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1. Accounting policies
St. James\u2019s Place plc (the Company) is a public company limited by shares which is incorporated
and registered in England and Wales, domiciled in the United Kingdom and whose shares are
publicly traded.
i. Statement of compliance
The Group financial statements consolidate those of the Company and its subsidiaries
(together referred to as the Group).
The Group financial statements have been prepared in accordance with UK-adopted
International Accounting Standards and with the requirements of the Companies Act 2006
as applicable to companies reporting under those standards.
As at 31 December 2025 there were no new and amended standards, that became effective
on or after 1 January 2025, that were relevant to the Group.
ii. New and amended accounting standards not yet effective
As at 31 December 2025, the following new and amended standards, which are relevant to
the Group but have not been applied in the financial statements, were in issue but are not
yet effective. All of the below have been endorsed by the UK Endorsement Board:
Amendments to the classification and measurement of Financial Instruments \u2013
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures
IFRS 18 Presentation and Disclosure in Financial Statements.
The Group is currently assessing the impact that the adoption of the above standards
and amendments will have on the Group\u2019s results reported within the financial statements.
The only one expected to have a significant impact on the Group\u2019s financial statements is
IFRS 18 Presentation and Disclosure in Financial Statements. Further information on this standard
is given below.
IFRS 18 Presentation and Disclosure in Financial Statements
The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements on 9 April 2024
which will replace IAS 1. IFRS 18 introduces three sets of new requirements to improve companies\u2019
reporting of financial performance and gives investors better basis for analysing and
comparing companies:
improved comparability in the statement of comprehensive income
enhanced transparency of management defined performance measures
more useful grouping of information in the financial statements.
Management are currently assessing the impacts of adopting the new standard, however it is
only expected to have an impact on the presentation and disclosure of the financial statements
and is not expected to have an impact on recognition and measurement. The effective date of
the standard is 1 January 2027.
iii. Basis of preparation
The going concern basis has been adopted in preparing these financial statements.
The Group\u2019s business activities, together with the factors likely to affect its future development,
performance and position, are set out in the Chief Executive Officer\u2019s report and the Chief
Financial Officer\u2019s report. The financial performance and financial position of the Group are
described in the financial review.
As shown in Note 22 Capital management and allocation, the Group\u2019s capital position remains
strong and well in excess of regulatory requirements. In addition, it has continued to operate
within its external banking covenants. In addition, the Fitch rating remains at A+ for SJPUK (A at
SJP PLC level). Further, the long-term nature of the business results in considerable positive cash
flows arising from existing business.
The Board has considered the challenging macroeconomic and geopolitical conditions which
continued during 2025, noting that the business continued to be successful in this environment.
Notwithstanding these challenges, gross inflows for 2025 were \u00a321.9 billion, up 19% on 2024.
Retention of client funds under management remained strong at 94.9% resulting in net inflows
of \u00a36.2 billion. These factors along with the performance of our key outsource providers,
monitored through our ongoing oversight, supports its view that the business will continue
to remain operationally resilient.
The Board has also considered a profitability forecast including base case scenario and severe
but plausible downside scenarios. In modelling these scenarios, the Group has considered its
liquidity, cash and IFRS results. The downside scenarios are severe but plausible and would still
leave the Group with a positive cash result and IFRS profit.
As a result of its review, the Board believes that the Group will continue to operate, with neither
the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors
pursuant to laws or regulations, for a period of at least 12 months from the date of approval of
the Group financial statements.
The financial statements are presented in pounds Sterling rounded to the nearest one hundred
thousand pounds. They are prepared on a historical cost basis, except for assets classified as
investment property and financial assets and liabilities at fair value through profit and loss.
The preparation of the financial statements in conformity with IFRSs requires management
to make judgements, estimates and assumptions that affect the application of policies and
reported amounts of assets and liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which form the basis of making
judgements about the carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the year in which the estimate is revised if the revision
affects only that year, or in the year of the revision and future years, if the revision affects both
current and future years.
Judgements made by management in the application of IFRSs that have material effect on
the financial statements and estimates with a significant risk of material adjustment in the next
year are discussed in Note 2.
The financial statements are prepared in accordance with the Companies Act 2006 as
applicable to companies reporting under IFRS, and the accounting policies set out below have
been applied consistently to all years presented in these consolidated financial statements.
iv. Summary of significant accounting policies
(a) Basis of consolidation
The consolidated financial information incorporates the assets, liabilities and results of the
Company and of its subsidiaries. Subsidiaries are those entities which the Group controls.
Control exists if the Group is exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through its power over the entity
(including unit trusts in which the Group holds more than 30% of the units). Further information
on how control is assessed, including the judgement taken in consolidating SJP Partner Loans
No.1 Limited, the Group\u2019s securitisation entity, is set out in Note 2.
Associates are all entities over which the Group has significant influence but not control, and
are accounted for at fair value through profit or loss. The Group uses the acquisition method of
accounting to account for business combinations and expenses all acquisition costs as they
are incurred. The financial information of subsidiaries is included in the consolidated financial
statements from the date that control commences until the date that control ceases. Accounting
policies of subsidiaries have been changed where necessary to ensure consistency
with policies adopted by the Group.
Any contingent consideration to be transferred by the Group is recognised at fair value at the
acquisition date. Subsequent changes to the fair value of the contingent consideration that is
deemed to be an asset or liability is recognised in accordance with IFRS 9 in the consolidated
statement of comprehensive income.
The treatment of transactions with non-controlling interests depends on whether, as a result of
the transaction, the Group alters control of the subsidiary. Changes in the Parent\u2019s ownership
interest in a subsidiary that do not result in a loss of control are accounted for as equity
transactions; any difference between the amount by which the non-controlling interests are
adjusted and the fair value of the consideration paid or received is recognised directly in equity
and attributed to the owners of the Parent entity. Where the Group loses control of a subsidiary,
at the date when control is lost the amount of any non-controlling interest in that former
subsidiary is derecognised and any investment retained in the former subsidiary is remeasured
to its fair value; the gain or loss that is recognised in profit or loss on the partial disposal of the
subsidiary includes the gain or loss on the remeasurement of the retained interest.
Intra-Group balances, and any income and expenses or unrealised gains and losses arising from
intra-Group transactions, are eliminated in preparing the consolidated financial statements.
The St. James\u2019s Place Charitable Foundation is not consolidated within the financial information.
This is because the Company does not meet the control definitions required by IFRS 10.
(b) Fee and commission income
Fee and commission income comprises:
(i) advice charges (post-RDR) paid by clients who receive advice alongside their investment
in a St. James\u2019s Place product. Advice may be provided at initial investment, and on an
ongoing basis;
(ii) third-party fee and commission income, due from third-party product providers in respect
of products sold on their behalf;
(iii) wealth management fees paid by clients for the ongoing administration of their investment
products;
(iv) investment management fees paid by clients for investment management, including
charges taken by the Group to pay third-party investment advisers;
(v) fund tax deductions, which are fees charged to clients to match the policyholder tax
expense;
(vi) policyholder tax asymmetry, which is the difference between the deferred tax position
and the offsetting client balances;
(vii) discretionary fund management (DFM) fees generated through the services provided
by our DFM business; and
(viii) amortisation of deferred income (DIR), the unwinding of income that has been deferred.
This relates to initial product charges and dealing margins from unit trusts.
The provision of initial advice is a distinct performance obligation. As a result, initial advice
charges are recognised in full on acceptance and inception of the associated policy by the
relevant product provider, which may be a Group company or a third-party. Ongoing advice
charges are recognised as revenue on an ongoing basis, consistent with the nature of the
performance obligation being discharged, rather than at a single point in time.
Third-party fee and commission income is recognised in full on acceptance and inception of
the associated policy by the relevant third-party product provider. The performance obligation
is the initial advice provided to a client which leads to investment in a third-party product,
hence it is appropriate that this revenue stream is recognised on the same basis as initial
advice charges. Where the third-party product provider retains the right to clawback of
commission on an indemnity basis, revenue on sale of these products is recognised to the
extent that it is highly probable the revenue will not be clawed back. A provision is recognised
for any amounts received which do not meet the \u2018highly probable\u2019 threshold.
Wealth management fees, investment management fees, fund tax deductions, policyholder
tax asymmetry and DFM fees relate to services provided on an ongoing basis, and revenue
is recognised on an ongoing basis to reflect the nature of the performance obligations being
discharged.
When initial product charges and dealing margins do not relate to a distinct performance
obligation satisfied at inception of a contract, the income is deferred and amortised over
the anticipated period in which the services will be provided.
(c) Expenses
(i) Payments to Partners
Payments to Partners comprise initial commission and initial advice fees (IAF) (paid for initial
advice, at policy outset and within an initial period for regular contribution), renewal commission
and renewal advice fees (payable on regular contributions) and fund fee commission or ongoing
advice fees (OAF) (based on funds under management). Initial and renewal commission and
advice fees are recognised in line with the associated premium income, but initial commission
on insurance and investment contracts may be deferred, as set out in accounting policy (m).
Fund fee commission and ongoing advice fees are recognised on an accruals basis.
(ii) Lease expenses
Lease expenses under IFRS 16 comprise depreciation of the right-of-use asset. Further
information on depreciation of the right-of-use asset is set out in accounting policy (o).
The Group recognises lease payments associated with short-term leases and leases of
low-value assets on a straight-line basis over the lease term.
(d) Investment return
Investment return comprises investment income and investment gains and losses.
Investment income includes dividends, interest and rental income from investment properties
under operating leases. Dividends are accrued on an ex-dividend basis, and rental income is
recognised in the statement of comprehensive income on a straight-line basis over the term
of the lease. Interest on assets classified at fair value through profit or loss are accounted for
based on the actual coupon payments, whilst interest on financial assets measured at
amortised cost are accounted for using the effective interest method.
(e) Insurance revenue
Insurance revenue represents the expected income from the provision of insurance services.
The income is recognised during the coverage period in which the services will be provided.
(f) Insurance service expenses
Insurance service expenses comprise insurance claims and other insurance service expenses.
The expense is recognised during the relevant coverage period in which the services will be
provided, excluding any investment components.
(g) Finance income
Finance income comprises interest received on cash and cash equivalents and business
loans to Partners. Interest on assets classified at fair value through profit or loss is accounted
for based on the actual coupon payments, whilst interest on financial assets measured
at amortised cost is accounted for using the effective interest method.
(h) Finance costs
Finance costs comprise an interest expense on the lease liability and external borrowings.
Interest expense on the lease liability and external borrowings is calculated using the effective
interest method.
(i) Income taxes
Income tax on the profit or loss for the year comprises current and deferred tax charge of the
Group in respect of policyholders and shareholders. Income tax is recognised in the statement
of comprehensive income except to the extent that it relates to items recognised directly
in equity, in which case it is recognised in equity. Tax liabilities are recognised when it
is considered probable that there will be a future outflow of funds to a taxing authority,
and are measured using a best-estimate approach.
(i) Current tax
Current tax is the expected tax payable on the taxable income for the year, using tax rates
enacted or substantively enacted at the reporting date, and any adjustment to tax payable
in respect of previous years.
(ii) Deferred tax
Deferred tax is provided using the liability method, providing for temporary differences between
the carrying amounts of assets and liabilities for financial reporting purposes and the amounts
used for taxation purposes. The following differences are not provided for: the initial recognition
of assets or liabilities that affect neither accounting nor taxable profit, and differences relating
to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable
future. The amount of deferred tax provided is based on the expected manner of realisation or
settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively
enacted at the reporting date and taking into account expected timing of utilisation.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits
will be available against which the asset can be utilised. Deferred tax assets are reduced to the
extent that it is no longer probable that the related tax benefit will be realised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities, and when the deferred tax assets and liabilities
relate to income taxes levied by the same taxation authority on either the taxable entity or
different taxable entities where there is an intention to settle the balances on a net basis.
(iii) Policyholder and shareholder tax
The total income tax charge is a separate adjustment within the statement of comprehensive
income based on the movement in current and deferred income taxes in respect of income,
gains and expenses. The total charge reflects tax incurred on behalf of policyholders as well
as shareholders, and so it is useful to be able to identify these separately.
Shareholder tax is estimated by making an assessment of the effective rate of tax that is
applicable to the shareholders on the profits attributable to shareholders. This is calculated by
applying the appropriate effective corporate tax rates to the shareholder profits. The remainder
of the tax charge represents tax on policyholders\u2019 investment returns.
(j) Dividends
Interim dividend distributions to the Company\u2019s shareholders are recognised in equity in the
period in which they are paid. Final dividend distributions to the Company\u2019s shareholders are
recognised in the period in which the dividends are declared: that is, when they are appropriately
authorised and no longer at the discretion of the Company. The final dividend for the financial
year is disclosed but shown as unpaid and awaiting approval by the Company\u2019s shareholders
at the Annual General Meeting.
(k) Investment contract deposits and withdrawals
Investment contract payments in and out are not included in the statement of comprehensive
income but are reported as deposits to or deductions from investment contract benefits
in the statement of financial position. The movement in investment contract benefits within
the statement of comprehensive income principally represents the investment return credited
to policyholders.
Explicit advice charges are payable by most clients who wish to receive advice with their
investment in a St. James\u2019s Place retail investment product. St. James\u2019s Place facilitates the
payment of these charges for the client, by arranging withdrawals from the client\u2019s policy,
which are then recognised as income to the Group. A proportion of the charge is then paid
to the St. James\u2019s Place adviser who provides the advice (see (b) Fee and commission income
(i) and (c) Expenses (i)).
(l) Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s
share of the identifiable net assets of the acquired entity at the date of acquisition. Where the
fair value of the Group\u2019s share of the identifiable net assets of the acquired entity is greater
than the cost of acquisition, the excess is recognised immediately in the statement of
comprehensive income.
Goodwill is recognised as an asset at cost and is reviewed at least annually for impairment or
when circumstances or events indicate there may be uncertainty over this value. If an impairment
is identified, the carrying value of the goodwill is written down immediately through the
statement of comprehensive income and is not subsequently reversed. At the date of disposal
of a subsidiary, the carrying value of attributable goodwill is included in the calculation of the
profit or loss on disposal except where it has been written off directly to reserves in the past.
(m) Deferred acquisition costs
For investment contracts, only directly attributable acquisition costs, which vary with and are
related to securing new contracts and renewing existing contracts, are deferred, and only to
the extent that they are recoverable out of future revenue. These deferred acquisition costs,
which represent the contractual right to benefit from providing investment management
services, net of any impairment losses, are amortised to expenses in the statement of
comprehensive income on a straight-line basis over the expected lifetime of the Group\u2019s
investment contracts. All other costs are recognised as expenses when incurred. The period
over which costs are expected to be recoverable for investment contracts is 14 years.
(n) Intangible assets
(i) Purchased value of in-force business
The purchased value of in-force business represents the present value of profits that are
expected to emerge from business acquired on business combinations. It is calculated
at the time of acquisition using best-estimate actuarial assumptions for interest, mortality,
persistency and expenses, net of any impairment losses, and it is amortised on a straight-line
basis as profits emerge over the anticipated lives of the related contracts in the portfolio.
An intangible asset is also recognised in respect of acquired investment management contracts,
representing the fair value of contractual rights acquired under those contracts. The purchased
value of in-force business is expressed as a gross figure in the statement of financial position,
with the associated tax included within deferred tax liabilities. It is assessed for impairment at
each reporting date and any movement is charged to the statement of comprehensive income.
The estimated useful economic life of acquired in-force business is 20 years.
(ii) Computer software and other specific software developments
Computer software is stated at cost less accumulated amortisation and any recognised
impairment loss. The carrying value is reviewed for impairment when events or changes
in circumstances indicate that the carrying value may not be recoverable.
Computer software, including cloud customisation costs, is recognised as an intangible
asset during development, with amortisation commencing when the software is operational.
Amortisation is charged to the statement of comprehensive income to expenses on a straight-
line basis over 5 years, being the estimated useful life of the intangible asset.
(o) Property and equipment
Property and equipment comprises both assets which are owned and those which are leased.
(i) Initial and subsequent measurement of owned assets
Owned items of property and equipment are stated at cost less accumulated depreciation and
impairment. Cost includes the original purchase price of the asset and the costs attributable to
bringing the asset to its working condition for its intended use. Depreciation is charged to expenses
within the statement of comprehensive income on a straight-line basis over the estimated
useful lives of the property and equipment, which are as follows:
Fixtures, fittings and office equipment: 5 to 15 years
Computer equipment: 3 years
(ii) Initial and subsequent measurement of leased assets
A right-of-use asset is recognised within property and equipment for leased items which are
not subject to the short-term or low-value lease exemptions set out in IFRS 16. This comprises
the Group\u2019s leased property portfolio. The right-of-use asset recognised on the commencement
date of the lease is the value of the lease liability (refer to accounting policy (ab), plus expected
dilapidation costs, initial direct costs (that is, incremental costs that would not have been
incurred if the lease had not been obtained, such as legal fees) and lease payments made
before or at the commencement date of the lease. Following initial recognition, depreciation
is charged to expenses within the statement of comprehensive income on a straight-line basis
over the lease term.
(iii) Impairment of owned and leased assets
The carrying value of owned and leased assets is reviewed for impairment when events or
changes in circumstances indicate that the carrying value may not be recoverable. Any assets
that may have suffered impairment are reviewed for possible reversal of the impairment at
each reporting date.
(p) Investment property
Investment properties, which are all held within the unit-linked funds, are properties which
are held to earn rental income and/or for capital appreciation. They are stated at fair value.
An external, independent valuer, having an appropriate recognised professional qualification
and recent experience in the location and category of property being valued, values the
portfolio every month.
The fair values are based on open market values, being the estimated amount for which a
property could be exchanged on the date of valuation between a willing buyer and a willing
seller in an arm\u2019s-length transaction after proper marketing wherein the parties had each
acted knowledgeably, prudently and without compulsion.
Any gain or loss arising from a change in fair value is recognised in the statement of
comprehensive income within investment income. Rental return from investment property
is accounted for as described in accounting policy (d).
(q) Reinsurance assets
Reinsurance assets represent amounts recoverable from reinsurers in respect of non-unit-
linked insurance contract liabilities, net of any future reinsurance premiums. See (v) Insurance
contract liabilities for further information.
The contract boundary for a reinsurance contract is dependent on the terms and conditions
of the reinsurance contract. Such terms have been assessed and considered to be the same
as for the underlying contracts.
(r) Other receivables
Other receivables are recognised initially at fair value and subsequently measured at amortised
cost using the effective interest method.
Most shareholder other receivables are initially recognised at fair value and subsequently
held at amortised cost less impairment losses, as the business model for these assets is
to hold to collect contractual cash flows, which consist solely of payments of principal and
interest. The exception to this is renewal income assets, which are classified as fair value
through profit and loss and are initially, and subsequently, recognised at fair value. The value
of any impairment recognised is the difference between the asset\u2019s carrying amount and the
present value of the estimated future cash flows, discounted at the original effective interest
rate. See accounting policy (af) for information relating to the treatment of impaired amounts.
Other receivables include prepayments, which are recognised where services are paid for in
advance of the benefit being received. The prepayment reduces, and an expense is recognised
in the statement of comprehensive income, as the service is received.
Commission and advice fees in respect of some insurance and investment business may be
paid to Partners in advance of renewal premiums and accelerated by up to 5 years. The unearned
element of this accelerated remuneration is recognised as advanced payments to Partners
within other receivables. Should the contributions reduce or stop within the initial period, any
unearned amount is recovered.
Derecognition
A financial asset is primarily derecognised when the rights to receive cash flows from the
asset have expired or the Group has transferred its rights to receive cash flows from the asset
or has assumed an obligation to pay the received cash flows in full without material delay to
a third-party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred
substantially all the risks and rewards of the asset, or (b) the Group has neither transferred
nor retained substantially all the risk and rewards of the asset, but has transferred control
of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered
into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks
and rewards of ownership. When it has neither transferred nor retained substantially all of
the risks and rewards of the asset, nor transferred control of the asset, the Group continues
to recognise the transferred asset to the extent of its continuing involvement. In that case, the
Group also recognises an associated liability. The transferred asset and the associated liability
are measured on a basis that reflects the rights and obligations that the Group has retained.
(s) Financial investments
These financial assets are initially and subsequently recognised at fair value through profit
and loss, with all gains and losses recognised within investment income in the statement of
comprehensive income. The vast majority of these financial assets are quoted, and so the fair
value is based on the value within the bid-ask spread that is most representative of fair value.
If the market for a financial asset is not active, the Group establishes fair value by using valuation
techniques such as recent arm\u2019s-length transactions, reference to similar listed investments,
discounted cash flow models or option pricing models.
Subsequent measurement of these financial assets at fair value through profit and loss is
required by IFRS 9 for debt instruments for which the objectives of the Group\u2019s business model
are not met by either holding the instrument to collect contractual cash flows or selling the
instruments, or where the contractual terms of the instrument do not give rise to cash flows
which are solely payments of principal and interest. Where both the \u2018business model\u2019 and
\u2018solely payments of principal and interest\u2019 tests are met, management has made an irrevocable
decision to designate the debt instruments at fair value through profit and loss as doing so
aligns the measurement of the financial assets with the measurement of their associated
unit-linked liabilities.
Management has not made the irrevocable election to present changes in the fair value of
equity instruments in other comprehensive income, and so all equity instruments are also
designated at fair value through profit and loss.
The Group recognises purchases and sales of investments on trade date. The costs associated
with investment transactions are included within expenses in the statement of comprehensive
income.
(t) Derivative financial instruments
The Group uses derivative financial instruments within some unit-linked funds, with each contract
initially and subsequently recognised at fair value, based on observable market prices. All changes
in value are recognised within investment income in the statement of comprehensive income.
(u) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other
short-term highly liquid investments.
Cash and cash equivalents held within unit-linked and unit trust funds are classified at fair
value through profit and loss, as management has made an irrevocable decision to designate
them as such in order to align the measurement of these financial assets with the measurement
of their associated unit-linked liabilities. Therefore, these cash and cash equivalents are initially
and subsequently recognised at fair value through profit and loss, with gains and losses
recognised within investment return in the statement of comprehensive income.
All other cash and cash equivalents are classified at amortised cost, as the business model
for these assets is to hold to collect contractual cash flows, which consist solely of payments
of principal and interest. They are initially recognised at fair value and subsequently measured
at amortised cost using the effective interest method, less impairment losses.
(v) Insurance contract liabilities
Insurance contract liabilities are determined by applying the default General Measurement
Model (GMM) to non-unit-linked insurance business and reassurance ceded, and the Variable
Fee Approach (VFA) to unit-linked insurance business measured under IFRS 17.
The contract boundary is assessed at transition and then reassessed only when there are
changes in features or circumstances that alter the commercial substance of the contract
or change the products within a portfolio.
Under the GMM (applicable to non-unit-linked insurance business and reassurance ceded),
groups of contracts are recognised and measured as:
the Fulfilment Cash Flows, comprising an estimate of future cash flows, adjusted to reflect
the time value of money, the financial risks associated with the future cash flows, and a risk
adjustment for non-financial risk (RA)
the Contractual Service Margin (CSM), comprising the unearned profit within a group of
contracts that will be recognised as the Group provides insurance services in the future.
The estimate of future cash flows represents the best estimate of the cost to fulfil cash flows
within the contract boundary, incorporating current non-financial assumptions.
The RA represents the compensation that an entity requires for bearing the uncertainty
about the amount and timing of cash flows that arise from non-financial risk as the entity fulfils
insurance contracts. It is calculated using a cost of capital approach, leveraging the Solvency II
view of non-financial risk.
The CSM is determined at contract outset or IFRS 17 transition and subsequently remeasured
for non-financial changes in the Fulfilment Cash Flows and the accretion of interest using a
discount rate locked in at transition. It is amortised over the period of the contract in line with
coverage units based upon the sum assured, which reflect the quantity of insurance services
provided. If a group of contracts is expected to be onerous (i.e. loss-making) over the remaining
coverage period, a loss is recognised immediately.
Under the VFA (applicable to unit-linked insurance business), the GMM is supplemented by an
adaptation for contracts with direct participation features. The Fulfilment Cash Flows for unit-linked
insurance business reflect an obligation to pay policyholders an amount equal to the fair value
of underlying assets, less the variable fee for future service. The RA reflects the compensation
for non-financial risk in relation to this variable fee only. The CSM is subsequently remeasured
for changes in the variable fee only, arising from both financial and non-financial risks.
(w) Investment contract benefits
All of the Group\u2019s investment contracts are unit-linked. Unit-linked liabilities are measured at
fair value by reference to the value of the underlying net asset value of the Group\u2019s unitised
investment funds, on a bid valuation basis, at the reporting date. An allowance for deductions
due to (or from) the Group in respect of policyholder tax on capital gains (and losses) in the
life assurance funds is also reflected in the measurement of unit-linked liabilities. Investment
contract benefits are recognised when units are first allocated to the policyholder; they are
derecognised when units allocated to the policyholder have been cancelled.
The decision by the Group to designate its unit-linked liabilities at fair value through profit and
loss reflects the fact that the matching investment portfolio, which underpins the unit-linked
liabilities, is recognised at fair value through profit and loss.
(x) Deferred income
The initial margin on financial instruments is deferred and recognised on a straight-line
basis over the expected lifetime of the financial instrument, which is between 6 and 14 years.
(y) Net asset value attributable to unit holders
The Group consolidates unit trusts in which it holds more than 30% of the units and exercises
control. The third-party interests in these unit trusts are termed the net asset value attributable
to unit holders and are presented in the statement of financial position. They are classified at
fair value through profit and loss, hence are initially and subsequently measured at fair value.
The decision by the Group to designate the net asset value attributable to unit holders at fair
value through profit and loss reflects the fact that the underlying investment portfolios are
recognised at fair value through profit and loss.
Income attributable to the third-party interests is accounted for within investment return,
offset by a corresponding change in investment contract benefits.
(z) Other provisions
Provisions are made where an event has taken place that gives the Group a legal or
constructive obligation that probably requires settlement by a transfer of economic benefit,
and a reliable estimate can be made of the amount of the obligation. Provisions are charged
as an expense to the statement of comprehensive income in the year that the Group becomes
aware of the obligation, and are measured at the best estimate at the statement of financial
position date of the expenditure required to settle the obligation, taking into account relevant
risks and uncertainties. When payments are eventually made, they are charged to the provision
carried in the statement of financial position.
(aa) Borrowings
Borrowings are measured initially at fair value, net of directly attributable transaction costs,
and subsequently stated at amortised cost. The difference between the proceeds and the
redemption value is recognised in the statement of comprehensive income over the borrowing
period on an effective interest rate basis. Borrowings are recognised on drawdown and
derecognised on repayment.
(ab) Other payables
Other payables are recognised initially at fair value and subsequently measured at amortised
cost using the effective interest method.
Other payables include lease liabilities calculated in accordance with IFRS 16. On the
commencement date of the lease the lease liability is measured as the present value of the
future lease payments to be made over the lease term. For the Group, future lease payments
include those which are fixed and those which vary depending on an index or rate. The future
lease payments are discounted at the Group\u2019s incremental borrowing rate at the commencement
date of the lease, which varies depending on the lease term. The lease term includes the
non-cancellable period for which the Group has the right to use the leased asset, plus periods
covered by extension options where the option is reasonably certain to be taken. Conversely,
the non-cancellable period is reduced if it is reasonably certain that a termination option will
be taken.
The incremental borrowing rate is management\u2019s judgement as to the rate of interest that
the Group would have to pay to borrow, over a similar term and with similar security, the funds
necessary to obtain an asset of a similar value to the cost of the right-of-use asset. This has
been determined with reference to the rate of interest of existing borrowings held by the Group
and market rates adjusted to take into account the security and term associated with the lease.
The Group applied the practical expedient on transition to IFRS 16 on 1 January 2019 of applying
a single discount rate to a portfolio of leases with reasonably similar characteristics by grouping
leases by asset type and remaining lease term on the date of transition. Similarly, the Group
periodically determines standard discount rates to apply for leases entered into since
1 January 2019 by asset type and lease term.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged,
cancelled or expired.
(ac) Employee benefits
(i) Pension obligations
The Group operates a defined contribution personal pension plan for its employees.
Contributions to this plan are recognised as an expense in the statement of comprehensive
income as incurred. The Group has no legal or constructive obligations to pay further
contributions if the fund does not hold sufficient assets to pay all employees the benefits
relating to employee service in the current and prior periods.
(ii) Share-based payments
The Group operates a number of share-based payment plans for employees, Partners and
advisers. The fair value of share-based payment awards granted is recognised as an expense
spread over the vesting period of the instrument, which accords with the period for which
related services are provided, with a corresponding increase in equity in the case of equity-
settled plans and the recognition of a liability for cash-settled plans.
The total amount to be expensed is determined by reference to the fair value of the awards,
which are measured using standard option pricing models as the fair value of the services
provided by employees, Partners and advisers cannot be reliably measured. For equity-settled
plans, the fair value is determined at grant date and not subsequently remeasured.
For cash-settled plans, the fair value is remeasured at each reporting date and at the date
of settlement, with any changes in fair value recognised in the statement of comprehensive
income for the period.
At each reporting date, the Group revises its estimate of the number of awards that are
expected to vest and it recognises the impact of the revision of original estimates, if any, in
the statement of comprehensive income, such that the amounts recognised for employee,
Partner and adviser services are based on the number of awards that actually vest. The
charge to the statement of comprehensive income is not revised for any changes in market
vesting conditions.
(ad) Share capital
Ordinary shares are classified as equity. Where any Group entity purchases the Company\u2019s
equity share capital (shares held in trust), the consideration paid is deducted from equity
attributable to shareholders, as disclosed in the Shares in trust reserve. Where such shares are
subsequently sold, reissued or otherwise disposed of, any consideration received is included
in equity attributable to shareholders, net of any directly attributable incremental transaction
costs and the related income tax effects.
(ae) Product classification
The Group\u2019s products are classified for accounting purposes as either insurance contracts
or investment contracts.
(i) Insurance contracts
Insurance contracts are contracts that transfer significant insurance risk. The Group\u2019s historic
product range includes a variety of term assurance and whole-of-life protection contracts
involving significant insurance risk transfer.
(ii) Investment contracts
Contracts that do not transfer significant insurance risk are treated as investment contracts.
The majority of the business written by the Group is unit-linked investment business and is
classified as investment contracts.
(af) Impairment
(i) Non-financial assets
Assets that are subject to amortisation are reviewed for impairment when circumstances or
events indicate there may be uncertainty over their value. An impairment loss is recognised
for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset\u2019s fair value less costs to sell or its value-in-
use. Refer to accounting policy (l) for the Group\u2019s impairment policy for goodwill.
(ii) Financial assets
Financial assets held at amortised cost are impaired using an expected credit loss model.
The model splits financial assets into performing, underperforming and non-performing
categories based on changes in credit quality since initial recognition. At initial recognition
financial assets are considered to be performing. They become underperforming where there
has been a significant increase in credit risk since initial recognition, and non-performing when
there is objective evidence of impairment. 12 months of expected credit losses are recognised
within expenses in the statement of comprehensive income and netted against the financial
asset in the statement of financial position for all performing financial assets, with lifetime
expected credit losses recognised for underperforming and non-performing financial assets.
Expected credit losses are based on the historic levels of loss experienced for the relevant
financial assets, with due consideration given to forward-looking information.
The most significant category of financial assets held at amortised cost for the Group are
business loans to Partners, which are explained in more detail in Note 15. The significant
increase in credit risk which triggers the move from performing to underperforming for these
assets is when they are more than 30 days past due, in line with the presumption set out in
IFRS 9 Financial Instruments, or when the loan facility has expired and is in the process of being
renegotiated. Business loans to Partners are classified as non-performing when the loan is to
a Partner who has left the St. James\u2019s Place Partnership, or when the loan is to a Partner whom
management considers to be at significant risk of leaving the Partnership and where an orderly
settlement of debt is considered to be in question. The definition of non-performing loans in this
context is a critical accounting judgement, about which more information is set out in Note 2.
(ag) Foreign currency translation
The Group\u2019s presentation and the Company\u2019s functional currency is pounds Sterling.
The statement of comprehensive income and statement of cash flows for foreign subsidiaries
are translated into the Group\u2019s presentation currency using exchange rates prevailing at the
date of the transaction. The statement of financial position for foreign subsidiaries is translated
at the year-end exchange rate. Exchange rate differences arising from these translations are
taken to the statement of comprehensive income.
Foreign currency transactions are translated into pounds Sterling using the exchange rate
prevailing at the date of the transactions. Monetary assets and liabilities denominated in
foreign currencies are translated using the rate of exchange ruling at the reporting date and
the gain or losses on translation are recognised in the statement of comprehensive income.
Non-monetary assets and liabilities which are held at historical cost are translated using
exchange rates prevailing at the date of the transaction; those held at fair value are translated
using exchange rates ruling at the date on which the fair value was determined.
(ah) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided
to the Chief Operating Decision-Maker. The Chief Operating Decision-Maker, responsible for
allocating resources and assessing performance of the operating segments, has been
identified as the Group Executive Committee.
(ai) Current and non\u2011current disclosure
Assets which are expected to be recovered or settled no more than 12 months after the reporting
date are disclosed as current within the Notes to the financial statements. Those expected to be
recovered or settled more than 12 months after the reporting date are disclosed as non-current.
Liabilities which are expected or due to be settled no more than 12 months after the reporting
date are disclosed as current within the Notes to the financial statements. Those liabilities which
are expected or due to be settled more than 12 months after the reporting date are disclosed
as non-current.
(aj) Alternative performance measures
Within the financial statements, a number of alternative performance measures (APMs) are
disclosed. An APM is a measure of financial performance, financial position or cash flows which
is not defined by the relevant financial reporting framework, which for the Group is International
Financial Reporting Standards as adopted by the UK Endorsement Board. APMs are used to
provide greater insight into the performance of the Group and the way it is managed by the
Directors. A definition of each of the APMs is included in the glossary of alternative performance
measures section, which explains why it is used and, where applicable, explains how the
measure can be reconciled to the IFRS financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "St. James\u2019s Place plc (the Company) is a public company limited by shares which is incorporated and registered in England and Wales, domiciled in the United Kingdom and whose shares are publicly traded. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "St. James\u2019s Place plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "St. James\u2019s Place plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "i. Statement of compliance The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the Group). The Group financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. As at 31 December 2025 there were no new and amended standards, that became effective on or after 1 January 2025, that were relevant to the Group. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "ii. New and amended accounting standards not yet effective As at 31 December 2025, the following new and amended standards, which are relevant to the Group but have not been applied in the financial statements, were in issue but are not yet effective. All of the below have been endorsed by the UK Endorsement Board: Amendments to the classification and measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures IFRS 18 Presentation and Disclosure in Financial Statements. The Group is currently assessing the impact that the adoption of the above standards and amendments will have on the Group\u2019s results reported within the financial statements. The only one expected to have a significant impact on the Group\u2019s financial statements is IFRS 18 Presentation and Disclosure in Financial Statements. Further information on this standard is given below. IFRS 18 Presentation and Disclosure in Financial Statements The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements on 9 April 2024 which will replace IAS 1. IFRS 18 introduces three sets of new requirements to improve companies\u2019 reporting of financial performance and gives investors better basis for analysing and comparing companies: improved comparability in the statement of comprehensive income enhanced transparency of management defined performance measures more useful grouping of information in the financial statements. Management are currently assessing the impacts of adopting the new standard, however it is only expected to have an impact on the presentation and disclosure of the financial statements and is not expected to have an impact on recognition and measurement. The effective date of the standard is 1 January 2027. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "ii. New and amended accounting standards not yet effective As at 31 December 2025, the following new and amended standards, which are relevant to the Group but have not been applied in the financial statements, were in issue but are not yet effective. All of the below have been endorsed by the UK Endorsement Board: Amendments to the classification and measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures IFRS 18 Presentation and Disclosure in Financial Statements. The Group is currently assessing the impact that the adoption of the above standards and amendments will have on the Group\u2019s results reported within the financial statements. The only one expected to have a significant impact on the Group\u2019s financial statements is IFRS 18 Presentation and Disclosure in Financial Statements. Further information on this standard is given below. IFRS 18 Presentation and Disclosure in Financial Statements The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements on 9 April 2024 which will replace IAS 1. IFRS 18 introduces three sets of new requirements to improve companies\u2019 reporting of financial performance and gives investors better basis for analysing and comparing companies: improved comparability in the statement of comprehensive income enhanced transparency of management defined performance measures more useful grouping of information in the financial statements. Management are currently assessing the impacts of adopting the new standard, however it is only expected to have an impact on the presentation and disclosure of the financial statements and is not expected to have an impact on recognition and measurement. The effective date of the standard is 1 January 2027. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "iii. Basis of preparation The going concern basis has been adopted in preparing these financial statements. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Chief Executive Officer\u2019s report and the Chief Financial Officer\u2019s report. The financial performance and financial position of the Group are described in the financial review. As shown in Note 22 Capital management and allocation, the Group\u2019s capital position remains strong and well in excess of regulatory requirements. In addition, it has continued to operate within its external banking covenants. In addition, the Fitch rating remains at A+ for SJPUK (A at SJP PLC level). Further, the long-term nature of the business results in considerable positive cash flows arising from existing business. The Board has considered the challenging macroeconomic and geopolitical conditions which continued during 2025, noting that the business continued to be successful in this environment. Notwithstanding these challenges, gross inflows for 2025 were \u00a321.9 billion, up 19% on 2024. Retention of client funds under management remained strong at 94.9% resulting in net inflows of \u00a36.2 billion. These factors along with the performance of our key outsource providers, monitored through our ongoing oversight, supports its view that the business will continue to remain operationally resilient. The Board has also considered a profitability forecast including base case scenario and severe but plausible downside scenarios. In modelling these scenarios, the Group has considered its liquidity, cash and IFRS results. The downside scenarios are severe but plausible and would still leave the Group with a positive cash result and IFRS profit. As a result of its review, the Board believes that the Group will continue to operate, with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations, for a period of at least 12 months from the date of approval of the Group financial statements. The financial statements are presented in pounds Sterling rounded to the nearest one hundred thousand pounds. They are prepared on a historical cost basis, except for assets classified as investment property and financial assets and liabilities at fair value through profit and loss. The preparation of the financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years. Judgements made by management in the application of IFRSs that have material effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in Note 2. The financial statements are prepared in accordance with the Companies Act 2006 as applicable to companies reporting under IFRS, and the accounting policies set out below have been applied consistently to all years presented in these consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "iii. Basis of preparation The going concern basis has been adopted in preparing these financial statements. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Chief Executive Officer\u2019s report and the Chief Financial Officer\u2019s report. The financial performance and financial position of the Group are described in the financial review. As shown in Note 22 Capital management and allocation, the Group\u2019s capital position remains strong and well in excess of regulatory requirements. In addition, it has continued to operate within its external banking covenants. In addition, the Fitch rating remains at A+ for SJPUK (A at SJP PLC level). Further, the long-term nature of the business results in considerable positive cash flows arising from existing business. The Board has considered the challenging macroeconomic and geopolitical conditions which continued during 2025, noting that the business continued to be successful in this environment. Notwithstanding these challenges, gross inflows for 2025 were \u00a321.9 billion, up 19% on 2024. Retention of client funds under management remained strong at 94.9% resulting in net inflows of \u00a36.2 billion. These factors along with the performance of our key outsource providers, monitored through our ongoing oversight, supports its view that the business will continue to remain operationally resilient. The Board has also considered a profitability forecast including base case scenario and severe but plausible downside scenarios. In modelling these scenarios, the Group has considered its liquidity, cash and IFRS results. The downside scenarios are severe but plausible and would still leave the Group with a positive cash result and IFRS profit. As a result of its review, the Board believes that the Group will continue to operate, with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations, for a period of at least 12 months from the date of approval of the Group financial statements. The financial statements are presented in pounds Sterling rounded to the nearest one hundred thousand pounds. They are prepared on a historical cost basis, except for assets classified as investment property and financial assets and liabilities at fair value through profit and loss. The preparation of the financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years. Judgements made by management in the application of IFRSs that have material effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in Note 2. The financial statements are prepared in accordance with the Companies Act 2006 as applicable to companies reporting under IFRS, and the accounting policies set out below have been applied consistently to all years presented in these consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "(a) Basis of consolidation The consolidated financial information incorporates the assets, liabilities and results of the Company and of its subsidiaries. Subsidiaries are those entities which the Group controls. Control exists if the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity (including unit trusts in which the Group holds more than 30% of the units). Further information on how control is assessed, including the judgement taken in consolidating SJP Partner Loans No.1 Limited, the Group\u2019s securitisation entity, is set out in Note 2. Associates are all entities over which the Group has significant influence but not control, and are accounted for at fair value through profit or loss. The Group uses the acquisition method of accounting to account for business combinations and expenses all acquisition costs as they are incurred. The financial information of subsidiaries is included in the consolidated financial statements from the date that control commences until the date that control ceases. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with policies adopted by the Group. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 in the consolidated statement of comprehensive income. The treatment of transactions with non-controlling interests depends on whether, as a result of the transaction, the Group alters control of the subsidiary. Changes in the Parent\u2019s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions; any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Parent entity. Where the Group loses control of a subsidiary, at the date when control is lost the amount of any non-controlling interest in that former subsidiary is derecognised and any investment retained in the former subsidiary is remeasured to its fair value; the gain or loss that is recognised in profit or loss on the partial disposal of the subsidiary includes the gain or loss on the remeasurement of the retained interest. Intra-Group balances, and any income and expenses or unrealised gains and losses arising from intra-Group transactions, are eliminated in preparing the consolidated financial statements. The St. James\u2019s Place Charitable Foundation is not consolidated within the financial information. This is because the Company does not meet the control definitions required by IFRS 10. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "(a) Basis of consolidation The consolidated financial information incorporates the assets, liabilities and results of the Company and of its subsidiaries. Subsidiaries are those entities which the Group controls. Control exists if the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity (including unit trusts in which the Group holds more than 30% of the units). Further information on how control is assessed, including the judgement taken in consolidating SJP Partner Loans No.1 Limited, the Group\u2019s securitisation entity, is set out in Note 2. Associates are all entities over which the Group has significant influence but not control, and are accounted for at fair value through profit or loss. The Group uses the acquisition method of accounting to account for business combinations and expenses all acquisition costs as they are incurred. The financial information of subsidiaries is included in the consolidated financial statements from the date that control commences until the date that control ceases. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with policies adopted by the Group. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 in the consolidated statement of comprehensive income. The treatment of transactions with non-controlling interests depends on whether, as a result of the transaction, the Group alters control of the subsidiary. Changes in the Parent\u2019s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions; any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Parent entity. Where the Group loses control of a subsidiary, at the date when control is lost the amount of any non-controlling interest in that former subsidiary is derecognised and any investment retained in the former subsidiary is remeasured to its fair value; the gain or loss that is recognised in profit or loss on the partial disposal of the subsidiary includes the gain or loss on the remeasurement of the retained interest. Intra-Group balances, and any income and expenses or unrealised gains and losses arising from intra-Group transactions, are eliminated in preparing the consolidated financial statements. The St. James\u2019s Place Charitable Foundation is not consolidated within the financial information. This is because the Company does not meet the control definitions required by IFRS 10. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "(b) Fee and commission income Fee and commission income comprises: (i) advice charges (post-RDR) paid by clients who receive advice alongside their investment in a St. James\u2019s Place product. Advice may be provided at initial investment, and on an ongoing basis; (ii) third-party fee and commission income, due from third-party product providers in respect of products sold on their behalf; (iii) wealth management fees paid by clients for the ongoing administration of their investment products; (iv) investment management fees paid by clients for investment management, including charges taken by the Group to pay third-party investment advisers; (v) fund tax deductions, which are fees charged to clients to match the policyholder tax expense; (vi) policyholder tax asymmetry, which is the difference between the deferred tax position and the offsetting client balances; (vii) discretionary fund management (DFM) fees generated through the services provided by our DFM business; and (viii) amortisation of deferred income (DIR), the unwinding of income that has been deferred. This relates to initial product charges and dealing margins from unit trusts. The provision of initial advice is a distinct performance obligation. As a result, initial advice charges are recognised in full on acceptance and inception of the associated policy by the relevant product provider, which may be a Group company or a third-party. Ongoing advice charges are recognised as revenue on an ongoing basis, consistent with the nature of the performance obligation being discharged, rather than at a single point in time. Third-party fee and commission income is recognised in full on acceptance and inception of the associated policy by the relevant third-party product provider. The performance obligation is the initial advice provided to a client which leads to investment in a third-party product, hence it is appropriate that this revenue stream is recognised on the same basis as initial advice charges. Where the third-party product provider retains the right to clawback of commission on an indemnity basis, revenue on sale of these products is recognised to the extent that it is highly probable the revenue will not be clawed back. A provision is recognised for any amounts received which do not meet the \u2018highly probable\u2019 threshold. Wealth management fees, investment management fees, fund tax deductions, policyholder tax asymmetry and DFM fees relate to services provided on an ongoing basis, and revenue is recognised on an ongoing basis to reflect the nature of the performance obligations being discharged. When initial product charges and dealing margins do not relate to a distinct performance obligation satisfied at inception of a contract, the income is deferred and amortised over the anticipated period in which the services will be provided. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "(c) Expenses (i) Payments to Partners Payments to Partners comprise initial commission and initial advice fees (IAF) (paid for initial advice, at policy outset and within an initial period for regular contribution), renewal commission and renewal advice fees (payable on regular contributions) and fund fee commission or ongoing advice fees (OAF) (based on funds under management). Initial and renewal commission and advice fees are recognised in line with the associated premium income, but initial commission on insurance and investment contracts may be deferred, as set out in accounting policy (m). Fund fee commission and ongoing advice fees are recognised on an accruals basis. (ii) Lease expenses Lease expenses under IFRS 16 comprise depreciation of the right-of-use asset. Further information on depreciation of the right-of-use asset is set out in accounting policy (o). The Group recognises lease payments associated with short-term leases and leases of low-value assets on a straight-line basis over the lease term. (f) Insurance service expenses Insurance service expenses comprise insurance claims and other insurance service expenses. The expense is recognised during the relevant coverage period in which the services will be provided, excluding any investment components. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "(d) Investment return Investment return comprises investment income and investment gains and losses. Investment income includes dividends, interest and rental income from investment properties under operating leases. Dividends are accrued on an ex-dividend basis, and rental income is recognised in the statement of comprehensive income on a straight-line basis over the term of the lease. Interest on assets classified at fair value through profit or loss are accounted for based on the actual coupon payments, whilst interest on financial assets measured at amortised cost are accounted for using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "(e) Insurance revenue Insurance revenue represents the expected income from the provision of insurance services. The income is recognised during the coverage period in which the services will be provided. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "(g) Finance income Finance income comprises interest received on cash and cash equivalents and business loans to Partners. Interest on assets classified at fair value through profit or loss is accounted for based on the actual coupon payments, whilst interest on financial assets measured at amortised cost is accounted for using the effective interest method. (h) Finance costs Finance costs comprise an interest expense on the lease liability and external borrowings. Interest expense on the lease liability and external borrowings is calculated using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "(g) Finance income Finance income comprises interest received on cash and cash equivalents and business loans to Partners. Interest on assets classified at fair value through profit or loss is accounted for based on the actual coupon payments, whilst interest on financial assets measured at amortised cost is accounted for using the effective interest method. (h) Finance costs Finance costs comprise an interest expense on the lease liability and external borrowings. Interest expense on the lease liability and external borrowings is calculated using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "(h) Finance costs Finance costs comprise an interest expense on the lease liability and external borrowings. Interest expense on the lease liability and external borrowings is calculated using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "(i) Income taxes Income tax on the profit or loss for the year comprises current and deferred tax charge of the Group in respect of policyholders and shareholders. Income tax is recognised in the statement of comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Tax liabilities are recognised when it is considered probable that there will be a future outflow of funds to a taxing authority, and are measured using a best-estimate approach. (i) Current tax Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. (ii) Deferred tax Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date and taking into account expected timing of utilisation. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. (iii) Policyholder and shareholder tax The total income tax charge is a separate adjustment within the statement of comprehensive income based on the movement in current and deferred income taxes in respect of income, gains and expenses. The total charge reflects tax incurred on behalf of policyholders as well as shareholders, and so it is useful to be able to identify these separately. Shareholder tax is estimated by making an assessment of the effective rate of tax that is applicable to the shareholders on the profits attributable to shareholders. This is calculated by applying the appropriate effective corporate tax rates to the shareholder profits. The remainder of the tax charge represents tax on policyholders\u2019 investment returns. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "(ii) Deferred tax Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date and taking into account expected timing of utilisation. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. (x) Deferred income The initial margin on financial instruments is deferred and recognised on a straight-line basis over the expected lifetime of the financial instrument, which is between 6 and 14 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "(j) Dividends Interim dividend distributions to the Company\u2019s shareholders are recognised in equity in the period in which they are paid. Final dividend distributions to the Company\u2019s shareholders are recognised in the period in which the dividends are declared: that is, when they are appropriately authorised and no longer at the discretion of the Company. The final dividend for the financial year is disclosed but shown as unpaid and awaiting approval by the Company\u2019s shareholders at the Annual General Meeting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "(k) Investment contract deposits and withdrawals Investment contract payments in and out are not included in the statement of comprehensive income but are reported as deposits to or deductions from investment contract benefits in the statement of financial position. The movement in investment contract benefits within the statement of comprehensive income principally represents the investment return credited to policyholders. Explicit advice charges are payable by most clients who wish to receive advice with their investment in a St. James\u2019s Place retail investment product. St. James\u2019s Place facilitates the payment of these charges for the client, by arranging withdrawals from the client\u2019s policy, which are then recognised as income to the Group. A proportion of the charge is then paid to the St. James\u2019s Place adviser who provides the advice (see (b) Fee and commission income (i) and (c) Expenses (i)). ", "dimensions": { "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForInvestmentContractDepositsAndWthdrawals", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "(l) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the identifiable net assets of the acquired entity at the date of acquisition. Where the fair value of the Group\u2019s share of the identifiable net assets of the acquired entity is greater than the cost of acquisition, the excess is recognised immediately in the statement of comprehensive income. Goodwill is recognised as an asset at cost and is reviewed at least annually for impairment or when circumstances or events indicate there may be uncertainty over this value. If an impairment is identified, the carrying value of the goodwill is written down immediately through the statement of comprehensive income and is not subsequently reversed. At the date of disposal of a subsidiary, the carrying value of attributable goodwill is included in the calculation of the profit or loss on disposal except where it has been written off directly to reserves in the past. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "(l) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the identifiable net assets of the acquired entity at the date of acquisition. Where the fair value of the Group\u2019s share of the identifiable net assets of the acquired entity is greater than the cost of acquisition, the excess is recognised immediately in the statement of comprehensive income. Goodwill is recognised as an asset at cost and is reviewed at least annually for impairment or when circumstances or events indicate there may be uncertainty over this value. If an impairment is identified, the carrying value of the goodwill is written down immediately through the statement of comprehensive income and is not subsequently reversed. At the date of disposal of a subsidiary, the carrying value of attributable goodwill is included in the calculation of the profit or loss on disposal except where it has been written off directly to reserves in the past. (n) Intangible assets (i) Purchased value of in-force business The purchased value of in-force business represents the present value of profits that are expected to emerge from business acquired on business combinations. It is calculated at the time of acquisition using best-estimate actuarial assumptions for interest, mortality, persistency and expenses, net of any impairment losses, and it is amortised on a straight-line basis as profits emerge over the anticipated lives of the related contracts in the portfolio. An intangible asset is also recognised in respect of acquired investment management contracts, representing the fair value of contractual rights acquired under those contracts. The purchased value of in-force business is expressed as a gross figure in the statement of financial position, with the associated tax included within deferred tax liabilities. It is assessed for impairment at each reporting date and any movement is charged to the statement of comprehensive income. The estimated useful economic life of acquired in-force business is 20 years. (ii) Computer software and other specific software developments Computer software is stated at cost less accumulated amortisation and any recognised impairment loss. The carrying value is reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Computer software, including cloud customisation costs, is recognised as an intangible asset during development, with amortisation commencing when the software is operational. Amortisation is charged to the statement of comprehensive income to expenses on a straight- line basis over 5 years, being the estimated useful life of the intangible asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "(l) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the identifiable net assets of the acquired entity at the date of acquisition. Where the fair value of the Group\u2019s share of the identifiable net assets of the acquired entity is greater than the cost of acquisition, the excess is recognised immediately in the statement of comprehensive income. Goodwill is recognised as an asset at cost and is reviewed at least annually for impairment or when circumstances or events indicate there may be uncertainty over this value. If an impairment is identified, the carrying value of the goodwill is written down immediately through the statement of comprehensive income and is not subsequently reversed. At the date of disposal of a subsidiary, the carrying value of attributable goodwill is included in the calculation of the profit or loss on disposal except where it has been written off directly to reserves in the past. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "(m) Deferred acquisition costs For investment contracts, only directly attributable acquisition costs, which vary with and are related to securing new contracts and renewing existing contracts, are deferred, and only to the extent that they are recoverable out of future revenue. These deferred acquisition costs, which represent the contractual right to benefit from providing investment management services, net of any impairment losses, are amortised to expenses in the statement of comprehensive income on a straight-line basis over the expected lifetime of the Group\u2019s investment contracts. All other costs are recognised as expenses when incurred. The period over which costs are expected to be recoverable for investment contracts is 14 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "(n) Intangible assets (i) Purchased value of in-force business The purchased value of in-force business represents the present value of profits that are expected to emerge from business acquired on business combinations. It is calculated at the time of acquisition using best-estimate actuarial assumptions for interest, mortality, persistency and expenses, net of any impairment losses, and it is amortised on a straight-line basis as profits emerge over the anticipated lives of the related contracts in the portfolio. An intangible asset is also recognised in respect of acquired investment management contracts, representing the fair value of contractual rights acquired under those contracts. The purchased value of in-force business is expressed as a gross figure in the statement of financial position, with the associated tax included within deferred tax liabilities. It is assessed for impairment at each reporting date and any movement is charged to the statement of comprehensive income. The estimated useful economic life of acquired in-force business is 20 years. (ii) Computer software and other specific software developments Computer software is stated at cost less accumulated amortisation and any recognised impairment loss. The carrying value is reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Computer software, including cloud customisation costs, is recognised as an intangible asset during development, with amortisation commencing when the software is operational. Amortisation is charged to the statement of comprehensive income to expenses on a straight- line basis over 5 years, being the estimated useful life of the intangible asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "(o) Property and equipment Property and equipment comprises both assets which are owned and those which are leased. (i) Initial and subsequent measurement of owned assets Owned items of property and equipment are stated at cost less accumulated depreciation and impairment. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is charged to expenses within the statement of comprehensive income on a straight-line basis over the estimated useful lives of the property and equipment, which are as follows: Fixtures, fittings and office equipment: 5 to 15 years Computer equipment: 3 years (ii) Initial and subsequent measurement of leased assets A right-of-use asset is recognised within property and equipment for leased items which are not subject to the short-term or low-value lease exemptions set out in IFRS 16. This comprises the Group\u2019s leased property portfolio. The right-of-use asset recognised on the commencement date of the lease is the value of the lease liability (refer to accounting policy (ab), plus expected dilapidation costs, initial direct costs (that is, incremental costs that would not have been incurred if the lease had not been obtained, such as legal fees) and lease payments made before or at the commencement date of the lease. Following initial recognition, depreciation is charged to expenses within the statement of comprehensive income on a straight-line basis over the lease term. (iii) Impairment of owned and leased assets The carrying value of owned and leased assets is reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Any assets that may have suffered impairment are reviewed for possible reversal of the impairment at each reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "(o) Property and equipment Property and equipment comprises both assets which are owned and those which are leased. (i) Initial and subsequent measurement of owned assets Owned items of property and equipment are stated at cost less accumulated depreciation and impairment. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is charged to expenses within the statement of comprehensive income on a straight-line basis over the estimated useful lives of the property and equipment, which are as follows: Fixtures, fittings and office equipment: 5 to 15 years Computer equipment: 3 years (ii) Initial and subsequent measurement of leased assets A right-of-use asset is recognised within property and equipment for leased items which are not subject to the short-term or low-value lease exemptions set out in IFRS 16. This comprises the Group\u2019s leased property portfolio. The right-of-use asset recognised on the commencement date of the lease is the value of the lease liability (refer to accounting policy (ab), plus expected dilapidation costs, initial direct costs (that is, incremental costs that would not have been incurred if the lease had not been obtained, such as legal fees) and lease payments made before or at the commencement date of the lease. Following initial recognition, depreciation is charged to expenses within the statement of comprehensive income on a straight-line basis over the lease term. (iii) Impairment of owned and leased assets The carrying value of owned and leased assets is reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Any assets that may have suffered impairment are reviewed for possible reversal of the impairment at each reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "(p) Investment property Investment properties, which are all held within the unit-linked funds, are properties which are held to earn rental income and/or for capital appreciation. They are stated at fair value. An external, independent valuer, having an appropriate recognised professional qualification and recent experience in the location and category of property being valued, values the portfolio every month. The fair values are based on open market values, being the estimated amount for which a property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm\u2019s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. Any gain or loss arising from a change in fair value is recognised in the statement of comprehensive income within investment income. Rental return from investment property is accounted for as described in accounting policy (d). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "(q) Reinsurance assets Reinsurance assets represent amounts recoverable from reinsurers in respect of non-unit- linked insurance contract liabilities, net of any future reinsurance premiums. See (v) Insurance contract liabilities for further information. The contract boundary for a reinsurance contract is dependent on the terms and conditions of the reinsurance contract. Such terms have been assessed and considered to be the same as for the underlying contracts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "(r) Other receivables Other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Most shareholder other receivables are initially recognised at fair value and subsequently held at amortised cost less impairment losses, as the business model for these assets is to hold to collect contractual cash flows, which consist solely of payments of principal and interest. The exception to this is renewal income assets, which are classified as fair value through profit and loss and are initially, and subsequently, recognised at fair value. The value of any impairment recognised is the difference between the asset\u2019s carrying amount and the present value of the estimated future cash flows, discounted at the original effective interest rate. See accounting policy (af) for information relating to the treatment of impaired amounts. Other receivables include prepayments, which are recognised where services are paid for in advance of the benefit being received. The prepayment reduces, and an expense is recognised in the statement of comprehensive income, as the service is received. Commission and advice fees in respect of some insurance and investment business may be paid to Partners in advance of renewal premiums and accelerated by up to 5 years. The unearned element of this accelerated remuneration is recognised as advanced payments to Partners within other receivables. Should the contributions reduce or stop within the initial period, any unearned amount is recovered. Derecognition A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third-party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risk and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "(s) Financial investments These financial assets are initially and subsequently recognised at fair value through profit and loss, with all gains and losses recognised within investment income in the statement of comprehensive income. The vast majority of these financial assets are quoted, and so the fair value is based on the value within the bid-ask spread that is most representative of fair value. If the market for a financial asset is not active, the Group establishes fair value by using valuation techniques such as recent arm\u2019s-length transactions, reference to similar listed investments, discounted cash flow models or option pricing models. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "(s) Financial investments These financial assets are initially and subsequently recognised at fair value through profit and loss, with all gains and losses recognised within investment income in the statement of comprehensive income. The vast majority of these financial assets are quoted, and so the fair value is based on the value within the bid-ask spread that is most representative of fair value. If the market for a financial asset is not active, the Group establishes fair value by using valuation techniques such as recent arm\u2019s-length transactions, reference to similar listed investments, discounted cash flow models or option pricing models. Subsequent measurement of these financial assets at fair value through profit and loss is required by IFRS 9 for debt instruments for which the objectives of the Group\u2019s business model are not met by either holding the instrument to collect contractual cash flows or selling the instruments, or where the contractual terms of the instrument do not give rise to cash flows which are solely payments of principal and interest. Where both the \u2018business model\u2019 and \u2018solely payments of principal and interest\u2019 tests are met, management has made an irrevocable decision to designate the debt instruments at fair value through profit and loss as doing so aligns the measurement of the financial assets with the measurement of their associated unit-linked liabilities. Management has not made the irrevocable election to present changes in the fair value of equity instruments in other comprehensive income, and so all equity instruments are also designated at fair value through profit and loss. The Group recognises purchases and sales of investments on trade date. The costs associated with investment transactions are included within expenses in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "(s) Financial investments These financial assets are initially and subsequently recognised at fair value through profit and loss, with all gains and losses recognised within investment income in the statement of comprehensive income. The vast majority of these financial assets are quoted, and so the fair value is based on the value within the bid-ask spread that is most representative of fair value. If the market for a financial asset is not active, the Group establishes fair value by using valuation techniques such as recent arm\u2019s-length transactions, reference to similar listed investments, discounted cash flow models or option pricing models. Subsequent measurement of these financial assets at fair value through profit and loss is required by IFRS 9 for debt instruments for which the objectives of the Group\u2019s business model are not met by either holding the instrument to collect contractual cash flows or selling the instruments, or where the contractual terms of the instrument do not give rise to cash flows which are solely payments of principal and interest. Where both the \u2018business model\u2019 and \u2018solely payments of principal and interest\u2019 tests are met, management has made an irrevocable decision to designate the debt instruments at fair value through profit and loss as doing so aligns the measurement of the financial assets with the measurement of their associated unit-linked liabilities. Management has not made the irrevocable election to present changes in the fair value of equity instruments in other comprehensive income, and so all equity instruments are also designated at fair value through profit and loss. The Group recognises purchases and sales of investments on trade date. The costs associated with investment transactions are included within expenses in the statement of comprehensive income. (t) Derivative financial instruments The Group uses derivative financial instruments within some unit-linked funds, with each contract initially and subsequently recognised at fair value, based on observable market prices. All changes in value are recognised within investment income in the statement of comprehensive income. (aa) Borrowings Borrowings are measured initially at fair value, net of directly attributable transaction costs, and subsequently stated at amortised cost. The difference between the proceeds and the redemption value is recognised in the statement of comprehensive income over the borrowing period on an effective interest rate basis. Borrowings are recognised on drawdown and derecognised on repayment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "(t) Derivative financial instruments The Group uses derivative financial instruments within some unit-linked funds, with each contract initially and subsequently recognised at fair value, based on observable market prices. All changes in value are recognised within investment income in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "(t) Derivative financial instruments The Group uses derivative financial instruments within some unit-linked funds, with each contract initially and subsequently recognised at fair value, based on observable market prices. All changes in value are recognised within investment income in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "(u) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments. Cash and cash equivalents held within unit-linked and unit trust funds are classified at fair value through profit and loss, as management has made an irrevocable decision to designate them as such in order to align the measurement of these financial assets with the measurement of their associated unit-linked liabilities. Therefore, these cash and cash equivalents are initially and subsequently recognised at fair value through profit and loss, with gains and losses recognised within investment return in the statement of comprehensive income. All other cash and cash equivalents are classified at amortised cost, as the business model for these assets is to hold to collect contractual cash flows, which consist solely of payments of principal and interest. They are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less impairment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "(v) Insurance contract liabilities Insurance contract liabilities are determined by applying the default General Measurement Model (GMM) to non-unit-linked insurance business and reassurance ceded, and the Variable Fee Approach (VFA) to unit-linked insurance business measured under IFRS 17. The contract boundary is assessed at transition and then reassessed only when there are changes in features or circumstances that alter the commercial substance of the contract or change the products within a portfolio. Under the GMM (applicable to non-unit-linked insurance business and reassurance ceded), groups of contracts are recognised and measured as: the Fulfilment Cash Flows, comprising an estimate of future cash flows, adjusted to reflect the time value of money, the financial risks associated with the future cash flows, and a risk adjustment for non-financial risk (RA) the Contractual Service Margin (CSM), comprising the unearned profit within a group of contracts that will be recognised as the Group provides insurance services in the future. The estimate of future cash flows represents the best estimate of the cost to fulfil cash flows within the contract boundary, incorporating current non-financial assumptions. The RA represents the compensation that an entity requires for bearing the uncertainty about the amount and timing of cash flows that arise from non-financial risk as the entity fulfils insurance contracts. It is calculated using a cost of capital approach, leveraging the Solvency II view of non-financial risk. The CSM is determined at contract outset or IFRS 17 transition and subsequently remeasured for non-financial changes in the Fulfilment Cash Flows and the accretion of interest using a discount rate locked in at transition. It is amortised over the period of the contract in line with coverage units based upon the sum assured, which reflect the quantity of insurance services provided. If a group of contracts is expected to be onerous (i.e. loss-making) over the remaining coverage period, a loss is recognised immediately. Under the VFA (applicable to unit-linked insurance business), the GMM is supplemented by an adaptation for contracts with direct participation features. The Fulfilment Cash Flows for unit-linked insurance business reflect an obligation to pay policyholders an amount equal to the fair value of underlying assets, less the variable fee for future service. The RA reflects the compensation for non-financial risk in relation to this variable fee only. The CSM is subsequently remeasured for changes in the variable fee only, arising from both financial and non-financial risks. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "(w) Investment contract benefits All of the Group\u2019s investment contracts are unit-linked. Unit-linked liabilities are measured at fair value by reference to the value of the underlying net asset value of the Group\u2019s unitised investment funds, on a bid valuation basis, at the reporting date. An allowance for deductions due to (or from) the Group in respect of policyholder tax on capital gains (and losses) in the life assurance funds is also reflected in the measurement of unit-linked liabilities. Investment contract benefits are recognised when units are first allocated to the policyholder; they are derecognised when units allocated to the policyholder have been cancelled. The decision by the Group to designate its unit-linked liabilities at fair value through profit and loss reflects the fact that the matching investment portfolio, which underpins the unit-linked liabilities, is recognised at fair value through profit and loss. ", "dimensions": { "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForInvestmentContractBenefits", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "(x) Deferred income The initial margin on financial instruments is deferred and recognised on a straight-line basis over the expected lifetime of the financial instrument, which is between 6 and 14 years. ", "dimensions": { "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForDeferredIncome", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "(y) Net asset value attributable to unit holders The Group consolidates unit trusts in which it holds more than 30% of the units and exercises control. The third-party interests in these unit trusts are termed the net asset value attributable to unit holders and are presented in the statement of financial position. They are classified at fair value through profit and loss, hence are initially and subsequently measured at fair value. The decision by the Group to designate the net asset value attributable to unit holders at fair value through profit and loss reflects the fact that the underlying investment portfolios are recognised at fair value through profit and loss. Income attributable to the third-party interests is accounted for within investment return, offset by a corresponding change in investment contract benefits. ", "dimensions": { "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForNetAssetValueAttributableToUnitHolders", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "(z) Other provisions Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the statement of comprehensive income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "(aa) Borrowings Borrowings are measured initially at fair value, net of directly attributable transaction costs, and subsequently stated at amortised cost. The difference between the proceeds and the redemption value is recognised in the statement of comprehensive income over the borrowing period on an effective interest rate basis. Borrowings are recognised on drawdown and derecognised on repayment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "(aa) Borrowings Borrowings are measured initially at fair value, net of directly attributable transaction costs, and subsequently stated at amortised cost. The difference between the proceeds and the redemption value is recognised in the statement of comprehensive income over the borrowing period on an effective interest rate basis. Borrowings are recognised on drawdown and derecognised on repayment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "(ab) Other payables Other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Other payables include lease liabilities calculated in accordance with IFRS 16. On the commencement date of the lease the lease liability is measured as the present value of the future lease payments to be made over the lease term. For the Group, future lease payments include those which are fixed and those which vary depending on an index or rate. The future lease payments are discounted at the Group\u2019s incremental borrowing rate at the commencement date of the lease, which varies depending on the lease term. The lease term includes the non-cancellable period for which the Group has the right to use the leased asset, plus periods covered by extension options where the option is reasonably certain to be taken. Conversely, the non-cancellable period is reduced if it is reasonably certain that a termination option will be taken. The incremental borrowing rate is management\u2019s judgement as to the rate of interest that the Group would have to pay to borrow, over a similar term and with similar security, the funds necessary to obtain an asset of a similar value to the cost of the right-of-use asset. This has been determined with reference to the rate of interest of existing borrowings held by the Group and market rates adjusted to take into account the security and term associated with the lease. The Group applied the practical expedient on transition to IFRS 16 on 1 January 2019 of applying a single discount rate to a portfolio of leases with reasonably similar characteristics by grouping leases by asset type and remaining lease term on the date of transition. Similarly, the Group periodically determines standard discount rates to apply for leases entered into since 1 January 2019 by asset type and lease term. Derecognition A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "(ac) Employee benefits (i) Pension obligations The Group operates a defined contribution personal pension plan for its employees. Contributions to this plan are recognised as an expense in the statement of comprehensive income as incurred. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. (ii) Share-based payments The Group operates a number of share-based payment plans for employees, Partners and advisers. The fair value of share-based payment awards granted is recognised as an expense spread over the vesting period of the instrument, which accords with the period for which related services are provided, with a corresponding increase in equity in the case of equity- settled plans and the recognition of a liability for cash-settled plans. The total amount to be expensed is determined by reference to the fair value of the awards, which are measured using standard option pricing models as the fair value of the services provided by employees, Partners and advisers cannot be reliably measured. For equity-settled plans, the fair value is determined at grant date and not subsequently remeasured. For cash-settled plans, the fair value is remeasured at each reporting date and at the date of settlement, with any changes in fair value recognised in the statement of comprehensive income for the period. At each reporting date, the Group revises its estimate of the number of awards that are expected to vest and it recognises the impact of the revision of original estimates, if any, in the statement of comprehensive income, such that the amounts recognised for employee, Partner and adviser services are based on the number of awards that actually vest. The charge to the statement of comprehensive income is not revised for any changes in market vesting conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "(ii) Share-based payments The Group operates a number of share-based payment plans for employees, Partners and advisers. The fair value of share-based payment awards granted is recognised as an expense spread over the vesting period of the instrument, which accords with the period for which related services are provided, with a corresponding increase in equity in the case of equity- settled plans and the recognition of a liability for cash-settled plans. The total amount to be expensed is determined by reference to the fair value of the awards, which are measured using standard option pricing models as the fair value of the services provided by employees, Partners and advisers cannot be reliably measured. For equity-settled plans, the fair value is determined at grant date and not subsequently remeasured. For cash-settled plans, the fair value is remeasured at each reporting date and at the date of settlement, with any changes in fair value recognised in the statement of comprehensive income for the period. At each reporting date, the Group revises its estimate of the number of awards that are expected to vest and it recognises the impact of the revision of original estimates, if any, in the statement of comprehensive income, such that the amounts recognised for employee, Partner and adviser services are based on the number of awards that actually vest. The charge to the statement of comprehensive income is not revised for any changes in market vesting conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "(ad) Share capital Ordinary shares are classified as equity. Where any Group entity purchases the Company\u2019s equity share capital (shares held in trust), the consideration paid is deducted from equity attributable to shareholders, as disclosed in the Shares in trust reserve. Where such shares are subsequently sold, reissued or otherwise disposed of, any consideration received is included in equity attributable to shareholders, net of any directly attributable incremental transaction costs and the related income tax effects. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "(ae) Product classification The Group\u2019s products are classified for accounting purposes as either insurance contracts or investment contracts. (i) Insurance contracts Insurance contracts are contracts that transfer significant insurance risk. The Group\u2019s historic product range includes a variety of term assurance and whole-of-life protection contracts involving significant insurance risk transfer. (ii) Investment contracts Contracts that do not transfer significant insurance risk are treated as investment contracts. The majority of the business written by the Group is unit-linked investment business and is classified as investment contracts. ", "dimensions": { "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForProductClassification", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "(af) Impairment (i) Non-financial assets Assets that are subject to amortisation are reviewed for impairment when circumstances or events indicate there may be uncertainty over their value. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell or its value-in- use. Refer to accounting policy (l) for the Group\u2019s impairment policy for goodwill. (ii) Financial assets Financial assets held at amortised cost are impaired using an expected credit loss model. The model splits financial assets into performing, underperforming and non-performing categories based on changes in credit quality since initial recognition. At initial recognition financial assets are considered to be performing. They become underperforming where there has been a significant increase in credit risk since initial recognition, and non-performing when there is objective evidence of impairment. 12 months of expected credit losses are recognised within expenses in the statement of comprehensive income and netted against the financial asset in the statement of financial position for all performing financial assets, with lifetime expected credit losses recognised for underperforming and non-performing financial assets. Expected credit losses are based on the historic levels of loss experienced for the relevant financial assets, with due consideration given to forward-looking information. The most significant category of financial assets held at amortised cost for the Group are business loans to Partners, which are explained in more detail in Note 15. The significant increase in credit risk which triggers the move from performing to underperforming for these assets is when they are more than 30 days past due, in line with the presumption set out in IFRS 9 Financial Instruments, or when the loan facility has expired and is in the process of being renegotiated. Business loans to Partners are classified as non-performing when the loan is to a Partner who has left the St. James\u2019s Place Partnership, or when the loan is to a Partner whom management considers to be at significant risk of leaving the Partnership and where an orderly settlement of debt is considered to be in question. The definition of non-performing loans in this context is a critical accounting judgement, about which more information is set out in Note 2.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "(i) Non-financial assets Assets that are subject to amortisation are reviewed for impairment when circumstances or events indicate there may be uncertainty over their value. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell or its value-in- use. Refer to accounting policy (l) for the Group\u2019s impairment policy for goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "(ii) Financial assets Financial assets held at amortised cost are impaired using an expected credit loss model. The model splits financial assets into performing, underperforming and non-performing categories based on changes in credit quality since initial recognition. At initial recognition financial assets are considered to be performing. They become underperforming where there has been a significant increase in credit risk since initial recognition, and non-performing when there is objective evidence of impairment. 12 months of expected credit losses are recognised within expenses in the statement of comprehensive income and netted against the financial asset in the statement of financial position for all performing financial assets, with lifetime expected credit losses recognised for underperforming and non-performing financial assets. Expected credit losses are based on the historic levels of loss experienced for the relevant financial assets, with due consideration given to forward-looking information. The most significant category of financial assets held at amortised cost for the Group are business loans to Partners, which are explained in more detail in Note 15. The significant increase in credit risk which triggers the move from performing to underperforming for these assets is when they are more than 30 days past due, in line with the presumption set out in IFRS 9 Financial Instruments, or when the loan facility has expired and is in the process of being renegotiated. Business loans to Partners are classified as non-performing when the loan is to a Partner who has left the St. James\u2019s Place Partnership, or when the loan is to a Partner whom management considers to be at significant risk of leaving the Partnership and where an orderly settlement of debt is considered to be in question. The definition of non-performing loans in this context is a critical accounting judgement, about which more information is set out in Note 2. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "(ag) Foreign currency translation The Group\u2019s presentation and the Company\u2019s functional currency is pounds Sterling. The statement of comprehensive income and statement of cash flows for foreign subsidiaries are translated into the Group\u2019s presentation currency using exchange rates prevailing at the date of the transaction. The statement of financial position for foreign subsidiaries is translated at the year-end exchange rate. Exchange rate differences arising from these translations are taken to the statement of comprehensive income. Foreign currency transactions are translated into pounds Sterling using the exchange rate prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the reporting date and the gain or losses on translation are recognised in the statement of comprehensive income. Non-monetary assets and liabilities which are held at historical cost are translated using exchange rates prevailing at the date of the transaction; those held at fair value are translated using exchange rates ruling at the date on which the fair value was determined. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "The Group\u2019s presentation and the Company\u2019s functional currency is pounds Sterling. The statement of comprehensive income and statement of cash flows for foreign subsidiaries are translated into the Group\u2019s presentation currency using exchange rates prevailing at the date of the transaction. The statement of financial position for foreign subsidiaries is translated at the year-end exchange rate. Exchange rate differences arising from these translations are taken to the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "(ah) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision-Maker. The Chief Operating Decision-Maker, responsible for allocating resources and assessing performance of the operating segments, has been identified as the Group Executive Committee. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "(ai) Current and non\u2011current disclosure Assets which are expected to be recovered or settled no more than 12 months after the reporting date are disclosed as current within the Notes to the financial statements. Those expected to be recovered or settled more than 12 months after the reporting date are disclosed as non-current. Liabilities which are expected or due to be settled no more than 12 months after the reporting date are disclosed as current within the Notes to the financial statements. Those liabilities which are expected or due to be settled more than 12 months after the reporting date are disclosed as non-current. ", "dimensions": { "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForCurrentAndNonCurrentDisclosure", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "(aj) Alternative performance measures Within the financial statements, a number of alternative performance measures (APMs) are disclosed. An APM is a measure of financial performance, financial position or cash flows which is not defined by the relevant financial reporting framework, which for the Group is International Financial Reporting Standards as adopted by the UK Endorsement Board. APMs are used to provide greater insight into the performance of the Group and the way it is managed by the Directors. A definition of each of the APMs is included in the glossary of alternative performance measures section, which explains why it is used and, where applicable, explains how the measure can be reconciled to the IFRS financial statements.", "dimensions": { "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "
2. Critical accounting estimates and judgements in applying
accounting policies
Estimates
Critical accounting estimates are those which give rise to a significant risk of material
adjustment to the balances recognised in the financial statements within the next 12 months.
The Group\u2019s critical accounting estimates relate to:
determining the value of insurance contract liabilities and reinsurance assets
determining the fair value of investment property
determining the fair value of Level 3 fixed income securities and equities
determining the value of the Ongoing Service Evidence provision.
Estimates are also applied in calculating other assets of the financial statements, including
determining the value of deferred tax assets, investment contract benefits, the operational
readiness prepayment and other provisions.
Determining the value of insurance contract liabilities and reinsurance assets
In accordance with IFRS 17, the Group has used the following assumptions in the calculation
of insurance contract liabilities and reinsurance assets:
the assumed rate of investment return, which is based on current risk-free swap rates
the mortality and morbidity rates, which are based on the results of an investigation of
experience during the year
the level of expenses, which for the year under review is based on actual expenses in 2025
and expected rates in 2026 and over the long term
the lapse assumption, which is set based on an investigation of experience during the year
the risk adjustment, which is determined using a cost of capital approach with a 3% charge
(2024: 3%). There has been no change during the year.
Further details of the valuation of insurance contract liabilities and reinsurance assets,
including sensitivity analysis, are set out in Note 17.
Determining the fair value of investment property
In accordance with IAS 40, the Group initially recognises investment properties at cost, and
subsequently remeasures its portfolio to fair value in the statement of financial position. Fair
value is determined at least monthly by professional external valuers. It is based on anticipated
market values for the properties in accordance with the guidance issued by the Royal Institution
of Chartered Surveyors (RICS), being the estimated amount that would be received from a sale
of the assets in an orderly transaction between market participants.
The valuation of investment property is inherently subjective as it requires, among other factors,
assumptions to be made regarding the ability of existing tenants to meet their rental obligations
over the entire life of their leases, the estimation of the expected rental income into the future,
the assessment of a property\u2019s potential to remain as an attractive technical configuration to
existing and prospective tenants in a changing market and a judgement on the attractiveness
of a building, its location and the surrounding environment. Wherever appropriate, sustainability
and environmental matters are an integral part of the valuation approach. In a valuation
context, sustainability encompasses a wide range of physical, social, environmental and
economic factors that can affect value. The range of issues includes key environmental risks,
such as flooding, energy efficiency and climate, as well as design, configuration, accessibility,
legislation, management and fiscal considerations and, additionally, current and historical land
use. As such, investment properties are classified as Level 3 in the IFRS 13 fair value hierarchy
because they are valued using techniques which are not based on observable inputs.
During the prior year, SJP announced the decision to wind down the Property Unit Trust and
remove the Property Life and Pension fund options. The process of determining the fair value of
investment property remains unchanged.
Further details of the valuation of investment properties, including sensitivity analysis, are set
out in Note 20.
Determining the fair value of Level 3 fixed income securities and equities
In accordance with IFRS 9, the Group elects to classify its portfolio of policyholder fixed income
securities at fair value through profit and loss to match the accounting for policyholder liabilities.
Its portfolio of equities is required to be held at fair value through profit and loss. As a result,
all fixed income securities and equities are held at fair value, with the best evidence of the
fair value at initial recognition typically being the transaction price, i.e. the fair value
of the consideration given or received.
A number of investments are held in private credit and private equity assets, which are
recognised within fixed income securities and within equities, respectively, on the consolidated
statement of financial position. The fair value of these assets is determined following a monthly
valuation process which uses two different valuation models and includes verification by
professional external valuers. The models use suitable market comparatives and an estimate
of future cash flows expected to flow from the issuing entity.
The valuations are inherently subjective as they require a number of assumptions to be made,
such as determining which entities provide suitable market comparatives and their relevant
performance metrics (for example earnings before interest, tax, depreciation and amortisation),
determining appropriate discount rates and cash flow forecasts to use in models, the weighting
to apply to each valuation methodology, and the point in the range of valuations to select as
the fair value. As the inputs to the valuation models are unobservable, the investments in
private credit and private equity assets are classified as Level 3 in the IFRS 13 fair value hierarchy.
Further details about the valuation models, including sensitivity analysis, is set out in Note 20.
Determining the value of the Ongoing Service Evidence provision
The Group has committed to review the sub-population of clients that has been charged for
ongoing advice services since the start of 2018 but where the evidence of delivery falls below
the acceptable standard.
In accordance with IAS 37, the Group has quantified the Ongoing Service Evidence provision as
the best estimate of the amount necessary to settle the present obligation, taking into account
the associated risks and uncertainties.
The provision is based on an extrapolation of the experience of a representative cohort of
clients. The period for the review has been determined by the Group to commence from 2018
following an assessment of the regulatory regime in force during this period and the
requirement to retain evidence of delivery for this period of time.
During the year, following the FCA\u2019s new industry guidance around ongoing financial advice
services, issued in February 2025, the Group revised the redress methodology. The Group have
updated the assumptions to reflect experience from the project to date, which includes a larger
representative cohort of clients.
Key estimates and assumptions in assessing the estimated value are:
extrapolation from a representative cohort \u2013 that the assessment, of a representative cohort
of client records, can be extrapolated to the wider review population
opt-In response rate \u2013 the response rate by clients to an invitation to join the review, taking
into account internal and industry experience
administration costs \u2013 that in-house historic experience and wider market experience of
similar exercises can be used to estimate the cost to fulfil the exercise.
Further details of the provision, including sensitivity analysis, are set out in Note 18.
Judgements
The primary areas in which the Group has applied judgement are as follows:
Consolidation
Entities are consolidated within the Group financial statements if they are controlled by
the Group. Control exists if the Group is exposed to, or has rights to, variable returns from
its involvement with the entity and the Group has the ability to affect those returns through
its power over the entity. Significant judgement can be involved in determining whether the
Group controls an entity, such as in the case of the structured entity set up for the Group\u2019s
securitisation transaction, SJP Partner Loans No.1 Limited, and for the Group\u2019s unit trusts.
A structured entity is one that has been designed so that voting or similar rights are not the
dominant factor in deciding who controls the entity. As a result, factors such as whether a
Group entity is able to direct the relevant activities of the entity and the extent to which the
Group is exposed to variability of returns are considered. In the case of SJP Partner Loans No.1
Limited, it was determined that the Group does control the entity and hence it is consolidated.
This is due to an entity in the Group holding the junior tranche of loan notes, hence being
subject to variability of returns, and the same entity being able to direct the relevant activities
of the structured entity through its role of servicer to the securitised portfolio.
Unit trusts are consolidated when the Group holds more than 30% of the units in that unit trust.
This is the threshold at which the Group is considered to achieve control, having regard to
factors such as:
the scope of decision-making authority held by St. James\u2019s Place Unit Trust Group Limited,
the unit trust manager
rights held by external parties to remove the unit trust manager
the Group\u2019s exposure to variable returns through its holdings in the unit trusts and its ability
to influence the unit trust manager\u2019s remuneration.
Determining non\u2011performing business loans to Partners
Business loans to Partners are considered to be non-performing (Stage 3), in the context
of the definition prescribed by IFRS 9, if they are in default. This is defined as a loan to either:
a Partner who has left the St. James\u2019s Place Partnership; or
a Partner whom management considers to be at significant risk of leaving the Partnership
and where an orderly settlement of debt is considered to be in question.
Determining the derecognition of business loans to Partners
Business loans to Partners are derecognised, in the context of the definition prescribed
by IFRS 9, when:
the assets have been sold to a third-party
there is an obligation to pay received cash flows in full without material delay to a third-
party under a \u2018pass-through\u2019 arrangement
the originator has transferred substantially all the risks and rewards of owning the assets.
See Note 15 for further information on the derecognition of business loans to Partners.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "
3. Segment reporting
IFRS 8 Operating Segments requires operating segments to be identified on the basis of internal
reports about components of the Group that are regularly reviewed by the Board, in order to
allocate resources to each segment and assess its performance.
The Group\u2019s only reportable segment under IFRS 8 is a \u2018wealth management\u2019 business \u2013
providing support to our clients through our network of advisers providing valuable face-to-
face financial advice, and financial solutions including (but not limited to) wealth management
products manufactured in the Group, such as insurance bonds, pensions, unit trust and ISA
investments, and a DFM service.
Separate geographical segmental information is not presented since the Group does not
segment its business geographically. Most of its customers are based in the United Kingdom,
as is management of the assets. In particular, the operation based in AME is not yet sufficiently
material for separate consideration.
Segment revenue
Revenue received from fee and commission income is set out in Note 4, which details the
different types of revenue received from our wealth management business.
Segment profit
Two separate measures of profit are monitored by the Board. These are the post-tax Underlying
cash result and the pre-tax European Embedded Value (EEV) profit. Further details can be found
within the glossary of alternative performance measures section.
Underlying cash result
The measure of cash profit monitored by the Board is the post-tax Underlying cash result.
For further information please refer to the glossary of alternative performance measures section.
More detail is provided in section 2.2 of the financial review.
The Cash result should not be confused with the IFRS consolidated statement of cash flows,
which is prepared in accordance with IAS 7.
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Underlying cash result after tax
462.3
447.2
Ongoing Service Evidence provision
82.1
\u2013
Movement in DAC/DIR/PVIF
35.2
(0.1)
Impact of policyholder tax asymmetry (see Note 4)
1
(35.4)
(38.9)
Equity-settled share-based payments
(19.2)
(11.2)
Impact of deferred tax
8.0
(9.0)
Other
(1.6)
10.4
IFRS profit after tax
531.4
398.4
Shareholder tax
165.3
137.5
Profit before tax attributable to shareholders\u2019 returns
696.7
535.9
Tax attributable to policyholder returns
638.5
513.2
IFRS profit before tax
1,335.2
1,049.1
1 Further information on policyholder tax asymmetry can also be found in the Glossary.
EEV operating profit
EEV operating profit is monitored by the Board. Further details on the EEV operating profit can be
found within the glossary of alternative performance measures section.
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
EEV operating profit before tax after exceptional items
1,829.8
1,045.0
Investment return variance
709.4
533.7
Economic assumption changes
37.4
23.5
EEV profit before tax
2,576.6
1,602.2
Adjustments to IFRS basis:
Deduct: amortisation of purchased value of in-force business
(3.2)
(3.2)
Movement of balance sheet life value of in-force business (net of tax)
(383.8)
(354.5)
Movement of balance sheet unit trust and DFM value of in-force
business (net of tax)
(438.2)
(345.4)
Movement of balance sheet other value of in-force business
(net of tax)
(583.5)
(291.4)
Tax on movement in value of in-force business
(471.2)
(71.8)
Profit before tax attributable to shareholders\u2019 returns
696.7
535.9
Tax attributable to policyholder returns
638.5
513.2
IFRS profit before tax
1,335.2
1,049.1
The movement in life, unit trust and DFM, and other value of in-force business is the difference
between the opening and closing discounted value of the profits that will emerge from the
in-force book over time, after adjusting for DAC and DIR impacts which are already included
under IFRS.
Segment assets
Funds under management (FUM)
FUM, as reported in section 1 of the financial review, is the measure of segment assets which
is monitored on a monthly basis by the Board.
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Investment bond
44,120.0
39,180.0
Pension
119,940.0
101,980.0
UT/ISA and DFM
55,950.0
49,050.0
Total FUM
220,010.0
190,210.0
Exclude client and third-party holdings
in non-consolidated unit trusts and DFM
(4,038.9)
(4,183.3)
Other
3,693.7
3,923.7
Gross assets held to cover unit liabilities
219,664.8
189,950.4
IFRS intangible assets
326.5
335.1
Shareholder gross assets
4,886.2
4,589.6
Total assets
224,877.5
194,875.1
Other represents liabilities included within the underlying unit trusts. The unit trust liabilities form
a reconciling item between total FUM, which is reported net of these liabilities, and total assets,
which exclude these liabilities.
More detail on IFRS intangible assets and shareholder gross assets is provided on page 211.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "
4. Fee and commission income
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Advice charges (post RDR)
1,396.0
1,089.2
Third-party fee and commission income
142.0
131.3
Wealth management fees
1,149.7
1,234.1
Investment management fees
276.6
74.5
Fund tax deductions
638.5
513.2
Policyholder tax asymmetry
(35.4)
(38.9)
Discretionary fund management fees
22.6
23.4
Fee and commission income before DIR amortisation
3,590.0
3,026.8
Amortisation of DIR
176.4
137.1
Total fee and commission income
3,766.4
3,163.9
Advice charges are received from clients for the provision of initial and ongoing advice
in relation to a post-Retail Distribution Review (RDR) investment into a St. James\u2019s Place
or third-party product.
Third-party fee and commission income is received from the product provider where
an investment has been made into a third-party product.
Wealth management fees represent charges levied on manufactured business.
Investment management fees are received from clients for the provision of investment
management. Broadly, investment management fees are matched by investment
management expenses.
Fund tax deductions represent amounts credited to, or deducted from, the life insurance
business to match policyholder tax credits or charges. Market conditions will impact the level
of fund tax deductions. This may lead to significant year-on-year movements when markets
are volatile.
Life insurance tax incorporates a policyholder tax element, and the financial statements of a
life insurance group need to reflect the liability to HMRC, with the corresponding deductions
incorporated into policy charges (\u2018Fund tax deductions\u2019 in the table on the left). The tax liability
to HMRC is assessed using IAS 12 Income Taxes, which does not allow discounting, whereas the
policy charges are designed to ensure fair outcomes between clients and so reflect a wide
range of possible outcomes. This gives rise to different assessments of the current value of
future cash flows and hence an asymmetry in the IFRS consolidated statement of financial
position between the deferred tax position and the offsetting client balance. The net tax
asymmetry balance reflects a temporary position, and in the absence of market volatility we
expect it will unwind as future cash flows become less uncertain and are ultimately realised.
External market conditions drive the movement in the policyholder tax asymmetry balances.
Net market gains in the year to 31 December 2025 have resulted in a negative policyholder
tax asymmetry.
Discretionary fund management fees are received from clients for the provision of DFM services.
Where an investment has been made in a St. James\u2019s Place product, the initial product charge is
deferred and recognised as a deferred income liability. This liability is extinguished, and income
recognised, over the expected life of the investment. The income is the amortisation of DIR in the
table on the left.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "
5. Expenses
The following items are included within the expenses disclosed in the statement of
comprehensive income:
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Payments to Partners
1,347.6
1,134.8
Fees payable to the Company\u2019s auditors and its associates:
For the audit of the Company and consolidated financial statements
0.5
0.5
For other services:
\u2013 Audit of the Company\u2019s subsidiaries (excluding unit trusts)
0.9
0.8
\u2013 Audit of the Company\u2019s unit trusts
0.9
0.8
\u2013 Audit-related assurance services
0.8
0.7
\u2013 Other assurance services
0.2
0.2
Total fees payable to the Company\u2019s auditors and its associates
3.3
3.0
Employee costs:
Wages and salaries
267.1
255.5
Social security costs
37.8
29.2
Other pension costs
21.8
21.7
Cost of employee share awards and options
20.2
11.3
Total employee costs
346.9
317.7
Average monthly number of persons employed by the Group
during the year
3 ,102
3,206
Included within fees payable to the Company\u2019s auditors and its associates for audit-related
assurance services is \u00a30.2 million (2024: \u00a30.2 million) for non-audit services as defined by the
Group\u2019s policy on auditor independence.
The above employee costs information includes Directors\u2019 remuneration. Full details of the
Directors\u2019 remuneration, share options, pension entitlements and interests in shares are
disclosed in the Directors\u2019 remuneration report, and further information is also provided below.
All pension costs related to defined contribution schemes and cash supplements in lieu
of contributions to defined contribution pension schemes. At 31 December 2025, the number
of Directors to whom retirement benefits are accruing, including those receiving a cash
supplement in lieu of contributions to defined contribution pension schemes, is two (2024: two),
with the total cost being \u00a30.2 million (2024: \u00a30.1 million).
The number of Directors who exercised options over shares in the Company during the
year is nil (2024: nil). The number of Directors in respect of whose qualifying services shares
were receivable under long-term incentive schemes is two (2024: three), and the total
amount receivable by the Directors under long-term incentive schemes is \u00a30.3 million
(2024: \u00a30.4 million). The aggregate gains made by Directors on the exercise of share
options and the receipt of deferred bonus plan shares during the year was \u00a3nil (2024: \u00a3nil).
8. Insurance service expenses
Year ended Year ended
31 December 31 December
2025 2024
Amounts relating to changes in liabilities for remaining coverage
\u00a3\u2019Million
\u00a3\u2019Million
\u2013 Incurred claims and other insurance service expenses
(22.6)
(21.8)
Total insurance services expenses
(22.6)
(21.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "5. Expenses The following items are included within the expenses disclosed in the statement of comprehensive income:
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Payments to Partners
1,347.6
1,134.8
Fees payable to the Company\u2019s auditors and its associates:
For the audit of the Company and consolidated financial statements
0.5
0.5
For other services:
\u2013 Audit of the Company\u2019s subsidiaries (excluding unit trusts)
0.9
0.8
\u2013 Audit of the Company\u2019s unit trusts
0.9
0.8
\u2013 Audit-related assurance services
0.8
0.7
\u2013 Other assurance services
0.2
0.2
Total fees payable to the Company\u2019s auditors and its associates
3.3
3.0
Employee costs:
Wages and salaries
267.1
255.5
Social security costs
37.8
29.2
Other pension costs
21.8
21.7
Cost of employee share awards and options
20.2
11.3
Total employee costs
346.9
317.7
Average monthly number of persons employed by the Group
during the year
3 ,102
3,206
Included within fees payable to the Company\u2019s auditors and its associates for audit-related assurance services is \u00a30.2 million (2024: \u00a30.2 million) for non-audit services as defined by the Group\u2019s policy on auditor independence. The above employee costs information includes Directors\u2019 remuneration. Full details of the Directors\u2019 remuneration, share options, pension entitlements and interests in shares are disclosed in the Directors\u2019 remuneration report, and further information is also provided below. All pension costs related to defined contribution schemes and cash supplements in lieu of contributions to defined contribution pension schemes. At 31 December 2025, the number of Directors to whom retirement benefits are accruing, including those receiving a cash supplement in lieu of contributions to defined contribution pension schemes, is two (2024: two), with the total cost being \u00a30.2 million (2024: \u00a30.1 million). The number of Directors who exercised options over shares in the Company during the year is nil (2024: nil). The number of Directors in respect of whose qualifying services shares were receivable under long-term incentive schemes is two (2024: three), and the total amount receivable by the Directors under long-term incentive schemes is \u00a30.3 million (2024: \u00a30.4 million). The aggregate gains made by Directors on the exercise of share options and the receipt of deferred bonus plan shares during the year was \u00a3nil (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "5. Expenses The following items are included within the expenses disclosed in the statement of comprehensive income:
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Payments to Partners
1,347.6
1,134.8
Fees payable to the Company\u2019s auditors and its associates:
For the audit of the Company and consolidated financial statements
0.5
0.5
For other services:
\u2013 Audit of the Company\u2019s subsidiaries (excluding unit trusts)
0.9
0.8
\u2013 Audit of the Company\u2019s unit trusts
0.9
0.8
\u2013 Audit-related assurance services
0.8
0.7
\u2013 Other assurance services
0.2
0.2
Total fees payable to the Company\u2019s auditors and its associates
3.3
3.0
Employee costs:
Wages and salaries
267.1
255.5
Social security costs
37.8
29.2
Other pension costs
21.8
21.7
Cost of employee share awards and options
20.2
11.3
Total employee costs
346.9
317.7
Average monthly number of persons employed by the Group
during the year
3 ,102
3,206
Included within fees payable to the Company\u2019s auditors and its associates for audit-related assurance services is \u00a30.2 million (2024: \u00a30.2 million) for non-audit services as defined by the Group\u2019s policy on auditor independence. The above employee costs information includes Directors\u2019 remuneration. Full details of the Directors\u2019 remuneration, share options, pension entitlements and interests in shares are disclosed in the Directors\u2019 remuneration report, and further information is also provided below. All pension costs related to defined contribution schemes and cash supplements in lieu of contributions to defined contribution pension schemes. At 31 December 2025, the number of Directors to whom retirement benefits are accruing, including those receiving a cash supplement in lieu of contributions to defined contribution pension schemes, is two (2024: two), with the total cost being \u00a30.2 million (2024: \u00a30.1 million). The number of Directors who exercised options over shares in the Company during the year is nil (2024: nil). The number of Directors in respect of whose qualifying services shares were receivable under long-term incentive schemes is two (2024: three), and the total amount receivable by the Directors under long-term incentive schemes is \u00a30.3 million (2024: \u00a30.4 million). The aggregate gains made by Directors on the exercise of share options and the receipt of deferred bonus plan shares during the year was \u00a3nil (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "
6. Investment return and movement in investment contract benefits
The majority of the business written by the Group is unit-linked investment business, and so
investment contract benefits are measured by reference to the underlying net asset value of
the Group\u2019s unitised investment funds. As a result, investment return on the unitised investment
funds and the movement in investment contract benefits are linked.
Investment return
Year ended Year ended
31 December 31 December
2025 2024
Attributable to unit-linked investment contract benefits:
\u00a3\u2019Million
\u00a3\u2019Million
Rental income
37.9
60.8
Loss on revaluation of investment properties
(7.4)
(3.3)
Net investment return on financial instruments classified at fair value
through profit and loss
20,024.1
15,594.6
20,054.6
15,652.1
Income attributable to third-party holdings in unit trusts
6,230.9
7,036.4
Investment return on net assets held to cover unit liabilities
26,285.5
22,688.5
Net investment return on financial instruments classified at fair value
through profit and loss
86.4
95.6
Net investment return on financial instruments held at amortised cost
(0.1)
1.2
Investment return on shareholder assets
86.3
96.8
Total investment return
26,371.8
22,785.3
Included in the net investment return on financial instruments classified as fair value through
profit and loss, within investment return on net assets held to cover unit liabilities, is dividend
income of \u00a32,112.3 million (2024: \u00a31,576.7 million).
Movement in investment contract benefits
2025
2024
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
141,038.8
123,149.8
Deposits
16,858.3
14,451.6
Withdrawals
(12,752.0)
(10,778.2)
Movement in unit-linked investment contract benefits
20,054.6
15,652.1
Fees and other adjustments
(1,471.0)
(1,436.5)
Balance at 31 December
163,728.7
141,038.8
Current
7,826.1
6,762.1
Non-current
155,902.6
134,276.7
163,728.7
141,038.8
Movement in unit liabilities
Unit-linked investment contract benefits
20,054.6
15,652.1
Third-party unit trust holdings
6,230.9
7,036.4
Movement in investment contract benefits in the
consolidated statement of comprehensive income
26,285.5
22,688.5
See accounting policy (ai) for further information on the current and non-current disclosure.
14. Financial investments, investment property and cash and
cash equivalents
Financial investments
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Equities
147,807.5
130,549.0
Fixed income securities
31,564.1
26,118.5
Investments in Collective Investment Schemes
32,701.9
25,652.7
Total financial investments
212,073.5
182,320.2
Net assets held to cover unit liabilities
Included within the statement of financial position are the following assets and liabilities making
up the net assets held to cover unit liabilities. The assets held to cover unit liabilities are set out
in Adjustment 1 of the IFRS to Solvency II Net Assets Balance Sheet reconciliation on page 211.
31 December 31 December
2025 2024
Assets
\u00a3\u2019Million
\u00a3\u2019Million
Investment property
370.3
892.3
Equities
147,807.5
130,549.0
Fixed income securities
31,553.8
26,109.9
Investment in Collective Investment Schemes
30,298.2
23,458.4
Cash and cash equivalents
5,854.9
5,311.3
Other receivables
871.4
816.7
Derivative financial assets
2,908.7
2,812.8
Total assets
219,664.8
189,950.4
Liabilities
Other payables
1,029.2
692.7
Derivative financial liabilities
2,412.1
3,052.1
Total liabilities
3,441.3
3,744.8
Net assets held to cover linked liabilities
216,223.5
186,205.6
Investment contract benefits
163,728.7
141,038.8
Net asset value attributable to unit holders
51,982.8
44,699.5
Unit-linked insurance contract liabilities
512.0
467.3
Net unit-linked liabilities
216,223.5
186,205.6
Net assets held to cover linked liabilities, and third-party holdings in unit trusts, are considered
to have a maturity of up to one year since the corresponding unit liabilities are repayable and
transferable on demand. See accounting policy (ai) for further information on current and
non-current disclosure.
