u20acnil) of this facility 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.
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\u00a0asset of a similar value in a similar economic environment, with similar terms and conditions. Generally,
the\u00a0Group 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\u00a0finance 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\u00a0payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "value": "
Subordinated notes
Financial liabilities are inclusive of \u00a3250.0 million subordinated notes issued on 6 July 2023 at a fixed rate of 8.5% per annum
with a\u00a0redemption date of 6 January 2034.
On 24 July 2024, the remaining 27.55% (\u00a355.1 million) of subordinated loan notes issued on 25 July 2014 were repaid
on\u00a0maturity.
The notes are unsecured subordinated obligations of the Group and rank pari passu without any preference among
themselves. In\u00a0the event of a winding-up or bankruptcy, they are to be repaid only after the claims of all other senior
creditors have been met.
There have been no defaults on any of the notes during the year. The Group has the requirement to defer interest payments
on the notes in certain circumstances but to date none of these circumstances has arisen.
The fair value of subordinated notes (level one valuation based on quoted prices in active markets) at 31\u00a0December 2025
is\u00a0\u00a3288.5\u00a0million (2024: \u00a3276.4 million).
The Group\u2019s subordinated loan notes deed requires confirmation there is non-existence of the event of default or potential
event of\u00a0default. The Group monitors compliance and there are no indicators that the default covenants will be breached
in\u00a0the foreseeable future.
Other borrowings
The Group holds various revolving credit facilities including a \u00a3300.0 million facility which expires in April 2028 and a
\u20ac100.0\u00a0million facility which expires in August 2027. As at 31\u00a0December 2025, \u00a3200.3 million was drawn under these
facilities (2024: \u00a3117.4 million), which is shown within other borrowings in the table above. This is made up of \u00a3175.0 million
from the\u00a0sterling facility expiring April 2028 (2024: \u00a3105.0 million) and \u00a325.3 million from the euro facility expiring August
2027 (2024:\u00a0\u00a312.4 million).
The carrying value is a reasonable approximation of fair value.
The Group's revolving credit facility agreement includes a covenant requiring that a percentage of the Group's debt does
not\u00a0exceed an adjusted net assets valuation as well as confirmation of no default. The Group monitors compliance and there
are\u00a0no\u00a0indicators that the covenants will be breached in the foreseeable future.
Loan backed securities
The Group has securitised certain loans and advances to customers by the transfer of the loans to special purpose entities
(SPEs) 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.
In connection with this securitisation, the Group and the SPE have granted a fixed and floating charge over, and assigned
by\u00a0way of security, substantially all of their present and future assets to a Security Trustee. The Security Trustee holds
this\u00a0security for itself and as trustee for the senior lenders and other secured creditors under the facility. The charged
assets\u00a0include the receivables held by the SPE, the associated cash collections, and certain related bank accounts and
contractual rights.
At 31 December 2025, receivables with a carrying amount of \u00a31,523.5 million (2024: \u00a31,061.8 million) were pledged
as\u00a0collateral under these arrangements.
Asset backed senior loan note facilities of \u00a31,563.0 million have been established in relation to the Admiral Money business. As at
the year end, \u00a31,352.9 million (2024: \u00a3937.7 million) of these facilities had been utilised. During the year, an asset backed senior
loan note facility of \u20ac100.0 million has also been established in relation to the Italian loans business. As at the year end, \u20ac31.3
million (2024: \u20acnil) of this facility had been utilised.
The carrying value is a reasonable approximation of fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "
Subordinated notes
Financial liabilities are inclusive of \u00a3250.0 million subordinated notes issued on 6 July 2023 at a fixed rate of 8.5% per annum
with a\u00a0redemption date of 6 January 2034.
On 24 July 2024, the remaining 27.55% (\u00a355.1 million) of subordinated loan notes issued on 25 July 2014 were repaid
on\u00a0maturity.
The notes are unsecured subordinated obligations of the Group and rank pari passu without any preference among
themselves. In\u00a0the event of a winding-up or bankruptcy, they are to be repaid only after the claims of all other senior
creditors have been met.
There have been no defaults on any of the notes during the year. The Group has the requirement to defer interest payments
on the notes in certain circumstances but to date none of these circumstances has arisen.
The fair value of subordinated notes (level one valuation based on quoted prices in active markets) at 31\u00a0December 2025
is\u00a0\u00a3288.5\u00a0million (2024: \u00a3276.4 million).
The Group\u2019s subordinated loan notes deed requires confirmation there is non-existence of the event of default or potential
event of\u00a0default. The Group monitors compliance and there are no indicators that the default covenants will be breached
in\u00a0the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "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.
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\u00a0asset of a similar value in a similar economic environment, with similar terms and conditions. Generally,
the\u00a0Group 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\u00a0finance 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\u00a0payments.
11e. Leases
The Group occupies various properties under leasing arrangements that are now recognised as right of use assets and
lease\u00a0liabilities.
Amounts recognised in the Statement of Financial Position are as follows:
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Lease liabilities
Current
7.4
8.6
Non-Current
66.2
71.0
Total
73.6
79.6
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.
Under IFRS16 the Group has no significant financial commitments in relation to leases other than those accounted for as right of use
assets and lease liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "
7. Loans and Advances to Customers
7a. Accounting policies
Loans and advances to customers consist of unsecured personal loans and secured loans.\u00a0\u00a0
Classification\u00a0
Loans and advances to customers are measured at amortised cost, except for those originated for sale under the forward
flow agreement which are measured at FVTPL. This is because assets are held\u00a0in order to\u00a0collect contractual cashflows and
the contractual terms of the financial asset demand cash inflows which are solely payments of principal and interest on the
principal amount outstanding.\u00a0\u00a0
Interest income and expense\u00a0
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.
Interest expense is calculated\u00a0using the effective interest rate appropriate to each source of funding.\u00a0
Finance leases\u00a0
Included within\u00a0loans and advances to customers are\u00a0personal contract purchase\u00a0(PCP)\u00a0and hire purchase\u00a0(HP) arrangements
which are classified as finance leases under IFRS 16.\u00a0A receivable equal to the net investment in the lease has been
recognised.\u00a0The\u00a0net investment is equal to the gross investment in the lease discounted at the rate implicit in the lease.\u00a0\u00a0
Lease\u00a0interest\u00a0income is recognised within\u00a0interest income\u00a0in the income statement over the term of the lease using
the\u00a0effective interest rate\u00a0method.\u00a0\u00a0
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. When vehicles are repossessed, they are
sold at auction to release the value and settle the obligation. The difference between the net investment in the lease and
the proceeds from the sale of the vehicle is recognised immediately in profit and loss. At 31 December 2025, the carrying
amount of finance lease receivables subject to collateral arrangements was \u00a3186.8 million (2024: \u00a318.1 million).
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 sets a maximum loan-to-value for the origination of financial leases, 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\u00a0stolen or destroyed
\u2022 The estimated future value of each vehicle, which is sourced externally, is considered in the pricing of the lease contracts
to\u00a0provide protection against deterioration in that value.
Secured homeowner loans
Included within loans and advances to customers are second-charge mortgages, secured by a second-ranking charge over
residential property. These assets are classified as financial assets at amortised cost under IFRS 9.
Second-charge mortgages are recognised when funds are advanced, initially measured at fair value plus directly
attributable transaction costs.
Interest income is recognised within interest income in the income statement over the term of the lease using effective
interest rate method.
Loans are secured by a second-ranking charge against residential property. External appraisals of security collateral are
obtained at origination and reviewed periodically to mitigate credit risk.
Upon borrower default, the property collateral for both first and second charges may be repossessed. Recoveries
are\u00a0applied in the order of senior ranking, with any residual benefit accruing to the Group for second-charge exposure.
Based on information obtained at origination and updated through normal servicing activities, the Group expects that the
majority of the homeowner loan portfolio is supported by residential property with loan\u2011to\u2011value ratios of less than 100%,
after taking into account the first\u2011charge lender\u2019s priority position.
At 31 December 2025, the carrying amount of homeowner loans subject to collateral arrangements was \u00a3219.0 million
(2024: \u00a3nil).
Forward Flow Agreement
In 2025, the Group completed a sale of back book loans with a carrying value of \u00a3146.4 million to an external third party
under a forward flow agreement. This sale generated a net gain of \u00a39.8 million, comprised of:
\u2022 origination fee income of \u00a35.9 million which has been recognised within Other revenue and profit commission;
\u2022 a credit provision release of \u00a34.9m due to the derecognition of the underlying loans;
\u2022 immediate recognition of \u00a31.0m of unamortised acquisition costs.
Based on management\u2019s assessment, the sale is consistent with the hold to collect business model as the transaction is
considered infrequent. Furthermore, as the Group transferred substantially all the risks and rewards of ownership to the third
party, the loans sale met the derecognition requirements under IFRS 9 and the loans sold have been derecognised from the
Statement of Financial Position as at 31\u00a0December 2025.
Loans sold as part of the front book sales through the forward flow agreement are considered to fall under a new business
model under IFRS 9, given they are originated with the express intention of being sold shortly thereafter to an external third
party. These assets are therefore initially recognised and subsequently measured at FVTPL. Loan sales are completed on
average twice per month, with the external third party providing prefunding to be used for the origination of loans sold under
the agreement, which removes the liquidity impact of originating these loans. \u00a3279.5 million of loans were originated under
this business model in 2025 which, due to the way in which the forward flow arrangement is structured, have been
derecognised in full and have a carrying value of \u00a3nil in the Statement of Financial Position as at 31\u00a0December 2025.
The\u00a0sale of loans under this business model has generated origination fee income of \u00a39.7 million, recognised within Other
revenue and profit commission.
The Group\u2019s continuing involvement is limited to servicing arrangements, i.e. collecting the contractual cash flows of the
underlying loans and remitting these to the external third party. The collected cash flows are remitted by the Group at
market rate which relates solely to the servicing activity. A receivable is recognised in respect of the amounts outstanding
in\u00a0relation to servicing fees. As at 31\u00a0December 2025, the outstanding receivable totals \u00a30.1 million (2024: \u00a3nil) and is
recognised within accrued income.
The Group is entitled to receive additional consideration (\u2018commission\u2019) in respect of (i) loans sold as part of the back\u2011book
forward flow arrangement, and (ii) loans sold to the third-party purchaser under the Group\u2019s ongoing new business model.
This commission represents variable consideration and is contingent on the credit performance of the transferred loan
portfolios over the 24\u2011month period following each sale. At 31 December 2025, the Group has estimated the commission
receivable to be \u00a31.5 million (2024: \u00a3nil), which has been recognised to the extent that it is highly probable that a significant
reversal will not occur.
7b. Loans and advances to customers
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Loans and advances to customers \u2013 gross carrying amount
1,459.0
1,174.0
Loans and advances to customers \u2013 provision
(100.8)
(84.3)
Total loans and advances to customers \u2013 Admiral Money
1,358.2
1,089.7
Loans and advances to customers \u2013 gross carrying amount
274.6
18.6
Loans and advances to customers \u2013 provision
(4.1)
(1.4)
Total loans and advances to customers \u2013 Other1
270.5
17.2
Total loans and advances to customers
1,628.7
1,106.9
1Other includes alternative loan products offered by the Group in which the lines of business are classified within the \u2018Other\u2019 segment.
Loans and advances to customers are comprised of the following:
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Unsecured personal loans - Admiral Money
1,268.7
1,155.6
Secured loans2
410.0
18.4
Unsecured personal loans - Other
54.9
18.6
Total loans and advances to customers, gross
1,733.6
1,192.6
2Secured loans include finance leases amounting to \u00a3190.3 million (2024: \u00a318.4 million).
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 carrying value is deemed a reasonable approximation of fair value, which is calculated based on estimates using
the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date.
Expected credit losses \u2013 Admiral Money
The expected credit loss (ECL) 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\u00a0Probability of\u00a0Default (PD),\u00a0Exposure at\u00a0Default (EAD)
and\u00a0Loss\u00a0Given\u00a0Default (LGD) defined as follows:\u00a0\u00a0
\u2022 Probability of Default (PD): The likelihood of an account defaulting; calibrated through analysis of historic\u00a0customer
behaviour. Where customers have already met the definition of default this is 100%. For customers that are\u00a0not in default
the PD is determined through analysis of historic default data using external and internal data sources available at the
reporting date.
\u2022 Exposure at Default (EAD): The amount of balance at the time of default. For loans that are in arrears the EAD is taken
as\u00a0the current balance plus any expected interest arrears.\u00a0For up-to-date loans the EAD is calculated as the expected
balance 3 months prior to\u00a0each period, plus 3 months of interest arrears to account for the time it takes to default
following falling into arrears.\u00a0\u00a0
\u2022 Loss Given Default (LGD): The amount of the asset not recovered following a borrower\u2019s default, determined through
analysis of\u00a0historic recovery performance.\u00a0
The PD is applied to the EAD to calculate the expected loss\u00a0excluding 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.\u00a0
Loan assets are segmented into three stages of credit impairment:\u00a0
\u2022 Stage 1 \u2013 no significant increase in credit risk of the financial asset since inception\u00a0
\u2022 Stage 2 \u2013 significant increase in credit risk of the financial asset since inception
\u2022 Stage 3 \u2013 financial asset is credit impaired.\u00a0
For assets in stage 1, the allowance is calculated as the ECLs from events within 12 months after the reporting date.
For\u00a0assets in stages 2 and 3 the allowance is calculated as the ECL from events in the remaining lifetime of\u00a0each
asset.\u00a0The\u00a0allowance is calculated for each loan at an individual level.
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\u00a0ECL\u00a0allowing 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\u00a0rebuttable presumption that this does occur for loan assets which are 30 days past due (which the Group
does not rebut).
For Admiral Money loans, the Group has deemed a significant increase in credit risk to have occurred where:
\u2022 The loan is in arrears, or
\u2022 The behavioural PD at reporting date has moved outside a specified threshold from the origination PD
\u2022 The customer is identified as being one or more payments in arrears on a credit product with a third party and reported
to\u00a0the credit reference agency
\u2022 The customer has hit a watchlist of high-risk statuses.
The Group maintains two probation periods:
\u2022 where a customer is up to date but previously has been 30+ days past due they will be held in stage 2 for 6 months
\u2022 where a customer is up to date but previously credit impaired (stage 3) they will be held in stage 2 for 12 months.
A range of metrics including accuracy rates, false positive rates, oscillation rates and the Mathews correlation are monitored
to\u00a0ensure the SICR criteria is effective.
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\u00a0be 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 An external repayment plan is in place, or
\u2022 A customer is deceased.
As at 31\u00a0December 2025, Admiral Money had 10,200 loans totalling \u00a362.7 million that were subject to forbearance
(2024: 8,400 loans totalling \u00a348.5 million). Of these, 10,100 loans totalling \u00a361.3 million are included within Stage 3
(2024: 7,800 loans totalling \u00a347.4\u00a0million). Significant categories of forbearance arrangements include Bankruptcy,
Debt Management Plans and Individual Voluntary\u00a0Arrangements.
Judgements required \u2013 Post Model Adjustments (\u2018PMA\u2019s)
As at 31\u00a0December 2025, the ECL allowance for Admiral Money included PMAs totaling \u00a33.8 million (2024: \u00a34.6 million).
Post Model Adjustments
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Model performance
\u2013
1.5
Cost of Living
\u2013
1.3
UPL Settlement
1.0
\u2013
Developing portfolios
1.1
\u2013
Economic scenarios
1.7
1.8
3.8
4.6
PMAs are calculated using management judgement and analysis. The key categories of PMAs are as follows:
Model performance
As at 31\u00a0December 2024, a potential shortfall was identified in the Loss Given Default (LGD) model for customers
progressing directly through arrears to write-off. A fix was implemented in the model by 30\u00a0June 2025 to address this issue,
resulting in the full release of the associated LGD PMA.
Cost of Living
This PMA captures the risk of customers falling into a negative affordability position, whereby customers are no longer able
to meet their credit commitments due to higher expenditure driven by increased mortgage payments, when their standard
variable or fixed term rate comes to an end. A refresh of the data was conducted for 31 December 2025 which has resulted
in the full release of the PMA.
UPL Settlement
Management has identified a limitation with UPL ECL model regarding the way early settlements are treated. Currently there
is no forward-looking adjustment to the expected settlement rate, which can over or understate expected default rates
depending on the economic scenario. Typically, it is expected that settlement rates have an inverse relationship with default
rates. A PMA has been raised to account for this limitation.
Developing Portfolios
The provision for the motor finance portfolio is calculated using the UPL engine while the portfolio is immature. Management
accepts that there is a significant difference in provisioning approaches for a secured motor finance portfolio and a UPL
portfolio. To account for this, adjustments have been made to the UPL model output for the following areas:
1. Calibration of UPL PD model to motor finance outcomes.
2. The inclusion of \u2018Voluntary Terminations\u2019 as potential defaults.
3. An adjustment to LGDs based on market implied recoveries.
The net impact of applying these adjustments has been held as a PMA.
Economic scenarios
The model is sensitive to the timing of forecasted peaks in, for example, unemployment rates. A PMA is held equivalent to
the peak impacts of each scenario occurring earlier in the forecast horizon, to address the risk of mistiming of the economic
impacts of each scenario leading to an understatement of the required provision. This approach has been refreshed for
31\u00a0December 2025 and is resulting in a release of \u00a30.1 million to this PMA.
Write off policy
Loans are written off where there is no reasonable expectation of recovery. The Group considers there to be no reasonable
expectation of recovery where an extensive set of collections processes has been completed, the debt is statute barred,
the debtor cannot be traced or is deceased, or in situations involving significant financial hardship. The Group\u2019s policy is to
write down 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\u00a0range of\u00a0possible 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.
As at 31\u00a0December 2025 there are three key economic drivers of credit losses factored into the scenarios used for the
Admiral Money portfolio, as follows:
\u2022 UK Unsecured Debt to Income (\u2018DTI\u2019) - the amount of unsecured borrowing held by households relative to their gross
disposable income, indicating the level of indebtedness and ability to repay,
\u2022 UK Employment Hazard Rates - probability that an individual employed at the start of a given period will exit employment
during that period,
\u2022 Annual UK GDP % Change - this is used as an indicator of overall macroeconomic conditions.
The variables are combined using a statistical model which will estimate the relative change in the probability of default (PD)
of an account for each scenario over the life of the loan. The Group utilises a\u00a0model containing three drivers in recognition
of\u00a0the fact that there are multiple macroeconomic drivers which can influence the\u00a0direction of default rates.
The scenario weighting assumptions used by Admiral Money are detailed below, along with the annual peak for each
economic driver assumed in\u00a0each scenario at\u00a031\u00a0December 2025.
At 31 December 2025
For the Forecast Year Ended
2026
2027
2028
2029
2030
%
%
%
%
%
Base - 50%
Gross domestic product
1.6
1.6
1.6
1.6
1.7
Unemployment rate
5.2
5.1
4.7
4.4
4.3
UK Household Unsecured Debt to Income
12.6
13.3
13.9
14.2
14.5
Upside - 5%
Gross domestic product
2.5
2.5
1.8
1.9
1.9
Unemployment rate
4.8
4.1
4.1
4.1
4.1
UK Household Unsecured Debt to Income
12.2
11.9
12.0
12.2
12.4
Downside - 30%
Gross domestic product
0.3
0.9
2.4
2.4
2.3
Unemployment rate
6.0
6.2
5.9
5.3
5.0
UK Household Unsecured Debt to Income
13.1
14.0
14.6
15.0
15.2
Severe - 15%
Gross domestic product
0.1
(0.6)
2.1
2.2
2.7
Unemployment rate
6.9
8.0
8.0
7.5
6.5
UK Household Unsecured Debt to Income
13.5
14.9
15.7
16.1
16.2
Probability-weighted
Gross domestic product
1.0
1.1
1.9
1.9
2.0
Unemployment rate
5.7
5.8
5.5
5.1
4.8
UK Household Unsecured Debt to Income
12.9
13.7
14.3
14.6
14.8
For the Forecast Year Ended
At 31 December 2024
2025
2026
2027
2028
2029
%
%
%
%
%
Base - 50%
Gross domestic product
1.6
1.6
1.6
1.7
1.7
Unemployment rate
4.4
4.3
4.1
4.1
4.1
UK Household Unsecured Debt to Income
13.2
13.7
14.1
14.4
14.5
Upside - 10%
Gross domestic product
2.7
3.0
1.8
1.6
1.8
Unemployment rate
4.2
3.8
3.8
3.8
3.8
UK Household Unsecured Debt to Income
12.6
12.3
11.9
12.2
12.3
Downside - 30%
Gross domestic product
0.9
0.1
3.0
3.0
2.7
Unemployment rate
5.6
6.0
5.6
4.9
4.6
UK Household Unsecured Debt to Income
13.4
14.5
15.0
15.1
15.1
Severe - 10%
Gross domestic product
0.8
(1.1)
2.6
3.4
3.1
Unemployment rate
6.6
8.0
7.9
6.8
6.1
UK Household Unsecured Debt to Income
13.6
15.0
15.7
15.9
16.1
Probability-weighted
Gross domestic product
1.4
1.0
2.1
2.3
2.1
Unemployment rate
5.0
5.1
4.9
4.6
4.4
UK Household Unsecured Debt to Income
13.2
13.9
14.3
14.5
14.6
The economic scenarios and forecasts have been updated in conjunction with a third party economics provider.
The\u00a0probability weightings reflect the view that there is a probability of 45% attached to recessionary outcomes.\u00a0
Sensitivities to key areas of estimation uncertainty
The key areas of estimation uncertainty identified for Admiral Money loan book, as per note 2 to the financial statements,
are in the PD and the forward-looking scenarios. The following balances exclude EIR assets of \u00a317.0 million (31 December
2024: \u00a35.5 million).During the year, the Group has enhanced the following disclosures by presenting additional information
around the gross exposures and ECL for each stage, under each scenario. This change enables more detailed analysis
of\u00a0the impact of changes in forward looking information. Prior year comparatives have been represented to enable better
comparison of balances year on year.
Scenarios
31 December 2025
Weighted
Base
Downturn
Severe
Upturn
Stage 1 gross exposure (\u00a3m)
1,257.2
1,263.5
1,248.8
1,223.1
1,264.4
Stage 1 ECL (\u00a3m)
(18.7)
(17.7)
(19.3)
(19.2)
(17.3)
Stage 1 coverage (%)
1.5
1.4
1.5
1.6
1.4
Stage 2 gross exposure (\u00a3m)
110.1
103.8
118.5
144.2
102.9
Stage 2 ECL (\u00a3m)
(18.2)
(16.6)
(20.1)
(25.5)
(15.4)
Stage 2 coverage (%)
16.5
16.0
17.0
17.7
15.0
Stage 3 gross exposure (\u00a3m)
74.7
74.7
74.7
74.7
74.7
Stage 3 ECL (\u00a3m)
(58.8)
(58.8)
(58.8)
(58.8)
(58.8)
Stage 3 coverage (%)
78.7
78.7
78.7
78.7
78.7
Total gross exposure (\u00a3m)
1,442.0
1,442.0
1,442.0
1,442.0
1,442.0
Total ECL (\u00a3m)1
(95.7)
(93.1)
(98.2)
(103.5)
(91.5)
Scenarios
31 December 2024
Weighted
Base
Downturn
Severe
Upturn
Stage 1 gross exposure (\u00a3m)
1,006.9
1,011.2
997.2
982.1
1,012.8
Stage 1 ECL (\u00a3m)
(15.0)
(14.5)
(15.3)
(15.1)
(14.1)
Stage 1 coverage (%)
1.5
1.4
1.5
1.5
1.4
Stage 2 gross exposure (\u00a3m)
97.6
93.3
107.3
122.4
91.7
Stage 2 ECL (\u00a3m)
(17.3)
(16.0)
(19.7)
(23.4)
(14.9)
Stage 2 coverage (%)
17.7
17.1
18.4
19.1
16.2
Stage 3 gross exposure (\u00a3m)
64.0
64.0
64.0
64.0
64.0
Stage 3 ECL (\u00a3m)
(46.9)
(46.9)
(46.9)
(46.9)
(46.9)
Stage 3 coverage (%)
73.3
73.3
73.3
73.3
73.3
Total gross exposure (\u00a3m)
1,168.5
1,168.5
1,168.5
1,168.5
1,168.5
Total ECL (\u00a3m)1
(79.2)
(77.4)
(81.9)
(85.4)
(75.9)
1Weighted ECL excludes PMAs of \u00a33.8 million (2024: \u00a34.6 million) and other loss allowance of \u00a31.3 million (2024: \u00a30.5 million) that are not
allocated to stages.
The above tables show the gross exposure, ECL and coverage for each stage of the loan book based on the weighted
position the provision is based on. Additionally, the tables demonstrate the same metrics of the base case, downturn, upturn
or severe scenarios unfolded. At 31\u00a0December 2025 the implied weighted peak unemployment rate is 5.8%: the\u00a0table shows
that in a downturn scenario with a 6.2% peak unemployment rate the provision would increase by \u00a32.5 million, whilst the
upturn would reduce the provision by \u00a34.2 million, base case reduce by \u00a32.6 million and severe increase the provision
by\u00a0\u00a37.8 million.
Stage 1 assets represent 87.3% of the total loan assets; 0.1% increase in the stage 1 PD, i.e. from 2.4% to 2.5% would result
in\u00a0a\u00a0\u00a30.8 million increase in ECL.
Amounts arising from ECL: loans and advances to customers
The following table sets out information about the credit quality of the loans and advances to customers measured at
amortised cost. During the year, the Group has enhanced the following disclosures by presenting probability of default
bandings rather than credit grades. This change aligns the reported information with methodology used in the measurement
of ECLs and provides more granular and up to date information. Prior year comparatives have been represented to enable
better comparison of balances year on year.
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 and relate to the Admiral Money consumer lending business. The average
probability of\u00a0default for stage 1 assets is 2.4% (2024: 3.3%) reflecting the expectation of defaults within 12 months of the
reporting date. The\u00a0average PD for assets in stage 2 is 32.9% (2024: 29.9%) reflecting expected losses over the remaining
life of the assets. The\u00a0PD for assets in stage 3 is 100% (2024: 100%) as these assets are deemed to have defaulted.
Gross carrying amount
ECL2
Coverage
PD range
%
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Total
%
Band 1
0 to
0.250
63.2
0.2
\u2013
63.4
0.1
\u2013
\u2013
0.1
0.2
Band 2
0.251 to
0.500
54.1
0.2
\u2013
54.3
0.1
\u2013
\u2013
0.1
0.2
Band 3
0.501 to
1.500
437.1
2.7
\u2013
439.8
2.4
\u2013
\u2013
2.4
0.5
Band 4
1.501 to
5.000
566.4
23.7
\u2013
590.1
9.1
1.1
\u2013
10.2
1.7
Band 5
5.01 to
20.000
151.6
58.7
\u2013
210.3
6.9
8.2
\u2013
15.1
7.2
Band 6
20.001
to
99.999
0.6
25.6
\u2013
26.2
0.1
8.9
\u2013
9.0
34.4
Band 7
100
\u2013
\u2013
74.9
74.9
\u2013
\u2013
58.8
58.8
78.5
Total Admiral
Money
1,273.0
111.1
74.9
1,459.0
18.7
18.2
58.8
95.7
6.6
Total Other
268.3
4.4
1.9
274.6
2.1
0.4
1.6
4.1
1.5
As at 31
December
2025
1,541.3
115.5
76.8
1,733.6
20.8
18.6
60.4
99.8
5.8
Gross carrying amount
ECL2
PD range
%
Stage 1
% OT1
Stage 2
% OT
Stage 3
% OT
Total
% OT
Stage 1
% OT
Stage 2
% OT
Stage 3
% OT
Total
% OT
Band 1
0 to 0.250
4.2
0.2
\u2013
3.7
0.4
\u2013
\u2013
0.1
Band 2
0.251 to
0.500
3.5
0.2
\u2013
3.1
0.6
\u2013
\u2013
0.1
Band 3
0.501 to
1.500
28.4
2.3
\u2013
25.4
11.6
0.2
\u2013
2.4
Band 4
1.501 to
5.000
36.7
20.5
\u2013
34.0
43.6
5.8
\u2013
10.2
Band 5
5.01 to
20.000
9.8
50.8
\u2013
12.1
33.3
44.1
\u2013
15.1
Band 6
20.001 to
99.999
\u2013
22.1
\u2013
1.5
0.4
47.7
\u2013
9.0
Band 7
100
\u2013
\u2013
97.5
4.3
\u2013
\u2013
97.4
58.9
Total Admiral
Money
82.6
96.2
97.5
84.2
89.9
97.8
97.4
95.9
Total Other
17.4
3.8
2.5
15.8
10.1
2.2
2.6
4.1
As at 31
December
2025
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
1%OT (Percentage of Total) represents the proportion that each PD band contributes to the total gross carrying amount or ECLs within
each credit-impairment stage and in total. Percentages are calculated separately for balances and ECL and therefore sum to 100% within
each stage.
2 Excludes PMAs of \u00a33.8 million ( 2024: 4.6 million) and other loss allowance of \u00a31.3 million (2024: \u00a30.5 million)
Gross carrying amount
ECL
Coverage
PD range
%
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Total
%
Band 1
0 to
0.250
35.8
0.3
\u2013
36.1
0.1
\u2013
\u2013
0.1
0.3
Band 2
0.251 to
0.500
29.5
0.1
\u2013
29.6
0.1
\u2013
\u2013
0.1
0.3
Band 3
0.501 to
1.500
375.5
3.0
\u2013
378.5
2.2
0.1
\u2013
2.3
0.6
Band 4
1.501 to
5.000
457.2
19.8
\u2013
477.0
7.4
1.0
\u2013
8.4
1.8
Band 5
5.01 to
20.000
113.2
51.3
0.0
164.5
5.1
7.6
0.0
12.7
7.7
Band 6
20.001 to
99.999
0.4
23.5
0.0
23.9
0.1
8.6
0.0
8.7
36.4
Band 7
\u2013
\u2013
0.0
64.4
64.4
0.0
0.0
46.9
46.9
72.8
Total
Admiral
Money
1011.6
98.0
64.4
1174.0
15.0
17.3
46.9
79.2
6.7
Total
Other
17.7
0.3
0.6
18.6
1.1
\u2013
0.3
1.4
7.5
As at 31
December
2024
1029.3
98.3
65.0
1192.6
16.1
17.3
47.2
80.6
6.8
Gross carrying amount
ECL
PD range
%
Stage 1
% OT
Stage 2
% OT
Stage 3
% OT
Total
% OT
Stage 1
% OT
Stage 2
% OT
Stage 3
% OT
Total
% OT
Band 1
0 to 0.250
3.5
0.3
\u2013
3.0
0.6
\u2013
\u2013
0.1
Band 2
0.251 to
0.500
2.9
0.1
\u2013
2.5
0.6
\u2013
\u2013
0.1
Band 3
0.501 to
1.500
36.5
3.1
\u2013
31.7
13.7
0.6
\u2013
2.9
Band 4
1.501 to
5.000
44.4
20.1
\u2013
40.0
46.0
5.8
\u2013
10.4
Band 5
5.01 to
20.000
11.0
52.2
\u2013
13.8
31.7
43.9
\u2013
15.8
Band 6
20.001 to
99.999
\u2013
23.9
\u2013
2.0
0.6
49.7
\u2013
10.8
Band 7
\u2013
\u2013
\u2013
99.1
5.4
\u2013
\u2013
99.4
58.2
Total Admiral
Money
98.3
99.7
99.1
98.4
93.2
100.0
99.4
98.3
Total Other
1.7
0.3
0.9
1.6
6.8
\u2013
0.6
1.7
As at 31
December
2024
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
The following tables reconcile the opening and closing gross carrying amount and ECL allowance. Loans originated in the
year are initially classified as Stage 1. In the following tables, the loans are presented in line with their staging as at each
year\u00a0end. During the year, the Group has enhanced the following disclosures by presenting gross balances and ECL within
one table, with this information being presented separately in the previous year. The net movement relating to the
remeasurement of ECL and to the movement in PMA\u2019s is now also presented separately within the tables to assist with
understanding of the movements in the ECL provision. Prior year comparatives have been represented to enable better
comparison of balances year on year.
Performing assets
Subject to 12-Month ECL
Stage 1
Underperforming assets
Subject to lifetime ECL
Stage 2
Non-performing assets
Subject to lifetime ECL
Stage 3
Total
2025
Balance
(\u00a3m)
ECL
(\u00a3m)
Balance
(\u00a3m)
ECL
(\u00a3m)
Balance
(\u00a3m)
ECL
(\u00a3m)
Balance
(\u00a3m)
ECL
(\u00a3m)1
As at 1 January 2025
1,029.3
(16.7)
98.3
(19.8)
65.0
(48.7)
1,192.6
(85.2)
Stage transfers
Transfers from\u00a0stage\u00a01
to\u00a0stage\u00a02\u00a0
(57.1)
1.3
57.1
(1.3)
\u2013
\u2013
\u2013
\u2013
Transfers from\u00a0stage\u00a02
to stage 1
29.4
(3.4)
(29.4)
3.4
\u2013
\u2013
\u2013
\u2013
To stage 3
(21.9)
0.5
(13.1)
4.1
35.0
(4.6)
\u2013
\u2013
From stage 3
0.3
(0.2)
1.4
(1.1)
(1.7)
1.3
\u2013
\u2013
Net remeasurement of
ECL
\u2013
1.4
\u2013
(2.5)
\u2013
(1.8)
\u2013
(2.9)
Net movement
(49.3)
(0.4)
16.0
2.6
33.3
(5.1)
\u2013
(2.9)
Net assets originated
in period
1,354.7
(13.7)
52.8
(8.6)
9.0
(6.9)
1,416.5
(29.2)
Forward flow of
new assets
(279.3)
\u2013
(0.1)
\u2013
(0.1)
\u2013
(279.5)
\u2013
Net new assets
1,075.4
(13.7)
52.7
(8.6)
8.9
(6.9)
1,137.0
(29.2)
Repayments and
change in risk
parameters
(394.4)
7.1
(40.9)
2.6
(13.5)
(17.7)
(448.8)
(8.0)
Forward flow \u2013
back book sale
(134.3)
2.3
(11.3)
2.2
(0.8)
0.5
(146.4)
5.0
Net write-offs
\u2013
\u2013
0.1
\u2013
(16.0)
16.2
(15.9)
16.2
Net movements in PMAs
\u2013
(1.0)
\u2013
\u2013
\u2013
1.7
\u2013
0.7
EIR adjustment
12.8
\u2013
0.5
\u2013
0.1
\u2013
13.4
\u2013
Foreign exchange
differences
1.8
\u2013
0.1
\u2013
(0.2)
(0.2)
1.7
(0.2)
Total other movements
(514.1)
8.4
(51.5)
4.8
(30.4)
0.5
(596.0)
13.7
As at 31 December
2025
1,541.3
(22.4)
115.5
(21.0)
76.8
(60.2)
1,733.6
(103.6)
Net carrying amount
\u2013
1,518.9
\u2013
94.5
\u2013
16.6
\u2013
1,630.0
Performing assets
Subject to 12-Month ECL
Stage 1
Underperforming assets
Subject to lifetime ECL
Stage 2
Non-performing assets
Subject to lifetime ECL
Stage 3
Total
2024
Balance
(\u00a3m)
ECL
(\u00a3m)
Balance
(\u00a3m)
ECL
(\u00a3m)
Balance
(\u00a3m)
ECL
(\u00a3m)
Balance
(\u00a3m)
ECL
(\u00a3m)1
As at 1 January 2024
779.6
(12.7)
126.0
(29.3)
55.6
(39.3)
961.2
(81.3)
Stage transfers
Transfers from\u00a0stage\u00a01
to\u00a0stage\u00a02
(50.1)
1.5
50.1
(1.5)
\u2013
\u2013
\u2013
\u2013
Transfers from\u00a0stage\u00a02
to stage 1
45.4
(8.2)
(45.4)
8.2
\u2013
\u2013
\u2013
\u2013
To stage 3
(20.7)
0.7
(17.5)
7.9
38.2
(8.6)
\u2013
\u2013
From stage 3
0.3
(0.1)
1.2
(0.7)
(1.5)
0.8
\u2013
\u2013
Net remeasurement of
ECL
\u2013
3.6
\u2013
(2.6)
\u2013
0.2
\u2013
1.2
Net movement
(25.1)
(2.5)
(11.6)
11.3
36.7
(7.6)
\u2013
1.2
Net assets originated in
period
629.6
(9.9)
34.0
(6.3)
5.1
(3.7)
668.7
(19.9)
Forward flow of
new assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Net new assets
629.6
(9.9)
34.0
(6.3)
5.1
(3.7)
668.7
(19.9)
Repayments and
change in risk
parameters
(355.9)
6.2
(49.9)
\u2013
(7.0)
(22.7)
(412.8)
(16.5)
Forward flow \u2013
back book sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Net write-offs
\u2013
\u2013
\u2013
\u2013
(25.4)
26.1
(25.4)
26.1
Net movements in
PMAs
\u2013
1.9
\u2013
4.2
\u2013
(1.5)
\u2013
4.6
EIR adjustment
1.1
\u2013
(0.2)
\u2013
\u2013
\u2013
0.9
\u2013
Total other movements
(354.8)
8.1
(50.1)
4.2
(32.4)
1.9
(437.3)
14.2
As at 31 December
2024
1,029.3
(17.0)
98.3
(20.1)
65.0
(48.7)
1,192.6
(85.8)
Net carrying amount
\u2013
1,012.3
\u2013
78.2
\u2013
16.3
\u2013
1,106.8
1 Excludes other loss allowance of \u00a31.3 million (2024: \u00a30.5 million)
Of the amounts written off during the year, \u00a311.9 million related to loans which were still subject to enforcement activity
(2024: \u00a313.6 million). The loss allowance in place in relation to these loans at the time of writing off totalled \u00a311.9 million
(2024: \u00a313.6 million).
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.
The following table sets out the Stage 2 credit-impaired assets for Admiral Money unsecured personal loans and secured
loans, analysed by the primary reasons for their classification within stage 2.
31 December 2025
PD
movement
Forbearance
support
provided
Probationary
period
Other
qualitative
reasons
Backstop
Total
Gross carrying amount (\u00a3m)
67.9
1.1
5.0
25.2
13.6
112.8
ECL (\u00a3m)
12.0
0.5
0.7
2.5
5.1
20.8
Coverage (%)
17.7
45.5
14.0
9.9
37.5
18.4
31 December 2024
PD
movement
Forbearance
support
provided
Probationary
period
Other
qualitative
reasons
Backstop
Total
Gross carrying amount (\u00a3m)
61.2
2.4
4.4
18.8
11.2
98.0
ECL (\u00a3m)
11.4
1.2
0.6
1.8
4.8
19.8
Coverage (%)
18.6
50.0
13.6
9.6
42.9
20.2
7c. Finance lease receivables
Loans and advances to customers include the following finance leases. The Group is the lessor for leases of cars. During the
year, the Group has enhanced the following disclosures by presenting the maturity profile split by year, rather than grouping
years. Prior year comparatives have been represented to enable better comparison of balances year on year.
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Gross investment in\u00a0finance\u00a0leases,\u00a0receivable\u00a0
Less than 1 year\u00a0
48.9
7.8
One to two years
46.7
5.8
Two to three years
46.0
3.5
Three to four years
55.1
2.4
Four to five years
22.6
1.7
More than 5 years
7.1
\u2013
Total gross finance lease receivables
226.4
21.2
Less: unearned finance income
(36.1)
(2.8)
Net investment in lease receivables
190.3
18.4
Less: allowance for expected credit losses
(3.4)
(0.3)
186.9
18.1
\u00a0
Net investment in finance leases, receivable\u00a0
Less than 1 year\u00a0
37.1
6.4
One to two years
36.7
5.1
Two to three years
38.1
3.2
Three to four years
50.4
2.2
Four to five years
21.4
1.5
More than 5 years\u00a0
6.6
\u2013
190.3
18.4
The net investment in finance leases shown above is net of the unguaranteed residual value of \u00a30.7 million
(2024: \u00a30.2 million).
The Group\u2019s net investment in finance leases changed during the year, primarily due to new finance leases disbursed
and\u00a0interest accruing on the Group\u2019s loan book, offset by the collection of lease payments which reduce the receivable.
7d. Interest income
31 December
2025
\u00a3m
31 December
2024
\u00a3m
From loans and advances to customers
135.9
107.9
Finance income on the net investment in finance leases
7.2
1.2
From bank interest
4.2
4.4
147.3
113.5
Interest income receivable is recognised in the income statement using the effective interest method, which calculates
the\u00a0amortised cost of the financial asset and allocates the interest income over the expected product life.
7e. Interest expense
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Interest payable on loan backed securities
47.9
32.0
Interest payable on other credit facilities
10.4
5.2
Total interest expense1
58.3
37.2
1Interest paid in total net of swaps during the year was \u00a355.7 million (2024: \u00a342.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "
Loans are secured by a second-ranking charge against residential property. External appraisals of security collateral are
obtained at origination and reviewed periodically to mitigate credit risk.
Upon borrower default, the property collateral for both first and second charges may be repossessed. Recoveries
are\u00a0applied in the order of senior ranking, with any residual benefit accruing to the Group for second-charge exposure.
Based on information obtained at origination and updated through normal servicing activities, the Group expects that the
majority of the homeowner loan portfolio is supported by residential property with loan\u2011to\u2011value ratios of less than 100%,
after taking into account the first\u2011charge lender\u2019s priority position.
At 31 December 2025, the carrying amount of homeowner loans subject to collateral arrangements was \u00a3219.0 million
(2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "
Loans are secured by a second-ranking charge against residential property. External appraisals of security collateral are
obtained at origination and reviewed periodically to mitigate credit risk.
Upon borrower default, the property collateral for both first and second charges may be repossessed. Recoveries
are\u00a0applied in the order of senior ranking, with any residual benefit accruing to the Group for second-charge exposure.
Based on information obtained at origination and updated through normal servicing activities, the Group expects that the
majority of the homeowner loan portfolio is supported by residential property with loan\u2011to\u2011value ratios of less than 100%,
after taking into account the first\u2011charge lender\u2019s priority position.
At 31 December 2025, the carrying amount of homeowner loans subject to collateral arrangements was \u00a3219.0 million
(2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "
Loans sold as part of the front book sales through the forward flow agreement are considered to fall under a new business
model under IFRS 9, given they are originated with the express intention of being sold shortly thereafter to an external third
party. These assets are therefore initially recognised and subsequently measured at FVTPL. Loan sales are completed on
average twice per month, with the external third party providing prefunding to be used for the origination of loans sold under
the agreement, which removes the liquidity impact of originating these loans. \u00a3279.5 million of loans were originated under
this business model in 2025 which, due to the way in which the forward flow arrangement is structured, have been
derecognised in full and have a carrying value of \u00a3nil in the Statement of Financial Position as at 31\u00a0December 2025.
The\u00a0sale of loans under this business model has generated origination fee income of \u00a39.7 million, recognised within Other
revenue and profit commission.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "
7d. Interest income
31 December
2025
\u00a3m
31 December
2024
\u00a3m
From loans and advances to customers
135.9
107.9
Finance income on the net investment in finance leases
7.2
1.2
From bank interest
4.2
4.4
147.3
113.5
Interest income receivable is recognised in the income statement using the effective interest method, which calculates
the\u00a0amortised cost of the financial asset and allocates the interest income over the expected product life.
7e. Interest expense
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Interest payable on loan backed securities
47.9
32.0
Interest payable on other credit facilities
10.4
5.2
Total interest expense1
58.3
37.2
1Interest paid in total net of swaps during the year was \u00a355.7 million (2024: \u00a342.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "value": "
8. Other revenue and co-insurer profit commission
8a. Accounting policies
(i) Composition of Other revenue and co-insurer profit commission
Other revenue falling within the scope of IFRS 15 Revenue from Contracts with Customers is generated from:
\u2022 Fee and commission revenue related to the sale of insurance contracts (see note 5).
Where additional fee and commission revenue is generated from the sale of insurance contracts, but that revenue is
separable from the host insurance contract in accordance with the principles of IFRS 17, and the goods or services provided
to the policyholder are distinct, the revenue is recognised applying IFRS 15.
\u2022 Revenue from the Group\u2019s law firm
\u2022 Servicing fee income.
Other revenue also includes instalment income on insurance premium paid via instalments, where it is not recognised under
IFRS 17 (see note 5) due to the income being separable from the host insurance contract. This instalment income is
recognised over time in\u00a0line with the provision of the service.
Co-insurer profit commission revenue falling within the scope of IFRS 15 Revenue from Contracts with Customers relates
primarily to a contractual arrangement between the Group\u2019s insurance intermediary EUI Limited, and an external co-insurer
(Great Lakes, a\u00a0subsidiary of Munich Re) which underwrites a share of the UK Car Insurance business generated by EUI
Limited.
Gain on de-recognition of assets relates to origination fee income recognised on sale of Admiral Money loan balances under
the forward flow agreement. The loans sold under the arrangement are derecognised from the balance sheet because
substantially all risks and rewards are transferred. The difference between the carrying amount of the loans and the
consideration received in the form of premium is recognised as a gain on derecognition of financial assets. This falls under
the scope of IFRS 9 Financial Instruments.
(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\u00a0other\u00a0revenue.
Products and services
Nature, timing of satisfaction of performance obligations and significant payment terms
Fee and commission
revenue, including
instalment income
and administration
fees: where\u00a0the
income is\u00a0separable
from the\u00a0underlying
insurance\u00a0contract
The performance obligation is the provision of insurance intermediary services, being a successful
sale of ancillary product at which point the performance obligation is met, and in the case
of\u00a0instalment income, the provision of credit. Revenue for intermediary services is therefore
recognised at a point in time, whilst revenue for the provision of credit is recognised over time,
matching the Group\u2019s provision of 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.
Payment from revenue generated from policyholders is due immediately, or in line with direct debit
instalments. Payments from external parties is due within 30 days of the period close.
Revenue from
law firm
The performance obligation is the pursuit of the compensation from the at fault party\u2019s insurer
on\u00a0behalf 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 closed 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 the Group has an enforceable right to payment
for\u00a0performance completed to date and the work performed to date has no alternative use
to\u00a0the\u00a0Group.
A contract asset is recognised equal to the work performed up to the balance sheet date.
Refer\u00a0to\u00a0note 6h for further detail of this balance. Deferred revenue is recognised when payment
has been received in advance of work completed.
Payment is due within 28 days of invoice.
Servicing fee
income
The performance obligation is servicing of the loans transferred under the forward flow
arrangement, in exchange for a fee based on the balance of loans being serviced. Revenue is
recognised on a straight-line basis over the servicing period, as the services are provided evenly
over time and the benefits are simultaneously received and consumed by the other party.
Profit commission
from\u00a0co-insurers
Profit commission is generated if an individual year is profitable, based on the premiums written
and expenses and claims costs incurred. Given that the ultimate outcome of the claims cost is
uncertain for a period of time until final settlement, profit commission is therefore variable.\u00a0
The cumulative profit commission recognised at each point in time is calculated in aggregate
across the contract, in line with contract terms, based on a number of detailed inputs for each
individual underwriting year, 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 costs incurred.
Whilst the premiums and insurance expenses related to an underwriting year are typically fixed
at\u00a0the conclusion of each underwriting year and are not subject to judgement, the claims cost
is\u00a0subject to inherent uncertainty. This results in the co-insurer profit commission recognised under
IFRS 15 being a variable amount.
As such:
\u2022 The Group uses the expected value method for the initial calculation of profit commission
revenue, based on known premiums and expenses, and the best estimate of claims costs.
\u2022 The variable revenue estimated using the expected value method above is constrained through
the inclusion of the risk adjustment within the claims cost element of the calculation, with the
profit commission recognised aligned to the IFRS 17 booked loss ratios, discounted at locked-in
rates, and inclusive of finance expense. The inclusion of the risk adjustment constrains the
cumulative profit commission revenue recognised to a level where there is a high probability
of\u00a0no significant reversal.
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\u00a0note 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.
Profit commission from reinsurers is within the scope of IFRS 17, and not within the scope of IFRS 15 Revenue from
Contracts with Customers due to the nature of the income.
Under IFRS 17 a significant proportion of \u201cOther revenue\u201d is recognised as insurance revenue given that it is not separable
from the underlying insurance contract.
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 \u00a3233.5 million (2024: \u00a3189.6 million) represents total other revenue and
co-insurer profit commission and is disaggregated into the segments included in note 4.
31 December 2025
Continuing operations
UK Insurance
\u00a3m
European
Insurance
\u00a3m
Admiral
Money
\u00a3m
Other
\u00a3m
Total Group
\u00a3m
Major products/service line
Fee and commission revenue
109.5
0.1
0.3
1.0
110.9
Revenue from law firm
22.7
\u2013
\u2013
\u2013
22.7
Gain on de-recognition of assets
\u2013
\u2013
17.1
\u2013
17.1
Servicing fee income
\u2013
\u2013
1.1
\u2013
1.1
Other
5.8
\u2013
1.0
0.4
7.2
Total other revenue
138.0
0.1
19.5
1.4
159.0
Profit commission from co-insurers
74.5
\u2013
\u2013
\u2013
74.5
Total other revenue and co-insurer profit
commission
212.5
0.1
19.5
1.4
233.5
Timing of revenue recognition
Point in time
151.7
0.1
0.3
1.0
153.1
Over time
55.0
\u2013
1.1
\u2013
56.1
Revenue outside the scope of IFRS 15
5.8
\u2013
18.1
0.4
24.3
212.5
0.1
19.5
1.4
233.5
31 December 2024
Continuing operations
UK Insurance
\u00a3m
European
Insurance
\u00a3m
Admiral
Money
\u00a3m
Other
\u00a3m
Total Group
\u00a3m
Major products/service line
Fee and commission revenue
119.5
0.1
0.2
0.2
120.0
Revenue from law firm
16.3
\u2013
\u2013
\u2013
16.3
Comparison income
\u2013
\u2013
\u2013
\u2013
\u2013
Total other revenue
135.8
0.1
0.2
0.2
136.3
Profit commission from co-insurers
53.3
\u2013
\u2013
\u2013
53.3
Total other revenue and co-insurer profit
commission
189.1
0.1
0.2
0.2
189.6
Timing of revenue recognition
Point in time
139.0
0.1
0.2
0.2
139.5
Over time
50.1
\u2013
\u2013
\u2013
50.1
189.1
0.1
0.2
0.2
189.6
Profit commission analysis
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Underwriting year
2021 & prior
8.7
51.7
2022
\u2013
\u2013
2023
\u2013
\u2013
2024
65.8
1.6
2025
\u2013
\u2013
Total UK Motor profit commission
74.5
53.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "
8. Other revenue and co-insurer profit commission
8a. Accounting policies
(i) Composition of Other revenue and co-insurer profit commission
Other revenue falling within the scope of IFRS 15 Revenue from Contracts with Customers is generated from:
\u2022 Fee and commission revenue related to the sale of insurance contracts (see note 5).