Investment property
2025
2024
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
892.3
1,110.3
Capitalised expenditure on existing properties
14.4
15.8
Disposals
(529.0)
(230.5)
Changes in fair value
(7.4)
(3.3)
Balance at 31 December
370.3
892.3
The Group is the lessor for a portfolio of properties which meet the definition of investment
property. The portfolio is held within unit-linked funds, leased out under operating leases, and is
considered current. However, since investment properties are not traded in an organised public
market they are relatively illiquid compared with many other asset classes. There are no
restrictions on the realisability of the Group\u2019s individual properties, or on the remittance of
income or disposal proceeds.
The Group follows various strategies to minimise the risks associated with any rights the Group
retains in the investment properties. These strategies include:
actively reviewing and monitoring the condition of the properties and undertaking
appropriate repairs, capital works projects and investments
engaging professional legal advisers in drafting prudent lease terms governing the use
of the properties and engaging specialist asset managers to oversee adherence to these
terms on an ongoing basis
actively reviewing and monitoring lessee financial covenant positions
maintaining appropriate and prudent insurance for the properties
senior management regularly reviewing the investment property portfolio to oversee
diversification and performance, and to maximise value and occupancy rates.
Investment property is valued at least monthly by external chartered surveyors in accordance
with the guidance issued by the Royal Institution of Chartered Surveyors. The investment property
valuation has been prepared using the \u2018market approach\u2019 valuation technique: that is, using
prices and other relevant information generated by market transactions involving identical
or comparable (i.e. similar) assets.
The historical cost of investment properties held at 31 December 2025 is \u00a3547.5 million
(2024: \u00a3987.4 million). This represents the price paid for investment properties, prior to
any subsequent revaluation.
The rental income and direct operating expenses recognised in the consolidated statement
of comprehensive income in respect of investment properties are set out below. All expenses
relate to property generating rental income.
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Rental income
37.9
60.8
Direct operating expenses
11.0
9.5
At the year-end contractual obligations to purchase, construct or develop investment property
amounted to \u00a3nil (2024: \u00a36.4 million).
Contractual obligations to dispose of investment property amounted to \u00a3nil (2024: \u00a328.0 million).
A maturity analysis of undiscounted contractual rental income to be received on an annual
basis for the next five years, and the total to be received thereafter, is set out below.
31 December 31 December
2025 2024
Undiscounted contractual rental income to be received in:
\u00a3\u2019Million
\u00a3\u2019Million
Year 1
20.2
45.7
Year 2
18.3
42.6
Year 3
16.7
38.3
Year 4
15.3
33.8
Year 5
13.0
29.9
Year 6 onwards
132.7
156.2
Total undiscounted contractual rental income to be received
216.2
346.5
Cash and cash equivalents
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Cash and cash equivalents not held to cover unit liabilities
329.6
352.6
Balances held to cover unit liabilities
5,854.9
5,311.3
Total cash and cash equivalents
6,184.5
5,663.9
All cash and cash equivalents are considered current.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "
7. Insurance revenue
Year ended Year ended
31 December 31 December
2025 2024
Amounts relating to changes in liabilities for remaining coverage
\u00a3\u2019Million
\u00a3\u2019Million
\u2013 Expected incurred claims and other insurance service expenses
22.2
23.2
\u2013 Change in risk adjustment for non-financial risk for risk expired
0.5
0.6
\u2013 CSM recognised for services provided
1.5
1.4
Total insurance revenue
24.2
25.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "
9. Finance income and finance costs
The following items are included within other finance income disclosed in the statement of
comprehensive income:
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Interest received on cash and cash equivalents
18.0
15.5
Interest received on business loans to Partners
46.0
43.0
Finance income
64.0
58.5
Interest paid on external borrowings
(24.0)
(33.0)
Interest paid on lease liabilities
(2.8)
(3.2)
Other interest paid
(2.1)
(0.2)
Finance costs
(28.9)
(36.4)
Finance income represents the interest received on shareholder cash and cash equivalents
and business loans to Partners. See Note 15 for further information on business loans to Partners.
Finance costs represent the cost of interest charges on the Group\u2019s external borrowings and the
interest charge on the Group\u2019s lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "9. Finance income and finance costs The following items are included within other finance income disclosed in the statement of comprehensive income:
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Interest received on cash and cash equivalents
18.0
15.5
Interest received on business loans to Partners
46.0
43.0
Finance income
64.0
58.5
Interest paid on external borrowings
(24.0)
(33.0)
Interest paid on lease liabilities
(2.8)
(3.2)
Other interest paid
(2.1)
(0.2)
Finance costs
(28.9)
(36.4)
Finance income represents the interest received on shareholder cash and cash equivalents and business loans to Partners. See Note 15 for further information on business loans to Partners. Finance costs represent the cost of interest charges on the Group\u2019s external borrowings and the interest charge on the Group\u2019s lease liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "9. Finance income and finance costs The following items are included within other finance income disclosed in the statement of comprehensive income:
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Interest received on cash and cash equivalents
18.0
15.5
Interest received on business loans to Partners
46.0
43.0
Finance income
64.0
58.5
Interest paid on external borrowings
(24.0)
(33.0)
Interest paid on lease liabilities
(2.8)
(3.2)
Other interest paid
(2.1)
(0.2)
Finance costs
(28.9)
(36.4)
Finance income represents the interest received on shareholder cash and cash equivalents and business loans to Partners. See Note 15 for further information on business loans to Partners. Finance costs represent the cost of interest charges on the Group\u2019s external borrowings and the interest charge on the Group\u2019s lease liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "9. Finance income and finance costs The following items are included within other finance income disclosed in the statement of comprehensive income:
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Interest received on cash and cash equivalents
18.0
15.5
Interest received on business loans to Partners
46.0
43.0
Finance income
64.0
58.5
Interest paid on external borrowings
(24.0)
(33.0)
Interest paid on lease liabilities
(2.8)
(3.2)
Other interest paid
(2.1)
(0.2)
Finance costs
(28.9)
(36.4)
Finance income represents the interest received on shareholder cash and cash equivalents and business loans to Partners. See Note 15 for further information on business loans to Partners. Finance costs represent the cost of interest charges on the Group\u2019s external borrowings and the interest charge on the Group\u2019s lease liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "9. Finance income and finance costs The following items are included within other finance income disclosed in the statement of comprehensive income:
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Interest received on cash and cash equivalents
18.0
15.5
Interest received on business loans to Partners
46.0
43.0
Finance income
64.0
58.5
Interest paid on external borrowings
(24.0)
(33.0)
Interest paid on lease liabilities
(2.8)
(3.2)
Other interest paid
(2.1)
(0.2)
Finance costs
(28.9)
(36.4)
Finance income represents the interest received on shareholder cash and cash equivalents and business loans to Partners. See Note 15 for further information on business loans to Partners. Finance costs represent the cost of interest charges on the Group\u2019s external borrowings and the interest charge on the Group\u2019s lease liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "9. Finance income and finance costs The following items are included within other finance income disclosed in the statement of comprehensive income:
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Interest received on cash and cash equivalents
18.0
15.5
Interest received on business loans to Partners
46.0
43.0
Finance income
64.0
58.5
Interest paid on external borrowings
(24.0)
(33.0)
Interest paid on lease liabilities
(2.8)
(3.2)
Other interest paid
(2.1)
(0.2)
Finance costs
(28.9)
(36.4)
Finance income represents the interest received on shareholder cash and cash equivalents and business loans to Partners. See Note 15 for further information on business loans to Partners. Finance costs represent the cost of interest charges on the Group\u2019s external borrowings and the interest charge on the Group\u2019s lease liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "
10. Income and deferred taxes
Tax for the year
Year ended Year ended
31 December 31 December
2025 2024
Current tax
\u00a3\u2019Million
\u00a3\u2019Million
UK corporation tax
\u2013 Current year charge
513.4
330.7
\u2013 Adjustment in respect of prior year
2.2
1.9
Overseas taxes
\u2013 Current year charge
12.2
17.0
\u2013 Adjustment in respect of prior year
0.1
(0.3)
Deferred tax
527.9
349.3
Unrealised capital gains in unit-linked funds
285.5
261.6
Unrelieved expenses
\u2013 Utilisation in the year
7.1
8.9
DAC, DIR and PVIF
(1.6)
(5.3)
Share-based payments
(13.3)
(5.3)
Renewal income assets
(3.1)
(3.9)
Fixed asset timing differences
\u2013
0.5
UK trading losses
\u2013
40.8
Other items
3.4
3.8
Transitional adjustment
(1.1)
3.4
Adjustment in respect of prior year
(1.0)
(3.1)
275.9
301.4
Total tax charge for the year
803.8
650.7
Attributable to:
\u2013 Policyholders
638.5
513.2
\u2013 Shareholders
165.3
137.5
803.8
650.7
The adjustment in respect of prior year of \u00a32.3 million charge in current tax on the left represents
a \u00a33.4 million charge in respect of policyholder tax (2024: \u00a32.4 million charge) and a credit of
\u00a31.1 million in respect of shareholder tax (2024: \u00a30.8 million credit). The adjustment in respect
of prior year of \u00a31.0 million credit in deferred tax on the left represents \u00a3nil in respect of
policyholder tax (2024: \u00a30.1 million credit) and a credit of \u00a31.0 million in respect of shareholder
tax (2024: \u00a33.0 million credit).
In arriving at the profit before tax attributable to shareholders\u2019 returns, it is necessary to
estimate the distribution of the total tax charge/(credit) between that payable in respect
of policyholders and that payable by shareholders. Shareholder tax is estimated by making
an assessment of the effective rate of tax that is applicable to the shareholders on the profits
attributable to shareholders. This is calculated by applying the appropriate effective corporate
tax rates to the shareholder profits. The remainder of the tax charge/(credit) represents tax on
policyholders\u2019 investment returns. This calculation method is consistent with the legislation
relating to the calculation of tax on shareholder profits.
Reconciliation of tax charge to expected tax
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Profit before tax
1,335.2
1,049.1
Tax attributable to policyholders\u2019 returns
(638.5)
(513.2)
Profit before tax attributable to shareholders\u2019
returns
696.7
535.9
Shareholder tax charge at corporate tax rate of
25% (2024: 25%)
174.2
25%
134.0
25%
Adjustments:
Lower rates of corporation tax
in overseas subsidiaries
(3.2)
(0.5%)
(1.2)
(0.2%)
Expected shareholder tax
171.0
24.5%
132.8
24.8%
Effects of:
Non-taxable income
(0.4)
(0.4)
Adjustment in respect of prior year
\u2013 Current tax
(1.1)
(0.8)
\u2013 Deferred tax
(1.0)
(3.1)
Differences in accounting and tax bases
in relation to employee share schemes
(12.2)
(3.1)
Disallowable expenses
5.9
6.1
Change in accounting base \u2013 Hong Kong
\u2013
4.2
Provision for future liabilities
\u2013
(0.6)
Tax losses not recognised
0.5
2.4
Other
2.6
\u2013
(5.7)
(0.8%)
4.7
0.9%
Shareholder tax charge
165.3
23.7%
137.5
25.7%
Policyholder tax charge
638.5
513.2
Total tax charge for the year
803.8
650.7
Tax calculated on profit before tax at 25.0% (2024: 25.0%) would amount to a charge of
\u00a3333.8 million (2024: \u00a3262.3 million charge). The difference of \u00a3470.0 million (2024: \u00a3388.4 million)
between this number and the total tax charge of \u00a3803.8 million (2024: \u00a3650.7 million charge)
is made up of the reconciling items above which total a credit of \u00a38.9 million (2024: \u00a33.5 million
charge) and the effect of the apportionment methodology on tax applicable to policyholder
returns of \u00a3478.9 million (2024: \u00a3384.9 million).
Tax paid in the year
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Current tax charge for the year
527.9
349.3
Payments to be made in future years in respect of current year
(26.2)
(22.9)
Payments made in current year in respect of prior years
22.5
0.6
Other
0.3
(0.9)
Tax paid
524.5
326.1
Tax paid can be analysed as:
\u2013 Taxes paid in UK
404.3
252.4
\u2013 Taxes paid in overseas jurisdictions
5.4
5.9
\u2013 Withholding taxes suffered on investment income received
114.8
67.8
Total
524.5
326.1
Deferred tax balances
Deferred tax assets
Credit/(charge) to the statement Expected
of comprehensive income utilisation period
As at Utilised and Reanalysis As at As at
1 January created Total Impact of from deferred 31 December 31 December
2025 in year credit/(charge) acquisitions tax liabilities 2025 2025
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
0.9
0.5
0.5
\u2013
(17.3)
(15.9)
14 years
Deferred income (DIR)
1.7
(3.6)
(3.6)
\u2013
29.2
27.3
14 years
Fixed asset temporary differences
\u2013
0.6
0.6
\u2013
0.3
0.9
6 years
Renewal income assets
\u2013
3.1
3.1
(3.9)
(17.3)
(18.1)
20 years
Share-based payments
\u2013
13.2
13.2
0.4
10.1
23.7
3 years
Other temporary differences
0.1
(2.9)
(2.9)
\u2013
(4.9)
(7.7)
\u2013
Total
2.7
10.9
10.9
(3.5)
0.1
10.2
(Charge)/credit to the statement Expected
of comprehensive income utilisation period
As at Utilised and Reanalysis to As at As at
1 January created Total Impact of deferred tax 31 December 31 December
2024 in year (charge)/credit acquisitions liabilities 2024 2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
(18.6)
0.1
0.1
\u2013
19.4
0.9
14 years
Deferred income (DIR)
35.1
(0.1)
(0.1)
\u2013
(33.3)
1.7
14 years
Fixed asset temporary differences
1.3
\u2013
\u2013
\u2013
(1.3)
\u2013
6 years
Renewal income assets
(19.9)
\u2013
\u2013
\u2013
19.9
\u2013
20 years
Share-based payments
4.8
\u2013
\u2013
\u2013
(4.8)
\u2013
3 years
UK trading losses
36.1
(36.1)
(36.1)
\u2013
\u2013
\u2013
\u2013
Other temporary differences
(2.3)
\u2013
\u2013
\u2013
2.4
0.1
\u2013
Total
36.5
(36.1)
(36.1)
\u2013
2.3
2.7
Deferred tax liabilities
Charge/(credit) to the
statement of comprehensive Expected
income utilisation period
As at Utilised and Total Reanalysis to As at As at
1 January created charge/ Impact of deferred tax 31 December 31 December
2025 in year (credit) acquisitions assets 2025 2025
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
24.1
(3.8)
(3.8)
\u2013
(17.3)
3.0
14 years
Deferred income (DIR)
(30.1)
(0.1)
(0.1)
\u2013
29.2
(1.0)
14 years
Purchased value of in-force business (PVIF)
1.2
(0.8)
(0.8)
\u2013
\u2013
0.4
1 year
Unrealised capital gains on life insurance (BLAGAB) assets backing unit liabilities
684.9
285.5
285.5
\u2013
\u2013
970.4
6 years
Unrelieved expenses on life insurance business
(17.3)
7.1
7.1
\u2013
0.1
(10.1)
3 years
Fixed asset temporary differences
(0.4)
\u2013
\u2013
\u2013
0.4
\u2013
6 years
Renewal income assets
17.4
(0.1)
(0.1)
0.1
(17.3)
0.1
20 years
Share based payments
(10.1)
\u2013
\u2013
\u2013
10.1
\u2013
3 years
Transitional adjustment
5.0
(1.1)
(1.1)
(0.4)
(0.3)
3.2
3 years
Other temporary differences
4.7
0.1
0.1
0.2
(4.8)
0.2
Total
679.4
286.8
286.8
(0.1)
0.1
966.2
Charge/(credit) to the
statement of comprehensive Expected
income utilisation period
As at Utilised and Total Reanalysis As at As at
1 January created charge/ Impact of from deferred 31 December 31 December
2024 in year (credit) acquisitions tax assets 2024 2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
12.3
(7.6)
(7.6)
\u2013
19.4
24.1
14 years
Deferred income (DIR)
\u2013
3.2
3.2
\u2013
(33.3)
(30.1)
14 years
Purchased value of in-force business (PVIF)
2.0
(0.8)
(0.8)
\u2013
\u2013
1.2
2 years
Unrealised capital gains on life insurance (BLAGAB) assets backing unit liabilities
423.4
261.5
261.5
\u2013
\u2013
684.9
6 years
Unrelieved expenses on life insurance business
(26.2)
8.9
8.9
\u2013
\u2013
(17.3)
4 years
Fixed asset temporary differences
\u2013
0.9
0.9
\u2013
(1.3)
(0.4)
6 years
Renewal income assets
\u2013
(2.5)
(2.5)
\u2013
19.9
17.4
20 years
Share based payments
\u2013
(5.3)
(5.3)
\u2013
(4.8)
(10.1)
3 years
Transitional adjustment
\u2013
3.4
3.4
\u2013
1.6
5.0
4 years
Other temporary differences
0.2
3.6
3.6
0.1
0.8
4.7
Total
411.7
265.3
265.3
0.1
2.3
679.4
Appropriate investment income, gains or profits are expected to arise against which the tax
assets can be utilised. Whilst the actual rates of utilisation will depend on business growth
and external factors, particularly investment market conditions, they have been tested for
sensitivity to experience and are resilient to a range of reasonably foreseeable scenarios.
At the reporting date there were unrecognised deferred tax assets of \u00a320.9 million (2024: \u00a319.4 million)
in respect of \u00a3127.7 million (2024: \u00a3116.7 million) of losses in companies where appropriate profits
are not considered probable in the forecast period. These losses primarily relate to the Group\u2019s
Asia-based businesses and can be carried forward indefinitely.
Future tax changes
In the UK Autumn Budget 2025, the government announced an increase to the rate of
income tax in relation to savings income from 20% to 22% for the savings basic rate band,
with effect from 1 April 2027. This change has yet to be substantively enacted and as a result
no remeasurement of deferred tax balances have taken place at 2025 year end. There remains
some uncertainty regarding the application of this change specifically in respect of life policies
so we continue to monitor developments. The potential impact, at 31 December 2025 of a
remeasurement in deferred tax would be a \u00a371.3m policyholder tax charge as a result of an
increase to the deferred tax liabilities.
Global minimum tax \u2013 Pillar two
The SJP Group is subject to the Global minimum tax rules introduced by the Organisation for
Economic Co-operation and Development (OECD) in 2024 and adopted into local legislation
of various territories in which the Group operates, including the UK and Ireland. The group is
subject to a domestic top-up tax in relation to its operations in Ireland, where the statutory
corporate tax rate is 12.5%. This increases the effective tax rate for the SJP profits arising in
Ireland to 15% and an adjustment of \u00a30.3 million additional Irish tax has been posted in this
respect (year to 31 December 2024: \u00a30.1m charge). A Pillar Two adjustment is not required in
any other location in which SJP operates. The Company has applied the exception afforded
by the International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12), and as such
does not recognise and disclose deferred tax impacts of any future top-up tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "10. Income and deferred taxes Tax for the year
Year ended Year ended
31 December 31 December
2025 2024
Current tax
\u00a3\u2019Million
\u00a3\u2019Million
UK corporation tax
\u2013 Current year charge
513.4
330.7
\u2013 Adjustment in respect of prior year
2.2
1.9
Overseas taxes
\u2013 Current year charge
12.2
17.0
\u2013 Adjustment in respect of prior year
0.1
(0.3)
Deferred tax
527.9
349.3
Unrealised capital gains in unit-linked funds
285.5
261.6
Unrelieved expenses
\u2013 Utilisation in the year
7.1
8.9
DAC, DIR and PVIF
(1.6)
(5.3)
Share-based payments
(13.3)
(5.3)
Renewal income assets
(3.1)
(3.9)
Fixed asset timing differences
\u2013
0.5
UK trading losses
\u2013
40.8
Other items
3.4
3.8
Transitional adjustment
(1.1)
3.4
Adjustment in respect of prior year
(1.0)
(3.1)
275.9
301.4
Total tax charge for the year
803.8
650.7
Attributable to:
\u2013 Policyholders
638.5
513.2
\u2013 Shareholders
165.3
137.5
803.8
650.7
The adjustment in respect of prior year of \u00a32.3 million charge in current tax on the left represents a \u00a33.4 million charge in respect of policyholder tax (2024: \u00a32.4 million charge) and a credit of \u00a31.1 million in respect of shareholder tax (2024: \u00a30.8 million credit). The adjustment in respect of prior year of \u00a31.0 million credit in deferred tax on the left represents \u00a3nil in respect of policyholder tax (2024: \u00a30.1 million credit) and a credit of \u00a31.0 million in respect of shareholder tax (2024: \u00a33.0 million credit). In arriving at the profit before tax attributable to shareholders\u2019 returns, it is necessary to estimate the distribution of the total tax charge/(credit) between that payable in respect of policyholders and that payable by shareholders. Shareholder tax is estimated by making an assessment of the effective rate of tax that is applicable to the shareholders on the profits attributable to shareholders. This is calculated by applying the appropriate effective corporate tax rates to the shareholder profits. The remainder of the tax charge/(credit) represents tax on policyholders\u2019 investment returns. This calculation method is consistent with the legislation relating to the calculation of tax on shareholder profits. Reconciliation of tax charge to expected tax
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Profit before tax
1,335.2
1,049.1
Tax attributable to policyholders\u2019 returns
(638.5)
(513.2)
Profit before tax attributable to shareholders\u2019
returns
696.7
535.9
Shareholder tax charge at corporate tax rate of
25% (2024: 25%)
174.2
25%
134.0
25%
Adjustments:
Lower rates of corporation tax
in overseas subsidiaries
(3.2)
(0.5%)
(1.2)
(0.2%)
Expected shareholder tax
171.0
24.5%
132.8
24.8%
Effects of:
Non-taxable income
(0.4)
(0.4)
Adjustment in respect of prior year
\u2013 Current tax
(1.1)
(0.8)
\u2013 Deferred tax
(1.0)
(3.1)
Differences in accounting and tax bases
in relation to employee share schemes
(12.2)
(3.1)
Disallowable expenses
5.9
6.1
Change in accounting base \u2013 Hong Kong
\u2013
4.2
Provision for future liabilities
\u2013
(0.6)
Tax losses not recognised
0.5
2.4
Other
2.6
\u2013
(5.7)
(0.8%)
4.7
0.9%
Shareholder tax charge
165.3
23.7%
137.5
25.7%
Policyholder tax charge
638.5
513.2
Total tax charge for the year
803.8
650.7
Tax calculated on profit before tax at 25.0% (2024: 25.0%) would amount to a charge of \u00a3333.8 million (2024: \u00a3262.3 million charge). The difference of \u00a3470.0 million (2024: \u00a3388.4 million) between this number and the total tax charge of \u00a3803.8 million (2024: \u00a3650.7 million charge) is made up of the reconciling items above which total a credit of \u00a38.9 million (2024: \u00a33.5 million charge) and the effect of the apportionment methodology on tax applicable to policyholder returns of \u00a3478.9 million (2024: \u00a3384.9 million). Tax paid in the year
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Current tax charge for the year
527.9
349.3
Payments to be made in future years in respect of current year
(26.2)
(22.9)
Payments made in current year in respect of prior years
22.5
0.6
Other
0.3
(0.9)
Tax paid
524.5
326.1
Tax paid can be analysed as:
\u2013 Taxes paid in UK
404.3
252.4
\u2013 Taxes paid in overseas jurisdictions
5.4
5.9
\u2013 Withholding taxes suffered on investment income received
114.8
67.8
Total
524.5
326.1
Deferred tax balances Deferred tax assets
Credit/(charge) to the statement Expected
of comprehensive income utilisation period
As at Utilised and Reanalysis As at As at
1 January created Total Impact of from deferred 31 December 31 December
2025 in year credit/(charge) acquisitions tax liabilities 2025 2025
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
0.9
0.5
0.5
\u2013
(17.3)
(15.9)
14 years
Deferred income (DIR)
1.7
(3.6)
(3.6)
\u2013
29.2
27.3
14 years
Fixed asset temporary differences
\u2013
0.6
0.6
\u2013
0.3
0.9
6 years
Renewal income assets
\u2013
3.1
3.1
(3.9)
(17.3)
(18.1)
20 years
Share-based payments
\u2013
13.2
13.2
0.4
10.1
23.7
3 years
Other temporary differences
0.1
(2.9)
(2.9)
\u2013
(4.9)
(7.7)
\u2013
Total
2.7
10.9
10.9
(3.5)
0.1
10.2
(Charge)/credit to the statement Expected
of comprehensive income utilisation period
As at Utilised and Reanalysis to As at As at
1 January created Total Impact of deferred tax 31 December 31 December
2024 in year (charge)/credit acquisitions liabilities 2024 2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
(18.6)
0.1
0.1
\u2013
19.4
0.9
14 years
Deferred income (DIR)
35.1
(0.1)
(0.1)
\u2013
(33.3)
1.7
14 years
Fixed asset temporary differences
1.3
\u2013
\u2013
\u2013
(1.3)
\u2013
6 years
Renewal income assets
(19.9)
\u2013
\u2013
\u2013
19.9
\u2013
20 years
Share-based payments
4.8
\u2013
\u2013
\u2013
(4.8)
\u2013
3 years
UK trading losses
36.1
(36.1)
(36.1)
\u2013
\u2013
\u2013
\u2013
Other temporary differences
(2.3)
\u2013
\u2013
\u2013
2.4
0.1
\u2013
Total
36.5
(36.1)
(36.1)
\u2013
2.3
2.7
Deferred tax liabilities
Charge/(credit) to the
statement of comprehensive Expected
income utilisation period
As at Utilised and Total Reanalysis to As at As at
1 January created charge/ Impact of deferred tax 31 December 31 December
2025 in year (credit) acquisitions assets 2025 2025
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
24.1
(3.8)
(3.8)
\u2013
(17.3)
3.0
14 years
Deferred income (DIR)
(30.1)
(0.1)
(0.1)
\u2013
29.2
(1.0)
14 years
Purchased value of in-force business (PVIF)
1.2
(0.8)
(0.8)
\u2013
\u2013
0.4
1 year
Unrealised capital gains on life insurance (BLAGAB) assets backing unit liabilities
684.9
285.5
285.5
\u2013
\u2013
970.4
6 years
Unrelieved expenses on life insurance business
(17.3)
7.1
7.1
\u2013
0.1
(10.1)
3 years
Fixed asset temporary differences
(0.4)
\u2013
\u2013
\u2013
0.4
\u2013
6 years
Renewal income assets
17.4
(0.1)
(0.1)
0.1
(17.3)
0.1
20 years
Share based payments
(10.1)
\u2013
\u2013
\u2013
10.1
\u2013
3 years
Transitional adjustment
5.0
(1.1)
(1.1)
(0.4)
(0.3)
3.2
3 years
Other temporary differences
4.7
0.1
0.1
0.2
(4.8)
0.2
Total
679.4
286.8
286.8
(0.1)
0.1
966.2
Charge/(credit) to the
statement of comprehensive Expected
income utilisation period
As at Utilised and Total Reanalysis As at As at
1 January created charge/ Impact of from deferred 31 December 31 December
2024 in year (credit) acquisitions tax assets 2024 2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
12.3
(7.6)
(7.6)
\u2013
19.4
24.1
14 years
Deferred income (DIR)
\u2013
3.2
3.2
\u2013
(33.3)
(30.1)
14 years
Purchased value of in-force business (PVIF)
2.0
(0.8)
(0.8)
\u2013
\u2013
1.2
2 years
Unrealised capital gains on life insurance (BLAGAB) assets backing unit liabilities
423.4
261.5
261.5
\u2013
\u2013
684.9
6 years
Unrelieved expenses on life insurance business
(26.2)
8.9
8.9
\u2013
\u2013
(17.3)
4 years
Fixed asset temporary differences
\u2013
0.9
0.9
\u2013
(1.3)
(0.4)
6 years
Renewal income assets
\u2013
(2.5)
(2.5)
\u2013
19.9
17.4
20 years
Share based payments
\u2013
(5.3)
(5.3)
\u2013
(4.8)
(10.1)
3 years
Transitional adjustment
\u2013
3.4
3.4
\u2013
1.6
5.0
4 years
Other temporary differences
0.2
3.6
3.6
0.1
0.8
4.7
Total
411.7
265.3
265.3
0.1
2.3
679.4
Appropriate investment income, gains or profits are expected to arise against which the tax assets can be utilised. Whilst the actual rates of utilisation will depend on business growth and external factors, particularly investment market conditions, they have been tested for sensitivity to experience and are resilient to a range of reasonably foreseeable scenarios. At the reporting date there were unrecognised deferred tax assets of \u00a320.9 million (2024: \u00a319.4 million) in respect of \u00a3127.7 million (2024: \u00a3116.7 million) of losses in companies where appropriate profits are not considered probable in the forecast period. These losses primarily relate to the Group\u2019s Asia-based businesses and can be carried forward indefinitely. Future tax changes In the UK Autumn Budget 2025, the government announced an increase to the rate of income tax in relation to savings income from 20% to 22% for the savings basic rate band, with effect from 1 April 2027. This change has yet to be substantively enacted and as a result no remeasurement of deferred tax balances have taken place at 2025 year end. There remains some uncertainty regarding the application of this change specifically in respect of life policies so we continue to monitor developments. The potential impact, at 31 December 2025 of a remeasurement in deferred tax would be a \u00a371.3m policyholder tax charge as a result of an increase to the deferred tax liabilities. Global minimum tax \u2013 Pillar two The SJP Group is subject to the Global minimum tax rules introduced by the Organisation for Economic Co-operation and Development (OECD) in 2024 and adopted into local legislation of various territories in which the Group operates, including the UK and Ireland. The group is subject to a domestic top-up tax in relation to its operations in Ireland, where the statutory corporate tax rate is 12.5%. This increases the effective tax rate for the SJP profits arising in Ireland to 15% and an adjustment of \u00a30.3 million additional Irish tax has been posted in this respect (year to 31 December 2024: \u00a30.1m charge). A Pillar Two adjustment is not required in any other location in which SJP operates. The Company has applied the exception afforded by the International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12), and as such does not recognise and disclose deferred tax impacts of any future top-up tax.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "10. Income and deferred taxes Tax for the year
Year ended Year ended
31 December 31 December
2025 2024
Current tax
\u00a3\u2019Million
\u00a3\u2019Million
UK corporation tax
\u2013 Current year charge
513.4
330.7
\u2013 Adjustment in respect of prior year
2.2
1.9
Overseas taxes
\u2013 Current year charge
12.2
17.0
\u2013 Adjustment in respect of prior year
0.1
(0.3)
Deferred tax
527.9
349.3
Unrealised capital gains in unit-linked funds
285.5
261.6
Unrelieved expenses
\u2013 Utilisation in the year
7.1
8.9
DAC, DIR and PVIF
(1.6)
(5.3)
Share-based payments
(13.3)
(5.3)
Renewal income assets
(3.1)
(3.9)
Fixed asset timing differences
\u2013
0.5
UK trading losses
\u2013
40.8
Other items
3.4
3.8
Transitional adjustment
(1.1)
3.4
Adjustment in respect of prior year
(1.0)
(3.1)
275.9
301.4
Total tax charge for the year
803.8
650.7
Attributable to:
\u2013 Policyholders
638.5
513.2
\u2013 Shareholders
165.3
137.5
803.8
650.7
The adjustment in respect of prior year of \u00a32.3 million charge in current tax on the left represents a \u00a33.4 million charge in respect of policyholder tax (2024: \u00a32.4 million charge) and a credit of \u00a31.1 million in respect of shareholder tax (2024: \u00a30.8 million credit). The adjustment in respect of prior year of \u00a31.0 million credit in deferred tax on the left represents \u00a3nil in respect of policyholder tax (2024: \u00a30.1 million credit) and a credit of \u00a31.0 million in respect of shareholder tax (2024: \u00a33.0 million credit). In arriving at the profit before tax attributable to shareholders\u2019 returns, it is necessary to estimate the distribution of the total tax charge/(credit) between that payable in respect of policyholders and that payable by shareholders. Shareholder tax is estimated by making an assessment of the effective rate of tax that is applicable to the shareholders on the profits attributable to shareholders. This is calculated by applying the appropriate effective corporate tax rates to the shareholder profits. The remainder of the tax charge/(credit) represents tax on policyholders\u2019 investment returns. This calculation method is consistent with the legislation relating to the calculation of tax on shareholder profits. Reconciliation of tax charge to expected tax
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Profit before tax
1,335.2
1,049.1
Tax attributable to policyholders\u2019 returns
(638.5)
(513.2)
Profit before tax attributable to shareholders\u2019
returns
696.7
535.9
Shareholder tax charge at corporate tax rate of
25% (2024: 25%)
174.2
25%
134.0
25%
Adjustments:
Lower rates of corporation tax
in overseas subsidiaries
(3.2)
(0.5%)
(1.2)
(0.2%)
Expected shareholder tax
171.0
24.5%
132.8
24.8%
Effects of:
Non-taxable income
(0.4)
(0.4)
Adjustment in respect of prior year
\u2013 Current tax
(1.1)
(0.8)
\u2013 Deferred tax
(1.0)
(3.1)
Differences in accounting and tax bases
in relation to employee share schemes
(12.2)
(3.1)
Disallowable expenses
5.9
6.1
Change in accounting base \u2013 Hong Kong
\u2013
4.2
Provision for future liabilities
\u2013
(0.6)
Tax losses not recognised
0.5
2.4
Other
2.6
\u2013
(5.7)
(0.8%)
4.7
0.9%
Shareholder tax charge
165.3
23.7%
137.5
25.7%
Policyholder tax charge
638.5
513.2
Total tax charge for the year
803.8
650.7
Tax calculated on profit before tax at 25.0% (2024: 25.0%) would amount to a charge of \u00a3333.8 million (2024: \u00a3262.3 million charge). The difference of \u00a3470.0 million (2024: \u00a3388.4 million) between this number and the total tax charge of \u00a3803.8 million (2024: \u00a3650.7 million charge) is made up of the reconciling items above which total a credit of \u00a38.9 million (2024: \u00a33.5 million charge) and the effect of the apportionment methodology on tax applicable to policyholder returns of \u00a3478.9 million (2024: \u00a3384.9 million). Tax paid in the year
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Current tax charge for the year
527.9
349.3
Payments to be made in future years in respect of current year
(26.2)
(22.9)
Payments made in current year in respect of prior years
22.5
0.6
Other
0.3
(0.9)
Tax paid
524.5
326.1
Tax paid can be analysed as:
\u2013 Taxes paid in UK
404.3
252.4
\u2013 Taxes paid in overseas jurisdictions
5.4
5.9
\u2013 Withholding taxes suffered on investment income received
114.8
67.8
Total
524.5
326.1
Deferred tax balances Deferred tax assets
Credit/(charge) to the statement Expected
of comprehensive income utilisation period
As at Utilised and Reanalysis As at As at
1 January created Total Impact of from deferred 31 December 31 December
2025 in year credit/(charge) acquisitions tax liabilities 2025 2025
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
0.9
0.5
0.5
\u2013
(17.3)
(15.9)
14 years
Deferred income (DIR)
1.7
(3.6)
(3.6)
\u2013
29.2
27.3
14 years
Fixed asset temporary differences
\u2013
0.6
0.6
\u2013
0.3
0.9
6 years
Renewal income assets
\u2013
3.1
3.1
(3.9)
(17.3)
(18.1)
20 years
Share-based payments
\u2013
13.2
13.2
0.4
10.1
23.7
3 years
Other temporary differences
0.1
(2.9)
(2.9)
\u2013
(4.9)
(7.7)
\u2013
Total
2.7
10.9
10.9
(3.5)
0.1
10.2
(Charge)/credit to the statement Expected
of comprehensive income utilisation period
As at Utilised and Reanalysis to As at As at
1 January created Total Impact of deferred tax 31 December 31 December
2024 in year (charge)/credit acquisitions liabilities 2024 2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
(18.6)
0.1
0.1
\u2013
19.4
0.9
14 years
Deferred income (DIR)
35.1
(0.1)
(0.1)
\u2013
(33.3)
1.7
14 years
Fixed asset temporary differences
1.3
\u2013
\u2013
\u2013
(1.3)
\u2013
6 years
Renewal income assets
(19.9)
\u2013
\u2013
\u2013
19.9
\u2013
20 years
Share-based payments
4.8
\u2013
\u2013
\u2013
(4.8)
\u2013
3 years
UK trading losses
36.1
(36.1)
(36.1)
\u2013
\u2013
\u2013
\u2013
Other temporary differences
(2.3)
\u2013
\u2013
\u2013
2.4
0.1
\u2013
Total
36.5
(36.1)
(36.1)
\u2013
2.3
2.7
Deferred tax liabilities
Charge/(credit) to the
statement of comprehensive Expected
income utilisation period
As at Utilised and Total Reanalysis to As at As at
1 January created charge/ Impact of deferred tax 31 December 31 December
2025 in year (credit) acquisitions assets 2025 2025
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
24.1
(3.8)
(3.8)
\u2013
(17.3)
3.0
14 years
Deferred income (DIR)
(30.1)
(0.1)
(0.1)
\u2013
29.2
(1.0)
14 years
Purchased value of in-force business (PVIF)
1.2
(0.8)
(0.8)
\u2013
\u2013
0.4
1 year
Unrealised capital gains on life insurance (BLAGAB) assets backing unit liabilities
684.9
285.5
285.5
\u2013
\u2013
970.4
6 years
Unrelieved expenses on life insurance business
(17.3)
7.1
7.1
\u2013
0.1
(10.1)
3 years
Fixed asset temporary differences
(0.4)
\u2013
\u2013
\u2013
0.4
\u2013
6 years
Renewal income assets
17.4
(0.1)
(0.1)
0.1
(17.3)
0.1
20 years
Share based payments
(10.1)
\u2013
\u2013
\u2013
10.1
\u2013
3 years
Transitional adjustment
5.0
(1.1)
(1.1)
(0.4)
(0.3)
3.2
3 years
Other temporary differences
4.7
0.1
0.1
0.2
(4.8)
0.2
Total
679.4
286.8
286.8
(0.1)
0.1
966.2
Charge/(credit) to the
statement of comprehensive Expected
income utilisation period
As at Utilised and Total Reanalysis As at As at
1 January created charge/ Impact of from deferred 31 December 31 December
2024 in year (credit) acquisitions tax assets 2024 2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
12.3
(7.6)
(7.6)
\u2013
19.4
24.1
14 years
Deferred income (DIR)
\u2013
3.2
3.2
\u2013
(33.3)
(30.1)
14 years
Purchased value of in-force business (PVIF)
2.0
(0.8)
(0.8)
\u2013
\u2013
1.2
2 years
Unrealised capital gains on life insurance (BLAGAB) assets backing unit liabilities
423.4
261.5
261.5
\u2013
\u2013
684.9
6 years
Unrelieved expenses on life insurance business
(26.2)
8.9
8.9
\u2013
\u2013
(17.3)
4 years
Fixed asset temporary differences
\u2013
0.9
0.9
\u2013
(1.3)
(0.4)
6 years
Renewal income assets
\u2013
(2.5)
(2.5)
\u2013
19.9
17.4
20 years
Share based payments
\u2013
(5.3)
(5.3)
\u2013
(4.8)
(10.1)
3 years
Transitional adjustment
\u2013
3.4
3.4
\u2013
1.6
5.0
4 years
Other temporary differences
0.2
3.6
3.6
0.1
0.8
4.7
Total
411.7
265.3
265.3
0.1
2.3
679.4
Appropriate investment income, gains or profits are expected to arise against which the tax assets can be utilised. Whilst the actual rates of utilisation will depend on business growth and external factors, particularly investment market conditions, they have been tested for sensitivity to experience and are resilient to a range of reasonably foreseeable scenarios. At the reporting date there were unrecognised deferred tax assets of \u00a320.9 million (2024: \u00a319.4 million) in respect of \u00a3127.7 million (2024: \u00a3116.7 million) of losses in companies where appropriate profits are not considered probable in the forecast period. These losses primarily relate to the Group\u2019s Asia-based businesses and can be carried forward indefinitely. Future tax changes In the UK Autumn Budget 2025, the government announced an increase to the rate of income tax in relation to savings income from 20% to 22% for the savings basic rate band, with effect from 1 April 2027. This change has yet to be substantively enacted and as a result no remeasurement of deferred tax balances have taken place at 2025 year end. There remains some uncertainty regarding the application of this change specifically in respect of life policies so we continue to monitor developments. The potential impact, at 31 December 2025 of a remeasurement in deferred tax would be a \u00a371.3m policyholder tax charge as a result of an increase to the deferred tax liabilities. Global minimum tax \u2013 Pillar two The SJP Group is subject to the Global minimum tax rules introduced by the Organisation for Economic Co-operation and Development (OECD) in 2024 and adopted into local legislation of various territories in which the Group operates, including the UK and Ireland. The group is subject to a domestic top-up tax in relation to its operations in Ireland, where the statutory corporate tax rate is 12.5%. This increases the effective tax rate for the SJP profits arising in Ireland to 15% and an adjustment of \u00a30.3 million additional Irish tax has been posted in this respect (year to 31 December 2024: \u00a30.1m charge). A Pillar Two adjustment is not required in any other location in which SJP operates. The Company has applied the exception afforded by the International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12), and as such does not recognise and disclose deferred tax impacts of any future top-up tax.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "Global minimum tax \u2013 Pillar two The SJP Group is subject to the Global minimum tax rules introduced by the Organisation for Economic Co-operation and Development (OECD) in 2024 and adopted into local legislation of various territories in which the Group operates, including the UK and Ireland. The group is subject to a domestic top-up tax in relation to its operations in Ireland, where the statutory corporate tax rate is 12.5%. This increases the effective tax rate for the SJP profits arising in Ireland to 15% and an adjustment of \u00a30.3 million additional Irish tax has been posted in this respect (year to 31 December 2024: \u00a30.1m charge). A Pillar Two adjustment is not required in any other location in which SJP operates. The Company has applied the exception afforded by the International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12), and as such does not recognise and disclose deferred tax impacts of any future top-up tax.", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "
11. Goodwill, intangible assets, deferred acquisition costs (DAC)
and deferred income (DIR)
Computer
Purchased software and
value of other specific
in-force software
Goodwill business
developments
DAC
DIR
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cost
At 1 January 2024
36.6
73.4
65.6
945.8
(1,636.3)
Additions
\u2013
\u2013
5.1
45.2
(115.1)
Disposals
\u2013
\u2013
\u2013
(182.0)
153.0
At 31 December 2024
36.6
73.4
70.7
809.0
(1,598.4)
Additions
\u2013
\u2013
\u2013
50.7
(128.5)
Disposals
\u2013
\u2013
\u2013
(191.0)
165.4
At 31 December 2025
36.6
73.4
70.7
668.7
(1,561.5)
Accumulated amortisation and impairment
At 1 January 2024
3.0
65.4
37.6
641.4
(1,144.8)
Charge for the year
10.3
3.2
22.4
63.4
(137.1)
Eliminated on disposal
\u2013
\u2013
\u2013
(182.0)
153.0
At 31 December 2024
13.3
68.6
60.0
522.8
(1,128.9)
Charge for the year
4.8
3.2
4.2
52.8
(176.4)
Eliminated on disposal
\u2013
\u2013
\u2013
(191.0)
165.4
At 31 December 2025
18.1
71.8
64.2
384.6
(1,139.9)
Carrying value
At 1 January 2024
33.6
8.0
28.0
304.4
(491.5)
At 31 December 2024
23.3
4.8
10.7
286.2
(469.5)
At 31 December 2025
18.5
1.6
6.5
284.1
(421.6)
Current
\u2013
1.6
3.5
42.1
(150.5)
Non-current
18.5
\u2013
3.0
242.0
(271.1)
Outstanding amortisation period
At 31 December 2024
N/A
1 year
5 years
14 years
6 to 14 years
At 31 December 2025
N/A
1 year
5 years
14 years 6 to 14 years
Goodwill
Goodwill is reviewed at least annually for impairment, or when circumstances or events
indicate there may be uncertainty over its value. The recoverable amount has been based on
value-in-use calculations using pre-tax cash flows. Details of the assumptions made in these
calculations are provided below:
Key assumptions based on experience: Value of new business and expenses
Projection period: Five years extrapolated into perpetuity/ten years
Pre-tax discount rate based on
a risk-free rate plus a risk margin: 7.8% to 10.8% (2024: 7.8% to 10.8%)
It is considered that no reasonably possible levels of change in the key assumptions
would result in a material impairment of the goodwill.
Purchased value of in\u2011force business/DAC/computer software
Amortisation is charged to expenses in the statement of comprehensive income.
Amortisation profiles are reassessed annually.
DIR
Amortisation is credited within fee and commission income in the statement of comprehensive
income. Amortisation profiles are reassessed annually.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "11. Goodwill, intangible assets, deferred acquisition costs (DAC) and deferred income (DIR)
Computer
Purchased software and
value of other specific
in-force software
Goodwill business
developments
DAC
DIR
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cost
At 1 January 2024
36.6
73.4
65.6
945.8
(1,636.3)
Additions
\u2013
\u2013
5.1
45.2
(115.1)
Disposals
\u2013
\u2013
\u2013
(182.0)
153.0
At 31 December 2024
36.6
73.4
70.7
809.0
(1,598.4)
Additions
\u2013
\u2013
\u2013
50.7
(128.5)
Disposals
\u2013
\u2013
\u2013
(191.0)
165.4
At 31 December 2025
36.6
73.4
70.7
668.7
(1,561.5)
Accumulated amortisation and impairment
At 1 January 2024
3.0
65.4
37.6
641.4
(1,144.8)
Charge for the year
10.3
3.2
22.4
63.4
(137.1)
Eliminated on disposal
\u2013
\u2013
\u2013
(182.0)
153.0
At 31 December 2024
13.3
68.6
60.0
522.8
(1,128.9)
Charge for the year
4.8
3.2
4.2
52.8
(176.4)
Eliminated on disposal
\u2013
\u2013
\u2013
(191.0)
165.4
At 31 December 2025
18.1
71.8
64.2
384.6
(1,139.9)
Carrying value
At 1 January 2024
33.6
8.0
28.0
304.4
(491.5)
At 31 December 2024
23.3
4.8
10.7
286.2
(469.5)
At 31 December 2025
18.5
1.6
6.5
284.1
(421.6)
Current
\u2013
1.6
3.5
42.1
(150.5)
Non-current
18.5
\u2013
3.0
242.0
(271.1)
Outstanding amortisation period
At 31 December 2024
N/A
1 year
5 years
14 years
6 to 14 years
At 31 December 2025
N/A
1 year
5 years
14 years 6 to 14 years
Goodwill Goodwill is reviewed at least annually for impairment, or when circumstances or events indicate there may be uncertainty over its value. The recoverable amount has been based on value-in-use calculations using pre-tax cash flows. Details of the assumptions made in these calculations are provided below: Key assumptions based on experience: Value of new business and expenses Projection period: Five years extrapolated into perpetuity/ten years Pre-tax discount rate based on a risk-free rate plus a risk margin: 7.8% to 10.8% (2024: 7.8% to 10.8%) It is considered that no reasonably possible levels of change in the key assumptions would result in a material impairment of the goodwill. Purchased value of in\u2011force business/DAC/computer software Amortisation is charged to expenses in the statement of comprehensive income. Amortisation profiles are reassessed annually. DIR Amortisation is credited within fee and commission income in the statement of comprehensive income. Amortisation profiles are reassessed annually. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "11. Goodwill, intangible assets, deferred acquisition costs (DAC) and deferred income (DIR)
Computer
Purchased software and
value of other specific
in-force software
Goodwill business
developments
DAC
DIR
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cost
At 1 January 2024
36.6
73.4
65.6
945.8
(1,636.3)
Additions
\u2013
\u2013
5.1
45.2
(115.1)
Disposals
\u2013
\u2013
\u2013
(182.0)
153.0
At 31 December 2024
36.6
73.4
70.7
809.0
(1,598.4)
Additions
\u2013
\u2013
\u2013
50.7
(128.5)
Disposals
\u2013
\u2013
\u2013
(191.0)
165.4
At 31 December 2025
36.6
73.4
70.7
668.7
(1,561.5)
Accumulated amortisation and impairment
At 1 January 2024
3.0
65.4
37.6
641.4
(1,144.8)
Charge for the year
10.3
3.2
22.4
63.4
(137.1)
Eliminated on disposal
\u2013
\u2013
\u2013
(182.0)
153.0
At 31 December 2024
13.3
68.6
60.0
522.8
(1,128.9)
Charge for the year
4.8
3.2
4.2
52.8
(176.4)
Eliminated on disposal
\u2013
\u2013
\u2013
(191.0)
165.4
At 31 December 2025
18.1
71.8
64.2
384.6
(1,139.9)
Carrying value
At 1 January 2024
33.6
8.0
28.0
304.4
(491.5)
At 31 December 2024
23.3
4.8
10.7
286.2
(469.5)
At 31 December 2025
18.5
1.6
6.5
284.1
(421.6)
Current
\u2013
1.6
3.5
42.1
(150.5)
Non-current
18.5
\u2013
3.0
242.0
(271.1)
Outstanding amortisation period
At 31 December 2024
N/A
1 year
5 years
14 years
6 to 14 years
At 31 December 2025
N/A
1 year
5 years
14 years 6 to 14 years
Goodwill Goodwill is reviewed at least annually for impairment, or when circumstances or events indicate there may be uncertainty over its value. The recoverable amount has been based on value-in-use calculations using pre-tax cash flows. Details of the assumptions made in these calculations are provided below: Key assumptions based on experience: Value of new business and expenses Projection period: Five years extrapolated into perpetuity/ten years Pre-tax discount rate based on a risk-free rate plus a risk margin: 7.8% to 10.8% (2024: 7.8% to 10.8%) It is considered that no reasonably possible levels of change in the key assumptions would result in a material impairment of the goodwill. Purchased value of in\u2011force business/DAC/computer software Amortisation is charged to expenses in the statement of comprehensive income. Amortisation profiles are reassessed annually. DIR Amortisation is credited within fee and commission income in the statement of comprehensive income. Amortisation profiles are reassessed annually. 12. Property and equipment, including leased assets
Fixtures, fittings
and office Computer Leased assets:
equipment equipment
properties
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cost
At 1 January 2024
63.9
10.0
180.9
254.8
Additions
2.8
0.8
4.8
8.4
Disposals
(2.3)
\u2013
(12.4)
(14.7)
At 31 December 2024
64.4
10.8
173.3
248.5
Additions
0.7
0.4
9.0
10.1
Disposals
(3.3)
\u2013
(9.2)
(12.5)
At 31 December 2025
61.8
11.2
173.1
246.1
Accumulated depreciation
At 1 January 2024
31.8
7.5
62.4
101.7
Charge for the year
6.4
1.6
15.4
23.4
Eliminated on disposal
(2.2)
\u2013
(8.4)
(10.6)
At 31 December 2024
36.0
9.1
69.4
114.5
Charge for the year
5.3
1.0
14.5
20.8
Eliminated on disposal
(2.6)
\u2013
(8.9)
(11.5)
At 31 December 2025
38.7
10.1
75.0
123.8
Net book value
At 1 January 2024
32.1
2.5
118.5
153.1
At 31 December 2024
28.4
1.7
103.9
134.0
At 31 December 2025
23.1
1.1
98.1
122.3
Depreciation period (estimated useful life)
At 31 December 2024
5 to 15 years
3 years
1 to 17 years
At 31 December 2025
5 to 15 years
3 years
1 to 15 years
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "11. Goodwill, intangible assets, deferred acquisition costs (DAC) and deferred income (DIR)
Computer
Purchased software and
value of other specific
in-force software
Goodwill business
developments
DAC
DIR
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cost
At 1 January 2024
36.6
73.4
65.6
945.8
(1,636.3)
Additions
\u2013
\u2013
5.1
45.2
(115.1)
Disposals
\u2013
\u2013
\u2013
(182.0)
153.0
At 31 December 2024
36.6
73.4
70.7
809.0
(1,598.4)
Additions
\u2013
\u2013
\u2013
50.7
(128.5)
Disposals
\u2013
\u2013
\u2013
(191.0)
165.4
At 31 December 2025
36.6
73.4
70.7
668.7
(1,561.5)
Accumulated amortisation and impairment
At 1 January 2024
3.0
65.4
37.6
641.4
(1,144.8)
Charge for the year
10.3
3.2
22.4
63.4
(137.1)
Eliminated on disposal
\u2013
\u2013
\u2013
(182.0)
153.0
At 31 December 2024
13.3
68.6
60.0
522.8
(1,128.9)
Charge for the year
4.8
3.2
4.2
52.8
(176.4)
Eliminated on disposal
\u2013
\u2013
\u2013
(191.0)
165.4
At 31 December 2025
18.1
71.8
64.2
384.6
(1,139.9)
Carrying value
At 1 January 2024
33.6
8.0
28.0
304.4
(491.5)
At 31 December 2024
23.3
4.8
10.7
286.2
(469.5)
At 31 December 2025
18.5
1.6
6.5
284.1
(421.6)
Current
\u2013
1.6
3.5
42.1
(150.5)
Non-current
18.5
\u2013
3.0
242.0
(271.1)
Outstanding amortisation period
At 31 December 2024
N/A
1 year
5 years
14 years
6 to 14 years
At 31 December 2025
N/A
1 year
5 years
14 years 6 to 14 years
Goodwill Goodwill is reviewed at least annually for impairment, or when circumstances or events indicate there may be uncertainty over its value. The recoverable amount has been based on value-in-use calculations using pre-tax cash flows. Details of the assumptions made in these calculations are provided below: Key assumptions based on experience: Value of new business and expenses Projection period: Five years extrapolated into perpetuity/ten years Pre-tax discount rate based on a risk-free rate plus a risk margin: 7.8% to 10.8% (2024: 7.8% to 10.8%) It is considered that no reasonably possible levels of change in the key assumptions would result in a material impairment of the goodwill. Purchased value of in\u2011force business/DAC/computer software Amortisation is charged to expenses in the statement of comprehensive income. Amortisation profiles are reassessed annually. DIR Amortisation is credited within fee and commission income in the statement of comprehensive income. Amortisation profiles are reassessed annually. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "11. Goodwill, intangible assets, deferred acquisition costs (DAC) and deferred income (DIR)
Computer
Purchased software and
value of other specific
in-force software
Goodwill business
developments
DAC
DIR
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cost
At 1 January 2024
36.6
73.4
65.6
945.8
(1,636.3)
Additions
\u2013
\u2013
5.1
45.2
(115.1)
Disposals
\u2013
\u2013
\u2013
(182.0)
153.0
At 31 December 2024
36.6
73.4
70.7
809.0
(1,598.4)
Additions
\u2013
\u2013
\u2013
50.7
(128.5)
Disposals
\u2013
\u2013
\u2013
(191.0)
165.4
At 31 December 2025
36.6
73.4
70.7
668.7
(1,561.5)
Accumulated amortisation and impairment
At 1 January 2024
3.0
65.4
37.6
641.4
(1,144.8)
Charge for the year
10.3
3.2
22.4
63.4
(137.1)
Eliminated on disposal
\u2013
\u2013
\u2013
(182.0)
153.0
At 31 December 2024
13.3
68.6
60.0
522.8
(1,128.9)
Charge for the year
4.8
3.2
4.2
52.8
(176.4)
Eliminated on disposal
\u2013
\u2013
\u2013
(191.0)
165.4
At 31 December 2025
18.1
71.8
64.2
384.6
(1,139.9)
Carrying value
At 1 January 2024
33.6
8.0
28.0
304.4
(491.5)
At 31 December 2024
23.3
4.8
10.7
286.2
(469.5)
At 31 December 2025
18.5
1.6
6.5
284.1
(421.6)
Current
\u2013
1.6
3.5
42.1
(150.5)
Non-current
18.5
\u2013
3.0
242.0
(271.1)
Outstanding amortisation period
At 31 December 2024
N/A
1 year
5 years
14 years
6 to 14 years
At 31 December 2025
N/A
1 year
5 years
14 years 6 to 14 years
Goodwill Goodwill is reviewed at least annually for impairment, or when circumstances or events indicate there may be uncertainty over its value. The recoverable amount has been based on value-in-use calculations using pre-tax cash flows. Details of the assumptions made in these calculations are provided below: Key assumptions based on experience: Value of new business and expenses Projection period: Five years extrapolated into perpetuity/ten years Pre-tax discount rate based on a risk-free rate plus a risk margin: 7.8% to 10.8% (2024: 7.8% to 10.8%) It is considered that no reasonably possible levels of change in the key assumptions would result in a material impairment of the goodwill. Purchased value of in\u2011force business/DAC/computer software Amortisation is charged to expenses in the statement of comprehensive income. Amortisation profiles are reassessed annually. DIR Amortisation is credited within fee and commission income in the statement of comprehensive income. Amortisation profiles are reassessed annually. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "
12. Property and equipment, including leased assets
Fixtures, fittings
and office Computer Leased assets:
equipment equipment
properties
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cost
At 1 January 2024
63.9
10.0
180.9
254.8
Additions
2.8
0.8
4.8
8.4
Disposals
(2.3)
\u2013
(12.4)
(14.7)
At 31 December 2024
64.4
10.8
173.3
248.5
Additions
0.7
0.4
9.0
10.1
Disposals
(3.3)
\u2013
(9.2)
(12.5)
At 31 December 2025
61.8
11.2
173.1
246.1
Accumulated depreciation
At 1 January 2024
31.8
7.5
62.4
101.7
Charge for the year
6.4
1.6
15.4
23.4
Eliminated on disposal
(2.2)
\u2013
(8.4)
(10.6)
At 31 December 2024
36.0
9.1
69.4
114.5
Charge for the year
5.3
1.0
14.5
20.8
Eliminated on disposal
(2.6)
\u2013
(8.9)
(11.5)
At 31 December 2025
38.7
10.1
75.0
123.8
Net book value
At 1 January 2024
32.1
2.5
118.5
153.1
At 31 December 2024
28.4
1.7
103.9
134.0
At 31 December 2025
23.1
1.1
98.1
122.3
Depreciation period (estimated useful life)
At 31 December 2024
5 to 15 years
3 years
1 to 17 years
At 31 December 2025
5 to 15 years
3 years
1 to 15 years
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "
13. Leases
This note provides information on leases where the Group is a lessee. For information on leases
where the Group is a lessor, refer to Note 14.
The Group\u2019s leasing activities and how these are accounted for
The Group leases a portfolio of office properties, equipment and vehicles. The exemptions
available under IFRS 16 for low-value or short-term leases have been applied to all leased
equipment and vehicles, and so the leased assets and lease liabilities on the consolidated
statement of financial position, and the depreciation charge for leased assets and interest
expense on lease liabilities in the consolidated statement of comprehensive income, relate
to the Group\u2019s portfolio of office properties only.
Leases are negotiated on an individual basis and hence contain a variety of different terms and
conditions. They contain covenants and restrictions but generally these are standard and to be
expected in a modern, commercial lease created under open-market terms. Typical covenants
include paying the annual rent, insurance premiums, service charge, rates and VAT and keeping
the property in good repair and condition throughout the lease. Typical restrictions include
permitting office use only and not transferring or assigning the lease to a third-party without
the lessor\u2019s consent. There are no residual value guarantees.
The Group is exposed to variability in lease payments, as a number of leases include rent
reviews during the lease term which are linked to an index or to market rates. In accordance
with IFRS 16, these variable lease payments are initially measured based on the index or rate
at the commencement date of the lease. Estimates of future rent changes are not made;
these changes are taken into account in the lease liabilities and leased assets only when
the lease payments change and so the variability is resolved. There are no variable lease
payments which are not linked to an index or to market rates.
The Group has not entered into any sale and leaseback transactions.
Details regarding the accounting policies applied to leases are set out in Note 1: refer to policies
(c)(ii) Lease expenses, (o) Property and equipment and (ab) Other payables.
Amounts recognised in the consolidated statement of financial position
The following amounts are recognised in the consolidated statement of financial position.
31 December 31 December
2025 2024
Within the property and equipment balance \u2013 refer to Note 12
\u00a3\u2019Million
\u00a3\u2019Million
Leased assets: properties
98.1
103.9
Within the other payables balance \u2013 refer to Note 16
Lease liabilities: properties
100.8
107.2
A movement schedule for leased assets, setting out additions during the year and depreciation
charged, is presented in Note 12. A movement schedule for lease liabilities is presented on
the right.
Amounts recognised in the consolidated statement of comprehensive income
The following amounts relating to leases are recognised within expenses in the consolidated
statement of comprehensive income.
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Depreciation charge for leased assets: properties
14.5
15.4
Interest expense on lease liabilities: properties
2.8
3.2
Lease expense relating to short-term leases
0.2
0.3
Lease expense relating to low-value assets
2.7
2.3
Total lease expense for the year
20.2
21.2
Total cash outflow for leases during the year
16.8
17.2
Reconciliation of lease liabilities: properties
The following movement schedule reconciles the opening and closing lease liabilities relating
to properties in the consolidated statement of financial position.
2025
2024
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
107.2
120.5
Additions
7.7
4.4
Disposals
(0.1)
(3.7)
Interest charged
2.8
3.2
Lease payments made
(16.8)
(17.2)
Balance at 31 December
100.8
107.2
The principal lease payments disclosed in the table below link to the principal lease payments
set out in the consolidated statement of cash flows as follows:
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Interest payments
2.8
3.2
Principal lease payments
14.0
14.0
Lease payments made
16.8
17.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "14. Financial investments, investment property and cash and cash equivalents Financial investments
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Equities
147,807.5
130,549.0
Fixed income securities
31,564.1
26,118.5
Investments in Collective Investment Schemes
32,701.9
25,652.7
Total financial investments
212,073.5
182,320.2
Net assets held to cover unit liabilities Included within the statement of financial position are the following assets and liabilities making up the net assets held to cover unit liabilities. The assets held to cover unit liabilities are set out in Adjustment 1 of the IFRS to Solvency II Net Assets Balance Sheet reconciliation on page 211.
31 December 31 December
2025 2024
Assets
\u00a3\u2019Million
\u00a3\u2019Million
Investment property
370.3
892.3
Equities
147,807.5
130,549.0
Fixed income securities
31,553.8
26,109.9
Investment in Collective Investment Schemes
30,298.2
23,458.4
Cash and cash equivalents
5,854.9
5,311.3
Other receivables
871.4
816.7
Derivative financial assets
2,908.7
2,812.8
Total assets
219,664.8
189,950.4
Liabilities
Other payables
1,029.2
692.7
Derivative financial liabilities
2,412.1
3,052.1
Total liabilities
3,441.3
3,744.8
Net assets held to cover linked liabilities
216,223.5
186,205.6
Investment contract benefits
163,728.7
141,038.8
Net asset value attributable to unit holders
51,982.8
44,699.5
Unit-linked insurance contract liabilities
512.0
467.3
Net unit-linked liabilities
216,223.5
186,205.6
Net assets held to cover linked liabilities, and third-party holdings in unit trusts, are considered to have a maturity of up to one year since the corresponding unit liabilities are repayable and transferable on demand. See accounting policy (ai) for further information on current and non-current disclosure. Investment property
2025
2024
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
892.3
1,110.3
Capitalised expenditure on existing properties
14.4
15.8
Disposals
(529.0)
(230.5)
Changes in fair value
(7.4)
(3.3)
Balance at 31 December
370.3
892.3
The Group is the lessor for a portfolio of properties which meet the definition of investment property. The portfolio is held within unit-linked funds, leased out under operating leases, and is considered current. However, since investment properties are not traded in an organised public market they are relatively illiquid compared with many other asset classes. There are no restrictions on the realisability of the Group\u2019s individual properties, or on the remittance of income or disposal proceeds. The Group follows various strategies to minimise the risks associated with any rights the Group retains in the investment properties. These strategies include: actively reviewing and monitoring the condition of the properties and undertaking appropriate repairs, capital works projects and investments engaging professional legal advisers in drafting prudent lease terms governing the use of the properties and engaging specialist asset managers to oversee adherence to these terms on an ongoing basis actively reviewing and monitoring lessee financial covenant positions maintaining appropriate and prudent insurance for the properties senior management regularly reviewing the investment property portfolio to oversee diversification and performance, and to maximise value and occupancy rates. Investment property is valued at least monthly by external chartered surveyors in accordance with the guidance issued by the Royal Institution of Chartered Surveyors. The investment property valuation has been prepared using the \u2018market approach\u2019 valuation technique: that is, using prices and other relevant information generated by market transactions involving identical or comparable (i.e. similar) assets. The historical cost of investment properties held at 31 December 2025 is \u00a3547.5 million (2024: \u00a3987.4 million). This represents the price paid for investment properties, prior to any subsequent revaluation. The rental income and direct operating expenses recognised in the consolidated statement of comprehensive income in respect of investment properties are set out below. All expenses relate to property generating rental income.
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Rental income
37.9
60.8
Direct operating expenses
11.0
9.5
At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a3nil (2024: \u00a36.4 million). Contractual obligations to dispose of investment property amounted to \u00a3nil (2024: \u00a328.0 million). A maturity analysis of undiscounted contractual rental income to be received on an annual basis for the next five years, and the total to be received thereafter, is set out below.
31 December 31 December
2025 2024
Undiscounted contractual rental income to be received in:
\u00a3\u2019Million
\u00a3\u2019Million
Year 1
20.2
45.7
Year 2
18.3
42.6
Year 3
16.7
38.3
Year 4
15.3
33.8
Year 5
13.0
29.9
Year 6 onwards
132.7
156.2
Total undiscounted contractual rental income to be received
216.2
346.5
Cash and cash equivalents
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Cash and cash equivalents not held to cover unit liabilities
329.6
352.6
Balances held to cover unit liabilities
5,854.9
5,311.3
Total cash and cash equivalents
6,184.5
5,663.9
All cash and cash equivalents are considered current. 17. Insurance contract liabilities and reinsurance assets Risk Insurance risk arises from inherent uncertainties as to the occurrence, amount and timing of insurance liabilities. The Group assumes insurance risk by issuing insurance contracts under which the Group agrees to compensate the client (or other beneficiary) if a specified future event (the insured event) occurs. The Group insures mortality and morbidity risks but has no longevity risk as we have never written any annuity business. The Group has a low appetite for insurance risk, only actively pursuing it where financially beneficial, or in support of strategic objectives.
Risk
Description
Management
Underwriting Failure to price appropriately The Group ceased writing new protection
for a risk, or the impact of business in April 2011 and the remaining UK
anti-selection. insurance risk is substantially covered by
quota share reinsurance with a low level of
retention. Experience is monitored regularly
and for most business the premium or
deduction rates can be reviewed.
Epidemic/ An unusually large number Protection is provided through reinsurance.
disaster of claims arising from a single The Group has fully reinsured the UK
incident or event. insurance risk.
Expense Administration costs exceed Administration is outsourced and a tariff of
expense allowance. costs is agreed. The contract is monitored
regularly to rationalise costs incurred.
Internal overhead expenses are monitored
and closely managed.
Insurance contract liabilities Reconciliation of the liability for remaining coverage and the liability for incurred claims
2025
2024
Liability for remaining coverage Liability for Liability for remaining coverage
Excluding loss Loss incurred Excluding loss Loss Liability for
component component
claims
Total
component component incurred claims Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
504.3
\u2013
14.3
518.6
477.8
\u2013
18.2
496.0
Insurance revenue
(24.2)
\u2013
\u2013
(24.2)
(25.2)
\u2013
\u2013
(25.2)
Insurance service expenses
\u2013
\u2013
22.6
22.6
\u2013
\u2013
21.8
21.8
Finance income from insurance contracts recognised in profit or loss
(0.9)
\u2013
\u2013
(0.9)
(2.1)
\u2013
\u2013
(2.1)
Total changes in the statement of comprehensive income
(25.1)
\u2013
22.6
(2.5)
(27.3)
\u2013
21.8
(5.5)
Investment components excluded from insurance revenue and insurance service expenses
41.4
\u2013
30.4
71.8
25.0
\u2013
46.0
71.0
Premiums received
27.2
\u2013
\u2013
27.2
28.8
\u2013
\u2013
28.8
Claims and other insurance service expenses paid
\u2013
\u2013
(48.9)
(48.9)
\u2013
\u2013
(71.7)
(71.7)
Total cash flows
27.2
\u2013
(48.9)
(21.7)
28.8
\u2013
(71.7)
(42.9)
Balance at 31 December
547.8
\u2013
18.4
566.2
504.3
\u2013
14.3
518.6
Current
90.5
77.8
Non-current
475.7
440.8
566.2
518.6
Reconciliation of the measurement components
2025
2024
Estimates of Risk adjustment Estimates of Risk adjustment
present value of for non- present value of for non-
future cash flows
financial risk
CSM
Total
future cash flows
financial risk
CSM
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
488.8
4.6
10.9
504.3
463.0
6.0
8.8
477.8
Insurance revenue
(26.3)
(0.4)
2.5
(24.2)
(26.1)
(1.1)
2.0
(25.2)
Finance income from insurance contracts recognised in profit or loss
(0.9)
\u2013
\u2013
(0.9)
(1.9)
(0.3)
0.1
(2.1)
Total changes in the statement of comprehensive income
(27.2)
(0.4)
2.5
(25.1)
(28.0)
(1.4)
2.1
(27.3)
Investment components excluded from insurance revenue and insurance service
expenses
41.4
\u2013
\u2013
41.4
25.0
\u2013
\u2013
25.0
Premiums received
27.2
\u2013
\u2013
27.2
28.8
\u2013
\u2013
28.8
Total cash flows
27.2
\u2013
\u2013
27.2
28.8
\u2013
\u2013
28.8
Balance at 31 December
530.2
4.2
13.4
547.8
488.8
4.6
10.9
504.3
Less than 1 year
0.6
0.6
In 2 to 5 years
2.0
1.8
>5 years
10.8
8.5
Expected recognition of the CSM
13.4
10.9
The analysis above shows the expected recognition of the CSM remaining at the end of the reporting year. Reinsurance assets Reconciliation of the remaining coverage and incurred claims components
2025
2024
Remaining Recoverable Remaining Recoverable
coverage for claims coverage for claims
component
reinsured
Total
component reinsured Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
4.1
10.8
14.9
6.3
6.7
13.0
Net reinsurance expense
(18.4)
18.0
(0.4)
(22.6)
19.5
(3.1)
Finance (expenses)/income from reinsurance
contracts recognised in profit or loss
(0.8)
\u2013
(0.8)
0.5
\u2013
0.5
Total changes in the statement of comprehensive income
(19.2)
18.0
(1.2)
(22.1)
19.5
(2.6)
Premiums paid
18.0
\u2013
18.0
19.9
\u2013
19.9
Reinsurance recapture
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Amounts received from reinsurers relating to incurred claims
\u2013
(20.0)
(20.0)
\u2013
(15.4)
(15.4)
Total cash flows
18.0
(20.0)
(2.0)
19.9
(15.4)
4.5
Balance at 31 December
2.9
8.8
11.7
4.1
10.8
14.9
Current
8.1
10.2
Non-current
3.6
4.7
11.7
14.9
Reconciliation of the measurement components
2025
2024
Estimates of Risk adjustment Estimates of Risk adjustment
present value of for non- present value of for non-
future cash flows
financial risk
CSM
Total
future cash flows
financial risk
CSM
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
(1.8)
0.7
5.2
4.1
\u2013
1.1
5.2
6.3
Net reinsurance expense
(18.0)
(0.2)
(0.2)
(18.4)
(22.3)
(0.3)
\u2013
(22.6)
Finance (expenses)/income from reinsurance contracts recognised in profit or loss
(0.9)
0.1
\u2013
(0.8)
0.6
(0.1)
\u2013
0.5
Total changes in the statement of comprehensive income
(18.9)
(0.1)
(0.2)
(19.2)
(21.7)
(0.4)
\u2013
(22.1)
Premiums paid
18.0
\u2013
\u2013
18.0
19.9
\u2013
\u2013
19.9
Total cash flows
18.0
\u2013
\u2013
18.0
19.9
\u2013
\u2013
19.9
Balance at 31 December
(2.7)
0.6
5.0
2.9
(1.8)
0.7
5.2
4.1
Less than 1 year
0.1
0.1
In 2 to 5 years
0.6
0.6
>5 years
4.3
4.5
Expected recognition of the CSM
5.0
5.2
All reinsurance contracts are measured using the fair value approach. The analysis above shows the expected recognition of the CSM remaining at the end of the reporting year. Assumptions used in the calculation of insurance contract liabilities and reinsurance assets The principal assumptions used in the calculation of insurance contract liabilities and reinsurance assets are:
Assumption
Description
Interest rate The valuation interest rate is calculated by reference to the long-term
risk-free swap rate at the balance sheet date. The specific rates used are
between 3.4% and 4.5% depending on the tax regime (2024: 3.4% and 4.5%).
Mortality Mortality is based on Group experience and is set at 65% of the TM/F92 tables
with an additional loading for smokers.
Morbidity \u2013 Morbidity is based on Group experience. There has been no change during
critical illness
2025
. Sample annual rates per \u00a3 for a male non-smoker are:
Age
Rate
25
0.063%
35
0.111%
45
0.266%
Morbidity \u2013 Morbidity is based on Group experience. There has been no change during
permanent
2025
. Sample annual rates per \u00a3 income benefit for a male non-smoker are:
health insurance
Age
Rate
25
0.228%
35
0.603%
45
1.308%
Expenses Contract liabilities are calculated allowing for the actual costs of
administration of the business.
Annual cost
31 December 31 December
Product 2025 2024
Onshore protection business
\u00a337.02
\u00a335.69
Offshore protection business
\u00a373.32
\u00a371.76
Persistency of the liabilities. There has been no change in rates during 2025. Sample Allowance is made for a best-estimate level of lapses within the calculation
annual lapse rates are:
Lapse
Product
All durations
Onshore protection business
9%
Offshore whole of life
8%
Offshore critical illness
13%
Risk adjustment The risk adjustment is determined using a cost of capital approach
with a 3% charge. There has been no change during 2025.
Sensitivity analysis
The table below sets out the sensitivity of the profit on insurance business and net assets to
changes in key assumptions. The levels of sensitivity tested are consistent with those proposed
in the EEV principles and reflect reasonable possible levels of change in the assumptions.
The analysis reflects the change in the variable/assumption shown while all other variables/
assumptions are left unchanged. In practice variables/assumptions may change at the same
time, as some may be correlated (for example, an increase in interest rates may also result
in an increase in expenses if the increase reflects higher inflation). It should also be noted
that in some instances sensitivities are non-linear. The sensitivity percentage has been applied
in proportion to the assumption: for example, application of a 10% sensitivity to a withdrawal
assumption of 8% will increase it to 8.8%.
Change in Change in
profit profit Change in Change in
Change in before tax before tax net assets net assets
assumption 2025 2024 2025 2024
Sensitivity analysis
Percentage
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Interest rates
(1%)
(5.2)
(5.5)
(4.0)
(4.2)
Mortality/morbidity
10%
(1.7)
(0.9)
(1.3)
(0.6)
A change in withdrawal rates and expense assumptions will have no material impact on
insurance profit or net assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "14. Financial investments, investment property and cash and cash equivalents Financial investments
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Equities
147,807.5
130,549.0
Fixed income securities
31,564.1
26,118.5
Investments in Collective Investment Schemes
32,701.9
25,652.7
Total financial investments
212,073.5
182,320.2
Net assets held to cover unit liabilities Included within the statement of financial position are the following assets and liabilities making up the net assets held to cover unit liabilities. The assets held to cover unit liabilities are set out in Adjustment 1 of the IFRS to Solvency II Net Assets Balance Sheet reconciliation on page 211.
31 December 31 December
2025 2024
Assets
\u00a3\u2019Million
\u00a3\u2019Million
Investment property
370.3
892.3
Equities
147,807.5
130,549.0
Fixed income securities
31,553.8
26,109.9
Investment in Collective Investment Schemes
30,298.2
23,458.4
Cash and cash equivalents
5,854.9
5,311.3
Other receivables
871.4
816.7
Derivative financial assets
2,908.7
2,812.8
Total assets
219,664.8
189,950.4
Liabilities
Other payables
1,029.2
692.7
Derivative financial liabilities
2,412.1
3,052.1
Total liabilities
3,441.3
3,744.8
Net assets held to cover linked liabilities
216,223.5
186,205.6
Investment contract benefits
163,728.7
141,038.8
Net asset value attributable to unit holders
51,982.8
44,699.5
Unit-linked insurance contract liabilities
512.0
467.3
Net unit-linked liabilities
216,223.5
186,205.6
Net assets held to cover linked liabilities, and third-party holdings in unit trusts, are considered to have a maturity of up to one year since the corresponding unit liabilities are repayable and transferable on demand. See accounting policy (ai) for further information on current and non-current disclosure. Investment property
2025
2024
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
892.3
1,110.3
Capitalised expenditure on existing properties
14.4
15.8
Disposals
(529.0)
(230.5)
Changes in fair value
(7.4)
(3.3)
Balance at 31 December
370.3
892.3
The Group is the lessor for a portfolio of properties which meet the definition of investment property. The portfolio is held within unit-linked funds, leased out under operating leases, and is considered current. However, since investment properties are not traded in an organised public market they are relatively illiquid compared with many other asset classes. There are no restrictions on the realisability of the Group\u2019s individual properties, or on the remittance of income or disposal proceeds. The Group follows various strategies to minimise the risks associated with any rights the Group retains in the investment properties. These strategies include: actively reviewing and monitoring the condition of the properties and undertaking appropriate repairs, capital works projects and investments engaging professional legal advisers in drafting prudent lease terms governing the use of the properties and engaging specialist asset managers to oversee adherence to these terms on an ongoing basis actively reviewing and monitoring lessee financial covenant positions maintaining appropriate and prudent insurance for the properties senior management regularly reviewing the investment property portfolio to oversee diversification and performance, and to maximise value and occupancy rates. Investment property is valued at least monthly by external chartered surveyors in accordance with the guidance issued by the Royal Institution of Chartered Surveyors. The investment property valuation has been prepared using the \u2018market approach\u2019 valuation technique: that is, using prices and other relevant information generated by market transactions involving identical or comparable (i.e. similar) assets. The historical cost of investment properties held at 31 December 2025 is \u00a3547.5 million (2024: \u00a3987.4 million). This represents the price paid for investment properties, prior to any subsequent revaluation. The rental income and direct operating expenses recognised in the consolidated statement of comprehensive income in respect of investment properties are set out below. All expenses relate to property generating rental income.
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Rental income
37.9
60.8
Direct operating expenses
11.0
9.5
At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a3nil (2024: \u00a36.4 million). Contractual obligations to dispose of investment property amounted to \u00a3nil (2024: \u00a328.0 million). A maturity analysis of undiscounted contractual rental income to be received on an annual basis for the next five years, and the total to be received thereafter, is set out below.
31 December 31 December
2025 2024
Undiscounted contractual rental income to be received in:
\u00a3\u2019Million
\u00a3\u2019Million
Year 1
20.2
45.7
Year 2
18.3
42.6
Year 3
16.7
38.3
Year 4
15.3
33.8
Year 5
13.0
29.9
Year 6 onwards
132.7
156.2
Total undiscounted contractual rental income to be received
216.2
346.5
Cash and cash equivalents
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Cash and cash equivalents not held to cover unit liabilities
329.6
352.6
Balances held to cover unit liabilities
5,854.9
5,311.3
Total cash and cash equivalents
6,184.5
5,663.9
All cash and cash equivalents are considered current. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "14. Financial investments, investment property and cash and cash equivalents Financial investments
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Equities
147,807.5
130,549.0
Fixed income securities
31,564.1
26,118.5
Investments in Collective Investment Schemes
32,701.9
25,652.7
Total financial investments
212,073.5
182,320.2
Net assets held to cover unit liabilities Included within the statement of financial position are the following assets and liabilities making up the net assets held to cover unit liabilities. The assets held to cover unit liabilities are set out in Adjustment 1 of the IFRS to Solvency II Net Assets Balance Sheet reconciliation on page 211.
31 December 31 December
2025 2024
Assets
\u00a3\u2019Million
\u00a3\u2019Million
Investment property
370.3
892.3
Equities
147,807.5
130,549.0
Fixed income securities
31,553.8
26,109.9
Investment in Collective Investment Schemes
30,298.2
23,458.4
Cash and cash equivalents
5,854.9
5,311.3
Other receivables
871.4
816.7
Derivative financial assets
2,908.7
2,812.8
Total assets
219,664.8
189,950.4
Liabilities
Other payables
1,029.2
692.7
Derivative financial liabilities
2,412.1
3,052.1
Total liabilities
3,441.3
3,744.8
Net assets held to cover linked liabilities
216,223.5
186,205.6
Investment contract benefits
163,728.7
141,038.8
Net asset value attributable to unit holders
51,982.8
44,699.5
Unit-linked insurance contract liabilities
512.0
467.3
Net unit-linked liabilities
216,223.5
186,205.6
Net assets held to cover linked liabilities, and third-party holdings in unit trusts, are considered to have a maturity of up to one year since the corresponding unit liabilities are repayable and transferable on demand. See accounting policy (ai) for further information on current and non-current disclosure. Investment property
2025
2024
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
892.3
1,110.3
Capitalised expenditure on existing properties
14.4
15.8
Disposals
(529.0)
(230.5)
Changes in fair value
(7.4)
(3.3)
Balance at 31 December
370.3
892.3
The Group is the lessor for a portfolio of properties which meet the definition of investment property. The portfolio is held within unit-linked funds, leased out under operating leases, and is considered current. However, since investment properties are not traded in an organised public market they are relatively illiquid compared with many other asset classes. There are no restrictions on the realisability of the Group\u2019s individual properties, or on the remittance of income or disposal proceeds. The Group follows various strategies to minimise the risks associated with any rights the Group retains in the investment properties. These strategies include: actively reviewing and monitoring the condition of the properties and undertaking appropriate repairs, capital works projects and investments engaging professional legal advisers in drafting prudent lease terms governing the use of the properties and engaging specialist asset managers to oversee adherence to these terms on an ongoing basis actively reviewing and monitoring lessee financial covenant positions maintaining appropriate and prudent insurance for the properties senior management regularly reviewing the investment property portfolio to oversee diversification and performance, and to maximise value and occupancy rates. Investment property is valued at least monthly by external chartered surveyors in accordance with the guidance issued by the Royal Institution of Chartered Surveyors. The investment property valuation has been prepared using the \u2018market approach\u2019 valuation technique: that is, using prices and other relevant information generated by market transactions involving identical or comparable (i.e. similar) assets. The historical cost of investment properties held at 31 December 2025 is \u00a3547.5 million (2024: \u00a3987.4 million). This represents the price paid for investment properties, prior to any subsequent revaluation. The rental income and direct operating expenses recognised in the consolidated statement of comprehensive income in respect of investment properties are set out below. All expenses relate to property generating rental income.
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Rental income
37.9
60.8
Direct operating expenses
11.0
9.5
At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a3nil (2024: \u00a36.4 million). Contractual obligations to dispose of investment property amounted to \u00a3nil (2024: \u00a328.0 million). A maturity analysis of undiscounted contractual rental income to be received on an annual basis for the next five years, and the total to be received thereafter, is set out below.
31 December 31 December
2025 2024
Undiscounted contractual rental income to be received in:
\u00a3\u2019Million
\u00a3\u2019Million
Year 1
20.2
45.7
Year 2
18.3
42.6
Year 3
16.7
38.3
Year 4
15.3
33.8
Year 5
13.0
29.9
Year 6 onwards
132.7
156.2
Total undiscounted contractual rental income to be received
216.2
346.5
Cash and cash equivalents
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Cash and cash equivalents not held to cover unit liabilities
329.6
352.6
Balances held to cover unit liabilities
5,854.9
5,311.3
Total cash and cash equivalents
6,184.5
5,663.9
All cash and cash equivalents are considered current. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "14. Financial investments, investment property and cash and cash equivalents Financial investments
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Equities
147,807.5
130,549.0
Fixed income securities
31,564.1
26,118.5
Investments in Collective Investment Schemes
32,701.9
25,652.7
Total financial investments
212,073.5
182,320.2
Net assets held to cover unit liabilities Included within the statement of financial position are the following assets and liabilities making up the net assets held to cover unit liabilities. The assets held to cover unit liabilities are set out in Adjustment 1 of the IFRS to Solvency II Net Assets Balance Sheet reconciliation on page 211.
31 December 31 December
2025 2024
Assets
\u00a3\u2019Million
\u00a3\u2019Million
Investment property
370.3
892.3
Equities
147,807.5
130,549.0
Fixed income securities
31,553.8
26,109.9
Investment in Collective Investment Schemes
30,298.2
23,458.4
Cash and cash equivalents
5,854.9
5,311.3
Other receivables
871.4
816.7
Derivative financial assets
2,908.7
2,812.8
Total assets
219,664.8
189,950.4
Liabilities
Other payables
1,029.2
692.7
Derivative financial liabilities
2,412.1
3,052.1
Total liabilities
3,441.3
3,744.8
Net assets held to cover linked liabilities
216,223.5
186,205.6
Investment contract benefits
163,728.7
141,038.8
Net asset value attributable to unit holders
51,982.8
44,699.5
Unit-linked insurance contract liabilities
512.0
467.3
Net unit-linked liabilities
216,223.5
186,205.6
Net assets held to cover linked liabilities, and third-party holdings in unit trusts, are considered to have a maturity of up to one year since the corresponding unit liabilities are repayable and transferable on demand. See accounting policy (ai) for further information on current and non-current disclosure. Investment property
2025
2024
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
892.3
1,110.3
Capitalised expenditure on existing properties
14.4
15.8
Disposals
(529.0)
(230.5)
Changes in fair value
(7.4)
(3.3)
Balance at 31 December
370.3
892.3
The Group is the lessor for a portfolio of properties which meet the definition of investment property. The portfolio is held within unit-linked funds, leased out under operating leases, and is considered current. However, since investment properties are not traded in an organised public market they are relatively illiquid compared with many other asset classes. There are no restrictions on the realisability of the Group\u2019s individual properties, or on the remittance of income or disposal proceeds. The Group follows various strategies to minimise the risks associated with any rights the Group retains in the investment properties. These strategies include: actively reviewing and monitoring the condition of the properties and undertaking appropriate repairs, capital works projects and investments engaging professional legal advisers in drafting prudent lease terms governing the use of the properties and engaging specialist asset managers to oversee adherence to these terms on an ongoing basis actively reviewing and monitoring lessee financial covenant positions maintaining appropriate and prudent insurance for the properties senior management regularly reviewing the investment property portfolio to oversee diversification and performance, and to maximise value and occupancy rates. Investment property is valued at least monthly by external chartered surveyors in accordance with the guidance issued by the Royal Institution of Chartered Surveyors. The investment property valuation has been prepared using the \u2018market approach\u2019 valuation technique: that is, using prices and other relevant information generated by market transactions involving identical or comparable (i.e. similar) assets. The historical cost of investment properties held at 31 December 2025 is \u00a3547.5 million (2024: \u00a3987.4 million). This represents the price paid for investment properties, prior to any subsequent revaluation. The rental income and direct operating expenses recognised in the consolidated statement of comprehensive income in respect of investment properties are set out below. All expenses relate to property generating rental income.
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Rental income
37.9
60.8
Direct operating expenses
11.0
9.5
At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a3nil (2024: \u00a36.4 million). Contractual obligations to dispose of investment property amounted to \u00a3nil (2024: \u00a328.0 million). A maturity analysis of undiscounted contractual rental income to be received on an annual basis for the next five years, and the total to be received thereafter, is set out below.
31 December 31 December
2025 2024
Undiscounted contractual rental income to be received in:
\u00a3\u2019Million
\u00a3\u2019Million
Year 1
20.2
45.7
Year 2
18.3
42.6
Year 3
16.7
38.3
Year 4
15.3
33.8
Year 5
13.0
29.9
Year 6 onwards
132.7
156.2
Total undiscounted contractual rental income to be received
216.2
346.5
Cash and cash equivalents
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Cash and cash equivalents not held to cover unit liabilities
329.6
352.6
Balances held to cover unit liabilities
5,854.9
5,311.3
Total cash and cash equivalents
6,184.5
5,663.9
All cash and cash equivalents are considered current. 19. Borrowings and financial commitments Borrowings Borrowings are a liability arising from financing activities. The Group has two different types of borrowings: senior unsecured corporate borrowings which are used to manage working capital, bridge intra-Group cash flows and fund investment in the business securitisation loan notes which are secured only on a legally segregated pool of the Group\u2019s business loans to Partners, and hence are non-recourse to the Group\u2019s other assets. Further information about business loans to Partners is provided in Note 15. Senior unsecured corporate borrowings
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Corporate borrowings: bank loans
\u2013
250.0
Corporate borrowings: loan notes
125.6
138.3
Senior unsecured corporate borrowings
125.6
388.3
The primary senior unsecured corporate borrowings are: an undrawn revolving credit facility (RCF) of \u00a3345.0 million which is repayable at maturity in 2028 with variable interest rates. At 31 December 2025 the undrawn credit available under this facility was \u00a3345.0 million (2024: \u00a3345.0 million). a Note Purchase Agreement for \u00a325.6 million. The notes are repayable in two equal instalments before maturity in 2027, with variable interest rates. a Note Purchase Agreement for \u00a3100.0 million. The notes are repayable at maturity in 2031, with variable interest rates. During the year the fully drawn \u00a3250.0 million bridging loan was repaid in full and the facility closed. The combined drawn carrying value of the senior unsecured corporate borrowings as at 31 December 2025 is \u00a3125.6 million (2024: \u00a3388.3 million). The Group is required to comply with financial covenants that are linked to (i) balance sheet leverage, (ii) total FUM, (iii) a minimum level of net assets; and (iv) our Solvency II ratio at the end of each annual and interim reporting period. The Group has complied with these covenants throughout the reporting period. There are no indications that the Group would have difficulties complying with the covenants when they will be next tested at 30 June 2026. Total borrowings
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Senior unsecured corporate borrowings
125.6
388.3
Senior tranche of non-recourse securitisation loan notes
215.9
128.5
Total borrowings
341.5
516.8
Current
55.5
41.3
Non-current
286.0
475.5
341.5
516.8
The senior tranche of securitisation loan notes are repayable over the expected life of the securitisation (estimated to be five years) with a variable interest rate. They are held by third-party investors and secured on a legally segregated portfolio of business loans to Partners, and on the other net assets of the securitisation entity SJP Partner Loans No.1 Limited. Holders of the securitisation loan notes have no recourse to the assets held by any other entity within the Group. For further information on business loans to Partners, including the sale of securitised business loans to Partners during the year, refer to Note 15. In addition to the senior tranche of securitisation loan notes, a junior tranche has been issued to another entity within the Group. The junior notes were eliminated on consolidation in the preparation of the Group financial statements and so do not form part of Group borrowings.
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Junior tranche of non-recourse securitisation loan notes
63.7
48.2
Senior tranche of non-recourse securitisation loan notes
215.9
128.5
Total non-recourse securitisation loan notes
279.6
176.7
Backed by
Securitised business loans to Partners (see Note 15)
269.8
170.7
Other net assets of SJP Partner Loans No.1 Limited
9.8
6.0
Total net assets held by SJP Partner Loans No.1 Limited
279.6
176.7
Movement in borrowings Borrowings are liabilities arising from financing activities. The cash and non-cash movements in borrowings over the year are set out below, with the cash movements also set out in the consolidated statement of cash flows.
2025
2024
Senior Senior Senior Senior
unsecured tranche of unsecured tranche of
corporate securitisation Total corporate securitisation Total
borrowings loan notes borrowings borrowings loan notes borrowings
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
388.3
128.5
516.8
201.1
50.3
251.4
Additional borrowing
during the year
\u2013
135.7
135.7
360.0
113.8
473.8
Repayment of borrowings
during the year
(262.7)
(49.0)
(311.7)
(172.8)
(35.3)
(208.1)
Costs on additional
borrowings during
the year
\u2013
(0.1)
(0.1)
(0.7)
(1.0)
(1.7)
Unwind of borrowing costs
(non-cash movement)
0.4
0.8
1.2
0.9
0.7
1.6
Reclassification of
prepaid loan facility
expense to prepayments
(0.4)
\u2013
(0.4)
(0.2)
\u2013
(0.2)
Balance at 31 December
125.6
215.9
341.5
388.3
128.5
516.8
The fair value of the outstanding borrowings is not materially different from amortised cost. Interest expense on borrowings is recognised within Finance costs in the consolidated statement of comprehensive income. Financial commitments Guarantees The Group guarantees loans provided by third parties to Partners. In the event of default on any individual Partner loan, the Group guarantees to repay the full amount of the loan, with the exception of Metro Bank. For this third-party the Group guarantees to cover losses up to 50% of the value to the total loans drawn. These loans are secured against the future income streams of the Partner. The value of the loans guaranteed is as follows:
Loans guaranteed
Facility
31 December 31 December 31 December 31 December
2025 2024 2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Bank of Scotland
8.0
12.3
16.0
16.0
Investec
24.1
26.5
50.0
50.0
Metro Bank
6.7
10.6
20.0
35.0
NatWest
23.8
27.5
75.0
75.0
Santander
165.3
171.4
210.6
206.6
Total loans
227.9
248.3
371.6
382.6
The fair value of these guarantees has been assessed as \u00a3nil (2024: \u00a3nil). 20. Financial risk Risk management objectives and risk policies The Group\u2019s financial risk can usefully be considered by looking at two categories of assets: Assets backing unit liabilities (see Note 14) Shareholder assets. In general, the policyholder bears the financial risk arising on assets backing the unitised business, and risk arising on shareholder assets is minimised through investment in liquid assets with a strong credit rating. Exposure to the following risks for the two categories of assets is analysed separately in the following sections, in line with the requirements of IFRS 7: Credit risk Liquidity risk Market risk Currency risk Credit risk is the risk of loss due to a debtor\u2019s non-payment of a loan or other line of credit. Credit risk also arises from holdings of cash and cash equivalents, deposits and formal loans with banks and financial institutions. The Group has adopted a risk-averse approach to such risk and has a stated policy of not actively pursuing or accepting credit risk except when necessary to support other objectives.
Risk
Description
Management
Shareholders\u2019 Loss of assets Shareholder funds are predominantly invested in AAA-
assets or reduction rated unitised money market funds, which are classified
in value. as investments in Collective Investment Schemes (CIS),
and deposits with approved banks, but may be invested
in sovereign fixed interest securities such as UK gilts where
regulatory constraints on other assets apply. Maximum
counterparty limits are set for each company within the
Group and aggregate limits are also set at a Group level.
Reinsurance Failure of Credit ratings of potential reinsurers must meet or exceed
counterparty, AA-. Consideration is also given to size, risk concentrations/
or counterparty exposures and ownership in the selection of reinsurers.
unable to meet The Group also seeks to diversify its reinsurance credit
liabilities. risk through the use of a spread of reinsurers.
Business loans Inability of Partners Loans and advances are managed in line with the Group\u2019s
to Partners to repay loans or Secured Lending policy. Loans are secured on the future
advances from the renewal income stream expected from a Partner\u2019s portfolio,
Group. and loan advances vary in relation to the projected future
income of the relevant Partner. Outstanding balances are
regularly reviewed and assessed on a conservative basis.
Support is provided to help Partners manage their
businesses appropriately. Expected credit losses are
recognised as provisions against the loans.
Liquidity risk is the risk that the Group, although solvent, either does not have available sufficient financial resources to enable it to meet its obligations as they fall due, or can secure such resources only at excessive cost. The Group is averse to liquidity risk and seeks to minimise this risk by not actively pursuing it except where necessary to support other objectives.
Risk
Description
Management
Cash or A significant cash The majority of free assets are invested in cash or cash
expense or expense equivalents and the cash position and forecast are
requirement requirement needs monitored on a monthly basis. The Group also maintains
to be met at short a margin of free assets in excess of the minimum required
notice. solvency capital within its regulated entities. Further, the
Group has established committed borrowing facilities
(see Note 19) intended to further mitigate liquidity risk.
Market risk is the impact a fall in the value of equity or other asset markets may have on the business. The Group adopts a risk-averse approach to market risk, with a stated Solvency policy of not actively pursuing or accepting market risk except where necessary to support other objectives. However, the Group accepts the risk that a fall in equity or other asset markets will reduce the level of annual management charge income derived from policyholder assets and the consequent risk of lower future profits. The table below summarises the main market risks that the business is exposed to and the methods by which the Group seeks to mitigate them.
Risk
Description
Management
Client liabilities
As a result of a reduction
This risk is substantially mitigated by the Group\u2019s
in equity values, the strategic focus on unitised business, by not
Group may be unable providing guarantees to clients on policy values
to meet client liabilities. and by the matching of assets and liabilities.
Retention Loss of future profit on Retention of investment contracts is closely
investment contracts monitored and unexpected experience
due to more clients than variances are investigated. Retention has
anticipated withdrawing remained consistently strong throughout
their funds, particularly 2025 despite the volatile market conditions
as a result of poor experienced.
investment performance.
New business Poor performance in The benefit to clients of longer-term equity
the financial markets investment as part of a diversified portfolio
in absolute terms, of assets is fundamental to our philosophy.
and relative to inflation, Advice becomes even more important when
leads to existing and market values fall, and greater attention is
future clients rejecting required to support and give confidence to
investment in longer- existing and future clients in such circumstances.
term assets. In addition, as controls against poor performance
the Group monitors asset allocations across
portfolios to ensure they are working as expected
to meet long-term goals, and monitors funds
against their objectives to ensure an appropriate
level of investment risk. Where necessary, fund
managers are changed.
The Group is not subject to any significant direct currency risk, since all material shareholder financial assets and financial liabilities are denominated in pounds Sterling. However, since future profits are dependent on charges based on funds under management (FUM), changes in FUM as a result of currency movements will impact future profits.
Shareholder assets
Categories of financial assets and financial liabilities
The categories and carrying values of the shareholder financial assets and financial liabilities held in the Group\u2019s statement of financial position are summarised in the table below.
The impact of climate change does not have a material impact on the fair values of the assets summarised below.
2025
2024
Financial assets Financial Financial Financial assets Financial Financial
at fair value liabilities at fair Financial assets liabilities at fair value liabilities at fair Financial assets liabilities
through profit value through measured at measured at through profit value through measured at measured at
and loss profit and loss amortised cost
amortised cost
Total
and loss profit and loss amortised cost
amortised cost
Total
Financial assets
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Fixed income securities
10.3
\u2013
\u2013
\u2013
10.3
8.6
\u2013
\u2013
\u2013
8.6
Investment in Collective Investment Schemes
1
2,403.7
\u2013
\u2013
\u2013
2,403.7
2,194.3
\u2013
\u2013
\u2013
2,194.3
Other receivables
2
\u2013 Business loans to Partners
\u2013
\u2013
639.9
\u2013
639.9
\u2013
\u2013
557.3
\u2013
557.3
\u2013 Renewal income assets
119.8
\u2013
\u2013
\u2013
119.8
121.0
\u2013
\u2013
\u2013
121.0
\u2013 Other
\u2013
\u2013
843.3
\u2013
843.3
\u2013
\u2013
760.9
\u2013
760.9
Total other receivables
119.8
\u2013
1,483.2
\u2013
1,603.0
121.0
\u2013
1,318.2
\u2013
1,439.2
Cash and cash equivalents
\u2013
\u2013
329.6
\u2013
329.6
\u2013
\u2013
352.6
\u2013
352.6
Total financial assets
2,533.8
\u2013
1,812.8
\u2013
4,346.6
2,323.9
\u2013
1,670.8
\u2013
3,994.7
Financial liabilities
Borrowings
\u2013
\u2013
\u2013
341.5
341.5
\u2013
\u2013
\u2013
516.8
516.8
Other payables
\u2013 Lease liabilities : properties
\u2013
\u2013
\u2013
100.8
100.8
\u2013
\u2013
\u2013
107.2
107.2
\u2013 Contingent consideration
\u2013
8.1
\u2013
\u2013
8.1
\u2013
5.3
\u2013
\u2013
5.3
\u2013 Other
\u2013
\u2013
\u2013
1,517.2
1,517.2
\u2013
\u2013
\u2013
1,339.1
1,339.1
Total other payables
\u2013
8.1
\u2013
1,618.0
1,626.1
\u2013
5.3
\u2013
1,446.3
1,451.6
Total financial liabilities
\u2013
8.1
\u2013
1,959.5
1,967.6
\u2013
5.3
\u2013
1,963.1
1,968.4
1 All assets included as shareholder investment in Collective Investment Schemes are holdings of high-quality, highly liquid money market funds, containing assets which are cash and cash equivalents.
2 Other receivables exclude prepayments and advanced payments to Partners, which are not considered financial assets.
Income, expense, gains and losses arising from financial assets and financial liabilities The income, expense, gains and losses arising from shareholder financial assets and financial liabilities are summarised in the table below:
2025
2024
Financial assets Financial Financial assets Financial
at fair value Financial assets liabilities at fair value Financial assets liabilities
through profit measured at measured at through profit measured at measured at
and loss amortised cost
amortised cost
Total
and loss amortised cost
amortised cost
Total
Financial assets
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Fixed income securities
1.3
\u2013
\u2013
1.3
1.1
\u2013
\u2013
1.1
Investment in Collective Investment Schemes
96.6
\u2013
\u2013
96.6
108.7
\u2013
\u2013
108.7
Other receivables
\u2013 Business loans to Partners
\u2013
43.5
\u2013
43.5
\u2013
36.2
\u2013
36.2
\u2013 Renewal income assets
(17.2)
\u2013
\u2013
(17.2)
(21.4)
\u2013
\u2013
(21.4)
Total other receivables
(17.2)
43.5
\u2013
26.3
(21.4)
36.2
\u2013
14.8
Cash and cash equivalents
\u2013
18.0
\u2013
18.0
\u2013
15.5
\u2013
15.5
Total financial assets
80.7
61.5
\u2013
142.2
88.4
51.7
\u2013
140.1
Financial liabilities
Borrowings
\u2013
\u2013
(24.0)
(24.0)
\u2013
\u2013
(33.0)
(33.0)
Other payables
\u2013 Lease liabilities: properties
\u2013
\u2013
(2.8)
(2.8)
\u2013
\u2013
(3.2)
(3.2)
\u2013 Other
\u2013
\u2013
(2.1)
(2.1)
\u2013
\u2013
(0.2)
(0.2)
Total other payables
\u2013
\u2013
(4.9)
(4.9)
\u2013
\u2013
(3.4)
(3.4)
Total financial liabilities
\u2013
\u2013
(28.9)
(28.9)
\u2013
\u2013
(36.4)
(36.4)
Losses on renewal income assets have been recognised within the investment return line in the statement of comprehensive income.