Where additional fee and commission revenue is generated from the sale of insurance contracts, but that revenue is
separable from the host insurance contract in accordance with the principles of IFRS 17, and the goods or services provided
to the policyholder are distinct, the revenue is recognised applying IFRS 15.
\u2022 Revenue from the Group\u2019s law firm
\u2022 Servicing fee income.
Other revenue also includes instalment income on insurance premium paid via instalments, where it is not recognised under
IFRS 17 (see note 5) due to the income being separable from the host insurance contract. This instalment income is
recognised over time in\u00a0line with the provision of the service.
Co-insurer profit commission revenue falling within the scope of IFRS 15 Revenue from Contracts with Customers relates
primarily to a contractual arrangement between the Group\u2019s insurance intermediary EUI Limited, and an external co-insurer
(Great Lakes, a\u00a0subsidiary of Munich Re) which underwrites a share of the UK Car Insurance business generated by EUI
Limited.
Gain on de-recognition of assets relates to origination fee income recognised on sale of Admiral Money loan balances under
the forward flow agreement. The loans sold under the arrangement are derecognised from the balance sheet because
substantially all risks and rewards are transferred. The difference between the carrying amount of the loans and the
consideration received in the form of premium is recognised as a gain on derecognition of financial assets. This falls under
the scope of IFRS 9 Financial Instruments.
(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\u00a0other\u00a0revenue.
Products and services
Nature, timing of satisfaction of performance obligations and significant payment terms
Fee and commission
revenue, including
instalment income
and administration
fees: where\u00a0the
income is\u00a0separable
from the\u00a0underlying
insurance\u00a0contract
The performance obligation is the provision of insurance intermediary services, being a successful
sale of ancillary product at which point the performance obligation is met, and in the case
of\u00a0instalment income, the provision of credit. Revenue for intermediary services is therefore
recognised at a point in time, whilst revenue for the provision of credit is recognised over time,
matching the Group\u2019s provision of 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.
Payment from revenue generated from policyholders is due immediately, or in line with direct debit
instalments. Payments from external parties is due within 30 days of the period close.
Revenue from
law firm
The performance obligation is the pursuit of the compensation from the at fault party\u2019s insurer
on\u00a0behalf 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 closed 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 the Group has an enforceable right to payment
for\u00a0performance completed to date and the work performed to date has no alternative use
to\u00a0the\u00a0Group.
A contract asset is recognised equal to the work performed up to the balance sheet date.
Refer\u00a0to\u00a0note 6h for further detail of this balance. Deferred revenue is recognised when payment
has been received in advance of work completed.
Payment is due within 28 days of invoice.
Servicing fee
income
The performance obligation is servicing of the loans transferred under the forward flow
arrangement, in exchange for a fee based on the balance of loans being serviced. Revenue is
recognised on a straight-line basis over the servicing period, as the services are provided evenly
over time and the benefits are simultaneously received and consumed by the other party.
Profit commission
from\u00a0co-insurers
Profit commission is generated if an individual year is profitable, based on the premiums written
and expenses and claims costs incurred. Given that the ultimate outcome of the claims cost is
uncertain for a period of time until final settlement, profit commission is therefore variable.\u00a0
The cumulative profit commission recognised at each point in time is calculated in aggregate
across the contract, in line with contract terms, based on a number of detailed inputs for each
individual underwriting year, 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 costs incurred.
Whilst the premiums and insurance expenses related to an underwriting year are typically fixed
at\u00a0the conclusion of each underwriting year and are not subject to judgement, the claims cost
is\u00a0subject to inherent uncertainty. This results in the co-insurer profit commission recognised under
IFRS 15 being a variable amount.
As such:
\u2022 The Group uses the expected value method for the initial calculation of profit commission
revenue, based on known premiums and expenses, and the best estimate of claims costs.
\u2022 The variable revenue estimated using the expected value method above is constrained through
the inclusion of the risk adjustment within the claims cost element of the calculation, with the
profit commission recognised aligned to the IFRS 17 booked loss ratios, discounted at locked-in
rates, and inclusive of finance expense. The inclusion of the risk adjustment constrains the
cumulative profit commission revenue recognised to a level where there is a high probability
of\u00a0no significant reversal.
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\u00a0note 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.
Profit commission from reinsurers is within the scope of IFRS 17, and not within the scope of IFRS 15 Revenue from
Contracts with Customers due to the nature of the income.
Under IFRS 17 a significant proportion of \u201cOther revenue\u201d is recognised as insurance revenue given that it is not separable
from the underlying insurance contract.
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 \u00a3233.5 million (2024: \u00a3189.6 million) represents total other revenue and
co-insurer profit commission and is disaggregated into the segments included in note 4.
31 December 2025
Continuing operations
UK Insurance
\u00a3m
European
Insurance
\u00a3m
Admiral
Money
\u00a3m
Other
\u00a3m
Total Group
\u00a3m
Major products/service line
Fee and commission revenue
109.5
0.1
0.3
1.0
110.9
Revenue from law firm
22.7
\u2013
\u2013
\u2013
22.7
Gain on de-recognition of assets
\u2013
\u2013
17.1
\u2013
17.1
Servicing fee income
\u2013
\u2013
1.1
\u2013
1.1
Other
5.8
\u2013
1.0
0.4
7.2
Total other revenue
138.0
0.1
19.5
1.4
159.0
Profit commission from co-insurers
74.5
\u2013
\u2013
\u2013
74.5
Total other revenue and co-insurer profit
commission
212.5
0.1
19.5
1.4
233.5
Timing of revenue recognition
Point in time
151.7
0.1
0.3
1.0
153.1
Over time
55.0
\u2013
1.1
\u2013
56.1
Revenue outside the scope of IFRS 15
5.8
\u2013
18.1
0.4
24.3
212.5
0.1
19.5
1.4
233.5
31 December 2024
Continuing operations
UK Insurance
\u00a3m
European
Insurance
\u00a3m
Admiral
Money
\u00a3m
Other
\u00a3m
Total Group
\u00a3m
Major products/service line
Fee and commission revenue
119.5
0.1
0.2
0.2
120.0
Revenue from law firm
16.3
\u2013
\u2013
\u2013
16.3
Comparison income
\u2013
\u2013
\u2013
\u2013
\u2013
Total other revenue
135.8
0.1
0.2
0.2
136.3
Profit commission from co-insurers
53.3
\u2013
\u2013
\u2013
53.3
Total other revenue and co-insurer profit
commission
189.1
0.1
0.2
0.2
189.6
Timing of revenue recognition
Point in time
139.0
0.1
0.2
0.2
139.5
Over time
50.1
\u2013
\u2013
\u2013
50.1
189.1
0.1
0.2
0.2
189.6
Profit commission analysis
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Underwriting year
2021 & prior
8.7
51.7
2022
\u2013
\u2013
2023
\u2013
\u2013
2024
65.8
1.6
2025
\u2013
\u2013
Total UK Motor profit commission
74.5
53.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-552": { "value": "
8a. Accounting policies
(i) Composition of Other revenue and co-insurer profit commission
Other revenue falling within the scope of IFRS 15 Revenue from Contracts with Customers is generated from:
\u2022 Fee and commission revenue related to the sale of insurance contracts (see note 5).
Where additional fee and commission revenue is generated from the sale of insurance contracts, but that revenue is
separable from the host insurance contract in accordance with the principles of IFRS 17, and the goods or services provided
to the policyholder are distinct, the revenue is recognised applying IFRS 15.
\u2022 Revenue from the Group\u2019s law firm
\u2022 Servicing fee income.
Other revenue also includes instalment income on insurance premium paid via instalments, where it is not recognised under
IFRS 17 (see note 5) due to the income being separable from the host insurance contract. This instalment income is
recognised over time in\u00a0line with the provision of the service.
Co-insurer profit commission revenue falling within the scope of IFRS 15 Revenue from Contracts with Customers relates
primarily to a contractual arrangement between the Group\u2019s insurance intermediary EUI Limited, and an external co-insurer
(Great Lakes, a\u00a0subsidiary of Munich Re) which underwrites a share of the UK Car Insurance business generated by EUI
Limited.
Gain on de-recognition of assets relates to origination fee income recognised on sale of Admiral Money loan balances under
the forward flow agreement. The loans sold under the arrangement are derecognised from the balance sheet because
substantially all risks and rewards are transferred. The difference between the carrying amount of the loans and the
consideration received in the form of premium is recognised as a gain on derecognition of financial assets. This falls under
the scope of IFRS 9 Financial Instruments.
(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\u00a0other\u00a0revenue.
Products and services
Nature, timing of satisfaction of performance obligations and significant payment terms
Fee and commission
revenue, including
instalment income
and administration
fees: where\u00a0the
income is\u00a0separable
from the\u00a0underlying
insurance\u00a0contract
The performance obligation is the provision of insurance intermediary services, being a successful
sale of ancillary product at which point the performance obligation is met, and in the case
of\u00a0instalment income, the provision of credit. Revenue for intermediary services is therefore
recognised at a point in time, whilst revenue for the provision of credit is recognised over time,
matching the Group\u2019s provision of 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.
Payment from revenue generated from policyholders is due immediately, or in line with direct debit
instalments. Payments from external parties is due within 30 days of the period close.
Revenue from
law firm
The performance obligation is the pursuit of the compensation from the at fault party\u2019s insurer
on\u00a0behalf 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 closed 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 the Group has an enforceable right to payment
for\u00a0performance completed to date and the work performed to date has no alternative use
to\u00a0the\u00a0Group.
A contract asset is recognised equal to the work performed up to the balance sheet date.
Refer\u00a0to\u00a0note 6h for further detail of this balance. Deferred revenue is recognised when payment
has been received in advance of work completed.
Payment is due within 28 days of invoice.
Servicing fee
income
The performance obligation is servicing of the loans transferred under the forward flow
arrangement, in exchange for a fee based on the balance of loans being serviced. Revenue is
recognised on a straight-line basis over the servicing period, as the services are provided evenly
over time and the benefits are simultaneously received and consumed by the other party.
Profit commission
from\u00a0co-insurers
Profit commission is generated if an individual year is profitable, based on the premiums written
and expenses and claims costs incurred. Given that the ultimate outcome of the claims cost is
uncertain for a period of time until final settlement, profit commission is therefore variable.\u00a0
The cumulative profit commission recognised at each point in time is calculated in aggregate
across the contract, in line with contract terms, based on a number of detailed inputs for each
individual underwriting year, 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 costs incurred.
Whilst the premiums and insurance expenses related to an underwriting year are typically fixed
at\u00a0the conclusion of each underwriting year and are not subject to judgement, the claims cost
is\u00a0subject to inherent uncertainty. This results in the co-insurer profit commission recognised under
IFRS 15 being a variable amount.
As such:
\u2022 The Group uses the expected value method for the initial calculation of profit commission
revenue, based on known premiums and expenses, and the best estimate of claims costs.
\u2022 The variable revenue estimated using the expected value method above is constrained through
the inclusion of the risk adjustment within the claims cost element of the calculation, with the
profit commission recognised aligned to the IFRS 17 booked loss ratios, discounted at locked-in
rates, and inclusive of finance expense. The inclusion of the risk adjustment constrains the
cumulative profit commission revenue recognised to a level where there is a high probability
of\u00a0no significant reversal.
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\u00a0note 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.
Profit commission from reinsurers is within the scope of IFRS 17, and not within the scope of IFRS 15 Revenue from
Contracts with Customers due to the nature of the income.
Under IFRS 17 a significant proportion of \u201cOther revenue\u201d is recognised as insurance revenue given that it is not separable
from the underlying insurance contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "value": "
8a. Accounting policies
(i) Composition of Other revenue and co-insurer profit commission
Other revenue falling within the scope of IFRS 15 Revenue from Contracts with Customers is generated from:
\u2022 Fee and commission revenue related to the sale of insurance contracts (see note 5).
Where additional fee and commission revenue is generated from the sale of insurance contracts, but that revenue is
separable from the host insurance contract in accordance with the principles of IFRS 17, and the goods or services provided
to the policyholder are distinct, the revenue is recognised applying IFRS 15.
\u2022 Revenue from the Group\u2019s law firm
\u2022 Servicing fee income.
Other revenue also includes instalment income on insurance premium paid via instalments, where it is not recognised under
IFRS 17 (see note 5) due to the income being separable from the host insurance contract. This instalment income is
recognised over time in\u00a0line with the provision of the service.
Co-insurer profit commission revenue falling within the scope of IFRS 15 Revenue from Contracts with Customers relates
primarily to a contractual arrangement between the Group\u2019s insurance intermediary EUI Limited, and an external co-insurer
(Great Lakes, a\u00a0subsidiary of Munich Re) which underwrites a share of the UK Car Insurance business generated by EUI
Limited.
Gain on de-recognition of assets relates to origination fee income recognised on sale of Admiral Money loan balances under
the forward flow agreement. The loans sold under the arrangement are derecognised from the balance sheet because
substantially all risks and rewards are transferred. The difference between the carrying amount of the loans and the
consideration received in the form of premium is recognised as a gain on derecognition of financial assets. This falls under
the scope of IFRS 9 Financial Instruments.
(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\u00a0other\u00a0revenue.
Products and services
Nature, timing of satisfaction of performance obligations and significant payment terms
Fee and commission
revenue, including
instalment income
and administration
fees: where\u00a0the
income is\u00a0separable
from the\u00a0underlying
insurance\u00a0contract
The performance obligation is the provision of insurance intermediary services, being a successful
sale of ancillary product at which point the performance obligation is met, and in the case
of\u00a0instalment income, the provision of credit. Revenue for intermediary services is therefore
recognised at a point in time, whilst revenue for the provision of credit is recognised over time,
matching the Group\u2019s provision of 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.
Payment from revenue generated from policyholders is due immediately, or in line with direct debit
instalments. Payments from external parties is due within 30 days of the period close.
Revenue from
law firm
The performance obligation is the pursuit of the compensation from the at fault party\u2019s insurer
on\u00a0behalf 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 closed 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 the Group has an enforceable right to payment
for\u00a0performance completed to date and the work performed to date has no alternative use
to\u00a0the\u00a0Group.
A contract asset is recognised equal to the work performed up to the balance sheet date.
Refer\u00a0to\u00a0note 6h for further detail of this balance. Deferred revenue is recognised when payment
has been received in advance of work completed.
Payment is due within 28 days of invoice.
Servicing fee
income
The performance obligation is servicing of the loans transferred under the forward flow
arrangement, in exchange for a fee based on the balance of loans being serviced. Revenue is
recognised on a straight-line basis over the servicing period, as the services are provided evenly
over time and the benefits are simultaneously received and consumed by the other party.
Profit commission
from\u00a0co-insurers
Profit commission is generated if an individual year is profitable, based on the premiums written
and expenses and claims costs incurred. Given that the ultimate outcome of the claims cost is
uncertain for a period of time until final settlement, profit commission is therefore variable.\u00a0
The cumulative profit commission recognised at each point in time is calculated in aggregate
across the contract, in line with contract terms, based on a number of detailed inputs for each
individual underwriting year, 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 costs incurred.
Whilst the premiums and insurance expenses related to an underwriting year are typically fixed
at\u00a0the conclusion of each underwriting year and are not subject to judgement, the claims cost
is\u00a0subject to inherent uncertainty. This results in the co-insurer profit commission recognised under
IFRS 15 being a variable amount.
As such:
\u2022 The Group uses the expected value method for the initial calculation of profit commission
revenue, based on known premiums and expenses, and the best estimate of claims costs.
\u2022 The variable revenue estimated using the expected value method above is constrained through
the inclusion of the risk adjustment within the claims cost element of the calculation, with the
profit commission recognised aligned to the IFRS 17 booked loss ratios, discounted at locked-in
rates, and inclusive of finance expense. The inclusion of the risk adjustment constrains the
cumulative profit commission revenue recognised to a level where there is a high probability
of\u00a0no significant reversal.
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\u00a0note 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.
Profit commission from reinsurers is within the scope of IFRS 17, and not within the scope of IFRS 15 Revenue from
Contracts with Customers due to the nature of the income.
Under IFRS 17 a significant proportion of \u201cOther revenue\u201d is recognised as insurance revenue given that it is not separable
from the underlying insurance contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-553": { "value": "
9. Directly attributable and other expenses
9a. Accounting policies
(i) Directly attributable insurance expenses
Directly attributable expenses are cashflows that are directly attributable to a portfolio of insurance contracts and
recognised as\u00a0incurred insurance service expenses. See note 5a for details of the types of expenses recognised as directly
attributable insurance expenses.
(ii) Other operating expenses
All other operating expenses are charged to the Income Statement in the period that they are incurred.
(iii) Employee benefits
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 Administration and acquisition expenses, Expenses relating to additional products and fees and Other
expenses 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\u00a0to them being materially comprised of an accounting charge in line with IFRS 2 Share-based payments
which does not result in\u00a0a\u00a0cash 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\u00a0incurred.
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 (\u2018SIP\u2019), which is in place for all UK employees encouraging wide share ownership across employees;
and
\u2022 The Discretionary Free Share Scheme (\u2018DFSS\u2019). DFSS shares are typically awarded to managers, and for the majority of
employees, 50% of DFSS shares awarded are subject to financial and non-financial performance conditions. The financial
performance conditions are Earnings per Share growth, Return on Equity and Total Shareholder Return vs. the FTSE 350
(excluding investment companies) over a three-year period. The non-financial performance conditions include measures
for Group net promoter scores, diversity and inclusion. The other 50% of DFSS shares awarded 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\u00a0shares are forfeited.
The majority of these schemes are classed as equity settled under IFRS 2, due to the employees receiving shares
(rather\u00a0than cash) as consideration for the services provided.
For equity-settled schemes, the charge which represents the fair value of the employee services received and to which is
measured by reference to the fair value of the shares granted, is recognised as an expense, with a corresponding increase
in equity, as shown in Consolidated Statement of Changes in Equity (2025: \u00a375.0 million; 2024: \u00a367.8 million).
For the cash-settled schemes, the expense recognised for the fair value of services received results in a corresponding
increase in\u00a0liabilities.
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\u00a0receive 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.
\u2022 Employee 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\u00a0shares 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\u00a0significant changes in assumptions may therefore result in an increased / decreased charge in an accounting period
as\u00a0a 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 three to five 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\u00a0the discretionary bonus. No accrual is made for future discretionary bonus payments due to there being no contractual
obligation for such a bonus at\u00a0the balance sheet date.
9b. Operating expenses and share scheme charges
31 December 2025
Continuing operations
Directly
attributable
expenses
\u00a3m
Other
operating
expenses
\u00a3m
Total
expenses
\u00a3m
Administration and acquisition expenses
1,007.5
123.4
1,130.9
Expenses relating to additional products and fees
\u2013
48.7
48.7
Share scheme expenses
75.9
36.9
112.8
Loan expenses (excluding movement on ECL provision)
\u2013
38.4
38.4
Movement in expected credit loss provision
\u2013
29.8
29.8
Other1
\u2013
74.1
74.1
Total
1,083.4
351.3
1,434.7
31 December 2024
Continuing operations
Directly
attributable
expenses
\u00a3m
Other
operating
expenses
\u00a3m
Total
expenses
\u00a3m
Administration and acquisition expenses
947.4
121.3
1,068.7
Expenses relating to additional products and fees
\u2013
46.2
46.2
Share scheme expenses
56.1
35.3
91.4
Loan expenses (excluding movement on ECL provision)
\u2013
29.9
29.9
Movement in expected credit loss provision
\u2013
34.6
34.6
Profit on disposal of Insurify share option
\u2013
(12.5)
(12.5)
Other1
\u2013
73.3
73.3
Total
1,003.5
328.1
1,331.6
1Other includes centralised costs primarily for employees and projects (2025: \u00a3 56.0 million; 2024: \u00a3 49.9 million), business development
costs, including expenses relating to new loan ventures (2025: \u00a320.1 million, 2024: \u00a319.9 million) and other costs (2025: \u00a3 0.7 million;
2024: \u00a33.5 million), offset by deferred consideration income (2025: \u00a32.7 million, 2024: \u00a3nil).
9c. Employee costs and other expenses
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Salaries
508.1
470.7
Social security charges on salaries
64.5
49.3
Pension costs
21.2
17.4
Share scheme charges (see note 9f)
115.7
93.9
Total employee expenses1
709.5
631.3
Depreciation charge:
\u2013 Owned assets
8.1
10.0
\u2013 ROU assets
7.8
8.8
Amortisation charge:
\u2013 Software, customer contracts, relationships and brand
59.1
61.6
Auditor\u2019s remuneration (including VAT) (total Group):
\u2013 Fees payable for the audit of the Company\u2019s annual accounts
0.7
0.5
\u2013 Fees payable for the audit of the Company\u2019s subsidiary accounts
2.6
2.5
\u2013 Fees payable for audit-related assurance services pursuant to legislation or regulation
1.2
1.2
1 Total employee costs above includes \u00a329.3 million (2024: \u00a335.7 million) relating to discontinued operations.
\u00a39,600 (inclusive of VAT) (2024: \u00a3141,600) was payable to the auditor for other services in the year.
Refer to the Corporate Governance Report for details of the Audit Committee\u2019s policy on fees paid to the Company\u2019s auditor
for\u00a0non-audit services. Audit fees are 74% (2024: 71%) of total fees and 26% (2024: 29%) 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 majority of amortisation of software is charged to directly attributable expenses in the income statement.
9d. Employee numbers (including Directors)
Average for the year
31 December
2025
Number
31 December
2024
Number
Direct customer contact employees
9,626
9,754
Support employees
5,372
4,766
Total
14,998
14,520
Total average employees in 2025 shown above includes 372 relating to Elephant Insurance (2024: 467).
9e. Directors' remuneration
(i) Directors\u2019 remuneration
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Directors\u2019 emoluments
1.3
1.2
Amounts receivable under SIP and DFSS share schemes
6.6
5.3
Company contributions to money purchase pension plans\u00a0
0.1
0.1
Total1
8.0
6.6
1Directors\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
2025
Number
2024
Number
Retirement benefits are accruing to the following number of Directors under:
\u2013 Money purchase schemes
2
2
9f. Employee share schemes
Total share scheme charges for the Group excluding discontinued operations are analysed below:
31 December 2025
Continuing operations
SIP charge (i)
\u00a3m
DFSS charge
(ii)
\u00a3m
Total charge
\u00a3m
IFRS 2 charge for equity-settled share schemes
21.7
50.4
72.1
IFRS 2 charge for cash-settled share schemes
\u2013
4.1
4.1
Total IFRS 2 charge
21.7
54.5
76.2
Social security costs on IFRS 2 charge
2.3
11.8
14.1
Discretionary bonus on shares allocated but unvested
\u2013
22.5
22.5
Total share scheme charges1
24.0
88.8
112.8
Amounts recovered from co-and reinsurance arrangements
(40.9)
Net share scheme charges
71.9
31 December 2024
Continuing operations
SIP charge (i)
\u00a3m
DFSS charge
(ii)
\u00a3m
Total charge
\u00a3m
IFRS 2 charge for equity-settled share schemes
18.8
47.9
66.7
IFRS 2 charge for cash-settled share schemes
\u2013
2.1
2.1
Total IFRS 2 charge
18.8
50.0
68.8
Social security costs on IFRS 2 charge
1.6
8.7
10.3
Discretionary bonus on shares allocated but unvested
\u2013
12.3
12.3
Total share scheme charges1
20.4
71.0
91.4
Amounts recovered from co-and reinsurance arrangements
(30.7)
Net share scheme charges
60.7
1Total share scheme charges for the Group including discontinued operations were \u00a3115.7 million (2024: \u00a393.9 million, see note 9c).
The IFRS 2 charge for equity-settled share schemes for discontinued operations was \u00a31.1 million (2024: \u00a31.2 million) and the IFRS 2
charge for cash-settled share schemes for discontinued operations was \u00a31.5 million (2024: \u00a31.1 million).
Share scheme charges are presented on a net basis within the Strategic Report, after allocations to co-insurers (in the UK
and Italy) and reinsurers, in line with internal management reporting. 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 2025
Analysis of gross cost
2022 & prior
2023
2024
2025
Total
cumulative
charge to date
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Year of share scheme - SIP
2021
9.8
5.3
3.1
\u2013
18.2
2022
3.1
5.3
5.8
3.5
17.7
20231
\u2013
3.3
6.0
6.4
15.7
20241
\u2013
\u2013
3.9
7.2
11.1
20251
\u2013
\u2013
\u2013
4.6
4.6
Gross IFRS 2 costs \u2013 SIP
18.8
21.7
Year of share scheme - DFSS
2021
17.4
18.1
11.5
\u2013
47.0
2022
3.2
14.1
15.4
8.9
41.6
20232
\u2013
5.0
17.2
18.1
40.3
20242
\u2013
\u2013
5.9
21.1
27.0
20252
\u2013
6.4
6.4
Gross IFRS 2 costs - DFSS
50.0
54.5
Total IFRS 2 costs
68.8
76.2
1Awards are made in March and September of each year, and vest over 36 months from award date. On the 2023 schemes, an average
of\u00a05 months\u2019 charge remains outstanding, on the 2024 schemes an average of 17 months\u2019 charge remains outstanding, and on the 2025
schemes an average of 29 months\u2019 charge remains outstanding.