Fair value estimation
Financial assets and liabilities which are held at fair value in the financial statements are
required to have disclosed their fair value measurements by level from the following fair
value measurement hierarchy:
quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2)
inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs) (Level 3).
The following table presents the Group\u2019s shareholder assets and liabilities measured at fair
value.
Level 1
Level 2
Level 3
Total balance
2025
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets
Fixed income securities
10.3
\u2013
\u2013
10.3
Investment in Collective Investment Schemes
1
2,403.7
\u2013
\u2013
2,403.7
Renewal income assets
\u2013
\u2013
119.8
119.8
Total financial assets
2,414.0
\u2013
119.8
2,533.8
Financial liabilities
Contingent consideration
\u2013
\u2013
8.1
8.1
Total financial liabilities
\u2013
\u2013
8.1
8.1
Level 1
Level 2
Level 3
Total balance
2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets
Fixed income securities
8.6
\u2013
\u2013
8.6
Investment in Collective Investment Schemes
1
2,194.3
\u2013
\u2013
2,194.3
Renewal income assets
\u2013
\u2013
121.0
121.0
Total financial assets
2,202.9
\u2013
121.0
2,323.9
Financial liabilities
Contingent consideration
\u2013
\u2013
5.3
5.3
Total financial liabilities
\u2013
\u2013
5.3
5.3
1 All assets included as shareholder investment in Collective Investment Schemes are holdings of high-quality, highly
liquid unitised money market funds, containing assets which are cash and cash equivalents.
The fair value of financial instruments traded in active markets is based on quoted bid prices
at the reporting date. These instruments are included in Level 1.
Level 2 financial assets and liabilities are valued using observable prices for identical current
arm\u2019s-length transactions.
The renewal income assets are classified as Level 3 and are valued using a discounted cash flow technique and the assumptions outlined in Note 15. The effect of applying reasonably possible alternative assumptions of a movement of 200bps on the discount rate and a 10% movement in the lapse rate would result in an unfavourable change in valuation of \u00a310.8 million (2024: \u00a310.0 million) and a favourable change in valuation of \u00a313.1 million (2024: \u00a312.0 million), respectively. The contingent consideration liability is classified as Level 3 and is valued based on the terms set out in the various sale and purchase agreements. Given the nature of the valuation basis the effect of applying reasonably possible alternative assumptions would result in an unfavourable change of \u00a3nil (2024: \u00a3nil) and favourable change of \u00a38.1 million (2024: \u00a35.3 million). There were no transfers between Level 1 and Level 2 during the year, nor into or out of Level 3. The following tables present the changes in Level 3 financial assets and liabilities at fair value through the profit and loss: Financial assets
2025
2024
Renewal income assets
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
121.0
138.3
Additions during the year
16.2
4.8
Disposals during the year
(0.3)
(0.7)
Unrealised losses recognised in the statement of comprehensive
income
(17.1)
(21.4)
Balance at 31 December
119.8
121.0
Unrealised losses on renewal income assets are recognised within investment return in the consolidated statement of comprehensive income. Financial liabilities
2025
2024
Contingent consideration
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
5.3
3.2
Additions during the year
8.2
3.4
Payments made during the year
(4.8)
(1.3)
Released during the year
(0.6)
\u2013
Balance at 31 December
8.1
5.3
Credit risk The following table sets out the maximum credit risk exposure and ratings of shareholder financial and other assets which are susceptible to credit risk:
2025
2024
AAA
AA
A
BB
Unrated
Total
AAA
AA
A
BB
Unrated
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Fixed income securities
\u2013
10.3
\u2013
\u2013
\u2013
10.3
\u2013
8.6
\u2013
\u2013
\u2013
8.6
Investment in Collective Investment Schemes
1
2,403.7
\u2013
\u2013
\u2013
\u2013
2,403.7
2,194.3
\u2013
\u2013
\u2013
\u2013
2,194.3
Other receivables
\u2013
8.8
\u2013
\u2013
1,594.2
1,603.0
\u2013
10.8
\u2013
\u2013
1,428.4
1,439.2
Cash and cash equivalents
\u2013
157.6
172.0
\u2013
\u2013
329.6
\u2013
187.9
164.7
\u2013
\u2013
352.6
Total
2,403.7
176.7
172.0
\u2013
1,594.2
4,346.6
2,194.3
207.3
164.7
\u2013
1,428.4
3,994.7
1 Investment of shareholder assets in Collective Investment Schemes refers to investment in unitised money market funds, containing assets which are cash and cash equivalents. Other receivables includes \u00a3639.9 million (2024: \u00a3557.3 million) of business loans to Partners, which are interest-bearing (linked to Bank of England base rate plus a margin), repayable in line with the terms of the loan contract and secured against the future renewal income streams of the respective Partners. Impairment of these loans is determined using the expected loss model set out in IFRS 9. Expected credit losses are based on the historic levels of loss experienced on business loans to Partners, with due consideration given to forward-looking information. A range of factors, including the nature or type of the loan and the security held, are taken into account in calculating the provision. The loan balance is presented net of a \u00a39.2 million provision (2024: \u00a38.5 million); see Note 15. The movement in the impairment provision will reflect utilisation of the existing provision during the year, but the overall cost of business loans to Partners (including new provisions) recognised within administration expenses in the statement of comprehensive income during the year was a charge of \u00a30.7 million (2024: \u00a36.8 million). Contractual maturity and liquidity analysis The following table sets out the contractual maturity analysis of the Group\u2019s financial assets and financial liabilities. All financial liabilities are undiscounted:
2025
2024
Up to 1 year
1 to 5 years
Over 5 years
Total
Up to 1 year
1 to 5 years
Over 5 years
Total
Financial assets
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Fixed income securities
10.3
\u2013
\u2013
10.3
8.6
\u2013
\u2013
8.6
Investment in Collective Investment Schemes
2,403.7
\u2013
\u2013
2,403.7
2,194.3
\u2013
\u2013
2,194.3
Other receivables
\u2013 Business loans to Partners
79.6
293.3
267.0
639.9
88.1
247.8
221.4
557.3
\u2013 Renewal income
22.6
51.3
45.9
119.8
23.1
52.2
45.7
121.0
\u2013 Other
843.3
\u2013
\u2013
843.3
760.9
\u2013
\u2013
760.9
Total other receivables
945.5
344.6
312.9
1,603.0
872.1
300.0
267.1
1,439.2
Cash and cash equivalents
329.6
\u2013
\u2013
329.6
352.6
\u2013
\u2013
352.6
Total financial assets
3,689.1
344.6
312.9
4,346.6
3,427.6
300.0
267.1
3,994.7
Financial liabilities
Borrowings
76.2
167.9
174.1
418.2
58.4
389.7
141.8
589.9
Other payables
\u2013 Lease liabilities: properties
18.4
60.2
65.9
144.5
14.6
60.6
74.1
149.3
\u2013 Contingent consideration
0.2
7.9
\u2013
8.1
2.3
3.0
\u2013
5.3
\u2013 Other
1,471.8
38.0
13.5
1,523.3
1,281.7
48.0
18.0
1,347.7
Total other payables
1,490.4
106.1
79.4
1,675.9
1,298.6
111.6
92.1
1,502.3
Total financial liabilities
1,566.6
274.0
253.5
2,094.1
1,357.0
501.3
233.9
2,092.2
Sensitivity analysis to market risks Financial assets and liabilities held outside unitised funds primarily consist of fixed interest securities, units in money market funds, cash and cash equivalents, and other accounting assets and liabilities. The fixed interest securities are short-term and are held as an alternative to cash. Similarly, cash held in unitised money market funds and at bank is valued at par and is unaffected by movements in interest rates. Other assets and liabilities are similarly unaffected by market movements. As a result of these combined factors, the Group\u2019s financial assets and liabilities held outside unitised funds are not materially subject to market risk, and movements at the reporting date in interest rates and equity values have an immaterial impact on the Group\u2019s profit after tax and equity. However, future profits from annual management charges may be affected by movements in interest rates and equity values. Unit liabilities and associated assets Categories of financial assets and financial liabilities Assets held to cover unit liabilities are summarised in Note 14, and all are held at fair value through profit or loss. Equities, investments in unit trusts which sit within investment in Collective Investment Schemes, and derivative financial assets are required to be held at fair value through profit or loss by IFRS 9, as they are equity instruments or derivatives. All other assets held to cover unit liabilities are elected to be held at fair value through profit or loss to match the fair value through profit or loss classification which is required for unit liabilities. They are designated as such upon initial recognition. Income, expense, gains and losses arising from financial assets, investment properties and financial liabilities The income, expense, gains and losses arising from financial assets, investment properties and financial liabilities are summarised in the table below:
31 December 31 December
2025 2024
Financial assets and investment properties
\u00a3\u2019Million
\u00a3\u2019Million
Investment properties
19.5
48.0
Other assets backing unit liabilities
20,024.1
15,594.6
Total financial assets and investment properties
20,043.6
15,642.6
Financial liabilities
1
Unit liabilities
(20,054.6)
(15,652.1)
Total financial liabilities
(20,054.6)
(15,652.1)
1 None of the change in the fair value of financial liabilities at fair value through profit or loss is attributable to changes in their credit risk. The investment properties figure of \u00a330.5 million for the year ended 31 December 2025 (2024: \u00a348.0 million) includes direct operating expenses of \u00a311.0 million (2024: \u00a39.5 million). Gains/(losses) have been recognised within the investment return line in the statement of comprehensive income. Fair value estimation Financial assets and liabilities which are held at fair value in the financial statements are required to have disclosed their fair value measurements, split by level in the fair value measurement hierarchy. The following table presents the Group\u2019s unit liabilities and associated assets measured at fair value:
Level 1
Level 2
Level 3
Total balance
31 December 2025
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets and investment properties
Investment property
\u2013
\u2013
370.3
370.3
Equities
147,423.5
\u2013
384.0
147,807.5
Fixed income securities
7,741.1
23,772.7
40.0
31,553.8
Investment in Collective Investment Schemes
30,284.5
\u2013
13.7
30,298.2
Derivative financial assets
\u2013
2,908.7
\u2013
2,908.7
Cash and cash equivalents
5,854.9
\u2013
\u2013
5,854.9
Total financial assets and investment properties
191,304.0
26,681.4
808.0
218,793.4
Financial liabilities
Investment contract benefits
\u2013
163,728.7
\u2013
163,728.7
Derivative financial liabilities
\u2013
2,412.1
\u2013
2,412.1
Net asset value attributable to unit holders
51,982.8
\u2013
\u2013
51,982.8
Total financial liabilities
51,982.8
166,140.8
\u2013
218,123.6
Level 1
Level 2
Level 3
Total balance
31 December 2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets and investment properties
Investment property
\u2013
\u2013
892.3
892.3
Equities
129,554.8
\u2013
994.2
130,549.0
Fixed income securities
6,938.3
19,059.7
111.9
26,109.9
Investment in Collective Investment Schemes
23,447.1
\u2013
11.3
23,458.4
Derivative financial assets
\u2013
2,812.8
\u2013
2,812.8
Cash and cash equivalents
5,311.3
\u2013
\u2013
5,311.3
Total financial assets and investment properties
165,251.5
21,872.5
2,009.7
189,133.7
Financial liabilities
Investment contract benefits
\u2013
141,038.8
\u2013
141,038.8
Derivative financial liabilities
\u2013
3,052.1
\u2013
3,052.1
Net asset value attributable to unit holders
44,699.5
\u2013
\u2013
44,699.5
Total financial liabilities
44,699.5
144,090.9
\u2013
188,790.4
In respect of the derivative financial liabilities, \u00a37.5 million of collateral had been posted as at 31 December 2025 (2024: \u00a3158.8 million), comprising cash and treasury bills, in accordance with the terms and conditions of the derivative contracts. The fair value of financial instruments traded in active markets is based on quoted bid prices at the reporting date. These instruments are included in Level 1. The Group closely monitors the valuation of assets in markets that have become less liquid. Determining whether a market is active requires the exercise of judgement and is determined based upon the facts and circumstances of the market for the instrument being measured. Where it is determined that there is no active market, fair value is established using a valuation technique. The techniques applied incorporate relevant information available and reflect appropriate adjustments for credit and liquidity risks. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity- specific estimates. The relative weightings given to differing sources of information and the determination of non-observable inputs to valuation models can require the exercise of significant judgement. If all significant inputs required to fair-value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Note that all of the resulting fair value estimates are included in Level 2, except for certain equities, fixed income securities, investments in Collective Investment Schemes and investment properties as detailed below. Specific valuation techniques used to value Level 2 financial assets and liabilities include the use of observable prices for identical current arm\u2019s-length transactions, specifically: the fair value of fixed income securities is determined by inputs including interest rates and market-observable yield curves of similar instruments in the market the fair value of unit-linked liabilities is assessed by reference to the underlying net asset value of the Group\u2019s unitised investment funds, determined on a bid value basis, at the reporting date the Group\u2019s derivative financial instruments are valued using valuation techniques commonly used by market participants. These consist of discounted cash flow and option pricing models, which typically incorporate observable market data, principally interest rates, basis spreads, foreign exchange rates, equity prices and counterparty credit. Specific valuation techniques used to value Level 3 financial assets and liabilities include: the use of unobservable inputs, such as expected rental values and equivalent yields other techniques, such as discounted cash flow and historic lapse rates, which are used to determine fair value for the remaining financial instruments. There were no transfers between Level 1 and Level 2 during the year. Transfers into and out of Level 3 portfolios The Group\u2019s policy is to recognise transfers into and out of levels as of the end of each reporting period except for material transfers which are recognised as of the date of the event or change in circumstances that caused the transfer. Transfers out of Level 3 portfolios arise when inputs that could have a significant impact on the instrument\u2019s valuation become market-observable; conversely, transfers into the portfolios arise when consistent sources of data cease to be available. Transfers in of certain investments in Collective Investment Schemes occur when asset valuations can no longer be obtained from an observable market price; e.g. where they have become illiquid, in liquidation, suspended, etc. The converse is true if an observable market price becomes available. The following table presents the changes in Level 3 financial assets and liabilities at fair value through profit and loss:
Fixed Collective
Investment income Investment
property
securities
Equities
Schemes
2025
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2025
892.3
111.9
994.2
11.3
Transfer into Level 3
\u2013
5.4
\u2013
2.8
Additions during the year
14.4
31.9
29.7
\u2013
Disposals during the year
(529.0)
(101.8)
(557.4)
(0.2)
Losses recognised in the income statement
(7.4)
(7.4)
(82.5)
(0.2)
Balance at 31 December 2025
370.3
40.0
384.0
13.7
Realised gains
/(
losses
)
21.1
(8.6)
146.4
\u2013
Unrealised (losses)/gains
(28.5)
1.2
(228.9)
(0.2)
Losses recognised in the income statement
(7.4)
(7.4)
(82.5)
(0.2)
Fixed Collective
Investment income Investment
property
securities
Equities
Schemes
2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2024
1,110.3
346.5
1,627.0
7.4
Transfer into Level 3
\u2013
4.8
\u2013
4.0
Additions during the year
15.8
33.9
62.7
\u2013
Disposals during the year
(230.5)
(270.2)
(724.4)
(0.5)
(
Losses
)/
gains recognised in the income statement
(3.3)
(3.1)
28.9
0.4
Balance at 31 December 2024
892.3
111.9
994.2
11.3
Realised
(
losses
)/
gains
(95.3)
(2.0)
177.6
\u2013
Unrealised gains
/(
losses)
92.0
(1.1)
(148.7)
0.4
(
Losses
)/
gains recognised in the income statement
(3.3)
(3.1)
28.9
0.4
Unrealised and realised (losses)/gains for all Level 3 assets are recognised within investment return in the statement of comprehensive income. Level 3 valuations Investment property At 31 December 2025 the Group held \u00a3370.3 million (2024: \u00a3892.3 million) of investment property, all of which is classified as Level 3 in the fair value hierarchy. It is initially measured at cost including related acquisition costs and subsequently valued at least monthly by professional external valuers at the properties\u2019 respective fair values at each reporting date. The fair values derived are based on anticipated market values for the properties in accordance with guidance issued by the Royal Institution of Chartered Surveyors, being the estimated amount that would be received from a sale of the assets in an orderly transaction between market participants. The valuation of investment property is inherently subjective as it requires, among other factors, assumptions to be made regarding the ability of existing tenants to meet their rental obligations over the entire life of their leases; the estimation of the expected rental income into the future; the assessment of a property\u2019s potential to remain as an attractive technical configuration to existing and prospective tenants in a changing market; and a judgement on the attractiveness of a building, its location and the surrounding environment.
Investment property classification
31 December 2025
Office
Industrial
Retail and leisure
All
Gross ERV (per sq ft)
1
Range
\u00a328.43-\u00a363.50
\u00a312.00-\u00a324.00
\u00a31.86-\u00a380.00
\u00a31.86-\u00a380.00
Weighted average
\u00a341.25
\u00a316.46
\u00a319.15
\u00a319.34
True equivalent yield
Range
7.0%-9.5%
5.0%-10.0%
4.5%-32.5%
4.5%-32.5%
Weighted average
8.2%
5.5%
8.0%
7.4%
Investment property classification
31 December 2024
Office
Industrial
Retail and leisure
All
Gross ERV (per sq ft)
1
Range
\u00a331.00 to \u00a3120.00
\u00a35.50 to \u00a324.00
\u00a31.86 to \u00a380.00
\u00a31.86 to \u00a3120.00
Weighted average
\u00a349.70
\u00a314.46
\u00a313.96
\u00a317.70
True equivalent yield
Range
4.7% to 10.5%
4.6% to 7.0%
5.7% to 9.1%
4.7% to 10.5%
Weighted average
6.8%
5.6%
7.3%
6.3%
1 Equivalent rental value (per square foot). Fixed income securities and equities At 31 December 2025 the Group held \u00a340.0 million (2024: \u00a3111.9 million) in private credit investments, and \u00a3384.0 million (2024: \u00a3994.2 million) in private market investments through the St. James\u2019s Place Diversified Assets (FAIF) Unit Trust. These are recognised within fixed income securities and equities, respectively, in the consolidated statement of financial position. They are measured at fair value, with the best evidence of the fair value at initial recognition being the transaction price, i.e. the fair value of the consideration given or received. Following initial recognition, a monthly valuation process occurs which includes verification by suitably qualified professional external valuers, who are members of various industry bodies including the British Private Equity and Venture Capital Association. The fair values of the private credit investments are principally determined using two valuation methods: 1. The shadow rating method, which assigns a shadow credit rating to the debt-issuing entity and determines an expected yield with reference to observable yields for comparable companies with a public credit rating in the loan market. 2. The weighted average cost of capital (WACC) method, which determines the debt-issuing entity\u2019s WACC with reference to observable market comparatives. The expected yield and WACC are used as the discount rates to calculate the present value of the expected future cash flows under the shadow rating and WACC methods respectively, which is taken to be the fair value. The fair values of the private market investments are principally determined using two valuation methods: 1. A market approach with reference to suitable market comparatives. 2. An income approach using discounted cash flow analysis which assesses the fair value of each asset based on its expected future cash flows. The output of each method for both the private credit and private market investments is a range of values, from which the mid-point is selected to be the fair value in the majority of cases. The mid-point will not be selected if further information is known about an investment which cannot be factored into the valuation method used. A weighting is assigned to the values determined following each method to determine the final valuation. The valuations are inherently subjective as they require a number of assumptions to be made, such as determining which entities provide suitable market comparatives and their relevant performance metrics (for example earnings before interest, tax, depreciation and amortisation), determining appropriate discount rates and cash flow forecasts to use in models, the weighting to apply to each valuation methodology, and the point in the range of valuations to select as the fair value. Sensitivity of Level 3 valuations Investment in Collective Investment Schemes The valuations of certain investments in Collective Investment Schemes are based on the latest observable price available. Whilst such valuations are sensitive to estimates, it is believed that changing the price applied to a reasonably possible alternative would not change the fair value significantly. Investment property As set out on the left of this page, investment property is initially measured at cost including related acquisition costs and subsequently valued at least monthly by professional external valuers at the properties\u2019 respective fair values at each reporting date. The following table sets out the effect of applying reasonably possible alternative assumptions, being a 10% movement in estimated rental value and a 50bps movement in relative yield, to the valuation of the investment properties. Any change in the value of investment property is matched by an associated movement in the policyholder liability, and therefore would not impact the shareholder net assets.
Effect of reasonably possible
alternative assumptions
Carrying Favourable Unfavourable
Investment property value changes changes
significant unobservable inputs
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
31 December 2025
Expected rental value/relative yield
370.3
412.4
303.2
31 December 2024
Expected rental value/relative yield
892.3
1,064.5
747.0
Fixed income securities and equities As set out on the previous page, the fair values of the Level 3 fixed income securities and equities are selected from the valuation range determined through the monthly valuation process. The following table sets out the effect of valuing each of the assets at the high and low point of the range. As with investment property, any change in the value of these fixed income securities or equities is matched by an associated movement in the policyholder liability, and therefore would not impact on the shareholder net assets.
Effect of reasonably possible
alternative assumptions
Carrying Favourable Unfavourable
value changes changes
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
31 December 2025
Fixed income securities
40.0
42.7
37.2
Equities
384.0
434.7
333.6
31 December 2024
Fixed income securities
111.9
115.6
108.1
Equities
994.2
1,128.1
911.7
Credit risk Credit risk relating to unit liabilities is borne by the unit holders. Contractual maturity and liquidity analysis Unit liabilities (and the associated assets) are deemed to have a maturity of up to one year since they are repayable and transferable on demand. In practice the contractual maturities of the assets may be longer than one year, but the majority of assets held within the unit-linked and unit trust funds are highly liquid and the Group also actively monitors fund liquidity. Sensitivity analysis to market risks The majority of the Group\u2019s business is unitised and the direct associated market risk is therefore borne by unit holders. For completeness, we note that there is an indirect risk associated with market performance as future shareholder income is dependent upon markets; however, the direct risk has been mitigated through the Group\u2019s approach to matching assets and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "Investment property
2025
2024
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
892.3
1,110.3
Capitalised expenditure on existing properties
14.4
15.8
Disposals
(529.0)
(230.5)
Changes in fair value
(7.4)
(3.3)
Balance at 31 December
370.3
892.3
The Group is the lessor for a portfolio of properties which meet the definition of investment property. The portfolio is held within unit-linked funds, leased out under operating leases, and is considered current. However, since investment properties are not traded in an organised public market they are relatively illiquid compared with many other asset classes. There are no restrictions on the realisability of the Group\u2019s individual properties, or on the remittance of income or disposal proceeds. The Group follows various strategies to minimise the risks associated with any rights the Group retains in the investment properties. These strategies include: actively reviewing and monitoring the condition of the properties and undertaking appropriate repairs, capital works projects and investments engaging professional legal advisers in drafting prudent lease terms governing the use of the properties and engaging specialist asset managers to oversee adherence to these terms on an ongoing basis actively reviewing and monitoring lessee financial covenant positions maintaining appropriate and prudent insurance for the properties senior management regularly reviewing the investment property portfolio to oversee diversification and performance, and to maximise value and occupancy rates. Investment property is valued at least monthly by external chartered surveyors in accordance with the guidance issued by the Royal Institution of Chartered Surveyors. The investment property valuation has been prepared using the \u2018market approach\u2019 valuation technique: that is, using prices and other relevant information generated by market transactions involving identical or comparable (i.e. similar) assets. The historical cost of investment properties held at 31 December 2025 is \u00a3547.5 million (2024: \u00a3987.4 million). This represents the price paid for investment properties, prior to any subsequent revaluation. The rental income and direct operating expenses recognised in the consolidated statement of comprehensive income in respect of investment properties are set out below. All expenses relate to property generating rental income.
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Rental income
37.9
60.8
Direct operating expenses
11.0
9.5
At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a3nil (2024: \u00a36.4 million). Contractual obligations to dispose of investment property amounted to \u00a3nil (2024: \u00a328.0 million). A maturity analysis of undiscounted contractual rental income to be received on an annual basis for the next five years, and the total to be received thereafter, is set out below.
31 December 31 December
2025 2024
Undiscounted contractual rental income to be received in:
\u00a3\u2019Million
\u00a3\u2019Million
Year 1
20.2
45.7
Year 2
18.3
42.6
Year 3
16.7
38.3
Year 4
15.3
33.8
Year 5
13.0
29.9
Year 6 onwards
132.7
156.2
Total undiscounted contractual rental income to be received
216.2
346.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "Cash and cash equivalents
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Cash and cash equivalents not held to cover unit liabilities
329.6
352.6
Balances held to cover unit liabilities
5,854.9
5,311.3
Total cash and cash equivalents
6,184.5
5,663.9
All cash and cash equivalents are considered current. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "
15. Other receivables
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Receivables in relation to unit liabilities excluding policyholder interests
715.3
656.4
Other receivables in relation to life and unit trust business
90.4
55.9
Operational readiness prepayment
228.1
256.3
Advanced payments to Partners
124.3
137.4
Other prepayments and accrued income
34.8
37.8
Business loans to Partners
639.9
557.3
Renewal income assets
119.8
121.0
Miscellaneous
34.7
45.3
Total other receivables on the Solvency II Net Assets Balance Sheet
1,987.3
1,867.4
Policyholder interests in other receivables (see Note 14)
871.4
816.7
Other
2.9
3.3
Total other receivables
2,861.6
2,687.4
Current
1,913.0
1,781.3
Non-current
948.6
906.1
2,861.6
2,687.4
All items within other receivables meet the definition of financial assets with the exception
of prepayments and advanced payments to Partners. The fair value of those financial assets
held at amortised cost is not materially different from amortised cost.
Receivables in relation to unit liabilities relate to outstanding market trade settlements (sales)
in the life unit-linked funds and the consolidated unit trusts. Other receivables in relation to
insurance and unit trust business primarily relate to outstanding policy-related settlement
timings. Both of these categories of receivables are short-term.
The operational readiness prepayment consists of directly invoiced operational readiness
costs advanced and relates to the Bluedoor administration platform which has been
developed by our key outsourced back-office administration provider. Management has
assessed the recoverability of this prepayment against the expected cost saving benefit of
lower future tariff costs arising from the platform. It is believed that no reasonably possible
change in the assumptions applied within this assessment, notably levels of future business,
the anticipated future service tariffs and the discount rate, would have an impact on the
carrying value of the asset.
Renewal income assets represent the present value of future cash flows associated with
business combinations or books of business acquired by the Group.
Business loans to Partners
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Business loans to Partners directly funded by the Group
370.1
386.6
Securitised business loans to Partners
269.8
170.7
Total business loans to Partners
639.9
557.3
Business loans to Partners are interest-bearing (linked to Bank of England base rate plus a margin),
repayable in line with the terms of the loan contract and secured against the future income
streams of the respective Partners.
Reconciliation of the business loans to Partners\u2019 opening and closing gross loan balances
Stage 2: Stage 3:
Stage 1: under- non-
performing performing
performing
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Gross balance at 1 January 2025
484.2
48.5
33.1
565.8
Business loans to Partners classification
changes:
\u2013 Transfer to underperforming
(10.8)
10.8
\u2013
\u2013
\u2013 Transfer to non-performing
(7.1)
(0.3)
7.4
\u2013
\u2013 Transfer to performing
19.5
(19.0)
(0.5)
\u2013
New lending activity during the year
175.7
1.9
1.5
179.1
Interest charged during the year
40.5
2.7
2.8
46.0
Repayment activity during the year
(132.4)
(5.9)
(3.5)
(141.8)
Gross balance at 31 December 2025
569.6
38.7
40.8
649.1
Stage 2: Stage 3:
Stage 1: under- non-
performing performing
performing
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Gross balance at 1 January 2024
359.7
44.6
8.5
412.8
Business loans to Partners classification
changes:
\u2013 Transfer to underperforming
(19.0)
19.0
\u2013
\u2013
\u2013 Transfer to non-performing
(21.0)
(2.5)
23.5
\u2013
\u2013 Transfer to performing
16.5
(16.4)
(0.1)
\u2013
New lending activity during the year
215.0
7.8
2.6
225.4
Interest charged during the year
37.4
3.6
2.0
43.0
Repayment activity during the year
(104.4)
(7.6)
(3.4)
(115.4)
Gross balance at 31 December 2024
484.2
48.5
33.1
565.8
Business loans to Partners: provision
The expected loss impairment model for business loans to Partners is based on the levels of
loss experienced in the portfolio, with due consideration given to forward-looking information.
For those business loans to Partners sold to a third-party in 2022, full credit risk was transferred.
The provision held against business loans to Partners as at 31 December 2025 was \u00a39.2 million
(2024: \u00a38.5 million). During the year, \u00a31.7 million of the provision was released (2024: \u00a31.1 million),
\u00a3nil was utilised (2024: \u00a33.1 million) and new provisions and adjustments to existing provisions
increased the total by \u00a32.4 million (2024: \u00a37.9 million).
There is no provision held against any other receivables held at amortised cost.
Business loans to Partners as recognised on the statement of financial position
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Gross business loans to Partners
649.1
565.8
Provision
(9.2)
(8.5)
Net business loans to Partners
639.9
557.3
Renewal income assets
Movement in renewal income assets
2025
2024
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
121.0
138.3
Additions
16.2
4.8
Disposals
(0.3)
(0.7)
Revaluation
(17.1)
(21.4)
Balance at 31 December
119.8
121.0
The key assumptions used for the assessment of the fair value of the renewal income are as follows:
31 December 31 December
2025 2024
Lapse rate \u2013 SJP Partner renewal income
1
5.0% to 15.0%
5.0% to 15.0%
Lapse rate \u2013 non-SJP renewal income
1
10.4% to 25.0%
6.5% to 25.0%
Discount rate
17.3%
15.8%
1 Future income streams are projected making use of retention assumptions derived from the Group\u2019s experience of
the business or, where insufficient data exists, from external industry experience. These assumptions are reviewed
on an annual basis.
These assumptions have been used for the analysis of each business combination classified
within renewal income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "15. Other receivables
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Receivables in relation to unit liabilities excluding policyholder interests
715.3
656.4
Other receivables in relation to life and unit trust business
90.4
55.9
Operational readiness prepayment
228.1
256.3
Advanced payments to Partners
124.3
137.4
Other prepayments and accrued income
34.8
37.8
Business loans to Partners
639.9
557.3
Renewal income assets
119.8
121.0
Miscellaneous
34.7
45.3
Total other receivables on the Solvency II Net Assets Balance Sheet
1,987.3
1,867.4
Policyholder interests in other receivables (see Note 14)
871.4
816.7
Other
2.9
3.3
Total other receivables
2,861.6
2,687.4
Current
1,913.0
1,781.3
Non-current
948.6
906.1
2,861.6
2,687.4
All items within other receivables meet the definition of financial assets with the exception of prepayments and advanced payments to Partners. The fair value of those financial assets held at amortised cost is not materially different from amortised cost. Receivables in relation to unit liabilities relate to outstanding market trade settlements (sales) in the life unit-linked funds and the consolidated unit trusts. Other receivables in relation to insurance and unit trust business primarily relate to outstanding policy-related settlement timings. Both of these categories of receivables are short-term. The operational readiness prepayment consists of directly invoiced operational readiness costs advanced and relates to the Bluedoor administration platform which has been developed by our key outsourced back-office administration provider. Management has assessed the recoverability of this prepayment against the expected cost saving benefit of lower future tariff costs arising from the platform. It is believed that no reasonably possible change in the assumptions applied within this assessment, notably levels of future business, the anticipated future service tariffs and the discount rate, would have an impact on the carrying value of the asset. Renewal income assets represent the present value of future cash flows associated with business combinations or books of business acquired by the Group. Business loans to Partners
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Business loans to Partners directly funded by the Group
370.1
386.6
Securitised business loans to Partners
269.8
170.7
Total business loans to Partners
639.9
557.3
Business loans to Partners are interest-bearing (linked to Bank of England base rate plus a margin), repayable in line with the terms of the loan contract and secured against the future income streams of the respective Partners. Reconciliation of the business loans to Partners\u2019 opening and closing gross loan balances
Stage 2: Stage 3:
Stage 1: under- non-
performing performing
performing
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Gross balance at 1 January 2025
484.2
48.5
33.1
565.8
Business loans to Partners classification
changes:
\u2013 Transfer to underperforming
(10.8)
10.8
\u2013
\u2013
\u2013 Transfer to non-performing
(7.1)
(0.3)
7.4
\u2013
\u2013 Transfer to performing
19.5
(19.0)
(0.5)
\u2013
New lending activity during the year
175.7
1.9
1.5
179.1
Interest charged during the year
40.5
2.7
2.8
46.0
Repayment activity during the year
(132.4)
(5.9)
(3.5)
(141.8)
Gross balance at 31 December 2025
569.6
38.7
40.8
649.1
Stage 2: Stage 3:
Stage 1: under- non-
performing performing
performing
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Gross balance at 1 January 2024
359.7
44.6
8.5
412.8
Business loans to Partners classification
changes:
\u2013 Transfer to underperforming
(19.0)
19.0
\u2013
\u2013
\u2013 Transfer to non-performing
(21.0)
(2.5)
23.5
\u2013
\u2013 Transfer to performing
16.5
(16.4)
(0.1)
\u2013
New lending activity during the year
215.0
7.8
2.6
225.4
Interest charged during the year
37.4
3.6
2.0
43.0
Repayment activity during the year
(104.4)
(7.6)
(3.4)
(115.4)
Gross balance at 31 December 2024
484.2
48.5
33.1
565.8
Business loans to Partners: provision The expected loss impairment model for business loans to Partners is based on the levels of loss experienced in the portfolio, with due consideration given to forward-looking information. For those business loans to Partners sold to a third-party in 2022, full credit risk was transferred. The provision held against business loans to Partners as at 31 December 2025 was \u00a39.2 million (2024: \u00a38.5 million). During the year, \u00a31.7 million of the provision was released (2024: \u00a31.1 million), \u00a3nil was utilised (2024: \u00a33.1 million) and new provisions and adjustments to existing provisions increased the total by \u00a32.4 million (2024: \u00a37.9 million). There is no provision held against any other receivables held at amortised cost. Business loans to Partners as recognised on the statement of financial position
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Gross business loans to Partners
649.1
565.8
Provision
(9.2)
(8.5)
Net business loans to Partners
639.9
557.3
Renewal income assets Movement in renewal income assets
2025
2024
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
121.0
138.3
Additions
16.2
4.8
Disposals
(0.3)
(0.7)
Revaluation
(17.1)
(21.4)
Balance at 31 December
119.8
121.0
The key assumptions used for the assessment of the fair value of the renewal income are as follows:
31 December 31 December
2025 2024
Lapse rate \u2013 SJP Partner renewal income
1
5.0% to 15.0%
5.0% to 15.0%
Lapse rate \u2013 non-SJP renewal income
1
10.4% to 25.0%
6.5% to 25.0%
Discount rate
17.3%
15.8%
1 Future income streams are projected making use of retention assumptions derived from the Group\u2019s experience of the business or, where insufficient data exists, from external industry experience. These assumptions are reviewed on an annual basis. These assumptions have been used for the analysis of each business combination classified within renewal income.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "Business loans to Partners: provision The expected loss impairment model for business loans to Partners is based on the levels of loss experienced in the portfolio, with due consideration given to forward-looking information. For those business loans to Partners sold to a third-party in 2022, full credit risk was transferred. The provision held against business loans to Partners as at 31 December 2025 was \u00a39.2 million (2024: \u00a38.5 million). During the year, \u00a31.7 million of the provision was released (2024: \u00a31.1 million), \u00a3nil was utilised (2024: \u00a33.1 million) and new provisions and adjustments to existing provisions increased the total by \u00a32.4 million (2024: \u00a37.9 million). There is no provision held against any other receivables held at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "Business loans to Partners: provision The expected loss impairment model for business loans to Partners is based on the levels of loss experienced in the portfolio, with due consideration given to forward-looking information. For those business loans to Partners sold to a third-party in 2022, full credit risk was transferred. The provision held against business loans to Partners as at 31 December 2025 was \u00a39.2 million (2024: \u00a38.5 million). During the year, \u00a31.7 million of the provision was released (2024: \u00a31.1 million), \u00a3nil was utilised (2024: \u00a33.1 million) and new provisions and adjustments to existing provisions increased the total by \u00a32.4 million (2024: \u00a37.9 million). There is no provision held against any other receivables held at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "
16. Other payables
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Payables in relation to unit liabilities excluding policyholder interests
179.6
216.7
Other payables in relation to life and unit trust business
602.5
590.4
Accrual for ongoing advice fees
267.6
168.9
Other accruals
210.0
138.5
Contract payment
59.9
72.2
Lease liabilities: properties (see Note 13)
100.8
107.2
Other payables in relation to Partner payments
91.5
88.9
Miscellaneous
99.0
62.6
Total other payables on the Solvency II Net Assets Balance Sheet
1,610.9
1,445.4
Policyholder interests in other payables (see Note 14)
1,029.2
692.7
Other (see adjustment 2 on page 211)
15.2
6.2
Total other payables
2,655.3
2,144.3
Current
2,517.0
1,992.5
Non-current
138.3
151.8
2,655.3
2,144.3
Payables in relation to unit liabilities relate to outstanding market trade settlements (purchases)
in the life unit-linked funds and the consolidated unit trusts. Other payables in relation to
insurance and unit trust business primarily relate to outstanding policy-related settlement
timings. Both of these categories of payables are short-term.
The contract payment of \u00a359.9 million (2024: \u00a372.2 million) represents payments made by
a third-party service provider to the Group as part of a service agreement, which are non-
interest-bearing and repayable over the life of the service agreement. The contract payment
received prior to 2020 is repayable on a straight-line basis over the original 12-year term,
with repayments commencing on 1 January 2017. The contract payment received in 2020 is
repayable on a straight-line basis over 13 years and 4 months, with repayments commencing
on 1 September 2020.
The lease liabilities: properties line item represents the present value of future cash flows
associated with the Group\u2019s portfolio of property leases.
The fair value of financial instruments held at amortised cost within other payables is not
materially different from amortised cost.
Policyholder interests in other payables are short-term in nature and can vary significantly
from period to period due to prevailing market conditions and underlying trading activity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "16. Other payables
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Payables in relation to unit liabilities excluding policyholder interests
179.6
216.7
Other payables in relation to life and unit trust business
602.5
590.4
Accrual for ongoing advice fees
267.6
168.9
Other accruals
210.0
138.5
Contract payment
59.9
72.2
Lease liabilities: properties (see Note 13)
100.8
107.2
Other payables in relation to Partner payments
91.5
88.9
Miscellaneous
99.0
62.6
Total other payables on the Solvency II Net Assets Balance Sheet
1,610.9
1,445.4
Policyholder interests in other payables (see Note 14)
1,029.2
692.7
Other (see adjustment 2 on page 211)
15.2
6.2
Total other payables
2,655.3
2,144.3
Current
2,517.0
1,992.5
Non-current
138.3
151.8
2,655.3
2,144.3
Payables in relation to unit liabilities relate to outstanding market trade settlements (purchases) in the life unit-linked funds and the consolidated unit trusts. Other payables in relation to insurance and unit trust business primarily relate to outstanding policy-related settlement timings. Both of these categories of payables are short-term. The contract payment of \u00a359.9 million (2024: \u00a372.2 million) represents payments made by a third-party service provider to the Group as part of a service agreement, which are non- interest-bearing and repayable over the life of the service agreement. The contract payment received prior to 2020 is repayable on a straight-line basis over the original 12-year term, with repayments commencing on 1 January 2017. The contract payment received in 2020 is repayable on a straight-line basis over 13 years and 4 months, with repayments commencing on 1 September 2020. The lease liabilities: properties line item represents the present value of future cash flows associated with the Group\u2019s portfolio of property leases. The fair value of financial instruments held at amortised cost within other payables is not materially different from amortised cost. Policyholder interests in other payables are short-term in nature and can vary significantly from period to period due to prevailing market conditions and underlying trading activity.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "
17. Insurance contract liabilities and reinsurance assets
Risk
Insurance risk arises from inherent uncertainties as to the occurrence, amount and timing of
insurance liabilities. The Group assumes insurance risk by issuing insurance contracts under
which the Group agrees to compensate the client (or other beneficiary) if a specified future
event (the insured event) occurs. The Group insures mortality and morbidity risks but has no
longevity risk as we have never written any annuity business. The Group has a low appetite
for insurance risk, only actively pursuing it where financially beneficial, or in support of
strategic objectives.
Risk
Description
Management
Underwriting Failure to price appropriately The Group ceased writing new protection
for a risk, or the impact of business in April 2011 and the remaining UK
anti-selection. insurance risk is substantially covered by
quota share reinsurance with a low level of
retention. Experience is monitored regularly
and for most business the premium or
deduction rates can be reviewed.
Epidemic/ An unusually large number Protection is provided through reinsurance.
disaster of claims arising from a single The Group has fully reinsured the UK
incident or event. insurance risk.
Expense Administration costs exceed Administration is outsourced and a tariff of
expense allowance. costs is agreed. The contract is monitored
regularly to rationalise costs incurred.
Internal overhead expenses are monitored
and closely managed.
Insurance contract liabilities
Reconciliation of the liability for remaining coverage and the liability for incurred claims
2025
2024
Liability for remaining coverage Liability for Liability for remaining coverage
Excluding loss Loss incurred Excluding loss Loss Liability for
component component
claims
Total
component component incurred claims Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
504.3
\u2013
14.3
518.6
477.8
\u2013
18.2
496.0
Insurance revenue
(24.2)
\u2013
\u2013
(24.2)
(25.2)
\u2013
\u2013
(25.2)
Insurance service expenses
\u2013
\u2013
22.6
22.6
\u2013
\u2013
21.8
21.8
Finance income from insurance contracts recognised in profit or loss
(0.9)
\u2013
\u2013
(0.9)
(2.1)
\u2013
\u2013
(2.1)
Total changes in the statement of comprehensive income
(25.1)
\u2013
22.6
(2.5)
(27.3)
\u2013
21.8
(5.5)
Investment components excluded from insurance revenue and insurance service expenses
41.4
\u2013
30.4
71.8
25.0
\u2013
46.0
71.0
Premiums received
27.2
\u2013
\u2013
27.2
28.8
\u2013
\u2013
28.8
Claims and other insurance service expenses paid
\u2013
\u2013
(48.9)
(48.9)
\u2013
\u2013
(71.7)
(71.7)
Total cash flows
27.2
\u2013
(48.9)
(21.7)
28.8
\u2013
(71.7)
(42.9)
Balance at 31 December
547.8
\u2013
18.4
566.2
504.3
\u2013
14.3
518.6
Current
90.5
77.8
Non-current
475.7
440.8
566.2
518.6
Reconciliation of the measurement components
2025
2024
Estimates of Risk adjustment Estimates of Risk adjustment
present value of for non- present value of for non-
future cash flows
financial risk
CSM
Total
future cash flows
financial risk
CSM
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
488.8
4.6
10.9
504.3
463.0
6.0
8.8
477.8
Insurance revenue
(26.3)
(0.4)
2.5
(24.2)
(26.1)
(1.1)
2.0
(25.2)
Finance income from insurance contracts recognised in profit or loss
(0.9)
\u2013
\u2013
(0.9)
(1.9)
(0.3)
0.1
(2.1)
Total changes in the statement of comprehensive income
(27.2)
(0.4)
2.5
(25.1)
(28.0)
(1.4)
2.1
(27.3)
Investment components excluded from insurance revenue and insurance service
expenses
41.4
\u2013
\u2013
41.4
25.0
\u2013
\u2013
25.0
Premiums received
27.2
\u2013
\u2013
27.2
28.8
\u2013
\u2013
28.8
Total cash flows
27.2
\u2013
\u2013
27.2
28.8
\u2013
\u2013
28.8
Balance at 31 December
530.2
4.2
13.4
547.8
488.8
4.6
10.9
504.3
Less than 1 year
0.6
0.6
In 2 to 5 years
2.0
1.8
>5 years
10.8
8.5
Expected recognition of the CSM
13.4
10.9
The analysis above shows the expected recognition of the CSM remaining at the end of the reporting year.
Reinsurance assets
Reconciliation of the remaining coverage and incurred claims components
2025
2024
Remaining Recoverable Remaining Recoverable
coverage for claims coverage for claims
component
reinsured
Total
component reinsured Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
4.1
10.8
14.9
6.3
6.7
13.0
Net reinsurance expense
(18.4)
18.0
(0.4)
(22.6)
19.5
(3.1)
Finance (expenses)/income from reinsurance
contracts recognised in profit or loss
(0.8)
\u2013
(0.8)
0.5
\u2013
0.5
Total changes in the statement of comprehensive income
(19.2)
18.0
(1.2)
(22.1)
19.5
(2.6)
Premiums paid
18.0
\u2013
18.0
19.9
\u2013
19.9
Reinsurance recapture
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Amounts received from reinsurers relating to incurred claims
\u2013
(20.0)
(20.0)
\u2013
(15.4)
(15.4)
Total cash flows
18.0
(20.0)
(2.0)
19.9
(15.4)
4.5
Balance at 31 December
2.9
8.8
11.7
4.1
10.8
14.9
Current
8.1
10.2
Non-current
3.6
4.7
11.7
14.9
Reconciliation of the measurement components
2025
2024
Estimates of Risk adjustment Estimates of Risk adjustment
present value of for non- present value of for non-
future cash flows
financial risk
CSM
Total
future cash flows
financial risk
CSM
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
(1.8)
0.7
5.2
4.1
\u2013
1.1
5.2
6.3
Net reinsurance expense
(18.0)
(0.2)
(0.2)
(18.4)
(22.3)
(0.3)
\u2013
(22.6)
Finance (expenses)/income from reinsurance contracts recognised in profit or loss
(0.9)
0.1
\u2013
(0.8)
0.6
(0.1)
\u2013
0.5
Total changes in the statement of comprehensive income
(18.9)
(0.1)
(0.2)
(19.2)
(21.7)
(0.4)
\u2013
(22.1)
Premiums paid
18.0
\u2013
\u2013
18.0
19.9
\u2013
\u2013
19.9
Total cash flows
18.0
\u2013
\u2013
18.0
19.9
\u2013
\u2013
19.9
Balance at 31 December
(2.7)
0.6
5.0
2.9
(1.8)
0.7
5.2
4.1
Less than 1 year
0.1
0.1
In 2 to 5 years
0.6
0.6
>5 years
4.3
4.5
Expected recognition of the CSM
5.0
5.2
All reinsurance contracts are measured using the fair value approach.
The analysis above shows the expected recognition of the CSM remaining at the end of the reporting year.
Assumptions used in the calculation of insurance contract liabilities and
reinsurance assets
The principal assumptions used in the calculation of insurance contract liabilities and
reinsurance assets are:
Assumption
Description
Interest rate The valuation interest rate is calculated by reference to the long-term
risk-free swap rate at the balance sheet date. The specific rates used are
between 3.4% and 4.5% depending on the tax regime (2024: 3.4% and 4.5%).
Mortality Mortality is based on Group experience and is set at 65% of the TM/F92 tables
with an additional loading for smokers.
Morbidity \u2013 Morbidity is based on Group experience. There has been no change during
critical illness
2025
. Sample annual rates per \u00a3 for a male non-smoker are:
Age
Rate
25
0.063%
35
0.111%
45
0.266%
Morbidity \u2013 Morbidity is based on Group experience. There has been no change during
permanent
2025
. Sample annual rates per \u00a3 income benefit for a male non-smoker are:
health insurance
Age
Rate
25
0.228%
35
0.603%
45
1.308%
Expenses Contract liabilities are calculated allowing for the actual costs of
administration of the business.
Annual cost
31 December 31 December
Product 2025 2024
Onshore protection business
\u00a337.02
\u00a335.69
Offshore protection business
\u00a373.32
\u00a371.76
Persistency of the liabilities. There has been no change in rates during 2025. Sample Allowance is made for a best-estimate level of lapses within the calculation
annual lapse rates are:
Lapse
Product
All durations
Onshore protection business
9%
Offshore whole of life
8%
Offshore critical illness
13%
Risk adjustment The risk adjustment is determined using a cost of capital approach
with a 3% charge. There has been no change during 2025.
Sensitivity analysis The table below sets out the sensitivity of the profit on insurance business and net assets to changes in key assumptions. The levels of sensitivity tested are consistent with those proposed in the EEV principles and reflect reasonable possible levels of change in the assumptions. The analysis reflects the change in the variable/assumption shown while all other variables/ assumptions are left unchanged. In practice variables/assumptions may change at the same time, as some may be correlated (for example, an increase in interest rates may also result in an increase in expenses if the increase reflects higher inflation). It should also be noted that in some instances sensitivities are non-linear. The sensitivity percentage has been applied in proportion to the assumption: for example, application of a 10% sensitivity to a withdrawal assumption of 8% will increase it to 8.8%.
Change in Change in
profit profit Change in Change in
Change in before tax before tax net assets net assets
assumption 2025 2024 2025 2024
Sensitivity analysis
Percentage
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Interest rates
(1%)
(5.2)
(5.5)
(4.0)
(4.2)
Mortality/morbidity
10%
(1.7)
(0.9)
(1.3)
(0.6)
A change in withdrawal rates and expense assumptions will have no material impact on insurance profit or net assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "
18. Other provisions and contingent liabilities
Complaints Ongoing Service Lease Clawback Total
provision Evidence provision provision provision provisions
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
At 1 January 2024
56.1
426.0
14.9
3.1
500.1
Additional provisions
21.8
\u2013
0.3
0.3
22.4
Utilised during the year
(24.9)
(18.5)
(0.1)
\u2013
(43.5)
Impact of discounting
\u2013
17.6
\u2013
\u2013
17.6
Release of provision
(35.3)
\u2013
(1.0)
\u2013
(36.3)
At 31 December 2024
17.7
425.1
14.1
3.4
460.3
Additional provisions
45.4
\u2013
1.2
0.6
47.2
Utilised during the year
(38.9)
(52.5)
(0.5)
\u2013
(91.9)
Impact of discounting
\u2013
9.2
\u2013
\u2013
9.2
Release of provision
(16.4)
(109.5)
(0.5)
\u2013
(126.4)
At 31 December 2025
7.8
272.3
14.3
4.0
298.4
Other provisions
Complaints provision
The provision represents the best estimate of the complaint redress, based on complaints
identified, an assessment of the proportion redressed, and an estimated cost of redress based
on historic experience. A reasonably possible change of 10% in the key assumption, being the
proportion requiring redress, would result in an increase/decrease of circa \u00a30.6 million to the
total complaints provision.