2The main award is made in September of each year, with smaller awards made at other points through the year. The shares vest over
36\u00a0months from award date. On the 2023 main DFSS, 9 months\u2019 charge remains outstanding; on the 2024 main DFSS 21 months\u2019 charge
remains outstanding, and on the 2025 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 2025 schemes is 877,968 (2024 schemes: 929,237; 2023 schemes: 1,045,697).
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 2025 schemes is 3,173,981 (2024 scheme: 3,516,290; 2023
scheme: 3,360,665).
The vesting percentage for most employees for the 2022 DFSS scheme which vested during 2025 was 84.8% (2021 DFSS
scheme: 68.6%).
(iii) Number of free share awards committed at 31\u00a0December 2025
Awards
outstanding1
SIP 20232
1,045,697
SIP 20242
929,237
SIP 20252
877,968
DFSS 20233
3,360,665
DFSS 20243
3,516,290
DFSS 20253
3,173,981
Total awards committed
12,903,838
1Being the maximum number of awards committed before accounting for expected employee attrition and vesting conditions
2Shares are awarded in March and September of each year, and vest three years later
3The 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\u00a0December 2025
During the year ended 31\u00a0December 2025, awards under the SIP H1 2021 and H2 2021 schemes and the DFSS 2021
schemes vested. The total number of awards vesting for each scheme is as follows.
Original
awards
Awards
vested
SIP 2022 schemes
872,728
755,357
DFSS 2022 schemes
3,070,323
2,352,085
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 \u00a328.23 (2024: \u00a323.54).
The weighted average market share price at the date of exercise for shares exercised during the year was \u00a332.58
(2024:\u00a0\u00a327.94).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-554": { "value": "
(i) Directly attributable insurance expenses
Directly attributable expenses are cashflows that are directly attributable to a portfolio of insurance contracts and
recognised as\u00a0incurred insurance service expenses. See note 5a for details of the types of expenses recognised as directly
attributable insurance expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-555": { "value": "
(ii) Other operating expenses
All other operating expenses are charged to the Income Statement in the period that they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-556": { "value": "
(iii) Employee benefits
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 Administration and acquisition expenses, Expenses relating to additional products and fees and Other
expenses 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\u00a0to them being materially comprised of an accounting charge in line with IFRS 2 Share-based payments
which does not result in\u00a0a\u00a0cash 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\u00a0incurred.
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 (\u2018SIP\u2019), which is in place for all UK employees encouraging wide share ownership across employees;
and
\u2022 The Discretionary Free Share Scheme (\u2018DFSS\u2019). DFSS shares are typically awarded to managers, and for the majority of
employees, 50% of DFSS shares awarded are subject to financial and non-financial performance conditions. The financial
performance conditions are Earnings per Share growth, Return on Equity and Total Shareholder Return vs. the FTSE 350
(excluding investment companies) over a three-year period. The non-financial performance conditions include measures
for Group net promoter scores, diversity and inclusion. The other 50% of DFSS shares awarded 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\u00a0shares are forfeited.
The majority of these schemes are classed as equity settled under IFRS 2, due to the employees receiving shares
(rather\u00a0than cash) as consideration for the services provided.
For equity-settled schemes, the charge which represents the fair value of the employee services received and to which is
measured by reference to the fair value of the shares granted, is recognised as an expense, with a corresponding increase
in equity, as shown in Consolidated Statement of Changes in Equity (2025: \u00a375.0 million; 2024: \u00a367.8 million).
For the cash-settled schemes, the expense recognised for the fair value of services received results in a corresponding
increase in\u00a0liabilities.
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\u00a0receive 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.
\u2022 Employee 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\u00a0shares 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\u00a0significant changes in assumptions may therefore result in an increased / decreased charge in an accounting period
as\u00a0a 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 three to five 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\u00a0the discretionary bonus. No accrual is made for future discretionary bonus payments due to there being no contractual
obligation for such a bonus at\u00a0the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-557": { "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 (\u2018SIP\u2019), which is in place for all UK employees encouraging wide share ownership across employees;
and
\u2022 The Discretionary Free Share Scheme (\u2018DFSS\u2019). DFSS shares are typically awarded to managers, and for the majority of
employees, 50% of DFSS shares awarded are subject to financial and non-financial performance conditions. The financial
performance conditions are Earnings per Share growth, Return on Equity and Total Shareholder Return vs. the FTSE 350
(excluding investment companies) over a three-year period. The non-financial performance conditions include measures
for Group net promoter scores, diversity and inclusion. The other 50% of DFSS shares awarded 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\u00a0shares are forfeited.
The majority of these schemes are classed as equity settled under IFRS 2, due to the employees receiving shares
(rather\u00a0than cash) as consideration for the services provided.
For equity-settled schemes, the charge which represents the fair value of the employee services received and to which is
measured by reference to the fair value of the shares granted, is recognised as an expense, with a corresponding increase
in equity, as shown in Consolidated Statement of Changes in Equity (2025: \u00a375.0 million; 2024: \u00a367.8 million).
For the cash-settled schemes, the expense recognised for the fair value of services received results in a corresponding
increase in\u00a0liabilities.
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\u00a0receive 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.
\u2022 Employee 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\u00a0shares 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\u00a0significant changes in assumptions may therefore result in an increased / decreased charge in an accounting period
as\u00a0a 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 three to five 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "value": "75000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-559": { "value": "67800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-561": { "value": "
9b. Operating expenses and share scheme charges
31 December 2025
Continuing operations
Directly
attributable
expenses
\u00a3m
Other
operating
expenses
\u00a3m
Total
expenses
\u00a3m
Administration and acquisition expenses
1,007.5
123.4
1,130.9
Expenses relating to additional products and fees
\u2013
48.7
48.7
Share scheme expenses
75.9
36.9
112.8
Loan expenses (excluding movement on ECL provision)
\u2013
38.4
38.4
Movement in expected credit loss provision
\u2013
29.8
29.8
Other1
\u2013
74.1
74.1
Total
1,083.4
351.3
1,434.7
31 December 2024
Continuing operations
Directly
attributable
expenses
\u00a3m
Other
operating
expenses
\u00a3m
Total
expenses
\u00a3m
Administration and acquisition expenses
947.4
121.3
1,068.7
Expenses relating to additional products and fees
\u2013
46.2
46.2
Share scheme expenses
56.1
35.3
91.4
Loan expenses (excluding movement on ECL provision)
\u2013
29.9
29.9
Movement in expected credit loss provision
\u2013
34.6
34.6
Profit on disposal of Insurify share option
\u2013
(12.5)
(12.5)
Other1
\u2013
73.3
73.3
Total
1,003.5
328.1
1,331.6
1Other includes centralised costs primarily for employees and projects (2025: \u00a3 56.0 million; 2024: \u00a3 49.9 million), business development
costs, including expenses relating to new loan ventures (2025: \u00a320.1 million, 2024: \u00a319.9 million) and other costs (2025: \u00a3 0.7 million;
2024: \u00a33.5 million), offset by deferred consideration income (2025: \u00a32.7 million, 2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-560": { "value": "
9b. Operating expenses and share scheme charges
31 December 2025
Continuing operations
Directly
attributable
expenses
\u00a3m
Other
operating
expenses
\u00a3m
Total
expenses
\u00a3m
Administration and acquisition expenses
1,007.5
123.4
1,130.9
Expenses relating to additional products and fees
\u2013
48.7
48.7
Share scheme expenses
75.9
36.9
112.8
Loan expenses (excluding movement on ECL provision)
\u2013
38.4
38.4
Movement in expected credit loss provision
\u2013
29.8
29.8
Other1
\u2013
74.1
74.1
Total
1,083.4
351.3
1,434.7
31 December 2024
Continuing operations
Directly
attributable
expenses
\u00a3m
Other
operating
expenses
\u00a3m
Total
expenses
\u00a3m
Administration and acquisition expenses
947.4
121.3
1,068.7
Expenses relating to additional products and fees
\u2013
46.2
46.2
Share scheme expenses
56.1
35.3
91.4
Loan expenses (excluding movement on ECL provision)
\u2013
29.9
29.9
Movement in expected credit loss provision
\u2013
34.6
34.6
Profit on disposal of Insurify share option
\u2013
(12.5)
(12.5)
Other1
\u2013
73.3
73.3
Total
1,003.5
328.1
1,331.6
1Other includes centralised costs primarily for employees and projects (2025: \u00a3 56.0 million; 2024: \u00a3 49.9 million), business development
costs, including expenses relating to new loan ventures (2025: \u00a320.1 million, 2024: \u00a319.9 million) and other costs (2025: \u00a3 0.7 million;
2024: \u00a33.5 million), offset by deferred consideration income (2025: \u00a32.7 million, 2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-565": { "value": "
9c. Employee costs and other expenses
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Salaries
508.1
470.7
Social security charges on salaries
64.5
49.3
Pension costs
21.2
17.4
Share scheme charges (see note 9f)
115.7
93.9
Total employee expenses1
709.5
631.3
Depreciation charge:
\u2013 Owned assets
8.1
10.0
\u2013 ROU assets
7.8
8.8
Amortisation charge:
\u2013 Software, customer contracts, relationships and brand
59.1
61.6
Auditor\u2019s remuneration (including VAT) (total Group):
\u2013 Fees payable for the audit of the Company\u2019s annual accounts
0.7
0.5
\u2013 Fees payable for the audit of the Company\u2019s subsidiary accounts
2.6
2.5
\u2013 Fees payable for audit-related assurance services pursuant to legislation or regulation
1.2
1.2
1 Total employee costs above includes \u00a329.3 million (2024: \u00a335.7 million) relating to discontinued operations.
\u00a39,600 (inclusive of VAT) (2024: \u00a3141,600) was payable to the auditor for other services in the year.
Refer to the Corporate Governance Report for details of the Audit Committee\u2019s policy on fees paid to the Company\u2019s auditor
for\u00a0non-audit services. Audit fees are 74% (2024: 71%) of total fees and 26% (2024: 29%) 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 majority of amortisation of software is charged to directly attributable expenses in the income statement.
9f. Employee share schemes
Total share scheme charges for the Group excluding discontinued operations are analysed below:
31 December 2025
Continuing operations
SIP charge (i)
\u00a3m
DFSS charge
(ii)
\u00a3m
Total charge
\u00a3m
IFRS 2 charge for equity-settled share schemes
21.7
50.4
72.1
IFRS 2 charge for cash-settled share schemes
\u2013
4.1
4.1
Total IFRS 2 charge
21.7
54.5
76.2
Social security costs on IFRS 2 charge
2.3
11.8
14.1
Discretionary bonus on shares allocated but unvested
\u2013
22.5
22.5
Total share scheme charges1
24.0
88.8
112.8
Amounts recovered from co-and reinsurance arrangements
(40.9)
Net share scheme charges
71.9
31 December 2024
Continuing operations
SIP charge (i)
\u00a3m
DFSS charge
(ii)
\u00a3m
Total charge
\u00a3m
IFRS 2 charge for equity-settled share schemes
18.8
47.9
66.7
IFRS 2 charge for cash-settled share schemes
\u2013
2.1
2.1
Total IFRS 2 charge
18.8
50.0
68.8
Social security costs on IFRS 2 charge
1.6
8.7
10.3
Discretionary bonus on shares allocated but unvested
\u2013
12.3
12.3
Total share scheme charges1
20.4
71.0
91.4
Amounts recovered from co-and reinsurance arrangements
(30.7)
Net share scheme charges
60.7
1Total share scheme charges for the Group including discontinued operations were \u00a3115.7 million (2024: \u00a393.9 million, see note 9c).
The IFRS 2 charge for equity-settled share schemes for discontinued operations was \u00a31.1 million (2024: \u00a31.2 million) and the IFRS 2
charge for cash-settled share schemes for discontinued operations was \u00a31.5 million (2024: \u00a31.1 million).
Share scheme charges are presented on a net basis within the Strategic Report, after allocations to co-insurers (in the UK
and Italy) and reinsurers, in line with internal management reporting. 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 2025
Analysis of gross cost
2022 & prior
2023
2024
2025
Total
cumulative
charge to date
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Year of share scheme - SIP
2021
9.8
5.3
3.1
\u2013
18.2
2022
3.1
5.3
5.8
3.5
17.7
20231
\u2013
3.3
6.0
6.4
15.7
20241
\u2013
\u2013
3.9
7.2
11.1
20251
\u2013
\u2013
\u2013
4.6
4.6
Gross IFRS 2 costs \u2013 SIP
18.8
21.7
Year of share scheme - DFSS
2021
17.4
18.1
11.5
\u2013
47.0
2022
3.2
14.1
15.4
8.9
41.6
20232
\u2013
5.0
17.2
18.1
40.3
20242
\u2013
\u2013
5.9
21.1
27.0
20252
\u2013
6.4
6.4
Gross IFRS 2 costs - DFSS
50.0
54.5
Total IFRS 2 costs
68.8
76.2
1Awards are made in March and September of each year, and vest over 36 months from award date. On the 2023 schemes, an average
of\u00a05 months\u2019 charge remains outstanding, on the 2024 schemes an average of 17 months\u2019 charge remains outstanding, and on the 2025
schemes an average of 29 months\u2019 charge remains outstanding.
2The main award is made in September of each year, with smaller awards made at other points through the year. The shares vest over
36\u00a0months from award date. On the 2023 main DFSS, 9 months\u2019 charge remains outstanding; on the 2024 main DFSS 21 months\u2019 charge
remains outstanding, and on the 2025 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 2025 schemes is 877,968 (2024 schemes: 929,237; 2023 schemes: 1,045,697).
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 2025 schemes is 3,173,981 (2024 scheme: 3,516,290; 2023
scheme: 3,360,665).
The vesting percentage for most employees for the 2022 DFSS scheme which vested during 2025 was 84.8% (2021 DFSS
scheme: 68.6%).
(iii) Number of free share awards committed at 31\u00a0December 2025
Awards
outstanding1
SIP 20232
1,045,697
SIP 20242
929,237
SIP 20252
877,968
DFSS 20233
3,360,665
DFSS 20243
3,516,290
DFSS 20253
3,173,981
Total awards committed
12,903,838
1Being the maximum number of awards committed before accounting for expected employee attrition and vesting conditions
2Shares are awarded in March and September of each year, and vest three years later
3The 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\u00a0December 2025
During the year ended 31\u00a0December 2025, awards under the SIP H1 2021 and H2 2021 schemes and the DFSS 2021
schemes vested. The total number of awards vesting for each scheme is as follows.
Original
awards
Awards
vested
SIP 2022 schemes
872,728
755,357
DFSS 2022 schemes
3,070,323
2,352,085
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 \u00a328.23 (2024: \u00a323.54).
The weighted average market share price at the date of exercise for shares exercised during the year was \u00a332.58
(2024:\u00a0\u00a327.94).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-562": { "value": "
9c. Employee costs and other expenses
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Salaries
508.1
470.7
Social security charges on salaries
64.5
49.3
Pension costs
21.2
17.4
Share scheme charges (see note 9f)
115.7
93.9
Total employee expenses1
709.5
631.3
Depreciation charge:
\u2013 Owned assets
8.1
10.0
\u2013 ROU assets
7.8
8.8
Amortisation charge:
\u2013 Software, customer contracts, relationships and brand
59.1
61.6
Auditor\u2019s remuneration (including VAT) (total Group):
\u2013 Fees payable for the audit of the Company\u2019s annual accounts
0.7
0.5
\u2013 Fees payable for the audit of the Company\u2019s subsidiary accounts
2.6
2.5
\u2013 Fees payable for audit-related assurance services pursuant to legislation or regulation
1.2
1.2
1 Total employee costs above includes \u00a329.3 million (2024: \u00a335.7 million) relating to discontinued operations.
\u00a39,600 (inclusive of VAT) (2024: \u00a3141,600) was payable to the auditor for other services in the year.
Refer to the Corporate Governance Report for details of the Audit Committee\u2019s policy on fees paid to the Company\u2019s auditor
for\u00a0non-audit services. Audit fees are 74% (2024: 71%) of total fees and 26% (2024: 29%) 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 majority of amortisation of software is charged to directly attributable expenses in the income statement.
9d. Employee numbers (including Directors)
Average for the year
31 December
2025
Number
31 December
2024
Number
Direct customer contact employees
9,626
9,754
Support employees
5,372
4,766
Total
14,998
14,520
Total average employees in 2025 shown above includes 372 relating to Elephant Insurance (2024: 467).
9e. Directors' remuneration
(i) Directors\u2019 remuneration
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Directors\u2019 emoluments
1.3
1.2
Amounts receivable under SIP and DFSS share schemes
6.6
5.3
Company contributions to money purchase pension plans\u00a0
0.1
0.1
Total1
8.0
6.6
1Directors\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
2025
Number
2024
Number
Retirement benefits are accruing to the following number of Directors under:
\u2013 Money purchase schemes
2
2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-564": { "value": "
9c. Employee costs and other expenses
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Salaries
508.1
470.7
Social security charges on salaries
64.5
49.3
Pension costs
21.2
17.4
Share scheme charges (see note 9f)
115.7
93.9
Total employee expenses1
709.5
631.3
Depreciation charge:
\u2013 Owned assets
8.1
10.0
\u2013 ROU assets
7.8
8.8
Amortisation charge:
\u2013 Software, customer contracts, relationships and brand
59.1
61.6
Auditor\u2019s remuneration (including VAT) (total Group):
\u2013 Fees payable for the audit of the Company\u2019s annual accounts
0.7
0.5
\u2013 Fees payable for the audit of the Company\u2019s subsidiary accounts
2.6
2.5
\u2013 Fees payable for audit-related assurance services pursuant to legislation or regulation
1.2
1.2
1 Total employee costs above includes \u00a329.3 million (2024: \u00a335.7 million) relating to discontinued operations.
\u00a39,600 (inclusive of VAT) (2024: \u00a3141,600) was payable to the auditor for other services in the year.
Refer to the Corporate Governance Report for details of the Audit Committee\u2019s policy on fees paid to the Company\u2019s auditor
for\u00a0non-audit services. Audit fees are 74% (2024: 71%) of total fees and 26% (2024: 29%) 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 majority of amortisation of software is charged to directly attributable expenses in the income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-563": { "value": "
9c. Employee costs and other expenses
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Salaries
508.1
470.7
Social security charges on salaries
64.5
49.3
Pension costs
21.2
17.4
Share scheme charges (see note 9f)
115.7
93.9
Total employee expenses1
709.5
631.3
Depreciation charge:
\u2013 Owned assets
8.1
10.0
\u2013 ROU assets
7.8
8.8
Amortisation charge:
\u2013 Software, customer contracts, relationships and brand
59.1
61.6
Auditor\u2019s remuneration (including VAT) (total Group):
\u2013 Fees payable for the audit of the Company\u2019s annual accounts
0.7
0.5
\u2013 Fees payable for the audit of the Company\u2019s subsidiary accounts
2.6
2.5
\u2013 Fees payable for audit-related assurance services pursuant to legislation or regulation
1.2
1.2
1 Total employee costs above includes \u00a329.3 million (2024: \u00a335.7 million) relating to discontinued operations.
\u00a39,600 (inclusive of VAT) (2024: \u00a3141,600) was payable to the auditor for other services in the year.
Refer to the Corporate Governance Report for details of the Audit Committee\u2019s policy on fees paid to the Company\u2019s auditor
for\u00a0non-audit services. Audit fees are 74% (2024: 71%) of total fees and 26% (2024: 29%) 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 majority of amortisation of software is charged to directly attributable expenses in the income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-566": { "value": "
9f. Employee share schemes
Total share scheme charges for the Group excluding discontinued operations are analysed below:
31 December 2025
Continuing operations
SIP charge (i)
\u00a3m
DFSS charge
(ii)
\u00a3m
Total charge
\u00a3m
IFRS 2 charge for equity-settled share schemes
21.7
50.4
72.1
IFRS 2 charge for cash-settled share schemes
\u2013
4.1
4.1
Total IFRS 2 charge
21.7
54.5
76.2
Social security costs on IFRS 2 charge
2.3
11.8
14.1
Discretionary bonus on shares allocated but unvested
\u2013
22.5
22.5
Total share scheme charges1
24.0
88.8
112.8
Amounts recovered from co-and reinsurance arrangements
(40.9)
Net share scheme charges
71.9
31 December 2024
Continuing operations
SIP charge (i)
\u00a3m
DFSS charge
(ii)
\u00a3m
Total charge
\u00a3m
IFRS 2 charge for equity-settled share schemes
18.8
47.9
66.7
IFRS 2 charge for cash-settled share schemes
\u2013
2.1
2.1
Total IFRS 2 charge
18.8
50.0
68.8
Social security costs on IFRS 2 charge
1.6
8.7
10.3
Discretionary bonus on shares allocated but unvested
\u2013
12.3
12.3
Total share scheme charges1
20.4
71.0
91.4
Amounts recovered from co-and reinsurance arrangements
(30.7)
Net share scheme charges
60.7
1Total share scheme charges for the Group including discontinued operations were \u00a3115.7 million (2024: \u00a393.9 million, see note 9c).
The IFRS 2 charge for equity-settled share schemes for discontinued operations was \u00a31.1 million (2024: \u00a31.2 million) and the IFRS 2
charge for cash-settled share schemes for discontinued operations was \u00a31.5 million (2024: \u00a31.1 million).
Share scheme charges are presented on a net basis within the Strategic Report, after allocations to co-insurers (in the UK
and Italy) and reinsurers, in line with internal management reporting. 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 2025
Analysis of gross cost
2022 & prior
2023
2024
2025
Total
cumulative
charge to date
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Year of share scheme - SIP
2021
9.8
5.3
3.1
\u2013
18.2
2022
3.1
5.3
5.8
3.5
17.7
20231
\u2013
3.3
6.0
6.4
15.7
20241
\u2013
\u2013
3.9
7.2
11.1
20251
\u2013
\u2013
\u2013
4.6
4.6
Gross IFRS 2 costs \u2013 SIP
18.8
21.7
Year of share scheme - DFSS
2021
17.4
18.1
11.5
\u2013
47.0
2022
3.2
14.1
15.4
8.9
41.6
20232
\u2013
5.0
17.2
18.1
40.3
20242
\u2013
\u2013
5.9
21.1
27.0
20252
\u2013
6.4
6.4
Gross IFRS 2 costs - DFSS
50.0
54.5
Total IFRS 2 costs
68.8
76.2
1Awards are made in March and September of each year, and vest over 36 months from award date. On the 2023 schemes, an average
of\u00a05 months\u2019 charge remains outstanding, on the 2024 schemes an average of 17 months\u2019 charge remains outstanding, and on the 2025
schemes an average of 29 months\u2019 charge remains outstanding.
2The main award is made in September of each year, with smaller awards made at other points through the year. The shares vest over
36\u00a0months from award date. On the 2023 main DFSS, 9 months\u2019 charge remains outstanding; on the 2024 main DFSS 21 months\u2019 charge
remains outstanding, and on the 2025 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 2025 schemes is 877,968 (2024 schemes: 929,237; 2023 schemes: 1,045,697).
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 2025 schemes is 3,173,981 (2024 scheme: 3,516,290; 2023
scheme: 3,360,665).
The vesting percentage for most employees for the 2022 DFSS scheme which vested during 2025 was 84.8% (2021 DFSS
scheme: 68.6%).
(iii) Number of free share awards committed at 31\u00a0December 2025
Awards
outstanding1
SIP 20232
1,045,697
SIP 20242
929,237
SIP 20252
877,968
DFSS 20233
3,360,665
DFSS 20243
3,516,290
DFSS 20253
3,173,981
Total awards committed
12,903,838
1Being the maximum number of awards committed before accounting for expected employee attrition and vesting conditions
2Shares are awarded in March and September of each year, and vest three years later
3The 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\u00a0December 2025
During the year ended 31\u00a0December 2025, awards under the SIP H1 2021 and H2 2021 schemes and the DFSS 2021
schemes vested. The total number of awards vesting for each scheme is as follows.
Original
awards
Awards
vested
SIP 2022 schemes
872,728
755,357
DFSS 2022 schemes
3,070,323
2,352,085
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 \u00a328.23 (2024: \u00a323.54).
The weighted average market share price at the date of exercise for shares exercised during the year was \u00a332.58
(2024:\u00a0\u00a327.94).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-568": { "value": "
10. Taxation
10a. Accounting policies
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\u00a0substantively 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\u00a0carrying 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 substantively enacted by the balance sheet date and
that are\u00a0expected to apply in the period when the liability is settled, or the asset is realised.
The principal temporary differences arise from IFRS recognition differences due timing differences in the recognition of
intragroup profit commission across subsidiaries, carried forward losses, differences between tax capital allowances and
depreciation of property, plant and equipment, reserve movements and share scheme charges.
The resulting deferred tax is charged or credited to the Income Statement, except to the extent it relates to items that are
recognised in other comprehensive income or directly in equity, in which case the deferred tax is also recognised in other
comprehensive income or directly in equity respectively.
Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets (including
those 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. Such assets and liabilities are not recognised if the temporary difference
arises from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the
accounting profit, other than in a business combination or for transactions that give rise to equal taxable and deductible
temporary differences. In addition, a deferred tax liability is not recognised if the temporary difference arises from the initial
recognition of goodwill. For the recognition of deferred tax assets, the probability of the availability of future taxable profits
is\u00a0determined by a combination of the existence of taxable temporary differences and reviewing future profit projections for
the businesses.