It is estimated that significantly all the provision will be utilised over a one year period from
the reporting date.
Ongoing Service Evidence provision
The Group has committed to review the sub-population of clients that have been charged
for ongoing servicing since the start of 2018 but where the evidence of delivery falls below
the acceptable standard.
The provision represents the best estimate of the redress exercise, and includes refund of
charges, together with interest, plus the administration costs associated with completing this
work. The provision is based on an extrapolation of the experience of a representative cohort
of clients. See Note 2 for further information. The provision that has been recognised includes
an estimated refund of charges, together with interest at FOS rates, plus the administration
costs associated with completing this work. Allowance is also made for discounting over the
expected duration of the exercise.
The release of \u00a3109.5 million during the year reflects the impacts of a) the Group\u2019s revised
redress methodology implemented during the first half of the year, which better aligns to new
industry guidance from the FCA and b) the Group\u2019s experience gained from the project across
the year.
IAS 37 and IAS 1 requires the Group to set out sensitivities. In compliance with these requirements,
the following table sets out the potential change to the provision balance at 31 December 2025
if the key assumptions were to vary as described:
Change in profit/(loss) before tax
Change in 31 December 31 December
assumption 2025 2024
Sensitivity analysis
Percentage
\u00a3\u2019Million
\u00a3\u2019Million
Extrapolation from a representative cohort
+2%
(18.6)
(22.0)
\u2013 Variation in proportion of client population subject
to the review
-2%
18.6
22.0
Extrapolation from a representative cohort
+10%
(25.7)
(31.0)
\u2013 Variation in the level of charges, subject to refund
-10%
25.7
31.0
Opt-In response rate
+10%
(10.3)
(17.0)
\u2013 Variation in response rate
-10%
10.3
17.0
Administration costs
+10%
(2.0)
(12.0)
\u2013 Change in estimation of the cost to fulfil the exercise
(cost per claim)
-10%
2.0
12.0
It is estimated that significantly all the provision will be utilised within one year from the
reporting date.
Lease provision
The lease provision represents the value of expected future costs of reinstating leased property
to its original condition at the end of the lease term. The estimate is based on the square
footage of leased properties and typical costs per square foot of restoring similar buildings
to their original state. The Group expects \u00a32.1 million (2024: \u00a31.3 million) of the provision to be
utilised within one year. The majority of the provision relates to leased property with a maturity
date of greater than five years.
Clawback provision
The clawback provision represents amounts due to third parties less amounts recovered from
Partners. The provision is based on estimates of the indemnity commission that may be repaid.
The Group expects to utilise the provision on a straight-line basis over four years.
With the exception of the Ongoing Service Evidence provision, it is considered that no reasonably
possible level of changes in estimates would have a material impact on the value of the best
estimate of the provisions.
Contingent liabilities
Complaints and disputes
The Group is committed to achieving good client outcomes but does, in the normal course
of business receive complaints and claims. The Group also engages with relevant regulators
and other government authorities such as HMRC on specific matters. Also, and as described in
the strategic report, the FCA continues to reinforce the need for firms to embed the Consumer
Duty regulation and there remains a risk that we fail to provide quality suitable advice to clients,
or that we fail to evidence the provision of good quality service and advice, which could result
in regulatory sanction and/or a need to refund or compensate clients. These issues, as they
arise, can be significant and where appropriate, provisions for any potential redress, legal
and administration costs, and related tax implications, have been established in accordance
with IAS 37.
Guarantees
During the normal course of business, the Group may from time to time provide guarantees to
Partners, clients or other third parties. However, based upon the information currently available
to them, the Directors do not believe there are any guarantees which would have a material
adverse effect on the Group\u2019s financial position, and so the fair value of any guarantees has
been assessed as \u00a3nil (2024: \u00a3nil).
For further information, see the list of principal risks and uncertainties in the risk and control
management section of the strategic report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "18. Other provisions and contingent liabilities
Complaints Ongoing Service Lease Clawback Total
provision Evidence provision provision provision provisions
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
At 1 January 2024
56.1
426.0
14.9
3.1
500.1
Additional provisions
21.8
\u2013
0.3
0.3
22.4
Utilised during the year
(24.9)
(18.5)
(0.1)
\u2013
(43.5)
Impact of discounting
\u2013
17.6
\u2013
\u2013
17.6
Release of provision
(35.3)
\u2013
(1.0)
\u2013
(36.3)
At 31 December 2024
17.7
425.1
14.1
3.4
460.3
Additional provisions
45.4
\u2013
1.2
0.6
47.2
Utilised during the year
(38.9)
(52.5)
(0.5)
\u2013
(91.9)
Impact of discounting
\u2013
9.2
\u2013
\u2013
9.2
Release of provision
(16.4)
(109.5)
(0.5)
\u2013
(126.4)
At 31 December 2025
7.8
272.3
14.3
4.0
298.4
Other provisions Complaints provision The provision represents the best estimate of the complaint redress, based on complaints identified, an assessment of the proportion redressed, and an estimated cost of redress based on historic experience. A reasonably possible change of 10% in the key assumption, being the proportion requiring redress, would result in an increase/decrease of circa \u00a30.6 million to the total complaints provision. It is estimated that significantly all the provision will be utilised over a one year period from the reporting date. Ongoing Service Evidence provision The Group has committed to review the sub-population of clients that have been charged for ongoing servicing since the start of 2018 but where the evidence of delivery falls below the acceptable standard. The provision represents the best estimate of the redress exercise, and includes refund of charges, together with interest, plus the administration costs associated with completing this work. The provision is based on an extrapolation of the experience of a representative cohort of clients. See Note 2 for further information. The provision that has been recognised includes an estimated refund of charges, together with interest at FOS rates, plus the administration costs associated with completing this work. Allowance is also made for discounting over the expected duration of the exercise. The release of \u00a3109.5 million during the year reflects the impacts of a) the Group\u2019s revised redress methodology implemented during the first half of the year, which better aligns to new industry guidance from the FCA and b) the Group\u2019s experience gained from the project across the year. IAS 37 and IAS 1 requires the Group to set out sensitivities. In compliance with these requirements, the following table sets out the potential change to the provision balance at 31 December 2025 if the key assumptions were to vary as described:
Change in profit/(loss) before tax
Change in 31 December 31 December
assumption 2025 2024
Sensitivity analysis
Percentage
\u00a3\u2019Million
\u00a3\u2019Million
Extrapolation from a representative cohort
+2%
(18.6)
(22.0)
\u2013 Variation in proportion of client population subject
to the review
-2%
18.6
22.0
Extrapolation from a representative cohort
+10%
(25.7)
(31.0)
\u2013 Variation in the level of charges, subject to refund
-10%
25.7
31.0
Opt-In response rate
+10%
(10.3)
(17.0)
\u2013 Variation in response rate
-10%
10.3
17.0
Administration costs
+10%
(2.0)
(12.0)
\u2013 Change in estimation of the cost to fulfil the exercise
(cost per claim)
-10%
2.0
12.0
It is estimated that significantly all the provision will be utilised within one year from the reporting date. Lease provision The lease provision represents the value of expected future costs of reinstating leased property to its original condition at the end of the lease term. The estimate is based on the square footage of leased properties and typical costs per square foot of restoring similar buildings to their original state. The Group expects \u00a32.1 million (2024: \u00a31.3 million) of the provision to be utilised within one year. The majority of the provision relates to leased property with a maturity date of greater than five years. Clawback provision The clawback provision represents amounts due to third parties less amounts recovered from Partners. The provision is based on estimates of the indemnity commission that may be repaid. The Group expects to utilise the provision on a straight-line basis over four years. With the exception of the Ongoing Service Evidence provision, it is considered that no reasonably possible level of changes in estimates would have a material impact on the value of the best estimate of the provisions. Contingent liabilities Complaints and disputes The Group is committed to achieving good client outcomes but does, in the normal course of business receive complaints and claims. The Group also engages with relevant regulators and other government authorities such as HMRC on specific matters. Also, and as described in the strategic report, the FCA continues to reinforce the need for firms to embed the Consumer Duty regulation and there remains a risk that we fail to provide quality suitable advice to clients, or that we fail to evidence the provision of good quality service and advice, which could result in regulatory sanction and/or a need to refund or compensate clients. These issues, as they arise, can be significant and where appropriate, provisions for any potential redress, legal and administration costs, and related tax implications, have been established in accordance with IAS 37. Guarantees During the normal course of business, the Group may from time to time provide guarantees to Partners, clients or other third parties. However, based upon the information currently available to them, the Directors do not believe there are any guarantees which would have a material adverse effect on the Group\u2019s financial position, and so the fair value of any guarantees has been assessed as \u00a3nil (2024: \u00a3nil). For further information, see the list of principal risks and uncertainties in the risk and control management section of the strategic report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "18. Other provisions and contingent liabilities
Complaints Ongoing Service Lease Clawback Total
provision Evidence provision provision provision provisions
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
At 1 January 2024
56.1
426.0
14.9
3.1
500.1
Additional provisions
21.8
\u2013
0.3
0.3
22.4
Utilised during the year
(24.9)
(18.5)
(0.1)
\u2013
(43.5)
Impact of discounting
\u2013
17.6
\u2013
\u2013
17.6
Release of provision
(35.3)
\u2013
(1.0)
\u2013
(36.3)
At 31 December 2024
17.7
425.1
14.1
3.4
460.3
Additional provisions
45.4
\u2013
1.2
0.6
47.2
Utilised during the year
(38.9)
(52.5)
(0.5)
\u2013
(91.9)
Impact of discounting
\u2013
9.2
\u2013
\u2013
9.2
Release of provision
(16.4)
(109.5)
(0.5)
\u2013
(126.4)
At 31 December 2025
7.8
272.3
14.3
4.0
298.4
Other provisions Complaints provision The provision represents the best estimate of the complaint redress, based on complaints identified, an assessment of the proportion redressed, and an estimated cost of redress based on historic experience. A reasonably possible change of 10% in the key assumption, being the proportion requiring redress, would result in an increase/decrease of circa \u00a30.6 million to the total complaints provision. It is estimated that significantly all the provision will be utilised over a one year period from the reporting date. Ongoing Service Evidence provision The Group has committed to review the sub-population of clients that have been charged for ongoing servicing since the start of 2018 but where the evidence of delivery falls below the acceptable standard. The provision represents the best estimate of the redress exercise, and includes refund of charges, together with interest, plus the administration costs associated with completing this work. The provision is based on an extrapolation of the experience of a representative cohort of clients. See Note 2 for further information. The provision that has been recognised includes an estimated refund of charges, together with interest at FOS rates, plus the administration costs associated with completing this work. Allowance is also made for discounting over the expected duration of the exercise. The release of \u00a3109.5 million during the year reflects the impacts of a) the Group\u2019s revised redress methodology implemented during the first half of the year, which better aligns to new industry guidance from the FCA and b) the Group\u2019s experience gained from the project across the year. IAS 37 and IAS 1 requires the Group to set out sensitivities. In compliance with these requirements, the following table sets out the potential change to the provision balance at 31 December 2025 if the key assumptions were to vary as described:
Change in profit/(loss) before tax
Change in 31 December 31 December
assumption 2025 2024
Sensitivity analysis
Percentage
\u00a3\u2019Million
\u00a3\u2019Million
Extrapolation from a representative cohort
+2%
(18.6)
(22.0)
\u2013 Variation in proportion of client population subject
to the review
-2%
18.6
22.0
Extrapolation from a representative cohort
+10%
(25.7)
(31.0)
\u2013 Variation in the level of charges, subject to refund
-10%
25.7
31.0
Opt-In response rate
+10%
(10.3)
(17.0)
\u2013 Variation in response rate
-10%
10.3
17.0
Administration costs
+10%
(2.0)
(12.0)
\u2013 Change in estimation of the cost to fulfil the exercise
(cost per claim)
-10%
2.0
12.0
It is estimated that significantly all the provision will be utilised within one year from the reporting date. Lease provision The lease provision represents the value of expected future costs of reinstating leased property to its original condition at the end of the lease term. The estimate is based on the square footage of leased properties and typical costs per square foot of restoring similar buildings to their original state. The Group expects \u00a32.1 million (2024: \u00a31.3 million) of the provision to be utilised within one year. The majority of the provision relates to leased property with a maturity date of greater than five years. Clawback provision The clawback provision represents amounts due to third parties less amounts recovered from Partners. The provision is based on estimates of the indemnity commission that may be repaid. The Group expects to utilise the provision on a straight-line basis over four years. With the exception of the Ongoing Service Evidence provision, it is considered that no reasonably possible level of changes in estimates would have a material impact on the value of the best estimate of the provisions. Contingent liabilities Complaints and disputes The Group is committed to achieving good client outcomes but does, in the normal course of business receive complaints and claims. The Group also engages with relevant regulators and other government authorities such as HMRC on specific matters. Also, and as described in the strategic report, the FCA continues to reinforce the need for firms to embed the Consumer Duty regulation and there remains a risk that we fail to provide quality suitable advice to clients, or that we fail to evidence the provision of good quality service and advice, which could result in regulatory sanction and/or a need to refund or compensate clients. These issues, as they arise, can be significant and where appropriate, provisions for any potential redress, legal and administration costs, and related tax implications, have been established in accordance with IAS 37. Guarantees During the normal course of business, the Group may from time to time provide guarantees to Partners, clients or other third parties. However, based upon the information currently available to them, the Directors do not believe there are any guarantees which would have a material adverse effect on the Group\u2019s financial position, and so the fair value of any guarantees has been assessed as \u00a3nil (2024: \u00a3nil). For further information, see the list of principal risks and uncertainties in the risk and control management section of the strategic report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "18. Other provisions and contingent liabilities
Complaints Ongoing Service Lease Clawback Total
provision Evidence provision provision provision provisions
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
At 1 January 2024
56.1
426.0
14.9
3.1
500.1
Additional provisions
21.8
\u2013
0.3
0.3
22.4
Utilised during the year
(24.9)
(18.5)
(0.1)
\u2013
(43.5)
Impact of discounting
\u2013
17.6
\u2013
\u2013
17.6
Release of provision
(35.3)
\u2013
(1.0)
\u2013
(36.3)
At 31 December 2024
17.7
425.1
14.1
3.4
460.3
Additional provisions
45.4
\u2013
1.2
0.6
47.2
Utilised during the year
(38.9)
(52.5)
(0.5)
\u2013
(91.9)
Impact of discounting
\u2013
9.2
\u2013
\u2013
9.2
Release of provision
(16.4)
(109.5)
(0.5)
\u2013
(126.4)
At 31 December 2025
7.8
272.3
14.3
4.0
298.4
Other provisions Complaints provision The provision represents the best estimate of the complaint redress, based on complaints identified, an assessment of the proportion redressed, and an estimated cost of redress based on historic experience. A reasonably possible change of 10% in the key assumption, being the proportion requiring redress, would result in an increase/decrease of circa \u00a30.6 million to the total complaints provision. It is estimated that significantly all the provision will be utilised over a one year period from the reporting date. Ongoing Service Evidence provision The Group has committed to review the sub-population of clients that have been charged for ongoing servicing since the start of 2018 but where the evidence of delivery falls below the acceptable standard. The provision represents the best estimate of the redress exercise, and includes refund of charges, together with interest, plus the administration costs associated with completing this work. The provision is based on an extrapolation of the experience of a representative cohort of clients. See Note 2 for further information. The provision that has been recognised includes an estimated refund of charges, together with interest at FOS rates, plus the administration costs associated with completing this work. Allowance is also made for discounting over the expected duration of the exercise. The release of \u00a3109.5 million during the year reflects the impacts of a) the Group\u2019s revised redress methodology implemented during the first half of the year, which better aligns to new industry guidance from the FCA and b) the Group\u2019s experience gained from the project across the year. IAS 37 and IAS 1 requires the Group to set out sensitivities. In compliance with these requirements, the following table sets out the potential change to the provision balance at 31 December 2025 if the key assumptions were to vary as described:
Change in profit/(loss) before tax
Change in 31 December 31 December
assumption 2025 2024
Sensitivity analysis
Percentage
\u00a3\u2019Million
\u00a3\u2019Million
Extrapolation from a representative cohort
+2%
(18.6)
(22.0)
\u2013 Variation in proportion of client population subject
to the review
-2%
18.6
22.0
Extrapolation from a representative cohort
+10%
(25.7)
(31.0)
\u2013 Variation in the level of charges, subject to refund
-10%
25.7
31.0
Opt-In response rate
+10%
(10.3)
(17.0)
\u2013 Variation in response rate
-10%
10.3
17.0
Administration costs
+10%
(2.0)
(12.0)
\u2013 Change in estimation of the cost to fulfil the exercise
(cost per claim)
-10%
2.0
12.0
It is estimated that significantly all the provision will be utilised within one year from the reporting date. Lease provision The lease provision represents the value of expected future costs of reinstating leased property to its original condition at the end of the lease term. The estimate is based on the square footage of leased properties and typical costs per square foot of restoring similar buildings to their original state. The Group expects \u00a32.1 million (2024: \u00a31.3 million) of the provision to be utilised within one year. The majority of the provision relates to leased property with a maturity date of greater than five years. Clawback provision The clawback provision represents amounts due to third parties less amounts recovered from Partners. The provision is based on estimates of the indemnity commission that may be repaid. The Group expects to utilise the provision on a straight-line basis over four years. With the exception of the Ongoing Service Evidence provision, it is considered that no reasonably possible level of changes in estimates would have a material impact on the value of the best estimate of the provisions. Contingent liabilities Complaints and disputes The Group is committed to achieving good client outcomes but does, in the normal course of business receive complaints and claims. The Group also engages with relevant regulators and other government authorities such as HMRC on specific matters. Also, and as described in the strategic report, the FCA continues to reinforce the need for firms to embed the Consumer Duty regulation and there remains a risk that we fail to provide quality suitable advice to clients, or that we fail to evidence the provision of good quality service and advice, which could result in regulatory sanction and/or a need to refund or compensate clients. These issues, as they arise, can be significant and where appropriate, provisions for any potential redress, legal and administration costs, and related tax implications, have been established in accordance with IAS 37. Guarantees During the normal course of business, the Group may from time to time provide guarantees to Partners, clients or other third parties. However, based upon the information currently available to them, the Directors do not believe there are any guarantees which would have a material adverse effect on the Group\u2019s financial position, and so the fair value of any guarantees has been assessed as \u00a3nil (2024: \u00a3nil). For further information, see the list of principal risks and uncertainties in the risk and control management section of the strategic report. Financial commitments Guarantees The Group guarantees loans provided by third parties to Partners. In the event of default on any individual Partner loan, the Group guarantees to repay the full amount of the loan, with the exception of Metro Bank. For this third-party the Group guarantees to cover losses up to 50% of the value to the total loans drawn. These loans are secured against the future income streams of the Partner. The value of the loans guaranteed is as follows:
Loans guaranteed
Facility
31 December 31 December 31 December 31 December
2025 2024 2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Bank of Scotland
8.0
12.3
16.0
16.0
Investec
24.1
26.5
50.0
50.0
Metro Bank
6.7
10.6
20.0
35.0
NatWest
23.8
27.5
75.0
75.0
Santander
165.3
171.4
210.6
206.6
Total loans
227.9
248.3
371.6
382.6
The fair value of these guarantees has been assessed as \u00a3nil (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "
19. Borrowings and financial commitments
Borrowings
Borrowings are a liability arising from financing activities. The Group has two different types
of borrowings:
senior unsecured corporate borrowings which are used to manage working capital,
bridge intra-Group cash flows and fund investment in the business
securitisation loan notes which are secured only on a legally segregated pool of the
Group\u2019s business loans to Partners, and hence are non-recourse to the Group\u2019s other assets.
Further information about business loans to Partners is provided in Note 15.
Senior unsecured corporate borrowings
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Corporate borrowings: bank loans
\u2013
250.0
Corporate borrowings: loan notes
125.6
138.3
Senior unsecured corporate borrowings
125.6
388.3
The primary senior unsecured corporate borrowings are:
an undrawn revolving credit facility (RCF) of \u00a3345.0 million which is repayable at maturity
in 2028 with variable interest rates. At 31 December 2025 the undrawn credit available under
this facility was \u00a3345.0 million (2024: \u00a3345.0 million).
a Note Purchase Agreement for \u00a325.6 million. The notes are repayable in two equal
instalments before maturity in 2027, with variable interest rates.
a Note Purchase Agreement for \u00a3100.0 million. The notes are repayable at maturity in 2031,
with variable interest rates.
During the year the fully drawn \u00a3250.0 million bridging loan was repaid in full and the facility
closed.
The combined drawn carrying value of the senior unsecured corporate borrowings as at
31 December 2025 is \u00a3125.6 million (2024: \u00a3388.3 million). The Group is required to comply with
financial covenants that are linked to (i) balance sheet leverage, (ii) total FUM, (iii) a minimum
level of net assets; and (iv) our Solvency II ratio at the end of each annual and interim reporting
period. The Group has complied with these covenants throughout the reporting period. There
are no indications that the Group would have difficulties complying with the covenants when
they will be next tested at 30 June 2026.
Total borrowings
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Senior unsecured corporate borrowings
125.6
388.3
Senior tranche of non-recourse securitisation loan notes
215.9
128.5
Total borrowings
341.5
516.8
Current
55.5
41.3
Non-current
286.0
475.5
341.5
516.8
The senior tranche of securitisation loan notes are repayable over the expected life of the
securitisation (estimated to be five years) with a variable interest rate. They are held by
third-party investors and secured on a legally segregated portfolio of business loans to
Partners, and on the other net assets of the securitisation entity SJP Partner Loans No.1 Limited.
Holders of the securitisation loan notes have no recourse to the assets held by any other entity
within the Group. For further information on business loans to Partners, including the sale of
securitised business loans to Partners during the year, refer to Note 15.
In addition to the senior tranche of securitisation loan notes, a junior tranche has been issued
to another entity within the Group. The junior notes were eliminated on consolidation in the
preparation of the Group financial statements and so do not form part of Group borrowings.
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Junior tranche of non-recourse securitisation loan notes
63.7
48.2
Senior tranche of non-recourse securitisation loan notes
215.9
128.5
Total non-recourse securitisation loan notes
279.6
176.7
Backed by
Securitised business loans to Partners (see Note 15)
269.8
170.7
Other net assets of SJP Partner Loans No.1 Limited
9.8
6.0
Total net assets held by SJP Partner Loans No.1 Limited
279.6
176.7
Movement in borrowings
Borrowings are liabilities arising from financing activities. The cash and non-cash movements
in borrowings over the year are set out below, with the cash movements also set out in the
consolidated statement of cash flows.
2025
2024
Senior Senior Senior Senior
unsecured tranche of unsecured tranche of
corporate securitisation Total corporate securitisation Total
borrowings loan notes borrowings borrowings loan notes borrowings
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
388.3
128.5
516.8
201.1
50.3
251.4
Additional borrowing
during the year
\u2013
135.7
135.7
360.0
113.8
473.8
Repayment of borrowings
during the year
(262.7)
(49.0)
(311.7)
(172.8)
(35.3)
(208.1)
Costs on additional
borrowings during
the year
\u2013
(0.1)
(0.1)
(0.7)
(1.0)
(1.7)
Unwind of borrowing costs
(non-cash movement)
0.4
0.8
1.2
0.9
0.7
1.6
Reclassification of
prepaid loan facility
expense to prepayments
(0.4)
\u2013
(0.4)
(0.2)
\u2013
(0.2)
Balance at 31 December
125.6
215.9
341.5
388.3
128.5
516.8
The fair value of the outstanding borrowings is not materially different from amortised cost.
Interest expense on borrowings is recognised within Finance costs in the consolidated
statement of comprehensive income.
Financial commitments
Guarantees
The Group guarantees loans provided by third parties to Partners. In the event of default on
any individual Partner loan, the Group guarantees to repay the full amount of the loan, with the
exception of Metro Bank. For this third-party the Group guarantees to cover losses up to 50% of
the value to the total loans drawn. These loans are secured against the future income streams
of the Partner. The value of the loans guaranteed is as follows:
Loans guaranteed
Facility
31 December 31 December 31 December 31 December
2025 2024 2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Bank of Scotland
8.0
12.3
16.0
16.0
Investec
24.1
26.5
50.0
50.0
Metro Bank
6.7
10.6
20.0
35.0
NatWest
23.8
27.5
75.0
75.0
Santander
165.3
171.4
210.6
206.6
Total loans
227.9
248.3
371.6
382.6
The fair value of these guarantees has been assessed as \u00a3nil (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "19. Borrowings and financial commitments Borrowings Borrowings are a liability arising from financing activities. The Group has two different types of borrowings: senior unsecured corporate borrowings which are used to manage working capital, bridge intra-Group cash flows and fund investment in the business securitisation loan notes which are secured only on a legally segregated pool of the Group\u2019s business loans to Partners, and hence are non-recourse to the Group\u2019s other assets. Further information about business loans to Partners is provided in Note 15. Senior unsecured corporate borrowings
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Corporate borrowings: bank loans
\u2013
250.0
Corporate borrowings: loan notes
125.6
138.3
Senior unsecured corporate borrowings
125.6
388.3
The primary senior unsecured corporate borrowings are: an undrawn revolving credit facility (RCF) of \u00a3345.0 million which is repayable at maturity in 2028 with variable interest rates. At 31 December 2025 the undrawn credit available under this facility was \u00a3345.0 million (2024: \u00a3345.0 million). a Note Purchase Agreement for \u00a325.6 million. The notes are repayable in two equal instalments before maturity in 2027, with variable interest rates. a Note Purchase Agreement for \u00a3100.0 million. The notes are repayable at maturity in 2031, with variable interest rates. During the year the fully drawn \u00a3250.0 million bridging loan was repaid in full and the facility closed. The combined drawn carrying value of the senior unsecured corporate borrowings as at 31 December 2025 is \u00a3125.6 million (2024: \u00a3388.3 million). The Group is required to comply with financial covenants that are linked to (i) balance sheet leverage, (ii) total FUM, (iii) a minimum level of net assets; and (iv) our Solvency II ratio at the end of each annual and interim reporting period. The Group has complied with these covenants throughout the reporting period. There are no indications that the Group would have difficulties complying with the covenants when they will be next tested at 30 June 2026. Total borrowings
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Senior unsecured corporate borrowings
125.6
388.3
Senior tranche of non-recourse securitisation loan notes
215.9
128.5
Total borrowings
341.5
516.8
Current
55.5
41.3
Non-current
286.0
475.5
341.5
516.8
The senior tranche of securitisation loan notes are repayable over the expected life of the securitisation (estimated to be five years) with a variable interest rate. They are held by third-party investors and secured on a legally segregated portfolio of business loans to Partners, and on the other net assets of the securitisation entity SJP Partner Loans No.1 Limited. Holders of the securitisation loan notes have no recourse to the assets held by any other entity within the Group. For further information on business loans to Partners, including the sale of securitised business loans to Partners during the year, refer to Note 15. In addition to the senior tranche of securitisation loan notes, a junior tranche has been issued to another entity within the Group. The junior notes were eliminated on consolidation in the preparation of the Group financial statements and so do not form part of Group borrowings.
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Junior tranche of non-recourse securitisation loan notes
63.7
48.2
Senior tranche of non-recourse securitisation loan notes
215.9
128.5
Total non-recourse securitisation loan notes
279.6
176.7
Backed by
Securitised business loans to Partners (see Note 15)
269.8
170.7
Other net assets of SJP Partner Loans No.1 Limited
9.8
6.0
Total net assets held by SJP Partner Loans No.1 Limited
279.6
176.7
Movement in borrowings Borrowings are liabilities arising from financing activities. The cash and non-cash movements in borrowings over the year are set out below, with the cash movements also set out in the consolidated statement of cash flows.
2025
2024
Senior Senior Senior Senior
unsecured tranche of unsecured tranche of
corporate securitisation Total corporate securitisation Total
borrowings loan notes borrowings borrowings loan notes borrowings
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
388.3
128.5
516.8
201.1
50.3
251.4
Additional borrowing
during the year
\u2013
135.7
135.7
360.0
113.8
473.8
Repayment of borrowings
during the year
(262.7)
(49.0)
(311.7)
(172.8)
(35.3)
(208.1)
Costs on additional
borrowings during
the year
\u2013
(0.1)
(0.1)
(0.7)
(1.0)
(1.7)
Unwind of borrowing costs
(non-cash movement)
0.4
0.8
1.2
0.9
0.7
1.6
Reclassification of
prepaid loan facility
expense to prepayments
(0.4)
\u2013
(0.4)
(0.2)
\u2013
(0.2)
Balance at 31 December
125.6
215.9
341.5
388.3
128.5
516.8
The fair value of the outstanding borrowings is not materially different from amortised cost. Interest expense on borrowings is recognised within Finance costs in the consolidated statement of comprehensive income. Financial commitments Guarantees The Group guarantees loans provided by third parties to Partners. In the event of default on any individual Partner loan, the Group guarantees to repay the full amount of the loan, with the exception of Metro Bank. For this third-party the Group guarantees to cover losses up to 50% of the value to the total loans drawn. These loans are secured against the future income streams of the Partner. The value of the loans guaranteed is as follows:
Loans guaranteed
Facility
31 December 31 December 31 December 31 December
2025 2024 2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Bank of Scotland
8.0
12.3
16.0
16.0
Investec
24.1
26.5
50.0
50.0
Metro Bank
6.7
10.6
20.0
35.0
NatWest
23.8
27.5
75.0
75.0
Santander
165.3
171.4
210.6
206.6
Total loans
227.9
248.3
371.6
382.6
The fair value of these guarantees has been assessed as \u00a3nil (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "
20. Financial risk
Risk management objectives and risk policies
The Group\u2019s financial risk can usefully be considered by looking at two categories of assets:
Assets backing unit liabilities (see Note 14)
Shareholder assets.
In general, the policyholder bears the financial risk arising on assets backing the unitised
business, and risk arising on shareholder assets is minimised through investment in liquid
assets with a strong credit rating.
Exposure to the following risks for the two categories of assets is analysed separately in the
following sections, in line with the requirements of IFRS 7:
Credit risk
Liquidity risk
Market risk
Currency risk
Credit risk is the risk of loss due to a debtor\u2019s non-payment of a loan or other line of credit.
Credit risk also arises from holdings of cash and cash equivalents, deposits and formal loans
with banks and financial institutions. The Group has adopted a risk-averse approach to such
risk and has a stated policy of not actively pursuing or accepting credit risk except when
necessary to support other objectives.
Risk
Description
Management
Shareholders\u2019 Loss of assets Shareholder funds are predominantly invested in AAA-
assets or reduction rated unitised money market funds, which are classified
in value. as investments in Collective Investment Schemes (CIS),
and deposits with approved banks, but may be invested
in sovereign fixed interest securities such as UK gilts where
regulatory constraints on other assets apply. Maximum
counterparty limits are set for each company within the
Group and aggregate limits are also set at a Group level.
Reinsurance Failure of Credit ratings of potential reinsurers must meet or exceed
counterparty, AA-. Consideration is also given to size, risk concentrations/
or counterparty exposures and ownership in the selection of reinsurers.
unable to meet The Group also seeks to diversify its reinsurance credit
liabilities. risk through the use of a spread of reinsurers.
Business loans Inability of Partners Loans and advances are managed in line with the Group\u2019s
to Partners to repay loans or Secured Lending policy. Loans are secured on the future
advances from the renewal income stream expected from a Partner\u2019s portfolio,
Group. and loan advances vary in relation to the projected future
income of the relevant Partner. Outstanding balances are
regularly reviewed and assessed on a conservative basis.
Support is provided to help Partners manage their
businesses appropriately. Expected credit losses are
recognised as provisions against the loans.
Liquidity risk is the risk that the Group, although solvent, either does not have available sufficient
financial resources to enable it to meet its obligations as they fall due, or can secure such
resources only at excessive cost. The Group is averse to liquidity risk and seeks to minimise
this risk by not actively pursuing it except where necessary to support other objectives.
Risk
Description
Management
Cash or A significant cash The majority of free assets are invested in cash or cash
expense or expense equivalents and the cash position and forecast are
requirement requirement needs monitored on a monthly basis. The Group also maintains
to be met at short a margin of free assets in excess of the minimum required
notice. solvency capital within its regulated entities. Further, the
Group has established committed borrowing facilities
(see Note 19) intended to further mitigate liquidity risk.
Market risk is the impact a fall in the value of equity or other asset markets may have on
the business. The Group adopts a risk-averse approach to market risk, with a stated Solvency
policy of not actively pursuing or accepting market risk except where necessary to support
other objectives. However, the Group accepts the risk that a fall in equity or other asset markets
will reduce the level of annual management charge income derived from policyholder assets
and the consequent risk of lower future profits.
The table below summarises the main market risks that the business is exposed to and the
methods by which the Group seeks to mitigate them.
Risk
Description
Management
Client liabilities
As a result of a reduction
This risk is substantially mitigated by the Group\u2019s
in equity values, the strategic focus on unitised business, by not
Group may be unable providing guarantees to clients on policy values
to meet client liabilities. and by the matching of assets and liabilities.
Retention Loss of future profit on Retention of investment contracts is closely
investment contracts monitored and unexpected experience
due to more clients than variances are investigated. Retention has
anticipated withdrawing remained consistently strong throughout
their funds, particularly 2025 despite the volatile market conditions
as a result of poor experienced.
investment performance.
New business Poor performance in The benefit to clients of longer-term equity
the financial markets investment as part of a diversified portfolio
in absolute terms, of assets is fundamental to our philosophy.
and relative to inflation, Advice becomes even more important when
leads to existing and market values fall, and greater attention is
future clients rejecting required to support and give confidence to
investment in longer- existing and future clients in such circumstances.
term assets. In addition, as controls against poor performance
the Group monitors asset allocations across
portfolios to ensure they are working as expected
to meet long-term goals, and monitors funds
against their objectives to ensure an appropriate
level of investment risk. Where necessary, fund
managers are changed.
The Group is not subject to any significant direct currency risk, since all material shareholder
financial assets and financial liabilities are denominated in pounds Sterling. However, since
future profits are dependent on charges based on funds under management (FUM), changes
in FUM as a result of currency movements will impact future profits.
Shareholder assets Categories of financial assets and financial liabilities The categories and carrying values of the shareholder financial assets and financial liabilities held in the Group\u2019s statement of financial position are summarised in the table below. The impact of climate change does not have a material impact on the fair values of the assets summarised below.
2025
2024
Financial assets Financial Financial Financial assets Financial Financial
at fair value liabilities at fair Financial assets liabilities at fair value liabilities at fair Financial assets liabilities
through profit value through measured at measured at through profit value through measured at measured at
and loss profit and loss amortised cost
amortised cost
Total
and loss profit and loss amortised cost
amortised cost
Total
Financial assets
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Fixed income securities
10.3
\u2013
\u2013
\u2013
10.3
8.6
\u2013
\u2013
\u2013
8.6
Investment in Collective Investment Schemes
1
2,403.7
\u2013
\u2013
\u2013
2,403.7
2,194.3
\u2013
\u2013
\u2013
2,194.3
Other receivables
2
\u2013 Business loans to Partners
\u2013
\u2013
639.9
\u2013
639.9
\u2013
\u2013
557.3
\u2013
557.3
\u2013 Renewal income assets
119.8
\u2013
\u2013
\u2013
119.8
121.0
\u2013
\u2013
\u2013
121.0
\u2013 Other
\u2013
\u2013
843.3
\u2013
843.3
\u2013
\u2013
760.9
\u2013
760.9
Total other receivables
119.8
\u2013
1,483.2
\u2013
1,603.0
121.0
\u2013
1,318.2
\u2013
1,439.2
Cash and cash equivalents
\u2013
\u2013
329.6
\u2013
329.6
\u2013
\u2013
352.6
\u2013
352.6
Total financial assets
2,533.8
\u2013
1,812.8
\u2013
4,346.6
2,323.9
\u2013
1,670.8
\u2013
3,994.7
Financial liabilities
Borrowings
\u2013
\u2013
\u2013
341.5
341.5
\u2013
\u2013
\u2013
516.8
516.8
Other payables
\u2013 Lease liabilities : properties
\u2013
\u2013
\u2013
100.8
100.8
\u2013
\u2013
\u2013
107.2
107.2
\u2013 Contingent consideration
\u2013
8.1
\u2013
\u2013
8.1
\u2013
5.3
\u2013
\u2013
5.3
\u2013 Other
\u2013
\u2013
\u2013
1,517.2
1,517.2
\u2013
\u2013
\u2013
1,339.1
1,339.1
Total other payables
\u2013
8.1
\u2013
1,618.0
1,626.1
\u2013
5.3
\u2013
1,446.3
1,451.6
Total financial liabilities
\u2013
8.1
\u2013
1,959.5
1,967.6
\u2013
5.3
\u2013
1,963.1
1,968.4
1 All assets included as shareholder investment in Collective Investment Schemes are holdings of high-quality, highly liquid money market funds, containing assets which are cash and cash equivalents. 2 Other receivables exclude prepayments and advanced payments to Partners, which are not considered financial assets.
Income, expense, gains and losses arising from financial assets and financial liabilities
The income, expense, gains and losses arising from shareholder financial assets and financial liabilities are summarised in the table below:
2025
2024
Financial assets Financial Financial assets Financial
at fair value Financial assets liabilities at fair value Financial assets liabilities
through profit measured at measured at through profit measured at measured at
and loss amortised cost
amortised cost
Total
and loss amortised cost
amortised cost
Total
Financial assets
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Fixed income securities
1.3
\u2013
\u2013
1.3
1.1
\u2013
\u2013
1.1
Investment in Collective Investment Schemes
96.6
\u2013
\u2013
96.6
108.7
\u2013
\u2013
108.7
Other receivables
\u2013 Business loans to Partners
\u2013
43.5
\u2013
43.5
\u2013
36.2
\u2013
36.2
\u2013 Renewal income assets
(17.2)
\u2013
\u2013
(17.2)
(21.4)
\u2013
\u2013
(21.4)
Total other receivables
(17.2)
43.5
\u2013
26.3
(21.4)
36.2
\u2013
14.8
Cash and cash equivalents
\u2013
18.0
\u2013
18.0
\u2013
15.5
\u2013
15.5
Total financial assets
80.7
61.5
\u2013
142.2
88.4
51.7
\u2013
140.1
Financial liabilities
Borrowings
\u2013
\u2013
(24.0)
(24.0)
\u2013
\u2013
(33.0)
(33.0)
Other payables
\u2013 Lease liabilities: properties
\u2013
\u2013
(2.8)
(2.8)
\u2013
\u2013
(3.2)
(3.2)
\u2013 Other
\u2013
\u2013
(2.1)
(2.1)
\u2013
\u2013
(0.2)
(0.2)
Total other payables
\u2013
\u2013
(4.9)
(4.9)
\u2013
\u2013
(3.4)
(3.4)
Total financial liabilities
\u2013
\u2013
(28.9)
(28.9)
\u2013
\u2013
(36.4)
(36.4)
Losses on renewal income assets have been recognised within the investment return line in the statement of comprehensive income.
Fair value estimation Financial assets and liabilities which are held at fair value in the financial statements are required to have disclosed their fair value measurements by level from the following fair value measurement hierarchy: quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2) inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the Group\u2019s shareholder assets and liabilities measured at fair value.
Level 1
Level 2
Level 3
Total balance
2025
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets
Fixed income securities
10.3
\u2013
\u2013
10.3
Investment in Collective Investment Schemes
1
2,403.7
\u2013
\u2013
2,403.7
Renewal income assets
\u2013
\u2013
119.8
119.8
Total financial assets
2,414.0
\u2013
119.8
2,533.8
Financial liabilities
Contingent consideration
\u2013
\u2013
8.1
8.1
Total financial liabilities
\u2013
\u2013
8.1
8.1
Level 1
Level 2
Level 3
Total balance
2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets
Fixed income securities
8.6
\u2013
\u2013
8.6
Investment in Collective Investment Schemes
1
2,194.3
\u2013
\u2013
2,194.3
Renewal income assets
\u2013
\u2013
121.0
121.0
Total financial assets
2,202.9
\u2013
121.0
2,323.9
Financial liabilities
Contingent consideration
\u2013
\u2013
5.3
5.3
Total financial liabilities
\u2013
\u2013
5.3
5.3
1 All assets included as shareholder investment in Collective Investment Schemes are holdings of high-quality, highly liquid unitised money market funds, containing assets which are cash and cash equivalents. The fair value of financial instruments traded in active markets is based on quoted bid prices at the reporting date. These instruments are included in Level 1. Level 2 financial assets and liabilities are valued using observable prices for identical current arm\u2019s-length transactions. The renewal income assets are classified as Level 3 and are valued using a discounted cash flow technique and the assumptions outlined in Note 15. The effect of applying reasonably possible alternative assumptions of a movement of 200bps on the discount rate and a 10% movement in the lapse rate would result in an unfavourable change in valuation of \u00a310.8 million (2024: \u00a310.0 million) and a favourable change in valuation of \u00a313.1 million (2024: \u00a312.0 million), respectively. The contingent consideration liability is classified as Level 3 and is valued based on the terms set out in the various sale and purchase agreements. Given the nature of the valuation basis the effect of applying reasonably possible alternative assumptions would result in an unfavourable change of \u00a3nil (2024: \u00a3nil) and favourable change of \u00a38.1 million (2024: \u00a35.3 million). There were no transfers between Level 1 and Level 2 during the year, nor into or out of Level 3. The following tables present the changes in Level 3 financial assets and liabilities at fair value through the profit and loss: Financial assets
2025
2024
Renewal income assets
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
121.0
138.3
Additions during the year
16.2
4.8
Disposals during the year
(0.3)
(0.7)
Unrealised losses recognised in the statement of comprehensive
income
(17.1)
(21.4)
Balance at 31 December
119.8
121.0
Unrealised losses on renewal income assets are recognised within investment return in the consolidated statement of comprehensive income. Financial liabilities
2025
2024
Contingent consideration
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
5.3
3.2
Additions during the year
8.2
3.4
Payments made during the year
(4.8)
(1.3)
Released during the year
(0.6)
\u2013
Balance at 31 December
8.1
5.3
Credit risk
The following table sets out the maximum credit risk exposure and ratings of shareholder financial and other assets which are susceptible to credit risk:
2025
2024
AAA
AA
A
BB
Unrated
Total
AAA
AA
A
BB
Unrated
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Fixed income securities
\u2013
10.3
\u2013
\u2013
\u2013
10.3
\u2013
8.6
\u2013
\u2013
\u2013
8.6
Investment in Collective Investment Schemes
1
2,403.7
\u2013
\u2013
\u2013
\u2013
2,403.7
2,194.3
\u2013
\u2013
\u2013
\u2013
2,194.3
Other receivables
\u2013
8.8
\u2013
\u2013
1,594.2
1,603.0
\u2013
10.8
\u2013
\u2013
1,428.4
1,439.2
Cash and cash equivalents
\u2013
157.6
172.0
\u2013
\u2013
329.6
\u2013
187.9
164.7
\u2013
\u2013
352.6
Total
2,403.7
176.7
172.0
\u2013
1,594.2
4,346.6
2,194.3
207.3
164.7
\u2013
1,428.4
3,994.7
1 Investment of shareholder assets in Collective Investment Schemes refers to investment in unitised money market funds, containing assets which are cash and cash equivalents.
Other receivables includes \u00a3639.9 million (2024: \u00a3557.3 million) of business loans to Partners, which are interest-bearing (linked to Bank of England base rate plus a margin), repayable in line with
the terms of the loan contract and secured against the future renewal income streams of the respective Partners.
Impairment of these loans is determined using the expected loss model set out in IFRS 9. Expected credit losses are based on the historic levels of loss experienced on business loans to Partners,
with due consideration given to forward-looking information. A range of factors, including the nature or type of the loan and the security held, are taken into account in calculating the provision.
The loan balance is presented net of a \u00a39.2 million provision (2024: \u00a38.5 million); see Note 15. The movement in the impairment provision will reflect utilisation of the existing provision during the
year, but the overall cost of business loans to Partners (including new provisions) recognised within administration expenses in the statement of comprehensive income during the year was a
charge of \u00a30.7 million (2024: \u00a36.8 million).
Contractual maturity and liquidity analysis
The following table sets out the contractual maturity analysis of the Group\u2019s financial assets and financial liabilities. All financial liabilities are undiscounted:
2025
2024
Up to 1 year
1 to 5 years
Over 5 years
Total
Up to 1 year
1 to 5 years
Over 5 years
Total
Financial assets
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Fixed income securities
10.3
\u2013
\u2013
10.3
8.6
\u2013
\u2013
8.6
Investment in Collective Investment Schemes
2,403.7
\u2013
\u2013
2,403.7
2,194.3
\u2013
\u2013
2,194.3
Other receivables
\u2013 Business loans to Partners
79.6
293.3
267.0
639.9
88.1
247.8
221.4
557.3
\u2013 Renewal income
22.6
51.3
45.9
119.8
23.1
52.2
45.7
121.0
\u2013 Other
843.3
\u2013
\u2013
843.3
760.9
\u2013
\u2013
760.9
Total other receivables
945.5
344.6
312.9
1,603.0
872.1
300.0
267.1
1,439.2
Cash and cash equivalents
329.6
\u2013
\u2013
329.6
352.6
\u2013
\u2013
352.6
Total financial assets
3,689.1
344.6
312.9
4,346.6
3,427.6
300.0
267.1
3,994.7
Financial liabilities
Borrowings
76.2
167.9
174.1
418.2
58.4
389.7
141.8
589.9
Other payables
\u2013 Lease liabilities: properties
18.4
60.2
65.9
144.5
14.6
60.6
74.1
149.3
\u2013 Contingent consideration
0.2
7.9
\u2013
8.1
2.3
3.0
\u2013
5.3
\u2013 Other
1,471.8
38.0
13.5
1,523.3
1,281.7
48.0
18.0
1,347.7
Total other payables
1,490.4
106.1
79.4
1,675.9
1,298.6
111.6
92.1
1,502.3
Total financial liabilities
1,566.6
274.0
253.5
2,094.1
1,357.0
501.3
233.9
2,092.2
Sensitivity analysis to market risks
Financial assets and liabilities held outside unitised funds primarily consist of fixed interest securities, units in money market funds, cash and cash equivalents, and other accounting assets and
liabilities. The fixed interest securities are short-term and are held as an alternative to cash. Similarly, cash held in unitised money market funds and at bank is valued at par and is unaffected by
movements in interest rates. Other assets and liabilities are similarly unaffected by market movements.
As a result of these combined factors, the Group\u2019s financial assets and liabilities held outside unitised funds are not materially subject to market risk, and movements at the reporting date
in interest rates and equity values have an immaterial impact on the Group\u2019s profit after tax and equity. However, future profits from annual management charges may be affected by movements
in interest rates and equity values.
Unit liabilities and associated assets
Categories of financial assets and financial liabilities
Assets held to cover unit liabilities are summarised in Note 14, and all are held at fair value
through profit or loss. Equities, investments in unit trusts which sit within investment in Collective
Investment Schemes, and derivative financial assets are required to be held at fair value
through profit or loss by IFRS 9, as they are equity instruments or derivatives. All other assets
held to cover unit liabilities are elected to be held at fair value through profit or loss to match
the fair value through profit or loss classification which is required for unit liabilities. They are
designated as such upon initial recognition.
Income, expense, gains and losses arising from financial assets, investment properties
and financial liabilities
The income, expense, gains and losses arising from financial assets, investment properties and
financial liabilities are summarised in the table below:
31 December 31 December
2025 2024
Financial assets and investment properties
\u00a3\u2019Million
\u00a3\u2019Million
Investment properties
19.5
48.0
Other assets backing unit liabilities
20,024.1
15,594.6
Total financial assets and investment properties
20,043.6
15,642.6
Financial liabilities
1
Unit liabilities
(20,054.6)
(15,652.1)
Total financial liabilities
(20,054.6)
(15,652.1)
1 None of the change in the fair value of financial liabilities at fair value through profit or loss is attributable to
changes in their credit risk.
The investment properties figure of \u00a330.5 million for the year ended 31 December 2025
(2024: \u00a348.0 million) includes direct operating expenses of \u00a311.0 million (2024: \u00a39.5 million).
Gains/(losses) have been recognised within the investment return line in the statement of
comprehensive income.
Fair value estimation
Financial assets and liabilities which are held at fair value in the financial statements are
required to have disclosed their fair value measurements, split by level in the fair value
measurement hierarchy. The following table presents the Group\u2019s unit liabilities and associated
assets measured at fair value:
Level 1
Level 2
Level 3
Total balance
31 December 2025
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets and investment properties
Investment property
\u2013
\u2013
370.3
370.3
Equities
147,423.5
\u2013
384.0
147,807.5
Fixed income securities
7,741.1
23,772.7
40.0
31,553.8
Investment in Collective Investment Schemes
30,284.5
\u2013
13.7
30,298.2
Derivative financial assets
\u2013
2,908.7
\u2013
2,908.7
Cash and cash equivalents
5,854.9
\u2013
\u2013
5,854.9
Total financial assets and investment properties
191,304.0
26,681.4
808.0
218,793.4
Financial liabilities
Investment contract benefits
\u2013
163,728.7
\u2013
163,728.7
Derivative financial liabilities
\u2013
2,412.1
\u2013
2,412.1
Net asset value attributable to unit holders
51,982.8
\u2013
\u2013
51,982.8
Total financial liabilities
51,982.8
166,140.8
\u2013
218,123.6
Level 1
Level 2
Level 3
Total balance
31 December 2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets and investment properties
Investment property
\u2013
\u2013
892.3
892.3
Equities
129,554.8
\u2013
994.2
130,549.0
Fixed income securities
6,938.3
19,059.7
111.9
26,109.9
Investment in Collective Investment Schemes
23,447.1
\u2013
11.3
23,458.4
Derivative financial assets
\u2013
2,812.8
\u2013
2,812.8
Cash and cash equivalents
5,311.3
\u2013
\u2013
5,311.3
Total financial assets and investment properties
165,251.5
21,872.5
2,009.7
189,133.7
Financial liabilities
Investment contract benefits
\u2013
141,038.8
\u2013
141,038.8
Derivative financial liabilities
\u2013
3,052.1
\u2013
3,052.1
Net asset value attributable to unit holders
44,699.5
\u2013
\u2013
44,699.5
Total financial liabilities
44,699.5
144,090.9
\u2013
188,790.4
In respect of the derivative financial liabilities, \u00a37.5 million of collateral had been posted as at
31 December 2025 (2024: \u00a3158.8 million), comprising cash and treasury bills, in accordance with
the terms and conditions of the derivative contracts.