10b. Taxation
Continuing operations
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Current tax
Corporation tax on profits for the year
222.6
139.1
Under provision relating to prior periods
(2.3)
1.8
Pillar Two income taxes
6.6
15.3
Current tax charge
226.9
156.2
Deferred tax
Current period deferred taxation movement
(15.7)
15.7
Under provision relating to prior periods
1.4
3.4
Total tax charge per Consolidated Income Statement
212.6
175.3
Factors affecting the total tax charge are:
Continuing operations
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Profit before tax
957.9
826.5
Corporation tax thereon at effective UK corporation tax rate of 25% (2024: 25%)
239.5
206.6
Expenses and provisions not deductible for tax purposes
1.8
4.1
Non-taxable income
(10.7)
(21.3)
Adjustments relating to prior periods
0.6
5.2
Impact of Pillar Two income taxes
5.1
15.3
Impact of different overseas tax rates
(27.5)
(44.9)
Unrecognised deferred tax
3.8
10.3
Total tax charge
212.6
175.3
Corporation tax assets as at 31\u00a0December 2025 totalled \u00a3 18.1 million, with corporation tax liabilities of \u00a369.3 million
(2024:\u00a0\u00a3\u00a018.1 million assets and \u00a3 35.0 million liabilities). Corporation tax liabilities includes \u00a322.0 million (2024: \u00a315.4 million)
relating to Pillar Two income taxes.
The UK corporation tax rate for 2025 is 25% (2024: 25%).
Pillar Two income taxes included above relates to estimated top-up tax payable under the OECD Pillar Two rules which
establish a global minimum effective tax rate of 15%. The Group has continued to apply the temporary mandatory exception
to recognising and disclosing information about deferred tax assets and\u00a0liabilities related to Pillar Two income taxes,
as\u00a0provided in the amendments to IAS 12 issued in May 2023.
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
Insurance
finance
reserve
\u00a3m
IFRS
recognition
difference
\u00a3m1
Other
differences
\u00a3m
Total
\u00a3m
Balance brought forward at
1 January 2024
7.2
(3.9)
53.5
1.2
(2.5)
(10.1)
\u2013
0.7
46.1
Reallocation of brought
forward deferred tax
\u2013
\u2013
(15.1)
\u2013
\u2013
\u2013
15.1
\u2013
\u2013
Tax treatment of share
scheme charges through
income or expense
(0.9)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.9)
Tax treatment of share
scheme charges through
reserves
3.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3.2
Capital allowances - deferred
tax acquired in business
combination
\u2013
(9.1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(9.1)
Capital allowances
\u2013
4.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.8
Carried forward losses
\u2013
\u2013
(38.4)
\u2013
\u2013
\u2013
\u2013
\u2013
(38.4)
Movement in fair value
reserve
\u2013
\u2013
\u2013
2.4
\u2013
\u2013
\u2013
\u2013
2.4
Movement in hedging
reserve
\u2013
\u2013
\u2013
\u2013
1.0
\u2013
\u2013
\u2013
1.0
Movement in insurance
finance reserve
\u2013
\u2013
\u2013
\u2013
\u2013
(3.8)
\u2013
\u2013
(3.8)
Movement in IFRS
recognition differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
14.0
\u2013
14.0
Other differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.5
0.5
Balance carried forward at
31 December 2024
9.5
(8.2)
\u2013
3.6
(1.5)
(13.9)
29.1
1.2
19.8
Tax treatment of share
scheme charges through
income or expense
(5.5)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5.5)
Tax treatment of share
scheme charges through
reserves
8.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
8.8
Capital allowances
\u2013
(0.3)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.3)
Movement in fair value
reserve
\u2013
\u2013
\u2013
(2.8)
\u2013
\u2013
\u2013
\u2013
(2.8)
Movement in hedging
reserve
\u2013
\u2013
\u2013
\u2013
3.4
\u2013
\u2013
\u2013
3.4
Movement in insurance
finance reserve
\u2013
\u2013
\u2013
\u2013
\u2013
7.4
\u2013
\u2013
7.4
Movement in IFRS
recognition differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
19.8
\u2013
19.8
Other differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Balance carried forward at
31 December 2025
12.8
(8.5)
\u2013
0.8
1.9
(6.5)
48.9
1.3
50.7
1Deferred tax on IFRS recognition differences is separately disclosed with a \u00a315.1 million reallocation of the brought forward deferred tax
asset at 1 January 2024 included above, as presented in the prior year financial statements. The majority of deferred tax on IFRS recognition
differences relates to timing differences in the recognition of intragroup profit commission across subsidiaries in different tax jurisdictions.\u00a0
Positive amounts presented above relate to a deferred tax asset position.
The deferred tax asset has increased during the year, mainly relating to the IFRS recognition differences. Deferred tax
assets are recognised where it is considered probable that there are sufficient future taxable profits available against which
the assets can be utilised.
At 31\u00a0December 2025, the Group\u2019s continuing operations had unused tax losses amounting to \u00a378.1 million (2024 excluding
US operations: \u00a375.9 million) and other deductible timing differences of \u00a371.7 million (2024 excluding US operations: \u00a360.0
million), relating primarily to the Group\u2019s business in Spain, for which no deferred tax assets have been recognised. This is
due to uncertainty over the availability and timing of future taxable profits against which to utilise these deferred tax assets.
There is no expiry date for these tax losses, however annual utilisation may be subject to a restriction.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-567": { "value": "
10. Taxation
10a. Accounting policies
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\u00a0substantively 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\u00a0carrying 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 substantively enacted by the balance sheet date and
that are\u00a0expected to apply in the period when the liability is settled, or the asset is realised.
The principal temporary differences arise from IFRS recognition differences due timing differences in the recognition of
intragroup profit commission across subsidiaries, carried forward losses, differences between tax capital allowances and
depreciation of property, plant and equipment, reserve movements and share scheme charges.
The resulting deferred tax is charged or credited to the Income Statement, except to the extent it relates to items that are
recognised in other comprehensive income or directly in equity, in which case the deferred tax is also recognised in other
comprehensive income or directly in equity respectively.
Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets (including
those 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. Such assets and liabilities are not recognised if the temporary difference
arises from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the
accounting profit, other than in a business combination or for transactions that give rise to equal taxable and deductible
temporary differences. In addition, a deferred tax liability is not recognised if the temporary difference arises from the initial
recognition of goodwill. For the recognition of deferred tax assets, the probability of the availability of future taxable profits
is\u00a0determined by a combination of the existence of taxable temporary differences and reviewing future profit projections for
the businesses.
10b. Taxation
Continuing operations
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Current tax
Corporation tax on profits for the year
222.6
139.1
Under provision relating to prior periods
(2.3)
1.8
Pillar Two income taxes
6.6
15.3
Current tax charge
226.9
156.2
Deferred tax
Current period deferred taxation movement
(15.7)
15.7
Under provision relating to prior periods
1.4
3.4
Total tax charge per Consolidated Income Statement
212.6
175.3
Factors affecting the total tax charge are:
Continuing operations
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Profit before tax
957.9
826.5
Corporation tax thereon at effective UK corporation tax rate of 25% (2024: 25%)
239.5
206.6
Expenses and provisions not deductible for tax purposes
1.8
4.1
Non-taxable income
(10.7)
(21.3)
Adjustments relating to prior periods
0.6
5.2
Impact of Pillar Two income taxes
5.1
15.3
Impact of different overseas tax rates
(27.5)
(44.9)
Unrecognised deferred tax
3.8
10.3
Total tax charge
212.6
175.3
Corporation tax assets as at 31\u00a0December 2025 totalled \u00a3 18.1 million, with corporation tax liabilities of \u00a369.3 million
(2024:\u00a0\u00a3\u00a018.1 million assets and \u00a3 35.0 million liabilities). Corporation tax liabilities includes \u00a322.0 million (2024: \u00a315.4 million)
relating to Pillar Two income taxes.
The UK corporation tax rate for 2025 is 25% (2024: 25%).
Pillar Two income taxes included above relates to estimated top-up tax payable under the OECD Pillar Two rules which
establish a global minimum effective tax rate of 15%. The Group has continued to apply the temporary mandatory exception
to recognising and disclosing information about deferred tax assets and\u00a0liabilities related to Pillar Two income taxes,
as\u00a0provided in the amendments to IAS 12 issued in May 2023.
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
Insurance
finance
reserve
\u00a3m
IFRS
recognition
difference
\u00a3m1
Other
differences
\u00a3m
Total
\u00a3m
Balance brought forward at
1 January 2024
7.2
(3.9)
53.5
1.2
(2.5)
(10.1)
\u2013
0.7
46.1
Reallocation of brought
forward deferred tax
\u2013
\u2013
(15.1)
\u2013
\u2013
\u2013
15.1
\u2013
\u2013
Tax treatment of share
scheme charges through
income or expense
(0.9)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.9)
Tax treatment of share
scheme charges through
reserves
3.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3.2
Capital allowances - deferred
tax acquired in business
combination
\u2013
(9.1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(9.1)
Capital allowances
\u2013
4.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.8
Carried forward losses
\u2013
\u2013
(38.4)
\u2013
\u2013
\u2013
\u2013
\u2013
(38.4)
Movement in fair value
reserve
\u2013
\u2013
\u2013
2.4
\u2013
\u2013
\u2013
\u2013
2.4
Movement in hedging
reserve
\u2013
\u2013
\u2013
\u2013
1.0
\u2013
\u2013
\u2013
1.0
Movement in insurance
finance reserve
\u2013
\u2013
\u2013
\u2013
\u2013
(3.8)
\u2013
\u2013
(3.8)
Movement in IFRS
recognition differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
14.0
\u2013
14.0
Other differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.5
0.5
Balance carried forward at
31 December 2024
9.5
(8.2)
\u2013
3.6
(1.5)
(13.9)
29.1
1.2
19.8
Tax treatment of share
scheme charges through
income or expense
(5.5)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5.5)
Tax treatment of share
scheme charges through
reserves
8.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
8.8
Capital allowances
\u2013
(0.3)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.3)
Movement in fair value
reserve
\u2013
\u2013
\u2013
(2.8)
\u2013
\u2013
\u2013
\u2013
(2.8)
Movement in hedging
reserve
\u2013
\u2013
\u2013
\u2013
3.4
\u2013
\u2013
\u2013
3.4
Movement in insurance
finance reserve
\u2013
\u2013
\u2013
\u2013
\u2013
7.4
\u2013
\u2013
7.4
Movement in IFRS
recognition differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
19.8
\u2013
19.8
Other differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Balance carried forward at
31 December 2025
12.8
(8.5)
\u2013
0.8
1.9
(6.5)
48.9
1.3
50.7
1Deferred tax on IFRS recognition differences is separately disclosed with a \u00a315.1 million reallocation of the brought forward deferred tax
asset at 1 January 2024 included above, as presented in the prior year financial statements. The majority of deferred tax on IFRS recognition
differences relates to timing differences in the recognition of intragroup profit commission across subsidiaries in different tax jurisdictions.\u00a0
Positive amounts presented above relate to a deferred tax asset position.
The deferred tax asset has increased during the year, mainly relating to the IFRS recognition differences. Deferred tax
assets are recognised where it is considered probable that there are sufficient future taxable profits available against which
the assets can be utilised.
At 31\u00a0December 2025, the Group\u2019s continuing operations had unused tax losses amounting to \u00a378.1 million (2024 excluding
US operations: \u00a375.9 million) and other deductible timing differences of \u00a371.7 million (2024 excluding US operations: \u00a360.0
million), relating primarily to the Group\u2019s business in Spain, for which no deferred tax assets have been recognised. This is
due to uncertainty over the availability and timing of future taxable profits against which to utilise these deferred tax assets.
There is no expiry date for these tax losses, however annual utilisation may be subject to a restriction.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-569": { "value": "
10a. Accounting policies
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\u00a0substantively 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\u00a0carrying 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 substantively enacted by the balance sheet date and
that are\u00a0expected to apply in the period when the liability is settled, or the asset is realised.
The principal temporary differences arise from IFRS recognition differences due timing differences in the recognition of
intragroup profit commission across subsidiaries, carried forward losses, differences between tax capital allowances and
depreciation of property, plant and equipment, reserve movements and share scheme charges.
The resulting deferred tax is charged or credited to the Income Statement, except to the extent it relates to items that are
recognised in other comprehensive income or directly in equity, in which case the deferred tax is also recognised in other
comprehensive income or directly in equity respectively.
Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets (including
those 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. Such assets and liabilities are not recognised if the temporary difference
arises from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the
accounting profit, other than in a business combination or for transactions that give rise to equal taxable and deductible
temporary differences. In addition, a deferred tax liability is not recognised if the temporary difference arises from the initial
recognition of goodwill. For the recognition of deferred tax assets, the probability of the availability of future taxable profits
is\u00a0determined by a combination of the existence of taxable temporary differences and reviewing future profit projections for
the businesses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-570": { "value": "
(ii) Deferred tax
Deferred tax is provided in full using the balance sheet liability method, providing for temporary differences arising between
the\u00a0carrying 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 substantively enacted by the balance sheet date and
that are\u00a0expected to apply in the period when the liability is settled, or the asset is realised.
The principal temporary differences arise from IFRS recognition differences due timing differences in the recognition of
intragroup profit commission across subsidiaries, carried forward losses, differences between tax capital allowances and
depreciation of property, plant and equipment, reserve movements and share scheme charges.
The resulting deferred tax is charged or credited to the Income Statement, except to the extent it relates to items that are
recognised in other comprehensive income or directly in equity, in which case the deferred tax is also recognised in other
comprehensive income or directly in equity respectively.
Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets (including
those 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. Such assets and liabilities are not recognised if the temporary difference
arises from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the
accounting profit, other than in a business combination or for transactions that give rise to equal taxable and deductible
temporary differences. In addition, a deferred tax liability is not recognised if the temporary difference arises from the initial
recognition of goodwill. For the recognition of deferred tax assets, the probability of the availability of future taxable profits
is\u00a0determined by a combination of the existence of taxable temporary differences and reviewing future profit projections for
the businesses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-571": { "value": "
10b. Taxation
Continuing operations
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Current tax
Corporation tax on profits for the year
222.6
139.1
Under provision relating to prior periods
(2.3)
1.8
Pillar Two income taxes
6.6
15.3
Current tax charge
226.9
156.2
Deferred tax
Current period deferred taxation movement
(15.7)
15.7
Under provision relating to prior periods
1.4
3.4
Total tax charge per Consolidated Income Statement
212.6
175.3
Factors affecting the total tax charge are:
Continuing operations
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Profit before tax
957.9
826.5
Corporation tax thereon at effective UK corporation tax rate of 25% (2024: 25%)
239.5
206.6
Expenses and provisions not deductible for tax purposes
1.8
4.1
Non-taxable income
(10.7)
(21.3)
Adjustments relating to prior periods
0.6
5.2
Impact of Pillar Two income taxes
5.1
15.3
Impact of different overseas tax rates
(27.5)
(44.9)
Unrecognised deferred tax
3.8
10.3
Total tax charge
212.6
175.3
Corporation tax assets as at 31\u00a0December 2025 totalled \u00a3 18.1 million, with corporation tax liabilities of \u00a369.3 million
(2024:\u00a0\u00a3\u00a018.1 million assets and \u00a3 35.0 million liabilities). Corporation tax liabilities includes \u00a322.0 million (2024: \u00a315.4 million)
relating to Pillar Two income taxes.
The UK corporation tax rate for 2025 is 25% (2024: 25%).
Pillar Two income taxes included above relates to estimated top-up tax payable under the OECD Pillar Two rules which
establish a global minimum effective tax rate of 15%. The Group has continued to apply the temporary mandatory exception
to recognising and disclosing information about deferred tax assets and\u00a0liabilities related to Pillar Two income taxes,
as\u00a0provided in the amendments to IAS 12 issued in May 2023.
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
Insurance
finance
reserve
\u00a3m
IFRS
recognition
difference
\u00a3m1
Other
differences
\u00a3m
Total
\u00a3m
Balance brought forward at
1 January 2024
7.2
(3.9)
53.5
1.2
(2.5)
(10.1)
\u2013
0.7
46.1
Reallocation of brought
forward deferred tax
\u2013
\u2013
(15.1)
\u2013
\u2013
\u2013
15.1
\u2013
\u2013
Tax treatment of share
scheme charges through
income or expense
(0.9)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.9)
Tax treatment of share
scheme charges through
reserves
3.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3.2
Capital allowances - deferred
tax acquired in business
combination
\u2013
(9.1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(9.1)
Capital allowances
\u2013
4.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.8
Carried forward losses
\u2013
\u2013
(38.4)
\u2013
\u2013
\u2013
\u2013
\u2013
(38.4)
Movement in fair value
reserve
\u2013
\u2013
\u2013
2.4
\u2013
\u2013
\u2013
\u2013
2.4
Movement in hedging
reserve
\u2013
\u2013
\u2013
\u2013
1.0
\u2013
\u2013
\u2013
1.0
Movement in insurance
finance reserve
\u2013
\u2013
\u2013
\u2013
\u2013
(3.8)
\u2013
\u2013
(3.8)
Movement in IFRS
recognition differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
14.0
\u2013
14.0
Other differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.5
0.5
Balance carried forward at
31 December 2024
9.5
(8.2)
\u2013
3.6
(1.5)
(13.9)
29.1
1.2
19.8
Tax treatment of share
scheme charges through
income or expense
(5.5)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5.5)
Tax treatment of share
scheme charges through
reserves
8.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
8.8
Capital allowances
\u2013
(0.3)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.3)
Movement in fair value
reserve
\u2013
\u2013
\u2013
(2.8)
\u2013
\u2013
\u2013
\u2013
(2.8)
Movement in hedging
reserve
\u2013
\u2013
\u2013
\u2013
3.4
\u2013
\u2013
\u2013
3.4
Movement in insurance
finance reserve
\u2013
\u2013
\u2013
\u2013
\u2013
7.4
\u2013
\u2013
7.4
Movement in IFRS
recognition differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
19.8
\u2013
19.8
Other differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Balance carried forward at
31 December 2025
12.8
(8.5)
\u2013
0.8
1.9
(6.5)
48.9
1.3
50.7
1Deferred tax on IFRS recognition differences is separately disclosed with a \u00a315.1 million reallocation of the brought forward deferred tax
asset at 1 January 2024 included above, as presented in the prior year financial statements. The majority of deferred tax on IFRS recognition
differences relates to timing differences in the recognition of intragroup profit commission across subsidiaries in different tax jurisdictions.\u00a0
Positive amounts presented above relate to a deferred tax asset position.
The deferred tax asset has increased during the year, mainly relating to the IFRS recognition differences. Deferred tax
assets are recognised where it is considered probable that there are sufficient future taxable profits available against which
the assets can be utilised.
At 31\u00a0December 2025, the Group\u2019s continuing operations had unused tax losses amounting to \u00a378.1 million (2024 excluding
US operations: \u00a375.9 million) and other deductible timing differences of \u00a371.7 million (2024 excluding US operations: \u00a360.0
million), relating primarily to the Group\u2019s business in Spain, for which no deferred tax assets have been recognised. This is
due to uncertainty over the availability and timing of future taxable profits against which to utilise these deferred tax assets.
There is no expiry date for these tax losses, however annual utilisation may be subject to a restriction.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-572": { "value": "18100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-573": { "value": "69300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-574": { "value": "18100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-575": { "value": "35000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-576": { "value": "
11. Other Assets and Other Liabilities
11a. Accounting policies
(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
Right-of-use assets
\u2013 two to 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 to 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\u00a0straight-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 on acquisitions of
trade and assets representing a business and/or acquisition of subsidiaries and represents the difference between the cost
of the acquisition and the fair value of the net identifiable assets acquired.
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 every six months for evidence of impairment and tested annually for
impairment.
The goodwill held on the balance sheet at 31\u00a0December 2025 includes goodwill from acquisition of EUI Limited which has
been allocated to the UK insurance segment, and goodwill arising from the acquisition of Home and Pet renewal rights from
RSA Insurance Group Limited which has been allocated to the UK Pet and Household CGUs.
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.
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 cashflow projections based on financial budgets approved by management covering
a\u00a0period of\u00a0up to five years.
The key assumptions used in the value in use calculations are those regarding revenue growth, along with expected
changes in\u00a0pricing 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.
Renewal Rights (included within Customer contracts, relationships and brand)
Renewal rights are recognised as an intangible asset and amortised using the reducing balance method over an expected
useful life determined as ranging between nine and fourteen years. Renewal rights on initial recognition have been
recognised at fair value arising through an acquisition.
The carrying value of renewal rights is reviewed every six months for evidence of impairment, with the value being written
down if\u00a0any impairment exists. Impairment may be reversed if conditions subsequently improve.
Brand (included within Customer contracts, relationships and brand)
Brand rights are recognised as an intangible asset and amortised using the straight line method over an expected useful life
of\u00a0fifteen years. Brand rights on initial recognition have been recognised at its fair value arising through an acquisition.
The carrying value of brand rights 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.
Software
Purchased software is recognised as an intangible asset and amortised on a straight-line basis over its expected useful life
(generally the license term which is typically between 2 and 4 years). 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 on a straight-line basis over the expected useful life of the systems (generally between
3\u00a0and\u00a04 years) 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\u00a0possible 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\u00a0non-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
\u00a3m
Improvements
to short
leasehold
buildings\u00a0
Computer
equipment\u00a0
Office
equipment\u00a0
Furniture and
fittings\u00a0
ROU Asset \u2013
Leasehold
buildings
Total\u00a0
Cost
At 1 January 2024
29.7
57.3
18.3
9.6
99.9
214.8
Additions\u00a0
2.6
5.4
0.5
0.2
17.4
26.1
Impairment\u00a0
(0.6)
(3.2)
(0.6)
\u2013
\u2013
(4.4)
Disposals\u00a0
(15.5)
(16.4)
(8.2)
(2.5)
(8.5)
(51.1)
Foreign exchange and other
movements\u00a0
(0.3)
(0.3)
(0.1)
(0.2)
(0.8)
(1.7)
At 31 December 2024
15.9
42.8
9.9
7.1
108.0
183.7
Depreciation\u00a0
At 1 January 2024
21.6
45.8
17.2
8.4
31.7
124.7
Charge for the year
2.8
6.3
0.5
0.4
8.8
18.8
Impairment
(0.5)
(2.8)
(0.4)
\u2013
\u2013
(3.7)
Disposals
(15.5)
(16.4)
(8.1)
(2.5)
(0.2)
(42.7)
Foreign exchange and other
movements
(0.2)
(0.2)
(0.1)
(0.1)
(0.6)
(1.2)
At 31 December 2024
8.2
32.7
9.1
6.2
39.7
95.9
Net book amount
At 31 December 2024
7.7
10.1
0.8
0.9
68.3
87.8
Cost
At 1 January 2025
15.9
42.8
9.9
7.1
108.0
183.7
Additions
2.4
3.6
0.5
0.1
3.5
10.1
Impairment
\u2013
(1.2)
\u2013
\u2013
\u2013
(1.2)
Disposals
\u2013
(0.1)
\u2013
\u2013
\u2013
(0.1)
Disposals on sale of subsidiary
\u2013
(1.4)
\u2013
(0.6)
(1.1)
(3.1)
Foreign exchange and other
movements
(0.6)
(0.3)
0.2
0.7
(0.4)
(0.4)
At 31 December 2025
17.7
43.4
10.6
7.3
110.0
189.0
Depreciation
At 1 January 2025
8.2
32.7
9.1
6.2
39.7
95.9
Charge for the year
2.5
4.7
0.4
0.5
7.8
15.9
Impairment
\u2013
(1.0)
\u2013
\u2013
\u2013
(1.0)
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals on sale of subsidiary
\u2013
(1.3)
\u2013
(0.5)
(0.4)
(2.2)
Foreign exchange and other
movements
0.1
\u2013
0.2
\u2013
(0.1)
0.2
At 31 December 2025
10.8
35.1
9.7
6.2
47.0
108.8
Net book amount
At 31 December 2025
6.9
8.3
0.9
1.1
63.0
80.2
11c. Intangible assets
Goodwill
\u00a3m
Customer
contracts,
relationships
and brand
\u00a3m
Software \u2013
Internally
generated
\u00a3m
Software \u2013
Other
\u00a3m
Total
\u00a3m
At 1 January 2024
62.3
7.9
152.0
20.7
242.9
Additions
49.8
44.5
48.8
3.1
146.2
Amortisation charge
\u2013
(2.8)
(54.5)
(4.3)
(61.6)
Disposals
\u2013
\u2013
(0.3)
(0.4)
(0.7)
Impairment
\u2013
\u2013
(3.5)
(0.9)
(4.4)
Transfers
\u2013
\u2013
6.2
(6.2)
\u2013
Foreign exchange movement & other
movements
\u2013
(0.3)
(0.6)
(0.5)
(1.4)
At 31 December 2024
112.1
49.3
148.1
11.5
321.0
Additions
\u2013
\u2013
64.7
3.0
67.7
Amortisation charge
\u2013
(7.4)
(48.3)
(3.4)
(59.1)
Disposals
\u2013
\u2013
(0.3)
\u2013
(0.3)
Impairment
\u2013
\u2013
(3.6)
\u2013
(3.6)
Foreign exchange movement & other
movements
\u2013
0.4
0.7
0.8
1.9
At 31 December 2025
112.1
42.3
161.3
11.9
327.6
Customer contracts and relationships includes Home and Pet renewal rights which has a net carrying value of \u00a328.1 million
as at 31\u00a0December 2025 and an amortisation period of 9 years for Home renewal rights and 14 years for Pet renewal rights.
See note 13 for further information.
Goodwill relates to the acquisition of Group subsidiary EUI Limited (formerly Admiral Insurance Services Limited) in
November 1999, and on the purchase of the direct Home and Pet renewal rights from the RSA Insurance Group Limited
(\u2018RSA\u2019) in April 2024. The carrying amount of goodwill as at 31\u00a0December 2025 is \u00a3112.1 million (2024: \u00a3112.1 million),
of\u00a0which \u00a362.3 million (2024: 62.3 million) is allocated to UK insurance, \u00a341.2 million (2024: \u00a341.2 million) to UK Pet and
\u00a38.6\u00a0million (2024: \u00a38.6 million) to UK Household CGUs.
Goodwill is tested for impairment annually and whenever there is an indication of impairment at the level of the CGU to
which it\u00a0is\u00a0allocated. Annual impairment reviews have indicated that the estimated recoverable value of the asset is greater
than the carrying amount and therefore no impairment losses have been recognised.
Only one year of forecasts is required to support the recoverable value of goodwill from EUI acquisition. Given the short time
period used to support the recoverable amount, no terminal growth rate or discounting is applied.
With regards to the goodwill arising from RSA acquisition, the recoverable amount of the CGU has been determined based
on a\u00a0value in use calculation using discounted cash flow projections based on financial budgets approved by the board
of\u00a0directors covering a five-year period and a pre-tax discount rate of 13%. Cash flows beyond the five year period are
extrapolated into perpetuity as the fifth year represents a reasonable estimate of a steady state of business. No long term
growth rate has been applied to the perpetuity calculations.
The key assumptions on which the cash flow projections are based on forecast growth in premiums written, related
expenses and\u00a0claims costs. The forecasts are based on past experience adjusted for market trends and strategic decisions
made in respect of the Pet and Household lines of business.
Refer to the accounting policy for goodwill for further information.
11d. Trade and other payables
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Trade payables
57.3
52.4
Other tax and social security
12.3
12.5
Amounts owed to co-insurers
22.0
\u2013
Other payables
42.1
34.0
Accruals and deferred income
83.5
76.4
Total trade and other payables
217.2
175.3
Analysis of accruals and deferred income
Accruals
59.2
48.2
Deferred income
24.3
28.2
Total accruals and deferred income as above
83.5
76.4
11e. Leases
The Group occupies various properties under leasing arrangements that are now recognised as right of use assets and
lease\u00a0liabilities.
Amounts recognised in the Statement of Financial Position are as follows:
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Lease liabilities
Current
7.4
8.6
Non-Current
66.2
71.0
Total
73.6
79.6
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.
Under IFRS16 the Group has no significant financial commitments in relation to leases other than those accounted for as right of use
assets and lease liabilities
11f. Contingent liabilities and assets
The Group\u2019s legal entities operate in numerous tax jurisdictions and continue to engage on a regular basis with the relevant
tax authority on matters of review and enquiry.
In addition, 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. The Group extensively engages with its regulators as part of
normal operations and participates in industry wide regulatory reviews.
All potentially material matters are assessed, with the assistance of external advisors where 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 or form a reliable estimate of its financial effect. In these
circumstances, specific disclosure of a contingent asset/ liability and an estimate of its financial effect will be made where
material, unless it is not practicable to do so.
Other than the amounts held in within insurance contract liabilities within the Statement of Financial Position in respect of UK
motor total loss claims as set out in the Strategic Report, no material provisions are currently held.
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.\u00a0The Company has
appealed this decision via the Spanish Courts and in December 2025 won the appeal in relation to two of the periods under
enquiry and is confident in defending its position in relation to the other open periods. 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 \u20ac24 million.
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.
No further contingent assets or liabilities are disclosed in relation to any ongoing matters such as those set out above given
the uncertainty over whether the asset or liability will crystallise and the quantum of any resulting impact.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-578": { "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
Right-of-use assets
\u2013 two to 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 to 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\u00a0straight-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:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-577": { "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
Right-of-use assets
\u2013 two to 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 to 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\u00a0straight-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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-579": { "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
Right-of-use assets
\u2013 two to 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 to 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\u00a0straight-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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-581": { "value": "
(iii) Intangible assets
Goodwill
All business combinations are accounted for using the acquisition method. Goodwill has been recognised on acquisitions of
trade and assets representing a business and/or acquisition of subsidiaries and represents the difference between the cost
of the acquisition and the fair value of the net identifiable assets acquired.
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 every six months for evidence of impairment and tested annually for
impairment.
The goodwill held on the balance sheet at 31\u00a0December 2025 includes goodwill from acquisition of EUI Limited which has
been allocated to the UK insurance segment, and goodwill arising from the acquisition of Home and Pet renewal rights from
RSA Insurance Group Limited which has been allocated to the UK Pet and Household CGUs.
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.
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 cashflow projections based on financial budgets approved by management covering
a\u00a0period of\u00a0up to five years.
The key assumptions used in the value in use calculations are those regarding revenue growth, along with expected
changes in\u00a0pricing 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.
Renewal Rights (included within Customer contracts, relationships and brand)
Renewal rights are recognised as an intangible asset and amortised using the reducing balance method over an expected
useful life determined as ranging between nine and fourteen years. Renewal rights on initial recognition have been
recognised at fair value arising through an acquisition.
The carrying value of renewal rights is reviewed every six months for evidence of impairment, with the value being written
down if\u00a0any impairment exists. Impairment may be reversed if conditions subsequently improve.
Brand (included within Customer contracts, relationships and brand)
Brand rights are recognised as an intangible asset and amortised using the straight line method over an expected useful life
of\u00a0fifteen years. Brand rights on initial recognition have been recognised at its fair value arising through an acquisition.
The carrying value of brand rights 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.
Software
Purchased software is recognised as an intangible asset and amortised on a straight-line basis over its expected useful life
(generally the license term which is typically between 2 and 4 years). 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 on a straight-line basis over the expected useful life of the systems (generally between
3\u00a0and\u00a04 years) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-580": { "value": "
(iii) Intangible assets
Goodwill
All business combinations are accounted for using the acquisition method. Goodwill has been recognised on acquisitions of
trade and assets representing a business and/or acquisition of subsidiaries and represents the difference between the cost
of the acquisition and the fair value of the net identifiable assets acquired.
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 every six months for evidence of impairment and tested annually for
impairment.
The goodwill held on the balance sheet at 31\u00a0December 2025 includes goodwill from acquisition of EUI Limited which has
been allocated to the UK insurance segment, and goodwill arising from the acquisition of Home and Pet renewal rights from
RSA Insurance Group Limited which has been allocated to the UK Pet and Household CGUs.
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.
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 cashflow projections based on financial budgets approved by management covering
a\u00a0period of\u00a0up to five years.
The key assumptions used in the value in use calculations are those regarding revenue growth, along with expected
changes in\u00a0pricing 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.
Renewal Rights (included within Customer contracts, relationships and brand)
Renewal rights are recognised as an intangible asset and amortised using the reducing balance method over an expected
useful life determined as ranging between nine and fourteen years. Renewal rights on initial recognition have been
recognised at fair value arising through an acquisition.
The carrying value of renewal rights is reviewed every six months for evidence of impairment, with the value being written
down if\u00a0any impairment exists. Impairment may be reversed if conditions subsequently improve.
Brand (included within Customer contracts, relationships and brand)
Brand rights are recognised as an intangible asset and amortised using the straight line method over an expected useful life
of\u00a0fifteen years. Brand rights on initial recognition have been recognised at its fair value arising through an acquisition.
The carrying value of brand rights 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:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-582": { "value": "
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.
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 cashflow projections based on financial budgets approved by management covering
a\u00a0period of\u00a0up to five years.
The key assumptions used in the value in use calculations are those regarding revenue growth, along with expected
changes in\u00a0pricing 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.
Goodwill is tested for impairment annually and whenever there is an indication of impairment at the level of the CGU to
which it\u00a0is\u00a0allocated. Annual impairment reviews have indicated that the estimated recoverable value of the asset is greater
than the carrying amount and therefore no impairment losses have been recognised.
Only one year of forecasts is required to support the recoverable value of goodwill from EUI acquisition. Given the short time
period used to support the recoverable amount, no terminal growth rate or discounting is applied.
With regards to the goodwill arising from RSA acquisition, the recoverable amount of the CGU has been determined based
on a\u00a0value in use calculation using discounted cash flow projections based on financial budgets approved by the board
of\u00a0directors covering a five-year period and a pre-tax discount rate of 13%. Cash flows beyond the five year period are
extrapolated into perpetuity as the fifth year represents a reasonable estimate of a steady state of business. No long term
growth rate has been applied to the perpetuity calculations.
The key assumptions on which the cash flow projections are based on forecast growth in premiums written, related
expenses and\u00a0claims costs. The forecasts are based on past experience adjusted for market trends and strategic decisions
made in respect of the Pet and Household lines of business.
Refer to the accounting policy for goodwill for further information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-583": { "value": "
Software
Purchased software is recognised as an intangible asset and amortised on a straight-line basis over its expected useful life
(generally the license term which is typically between 2 and 4 years). 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 on a straight-line basis over the expected useful life of the systems (generally between
3\u00a0and\u00a04 years) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-585": { "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\u00a0possible 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\u00a0non-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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-584": { "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\u00a0possible 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\u00a0non-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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-587": { "value": "
11b. Property and equipment
\u00a3m
Improvements
to short
leasehold
buildings\u00a0
Computer
equipment\u00a0
Office
equipment\u00a0
Furniture and
fittings\u00a0
ROU Asset \u2013
Leasehold
buildings
Total\u00a0
Cost
At 1 January 2024
29.7
57.3
18.3
9.6
99.9
214.8
Additions\u00a0
2.6
5.4
0.5
0.2
17.4
26.1
Impairment\u00a0
(0.6)
(3.2)
(0.6)
\u2013
\u2013
(4.4)
Disposals\u00a0
(15.5)
(16.4)
(8.2)
(2.5)
(8.5)
(51.1)
Foreign exchange and other
movements\u00a0
(0.3)
(0.3)
(0.1)
(0.2)
(0.8)
(1.7)
At 31 December 2024
15.9
42.8
9.9
7.1
108.0
183.7
Depreciation\u00a0
At 1 January 2024
21.6
45.8
17.2
8.4
31.7
124.7
Charge for the year
2.8
6.3
0.5
0.4
8.8
18.8
Impairment
(0.5)
(2.8)
(0.4)
\u2013
\u2013
(3.7)
Disposals
(15.5)
(16.4)
(8.1)
(2.5)
(0.2)
(42.7)
Foreign exchange and other
movements
(0.2)
(0.2)
(0.1)
(0.1)
(0.6)
(1.2)
At 31 December 2024
8.2
32.7
9.1
6.2
39.7
95.9
Net book amount
At 31 December 2024
7.7
10.1
0.8
0.9
68.3
87.8
Cost
At 1 January 2025
15.9
42.8
9.9
7.1
108.0
183.7
Additions
2.4
3.6
0.5
0.1
3.5
10.1
Impairment
\u2013
(1.2)
\u2013
\u2013
\u2013
(1.2)
Disposals
\u2013
(0.1)
\u2013
\u2013
\u2013
(0.1)
Disposals on sale of subsidiary
\u2013
(1.4)
\u2013
(0.6)
(1.1)
(3.1)
Foreign exchange and other
movements
(0.6)
(0.3)
0.2
0.7
(0.4)
(0.4)
At 31 December 2025
17.7
43.4
10.6
7.3
110.0
189.0
Depreciation
At 1 January 2025
8.2
32.7
9.1
6.2
39.7
95.9
Charge for the year
2.5
4.7
0.4
0.5
7.8
15.9
Impairment
\u2013
(1.0)
\u2013
\u2013
\u2013
(1.0)
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals on sale of subsidiary
\u2013
(1.3)
\u2013
(0.5)
(0.4)
(2.2)
Foreign exchange and other
movements
0.1
\u2013
0.2
\u2013
(0.1)
0.2
At 31 December 2025
10.8
35.1
9.7
6.2
47.0
108.8
Net book amount
At 31 December 2025
6.9
8.3
0.9
1.1
63.0
80.2
11c. Intangible assets
Goodwill
\u00a3m
Customer
contracts,
relationships
and brand
\u00a3m
Software \u2013
Internally
generated
\u00a3m
Software \u2013
Other
\u00a3m
Total
\u00a3m
At 1 January 2024
62.3
7.9
152.0
20.7
242.9
Additions
49.8
44.5
48.8
3.1
146.2
Amortisation charge
\u2013
(2.8)
(54.5)
(4.3)
(61.6)
Disposals
\u2013
\u2013
(0.3)
(0.4)
(0.7)
Impairment
\u2013
\u2013
(3.5)
(0.9)
(4.4)
Transfers
\u2013
\u2013
6.2
(6.2)
\u2013
Foreign exchange movement & other
movements
\u2013
(0.3)
(0.6)
(0.5)
(1.4)
At 31 December 2024
112.1
49.3
148.1
11.5
321.0
Additions
\u2013
\u2013
64.7
3.0
67.7
Amortisation charge
\u2013
(7.4)
(48.3)
(3.4)
(59.1)
Disposals
\u2013
\u2013
(0.3)
\u2013
(0.3)
Impairment
\u2013
\u2013
(3.6)
\u2013
(3.6)
Foreign exchange movement & other
movements
\u2013
0.4
0.7
0.8
1.9
At 31 December 2025
112.1
42.3
161.3
11.9
327.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-586": { "value": "
11b. Property and equipment
\u00a3m
Improvements
to short
leasehold
buildings\u00a0
Computer
equipment\u00a0
Office
equipment\u00a0
Furniture and
fittings\u00a0
ROU Asset \u2013
Leasehold
buildings
Total\u00a0
Cost
At 1 January 2024
29.7
57.3
18.3
9.6
99.9
214.8
Additions\u00a0
2.6
5.4
0.5
0.2
17.4
26.1
Impairment\u00a0
(0.6)
(3.2)
(0.6)
\u2013
\u2013
(4.4)
Disposals\u00a0
(15.5)
(16.4)
(8.2)
(2.5)
(8.5)
(51.1)
Foreign exchange and other
movements\u00a0
(0.3)
(0.3)
(0.1)
(0.2)
(0.8)
(1.7)
At 31 December 2024
15.9
42.8
9.9
7.1
108.0
183.7
Depreciation\u00a0
At 1 January 2024
21.6
45.8
17.2
8.4
31.7
124.7
Charge for the year
2.8
6.3
0.5
0.4
8.8
18.8
Impairment
(0.5)
(2.8)
(0.4)
\u2013
\u2013
(3.7)
Disposals
(15.5)
(16.4)
(8.1)
(2.5)
(0.2)
(42.7)
Foreign exchange and other
movements
(0.2)
(0.2)
(0.1)
(0.1)
(0.6)
(1.2)
At 31 December 2024
8.2
32.7
9.1
6.2
39.7
95.9
Net book amount
At 31 December 2024
7.7
10.1
0.8
0.9
68.3
87.8
Cost
At 1 January 2025
15.9
42.8
9.9
7.1
108.0
183.7
Additions
2.4
3.6
0.5
0.1
3.5
10.1
Impairment
\u2013
(1.2)
\u2013
\u2013
\u2013
(1.2)
Disposals
\u2013
(0.1)
\u2013
\u2013
\u2013
(0.1)
Disposals on sale of subsidiary
\u2013
(1.4)
\u2013
(0.6)
(1.1)
(3.1)
Foreign exchange and other
movements
(0.6)
(0.3)
0.2
0.7
(0.4)
(0.4)
At 31 December 2025
17.7
43.4
10.6
7.3
110.0
189.0
Depreciation
At 1 January 2025
8.2
32.7
9.1
6.2
39.7
95.9
Charge for the year
2.5
4.7
0.4
0.5
7.8
15.9
Impairment
\u2013
(1.0)
\u2013
\u2013
\u2013
(1.0)
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals on sale of subsidiary
\u2013
(1.3)
\u2013
(0.5)
(0.4)
(2.2)
Foreign exchange and other
movements
0.1
\u2013
0.2
\u2013
(0.1)
0.2
At 31 December 2025
10.8
35.1
9.7
6.2
47.0
108.8
Net book amount
At 31 December 2025
6.9
8.3
0.9
1.1
63.0
80.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-590": { "value": "
11c. Intangible assets
Goodwill
\u00a3m
Customer
contracts,
relationships
and brand
\u00a3m
Software \u2013
Internally
generated
\u00a3m
Software \u2013
Other
\u00a3m
Total
\u00a3m
At 1 January 2024
62.3
7.9
152.0
20.7
242.9
Additions
49.8
44.5
48.8
3.1
146.2
Amortisation charge
\u2013
(2.8)
(54.5)
(4.3)
(61.6)
Disposals
\u2013
\u2013
(0.3)
(0.4)
(0.7)
Impairment
\u2013
\u2013
(3.5)
(0.9)
(4.4)
Transfers
\u2013
\u2013
6.2
(6.2)
\u2013
Foreign exchange movement & other
movements
\u2013
(0.3)
(0.6)
(0.5)
(1.4)
At 31 December 2024
112.1
49.3
148.1
11.5
321.0
Additions
\u2013
\u2013
64.7
3.0
67.7
Amortisation charge
\u2013
(7.4)
(48.3)
(3.4)
(59.1)
Disposals
\u2013
\u2013
(0.3)
\u2013
(0.3)
Impairment
\u2013
\u2013
(3.6)
\u2013
(3.6)
Foreign exchange movement & other
movements
\u2013
0.4
0.7
0.8
1.9
At 31 December 2025
112.1
42.3
161.3
11.9
327.6
Customer contracts and relationships includes Home and Pet renewal rights which has a net carrying value of \u00a328.1 million
as at 31\u00a0December 2025 and an amortisation period of 9 years for Home renewal rights and 14 years for Pet renewal rights.
See note 13 for further information.
Goodwill relates to the acquisition of Group subsidiary EUI Limited (formerly Admiral Insurance Services Limited) in
November 1999, and on the purchase of the direct Home and Pet renewal rights from the RSA Insurance Group Limited
(\u2018RSA\u2019) in April 2024. The carrying amount of goodwill as at 31\u00a0December 2025 is \u00a3112.1 million (2024: \u00a3112.1 million),
of\u00a0which \u00a362.3 million (2024: 62.3 million) is allocated to UK insurance, \u00a341.2 million (2024: \u00a341.2 million) to UK Pet and
\u00a38.6\u00a0million (2024: \u00a38.6 million) to UK Household CGUs.
Goodwill is tested for impairment annually and whenever there is an indication of impairment at the level of the CGU to
which it\u00a0is\u00a0allocated. Annual impairment reviews have indicated that the estimated recoverable value of the asset is greater
than the carrying amount and therefore no impairment losses have been recognised.
Only one year of forecasts is required to support the recoverable value of goodwill from EUI acquisition. Given the short time
period used to support the recoverable amount, no terminal growth rate or discounting is applied.
With regards to the goodwill arising from RSA acquisition, the recoverable amount of the CGU has been determined based
on a\u00a0value in use calculation using discounted cash flow projections based on financial budgets approved by the board
of\u00a0directors covering a five-year period and a pre-tax discount rate of 13%. Cash flows beyond the five year period are
extrapolated into perpetuity as the fifth year represents a reasonable estimate of a steady state of business. No long term
growth rate has been applied to the perpetuity calculations.
The key assumptions on which the cash flow projections are based on forecast growth in premiums written, related
expenses and\u00a0claims costs. The forecasts are based on past experience adjusted for market trends and strategic decisions
made in respect of the Pet and Household lines of business.
Refer to the accounting policy for goodwill for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-589": { "value": "
11c. Intangible assets
Goodwill
\u00a3m
Customer
contracts,
relationships
and brand
\u00a3m
Software \u2013
Internally
generated
\u00a3m
Software \u2013
Other
\u00a3m
Total
\u00a3m
At 1 January 2024
62.3
7.9
152.0
20.7
242.9
Additions
49.8
44.5
48.8
3.1
146.2
Amortisation charge
\u2013
(2.8)
(54.5)
(4.3)
(61.6)
Disposals
\u2013
\u2013
(0.3)
(0.4)
(0.7)
Impairment
\u2013
\u2013
(3.5)
(0.9)
(4.4)
Transfers
\u2013
\u2013
6.2
(6.2)
\u2013
Foreign exchange movement & other
movements
\u2013
(0.3)
(0.6)
(0.5)
(1.4)
At 31 December 2024
112.1
49.3
148.1
11.5
321.0
Additions
\u2013
\u2013
64.7
3.0
67.7
Amortisation charge
\u2013
(7.4)
(48.3)
(3.4)
(59.1)
Disposals
\u2013
\u2013
(0.3)
\u2013
(0.3)
Impairment
\u2013
\u2013
(3.6)
\u2013
(3.6)
Foreign exchange movement & other
movements
\u2013
0.4
0.7
0.8
1.9
At 31 December 2025
112.1
42.3
161.3
11.9
327.6
Customer contracts and relationships includes Home and Pet renewal rights which has a net carrying value of \u00a328.1 million
as at 31\u00a0December 2025 and an amortisation period of 9 years for Home renewal rights and 14 years for Pet renewal rights.
See note 13 for further information.
Goodwill relates to the acquisition of Group subsidiary EUI Limited (formerly Admiral Insurance Services Limited) in
November 1999, and on the purchase of the direct Home and Pet renewal rights from the RSA Insurance Group Limited
(\u2018RSA\u2019) in April 2024. The carrying amount of goodwill as at 31\u00a0December 2025 is \u00a3112.1 million (2024: \u00a3112.1 million),
of\u00a0which \u00a362.3 million (2024: 62.3 million) is allocated to UK insurance, \u00a341.2 million (2024: \u00a341.2 million) to UK Pet and
\u00a38.6\u00a0million (2024: \u00a38.6 million) to UK Household CGUs.
Goodwill is tested for impairment annually and whenever there is an indication of impairment at the level of the CGU to
which it\u00a0is\u00a0allocated. Annual impairment reviews have indicated that the estimated recoverable value of the asset is greater
than the carrying amount and therefore no impairment losses have been recognised.
Only one year of forecasts is required to support the recoverable value of goodwill from EUI acquisition. Given the short time
period used to support the recoverable amount, no terminal growth rate or discounting is applied.
With regards to the goodwill arising from RSA acquisition, the recoverable amount of the CGU has been determined based
on a\u00a0value in use calculation using discounted cash flow projections based on financial budgets approved by the board
of\u00a0directors covering a five-year period and a pre-tax discount rate of 13%. Cash flows beyond the five year period are
extrapolated into perpetuity as the fifth year represents a reasonable estimate of a steady state of business. No long term
growth rate has been applied to the perpetuity calculations.
The key assumptions on which the cash flow projections are based on forecast growth in premiums written, related
expenses and\u00a0claims costs. The forecasts are based on past experience adjusted for market trends and strategic decisions
made in respect of the Pet and Household lines of business.
Refer to the accounting policy for goodwill for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-588": { "value": "
11c. Intangible assets
Goodwill
\u00a3m
Customer
contracts,
relationships
and brand
\u00a3m
Software \u2013
Internally
generated
\u00a3m
Software \u2013
Other
\u00a3m
Total
\u00a3m
At 1 January 2024
62.3
7.9
152.0
20.7
242.9
Additions
49.8
44.5
48.8
3.1
146.2
Amortisation charge
\u2013
(2.8)
(54.5)
(4.3)
(61.6)
Disposals
\u2013
\u2013
(0.3)
(0.4)
(0.7)
Impairment
\u2013
\u2013
(3.5)
(0.9)
(4.4)
Transfers
\u2013
\u2013
6.2
(6.2)
\u2013
Foreign exchange movement & other
movements
\u2013
(0.3)
(0.6)
(0.5)
(1.4)
At 31 December 2024
112.1
49.3
148.1
11.5
321.0
Additions
\u2013
\u2013
64.7
3.0
67.7
Amortisation charge
\u2013
(7.4)
(48.3)
(3.4)
(59.1)
Disposals
\u2013
\u2013
(0.3)
\u2013
(0.3)
Impairment
\u2013
\u2013
(3.6)
\u2013
(3.6)
Foreign exchange movement & other
movements
\u2013
0.4
0.7
0.8
1.9
At 31 December 2025
112.1
42.3
161.3
11.9
327.6
Customer contracts and relationships includes Home and Pet renewal rights which has a net carrying value of \u00a328.1 million
as at 31\u00a0December 2025 and an amortisation period of 9 years for Home renewal rights and 14 years for Pet renewal rights.
See note 13 for further information.
Goodwill relates to the acquisition of Group subsidiary EUI Limited (formerly Admiral Insurance Services Limited) in
November 1999, and on the purchase of the direct Home and Pet renewal rights from the RSA Insurance Group Limited
(\u2018RSA\u2019) in April 2024. The carrying amount of goodwill as at 31\u00a0December 2025 is \u00a3112.1 million (2024: \u00a3112.1 million),
of\u00a0which \u00a362.3 million (2024: 62.3 million) is allocated to UK insurance, \u00a341.2 million (2024: \u00a341.2 million) to UK Pet and
\u00a38.6\u00a0million (2024: \u00a38.6 million) to UK Household CGUs.