The fair value of financial instruments traded in active markets is based on quoted bid prices
at the reporting date. These instruments are included in Level 1.
The Group closely monitors the valuation of assets in markets that have become less liquid.
Determining whether a market is active requires the exercise of judgement and is determined
based upon the facts and circumstances of the market for the instrument being measured.
Where it is determined that there is no active market, fair value is established using a valuation
technique. The techniques applied incorporate relevant information available and reflect
appropriate adjustments for credit and liquidity risks. These valuation techniques maximise
the use of observable market data where it is available and rely as little as possible on entity-
specific estimates. The relative weightings given to differing sources of information and the
determination of non-observable inputs to valuation models can require the exercise of
significant judgement.
If all significant inputs required to fair-value an instrument are observable, the instrument is
included in Level 2. If one or more of the significant inputs is not based on observable market
data, the instrument is included in Level 3.
Note that all of the resulting fair value estimates are included in Level 2, except for certain
equities, fixed income securities, investments in Collective Investment Schemes and investment
properties as detailed below.
Specific valuation techniques used to value Level 2 financial assets and liabilities include
the use of observable prices for identical current arm\u2019s-length transactions, specifically:
the fair value of fixed income securities is determined by inputs including interest rates
and market-observable yield curves of similar instruments in the market
the fair value of unit-linked liabilities is assessed by reference to the underlying net asset
value of the Group\u2019s unitised investment funds, determined on a bid value basis, at the
reporting date
the Group\u2019s derivative financial instruments are valued using valuation techniques
commonly used by market participants. These consist of discounted cash flow and option
pricing models, which typically incorporate observable market data, principally interest
rates, basis spreads, foreign exchange rates, equity prices and counterparty credit.
Specific valuation techniques used to value Level 3 financial assets and liabilities include:
the use of unobservable inputs, such as expected rental values and equivalent yields
other techniques, such as discounted cash flow and historic lapse rates, which are used
to determine fair value for the remaining financial instruments.
There were no transfers between Level 1 and Level 2 during the year.
Transfers into and out of Level 3 portfolios
The Group\u2019s policy is to recognise transfers into and out of levels as of the end of each reporting
period except for material transfers which are recognised as of the date of the event or change
in circumstances that caused the transfer. Transfers out of Level 3 portfolios arise when inputs
that could have a significant impact on the instrument\u2019s valuation become market-observable;
conversely, transfers into the portfolios arise when consistent sources of data cease to
be available.
Transfers in of certain investments in Collective Investment Schemes occur when asset
valuations can no longer be obtained from an observable market price; e.g. where they have
become illiquid, in liquidation, suspended, etc. The converse is true if an observable market
price becomes available.
The following table presents the changes in Level 3 financial assets and liabilities at fair value
through profit and loss:
Fixed Collective
Investment income Investment
property
securities
Equities
Schemes
2025
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2025
892.3
111.9
994.2
11.3
Transfer into Level 3
\u2013
5.4
\u2013
2.8
Additions during the year
14.4
31.9
29.7
\u2013
Disposals during the year
(529.0)
(101.8)
(557.4)
(0.2)
Losses recognised in the income statement
(7.4)
(7.4)
(82.5)
(0.2)
Balance at 31 December 2025
370.3
40.0
384.0
13.7
Realised gains
/(
losses
)
21.1
(8.6)
146.4
\u2013
Unrealised (losses)/gains
(28.5)
1.2
(228.9)
(0.2)
Losses recognised in the income statement
(7.4)
(7.4)
(82.5)
(0.2)
Fixed Collective
Investment income Investment
property
securities
Equities
Schemes
2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2024
1,110.3
346.5
1,627.0
7.4
Transfer into Level 3
\u2013
4.8
\u2013
4.0
Additions during the year
15.8
33.9
62.7
\u2013
Disposals during the year
(230.5)
(270.2)
(724.4)
(0.5)
(
Losses
)/
gains recognised in the income statement
(3.3)
(3.1)
28.9
0.4
Balance at 31 December 2024
892.3
111.9
994.2
11.3
Realised
(
losses
)/
gains
(95.3)
(2.0)
177.6
\u2013
Unrealised gains
/(
losses)
92.0
(1.1)
(148.7)
0.4
(
Losses
)/
gains recognised in the income statement
(3.3)
(3.1)
28.9
0.4
Unrealised and realised (losses)/gains for all Level 3 assets are recognised within investment
return in the statement of comprehensive income.
Level 3 valuations
Investment property
At 31 December 2025 the Group held \u00a3370.3 million (2024: \u00a3892.3 million) of investment property,
all of which is classified as Level 3 in the fair value hierarchy. It is initially measured at cost
including related acquisition costs and subsequently valued at least monthly by professional
external valuers at the properties\u2019 respective fair values at each reporting date. The fair values
derived are based on anticipated market values for the properties in accordance with guidance
issued by the Royal Institution of Chartered Surveyors, being the estimated amount that would
be received from a sale of the assets in an orderly transaction between market participants.
The valuation of investment property is inherently subjective as it requires, among other factors,
assumptions to be made regarding the ability of existing tenants to meet their rental obligations
over the entire life of their leases; the estimation of the expected rental income into the future;
the assessment of a property\u2019s potential to remain as an attractive technical configuration to
existing and prospective tenants in a changing market; and a judgement on the attractiveness
of a building, its location and the surrounding environment.
Investment property classification
31 December 2025
Office
Industrial
Retail and leisure
All
Gross ERV (per sq ft)
1
Range
\u00a328.43-\u00a363.50
\u00a312.00-\u00a324.00
\u00a31.86-\u00a380.00
\u00a31.86-\u00a380.00
Weighted average
\u00a341.25
\u00a316.46
\u00a319.15
\u00a319.34
True equivalent yield
Range
7.0%-9.5%
5.0%-10.0%
4.5%-32.5%
4.5%-32.5%
Weighted average
8.2%
5.5%
8.0%
7.4%
Investment property classification
31 December 2024
Office
Industrial
Retail and leisure
All
Gross ERV (per sq ft)
1
Range
\u00a331.00 to \u00a3120.00
\u00a35.50 to \u00a324.00
\u00a31.86 to \u00a380.00
\u00a31.86 to \u00a3120.00
Weighted average
\u00a349.70
\u00a314.46
\u00a313.96
\u00a317.70
True equivalent yield
Range
4.7% to 10.5%
4.6% to 7.0%
5.7% to 9.1%
4.7% to 10.5%
Weighted average
6.8%
5.6%
7.3%
6.3%
1 Equivalent rental value (per square foot).
Fixed income securities and equities
At 31 December 2025 the Group held \u00a340.0 million (2024: \u00a3111.9 million) in private credit investments,
and \u00a3384.0 million (2024: \u00a3994.2 million) in private market investments through the St. James\u2019s Place
Diversified Assets (FAIF) Unit Trust. These are recognised within fixed income securities and
equities, respectively, in the consolidated statement of financial position. They are measured
at fair value, with the best evidence of the fair value at initial recognition being the transaction
price, i.e. the fair value of the consideration given or received. Following initial recognition, a
monthly valuation process occurs which includes verification by suitably qualified professional
external valuers, who are members of various industry bodies including the British Private Equity
and Venture Capital Association.
The fair values of the private credit investments are principally determined using two
valuation methods:
1. The shadow rating method, which assigns a shadow credit rating to the debt-issuing entity
and determines an expected yield with reference to observable yields for comparable
companies with a public credit rating in the loan market.
2. The weighted average cost of capital (WACC) method, which determines the debt-issuing
entity\u2019s WACC with reference to observable market comparatives.
The expected yield and WACC are used as the discount rates to calculate the present value
of the expected future cash flows under the shadow rating and WACC methods respectively,
which is taken to be the fair value.
The fair values of the private market investments are principally determined using two
valuation methods:
1. A market approach with reference to suitable market comparatives.
2. An income approach using discounted cash flow analysis which assesses the fair value
of each asset based on its expected future cash flows.
The output of each method for both the private credit and private market investments is a
range of values, from which the mid-point is selected to be the fair value in the majority of
cases. The mid-point will not be selected if further information is known about an investment
which cannot be factored into the valuation method used. A weighting is assigned to the values
determined following each method to determine the final valuation.
The valuations are inherently subjective as they require a number of assumptions to be made,
such as determining which entities provide suitable market comparatives and their relevant
performance metrics (for example earnings before interest, tax, depreciation and amortisation),
determining appropriate discount rates and cash flow forecasts to use in models, the weighting
to apply to each valuation methodology, and the point in the range of valuations to select as
the fair value.
Sensitivity of Level 3 valuations
Investment in Collective Investment Schemes
The valuations of certain investments in Collective Investment Schemes are based on the latest
observable price available. Whilst such valuations are sensitive to estimates, it is believed that
changing the price applied to a reasonably possible alternative would not change the fair
value significantly.
Investment property
As set out on the left of this page, investment property is initially measured at cost including
related acquisition costs and subsequently valued at least monthly by professional external
valuers at the properties\u2019 respective fair values at each reporting date. The following table sets
out the effect of applying reasonably possible alternative assumptions, being a 10% movement
in estimated rental value and a 50bps movement in relative yield, to the valuation of the
investment properties. Any change in the value of investment property is matched by an
associated movement in the policyholder liability, and therefore would not impact the
shareholder net assets.
Effect of reasonably possible
alternative assumptions
Carrying Favourable Unfavourable
Investment property value changes changes
significant unobservable inputs
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
31 December 2025
Expected rental value/relative yield
370.3
412.4
303.2
31 December 2024
Expected rental value/relative yield
892.3
1,064.5
747.0
Fixed income securities and equities
As set out on the previous page, the fair values of the Level 3 fixed income securities and
equities are selected from the valuation range determined through the monthly valuation
process. The following table sets out the effect of valuing each of the assets at the high and low
point of the range. As with investment property, any change in the value of these fixed income
securities or equities is matched by an associated movement in the policyholder liability, and
therefore would not impact on the shareholder net assets.
Effect of reasonably possible
alternative assumptions
Carrying Favourable Unfavourable
value changes changes
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
31 December 2025
Fixed income securities
40.0
42.7
37.2
Equities
384.0
434.7
333.6
31 December 2024
Fixed income securities
111.9
115.6
108.1
Equities
994.2
1,128.1
911.7
Credit risk
Credit risk relating to unit liabilities is borne by the unit holders.
Contractual maturity and liquidity analysis
Unit liabilities (and the associated assets) are deemed to have a maturity of up to one year
since they are repayable and transferable on demand. In practice the contractual maturities
of the assets may be longer than one year, but the majority of assets held within the unit-linked
and unit trust funds are highly liquid and the Group also actively monitors fund liquidity.
Sensitivity analysis to market risks
The majority of the Group\u2019s business is unitised and the direct associated market risk is
therefore borne by unit holders. For completeness, we note that there is an indirect risk
associated with market performance as future shareholder income is dependent upon
markets; however, the direct risk has been mitigated through the Group\u2019s approach to
matching assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "Fair value estimation Financial assets and liabilities which are held at fair value in the financial statements are required to have disclosed their fair value measurements by level from the following fair value measurement hierarchy: quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2) inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the Group\u2019s shareholder assets and liabilities measured at fair value.
Level 1
Level 2
Level 3
Total balance
2025
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets
Fixed income securities
10.3
\u2013
\u2013
10.3
Investment in Collective Investment Schemes
1
2,403.7
\u2013
\u2013
2,403.7
Renewal income assets
\u2013
\u2013
119.8
119.8
Total financial assets
2,414.0
\u2013
119.8
2,533.8
Financial liabilities
Contingent consideration
\u2013
\u2013
8.1
8.1
Total financial liabilities
\u2013
\u2013
8.1
8.1
Level 1
Level 2
Level 3
Total balance
2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets
Fixed income securities
8.6
\u2013
\u2013
8.6
Investment in Collective Investment Schemes
1
2,194.3
\u2013
\u2013
2,194.3
Renewal income assets
\u2013
\u2013
121.0
121.0
Total financial assets
2,202.9
\u2013
121.0
2,323.9
Financial liabilities
Contingent consideration
\u2013
\u2013
5.3
5.3
Total financial liabilities
\u2013
\u2013
5.3
5.3
1 All assets included as shareholder investment in Collective Investment Schemes are holdings of high-quality, highly liquid unitised money market funds, containing assets which are cash and cash equivalents. The fair value of financial instruments traded in active markets is based on quoted bid prices at the reporting date. These instruments are included in Level 1. Level 2 financial assets and liabilities are valued using observable prices for identical current arm\u2019s-length transactions. The renewal income assets are classified as Level 3 and are valued using a discounted cash flow technique and the assumptions outlined in Note 15. The effect of applying reasonably possible alternative assumptions of a movement of 200bps on the discount rate and a 10% movement in the lapse rate would result in an unfavourable change in valuation of \u00a310.8 million (2024: \u00a310.0 million) and a favourable change in valuation of \u00a313.1 million (2024: \u00a312.0 million), respectively. The contingent consideration liability is classified as Level 3 and is valued based on the terms set out in the various sale and purchase agreements. Given the nature of the valuation basis the effect of applying reasonably possible alternative assumptions would result in an unfavourable change of \u00a3nil (2024: \u00a3nil) and favourable change of \u00a38.1 million (2024: \u00a35.3 million). There were no transfers between Level 1 and Level 2 during the year, nor into or out of Level 3. The following tables present the changes in Level 3 financial assets and liabilities at fair value through the profit and loss: Financial assets
2025
2024
Renewal income assets
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
121.0
138.3
Additions during the year
16.2
4.8
Disposals during the year
(0.3)
(0.7)
Unrealised losses recognised in the statement of comprehensive
income
(17.1)
(21.4)
Balance at 31 December
119.8
121.0
Unrealised losses on renewal income assets are recognised within investment return in the consolidated statement of comprehensive income. Financial liabilities
2025
2024
Contingent consideration
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
5.3
3.2
Additions during the year
8.2
3.4
Payments made during the year
(4.8)
(1.3)
Released during the year
(0.6)
\u2013
Balance at 31 December
8.1
5.3
Fair value estimation Financial assets and liabilities which are held at fair value in the financial statements are required to have disclosed their fair value measurements, split by level in the fair value measurement hierarchy. The following table presents the Group\u2019s unit liabilities and associated assets measured at fair value:
Level 1
Level 2
Level 3
Total balance
31 December 2025
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets and investment properties
Investment property
\u2013
\u2013
370.3
370.3
Equities
147,423.5
\u2013
384.0
147,807.5
Fixed income securities
7,741.1
23,772.7
40.0
31,553.8
Investment in Collective Investment Schemes
30,284.5
\u2013
13.7
30,298.2
Derivative financial assets
\u2013
2,908.7
\u2013
2,908.7
Cash and cash equivalents
5,854.9
\u2013
\u2013
5,854.9
Total financial assets and investment properties
191,304.0
26,681.4
808.0
218,793.4
Financial liabilities
Investment contract benefits
\u2013
163,728.7
\u2013
163,728.7
Derivative financial liabilities
\u2013
2,412.1
\u2013
2,412.1
Net asset value attributable to unit holders
51,982.8
\u2013
\u2013
51,982.8
Total financial liabilities
51,982.8
166,140.8
\u2013
218,123.6
Level 1
Level 2
Level 3
Total balance
31 December 2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets and investment properties
Investment property
\u2013
\u2013
892.3
892.3
Equities
129,554.8
\u2013
994.2
130,549.0
Fixed income securities
6,938.3
19,059.7
111.9
26,109.9
Investment in Collective Investment Schemes
23,447.1
\u2013
11.3
23,458.4
Derivative financial assets
\u2013
2,812.8
\u2013
2,812.8
Cash and cash equivalents
5,311.3
\u2013
\u2013
5,311.3
Total financial assets and investment properties
165,251.5
21,872.5
2,009.7
189,133.7
Financial liabilities
Investment contract benefits
\u2013
141,038.8
\u2013
141,038.8
Derivative financial liabilities
\u2013
3,052.1
\u2013
3,052.1
Net asset value attributable to unit holders
44,699.5
\u2013
\u2013
44,699.5
Total financial liabilities
44,699.5
144,090.9
\u2013
188,790.4
In respect of the derivative financial liabilities, \u00a37.5 million of collateral had been posted as at 31 December 2025 (2024: \u00a3158.8 million), comprising cash and treasury bills, in accordance with the terms and conditions of the derivative contracts. The fair value of financial instruments traded in active markets is based on quoted bid prices at the reporting date. These instruments are included in Level 1. The Group closely monitors the valuation of assets in markets that have become less liquid. Determining whether a market is active requires the exercise of judgement and is determined based upon the facts and circumstances of the market for the instrument being measured. Where it is determined that there is no active market, fair value is established using a valuation technique. The techniques applied incorporate relevant information available and reflect appropriate adjustments for credit and liquidity risks. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity- specific estimates. The relative weightings given to differing sources of information and the determination of non-observable inputs to valuation models can require the exercise of significant judgement. If all significant inputs required to fair-value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Note that all of the resulting fair value estimates are included in Level 2, except for certain equities, fixed income securities, investments in Collective Investment Schemes and investment properties as detailed below. Specific valuation techniques used to value Level 2 financial assets and liabilities include the use of observable prices for identical current arm\u2019s-length transactions, specifically: the fair value of fixed income securities is determined by inputs including interest rates and market-observable yield curves of similar instruments in the market the fair value of unit-linked liabilities is assessed by reference to the underlying net asset value of the Group\u2019s unitised investment funds, determined on a bid value basis, at the reporting date the Group\u2019s derivative financial instruments are valued using valuation techniques commonly used by market participants. These consist of discounted cash flow and option pricing models, which typically incorporate observable market data, principally interest rates, basis spreads, foreign exchange rates, equity prices and counterparty credit. Specific valuation techniques used to value Level 3 financial assets and liabilities include: the use of unobservable inputs, such as expected rental values and equivalent yields other techniques, such as discounted cash flow and historic lapse rates, which are used to determine fair value for the remaining financial instruments. There were no transfers between Level 1 and Level 2 during the year. Transfers into and out of Level 3 portfolios The Group\u2019s policy is to recognise transfers into and out of levels as of the end of each reporting period except for material transfers which are recognised as of the date of the event or change in circumstances that caused the transfer. Transfers out of Level 3 portfolios arise when inputs that could have a significant impact on the instrument\u2019s valuation become market-observable; conversely, transfers into the portfolios arise when consistent sources of data cease to be available. Transfers in of certain investments in Collective Investment Schemes occur when asset valuations can no longer be obtained from an observable market price; e.g. where they have become illiquid, in liquidation, suspended, etc. The converse is true if an observable market price becomes available. The following table presents the changes in Level 3 financial assets and liabilities at fair value through profit and loss:
Fixed Collective
Investment income Investment
property
securities
Equities
Schemes
2025
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2025
892.3
111.9
994.2
11.3
Transfer into Level 3
\u2013
5.4
\u2013
2.8
Additions during the year
14.4
31.9
29.7
\u2013
Disposals during the year
(529.0)
(101.8)
(557.4)
(0.2)
Losses recognised in the income statement
(7.4)
(7.4)
(82.5)
(0.2)
Balance at 31 December 2025
370.3
40.0
384.0
13.7
Realised gains
/(
losses
)
21.1
(8.6)
146.4
\u2013
Unrealised (losses)/gains
(28.5)
1.2
(228.9)
(0.2)
Losses recognised in the income statement
(7.4)
(7.4)
(82.5)
(0.2)
Fixed Collective
Investment income Investment
property
securities
Equities
Schemes
2024
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2024
1,110.3
346.5
1,627.0
7.4
Transfer into Level 3
\u2013
4.8
\u2013
4.0
Additions during the year
15.8
33.9
62.7
\u2013
Disposals during the year
(230.5)
(270.2)
(724.4)
(0.5)
(
Losses
)/
gains recognised in the income statement
(3.3)
(3.1)
28.9
0.4
Balance at 31 December 2024
892.3
111.9
994.2
11.3
Realised
(
losses
)/
gains
(95.3)
(2.0)
177.6
\u2013
Unrealised gains
/(
losses)
92.0
(1.1)
(148.7)
0.4
(
Losses
)/
gains recognised in the income statement
(3.3)
(3.1)
28.9
0.4
Unrealised and realised (losses)/gains for all Level 3 assets are recognised within investment return in the statement of comprehensive income. Level 3 valuations Investment property At 31 December 2025 the Group held \u00a3370.3 million (2024: \u00a3892.3 million) of investment property, all of which is classified as Level 3 in the fair value hierarchy. It is initially measured at cost including related acquisition costs and subsequently valued at least monthly by professional external valuers at the properties\u2019 respective fair values at each reporting date. The fair values derived are based on anticipated market values for the properties in accordance with guidance issued by the Royal Institution of Chartered Surveyors, being the estimated amount that would be received from a sale of the assets in an orderly transaction between market participants. The valuation of investment property is inherently subjective as it requires, among other factors, assumptions to be made regarding the ability of existing tenants to meet their rental obligations over the entire life of their leases; the estimation of the expected rental income into the future; the assessment of a property\u2019s potential to remain as an attractive technical configuration to existing and prospective tenants in a changing market; and a judgement on the attractiveness of a building, its location and the surrounding environment.
Investment property classification
31 December 2025
Office
Industrial
Retail and leisure
All
Gross ERV (per sq ft)
1
Range
\u00a328.43-\u00a363.50
\u00a312.00-\u00a324.00
\u00a31.86-\u00a380.00
\u00a31.86-\u00a380.00
Weighted average
\u00a341.25
\u00a316.46
\u00a319.15
\u00a319.34
True equivalent yield
Range
7.0%-9.5%
5.0%-10.0%
4.5%-32.5%
4.5%-32.5%
Weighted average
8.2%
5.5%
8.0%
7.4%
Investment property classification
31 December 2024
Office
Industrial
Retail and leisure
All
Gross ERV (per sq ft)
1
Range
\u00a331.00 to \u00a3120.00
\u00a35.50 to \u00a324.00
\u00a31.86 to \u00a380.00
\u00a31.86 to \u00a3120.00
Weighted average
\u00a349.70
\u00a314.46
\u00a313.96
\u00a317.70
True equivalent yield
Range
4.7% to 10.5%
4.6% to 7.0%
5.7% to 9.1%
4.7% to 10.5%
Weighted average
6.8%
5.6%
7.3%
6.3%
1 Equivalent rental value (per square foot). Fixed income securities and equities At 31 December 2025 the Group held \u00a340.0 million (2024: \u00a3111.9 million) in private credit investments, and \u00a3384.0 million (2024: \u00a3994.2 million) in private market investments through the St. James\u2019s Place Diversified Assets (FAIF) Unit Trust. These are recognised within fixed income securities and equities, respectively, in the consolidated statement of financial position. They are measured at fair value, with the best evidence of the fair value at initial recognition being the transaction price, i.e. the fair value of the consideration given or received. Following initial recognition, a monthly valuation process occurs which includes verification by suitably qualified professional external valuers, who are members of various industry bodies including the British Private Equity and Venture Capital Association. The fair values of the private credit investments are principally determined using two valuation methods: 1. The shadow rating method, which assigns a shadow credit rating to the debt-issuing entity and determines an expected yield with reference to observable yields for comparable companies with a public credit rating in the loan market. 2. The weighted average cost of capital (WACC) method, which determines the debt-issuing entity\u2019s WACC with reference to observable market comparatives. The expected yield and WACC are used as the discount rates to calculate the present value of the expected future cash flows under the shadow rating and WACC methods respectively, which is taken to be the fair value. The fair values of the private market investments are principally determined using two valuation methods: 1. A market approach with reference to suitable market comparatives. 2. An income approach using discounted cash flow analysis which assesses the fair value of each asset based on its expected future cash flows. The output of each method for both the private credit and private market investments is a range of values, from which the mid-point is selected to be the fair value in the majority of cases. The mid-point will not be selected if further information is known about an investment which cannot be factored into the valuation method used. A weighting is assigned to the values determined following each method to determine the final valuation. The valuations are inherently subjective as they require a number of assumptions to be made, such as determining which entities provide suitable market comparatives and their relevant performance metrics (for example earnings before interest, tax, depreciation and amortisation), determining appropriate discount rates and cash flow forecasts to use in models, the weighting to apply to each valuation methodology, and the point in the range of valuations to select as the fair value. Sensitivity of Level 3 valuations Investment in Collective Investment Schemes The valuations of certain investments in Collective Investment Schemes are based on the latest observable price available. Whilst such valuations are sensitive to estimates, it is believed that changing the price applied to a reasonably possible alternative would not change the fair value significantly. Investment property As set out on the left of this page, investment property is initially measured at cost including related acquisition costs and subsequently valued at least monthly by professional external valuers at the properties\u2019 respective fair values at each reporting date. The following table sets out the effect of applying reasonably possible alternative assumptions, being a 10% movement in estimated rental value and a 50bps movement in relative yield, to the valuation of the investment properties. Any change in the value of investment property is matched by an associated movement in the policyholder liability, and therefore would not impact the shareholder net assets.
Effect of reasonably possible
alternative assumptions
Carrying Favourable Unfavourable
Investment property value changes changes
significant unobservable inputs
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
31 December 2025
Expected rental value/relative yield
370.3
412.4
303.2
31 December 2024
Expected rental value/relative yield
892.3
1,064.5
747.0
Fixed income securities and equities As set out on the previous page, the fair values of the Level 3 fixed income securities and equities are selected from the valuation range determined through the monthly valuation process. The following table sets out the effect of valuing each of the assets at the high and low point of the range. As with investment property, any change in the value of these fixed income securities or equities is matched by an associated movement in the policyholder liability, and therefore would not impact on the shareholder net assets.
Effect of reasonably possible
alternative assumptions
Carrying Favourable Unfavourable
value changes changes
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
31 December 2025
Fixed income securities
40.0
42.7
37.2
Equities
384.0
434.7
333.6
31 December 2024
Fixed income securities
111.9
115.6
108.1
Equities
994.2
1,128.1
911.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
Financial assets
2025
2024
Renewal income assets
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
121.0
138.3
Additions during the year
16.2
4.8
Disposals during the year
(0.3)
(0.7)
Unrealised losses recognised in the statement of comprehensive
income
(17.1)
(21.4)
Balance at 31 December
119.8
121.0
Unrealised losses on renewal income assets are recognised within investment return in the
consolidated statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
Financial liabilities
2025
2024
Contingent consideration
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
5.3
3.2
Additions during the year
8.2
3.4
Payments made during the year
(4.8)
(1.3)
Released during the year
(0.6)
\u2013
Balance at 31 December
8.1
5.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "Credit risk The following table sets out the maximum credit risk exposure and ratings of shareholder financial and other assets which are susceptible to credit risk:
2025
2024
AAA
AA
A
BB
Unrated
Total
AAA
AA
A
BB
Unrated
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Fixed income securities
\u2013
10.3
\u2013
\u2013
\u2013
10.3
\u2013
8.6
\u2013
\u2013
\u2013
8.6
Investment in Collective Investment Schemes
1
2,403.7
\u2013
\u2013
\u2013
\u2013
2,403.7
2,194.3
\u2013
\u2013
\u2013
\u2013
2,194.3
Other receivables
\u2013
8.8
\u2013
\u2013
1,594.2
1,603.0
\u2013
10.8
\u2013
\u2013
1,428.4
1,439.2
Cash and cash equivalents
\u2013
157.6
172.0
\u2013
\u2013
329.6
\u2013
187.9
164.7
\u2013
\u2013
352.6
Total
2,403.7
176.7
172.0
\u2013
1,594.2
4,346.6
2,194.3
207.3
164.7
\u2013
1,428.4
3,994.7
1 Investment of shareholder assets in Collective Investment Schemes refers to investment in unitised money market funds, containing assets which are cash and cash equivalents. Other receivables includes \u00a3639.9 million (2024: \u00a3557.3 million) of business loans to Partners, which are interest-bearing (linked to Bank of England base rate plus a margin), repayable in line with the terms of the loan contract and secured against the future renewal income streams of the respective Partners. Impairment of these loans is determined using the expected loss model set out in IFRS 9. Expected credit losses are based on the historic levels of loss experienced on business loans to Partners, with due consideration given to forward-looking information. A range of factors, including the nature or type of the loan and the security held, are taken into account in calculating the provision. The loan balance is presented net of a \u00a39.2 million provision (2024: \u00a38.5 million); see Note 15. The movement in the impairment provision will reflect utilisation of the existing provision during the year, but the overall cost of business loans to Partners (including new provisions) recognised within administration expenses in the statement of comprehensive income during the year was a charge of \u00a30.7 million (2024: \u00a36.8 million). Credit risk Credit risk relating to unit liabilities is borne by the unit holders. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "Contractual maturity and liquidity analysis The following table sets out the contractual maturity analysis of the Group\u2019s financial assets and financial liabilities. All financial liabilities are undiscounted:
2025
2024
Up to 1 year
1 to 5 years
Over 5 years
Total
Up to 1 year
1 to 5 years
Over 5 years
Total
Financial assets
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Fixed income securities
10.3
\u2013
\u2013
10.3
8.6
\u2013
\u2013
8.6
Investment in Collective Investment Schemes
2,403.7
\u2013
\u2013
2,403.7
2,194.3
\u2013
\u2013
2,194.3
Other receivables
\u2013 Business loans to Partners
79.6
293.3
267.0
639.9
88.1
247.8
221.4
557.3
\u2013 Renewal income
22.6
51.3
45.9
119.8
23.1
52.2
45.7
121.0
\u2013 Other
843.3
\u2013
\u2013
843.3
760.9
\u2013
\u2013
760.9
Total other receivables
945.5
344.6
312.9
1,603.0
872.1
300.0
267.1
1,439.2
Cash and cash equivalents
329.6
\u2013
\u2013
329.6
352.6
\u2013
\u2013
352.6
Total financial assets
3,689.1
344.6
312.9
4,346.6
3,427.6
300.0
267.1
3,994.7
Financial liabilities
Borrowings
76.2
167.9
174.1
418.2
58.4
389.7
141.8
589.9
Other payables
\u2013 Lease liabilities: properties
18.4
60.2
65.9
144.5
14.6
60.6
74.1
149.3
\u2013 Contingent consideration
0.2
7.9
\u2013
8.1
2.3
3.0
\u2013
5.3
\u2013 Other
1,471.8
38.0
13.5
1,523.3
1,281.7
48.0
18.0
1,347.7
Total other payables
1,490.4
106.1
79.4
1,675.9
1,298.6
111.6
92.1
1,502.3
Total financial liabilities
1,566.6
274.0
253.5
2,094.1
1,357.0
501.3
233.9
2,092.2
Contractual maturity and liquidity analysis Unit liabilities (and the associated assets) are deemed to have a maturity of up to one year since they are repayable and transferable on demand. In practice the contractual maturities of the assets may be longer than one year, but the majority of assets held within the unit-linked and unit trust funds are highly liquid and the Group also actively monitors fund liquidity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "Sensitivity analysis to market risks Financial assets and liabilities held outside unitised funds primarily consist of fixed interest securities, units in money market funds, cash and cash equivalents, and other accounting assets and liabilities. The fixed interest securities are short-term and are held as an alternative to cash. Similarly, cash held in unitised money market funds and at bank is valued at par and is unaffected by movements in interest rates. Other assets and liabilities are similarly unaffected by market movements. As a result of these combined factors, the Group\u2019s financial assets and liabilities held outside unitised funds are not materially subject to market risk, and movements at the reporting date in interest rates and equity values have an immaterial impact on the Group\u2019s profit after tax and equity. However, future profits from annual management charges may be affected by movements in interest rates and equity values. Sensitivity analysis to market risks The majority of the Group\u2019s business is unitised and the direct associated market risk is therefore borne by unit holders. For completeness, we note that there is an indirect risk associated with market performance as future shareholder income is dependent upon markets; however, the direct risk has been mitigated through the Group\u2019s approach to matching assets and liabilities.", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "Sensitivity analysis to market risks Financial assets and liabilities held outside unitised funds primarily consist of fixed interest securities, units in money market funds, cash and cash equivalents, and other accounting assets and liabilities. The fixed interest securities are short-term and are held as an alternative to cash. Similarly, cash held in unitised money market funds and at bank is valued at par and is unaffected by movements in interest rates. Other assets and liabilities are similarly unaffected by market movements. As a result of these combined factors, the Group\u2019s financial assets and liabilities held outside unitised funds are not materially subject to market risk, and movements at the reporting date in interest rates and equity values have an immaterial impact on the Group\u2019s profit after tax and equity. However, future profits from annual management charges may be affected by movements in interest rates and equity values. Sensitivity analysis to market risks The majority of the Group\u2019s business is unitised and the direct associated market risk is therefore borne by unit holders. For completeness, we note that there is an indirect risk associated with market performance as future shareholder income is dependent upon markets; however, the direct risk has been mitigated through the Group\u2019s approach to matching assets and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "
21. Cash generated from operations
Year ended Year ended
31 December 31 December
2025 2024
Cash flows from operating activities Note
\u00a3\u2019Million
\u00a3\u2019Million
Profit before tax for the year
1,335.2
1,049.1
Adjustments for:
Amortisation of purchased value of in-force business
11
3.2
3.2
Amortisation of computer software
11
4.2
22.4
Depreciation
12
20.8
23.4
Impairment of goodwill
11
4.8
10.3
Loss on disposal of property and equipment, including leased
assets
12
1.0
4.1
Share-based payment charge
24
20.2
11.2
Interest income
(224.5)
(236.6)
Interest expense
9
28.9
36.4
Decrease in provisions
18
(161.9)
(39.8)
Exchange rate losses/(gains)
3.0
(0.2)
Changes in operating assets and liabilities
(300.3)
(165.6)
Decrease in deferred acquisition costs
11
2.1
18.2
Decrease in investment property
522.0
218.0
Increase in other investments
(29,849.2)
(23,738.7)
Increase in investments in associates
(0.3)
(3.5)
Decrease/(increase) in reinsurance assets
3.2
(1.9)
(Increase)/decrease in other receivables
(170.2)
310.3
Increase in insurance contract liabilities
47.6
22.6
Increase in financial liabilities (excluding borrowings)
22,049.9
17,868.1
Decrease in deferred income
11
(47.9)
(22.0)
Increase/(decrease) in other payables
520.7
(246.1)
Increase in net assets attributable to unit holders
7,283.3
4,163.0
361.2
(1,412.0)
Cash generated from/(used in) operations
1,396.1
(528.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "
22. Capital management and allocation
The Group\u2019s capital management policy, set by the Board, is to maintain a strong capital base
in order to:
protect clients\u2019 interests
meet regulatory requirements
protect creditors\u2019 interests
create shareholder value through support for business development.
The policy requires that each subsidiary manages its own capital, in particular to maintain
regulatory solvency, in the context of a Group capital plan. Any capital in excess of planned
requirements is returned to the Group\u2019s Parent Company, St. James\u2019s Place plc, normally by
way of dividends. The Group capital position is monitored by the Audit Committee on behalf
of the St. James\u2019s Place plc Board.
Regulatory capital
The Group\u2019s capital management policy, for each subsidiary, is to hold the management
capital coverage assessment (previously known as the management solvency buffer) which is
the higher of:
the capital required by any relevant supervisory body, uplifted by a specified margin
to absorb changes
the capital required based on the Company\u2019s internal assessment.
For our insurance companies, we hold capital based on our own internal assessment,
recognising the regulatory requirement. For other regulated companies we generally
hold capital based on the regulatory requirement uplifted by a specified margin.
The following entities are subject to regulatory supervision and have to maintain a minimum
level of regulatory capital:
Entity
Regulatory body and jurisdiction
Perennial Financial Management Limited
FCA: Personal Investment Firm
Policy Services Limited
FCA: Personal Investment Firm
St. James\u2019s Place Investment Management FCA: Investment Firm
Limited (formerly Rowan Dartington & Co. Limited)
St. James\u2019s Place (Hong Kong) Limited
Securities and Futures Commission
(Hong Kong):
Insurance Authority (Hong Kong)
St. James\u2019s Place (Middle East) Limited
Dubai Financial Services Authority
St. James\u2019s Place International
(Hong Kong) Limited
Insurance Authority (Hong Kong)
St. James\u2019s Place International plc
Central Bank of Ireland: Life Insurance
St. James\u2019s Place Investment Business
Administration Limited
FCA: Investment Firm
St. James\u2019s Place Partnership Services Limited
FCA: Consumer Credit Firm
St. James\u2019s Place (Singapore) Private Limited
Monetary Authority of Singapore: Member
of the Association of Financial Advisers
St. James\u2019s Place UK plc
PRA and FCA: Long-term insurance business
St. James\u2019s Place Unit Trust Group Limited
FCA: UCITS Management Company
St. James\u2019s Place Wealth Management plc
FCA: Personal Investment Firm
In addition, the St. James\u2019s Place Group is regulated as an insurance group under Solvency II,
with the PRA as the lead regulator. More information about the capital position of the Group
under Solvency II regulations is set out in the separate Solvency and Financial Condition Report
document. The overall capital position for the Group at 31 December 2025, assessed on the
standard formula basis, is presented in the following table:
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
IFRS total assets
224,877.5
194,875.1
Less Solvency II valuation adjustments and unit-linked liabilities
(223,266.4)
(193,434.5)
Solvency II net assets
1,611.1
1,440.6
Solvency II value of in-force (VIF)
3,463.1
2,992.4
Risk margin
(441.9)
(373.0)
Own funds (A)
4,632.3
4,060.0
Standard formula SCR (B)
(2,508.9)
(2,104.1)
Solvency II free assets
2,123.4
1,955.9
Solvency II ratio (A/B)
185%
193%
The solvency ratio after payment of the proposed Group final dividend is 182% at 31 December
2025 (31 December 2024: 190%).
An overall internal capital assessment is required for insurance groups. This is known as an
ORSA (Own Risk and Solvency Assessment) and is described in more detail in the ORSA section
within the risk and control management section.
The regulatory capital requirements of companies within the Group, and the associated
solvency of the Group, are assessed and monitored by the Finance Oversight Group with
oversight by the Audit Committee on behalf of the Group Board. Ultimate responsibility for
individual companies\u2019 regulatory capital lies with the relevant subsidiary boards.
All regulated entities exceeded the minimum solvency requirements at the reporting date
and during the year. The required minimum regulatory capital, and analysis of the assets
that qualify as regulatory capital, is outlined in the databook on our website sjp.co.uk/full-
year-results-2025-databook, which demonstrates that the Group has met its internal
capital objectives. The Group and its individually regulated operations have complied
with all externally and internally imposed capital requirements throughout the year.
See section 3 of the financial review for further information on capital and liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "
23. Share capital, earnings per share and shareholder returns
Share capital
Number of Called-up
ordinary shares share capital
\u00a3\u2019Million
At 1 January 2024
548,604,794
82.3
\u2013 Shares repurchased in buy-back programmes
(4,590,083)
(0.7)
At 31 December 2024
544,014,711
81.6
\u2013 Issue of shares
136,975
\u2013
\u2013 Shares repurchased in buy-back programmes
(17,039,551)
(2.5)
At 31 December 2025
527,112,135
79.1
Ordinary shares have a par value of 15 pence per share (2024: 15 pence per share) and are
fully paid.
Included in the called-up share capital are 8,686,829 (2024: 4,876,364) shares held in the
Shares in trust reserve with a nominal value of \u00a31.3 million (2024: \u00a30.7 million). The shares
are held by the SJP Employee Benefit Trust and the St. James\u2019s Place 2010 Share Incentive
Plan Trust to satisfy certain share-based payment schemes. The Trustees of the SJP Employee
Benefit Trust retain the right to dividends on the shares held by the Trust but have chosen to
waive their entitlement to the dividends on 5,766,265 shares at 31 December 2025 and 2,135,521
shares at 31 December 2024. The trustees of St. James\u2019s Place Share Incentive Plan Trust retain
the right to dividends on forfeited shares held by the Trust but have chosen to waive
their entitlement to the dividend on 1,028 shares at 31 December 2025 (2024: 1,034).
Share capital increases are included within the issue of shares line.
During the year, the Company repurchased and cancelled 17,039,551 shares (2024: 4,590,083)
for a total consideration of \u00a3188.1 million (2024: \u00a332.9 million) and incurred transaction costs of
\u00a31.1 million (2024: \u00a30.2 million). The cancelled shares, which had a nominal value of \u00a32.5 million
(2024: \u00a30.7 million), have been reflected as a decrease in share capital with a corresponding
increase in the capital redemption reserve as required by the Companies Act 2006.
The number of shares reserved for issue under options and contracts for sale of shares,
including terms and conditions, is included within Note 24.
Earnings per share
Year ended Year ended
31 December 31 December
2025 2024
Earnings
\u00a3\u2019Million
\u00a3\u2019Million
Profit after tax attributable to equity shareholders
(for both basic and diluted EPS)
531.1
398.4
Weighted average number of shares
Million
Million
Weighted average number of ordinary shares in issue (for basic EPS)
531.5
545.4
Adjustments for outstanding share options
6.3
3.6
Weighted average number of ordinary shares (for diluted EPS)
537.8
549.0
Earnings per share (EPS)
Pence
Pence
Basic earnings per share
99.9
73.0
Diluted earnings per share
98.8
72.6
Dividends
The following dividends have been paid by the Group:
Year ended Year ended Year ended Year ended
31 December 31 December 31 December 31 December
2025 2024 2025 2024
Pence per Pence per
share
share
\u00a3\u2019Million
\u00a3\u2019Million
Final dividend in respect of 2023
\u2013
8.00
\u2013
43.8
Interim dividend in respect of 2024
\u2013
6.00
\u2013
32.8
Final dividend in respect of 2024
12.00
\u2013
64.4
\u2013
Interim dividend in respect of 2025
6.00
\u2013
31.9
\u2013
Total dividends
18.00
14.00
96.3
76.6
In respect of 2025 the Directors have recommended a 2025 final dividend of 12 .00 pence per
share. This amounts to \u00a363.3 million based on the number of shares in issue on 31 December
2025 and will, subject to shareholder approval at the Annual General Meeting, be paid on
8 May 2026 to those shareholders on the register as at 27 March 2026.
In addition, under the authority granted by shareholders at the 2025 Annual General Meeting,
the Directors have resolved to undertake:
a final share buy-back programme in respect to 2025, committing to purchase shares
up to a maximum value of \u00a3103.9 million.
an additional share buy-back programme to return capital to shareholders following
a release of the Ongoing Service Evidence provision, committing to purchase shares
up to a maximum value of \u00a318.7 million.
These share buy-backs will commence in March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "Share capital
Number of Called-up
ordinary shares share capital
\u00a3\u2019Million
At 1 January 2024
548,604,794
82.3
\u2013 Shares repurchased in buy-back programmes
(4,590,083)
(0.7)
At 31 December 2024
544,014,711
81.6
\u2013 Issue of shares
136,975
\u2013
\u2013 Shares repurchased in buy-back programmes
(17,039,551)
(2.5)
At 31 December 2025
527,112,135
79.1
Ordinary shares have a par value of 15 pence per share (2024: 15 pence per share) and are fully paid. Included in the called-up share capital are 8,686,829 (2024: 4,876,364) shares held in the Shares in trust reserve with a nominal value of \u00a31.3 million (2024: \u00a30.7 million). The shares are held by the SJP Employee Benefit Trust and the St. James\u2019s Place 2010 Share Incentive Plan Trust to satisfy certain share-based payment schemes. The Trustees of the SJP Employee Benefit Trust retain the right to dividends on the shares held by the Trust but have chosen to waive their entitlement to the dividends on 5,766,265 shares at 31 December 2025 and 2,135,521 shares at 31 December 2024. The trustees of St. James\u2019s Place Share Incentive Plan Trust retain the right to dividends on forfeited shares held by the Trust but have chosen to waive their entitlement to the dividend on 1,028 shares at 31 December 2025 (2024: 1,034). Share capital increases are included within the issue of shares line. During the year, the Company repurchased and cancelled 17,039,551 shares (2024: 4,590,083) for a total consideration of \u00a3188.1 million (2024: \u00a332.9 million) and incurred transaction costs of \u00a31.1 million (2024: \u00a30.2 million). The cancelled shares, which had a nominal value of \u00a32.5 million (2024: \u00a30.7 million), have been reflected as a decrease in share capital with a corresponding increase in the capital redemption reserve as required by the Companies Act 2006. The number of shares reserved for issue under options and contracts for sale of shares, including terms and conditions, is included within Note 24. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "Earnings per share
Year ended Year ended
31 December 31 December
2025 2024
Earnings
\u00a3\u2019Million
\u00a3\u2019Million
Profit after tax attributable to equity shareholders
(for both basic and diluted EPS)
531.1
398.4
Weighted average number of shares
Million
Million
Weighted average number of ordinary shares in issue (for basic EPS)
531.5
545.4
Adjustments for outstanding share options
6.3
3.6
Weighted average number of ordinary shares (for diluted EPS)
537.8
549.0
Earnings per share (EPS)
Pence
Pence
Basic earnings per share
99.9
73.0
Diluted earnings per share
98.8
72.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "Dividends The following dividends have been paid by the Group:
Year ended Year ended Year ended Year ended
31 December 31 December 31 December 31 December
2025 2024 2025 2024
Pence per Pence per
share
share
\u00a3\u2019Million
\u00a3\u2019Million
Final dividend in respect of 2023
\u2013
8.00
\u2013
43.8
Interim dividend in respect of 2024
\u2013
6.00
\u2013
32.8
Final dividend in respect of 2024
12.00
\u2013
64.4
\u2013
Interim dividend in respect of 2025
6.00
\u2013
31.9
\u2013
Total dividends
18.00
14.00
96.3
76.6
In respect of 2025 the Directors have recommended a 2025 final dividend of 12 .00 pence per share. This amounts to \u00a363.3 million based on the number of shares in issue on 31 December 2025 and will, subject to shareholder approval at the Annual General Meeting, be paid on 8 May 2026 to those shareholders on the register as at 27 March 2026. In addition, under the authority granted by shareholders at the 2025 Annual General Meeting, the Directors have resolved to undertake: a final share buy-back programme in respect to 2025, committing to purchase shares up to a maximum value of \u00a3103.9 million. an additional share buy-back programme to return capital to shareholders following a release of the Ongoing Service Evidence provision, committing to purchase shares up to a maximum value of \u00a318.7 million. These share buy-backs will commence in March 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "0.12", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-386": { "value": "
24. Share\u2011based payments
During the year ended 31 December 2025, the Group operated a number of different equity-
settled and cash-settled share-based payment arrangements, which are aggregated as follows:
Share option schemes
Save As You Earn (SAYE) Plan \u2013 this is an equity-settled scheme that is available to all
employees where individuals may contribute up to \u00a3500 per month over the three-year
vesting period to purchase shares at a price not less than 80% of the market price at
the date of the invitation to participate. A total of 441,555 (2024: 3,204,991) SAYE options
were granted on 30 September 2025 (2024: two grants made on 22 March 2024 and 25
September 2024). There are no other vesting conditions.
Associate Partner Plan \u2013 this is an equity-settled scheme that was launched during 2017
whereby Partners and advisers are entitled to purchase a set number of shares in the future
at the market price at the date of the invitation if they meet the required business volumes
over the following three years. No grants were made in 2025 (2024: nil).
Executive Performance Share Plan \u2013 the Group Remuneration Committee may make
awards of performance options to the Executive Directors and other senior managers.
Two thirds of options awarded to Executive Directors are subject to an earnings growth
condition(s) of the Group and one third of options awarded to Executive Directors are subject
to a comparative total shareholder return condition, both measured over a three-year
performance period. Further information regarding the vesting conditions of the earnings-
growth-dependent and total-shareholder-return-dependent portions of the award is given
in the Report of the Group Remuneration Committee. Awards made to senior managers are
typically subject to the same performance conditions as the awards to Executive Directors.
Alternatively, awards made to senior managers may be subject to personal performance
conditions. This is predominantly an equity-settled scheme. A total of 1,697,851
(2024: 3,394,380) options were granted under the Performance Share Plan across four grants
made on 25 March 2025, 12 May 2025, 14 April 2025 and 11 August 2025 (2024: two grants made
on 25 March 2024 and 27 November 2024).
Buyout Awards \u2013 under these plans recently recruited Executive Directors or members of
the Group Executive Committee have been awarded conditional and performance-related
shares. The vesting of conditional awards is subject to employment related conditions.
Performance awards include both Group and external performance conditions. The Group
performance targets are outlined in the details of the Executive Performance Share Plan
above and in the Report of the Group Remuneration Committee. The external performance
conditions are the original performance conditions relating to forfeited awards which had
an outstanding performance period of less than two years at the time of award. The plans
are predominantly equity-settled. 138,293 (2024: 241,181) awards were granted under the
Buyout award plans on 12 May 2025 (2024: 10 December 2024).
Share awards
Share Incentive Plan (SIP) \u2013 this is an equity-settled scheme, available to all employees,
where individuals may invest up to an annual limit of \u00a31,800 of pre-tax salary in
St. James\u2019s Place plc shares, to which the Group will add a further 10%. The vesting period
is three years; however, if the shares are held for five years they may be sold free of income
tax or capital gains tax. There are no other vesting conditions. A total of 8,478 (2024: 19,385)
shares were granted under the SIP on 25 March 2025 (2024: 25 March 2024).
Executive Deferred Bonus Plan (DBP) \u2013 under these plans the deferred element of the
annual bonus is used to purchase shares at market value in the Company. The shares are
held in trust over the three-year vesting period and may be subject to further non-market-
based performance conditions. The plans are predominantly equity-settled. A total of
887,787 (2024: 1,079,020) shares were granted under the Deferred Bonus Plan on 25 March
2025 (2024: 25 March 2024).
Restricted Share Plan \u2013 under this plan employees are awarded performance-related
shares with the vesting condition being linked to Group funds under management.
The plan is predominantly equity-settled. A total of 4,608 (2024: 576,010) awards were
granted under the Restricted Share Plan on 25 March 2025 (2024: 25 March 2024).
Share options and awards outstanding under the various share-based payment schemes
set out above at 31 December 2025 amount to 15.7 million shares (2024: 17.6 million). Of these,
2.6 million (2024: 2.8 million) are under option to Partners and advisers of the St. James\u2019s Place
Partnership, 9.8 million (2024: 11.6 million) are under option to Executive Directors and senior
management (including 1.2 million (2024: 1.1 million) under option to Directors as disclosed in
the Directors\u2019 remuneration report) and 3.3 million (2024: 3.2 million) are under option through
the SAYE and SIP schemes. These are exercisable on a range of future dates.