Goodwill is tested for impairment annually and whenever there is an indication of impairment at the level of the CGU to
which it\u00a0is\u00a0allocated. Annual impairment reviews have indicated that the estimated recoverable value of the asset is greater
than the carrying amount and therefore no impairment losses have been recognised.
Only one year of forecasts is required to support the recoverable value of goodwill from EUI acquisition. Given the short time
period used to support the recoverable amount, no terminal growth rate or discounting is applied.
With regards to the goodwill arising from RSA acquisition, the recoverable amount of the CGU has been determined based
on a\u00a0value in use calculation using discounted cash flow projections based on financial budgets approved by the board
of\u00a0directors covering a five-year period and a pre-tax discount rate of 13%. Cash flows beyond the five year period are
extrapolated into perpetuity as the fifth year represents a reasonable estimate of a steady state of business. No long term
growth rate has been applied to the perpetuity calculations.
The key assumptions on which the cash flow projections are based on forecast growth in premiums written, related
expenses and\u00a0claims costs. The forecasts are based on past experience adjusted for market trends and strategic decisions
made in respect of the Pet and Household lines of business.
Refer to the accounting policy for goodwill for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-593": { "value": "
11d. Trade and other payables
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Trade payables
57.3
52.4
Other tax and social security
12.3
12.5
Amounts owed to co-insurers
22.0
\u2013
Other payables
42.1
34.0
Accruals and deferred income
83.5
76.4
Total trade and other payables
217.2
175.3
Analysis of accruals and deferred income
Accruals
59.2
48.2
Deferred income
24.3
28.2
Total accruals and deferred income as above
83.5
76.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-592": { "value": "
11d. Trade and other payables
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Trade payables
57.3
52.4
Other tax and social security
12.3
12.5
Amounts owed to co-insurers
22.0
\u2013
Other payables
42.1
34.0
Accruals and deferred income
83.5
76.4
Total trade and other payables
217.2
175.3
Analysis of accruals and deferred income
Accruals
59.2
48.2
Deferred income
24.3
28.2
Total accruals and deferred income as above
83.5
76.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-591": { "value": "
11d. Trade and other payables
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Trade payables
57.3
52.4
Other tax and social security
12.3
12.5
Amounts owed to co-insurers
22.0
\u2013
Other payables
42.1
34.0
Accruals and deferred income
83.5
76.4
Total trade and other payables
217.2
175.3
Analysis of accruals and deferred income
Accruals
59.2
48.2
Deferred income
24.3
28.2
Total accruals and deferred income as above
83.5
76.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-594": { "value": "he Group has no significant financial commitments in relation to leases other than those accounted for as right of use assets and lease liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-596": { "value": "
11f. Contingent liabilities and assets
The Group\u2019s legal entities operate in numerous tax jurisdictions and continue to engage on a regular basis with the relevant
tax authority on matters of review and enquiry.
In addition, 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. The Group extensively engages with its regulators as part of
normal operations and participates in industry wide regulatory reviews.
All potentially material matters are assessed, with the assistance of external advisors where 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 or form a reliable estimate of its financial effect. In these
circumstances, specific disclosure of a contingent asset/ liability and an estimate of its financial effect will be made where
material, unless it is not practicable to do so.
Other than the amounts held in within insurance contract liabilities within the Statement of Financial Position in respect of UK
motor total loss claims as set out in the Strategic Report, no material provisions are currently held.
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.\u00a0The Company has
appealed this decision via the Spanish Courts and in December 2025 won the appeal in relation to two of the periods under
enquiry and is confident in defending its position in relation to the other open periods. 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 \u20ac24 million.
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.
No further contingent assets or liabilities are disclosed in relation to any ongoing matters such as those set out above given
the uncertainty over whether the asset or liability will crystallise and the quantum of any resulting impact.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-595": { "value": "
11f. Contingent liabilities and assets
The Group\u2019s legal entities operate in numerous tax jurisdictions and continue to engage on a regular basis with the relevant
tax authority on matters of review and enquiry.
In addition, 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. The Group extensively engages with its regulators as part of
normal operations and participates in industry wide regulatory reviews.
All potentially material matters are assessed, with the assistance of external advisors where 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 or form a reliable estimate of its financial effect. In these
circumstances, specific disclosure of a contingent asset/ liability and an estimate of its financial effect will be made where
material, unless it is not practicable to do so.
Other than the amounts held in within insurance contract liabilities within the Statement of Financial Position in respect of UK
motor total loss claims as set out in the Strategic Report, no material provisions are currently held.
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.\u00a0The Company has
appealed this decision via the Spanish Courts and in December 2025 won the appeal in relation to two of the periods under
enquiry and is confident in defending its position in relation to the other open periods. 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 \u20ac24 million.
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.
No further contingent assets or liabilities are disclosed in relation to any ongoing matters such as those set out above given
the uncertainty over whether the asset or liability will crystallise and the quantum of any resulting impact.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-597": { "value": "
12. Dividends, Earnings and Related Parties
The Group\u2019s capital includes share capital and the share premium account, other reserves which are comprised of the fair
value reserve, insurance finance 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) Fair value reserve
For investments recognised as fair value through other comprehensive income (FVOCI), changes in fair value are
accumulated within the fair value reserve within equity except for impairment gains and losses which are recognised in the
income statement. The accumulated changes in fair value are transferred to profit or loss when the investment is
derecognised or reclassified.
(iii) Hedging reserve
The hedging reserve includes the cash flow hedge reserve. The cash flow hedge reserve is used to recognise the effective
portion of gains or losses on derivatives that are designated and qualify as cash flow hedges. Amounts are subsequently
reclassified to\u00a0profit or loss as appropriate.
(iv) Insurance finance reserve
The insurance finance reserve relates to the impact of changes in market interest rates on the value of the insurance
and\u00a0reinsurance assets and liabilities. These changes are reflected in the insurance finance reserve in order to minimise
accounting mismatches between the accounting for financial assets and insurance assets and liabilities. See note 5e
for\u00a0details of the composition of the insurance finance reserve.
(v) Dividends
Dividends are recorded in the period in which they are declared and paid.
(vi) 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
2025
\u00a3m
31 December
2024
\u00a3m
Proposed March 2024 (52.0 pence per share, approved April 2024 and paid June 2024)
\u2013
156.2
Declared August 2024 (71.0 pence per share, paid October 2024)
\u2013
213.6
Proposed March 2025 (121.0 pence per share, approved April 2025 and paid May 2025)
366.5
\u2013
Declared August 2025 (115.0 pence per share, paid October 2025)
348.9
\u2013
Total dividends
715.4
369.8
The dividends proposed in March (approved in April) represent the final dividends paid in respect of the 2023 and 2024
financial years. The dividends declared in August are interim distributions in respect of 2024 and 2025.
A 2025 final dividend of 90.0 pence per share (approximately \u00a3274.6 million) has been proposed. Refer to the financial
narrative for\u00a0further detail.
12c. Earnings per share
31 December
2025
31 December
2024
Profit for the financial year after taxation attributable to equity shareholders - continuing
operations (\u00a3m)
745.6
651.6
Profit/(Loss) for the financial year after taxation attributable to equity shareholders -
discontinued operations (\u00a3m)
(3.0)
11.7
Profit for the financial year after taxation attributable to equity shareholders - continuing and
discontinued operations (\u00a3m)
742.6
663.3
Weighted average number of shares \u2013 basic1
301,407,475
306,304,676
Unadjusted earnings per share (pence per share) \u2013 basic - continuing operations
247.4
212.8
Unadjusted earnings per share (pence per share) \u2013 basic - discontinued operations
(1.0)
3.8
Unadjusted earnings per share (pence per share) \u2013 basic - continuing and discontinued
operations
246.4
216.6
Weighted average number of shares \u2013 diluted
307,190,136
306,304,676
Unadjusted earnings per share (pence per share) \u2013 diluted - continuing operations
242.7
212.8
Unadjusted earnings per share (pence per share) \u2013 diluted - discontinued operations
(1.0)
3.8
Unadjusted earnings per share (pence per share) \u2013 diluted - continuing and discontinued
operations
241.7
216.6
1\u00a0 Shares held in employee benefit trusts as at 31\u00a0December 2025 are excluded from the weighted average number of shares, following
\u00a0 \u00a0 a change in the funding structure during the year that resulted in the consolidation of the trusts into the Group.
The difference between the basic and diluted number of shares at the end of 2025 (being 5.8 million; 2024: nil) relates to
share awards set to vest in the future subject only to continued employment. Refer to note 9 for further detail.
12d. Share capital
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Authorised
500,000,000 ordinary shares of 0.1 pence
0.5
0.5
Issued, called up and fully paid
306,304,676 ordinary shares of 0.1 pence
0.3
0.3
The Group satisfies its obligations under the share schemes primarily through shares purchased in the market and held
in\u00a0the Employee Benefit Trust (\u2018EBT\u2019). Prior to 2025, new shares were issued to the EBT to meet these obligations. During
2025, the Group has committed to provide a loan facility to the EBT to fund the purchase of shares for future scheme
settlements. The resulting exposure and the ability to influence the EBT\u2019s activities has led to the conclusion that the Group
now controls the Trust when assessed under IFRS 10 criteria. Consequently, the EBT has been consolidated in\u00a0the Group\u2019s
financial statements.
During 2025, 1,000,000 ( 2024: nil) ordinary shares were purchased from the market by the EBT and 791,372 (2024:
817,386) existing shares were transferred from the EBT to the Admiral Group Share Incentive Plan Trust (\u2018SIP\u2019).
The cumulative shares issued and transferred into the SIP at 31\u00a0December 2025 is 16,109,007 (2024: 15,317,635). Of the
shares issued or transferred, 4,125,372 shares remain in the Trust at 31\u00a0December 2025 (2024: 4,078,403). These shares
are entitled to receive dividends.
The cumulative shares issued to the EBT by way of new issue or market purchase net of transfers to the SIP is 32,600,269
(2024: 32,391,641). Of the shares issued, 1,180,801 remain in the Trust at 31\u00a0December 2025 (2024: 3,324,258) to be used
for future vesting.
The balance of awards made to employees under the Discretionary Free Share Scheme that have not either vested
or\u00a0lapsed is\u00a09,569,622 (2024: 9,357,119).
The Trustees have waived the right to dividend payments, other than to the extent of 0.001 pence per share, unless
and\u00a0to\u00a0the extent otherwise directed by the Company from time to time.
There is one class of share with no unusual restrictions.
12e. 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: T\u0177 Admiral, David Street,
Cardiff, United Kingdom, CF10 2EH
Admiral Law Limited
Ordinary
95
Legal Company
Able Insurance Services Limited
Ordinary
100
Insurance Intermediary
EUI Limited1
Ordinary
100
Insurance Intermediary
Admiral Insurance Company Limited
Ordinary
100
Insurance Company
Admiral Financial Services Limited
Ordinary
100
Financial Services
Company
Incorporated in Gibraltar
Registered office: 2Aa 2nd Floor, Leisure Island Business Centre,
23,\u00a0Ocean Village Promenade, Gibraltar, GX11 1AA
Admiral Insurance (Gibraltar) Limited
Ordinary
100
Insurance Company
Incorporated in France
Registered office: 128 Rue la Bo\u00e9tie, 75008 Paris
Pioneer Intermediary Europe Services
Ordinary
100
(indirect)
Insurance Intermediary
Incorporated in Italy
Registered office: Via Della Bufalotta 374, 00139 Roma
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.2
Ordinary
100
Insurance Intermediary
Subsidiaries by virtue of control
The related undertakings below are subsidiaries in accordance
with\u00a0IFRS 10, as Admiral can exercise dominant influence or
control\u00a0over 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
Seren Three Limited
n/a
0
Special Purpose Entity
Registered office: Via San Prospero n. 4, 20121, Milan, Italy
Contigo SPV S.r.l
n/a
0
Special Purpose Entity
Employee Benefit Trusts:
Admiral Group plc Employee Benefit Trust
n/a
0
Employee Benefit Trust
Admiral Group plc HMRC Share Incentive Plan
n/a
0
Employee Benefit Trust
1EUI Limited has branches in India and Canada.
2Admiral Intermediary Services S.A. has branches in Italy and France.
For further information on how the Group conducts its business across the UK and Europe, refer to the Strategic Report.
12f. 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\u00a0shareholdings of key management personnel set out in the Directors\u2019 Remuneration Report in the Group\u2019s 2025
Annual\u00a0Report.
Key management personnel received a total of \u00a39,357,365 (2024: \u00a37,970,605) consisting of short term employee benefits in
the year of \u00a34,945,979 (2024: \u00a35,038,734), post-employment benefits of \u00a377,533 (2024: \u00a363,255) and share based
payments of \u00a34,333,853 (2024: \u00a32,868,616). Key management personnel are able to obtain discounted motor insurance at
the same rates as all other Group employees, typically at a reduction of 15%.
12g. Post balance sheet events
As announced in February 2026, the Group has reached an agreement to acquire 100% of the shares of Flock Limited,
a\u00a0digital commercial fleet insurance provider. The transaction values the equity in Flock at \u00a380 million and is subject to
regulatory approval. The acquisition is expected to be completed in Q2 2026 and will be funded through existing resources
and/or credit facilities. As at 31 December 2025, the Group had a 3% investment in Flock.
No further events have occurred since the reporting date that materially impact these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-598": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-599": { "value": "
(v) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-600": { "value": "
(vi) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-601": { "value": "
12b. Dividends
Dividends were proposed, approved and paid as follows:
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Proposed March 2024 (52.0 pence per share, approved April 2024 and paid June 2024)
\u2013
156.2
Declared August 2024 (71.0 pence per share, paid October 2024)
\u2013
213.6
Proposed March 2025 (121.0 pence per share, approved April 2025 and paid May 2025)
366.5
\u2013
Declared August 2025 (115.0 pence per share, paid October 2025)
348.9
\u2013
Total dividends
715.4
369.8
The dividends proposed in March (approved in April) represent the final dividends paid in respect of the 2023 and 2024
financial years. The dividends declared in August are interim distributions in respect of 2024 and 2025.
A 2025 final dividend of 90.0 pence per share (approximately \u00a3274.6 million) has been proposed. Refer to the financial
narrative for\u00a0further detail.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-602": { "value": "0.900", "decimals": 1, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-603": { "value": "274600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-604": { "value": "
12c. Earnings per share
31 December
2025
31 December
2024
Profit for the financial year after taxation attributable to equity shareholders - continuing
operations (\u00a3m)
745.6
651.6
Profit/(Loss) for the financial year after taxation attributable to equity shareholders -
discontinued operations (\u00a3m)
(3.0)
11.7
Profit for the financial year after taxation attributable to equity shareholders - continuing and
discontinued operations (\u00a3m)
742.6
663.3
Weighted average number of shares \u2013 basic1
301,407,475
306,304,676
Unadjusted earnings per share (pence per share) \u2013 basic - continuing operations
247.4
212.8
Unadjusted earnings per share (pence per share) \u2013 basic - discontinued operations
(1.0)
3.8
Unadjusted earnings per share (pence per share) \u2013 basic - continuing and discontinued
operations
246.4
216.6
Weighted average number of shares \u2013 diluted
307,190,136
306,304,676
Unadjusted earnings per share (pence per share) \u2013 diluted - continuing operations
242.7
212.8
Unadjusted earnings per share (pence per share) \u2013 diluted - discontinued operations
(1.0)
3.8
Unadjusted earnings per share (pence per share) \u2013 diluted - continuing and discontinued
operations
241.7
216.6
1\u00a0 Shares held in employee benefit trusts as at 31\u00a0December 2025 are excluded from the weighted average number of shares, following
\u00a0 \u00a0 a change in the funding structure during the year that resulted in the consolidation of the trusts into the Group.
The difference between the basic and diluted number of shares at the end of 2025 (being 5.8 million; 2024: nil) relates to
share awards set to vest in the future subject only to continued employment. Refer to note 9 for further detail.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-605": { "value": "2.166", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-606": { "value": "2.166", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-607": { "value": "
12d. Share capital
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Authorised
500,000,000 ordinary shares of 0.1 pence
0.5
0.5
Issued, called up and fully paid
306,304,676 ordinary shares of 0.1 pence
0.3
0.3
The Group satisfies its obligations under the share schemes primarily through shares purchased in the market and held
in\u00a0the Employee Benefit Trust (\u2018EBT\u2019). Prior to 2025, new shares were issued to the EBT to meet these obligations. During
2025, the Group has committed to provide a loan facility to the EBT to fund the purchase of shares for future scheme
settlements. The resulting exposure and the ability to influence the EBT\u2019s activities has led to the conclusion that the Group
now controls the Trust when assessed under IFRS 10 criteria. Consequently, the EBT has been consolidated in\u00a0the Group\u2019s
financial statements.
During 2025, 1,000,000 ( 2024: nil) ordinary shares were purchased from the market by the EBT and 791,372 (2024:
817,386) existing shares were transferred from the EBT to the Admiral Group Share Incentive Plan Trust (\u2018SIP\u2019).
The cumulative shares issued and transferred into the SIP at 31\u00a0December 2025 is 16,109,007 (2024: 15,317,635). Of the
shares issued or transferred, 4,125,372 shares remain in the Trust at 31\u00a0December 2025 (2024: 4,078,403). These shares
are entitled to receive dividends.
The cumulative shares issued to the EBT by way of new issue or market purchase net of transfers to the SIP is 32,600,269
(2024: 32,391,641). Of the shares issued, 1,180,801 remain in the Trust at 31\u00a0December 2025 (2024: 3,324,258) to be used
for future vesting.
The balance of awards made to employees under the Discretionary Free Share Scheme that have not either vested
or\u00a0lapsed is\u00a09,569,622 (2024: 9,357,119).
The Trustees have waived the right to dividend payments, other than to the extent of 0.001 pence per share, unless
and\u00a0to\u00a0the 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-610": { "value": "
12e. 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: T\u0177 Admiral, David Street,
Cardiff, United Kingdom, CF10 2EH
Admiral Law Limited
Ordinary
95
Legal Company
Able Insurance Services Limited
Ordinary
100
Insurance Intermediary
EUI Limited1
Ordinary
100
Insurance Intermediary
Admiral Insurance Company Limited
Ordinary
100
Insurance Company
Admiral Financial Services Limited
Ordinary
100
Financial Services
Company
Incorporated in Gibraltar
Registered office: 2Aa 2nd Floor, Leisure Island Business Centre,
23,\u00a0Ocean Village Promenade, Gibraltar, GX11 1AA
Admiral Insurance (Gibraltar) Limited
Ordinary
100
Insurance Company
Incorporated in France
Registered office: 128 Rue la Bo\u00e9tie, 75008 Paris
Pioneer Intermediary Europe Services
Ordinary
100
(indirect)
Insurance Intermediary
Incorporated in Italy
Registered office: Via Della Bufalotta 374, 00139 Roma
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.2
Ordinary
100
Insurance Intermediary
Subsidiaries by virtue of control
The related undertakings below are subsidiaries in accordance
with\u00a0IFRS 10, as Admiral can exercise dominant influence or
control\u00a0over 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
Seren Three Limited
n/a
0
Special Purpose Entity
Registered office: Via San Prospero n. 4, 20121, Milan, Italy
Contigo SPV S.r.l
n/a
0
Special Purpose Entity
Employee Benefit Trusts:
Admiral Group plc Employee Benefit Trust
n/a
0
Employee Benefit Trust
Admiral Group plc HMRC Share Incentive Plan
n/a
0
Employee Benefit Trust
1EUI Limited has branches in India and Canada.
2Admiral Intermediary Services S.A. has branches in Italy and France.
For further information on how the Group conducts its business across the UK and Europe, refer to the Strategic Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-609": { "value": "
12e. 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: T\u0177 Admiral, David Street,
Cardiff, United Kingdom, CF10 2EH
Admiral Law Limited
Ordinary
95
Legal Company
Able Insurance Services Limited
Ordinary
100
Insurance Intermediary
EUI Limited1
Ordinary
100
Insurance Intermediary
Admiral Insurance Company Limited
Ordinary
100
Insurance Company
Admiral Financial Services Limited
Ordinary
100
Financial Services
Company
Incorporated in Gibraltar
Registered office: 2Aa 2nd Floor, Leisure Island Business Centre,
23,\u00a0Ocean Village Promenade, Gibraltar, GX11 1AA
Admiral Insurance (Gibraltar) Limited
Ordinary
100
Insurance Company
Incorporated in France
Registered office: 128 Rue la Bo\u00e9tie, 75008 Paris
Pioneer Intermediary Europe Services
Ordinary
100
(indirect)
Insurance Intermediary
Incorporated in Italy
Registered office: Via Della Bufalotta 374, 00139 Roma
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.2
Ordinary
100
Insurance Intermediary
Subsidiaries by virtue of control
The related undertakings below are subsidiaries in accordance
with\u00a0IFRS 10, as Admiral can exercise dominant influence or
control\u00a0over 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
Seren Three Limited
n/a
0
Special Purpose Entity
Registered office: Via San Prospero n. 4, 20121, Milan, Italy
Contigo SPV S.r.l
n/a
0
Special Purpose Entity
Employee Benefit Trusts:
Admiral Group plc Employee Benefit Trust
n/a
0
Employee Benefit Trust
Admiral Group plc HMRC Share Incentive Plan
n/a
0
Employee Benefit Trust
1EUI Limited has branches in India and Canada.
2Admiral Intermediary Services S.A. has branches in Italy and France.
For further information on how the Group conducts its business across the UK and Europe, refer to the Strategic Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-608": { "value": "
12e. 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: T\u0177 Admiral, David Street,
Cardiff, United Kingdom, CF10 2EH
Admiral Law Limited
Ordinary
95
Legal Company
Able Insurance Services Limited
Ordinary
100
Insurance Intermediary
EUI Limited1
Ordinary
100
Insurance Intermediary
Admiral Insurance Company Limited
Ordinary
100
Insurance Company
Admiral Financial Services Limited
Ordinary
100
Financial Services
Company
Incorporated in Gibraltar
Registered office: 2Aa 2nd Floor, Leisure Island Business Centre,
23,\u00a0Ocean Village Promenade, Gibraltar, GX11 1AA
Admiral Insurance (Gibraltar) Limited
Ordinary
100
Insurance Company
Incorporated in France
Registered office: 128 Rue la Bo\u00e9tie, 75008 Paris
Pioneer Intermediary Europe Services
Ordinary
100
(indirect)
Insurance Intermediary
Incorporated in Italy
Registered office: Via Della Bufalotta 374, 00139 Roma
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.2
Ordinary
100
Insurance Intermediary
Subsidiaries by virtue of control
The related undertakings below are subsidiaries in accordance
with\u00a0IFRS 10, as Admiral can exercise dominant influence or
control\u00a0over 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
Seren Three Limited
n/a
0
Special Purpose Entity
Registered office: Via San Prospero n. 4, 20121, Milan, Italy
Contigo SPV S.r.l
n/a
0
Special Purpose Entity
Employee Benefit Trusts:
Admiral Group plc Employee Benefit Trust
n/a
0
Employee Benefit Trust
Admiral Group plc HMRC Share Incentive Plan
n/a
0
Employee Benefit Trust
1EUI Limited has branches in India and Canada.
2Admiral Intermediary Services S.A. has branches in Italy and France.
For further information on how the Group conducts its business across the UK and Europe, refer to the Strategic Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-611": { "value": "UK and Europe", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-614": { "value": "
12f. 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\u00a0shareholdings of key management personnel set out in the Directors\u2019 Remuneration Report in the Group\u2019s 2025
Annual\u00a0Report.
Key management personnel received a total of \u00a39,357,365 (2024: \u00a37,970,605) consisting of short term employee benefits in
the year of \u00a34,945,979 (2024: \u00a35,038,734), post-employment benefits of \u00a377,533 (2024: \u00a363,255) and share based
payments of \u00a34,333,853 (2024: \u00a32,868,616). Key management personnel are able to obtain discounted motor insurance at
the same rates as all other Group employees, typically at a reduction of 15%.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-613": { "value": "
12f. 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\u00a0shareholdings of key management personnel set out in the Directors\u2019 Remuneration Report in the Group\u2019s 2025
Annual\u00a0Report.
Key management personnel received a total of \u00a39,357,365 (2024: \u00a37,970,605) consisting of short term employee benefits in
the year of \u00a34,945,979 (2024: \u00a35,038,734), post-employment benefits of \u00a377,533 (2024: \u00a363,255) and share based
payments of \u00a34,333,853 (2024: \u00a32,868,616). Key management personnel are able to obtain discounted motor insurance at
the same rates as all other Group employees, typically at a reduction of 15%.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-612": { "value": "
12f. 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\u00a0shareholdings of key management personnel set out in the Directors\u2019 Remuneration Report in the Group\u2019s 2025
Annual\u00a0Report.
Key management personnel received a total of \u00a39,357,365 (2024: \u00a37,970,605) consisting of short term employee benefits in
the year of \u00a34,945,979 (2024: \u00a35,038,734), post-employment benefits of \u00a377,533 (2024: \u00a363,255) and share based
payments of \u00a34,333,853 (2024: \u00a32,868,616). Key management personnel are able to obtain discounted motor insurance at
the same rates as all other Group employees, typically at a reduction of 15%.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-615": { "value": "
12g. Post balance sheet events
As announced in February 2026, the Group has reached an agreement to acquire 100% of the shares of Flock Limited,
a\u00a0digital commercial fleet insurance provider. The transaction values the equity in Flock at \u00a380 million and is subject to
regulatory approval. The acquisition is expected to be completed in Q2 2026 and will be funded through existing resources
and/or credit facilities. As at 31 December 2025, the Group had a 3% investment in Flock.
No further events have occurred since the reporting date that materially impact these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-618": { "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\u00a0separate 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. Non-current assets within a disposal group are not depreciated or amortised
from the point of classification as held for sale. The results of discontinued operations are presented separately in the
Consolidated Income Statement. In the period in which an operation is first classified as discontinued, the Income Statement
and applicable notes are represented to present those operations as discontinued.
13b. Description
On the 22nd April 2025, the Group announced that it had reached an agreement with J.C. Flowers & Co. (\u201cJ.C. Flowers\u201d),
a\u00a0global private investment firm to sell the US Motor Insurance business, including Elephant Insurance Company and
Elephant Insurance Services (\u201cElephant\u201d). The Group\u2019s internal reinsurance arrangement of Elephant was ceased after
underwriting year 2024. The liability for incurred claims in relation to the reinsurance arrangement have remained within
the\u00a0Group post completion.
Elephant and the respective internal reinsurance arrangement are considered to meet the definition of a discontinued
operation, and Elephant to meet the definition of a disposal group as set out under IFRS 5 above.The disposal group
is\u00a0included within the discontinued operations operating segment as stated in note 4.
On 5 January 2026, the Group announced that, following regulatory approval, J.C. Flowers had completed the purchase
of\u00a0Elephant as at 31 December 2025. The transaction value included a cash consideration of approximately $30 million and
deferred consideration receivable after the completion of the sale.
13c. Financial performance
Financial information relating to the discontinued operations for the financial period ending 31\u00a0December 2025 and
31\u00a0December 2024 are presented below. The results for the financial year ending 31 December 2025 relates to the profit
earned prior to completion, and the loss recognised on disposal.
\u00a3m
31 December
2025
31 December
2024
Insurance service result before reinsurance
20.6
25.0
Net expense from reinsurance contracts held
(3.7)
(16.8)
Insurance service result
16.9
8.2
Investment return
4.5
4.7
Net insurance and investment result
21.4
12.9
Other income and expenses
\u2013
(0.1)
Operating profit
21.4
12.8
Net finance costs\u00a0
\u2013
\u2013
Loss on disposal
(24.5)
\u2013
Loss before tax from discontinued operations
(3.1)
12.7
Taxation expense
0.1
(1.0)
Loss after tax from discontinued operations
(3.0)
11.7
13d. Assets disposed of
The carrying amount of assets and liabilities as at the date of sale are outlined below. All assets and liabilities previously held
for sale have been disposed of as at 31 December 2025.
31 December
2025
\u00a3m
Gross
Property and equipment
0.7
Intangible assets
\u2013
Reinsurance contract assets
15.6
Other receivables
2.3
Intercompany receivables
5.2
Financial investments
106.3
Cash and cash equivalents
19.6
Assets associated with disposal group held for sale
149.7
Insurance contract liabilities
81.8
Trade and other payables
8.6
Intercompany payables
4.8
Lease liabilities
0.6
Liabilities directly associated with disposal group held for sale
95.8
13e. Cashflow
The net cashflows incurred by the disposal group are as follows:
31 December
2025
31 December
2024
\u00a3m
\u00a3m
Net cash (outflow)/ inflow from operating activities
(3.9)
14.6
Net cash (outflow) from investing activities
\u2013
(0.3)
Net cash (outflow) from financing activities
(1.1)
(0.1)
Net cash (outflow)/ inflow from discontinued operations
(5.0)
14.2
13f. Loss on disposal
31 December
2025
\u00a3m
Cash consideration
22.8
Deferred consideration
10.6
Costs to sell incurred by seller
(12.5)
Proceeds, net of transaction costs
20.9
Net assets held for sale
53.9
Other adjustments
(9.6)
Foreign exchange difference
1.1
Loss on disposal of Elephant entities held for sale1
(24.5)
1Loss on disposal is included within profit before tax from discontinued operations on the Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-617": { "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\u00a0separate 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. Non-current assets within a disposal group are not depreciated or amortised
from the point of classification as held for sale. The results of discontinued operations are presented separately in the
Consolidated Income Statement. In the period in which an operation is first classified as discontinued, the Income Statement
and applicable notes are represented to present those operations as discontinued.
13b. Description
On the 22nd April 2025, the Group announced that it had reached an agreement with J.C. Flowers & Co. (\u201cJ.C. Flowers\u201d),
a\u00a0global private investment firm to sell the US Motor Insurance business, including Elephant Insurance Company and
Elephant Insurance Services (\u201cElephant\u201d). The Group\u2019s internal reinsurance arrangement of Elephant was ceased after
underwriting year 2024. The liability for incurred claims in relation to the reinsurance arrangement have remained within
the\u00a0Group post completion.
Elephant and the respective internal reinsurance arrangement are considered to meet the definition of a discontinued
operation, and Elephant to meet the definition of a disposal group as set out under IFRS 5 above.The disposal group
is\u00a0included within the discontinued operations operating segment as stated in note 4.
On 5 January 2026, the Group announced that, following regulatory approval, J.C. Flowers had completed the purchase
of\u00a0Elephant as at 31 December 2025. The transaction value included a cash consideration of approximately $30 million and
deferred consideration receivable after the completion of the sale.
13c. Financial performance
Financial information relating to the discontinued operations for the financial period ending 31\u00a0December 2025 and
31\u00a0December 2024 are presented below. The results for the financial year ending 31 December 2025 relates to the profit
earned prior to completion, and the loss recognised on disposal.
\u00a3m
31 December
2025
31 December
2024
Insurance service result before reinsurance
20.6
25.0
Net expense from reinsurance contracts held
(3.7)
(16.8)
Insurance service result
16.9
8.2
Investment return
4.5
4.7
Net insurance and investment result
21.4
12.9
Other income and expenses
\u2013
(0.1)
Operating profit
21.4
12.8
Net finance costs\u00a0
\u2013
\u2013
Loss on disposal
(24.5)
\u2013
Loss before tax from discontinued operations
(3.1)
12.7
Taxation expense
0.1
(1.0)
Loss after tax from discontinued operations
(3.0)
11.7
13d. Assets disposed of
The carrying amount of assets and liabilities as at the date of sale are outlined below. All assets and liabilities previously held
for sale have been disposed of as at 31 December 2025.
31 December
2025
\u00a3m
Gross
Property and equipment
0.7
Intangible assets
\u2013
Reinsurance contract assets
15.6
Other receivables
2.3
Intercompany receivables
5.2
Financial investments
106.3
Cash and cash equivalents
19.6
Assets associated with disposal group held for sale
149.7
Insurance contract liabilities
81.8
Trade and other payables
8.6
Intercompany payables
4.8
Lease liabilities
0.6
Liabilities directly associated with disposal group held for sale
95.8
13e. Cashflow
The net cashflows incurred by the disposal group are as follows:
31 December
2025
31 December
2024
\u00a3m
\u00a3m
Net cash (outflow)/ inflow from operating activities
(3.9)
14.6
Net cash (outflow) from investing activities
\u2013
(0.3)
Net cash (outflow) from financing activities
(1.1)
(0.1)
Net cash (outflow)/ inflow from discontinued operations
(5.0)
14.2
13f. Loss on disposal
31 December
2025
\u00a3m
Cash consideration
22.8
Deferred consideration
10.6
Costs to sell incurred by seller
(12.5)
Proceeds, net of transaction costs
20.9
Net assets held for sale
53.9
Other adjustments
(9.6)
Foreign exchange difference
1.1
Loss on disposal of Elephant entities held for sale1
(24.5)
1Loss on disposal is included within profit before tax from discontinued operations on the Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-616": { "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\u00a0separate 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. Non-current assets within a disposal group are not depreciated or amortised
from the point of classification as held for sale. The results of discontinued operations are presented separately in the
Consolidated Income Statement. In the period in which an operation is first classified as discontinued, the Income Statement
and applicable notes are represented to present those operations as discontinued.
13b. Description
On the 22nd April 2025, the Group announced that it had reached an agreement with J.C. Flowers & Co. (\u201cJ.C. Flowers\u201d),
a\u00a0global private investment firm to sell the US Motor Insurance business, including Elephant Insurance Company and
Elephant Insurance Services (\u201cElephant\u201d). The Group\u2019s internal reinsurance arrangement of Elephant was ceased after
underwriting year 2024. The liability for incurred claims in relation to the reinsurance arrangement have remained within
the\u00a0Group post completion.
Elephant and the respective internal reinsurance arrangement are considered to meet the definition of a discontinued
operation, and Elephant to meet the definition of a disposal group as set out under IFRS 5 above.The disposal group
is\u00a0included within the discontinued operations operating segment as stated in note 4.
On 5 January 2026, the Group announced that, following regulatory approval, J.C. Flowers had completed the purchase
of\u00a0Elephant as at 31 December 2025. The transaction value included a cash consideration of approximately $30 million and
deferred consideration receivable after the completion of the sale.
13c. Financial performance
Financial information relating to the discontinued operations for the financial period ending 31\u00a0December 2025 and
31\u00a0December 2024 are presented below. The results for the financial year ending 31 December 2025 relates to the profit
earned prior to completion, and the loss recognised on disposal.
\u00a3m
31 December
2025
31 December
2024
Insurance service result before reinsurance
20.6
25.0
Net expense from reinsurance contracts held
(3.7)
(16.8)
Insurance service result
16.9
8.2
Investment return
4.5
4.7
Net insurance and investment result
21.4
12.9
Other income and expenses
\u2013
(0.1)
Operating profit
21.4
12.8
Net finance costs\u00a0
\u2013
\u2013
Loss on disposal
(24.5)
\u2013
Loss before tax from discontinued operations
(3.1)
12.7
Taxation expense
0.1
(1.0)
Loss after tax from discontinued operations
(3.0)
11.7
13d. Assets disposed of
The carrying amount of assets and liabilities as at the date of sale are outlined below. All assets and liabilities previously held
for sale have been disposed of as at 31 December 2025.
31 December
2025
\u00a3m
Gross
Property and equipment
0.7
Intangible assets
\u2013
Reinsurance contract assets
15.6
Other receivables
2.3
Intercompany receivables
5.2
Financial investments
106.3
Cash and cash equivalents
19.6
Assets associated with disposal group held for sale
149.7
Insurance contract liabilities
81.8
Trade and other payables
8.6
Intercompany payables
4.8
Lease liabilities
0.6
Liabilities directly associated with disposal group held for sale
95.8
13e. Cashflow
The net cashflows incurred by the disposal group are as follows:
31 December
2025
31 December
2024
\u00a3m
\u00a3m
Net cash (outflow)/ inflow from operating activities
(3.9)
14.6
Net cash (outflow) from investing activities
\u2013
(0.3)
Net cash (outflow) from financing activities
(1.1)
(0.1)
Net cash (outflow)/ inflow from discontinued operations
(5.0)
14.2
13f. Loss on disposal
31 December
2025
\u00a3m
Cash consideration
22.8
Deferred consideration
10.6
Costs to sell incurred by seller
(12.5)
Proceeds, net of transaction costs
20.9
Net assets held for sale
53.9
Other adjustments
(9.6)
Foreign exchange difference
1.1
Loss on disposal of Elephant entities held for sale1
(24.5)
1Loss on disposal is included within profit before tax from discontinued operations on the Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-620": { "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\u00a0separate 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. Non-current assets within a disposal group are not depreciated or amortised
from the point of classification as held for sale. The results of discontinued operations are presented separately in the
Consolidated Income Statement. In the period in which an operation is first classified as discontinued, the Income Statement
and applicable notes are represented to present those operations as discontinued.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-619": { "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\u00a0separate 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. Non-current assets within a disposal group are not depreciated or amortised
from the point of classification as held for sale. The results of discontinued operations are presented separately in the
Consolidated Income Statement. In the period in which an operation is first classified as discontinued, the Income Statement
and applicable notes are represented to present those operations as discontinued.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-621": { "value": "
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\u00a0separate 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. Non-current assets within a disposal group are not depreciated or amortised
from the point of classification as held for sale. The results of discontinued operations are presented separately in the
Consolidated Income Statement. In the period in which an operation is first classified as discontinued, the Income Statement
and applicable notes are represented to present those operations as discontinued.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800FGVM7Z9EJB2685", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-622": { "value": "
14. Reconciliation of turnover to reported insurance premium and other revenue as per the
financial statements
The following ta ble reconciles turnover, a significant Key Performance Indicators (KPIs) and non-GAAP measure presented
within the Strategic Report, to insurance revenue, as presented in note 4 to the financial statements.
Note
31 December
2025
\u00a3m
31 December
2024
\u00a3m
Insurance revenue related movement in liability for remaining coverage
5b
4,979.3
4,553.4
Less other insurance revenue
(282.2)
(270.6)
Insurance premium revenue
4,697.1
4,282.8
Movement in unearned premium and cancellations
(51.9)
369.4
Premiums written after coinsurance
4,645.2
4,652.2
Co-insurer share of written premiums
671.9
778.3
Total premiums written
5,317.1
5,430.5
Other insurance revenue
5b
282.2
270.6
Other revenue
8
153.1
136.3
Interest income on loans to customers
143.1
109.1
Turnover as per note 4 of financial statements
5,895.5
5,946.5
Appendix 1 to the Group Financial Statements (unaudited)
The following tables reconcile significant Key Performance Indicators (KPIs) and non-GAAP measures included in the
Strategic Report to items included in the financial statements.
1a: Reconciliation of reported loss and expense ratios: Group (continuing operations)
31 December 2025
\u00a3m
Consolidated
Financial
Statement Note
Core product
Ancillary
income
Total gross
Total,
net of XoL
reinsurance
Insurance premium revenue
4,516.0
181.1
4,697.1
4,545.7
Administration fees, instalment income
and non-separable ancillary commission
\u2013
282.2
282.2
282.2
Insurance revenue (A)
5b/5d
4,516.0
463.3
4,979.3
4,827.9
Insurance expenses (B)
5c
(938.8)
(68.7)
(1,007.5)
(1,007.5)
Claims incurred (C)
5c/5d
(3,250.3)
(60.3)
(3,310.6)
(3,245.9)
Claims releases (D)
5c/5d
418.4
5.5
423.9
386.4
Quota share reinsurance result1
(127.3)
Onerous loss component movement2
1.2
Underwriting result (E)
834.8
Net share scheme costs3
(48.4)
Insurance service result
786.4
Reported loss ratio ((C+D)/A)
59.2%
Reported expense ratio (B/A)
20.9%
Insurance service margin (E/A)
17.3%
31 December 2024
\u00a3m
Consolidated
Financial
Statement Note
Core product
Ancillary
income
Total gross
Total,
net of XoL
reinsurance
Insurance premium revenue
4,118.2
164.6
4,282.8
4,119.0
Administration fees, instalment income
and non-separable ancillary commission
\u2013
270.6
270.6
270.6
Insurance revenue (A)
5b/5d
4,118.2
435.2
4,553.4
4,389.6
Insurance expenses (B)
5c
(882.9)
(64.5)
(947.4)
(947.4)
Claims incurred (C)
5c/5d
(2,846.4)
(61.1)
(2,907.5)
(2,850.0)
Claims releases (D)
5c/5d
553.0
3.2
556.2
421.3
Quota share reinsurance result1
(277.6)
Onerous loss component movement2
1.5
Underwriting result (E)
737.4
Net share scheme costs3
(35.3)
Insurance service result
702.1
Reported loss ratio ((C+D)/A)
55.3%
Reported expense ratio (B/A)
21.6%
Insurance service margin (E/A)
16.8%
1Quota share reinsurance result excludes quota share reinsurers\u2019 share of share scheme costs and movement in onerous
loss-recovery component.
2 Onerous loss component movement is shown net of all reinsurance.
3Net share scheme costs of \u00a348.4 millio n (2024: \u00a335.3 million), being gross costs of \u00a375.9 million (2024: \u00a356.1 million, see note 5c)
less\u00a0reinsurers\u2019 share of share scheme costs of \u00a327.5 million (2024: \u00a320.8 million) are excluded from the underwriting result.
1b. Reconciliation of reported loss and expense ratios: UK Motor
31 December 2025
\u00a3m
Consolidated
Financial
Statement
Note
Core
product
Ancillary
income1
Total
gross
Total,
net of XoL
reinsurance
Core
product, net
of XoL
Total premiums written
3,697.2
163.0
3,860.2
3,782.0
3,619.0
Gross premiums written
3,033.2
163.0
3,196.2
3,132.0
2,969.0
Insurance premium revenue
3,148.3
157.9
3,306.2
3,224.3
3,066.4
Instalment income
\u2013
155.1
155.1
155.1
\u2013
Administration fees & non-separable
ancillary commission
\u2013
50.2
50.2
50.2
\u2013
Insurance revenue (A)
5b/5d
3,148.3
363.2
3,511.5
3,429.6
3,066.4
Insurance expenses (B)
5c
(543.5)
(56.7)
(600.2)
(600.2)
(543.5)
Claims incurred (C)
5c/5d
(2,264.7)
(52.4)
(2,317.1)
(2,283.9)
(2,231.5)
Claims incurred excluding Ogden (D)
(2,284.7)
(52.4)
(2,337.1)
(2,303.9)
(2,251.5)
Claims releases (E)
5c/5d
330.5
5.2
335.7
310.4
305.2
Insurance service result, gross of quota
share reinsurance
670.6
259.3
929.9
855.9
596.6
Quota share reinsurance result2
(60.7)
(60.7)
Onerous loss component movement
\u2013
\u2013
Underwriting result (F)
795.2
535.9
Current period loss ratio (C/A)
66.6%
72.8%
Claims releases (E/A)
(9.1%)
(10.0%)
Reported loss ratio ((C+E)/A)
57.5%
62.8%
Reported expense ratio (B/A)
17.5%
17.7%
Insurance service margin (F/A)
23.2%
17.5%
Current period loss ratio excluding
Ogden (D/A)
67.2%
73.5%
Reported loss ratio excluding Ogden
((D+E)/A)
58.1%
63.5%
\u00a0
31 December 2024
\u00a3m
Consolidated
Financial
Statement
Note
Core
product
Ancillary
income1
Total
gross
Total,
net of XoL
reinsurance
Core
product, net
of XoL
Total premiums written
4,006.6
151.1
4,157.7
4,033.3
3,882.2
Gross premiums written
3,234.1
151.1
3,385.2
3,284.7
3,133.6
Insurance premium revenue
3,020.7
139.8
3,160.5
3,062.4
2,922.5
Instalment income
\u2013
155.9
155.9
155.9
\u2013
Administration fees & non-separable
ancillary commission
\u2013
53.1
53.1
53.1
\u2013
Insurance revenue (A)
5b/5d
3,020.7
348.8
3,369.5
3,271.4
2,922.5
Insurance expenses (B)
5c
(530.9)
(55.9)
(586.8)
(586.8)
(530.9)
Claims incurred (C)
5c/5d
(2,051.5)
(55.6)
(2,107.2)
(2,078.1)
(2,022.5)
Claims incurred excluding Ogden (D)
(2,078.5)
(55.6)
(2,134.1)
(2,105.1)
(2,049.5)
Claims releases (E)
5c/5d
493.4
2.7
496.1
374.6
371.9
Claims releases excluding Ogden (F)
414.2
2.7
416.9
295.4
292.7
Insurance service result, gross of quota
share reinsurance
931.7
240.0
1,171.7
981.1
741.0
Quota share reinsurance result2
(228.8)
(228.8)
Onerous loss component movement
1.1
1.1
Underwriting result (G)
753.4
513.3
Current period loss ratio (C/A)
63.5%
69.2%
Claims releases (E/A)
(11.4%)
(12.7%)
Reported loss ratio ((C+E)/A)
52.1%
56.5%
Reported expense ratio (B/A)
17.9%
18.2%
Insurance service margin (G/A)
23.0%
17.6%
Current period loss ratio excluding
Ogden (D/A)
64.3%
70.1%
Claims releases excluding Ogden (F/A)
(9.0%)
(10.0%)
Reported loss ratio excluding Ogden
((D+F)/A)
55.3%
60.1%
1Ancillary income combined with other net income is presented as part of UK Motor Insurance other revenue in reporting \u2018Other revenue
per vehicle\u2019. Total other revenue was \u00a3333.3 million (31\u00a0December 2024: \u00a3321.8 million).
2 Net share scheme costs of \u00a340.7 million (31\u00a0December 2024: \u00a329.6 million), being gross costs of \u00a356.1 million (31\u00a0December 2024: \u00a340.7
million, see note 5c) less reinsurers\u2019 share of share scheme costs of \u00a315.4 million (31\u00a0December 2024: \u00a311.1 million) are excluded from the
underwriting result.
1c. Reconciliation of reported loss and expense ratios: UK Other Personal Lines
31 December 2025
\u00a3m
Consolidated
Financial
Statement
Note
UK
Household
UK
Travel & Pet
UK
Other
Personal
lines
UK
Household,
net of XoL
reinsurance
UK Travel
& Pet,
net of XoL
reinsurance
Insurance revenue (A)
5b/5d
521.0
189.1
710.1
494.6
188.3
Insurance expenses (B)
5c
(114.0)
(73.1)
(187.1)
(114.0)
(73.1)
Claims incurred in the period (C)
5c/5d
(334.9)
(117.2)
(452.1)
(321.3)
(117.5)
Changes in liabilities for incurred claims
(releases) (D)
5c/5d
26.6
7.0
33.6
19.2
7.0
Insurance service result, gross of quota
share reinsurance
98.7
5.8
104.5
78.5
4.7
Quota share reinsurance result1
(35.3)
\u2013
Onerous loss component movement
\u2013
\u2013
Underwriting result (E)
43.2
4.7
Current period loss ratio (C/A)
65.0%
62.4%
Claims releases (D/A)
(3.9%)
(3.7%)
Reported loss ratio ((C+D)/A)
61.1%
58.7%
Reported expense ratio (B/A)
23.0%
38.8%
Insurance service margin (E/A)
8.7%
2.5%
31 December 2024
\u00a3m
Consolidated
Financial
Statement
Note
UK
Household
UK
Travel & Pet
UK
Other
Personal
lines
UK
Household,
net of XoL
reinsurance
UK Travel
& Pet,
net of XoL
reinsurance
Insurance revenue (A)
5b/5d
399.6
104.3
503.9
376.4
103.4
Insurance expenses (B)
5c
(102.9)
(56.0)
(158.9)
(102.9)
(56.0)
Claims incurred in the period (C)
5c/5d
(233.7)
(64.5)
(298.2)
(225.7)
(65.0)
Changes in liabilities for incurred claims
(releases) (D)
5c/5d
46.3
5.1
51.4
37.0
5.1
Insurance service result, gross of quota
share reinsurance
109.3
(11.1)
98.2
84.8
(12.5)
Quota share reinsurance result1
(61.2)
\u2013
Onerous loss component movement
\u2013
\u2013
Underwriting result (E)
23.6
(12.5)
Current period loss ratio (C/A)
60.0%
62.9%
Claims releases (D/A)
(9.9%)
(4.9%)
Reported loss ratio ((C+D)/A)
50.1%
57.9%
Reported expense ratio (B/A)
27.3%
54.2%
Insurance service margin (E/A)
6.3%
(12.1%)
1Net share scheme costs of \u00a32.5 million (31\u00a0December 2024: \u00a31.6 million), being gross costs of \u00a38.7 million (31\u00a0December 2024:
\u00a35.4 million, see note 5c) less reinsurers\u2019 share of share scheme costs of \u00a36.2 million (31\u00a0December 2024: \u00a33.8 million) are excluded
from\u00a0the underwriting result.
1d. Reconciliation of reported loss and expense ratios: European Insurance
31 December 2025
\u00a3m
Consolidated
Financial
Statement
Note
Total
gross
Total, net of
XoL
reinsurance
Insurance revenue (A)
5b/5d
654.5
623.5
Insurance expenses (B)
5c
(175.0)
(175.0)
Claims incurred in the period less changes in liabilities for incurred claims (C)
5c/5d
(419.7)
(414.0)
Insurance service result, gross of quota share reinsurance
59.8
34.5
Quota share reinsurance result1
(31.3)
Onerous loss component movement
1.2
Underwriting result (D)
4.4
Reported loss ratio (C/A)
66.4%
Reported expense ratio (B/A)
28.1%
Insurance service margin (D/A)
0.7%
31 December 2024
\u00a3m
Consolidated
Financial
Statement
Note
Total
gross
Total, net of
XoL
reinsurance
Insurance revenue (A)
5b/5d
606.7
572.7
Insurance expenses (B)
5c
(168.0)
(168.0)
Claims incurred in the period less changes in liabilities for incurred claims (C)
5c/5d
(445.9)
(437.7)
Insurance service result, gross of quota share reinsurance
(7.2)
(33.0)
Quota share reinsurance result1
12.4
Onerous loss component movement
0.4
Underwriting result (D)
(20.2)
Reported loss ratio (C/A)
76.4%
Reported expense ratio (B/A)
29.3%
Insurance service margin (D/A)
(3.5%)
1Net share scheme costs of \u00a33.5 million (2024: \u00a32.8 million), being gross costs of \u00a39.8 million (2024: \u00a38.6 million, see note 5c)
less\u00a0reinsurers\u2019 share of share scheme costs of \u00a36.3 million (2024: \u00a35.8 million) are excluded from the underwriting result.
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