Financial assumptions underlying the calculation of fair value
The fair value expense has been based on the fair value of the instruments granted, as calculated using appropriate derivative pricing models.
The table below shows the weighted average assumptions and models used to calculate the grant-date fair value of each award:
Executive Buyout
Share Executive Performance Restricted Buyout Awards Awards \u2013
SAYE Plan
3
Incentive Plan Deferred Bonus
Share Plan
3,4
Share Plan \u2013 Conditional
Performance
4,5
Valuation model
Black-Scholes
Black-Scholes
Black-Scholes
Monte Carlo
Monte Carlo
Black-Scholes
Monte Carlo
Awards in 2025
Fair value (pence)
506.0
1,030.0
1,030.0
660.2/901.3
978.5
1,064.0
N/A
Share price (pence)
1,270.0
1,030.0
1,030.0
1,030.0
1,030.0
1,064.0
N/A
Exercise price (pence)
971.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Expected volatility (% per annum)
1
39.9
N/A
N/A
39.5
N/A
N/A
N/A
Expected dividends (% per annum)
2
1.4
\u2013
\u2013
1.7
1.7
\u2013
N/A
Risk-free interest rate (% per annum)
4.0
N/A
N/A
4.3
N/A
N/A
N/A
Expected life (years)
3.5
3
3
3
3
1-3.5
N/A
Volatility of competitors (% per annum)
N/A
N/A
N/A
20 -70
N/A
N/A
N/A
Correlation with competitors (%)
N/A
N/A
N/A
28
N/A
N/A
N/A
Executive
Share Executive Performance Restricted Buyout Awards Buyout Awards
SAYE Plan
3
Incentive Plan Deferred Bonus
Share Plan
3, 4
Share Plan \u2013 Conditional \u2013 Performance
Valuation model
Black-Scholes
Black-Scholes
Black-Scholes
Monte Carlo
Monte Carlo
Black-Scholes
Monte Carlo
Awards in 2024
Fair value (pence)
114.2/266.4
470.0
470.0
105.3/418.8
403.3
864.0
194.0/770.0
Share price (pence)
458.6/725.0
470.0
470.0
470.0
470.0
864.0
864.0
Exercise price (pence)
405.0/578.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Expected volatility (% per annum)
1
36.9/39.9
N/A
N/A
36.9
N/A
N/A
36.9
Expected dividends (% per annum)
2
5.2/1.9
\u2013
\u2013
5.1
5.1
\u2013
5.1
Risk-free interest rate (% per annum)
3.91/3.74
N/A
N/A
4
N/A
N/A
4.0
Expected life (years)
3.5
3
3
3
3
1-6
3-6
Volatility of competitors (% per annum)
N/A
N/A
N/A
20-69
N/A
N/A
20-69
Correlation with competitors (%)
N/A
N/A
N/A
32
N/A
N/A
32
1 Expected volatility is based on an analysis of the Company\u2019s historical share price volatility over a period which is commensurate with the expected term of the options or the awards.
2 For schemes where dividends are payable on the shares during the vesting period, the dividend yield assumption in the Black-Scholes option pricing model is set at zero.
3 The awards made under the Executive Performance Share Plan are dependent upon earnings growth in the Company (two-thirds of the award) and a total shareholder return of
a comparator group of companies (one-third of the award). This results in having two fair values for each of the awards made in the table above: the first being in relation to the
comparator total shareholder return, which is a market-based performance condition and so valued using a Monte Carlo simulation; and the second relating to the Company\u2019s
earnings growth, which is a non-market-based performance condition and so valued using the Black-Scholes model.
4 The awards made under the Executive Performance Share Plan and Buyout Awards \u2013 Performance, to recently recruited Executive Directors or members of the Group Executive
Committee (GEC), are subject to a two-year holding period once the award has vested. This results in discounted fair values for the Executive Director and GEC population of
660.2/901.3 (2024: 105.3/418.8) to reflect the reduced marketability of the awards.
5 The awards made under Buyout Awards \u2013 Performance are significantly dependent upon earnings growth in the Company (two-thirds of the award) and a total shareholder
return of a comparator group of companies (one-third of the award). This results in having two fair values for each of the awards made in the table above, the first being in
relation to the comparator total shareholder return which is a market-based performance condition and so valued using a Monte Carlo simulation, and the second relating
to the Company\u2019s earnings growth, which is a non-market-based performance condition and so valued using the Black-Scholes model.
Share option schemes
Year ended Year ended Year ended Year ended
31 December 31 December 31 December 31 December
2025 2025 2024 2024
Weighted Weighted
Number average Number average
of options exercise price of options exercise price
SAYE Plan
Outstanding at start of year
3,184,995
\u00a34.43
862,956
\u00a310.26
Granted
441,555
\u00a39.71
3,204,991
\u00a34.20
Forfeited
(285,079)
\u00a35.45
(882,952)
\u00a39.32
Exercised
(61,756)
\u00a35.76
\u2013
\u2013
Outstanding at end of year
3,279,715
\u00a35.02
3,184,995
\u00a34.43
Exercisable at end of year
664
\u00a311.11
8,829
\u00a312.81
Associate Partner Plan
Outstanding at start of year
2,834,683
\u00a310.91
2,842,183
\u00a310.91
Granted
\u2013
\u2013
\u2013
\u2013
Forfeited
(85,750)
\u00a310.88
(7,500)
\u00a310.83
Exercised
(107,100)
\u00a310.94
\u2013
\u2013
Outstanding at end of year
2,641,833
\u00a310.91
2,834,683
\u00a310.91
Exercisable at end of year
2,641,833
\u00a310.91
2,834,683
\u00a310.91
The average share price during the year was 1,158.2 pence (2024: 639.4 pence).
The SAYE Plan options outstanding at 31 December 2025 had exercise prices of 1,111 pence
(664 options), 988 pence (52,357 options), 405 pence (2,553,282 options), 578 pence (236,250
options) and 971 pence (437,162 options), and a weighted average remaining contractual life
of 1.6 years.
The options outstanding under the Associate Partner Plan at 31 December 2025 had an exercise
price of 1,083 pence (2,226,858 options) and 1,135 pence (414,975 options), and a weighted
average remaining contractual life of nil years.
All share options under the below schemes have exercise prices of nil.
Year ended Year ended
31 December 31 December
2025 2024
Number Number
of shares of shares
Executive Performance Share Plan
Outstanding at start of year
8,284,244
6,660,214
Granted
1,697,851
3,394,380
Forfeited
(2,870,551)
(1,405,649)
Exercised
(914,873)
(364,701)
Outstanding at end of year
6,196,671
8,284,244
Exercisable at end of year
311,858
2,230,261
Buyout Awards \u2013 conditional
Outstanding at start of year
149,372
\u2013
Granted
138,293
149,372
Forfeited
\u2013
\u2013
Exercised
(19,091)
\u2013
Outstanding at end of year
268,574
149,372
Exercisable at end of year
\u2013
\u2013
Buyout Awards \u2013 performance
Outstanding at start of year
91,809
\u2013
Granted
\u2013
91,809
Forfeited
(6,486)
\u2013
Exercised
\u2013
\u2013
Outstanding at end of year
85,323
91,809
Exercisable at end of year
\u2013
\u2013
Share awards
All share awards under the below schemes have exercise prices of nil.
Year ended Year ended
31 December 31 December
2025 2024
Number Number
of shares of shares
Share Incentive Plan
Outstanding at start of year
53,024
38,707
Granted
8,478
19,385
Forfeited
(1,259)
\u2013
Exercised
(19,945)
(5,068)
Outstanding at end of year
40,298
53,024
Exercisable at end of year
8,044
\u2013
Executive Deferred Bonus Plan
Outstanding at start of year
2,113,350
1,091,624
Granted
887,787
1,079,020
Forfeited
(520,305)
(57,294)
Exercised
\u2013
\u2013
Outstanding at end of year
2,480,832
2,113,350
Exercisable at end of year
\u2013
\u2013
Restricted Share Plan
Outstanding at start of year
921,023
417,973
Granted
4,608
576,010
Forfeited
(199,154)
(72,960)
Exercised
\u2013
\u2013
Outstanding at end of year
726,477
921,023
Exercisable at end of year
\u2013
\u2013
Early exercise assumptions
An allowance has been made for the impact of early exercise once options have vested in the
SAYE Plan, where all option holders are assumed to exercise half-way through the six-month
exercise window.
Allowance for performance conditions
The Executive Performance Share Plan includes a market-based performance condition
based on the Company\u2019s total shareholder return relative to an index of comparator
companies. The impact of this performance condition has been modelled using Monte Carlo
simulation techniques, which involve running many thousands of simulations of future share
price movements for both the Company and the comparator index. For the purpose of these
simulations it is assumed that the share price of the Company and the comparator index
are 28% (2024: 32%) correlated and that the comparator index has volatilities ranging between
20% per annum and 70% per annum (2024: 20% per annum and 69% per annum).
The performance condition is based on the Company\u2019s performance relative to the comparator
index over a three-year period commencing on 1 January each year. The fair-value calculations
for the awards that were made in 2025 therefore include an allowance for the actual performance
of the Company\u2019s share price relative to the index over the period between 1 January 2025 and
the various award dates.
Charge to the consolidated statement of comprehensive income
The table below sets out the charge to the consolidated statement of comprehensive income
in respect of the share-based payment awards:
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Equity-settled share-based payment expense
19.2
11.2
Cash-settled share-based payment expense
1.0
0.2
Total share-based payment expense
20.2
11.4
Liabilities recognised in the statement of financial position
The liabilities recognised in the statement of financial position in respect of the cash-settled
share-based payment awards, and National Insurance obligations arising from share-based
payment awards, are as follows. These liabilities are included within other payables on the face
of the statement of financial position.
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Liability for cash-settled share-based payments
2.2
1.5
Liability for employer National Insurance contributions
on cash-settled and equity-settled share-based payments
9.9
4.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "
25. Interests in unconsolidated entities
Unconsolidated structured entities
The Group operates investment vehicles, such as unit trusts. Clients are able to invest in
these directly, but also indirectly through products offered by St. James\u2019s Place UK plc and
St. James\u2019s Place International plc. As a result, the Group\u2019s insurance companies can be
significant investors in the unit trusts. Note 2 sets out the judgements inherent in determining
when the Group controls, and therefore consolidates, the relevant investment vehicles.
The majority of the risk from a change in the value of the Group\u2019s investment in unconsolidated
unit trusts is matched by a change in unit holder liabilities. The maximum exposure to loss,
prior to considering unit holder liabilities, is equal to the carrying value of the investment.
This is recognised within investments in Collective Investment Schemes.
The following unit trust is not consolidated within the Group financial statements; however,
the Group does act as the fund manager of this unit trust.
Percentage of Net asset value
ownership interest as at 31 December
2025
2024
Principal place Nature of Measurement
2025
2024
%
%
of business relationship method
\u00a3\u2019Million
\u00a3\u2019Million
St. James\u2019s Place
2.21
1.47
United
Manager of Fair value
165.7
586.8
Property Unit Trust Kingdom unit trust through
profit or loss
As at 31 December 2025 the value of the Group\u2019s interests in St. James\u2019s Place Property Unit Trust
was \u00a33.7 million (2024: \u00a38.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "
26. Interests in other entities
Principal subsidiaries
Investment Holding Companies
St. James\u2019s Place Wealth Management Group Limited
1
St. James\u2019s Place DFM Holdings Limited
1
Life Assurance
St. James\u2019s Place UK plc
St. James\u2019s Place International plc (incorporated in Ireland)
2
Unit Trust Management
St. James\u2019s Place Unit Trust Group Limited
Unit Trust Administration
and ISA Management
St. James\u2019s Place Investment Administration Limited
Distribution
St. James\u2019s Place Wealth Management plc
Management Services
St. James\u2019s Place Management Services Limited
3
Treasury Company
St. James\u2019s Place Partnership Services Limited
Adviser Acquisitions
St. James\u2019s Place Acquisition Services Limited
AME Distribution
St. James\u2019s Place International Distribution Limited
St. James\u2019s Place Investment Management Limited (formerly
Discretionary Fund Management Rowan Dartington & Co. Limited)
1 Directly held by St. James\u2019s Place plc.
2 The Company also operates a branch in Singapore.
3 The Company also operates a branch in the Republic of Ireland.
Ongoing solvency requirements within the life assurance, unit trust and financial services
companies of the Group restrict their ability to distribute all their distributable reserves.
Included below is a full list of the entities within the St. James\u2019s Place plc Group at 31 December 2025:
Company Country of Audit
Entity
number
Registered office
incorporation
Principal activity
exemption
Cabot Portfolio Nominees Limited
03636010
2610
The Quadrant, Aztec West, Almondsbury, Bristol, England, BS32 4AQ
England and Wales
Nominee company
Yes
Capstone Financial (HK) Limited
1256431
8F Kailey Tower, 16 Stanley Street Central, Hong Kong
Hong Kong
Financial advice
No
CGA Financial & Investment Services Limited
02666180 *
England and Wales
Financial advice
Yes
Dartington Portfolio Nominees Limited
01489542
2610
The Quadrant, Aztec West, Almondsbury, Bristol, England, BS32 4AQ
England and Wales
Nominee company
Yes
Edwards Wealth Ltd
09229694 *
England and Wales
Financial advice
Yes
Fortura Financial Partners Limited
14320641 *
England and Wales
Financial advice
Yes
Future Proof Limited
07608319 *
England and Wales
Financial advice
Yes
Ian Cockbain Wealth Management Limited
04639701 *
England and Wales
Financial advice
Yes
Lewington Wealth Management Limited
04290504 *
England and Wales
Financial advice
Yes
Linden House Financial Services Limited
02990295 *
England and Wales
Financial advice
Yes
Ludian Financial Planning Limited
16709363 *
England and Wales
Financial advice
No
M.H.S. (Holdings) Limited
00559995 *
England and Wales
Non-trading
Yes
Perennial Financial Management Limited
04609753 *
England and Wales
Financial advice
Yes
Policy Services Limited
SC230167
Oracle Campus, Blackness Road, Linlithgow, West Lothian, EH49 7BF,
Scotland
Financial advice
No
Reflect Financial Limited
04373946 *
United Kingdom
England and Wales
Financial advice
Yes
St. James\u2019s Place Investment Management Limited
02752304 *
England and Wales
Stockbroker and
No
(formerly Rowan Dartington & Co. Limited) investment manager
Rowan Dartington Holdings Limited
07470226 *
England and Wales
Holding company
Yes
SJP Legacy Holdings Ltd
SC492906
Oracle Campus, Blackness Road, Linlithgow, West Lothian, EH49 7BF,
Scotland
Holding company
Yes
United Kingdom
SJP Partner Loans No. 1 Limited
11390901
10th Floor, 5 Churchill Place, London, E14 5HU, United Kingdom
England and Wales
Securitisation
No
St. James\u2019s Place (Hong Kong) Limited
275275
1st Floor, Henley Building, 5 Queen\u2019s Road Central, Hong Kong
Hong Kong
Overseas distribution
No
St. James\u2019s Place (Middle East) Limited
6826
Gate District Precinct Building 03, Unit Precinct 3-7th Floor-Units 706, 707
United Arab
Overseas distribution
No
&
708
Level 7, Dubai International Financial Centre, United Arab Emirates,
Emirates
St. James\u2019s Place (PCP) Limited
02706684 *
PO Box 507256
England and Wales
Transaction and servicing
Yes
of SJP income streams
St. James\u2019s Place (Singapore) Private Limited
20040639
8R
1 Raffles Place, #15-61 One Raffles Place, 048616, Singapore
Singapore
Financial advice
No
Company Country of Audit
Entity
number
Registered office
incorporation
Principal activity
exemption
St. James\u2019s Place Acquisition Services Limited
07730835 *
England and Wales
Adviser acquisitions
Yes
St. James\u2019s Place Corporate Secretary Limited
09131866 *
England and Wales
Corporate secretary
Yes
St. James\u2019s Place DFM Holdings Limited
09687687 *
England and Wales
Holding company
Yes
St. James\u2019s Place International (Hong Kong) Limited
64458142
1st Floor, Henley Building, 5 Queen\u2019s Road Central, Hong Kong
Hong Kong
Life assurance
No
St. James\u2019s Place International Distribution Limited
08798683 *
England and Wales
Holding company
Yes
St. James\u2019s Place International plc
185345
Fleming Court, Flemings Place, Dublin 4, Ireland
Ireland
Life assurance
No
St. James\u2019s Place Investment Administration Limited
08764231 *
England and Wales
Unit trust administration
No
and ISA manager
St. James\u2019s Place Management Services Limited
02661044 *
England and Wales
Management services
No
St. James\u2019s Place Nominees Limited
08764214 *
England and Wales
Nominee company
Yes
St. James\u2019s Place Partnership Services Limited
08201211 *
England and Wales
Treasury company
No
St. James\u2019s Place UK plc
02628062 *
England and Wales
Life assurance
No
St. James\u2019s Place Unit Trust Group Limited
00947644 *
England and Wales
Unit trust management
No
St. James\u2019s Place Wealth Management (Shanghai)
1511517
1st Floor, Henley Building, 5 Queen\u2019s Road Central, Hong Kong
Hong Kong
Overseas distribution
No
Limited
St. James\u2019s Place Wealth Management Group Limited
02627518 *
England and Wales
Holding company
No
St. James\u2019s Place Wealth Management International
20132345
3N
1 Raffles Place, #15-61 One Raffles Place, 048616, Singapore
Singapore
Holding company
No
Pte. Ltd
St. James\u2019s Place Wealth Management plc
04113955 *
England and Wales
UK distribution
No
Technical Connection Limited
03178474 *
England and Wales
Tax and advisory services
Yes
Tring Financial Management Limited
05487108 *
England and Wales
Policy administration
Yes
Virtue Money Limited
SC346827
Oracle Campus, Blackness Road, Linlithgow, West Lothian, EH49 7BF,
Scotland
Holding company
Yes
United Kingdom
* Indicates that the registered office is St. James\u2019s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, England, GL7 1FP.
The Group incorporated Ludian Financial Planning Limited (16709363) on 10 September 2025,
with its first accounts to be made up to 31 December 2026.
On 18 February 2026 Capstone Financial (HK) Limited (1256431) was dissolved.
Where indicated in the table, subsidiaries of St. James\u2019s Place plc have taken advantage,
or are expected to take advantage, of the exemption from statutory audit granted by section
479A of the Companies Act 2006. In accordance with section 479C, St. James\u2019s Place plc has
guaranteed all the outstanding liabilities as at 31 December 2025 of these companies.
All Group companies have an accounting reference date of 31 December. The tax residency
of each subsidiary is the same as the country of incorporation.
100% of the equity share capital is held for the subsidiaries listed in the preceding table,
with the exception of:
SJP Partner Loans No. 1 Limited (11390901), where 100% of the equity share capital is held by a
third-party entity outside the Group. Note that all assets and liabilities of SJP Partner Loans
No.1 Limited are restricted and ring-fenced from the other assets and liabilities of the Group.
Lewington Wealth Management Limited (04290504) where 25% of the equity share capital
is held by a third-party entity outside the Group.
Following an assessment of control in accordance with IFRS 10 it was determined that SJP
Partner Loans No. 1 Limited and Lewington Wealth Management Limited are controlled by
the Group and thus consolidated.
In addition, the Group financial statements consolidate the following unit trusts,
all of which are registered in England and Wales. The registered address of the unit
trust manager, St. James\u2019s Place Unit Trust Group Limited, is St. James\u2019s Place House,
1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom.
St. James\u2019s Place Adventurous Growth Unit Trust
St. James\u2019s Place Adventurous International Growth Unit Trust
St. James\u2019s Place Asia Pacific Unit Trust
St. James\u2019s Place Balance InRetirement Unit Trust
St. James\u2019s Place Balanced Growth Unit Trust
St. James\u2019s Place Balanced International Growth Unit Trust
St. James\u2019s Place Balanced Managed Unit Trust
St. James\u2019s Place Conservative Growth Unit Trust
St. James\u2019s Place Conservative International Growth Unit Trust
St. James\u2019s Place Continental European Unit Trust
St. James\u2019s Place Corporate Bond Unit Trust
St. James\u2019s Place Diversified Assets (FAIF) Unit Trust
St. James\u2019s Place Diversified Bond Unit Trust
St. James\u2019s Place Emerging Markets Equity Unit Trust
St. James\u2019s Place Global Absolute Return Unit Trust
St. James\u2019s Place Global Emerging Markets Unit Trust
St. James\u2019s Place Global Equity Unit Trust
St. James\u2019s Place Global Government Bond Unit Trust
St. James\u2019s Place Global Government Inflation Linked Bond Unit Trust
St. James\u2019s Place Global Growth Unit Trust
St. James\u2019s Place Global High Yield Bond Unit Trust
St. James\u2019s Place Global Quality Unit Trust
St. James\u2019s Place Global Smaller Companies Unit Trust
St. James\u2019s Place Global Unit Trust
St. James\u2019s Place Global Value Unit Trust
St. James\u2019s Place Greater European Progressive Unit Trust
St. James\u2019s Place Growth InRetirement Unit Trust
St. James\u2019s Place International Equity Unit Trust
St. James\u2019s Place Investment Grade Corporate Bond Unit Trust
St. James\u2019s Place Japan Unit Trust
St. James\u2019s Place Managed Growth Unit Trust
St. James\u2019s Place Money Market Unit Trust
St. James\u2019s Place North American Unit Trust
St. James\u2019s Place Polaris 1 Unit Trust
St. James\u2019s Place Polaris 2 Unit Trust
St. James\u2019s Place Polaris 3 Unit Trust
St. James\u2019s Place Polaris 4 Unit Trust
St. James\u2019s Place Polaris Multi-Index 1 Unit Trust
St. James\u2019s Place Polaris Multi-Index 2 Unit Trust
St. James\u2019s Place Polaris Multi-Index 3 Unit Trust
St. James\u2019s Place Polaris Multi-Index 4 Unit Trust
St. James\u2019s Place Prudence InRetirement Unit Trust
St. James\u2019s Place Strategic Income Unit Trust
St. James\u2019s Place Strategic Managed Unit Trust
St. James\u2019s Place Sustainable & Responsible Equity Unit Trust
St. James\u2019s Place UK Equity Income Unit Trust
St. James\u2019s Place UK Unit Trust
St. James\u2019s Place Worldwide Income Unit Trust
Individually immaterial associates
The Group also has interests in individually immaterial associates that are accounted for using
the equity method.
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Aggregate carrying value of individually immaterial associates
24.0
21.9
Aggregate amounts of the Group\u2019s share of total
comprehensive income
0.5
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "26. Interests in other entities
Principal subsidiaries
Investment Holding Companies
St. James\u2019s Place Wealth Management Group Limited
1
St. James\u2019s Place DFM Holdings Limited
1
Life Assurance
St. James\u2019s Place UK plc
St. James\u2019s Place International plc (incorporated in Ireland)
2
Unit Trust Management
St. James\u2019s Place Unit Trust Group Limited
Unit Trust Administration
and ISA Management
St. James\u2019s Place Investment Administration Limited
Distribution
St. James\u2019s Place Wealth Management plc
Management Services
St. James\u2019s Place Management Services Limited
3
Treasury Company
St. James\u2019s Place Partnership Services Limited
Adviser Acquisitions
St. James\u2019s Place Acquisition Services Limited
AME Distribution
St. James\u2019s Place International Distribution Limited
St. James\u2019s Place Investment Management Limited (formerly
Discretionary Fund Management Rowan Dartington & Co. Limited)
1 Directly held by St. James\u2019s Place plc. 2 The Company also operates a branch in Singapore. 3 The Company also operates a branch in the Republic of Ireland. Ongoing solvency requirements within the life assurance, unit trust and financial services companies of the Group restrict their ability to distribute all their distributable reserves. Included below is a full list of the entities within the St. James\u2019s Place plc Group at 31 December 2025:
Company Country of Audit
Entity
number
Registered office
incorporation
Principal activity
exemption
Cabot Portfolio Nominees Limited
03636010
2610
The Quadrant, Aztec West, Almondsbury, Bristol, England, BS32 4AQ
England and Wales
Nominee company
Yes
Capstone Financial (HK) Limited
1256431
8F Kailey Tower, 16 Stanley Street Central, Hong Kong
Hong Kong
Financial advice
No
CGA Financial & Investment Services Limited
02666180 *
England and Wales
Financial advice
Yes
Dartington Portfolio Nominees Limited
01489542
2610
The Quadrant, Aztec West, Almondsbury, Bristol, England, BS32 4AQ
England and Wales
Nominee company
Yes
Edwards Wealth Ltd
09229694 *
England and Wales
Financial advice
Yes
Fortura Financial Partners Limited
14320641 *
England and Wales
Financial advice
Yes
Future Proof Limited
07608319 *
England and Wales
Financial advice
Yes
Ian Cockbain Wealth Management Limited
04639701 *
England and Wales
Financial advice
Yes
Lewington Wealth Management Limited
04290504 *
England and Wales
Financial advice
Yes
Linden House Financial Services Limited
02990295 *
England and Wales
Financial advice
Yes
Ludian Financial Planning Limited
16709363 *
England and Wales
Financial advice
No
M.H.S. (Holdings) Limited
00559995 *
England and Wales
Non-trading
Yes
Perennial Financial Management Limited
04609753 *
England and Wales
Financial advice
Yes
Policy Services Limited
SC230167
Oracle Campus, Blackness Road, Linlithgow, West Lothian, EH49 7BF,
Scotland
Financial advice
No
Reflect Financial Limited
04373946 *
United Kingdom
England and Wales
Financial advice
Yes
St. James\u2019s Place Investment Management Limited
02752304 *
England and Wales
Stockbroker and
No
(formerly Rowan Dartington & Co. Limited) investment manager
Rowan Dartington Holdings Limited
07470226 *
England and Wales
Holding company
Yes
SJP Legacy Holdings Ltd
SC492906
Oracle Campus, Blackness Road, Linlithgow, West Lothian, EH49 7BF,
Scotland
Holding company
Yes
United Kingdom
SJP Partner Loans No. 1 Limited
11390901
10th Floor, 5 Churchill Place, London, E14 5HU, United Kingdom
England and Wales
Securitisation
No
St. James\u2019s Place (Hong Kong) Limited
275275
1st Floor, Henley Building, 5 Queen\u2019s Road Central, Hong Kong
Hong Kong
Overseas distribution
No
St. James\u2019s Place (Middle East) Limited
6826
Gate District Precinct Building 03, Unit Precinct 3-7th Floor-Units 706, 707
United Arab
Overseas distribution
No
&
708
Level 7, Dubai International Financial Centre, United Arab Emirates,
Emirates
St. James\u2019s Place (PCP) Limited
02706684 *
PO Box 507256
England and Wales
Transaction and servicing
Yes
of SJP income streams
St. James\u2019s Place (Singapore) Private Limited
20040639
8R
1 Raffles Place, #15-61 One Raffles Place, 048616, Singapore
Singapore
Financial advice
No
Company Country of Audit
Entity
number
Registered office
incorporation
Principal activity
exemption
St. James\u2019s Place Acquisition Services Limited
07730835 *
England and Wales
Adviser acquisitions
Yes
St. James\u2019s Place Corporate Secretary Limited
09131866 *
England and Wales
Corporate secretary
Yes
St. James\u2019s Place DFM Holdings Limited
09687687 *
England and Wales
Holding company
Yes
St. James\u2019s Place International (Hong Kong) Limited
64458142
1st Floor, Henley Building, 5 Queen\u2019s Road Central, Hong Kong
Hong Kong
Life assurance
No
St. James\u2019s Place International Distribution Limited
08798683 *
England and Wales
Holding company
Yes
St. James\u2019s Place International plc
185345
Fleming Court, Flemings Place, Dublin 4, Ireland
Ireland
Life assurance
No
St. James\u2019s Place Investment Administration Limited
08764231 *
England and Wales
Unit trust administration
No
and ISA manager
St. James\u2019s Place Management Services Limited
02661044 *
England and Wales
Management services
No
St. James\u2019s Place Nominees Limited
08764214 *
England and Wales
Nominee company
Yes
St. James\u2019s Place Partnership Services Limited
08201211 *
England and Wales
Treasury company
No
St. James\u2019s Place UK plc
02628062 *
England and Wales
Life assurance
No
St. James\u2019s Place Unit Trust Group Limited
00947644 *
England and Wales
Unit trust management
No
St. James\u2019s Place Wealth Management (Shanghai)
1511517
1st Floor, Henley Building, 5 Queen\u2019s Road Central, Hong Kong
Hong Kong
Overseas distribution
No
Limited
St. James\u2019s Place Wealth Management Group Limited
02627518 *
England and Wales
Holding company
No
St. James\u2019s Place Wealth Management International
20132345
3N
1 Raffles Place, #15-61 One Raffles Place, 048616, Singapore
Singapore
Holding company
No
Pte. Ltd
St. James\u2019s Place Wealth Management plc
04113955 *
England and Wales
UK distribution
No
Technical Connection Limited
03178474 *
England and Wales
Tax and advisory services
Yes
Tring Financial Management Limited
05487108 *
England and Wales
Policy administration
Yes
Virtue Money Limited
SC346827
Oracle Campus, Blackness Road, Linlithgow, West Lothian, EH49 7BF,
Scotland
Holding company
Yes
United Kingdom
* Indicates that the registered office is St. James\u2019s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, England, GL7 1FP. The Group incorporated Ludian Financial Planning Limited (16709363) on 10 September 2025, with its first accounts to be made up to 31 December 2026. On 18 February 2026 Capstone Financial (HK) Limited (1256431) was dissolved. Where indicated in the table, subsidiaries of St. James\u2019s Place plc have taken advantage, or are expected to take advantage, of the exemption from statutory audit granted by section 479A of the Companies Act 2006. In accordance with section 479C, St. James\u2019s Place plc has guaranteed all the outstanding liabilities as at 31 December 2025 of these companies. All Group companies have an accounting reference date of 31 December. The tax residency of each subsidiary is the same as the country of incorporation. 100% of the equity share capital is held for the subsidiaries listed in the preceding table, with the exception of: SJP Partner Loans No. 1 Limited (11390901), where 100% of the equity share capital is held by a third-party entity outside the Group. Note that all assets and liabilities of SJP Partner Loans No.1 Limited are restricted and ring-fenced from the other assets and liabilities of the Group. Lewington Wealth Management Limited (04290504) where 25% of the equity share capital is held by a third-party entity outside the Group. Following an assessment of control in accordance with IFRS 10 it was determined that SJP Partner Loans No. 1 Limited and Lewington Wealth Management Limited are controlled by the Group and thus consolidated. In addition, the Group financial statements consolidate the following unit trusts, all of which are registered in England and Wales. The registered address of the unit trust manager, St. James\u2019s Place Unit Trust Group Limited, is St. James\u2019s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. St. James\u2019s Place Adventurous Growth Unit Trust St. James\u2019s Place Adventurous International Growth Unit Trust St. James\u2019s Place Asia Pacific Unit Trust St. James\u2019s Place Balance InRetirement Unit Trust St. James\u2019s Place Balanced Growth Unit Trust St. James\u2019s Place Balanced International Growth Unit Trust St. James\u2019s Place Balanced Managed Unit Trust St. James\u2019s Place Conservative Growth Unit Trust St. James\u2019s Place Conservative International Growth Unit Trust St. James\u2019s Place Continental European Unit Trust St. James\u2019s Place Corporate Bond Unit Trust St. James\u2019s Place Diversified Assets (FAIF) Unit Trust St. James\u2019s Place Diversified Bond Unit Trust St. James\u2019s Place Emerging Markets Equity Unit Trust St. James\u2019s Place Global Absolute Return Unit Trust St. James\u2019s Place Global Emerging Markets Unit Trust St. James\u2019s Place Global Equity Unit Trust St. James\u2019s Place Global Government Bond Unit Trust St. James\u2019s Place Global Government Inflation Linked Bond Unit Trust St. James\u2019s Place Global Growth Unit Trust St. James\u2019s Place Global High Yield Bond Unit Trust St. James\u2019s Place Global Quality Unit Trust St. James\u2019s Place Global Smaller Companies Unit Trust St. James\u2019s Place Global Unit Trust St. James\u2019s Place Global Value Unit Trust St. James\u2019s Place Greater European Progressive Unit Trust St. James\u2019s Place Growth InRetirement Unit Trust St. James\u2019s Place International Equity Unit Trust St. James\u2019s Place Investment Grade Corporate Bond Unit Trust St. James\u2019s Place Japan Unit Trust St. James\u2019s Place Managed Growth Unit Trust St. James\u2019s Place Money Market Unit Trust St. James\u2019s Place North American Unit Trust St. James\u2019s Place Polaris 1 Unit Trust St. James\u2019s Place Polaris 2 Unit Trust St. James\u2019s Place Polaris 3 Unit Trust St. James\u2019s Place Polaris 4 Unit Trust St. James\u2019s Place Polaris Multi-Index 1 Unit Trust St. James\u2019s Place Polaris Multi-Index 2 Unit Trust St. James\u2019s Place Polaris Multi-Index 3 Unit Trust St. James\u2019s Place Polaris Multi-Index 4 Unit Trust St. James\u2019s Place Prudence InRetirement Unit Trust St. James\u2019s Place Strategic Income Unit Trust St. James\u2019s Place Strategic Managed Unit Trust St. James\u2019s Place Sustainable & Responsible Equity Unit Trust St. James\u2019s Place UK Equity Income Unit Trust St. James\u2019s Place UK Unit Trust St. James\u2019s Place Worldwide Income Unit Trust Individually immaterial associates The Group also has interests in individually immaterial associates that are accounted for using the equity method.
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Aggregate carrying value of individually immaterial associates
24.0
21.9
Aggregate amounts of the Group\u2019s share of total
comprehensive income
0.5
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "26. Interests in other entities
Principal subsidiaries
Investment Holding Companies
St. James\u2019s Place Wealth Management Group Limited
1
St. James\u2019s Place DFM Holdings Limited
1
Life Assurance
St. James\u2019s Place UK plc
St. James\u2019s Place International plc (incorporated in Ireland)
2
Unit Trust Management
St. James\u2019s Place Unit Trust Group Limited
Unit Trust Administration
and ISA Management
St. James\u2019s Place Investment Administration Limited
Distribution
St. James\u2019s Place Wealth Management plc
Management Services
St. James\u2019s Place Management Services Limited
3
Treasury Company
St. James\u2019s Place Partnership Services Limited
Adviser Acquisitions
St. James\u2019s Place Acquisition Services Limited
AME Distribution
St. James\u2019s Place International Distribution Limited
St. James\u2019s Place Investment Management Limited (formerly
Discretionary Fund Management Rowan Dartington & Co. Limited)
1 Directly held by St. James\u2019s Place plc. 2 The Company also operates a branch in Singapore. 3 The Company also operates a branch in the Republic of Ireland. Ongoing solvency requirements within the life assurance, unit trust and financial services companies of the Group restrict their ability to distribute all their distributable reserves. Included below is a full list of the entities within the St. James\u2019s Place plc Group at 31 December 2025:
Company Country of Audit
Entity
number
Registered office
incorporation
Principal activity
exemption
Cabot Portfolio Nominees Limited
03636010
2610
The Quadrant, Aztec West, Almondsbury, Bristol, England, BS32 4AQ
England and Wales
Nominee company
Yes
Capstone Financial (HK) Limited
1256431
8F Kailey Tower, 16 Stanley Street Central, Hong Kong
Hong Kong
Financial advice
No
CGA Financial & Investment Services Limited
02666180 *
England and Wales
Financial advice
Yes
Dartington Portfolio Nominees Limited
01489542
2610
The Quadrant, Aztec West, Almondsbury, Bristol, England, BS32 4AQ
England and Wales
Nominee company
Yes
Edwards Wealth Ltd
09229694 *
England and Wales
Financial advice
Yes
Fortura Financial Partners Limited
14320641 *
England and Wales
Financial advice
Yes
Future Proof Limited
07608319 *
England and Wales
Financial advice
Yes
Ian Cockbain Wealth Management Limited
04639701 *
England and Wales
Financial advice
Yes
Lewington Wealth Management Limited
04290504 *
England and Wales
Financial advice
Yes
Linden House Financial Services Limited
02990295 *
England and Wales
Financial advice
Yes
Ludian Financial Planning Limited
16709363 *
England and Wales
Financial advice
No
M.H.S. (Holdings) Limited
00559995 *
England and Wales
Non-trading
Yes
Perennial Financial Management Limited
04609753 *
England and Wales
Financial advice
Yes
Policy Services Limited
SC230167
Oracle Campus, Blackness Road, Linlithgow, West Lothian, EH49 7BF,
Scotland
Financial advice
No
Reflect Financial Limited
04373946 *
United Kingdom
England and Wales
Financial advice
Yes
St. James\u2019s Place Investment Management Limited
02752304 *
England and Wales
Stockbroker and
No
(formerly Rowan Dartington & Co. Limited) investment manager
Rowan Dartington Holdings Limited
07470226 *
England and Wales
Holding company
Yes
SJP Legacy Holdings Ltd
SC492906
Oracle Campus, Blackness Road, Linlithgow, West Lothian, EH49 7BF,
Scotland
Holding company
Yes
United Kingdom
SJP Partner Loans No. 1 Limited
11390901
10th Floor, 5 Churchill Place, London, E14 5HU, United Kingdom
England and Wales
Securitisation
No
St. James\u2019s Place (Hong Kong) Limited
275275
1st Floor, Henley Building, 5 Queen\u2019s Road Central, Hong Kong
Hong Kong
Overseas distribution
No
St. James\u2019s Place (Middle East) Limited
6826
Gate District Precinct Building 03, Unit Precinct 3-7th Floor-Units 706, 707
United Arab
Overseas distribution
No
&
708
Level 7, Dubai International Financial Centre, United Arab Emirates,
Emirates
St. James\u2019s Place (PCP) Limited
02706684 *
PO Box 507256
England and Wales
Transaction and servicing
Yes
of SJP income streams
St. James\u2019s Place (Singapore) Private Limited
20040639
8R
1 Raffles Place, #15-61 One Raffles Place, 048616, Singapore
Singapore
Financial advice
No
Company Country of Audit
Entity
number
Registered office
incorporation
Principal activity
exemption
St. James\u2019s Place Acquisition Services Limited
07730835 *
England and Wales
Adviser acquisitions
Yes
St. James\u2019s Place Corporate Secretary Limited
09131866 *
England and Wales
Corporate secretary
Yes
St. James\u2019s Place DFM Holdings Limited
09687687 *
England and Wales
Holding company
Yes
St. James\u2019s Place International (Hong Kong) Limited
64458142
1st Floor, Henley Building, 5 Queen\u2019s Road Central, Hong Kong
Hong Kong
Life assurance
No
St. James\u2019s Place International Distribution Limited
08798683 *
England and Wales
Holding company
Yes
St. James\u2019s Place International plc
185345
Fleming Court, Flemings Place, Dublin 4, Ireland
Ireland
Life assurance
No
St. James\u2019s Place Investment Administration Limited
08764231 *
England and Wales
Unit trust administration
No
and ISA manager
St. James\u2019s Place Management Services Limited
02661044 *
England and Wales
Management services
No
St. James\u2019s Place Nominees Limited
08764214 *
England and Wales
Nominee company
Yes
St. James\u2019s Place Partnership Services Limited
08201211 *
England and Wales
Treasury company
No
St. James\u2019s Place UK plc
02628062 *
England and Wales
Life assurance
No
St. James\u2019s Place Unit Trust Group Limited
00947644 *
England and Wales
Unit trust management
No
St. James\u2019s Place Wealth Management (Shanghai)
1511517
1st Floor, Henley Building, 5 Queen\u2019s Road Central, Hong Kong
Hong Kong
Overseas distribution
No
Limited
St. James\u2019s Place Wealth Management Group Limited
02627518 *
England and Wales
Holding company
No
St. James\u2019s Place Wealth Management International
20132345
3N
1 Raffles Place, #15-61 One Raffles Place, 048616, Singapore
Singapore
Holding company
No
Pte. Ltd
St. James\u2019s Place Wealth Management plc
04113955 *
England and Wales
UK distribution
No
Technical Connection Limited
03178474 *
England and Wales
Tax and advisory services
Yes
Tring Financial Management Limited
05487108 *
England and Wales
Policy administration
Yes
Virtue Money Limited
SC346827
Oracle Campus, Blackness Road, Linlithgow, West Lothian, EH49 7BF,
Scotland
Holding company
Yes
United Kingdom
* Indicates that the registered office is St. James\u2019s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, England, GL7 1FP. The Group incorporated Ludian Financial Planning Limited (16709363) on 10 September 2025, with its first accounts to be made up to 31 December 2026. On 18 February 2026 Capstone Financial (HK) Limited (1256431) was dissolved. Where indicated in the table, subsidiaries of St. James\u2019s Place plc have taken advantage, or are expected to take advantage, of the exemption from statutory audit granted by section 479A of the Companies Act 2006. In accordance with section 479C, St. James\u2019s Place plc has guaranteed all the outstanding liabilities as at 31 December 2025 of these companies. All Group companies have an accounting reference date of 31 December. The tax residency of each subsidiary is the same as the country of incorporation. 100% of the equity share capital is held for the subsidiaries listed in the preceding table, with the exception of: SJP Partner Loans No. 1 Limited (11390901), where 100% of the equity share capital is held by a third-party entity outside the Group. Note that all assets and liabilities of SJP Partner Loans No.1 Limited are restricted and ring-fenced from the other assets and liabilities of the Group. Lewington Wealth Management Limited (04290504) where 25% of the equity share capital is held by a third-party entity outside the Group. Following an assessment of control in accordance with IFRS 10 it was determined that SJP Partner Loans No. 1 Limited and Lewington Wealth Management Limited are controlled by the Group and thus consolidated. In addition, the Group financial statements consolidate the following unit trusts, all of which are registered in England and Wales. The registered address of the unit trust manager, St. James\u2019s Place Unit Trust Group Limited, is St. James\u2019s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. St. James\u2019s Place Adventurous Growth Unit Trust St. James\u2019s Place Adventurous International Growth Unit Trust St. James\u2019s Place Asia Pacific Unit Trust St. James\u2019s Place Balance InRetirement Unit Trust St. James\u2019s Place Balanced Growth Unit Trust St. James\u2019s Place Balanced International Growth Unit Trust St. James\u2019s Place Balanced Managed Unit Trust St. James\u2019s Place Conservative Growth Unit Trust St. James\u2019s Place Conservative International Growth Unit Trust St. James\u2019s Place Continental European Unit Trust St. James\u2019s Place Corporate Bond Unit Trust St. James\u2019s Place Diversified Assets (FAIF) Unit Trust St. James\u2019s Place Diversified Bond Unit Trust St. James\u2019s Place Emerging Markets Equity Unit Trust St. James\u2019s Place Global Absolute Return Unit Trust St. James\u2019s Place Global Emerging Markets Unit Trust St. James\u2019s Place Global Equity Unit Trust St. James\u2019s Place Global Government Bond Unit Trust St. James\u2019s Place Global Government Inflation Linked Bond Unit Trust St. James\u2019s Place Global Growth Unit Trust St. James\u2019s Place Global High Yield Bond Unit Trust St. James\u2019s Place Global Quality Unit Trust St. James\u2019s Place Global Smaller Companies Unit Trust St. James\u2019s Place Global Unit Trust St. James\u2019s Place Global Value Unit Trust St. James\u2019s Place Greater European Progressive Unit Trust St. James\u2019s Place Growth InRetirement Unit Trust St. James\u2019s Place International Equity Unit Trust St. James\u2019s Place Investment Grade Corporate Bond Unit Trust St. James\u2019s Place Japan Unit Trust St. James\u2019s Place Managed Growth Unit Trust St. James\u2019s Place Money Market Unit Trust St. James\u2019s Place North American Unit Trust St. James\u2019s Place Polaris 1 Unit Trust St. James\u2019s Place Polaris 2 Unit Trust St. James\u2019s Place Polaris 3 Unit Trust St. James\u2019s Place Polaris 4 Unit Trust St. James\u2019s Place Polaris Multi-Index 1 Unit Trust St. James\u2019s Place Polaris Multi-Index 2 Unit Trust St. James\u2019s Place Polaris Multi-Index 3 Unit Trust St. James\u2019s Place Polaris Multi-Index 4 Unit Trust St. James\u2019s Place Prudence InRetirement Unit Trust St. James\u2019s Place Strategic Income Unit Trust St. James\u2019s Place Strategic Managed Unit Trust St. James\u2019s Place Sustainable & Responsible Equity Unit Trust St. James\u2019s Place UK Equity Income Unit Trust St. James\u2019s Place UK Unit Trust St. James\u2019s Place Worldwide Income Unit Trust Individually immaterial associates The Group also has interests in individually immaterial associates that are accounted for using the equity method.
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Aggregate carrying value of individually immaterial associates
24.0
21.9
Aggregate amounts of the Group\u2019s share of total
comprehensive income
0.5
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "
27. Related\u2011party transactions
Transactions with associates and non\u2011wholly\u2011owned subsidiaries
Associates
Outstanding at the year-end were business loans of \u00a311.0 million (2024: \u00a311.9 million) to
associates of the Group. During the year \u00a3nil (2024: \u00a38.9 million) was advanced and \u00a31.8 million
(2024: \u00a34.3 million) was repaid. Business loans to associates are interest-bearing (linked to the
Bank of England base rate plus a margin) and repayable in line with the terms of the loan
contract. Interest of \u00a30.9 million was received during 2025 (2024: \u00a30.6 million).
In addition, commission, advice fees and other payments of \u00a312.3 million were paid
(2024: \u00a310.0 million paid), under normal commercial terms, to associates of the Group.
The outstanding amount at 31 December 2025 was \u00a31.0 million payable (2024: \u00a30.7 million
payable).
Non\u2011wholly owned subsidiaries
Commission, advice fees and other payments of \u00a34.6 million were paid (2024: \u00a34.3 million paid),
under normal commercial terms, to non-wholly-owned Group companies. The outstanding
amount at 31 December 2025 was \u00a30.4 million payable (2024: \u00a30.5 million payable).
Transactions with key management personnel
Key management personnel have been defined as the Board of Directors and members
of the Group Executive Committee. The remuneration paid to the Board of Directors of
St. James\u2019s Place plc is set out in the Directors\u2019 remuneration report, in addition to the
disclosure in this note.
The Directors\u2019 remuneration report also sets out transactions with the Directors under the
Group\u2019s share-based payment schemes, together with details of the Directors\u2019 interests in
the share capital of the Company.
Compensation of key management personnel is as follows:
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Short-term employee benefits
12.9
10.2
Post-employment benefits
0.5
0.6
Share-based payments
6.3
(0.7)
Total
19.7
10.1
The total value of Group FUM held by related parties of the Group as at 31 December 2025 was \u00a317.7 million (2024: \u00a325.2 million). The total value of St. James\u2019s Place plc dividends paid to related parties of the Group during the year was \u00a30.1 million (2024: \u00a30.2 million). Commission, advice fees and other payments of \u00a3nil (2024: \u00a31.3 million) were paid, under normal commercial terms, to St. James\u2019s Place advisers who were related parties by virtue of being connected persons with key management personnel. The outstanding amount payable at 31 December 2025 was \u00a3nil (2024: \u00a30.1 million)", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "27. Related\u2011party transactions Transactions with associates and non\u2011wholly\u2011owned subsidiaries Associates Outstanding at the year-end were business loans of \u00a311.0 million (2024: \u00a311.9 million) to associates of the Group. During the year \u00a3nil (2024: \u00a38.9 million) was advanced and \u00a31.8 million (2024: \u00a34.3 million) was repaid. Business loans to associates are interest-bearing (linked to the Bank of England base rate plus a margin) and repayable in line with the terms of the loan contract. Interest of \u00a30.9 million was received during 2025 (2024: \u00a30.6 million). In addition, commission, advice fees and other payments of \u00a312.3 million were paid (2024: \u00a310.0 million paid), under normal commercial terms, to associates of the Group. The outstanding amount at 31 December 2025 was \u00a31.0 million payable (2024: \u00a30.7 million payable). Non\u2011wholly owned subsidiaries Commission, advice fees and other payments of \u00a34.6 million were paid (2024: \u00a34.3 million paid), under normal commercial terms, to non-wholly-owned Group companies. The outstanding amount at 31 December 2025 was \u00a30.4 million payable (2024: \u00a30.5 million payable). Transactions with key management personnel Key management personnel have been defined as the Board of Directors and members of the Group Executive Committee. The remuneration paid to the Board of Directors of St. James\u2019s Place plc is set out in the Directors\u2019 remuneration report, in addition to the disclosure in this note. The Directors\u2019 remuneration report also sets out transactions with the Directors under the Group\u2019s share-based payment schemes, together with details of the Directors\u2019 interests in the share capital of the Company. Compensation of key management personnel is as follows:
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Short-term employee benefits
12.9
10.2
Post-employment benefits
0.5
0.6
Share-based payments
6.3
(0.7)
Total
19.7
10.1
The total value of Group FUM held by related parties of the Group as at 31 December 2025 was \u00a317.7 million (2024: \u00a325.2 million). The total value of St. James\u2019s Place plc dividends paid to related parties of the Group during the year was \u00a30.1 million (2024: \u00a30.2 million). Commission, advice fees and other payments of \u00a3nil (2024: \u00a31.3 million) were paid, under normal commercial terms, to St. James\u2019s Place advisers who were related parties by virtue of being connected persons with key management personnel. The outstanding amount payable at 31 December 2025 was \u00a3nil (2024: \u00a30.1 million)", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "Transactions with key management personnel Key management personnel have been defined as the Board of Directors and members of the Group Executive Committee. The remuneration paid to the Board of Directors of St. James\u2019s Place plc is set out in the Directors\u2019 remuneration report, in addition to the disclosure in this note. The Directors\u2019 remuneration report also sets out transactions with the Directors under the Group\u2019s share-based payment schemes, together with details of the Directors\u2019 interests in the share capital of the Company. Compensation of key management personnel is as follows:
Year ended Year ended
31 December 31 December
2025 2024
\u00a3\u2019Million
\u00a3\u2019Million
Short-term employee benefits
12.9
10.2
Post-employment benefits
0.5
0.6
Share-based payments
6.3
(0.7)
Total
19.7
10.1
The total value of Group FUM held by related parties of the Group as at 31 December 2025 was \u00a317.7 million (2024: \u00a325.2 million). The total value of St. James\u2019s Place plc dividends paid to related parties of the Group during the year was \u00a30.1 million (2024: \u00a30.2 million). Commission, advice fees and other payments of \u00a3nil (2024: \u00a31.3 million) were paid, under normal commercial terms, to St. James\u2019s Place advisers who were related parties by virtue of being connected persons with key management personnel. The outstanding amount payable at 31 December 2025 was \u00a3nil (2024: \u00a30.1 million)", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "St. James\u2019s Place House 1 Tetbury Road Cirencester Gloucestershire GL7 1FP", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }