31 December 2025 | 1 year | 3 year | 5 year |
USD | 3.8% | 3.8% | 4.0% |
CAD | 2.8% | 3.1% | 3.4% |
GBP | 3.8% | 4.0% | 4.2% |
EUR | 2.0% | 2.3% | 2.6% |
31 December 2024 | 1 year | 3 year | 5 year |
USD | 4.5% | 4.6% | 4.7% |
CAD | 3.4% | 3.3% | 3.4% |
GBP | 4.6% | 4.6% | 4.6% |
EUR | 2.4% | 2.3% | 2.5% |
31 December 2025 | 1 year | 3 year | 5 year |
USD | 3.8% | 3.8% | 4.0% |
CAD | 2.8% | 3.1% | 3.4% |
GBP | 3.8% | 4.0% | 4.2% |
EUR | 2.0% | 2.3% | 2.6% |
31 December 2024 | 1 year | 3 year | 5 year |
USD | 4.5% | 4.6% | 4.7% |
CAD | 3.4% | 3.3% | 3.4% |
GBP | 4.6% | 4.6% | 4.6% |
EUR | 2.4% | 2.3% | 2.5% |
2025 | 2024 | |||
Notional contract amount | Market value of derivative position | Notional contract amount | Market value of derivative position | |
$m | $m | $m | $m | |
Contract assets | 152.7 | 0.8 | 536.0 | 11.2 |
Contract liabilities | 726.6 | (10.5) | 900.0 | (27.3) |
Total derivative financial instruments | (9.7) | (16.1) |
2025 | 2024 | |
$m | $m | |
UK (Lloyd's) | 4,011.7 | 4,412.4 |
US (Non-Lloyd's) | 1,576.0 | 878.5 |
Europe (Non-Lloyd's) | 477.1 | 387.2 |
Total insurance revenue | 6,064.8 | 5,678.1 |
2025 | 2024 | |
$m | $m | |
UK | 234.4 | 214.0 |
US | 67.9 | 60.5 |
Europe | 6.8 | 2.4 |
Total non-current assets | 309.1 | 276.9 |
2025 | 2024 | |
$m | $m | |
Insurance revenue | 6,064.8 | 5,678.1 |
Interest on cash and cash equivalents at amortised cost | 32.3 | 43.5 |
Other income | 73.4 | 106.0 |
Total revenue | 6,170.5 | 5,827.6 |
Year ended 31 December 2025 | ||||||
Cyber Risks | Digital | MAP Risks | Property Risks | Specialty Risks | Total | |
2025 | $m | $m | $m | $m | $m | $m |
Insurance revenue | 1,218.3 | 227.8 | 965.6 | 1,693.7 | 1,959.4 | 6,064.8 |
Insurance service expense | (782.0) | (147.8) | (784.0) | (957.5) | (1,765.3) | (4,436.6) |
Current year claims | (565.4) | (99.4) | (381.3) | (660.3) | (1,007.1) | (2,713.5) |
Adjustments to prior year claims | 39.7 | 25.1 | (98.9) | 183.1 | (183.0) | (34.0) |
(Loss on)/reversal of onerous contracts | (0.2) | 0.4 | 0.7 | \u2014 | (0.2) | 0.7 |
Insurance acquisition cash flows amortisation and other directly attributable expenses | (256.1) | (73.9) | (304.5) | (480.3) | (575.0) | (1,689.8) |
Allocation of reinsurance premium | (336.8) | (26.5) | (74.8) | (305.0) | (163.3) | (906.4) |
Amounts recoverable from reinsurers for incurred claims | 115.8 | 10.0 | 113.7 | 62.3 | 145.5 | 447.3 |
Current year claims | 147.5 | 15.9 | 50.1 | 98.2 | 123.1 | 434.8 |
Adjustments to prior year claims | (29.7) | (5.7) | 64.0 | (34.1) | 23.4 | 17.9 |
Share of expenses and other amounts | (2.0) | (0.2) | (0.4) | (1.8) | (1.0) | (5.4) |
Insurance service result | 215.3 | 63.5 | 220.5 | 493.5 | 176.3 | 1,169.1 |
Net investment income | 111.4 | 18.6 | 82.6 | 106.9 | 288.0 | 607.5 |
Net finance expense from insurance contracts issued | (61.7) | (5.5) | (30.1) | (26.8) | (174.2) | (298.3) |
Net finance income/(expense) from reinsurance contracts held | 22.7 | 1.2 | (1.1) | 3.0 | 39.2 | 65.0 |
Net insurance and financial result | 287.7 | 77.8 | 271.9 | 576.6 | 329.3 | 1,543.3 |
Other income | 32.3 | 1.9 | 8.2 | 14.3 | 16.7 | 73.4 |
Other operating expenses | (84.4) | (16.0) | (67.8) | (119.0) | (138.8) | (426.0) |
Foreign exchange losses | (0.7) | (0.1) | (0.5) | (0.9) | (1.1) | (3.3) |
Segment result | 234.9 | 63.6 | 211.8 | 471.0 | 206.1 | 1,187.4 |
Finance costs | (40.9) | |||||
Profit before tax | 1,146.5 | |||||
Tax expense | (233.1) | |||||
Profit after tax | 913.4 | |||||
Claims ratio | 46.3% | 31.6% | 41.0% | 29.7% | 58.1% | 44.5% |
Expense ratio | 29.3% | 36.9% | 34.2% | 34.8% | 32.1% | 32.8% |
Combined ratio | 75.6% | 68.5% | 75.2% | 64.5% | 90.2% | 77.3% |
Year ended 31 December 2024 | ||||||
Cyber Risks | Digital | MAP Risks | Property Risks | Specialty Risks | Total | |
2024 | $m | $m | $m | $m | $m | $m |
Insurance revenue | 1,156.7 | 234.7 | 917.4 | 1,518.1 | 1,851.2 | 5,678.1 |
Insurance service expenses | (784.8) | (160.0) | (716.8) | (919.6) | (1,351.8) | (3,933.0) |
Current year claims | (641.8) | (104.0) | (383.9) | (678.4) | (977.5) | (2,785.6) |
Adjustments to prior year claims | 85.0 | 37.7 | (29.7) | 158.4 | 149.8 | 401.2 |
Reversal of/(loss on) onerous contracts | 2.6 | 0.3 | 2.9 | 0.2 | (0.9) | 5.1 |
Insurance acquisition cash flows amortisation and other directly attributable expenses | (230.6) | (94.0) | (306.1) | (399.8) | (523.2) | (1,553.7) |
Allocation of reinsurance premium | (231.1) | (28.5) | (81.1) | (225.4) | (198.8) | (764.9) |
Amounts recoverable from reinsurers for incurred claims | 189.1 | 6.8 | 40.0 | (22.4) | 42.3 | 255.8 |
Current year claims | 212.0 | 13.5 | 67.2 | 68.5 | 155.7 | 516.9 |
Adjustments to prior year claims | (22.0) | (6.6) | (26.0) | (90.0) | (112.1) | (256.7) |
Share of expenses and other amounts | (0.9) | (0.1) | (1.2) | (0.9) | (1.3) | (4.4) |
Insurance service result | 329.9 | 53.0 | 159.5 | 350.7 | 342.9 | 1,236.0 |
Net investment income | 108.2 | 17.7 | 72.3 | 112.8 | 263.4 | 574.4 |
Net finance expense from insurance contracts issued | (29.6) | (1.5) | (5.8) | (4.5) | (47.7) | (89.1) |
Net finance income from reinsurance contracts held | 6.3 | \u2013 | 3.8 | 10.2 | 12.9 | 33.2 |
Net insurance and financial result | 414.8 | 69.2 | 229.8 | 469.2 | 571.5 | 1,754.5 |
Other income | 21.6 | 4.4 | 17.1 | 28.3 | 34.6 | 106.0 |
Other operating expenses | (79.2) | (16.1) | (62.8) | (103.9) | (126.6) | (388.6) |
Foreign exchange losses | (1.8) | (0.4) | (1.5) | (2.4) | (3.0) | (9.1) |
Segment result | 355.4 | 57.1 | 182.6 | 391.2 | 476.5 | 1,462.8 |
Finance costs | (39.3) | |||||
Profit before tax | 1,423.5 | |||||
Tax expense | (293.2) | |||||
Profit after tax | 1,130.3 | |||||
Claims ratio | 39.4% | 28.7% | 44.2% | 41.9% | 47.5% | 43.1% |
Expense ratio | 25.0% | 45.6% | 36.7% | 31.0% | 31.7% | 31.7% |
Combined ratio | 64.4% | 74.3% | 80.9% | 72.9% | 79.2% | 74.8% |
2025 | 2024 | |
$m | $m | |
Amounts relating to changes in the liability for remaining coverage: | ||
Expected incurred claims and other expenses after loss component allocation | 3,360.7 | 3,223.6 |
Change in risk adjustment for non-financial risk for the risk expired after loss component allocation | 242.4 | 271.5 |
CSM recognised in profit or loss for services provided | 1,045.3 | 807.3 |
Other amounts including experience adjustments | 315.5 | 366.5 |
Insurance acquisition cash flows recovery | 1,100.9 | 1,009.2 |
Total insurance revenue | 6,064.8 | 5,678.1 |
2025 | 2024 | |
$m | $m | |
Incurred claims and other directly attributable expenses | 3,302.4 | 3,330.1 |
Changes that relate to past service \u2013 adjustments to the LIC | 34.0 | (401.2) |
Losses on onerous contracts and reversal of those losses | (0.7) | (5.1) |
Insurance acquisition cash flows amortisation | 1,100.9 | 1,009.2 |
Total insurance service expense | 4,436.6 | 3,933.0 |
2025 | 2024 | |
$m | $m | |
Amounts relating to changes in the remaining coverage: | ||
\u2013 Expected claims and other expenses recovery | (522.1) | (494.5) |
\u2013 Changes in the risk adjustment recognised for the risk expired | (56.7) | (54.0) |
\u2013 CSM recognised for the services received | (403.1) | (173.1) |
\u2013 Other amounts including experience adjustments | 75.5 | (43.3) |
Allocation of reinsurance premium | (906.4) | (764.9) |
Effect of changes in the risk of reinsurers non-performance | (0.1) | (1.8) |
Claims recovered | 434.8 | 516.9 |
Other incurred directly attributable expenses | (5.4) | (4.4) |
Changes that relate to past service \u2013 adjustments to incurred claims recovery | 18.0 | (254.9) |
Amounts recoverable from reinsurers for incurred claims | 447.3 | 255.8 |
Total net expenses from reinsurance contracts held | (459.1) | (509.1) |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2025 | $m | $m | $m | $m |
Opening insurance contract assets | 24.5 | (3.9) | (0.4) | 20.2 |
Opening insurance contract liabilities | (7,525.3) | (808.9) | (480.1) | (8,814.3) |
Net insurance contract liabilities at\u00a001\u00a0January 2025 | (7,500.8) | (812.8) | (480.5) | (8,794.1) |
CSM recognised in profit or loss for services provided | \u2014 | \u2014 | 1,045.3 | 1,045.3 |
Changes in the risk adjustment for non- financial risk for risk expired | \u2014 | 242.4 | \u2014 | 242.4 |
Experience adjustments | 573.5 | (199.7) | \u2014 | 373.8 |
Total changes relating to current service | 573.5 | 42.7 | 1,045.3 | 1,661.5 |
Changes in estimates that adjust the CSM | 154.5 | 1.4 | (155.9) | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of such losses | (1.7) | (0.7) | 4.6 | 2.2 |
Contracts initially recognised in the period | 1,235.3 | (213.3) | (1,023.5) | (1.5) |
Total changes relating to future service | 1,388.1 | (212.6) | (1,174.8) | 0.7 |
Total changes relating to past service \u2013 adjustments to the LIC | (218.8) | 184.8 | \u2014 | (34.0) |
Recognised in insurance service result | 1,742.8 | 14.9 | (129.5) | 1,628.2 |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2025 | $m | $m | $m | $m |
Finance expenses from insurance contracts issued | (263.4) | (16.7) | (18.2) | (298.3) |
Foreign exchange (losses)/gains | (191.4) | 0.8 | (6.1) | (196.7) |
Other amounts recognised in total comprehensive income | (454.8) | (15.9) | (24.3) | (495.0) |
Premiums received net of insurance acquisition cash flows | (5,066.7) | \u2014 | \u2014 | (5,066.7) |
Claims and other directly attributable expenses paid | 3,251.2 | \u2014 | \u2014 | 3,251.2 |
Total cash flows | (1,815.5) | \u2014 | \u2014 | (1,815.5) |
Closing insurance contract assets | 20.2 | (2.1) | (0.3) | 17.8 |
Closing insurance contract liabilities | (8,048.5) | (811.7) | (634.0) | (9,494.2) |
Net insurance contract liabilities at 31 December 2025 | (8,028.3) | (813.8) | (634.3) | (9,476.4) |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2024 | $m | $m | $m | $m |
Opening insurance contract assets | 103.8 | (1.2) | (1.1) | 101.5 |
Opening insurance contract liabilities | (6,874.5) | (774.8) | (342.9) | (7,992.2) |
Net insurance contract liabilities at 01 January 2024 | (6,770.7) | (776.0) | (344.0) | (7,890.7) |
CSM recognised in profit or loss for services provided | \u2014 | \u2014 | 807.3 | 807.3 |
Changes in the risk adjustment for non- financial risk for risk expired | \u2014 | 271.5 | \u2014 | 271.5 |
Experience adjustments | 494.2 | (234.2) | \u2014 | 260.0 |
Total changes relating to current service | 494.2 | 37.3 | 807.3 | 1,338.8 |
Changes in estimates that adjust the CSM | 163.8 | 5.1 | (168.9) | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of such losses | 0.8 | (0.1) | 9.7 | 10.4 |
Contracts initially recognised in the period | 1,079.8 | (268.7) | (816.4) | (5.3) |
Total changes relating to future service | 1,244.4 | (263.7) | (975.6) | 5.1 |
205.0 | 196.2 | \u2014 | 401.2 | |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2024 | $m | $m | $m | $m |
Recognised in insurance service result | 1,943.6 | (30.2) | (168.3) | 1,745.1 |
Finance (expenses)/income from insurance contracts issued | (112.1) | (7.8) | 30.8 | (89.1) |
Foreign exchange gains | 27.9 | 1.2 | 1.0 | 30.1 |
Other amounts recognised in total comprehensive income | (84.2) | (6.6) | 31.8 | (59.0) |
Premiums received net of insurance acquisition cash flows | (5,148.1) | \u2014 | \u2014 | (5,148.1) |
Claims and other directly attributable expenses paid | 2,558.6 | \u2014 | \u2014 | 2,558.6 |
Total cash flows | (2,589.5) | \u2014 | \u2014 | (2,589.5) |
Closing insurance contract assets | 24.5 | (3.9) | (0.4) | 20.2 |
Closing insurance contract liabilities | (7,525.3) | (808.9) | (480.1) | (8,814.3) |
Net insurance contract liabilities at 31 December 2024 | (7,500.8) | (812.8) | (480.5) | (8,794.1) |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2025 | $m | $m | $m | $m |
Opening reinsurance contract assets | 2,309.7 | 160.4 | 196.5 | 2,666.6 |
Opening reinsurance contract liabilities | (350.2) | 15.0 | 38.1 | (297.1) |
Net reinsurance contract assets at 01 January 2025 | 1,959.5 | 175.4 | 234.6 | 2,369.5 |
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (403.1) | (403.1) |
Changes in the risk adjustment for non- financial risk for the risk expired | \u2014 | (56.7) | \u2014 | (56.7) |
Experience adjustments | (50.8) | 33.6 | \u2014 | (17.2) |
Total changes relating to current service | (50.8) | (23.1) | (403.1) | (477.0) |
Changes in estimates that adjust the CSM | (32.2) | (7.5) | 39.7 | \u2014 |
Contracts initially recognised in the period | (431.3) | 45.8 | 385.5 | \u2014 |
Total changes relating to future service | (463.5) | 38.3 | 425.2 | \u2014 |
Adjustments to incurred claims recovery | 40.3 | (22.3) | \u2014 | 18.0 |
Effect of changes in the risk of reinsurers\u2019 non-performance | (0.1) | \u2014 | \u2014 | (0.1) |
Total changes relating to past service | 40.2 | (22.3) | \u2014 | 17.9 |
Recognised in insurance service result | (474.1) | (7.1) | 22.1 | (459.1) |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2025 | $m | $m | $m | $m |
Finance income from reinsurance contracts held | 53.8 | 3.6 | 7.6 | 65.0 |
Foreign exchange gains | 25.5 | 2.3 | 0.9 | 28.7 |
Other amounts recognised in total comprehensive income | 79.3 | 5.9 | 8.5 | 93.7 |
Premiums paid net of ceding commissions and other directly attributable expenses paid | 1,050.5 | \u2014 | \u2014 | 1,050.5 |
Recoveries from reinsurance | (509.8) | \u2014 | \u2014 | (509.8) |
Total cash flows | 540.7 | \u2014 | \u2014 | 540.7 |
Closing reinsurance contract assets | 2,610.2 | 170.6 | 243.0 | 3,023.8 |
Closing reinsurance contract liabilities | (504.8) | 3.6 | 22.2 | (479.0) |
Net reinsurance contract assets at 31 December 2025 | 2,105.4 | 174.2 | 265.2 | 2,544.8 |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2024 | $m | $m | $m | $m |
Opening reinsurance contract assets | 2,143.4 | 166.2 | 117.1 | 2,426.7 |
Opening reinsurance contract liabilities | (404.4) | 58.4 | 12.5 | (333.5) |
Net reinsurance contract assets at 01 January 2024 | 1,739.0 | 224.6 | 129.6 | 2,093.2 |
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (173.1) | (173.1) |
Changes in the risk adjustment for non- financial risk for the risk expired | \u2014 | (54.0) | \u2014 | (54.0) |
Experience adjustments | (71.3) | 46.0 | \u2014 | (25.3) |
Total changes relating to current service | (71.3) | (8.0) | (173.1) | (252.4) |
Changes in estimates that adjust the CSM | 159.0 | (42.0) | (117.0) | \u2014 |
Contracts initially recognised in the period | (498.9) | 96.6 | 402.3 | \u2014 |
Total changes relating to future service | (339.9) | 54.6 | 285.3 | \u2014 |
Adjustments to incurred claims recovery | (157.8) | (97.1) | \u2014 | (254.9) |
Effect of changes in the risk of reinsurers\u2019 non-performance | (1.8) | \u2014 | \u2014 | (1.8) |
Total changes relating to past service | (159.6) | (97.1) | \u2014 | (256.7) |
Recognised in insurance service result | (570.8) | (50.5) | 112.2 | (509.1) |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2024 | $m | $m | $m | $m |
Finance income/(expense) from reinsurance contracts held | 38.6 | 1.7 | (7.1) | 33.2 |
Foreign exchange losses | (2.8) | (0.4) | (0.1) | (3.3) |
Other amounts recognised in total comprehensive income | 35.8 | 1.3 | (7.2) | 29.9 |
Premiums paid net of ceding commissions and other directly attributable expenses paid | 1,254.7 | \u2014 | \u2014 | 1,254.7 |
Recoveries from reinsurance | (499.2) | \u2014 | \u2014 | (499.2) |
Total cash flows | 755.5 | \u2014 | \u2014 | 755.5 |
Closing reinsurance contract assets | 2,309.7 | 160.4 | 196.5 | 2,666.6 |
Closing reinsurance contract liabilities | (350.2) | 15.0 | 38.1 | (297.1) |
Net reinsurance contract assets at 31 December 2024 | 1,959.5 | 175.4 | 234.6 | 2,369.5 |
LRC | LIC | Total | ||
Excluding loss component | Loss component | |||
31 December 2025 | $m | $m | $m | $m |
Opening insurance contract assets | 52.4 | \u2014 | (32.2) | 20.2 |
Opening insurance contract liabilities | (1,243.6) | (3.2) | (7,567.5) | (8,814.3) |
Net insurance contract liabilities at 01 January 2025 | (1,191.2) | (3.2) | (7,599.7) | (8,794.1) |
Insurance revenue | 6,064.8 | \u2014 | \u2014 | 6,064.8 |
Insurance service expenses: | ||||
\u2013 Incurred claims and other directly attributable expenses | (98.6) | \u2014 | (3,203.8) | (3,302.4) |
\u2013 Changes that relate to past service \u2013 adjustments to the LIC | \u2014 | \u2014 | (34.0) | (34.0) |
\u2013 Losses on onerous contracts and reversal of those losses | \u2014 | 0.7 | \u2014 | 0.7 |
\u2013 Insurance acquisition cash flows amortisation | (1,100.9) | \u2014 | \u2014 | (1,100.9) |
Recognised in insurance service result | 4,865.3 | 0.7 | (3,237.8) | 1,628.2 |
Finance income/(expenses) from insurance contracts issued | 11.2 | \u2014 | (309.5) | (298.3) |
Foreign exchange losses | (113.4) | \u2014 | (83.3) | (196.7) |
Other amounts recognised in total comprehensive income | (102.2) | \u2014 | (392.8) | (495.0) |
Premiums received net of insurance acquisition cash flows | (5,066.7) | \u2014 | \u2014 | (5,066.7) |
Claims and other directly attributable expenses paid | \u2014 | \u2014 | 3,251.2 | 3,251.2 |
Total cash flows | (5,066.7) | \u2014 | 3,251.2 | (1,815.5) |
Closing insurance contract assets | 55.4 | \u2014 | (37.6) | 17.8 |
Closing insurance contract liabilities | (1,550.2) | (2.5) | (7,941.5) | (9,494.2) |
Net insurance contract liabilities at 31 December 2025 | (1,494.8) | (2.5) | (7,979.1) | (9,476.4) |
LRC | LIC | Total | ||
Excluding loss component | Loss component | |||
31 December 2024 | $m | $m | $m | $m |
Opening insurance contract assets | 101.7 | \u2014 | (0.2) | 101.5 |
Opening insurance contract liabilities | (848.8) | (8.3) | (7,135.1) | (7,992.2) |
Net insurance contract liabilities at 01 January 2024 | (747.1) | (8.3) | (7,135.3) | (7,890.7) |
Insurance revenue | 5,678.1 | \u2014 | \u2014 | 5,678.1 |
Insurance service expenses: | ||||
\u2013 Incurred claims and other directly attributable expenses | (80.8) | \u2014 | (3,249.3) | (3,330.1) |
\u2013 Changes that relate to past service \u2013 adjustments to the LIC | \u2014 | \u2014 | 401.2 | 401.2 |
\u2013 Losses on onerous contracts and reversal of those losses | \u2014 | 5.1 | \u2014 | 5.1 |
\u2013 Insurance acquisition cash flows amortisation | (1,009.2) | \u2014 | \u2014 | (1,009.2) |
Recognised in insurance service result | 4,588.1 | 5.1 | (2,848.1) | 1,745.1 |
Finance income/(expenses) from insurance contracts issued | 96.7 | \u2014 | (185.8) | (89.1) |
Foreign exchange gains | 19.2 | \u2014 | 10.9 | 30.1 |
Other amounts recognised in total comprehensive income | 115.9 | \u2014 | (174.9) | (59.0) |
Premiums received net of insurance acquisition cash flows | (5,148.1) | \u2014 | \u2014 | (5,148.1) |
Claims and other directly attributable expenses paid | \u2014 | \u2014 | 2,558.6 | 2,558.6 |
Total cash flows | (5,148.1) | \u2014 | 2,558.6 | (2,589.5) |
Closing insurance contract assets | 52.4 | \u2014 | (32.2) | 20.2 |
Closing insurance contract liabilities | (1,243.6) | (3.2) | (7,567.5) | (8,814.3) |
Net insurance contract liabilities at 31 December 2024 | (1,191.2) | (3.2) | (7,599.7) | (8,794.1) |
ARC\u00b9 | AIC | Total | |
31 December 2025 | $m | $m | $m |
Opening reinsurance contract assets | 573.8 | 2,092.8 | 2,666.6 |
Opening reinsurance contract liabilities | (434.1) | 137.0 | (297.1) |
Net reinsurance contract assets at 01 January 2025 | 139.7 | 2,229.8 | 2,369.5 |
Allocation of reinsurance premium | (906.4) | \u2014 | (906.4) |
Amounts recoverable from reinsurers for incurred claims: | |||
\u2013 Effect of changes in the risk of reinsurers\u2019 non-performance | \u2014 | (0.1) | (0.1) |
\u2013 Claims recovered | \u2014 | 434.8 | 434.8 |
\u2013 Other incurred directly attributable expenses | \u2014 | (5.4) | (5.4) |
\u2013 Changes that relate to past service \u2013 adjustments to\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 incurred claims recovery | \u2014 | 18.0 | 18.0 |
Net expenses from reinsurance contracts held | (906.4) | 447.3 | (459.1) |
Finance (expenses)/income from reinsurance contracts held | (3.3) | 68.3 | 65.0 |
Foreign exchange (losses)/gains | (2.5) | 31.2 | 28.7 |
Other amounts recognised in total comprehensive income | (5.8) | 99.5 | 93.7 |
Premiums paid net of ceding commissions and other directly attributable expenses paid | 1,050.5 | \u2014 | 1,050.5 |
Recoveries from reinsurance | \u2014 | (509.8) | (509.8) |
Total cash flows | 1,050.5 | (509.8) | 540.7 |
Closing reinsurance contract assets | 733.0 | 2,290.8 | 3,023.8 |
Closing reinsurance contract liabilities | (455.0) | (24.0) | (479.0) |
Net reinsurance contract assets at 31 December 2025 | 278.0 | 2,266.8 | 2,544.8 |
ARC1 | AIC | Total | |
31 December 2024 | $m | $m | $m |
Opening reinsurance contract assets | 758.4 | 1,668.3 | 2,426.7 |
Opening reinsurance contract liabilities | (1,080.3) | 746.8 | (333.5) |
Net reinsurance contract assets/(liabilities) at 01 January 2024 | (321.9) | 2,415.1 | 2,093.2 |
Allocation of reinsurance premium | (764.9) | \u2014 | (764.9) |
Amounts recoverable from reinsurers for incurred claims: | |||
\u2013 Effect of changes in the risk of reinsurers\u2019 non-performance | \u2014 | (1.8) | (1.8) |
\u2013 Claims recovered | \u2014 | 516.9 | 516.9 |
\u2013 Other incurred directly attributable expenses | \u2014 | (4.4) | (4.4) |
\u2013 Changes that relate to past service \u2013 adjustments to incurred claims recovery | \u2014 | (254.9) | (254.9) |
Net expenses from reinsurance contracts held | (764.9) | 255.8 | (509.1) |
Finance (expenses)/income from reinsurance contracts held | (27.3) | 60.5 | 33.2 |
Foreign exchange losses | (0.9) | (2.4) | (3.3) |
Other amounts recognised in total comprehensive income | (28.2) | 58.1 | 29.9 |
Premiums paid net of ceding commissions and other directly attributable expenses paid | 1,254.7 | \u2014 | 1,254.7 |
Recoveries from reinsurance | \u2014 | (499.2) | (499.2) |
Total cash flows | 1,254.7 | (499.2) | 755.5 |
Closing reinsurance contract assets | 573.8 | 2,092.8 | 2,666.6 |
Closing reinsurance contract liabilities | (434.1) | 137.0 | (297.1) |
Net reinsurance contract assets at 31 December 2024 | 139.7 | 2,229.8 | 2,369.5 |
Non-onerous contracts originated | Onerous contracts originated | Total | |
Year ended 31 December 2025 | $m | $m | $m |
Estimated present value of future cash outflows: | |||
\u2013 Insurance acquisition cash flows | |||
\u2013 Claims and other directly attributable expenses | |||
Estimated present value of future cash inflows | 86.8 | ||
Risk adjustment for non-financial risk | |||
Contractual service margin | |||
Net increase in insurance contract liabilities | \u2014 | (1.5) | (1.5) |
Non-onerous contracts originated | Onerous contracts originated | Total | |
Year ended 31 December 2024 | $m | $m | $m |
Estimated present value of future cash outflows: | |||
\u2013 Insurance acquisition cash flows | |||
\u2013 Claims and other directly attributable expenses | |||
Estimated present value of future cash inflows | |||
Risk adjustment for non-financial risk | |||
Contractual service margin | |||
Net increase in insurance contract liabilities | \u2014 | (5.3) | (5.3) |
2025 | 2024 | |
$m | $m | |
Estimated present value of future cash outflows | ||
Estimated present value of future cash inflows | ||
Risk adjustment for non-financial risk | ||
Contractual service margin | ||
Net increase in reinsurance contract assets | \u2014 | \u2014 |
2025 | 2024 | |
Insurance contracts issued | $m | $m |
Number of years until expected to be recognised | ||
1 | ||
2 | 20.1 | |
3 | ||
4 | 11.1 | |
5 | ||
6\u201310 | ||
Total | 634.3 | 480.5 |
2025 | 2024 | |
Reinsurance contracts held | $m | $m |
Number of years until expected to be recognised | ||
1 | ||
2 | ||
3 | 26.2 | |
4 | 2.1 | |
5 | ||
6\u201310 | ||
Total | 265.2 | 234.6 |
Underwriting year | ||||||||
Insurance contracts issued | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total |
2025 | $m | $m | $m | $m | $m | $m | $m | $m |
At end of underwriting year | 1,732.4 | 2,336.0 | 2,732.5 | 3,165.9 | 3,154.9 | 3,447.0 | 3,414.4 | |
1 year later | 2,231.2 | 2,724.2 | 3,004.2 | 3,075.0 | 3,260.6 | 3,426.5 | ||
2 years later | 2,260.8 | 2,830.0 | 2,815.0 | 2,941.2 | 3,224.7 | |||
3 years later | 2,255.8 | 2,675.0 | 2,639.2 | 2,870.6 | ||||
4 years later | 2,243.5 | 2,602.6 | 2,815.9 | |||||
5 years later | 2,273.1 | 2,608.2 | ||||||
6 years later | 2,309.3 | |||||||
Cumulative gross estimate of claims | 2,309.3 | 2,608.2 | 2,815.9 | 2,870.6 | 3,224.7 | 3,426.5 | 3,414.4 | 20,669.6 |
Cumulative payments to date | (2,012.5) | (2,169.2) | (2,095.8) | (1,775.8) | (1,672.5) | (1,316.4) | (342.5) | (11,384.7) |
Carrying amount relating to 2018 and\u00a0prior underwriting years | 619.1 | |||||||
Less liability for remaining coverage claims only | (1,990.7) | |||||||
Impact of discounting (LIC) | (639.3) | |||||||
LIC risk adjustment for non-financial risk | 705.1 | |||||||
Gross discounted LIC | 7,979.1 |
Underwriting year | ||||||||
Reinsurance contracts held | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total |
2025 | $m | $m | $m | $m | $m | $m | $m | $m |
At end of underwriting year | (294.1) | (459.7) | (709.2) | (946.7) | (528.4) | (476.9) | (402.0) | |
1 year later | (416.0) | (641.6) | (718.4) | (896.1) | (560.4) | (439.8) | ||
2 years later | (379.9) | (707.8) | (716.5) | (852.0) | (511.4) | |||
3 years later | (400.5) | (583.5) | (653.8) | (800.5) | ||||
4 years later | (428.3) | (591.8) | (769.2) | |||||
5 years later | (471.3) | (565.4) | ||||||
6 years later | (507.7) | |||||||
Cumulative gross estimate of\u00a0claims\u00a0recoveries | (507.7) | (565.4) | (769.2) | (800.5) | (511.4) | (439.8) | (402.0) | (3,996.0) |
Cumulative payments to date | 350.5 | 456.6 | 339.8 | 347.5 | 120.3 | 41.3 | 8.2 | 1,664.2 |
Carrying amount relating to 2018 and\u00a0prior underwriting years | (258.1) | |||||||
Less asset for remaining coverage claims only | 308.9 | |||||||
Impact of discounting (AIC) | 170.7 | |||||||
AIC risk adjustment for non-financial risk | (156.5) | |||||||
Reinsurance discounted AIC | (2,266.8) |
2025 | 2024 | |
$m | $m | |
Interest and dividends on financial assets at fair value | 370.0 | 313.2 |
Interest on cash and cash equivalents at amortised cost | 32.3 | 43.5 |
Net realised fair value gains on financial assets at FVTPL | 200.8 | 131.8 |
Net unrealised fair value gains on financial assets at FVTPL | 17.1 | 95.5 |
Investment income from financial assets | 620.2 | 584.0 |
Investment management expenses | (12.7) | (9.6) |
Net investment income | 607.5 | 574.4 |
Interest accreted | (337.1) | (372.5) |
Effect of changes in financial assumptions | 38.8 | 283.4 |
Net finance expense from insurance contracts issued | (298.3) | (89.1) |
Interest accreted | 75.4 | 80.4 |
Effect of changes in financial assumptions | (10.4) | (47.2) |
Net finance income from reinsurance contracts held | 65.0 | 33.2 |
Net insurance finance expense | (233.3) | (55.9) |
Net financial result | 374.2 | 518.5 |
Debt securities and syndicate loans | Capital\u00a0 growth assets | Other\u00a0 financial assets | Total | |
2025 | $m | $m | $m | $m |
Interest and dividends received | 363.9 | 6.1 | 32.3 | 402.3 |
Net realised gains/(losses) | 81.3 | 120.8 | (1.3) | 200.8 |
Net unrealised fair value gains/(losses) | 44.9 | (27.8) | \u2013 | 17.1 |
Total investment income from financial assets | 490.1 | 99.1 | 31.0 | 620.2 |
Debt securities and syndicate loans | Capital\u00a0 growth assets | Other\u00a0 financial assets | Total | |
2024 | $m | $m | $m | $m |
Interest and dividends received | 308.8 | 4.4 | 43.5 | 356.7 |
Net realised gains | 39.6 | 87.6 | 4.6 | 131.8 |
Net unrealised fair value gains/(losses) | 84.2 | 28.4 | (17.1) | 95.5 |
Total investment income from financial assets | 432.6 | 120.4 | 31.0 | 584.0 |
2025 | 2024 | |
$m | $m | |
Interest and dividends on financial assets at fair value | 370.0 | 313.2 |
Interest on cash and cash equivalents at amortised cost | 32.3 | 43.5 |
Net realised fair value gains on financial assets at FVTPL | 200.8 | 131.8 |
Net unrealised fair value gains on financial assets at FVTPL | 17.1 | 95.5 |
Investment income from financial assets | 620.2 | 584.0 |
Investment management expenses | (12.7) | (9.6) |
Net investment income | 607.5 | 574.4 |
Interest accreted | (337.1) | (372.5) |
Effect of changes in financial assumptions | 38.8 | 283.4 |
Net finance expense from insurance contracts issued | (298.3) | (89.1) |
Interest accreted | 75.4 | 80.4 |
Effect of changes in financial assumptions | (10.4) | (47.2) |
Net finance income from reinsurance contracts held | 65.0 | 33.2 |
Net insurance finance expense | (233.3) | (55.9) |
Net financial result | 374.2 | 518.5 |
Debt securities and syndicate loans | Capital\u00a0 growth assets | Other\u00a0 financial assets | Total | |
2025 | $m | $m | $m | $m |
Interest and dividends received | 363.9 | 6.1 | 32.3 | 402.3 |
Net realised gains/(losses) | 81.3 | 120.8 | (1.3) | 200.8 |
Net unrealised fair value gains/(losses) | 44.9 | (27.8) | \u2013 | 17.1 |
Total investment income from financial assets | 490.1 | 99.1 | 31.0 | 620.2 |
Debt securities and syndicate loans | Capital\u00a0 growth assets | Other\u00a0 financial assets | Total | |
2024 | $m | $m | $m | $m |
Interest and dividends received | 308.8 | 4.4 | 43.5 | 356.7 |
Net realised gains | 39.6 | 87.6 | 4.6 | 131.8 |
Net unrealised fair value gains/(losses) | 84.2 | 28.4 | (17.1) | 95.5 |
Total investment income from financial assets | 432.6 | 120.4 | 31.0 | 584.0 |
2025 | 2024 | |
$m | $m | |
Interest and dividends on financial assets at fair value | 370.0 | 313.2 |
Interest on cash and cash equivalents at amortised cost | 32.3 | 43.5 |
Net realised fair value gains on financial assets at FVTPL | 200.8 | 131.8 |
Net unrealised fair value gains on financial assets at FVTPL | 17.1 | 95.5 |
Investment income from financial assets | 620.2 | 584.0 |
Investment management expenses | (12.7) | (9.6) |
Net investment income | 607.5 | 574.4 |
Interest accreted | (337.1) | (372.5) |
Effect of changes in financial assumptions | 38.8 | 283.4 |
Net finance expense from insurance contracts issued | (298.3) | (89.1) |
Interest accreted | 75.4 | 80.4 |
Effect of changes in financial assumptions | (10.4) | (47.2) |
Net finance income from reinsurance contracts held | 65.0 | 33.2 |
Net insurance finance expense | (233.3) | (55.9) |
Net financial result | 374.2 | 518.5 |
Debt securities and syndicate loans | Capital\u00a0 growth assets | Other\u00a0 financial assets | Total | |
2025 | $m | $m | $m | $m |
Interest and dividends received | 363.9 | 6.1 | 32.3 | 402.3 |
Net realised gains/(losses) | 81.3 | 120.8 | (1.3) | 200.8 |
Net unrealised fair value gains/(losses) | 44.9 | (27.8) | \u2013 | 17.1 |
Total investment income from financial assets | 490.1 | 99.1 | 31.0 | 620.2 |
Debt securities and syndicate loans | Capital\u00a0 growth assets | Other\u00a0 financial assets | Total | |
2024 | $m | $m | $m | $m |
Interest and dividends received | 308.8 | 4.4 | 43.5 | 356.7 |
Net realised gains | 39.6 | 87.6 | 4.6 | 131.8 |
Net unrealised fair value gains/(losses) | 84.2 | 28.4 | (17.1) | 95.5 |
Total investment income from financial assets | 432.6 | 120.4 | 31.0 | 584.0 |
2025 | 2024 | |
$m | $m | |
Income from third-party syndicates | 10.4 | 28.1 |
Managing agent profit commissions | 37.7 | 42.4 |
Cyber services income | 22.0 | 9.4 |
Other income | 3.3 | 26.1 |
Total other income | 73.4 | 106.0 |
2025 | 2024 | |
$m | $m | |
Income from third-party syndicates | 10.4 | 28.1 |
Managing agent profit commissions | 37.7 | 42.4 |
Cyber services income | 22.0 | 9.4 |
Other income | 3.3 | 26.1 |
Total other income | 73.4 | 106.0 |
2025 | 2024 | |
$m | $m | |
Staff costs | 676.4 | 656.8 |
Professional fees | 213.9 | 174.0 |
IT costs | 60.5 | 55.2 |
Depreciation and amortisation1 | 44.7 | 27.6 |
Other administrative expenses | 238.4 | 247.6 |
Total administrative expenses | 1,233.9 | 1,161.2 |
Recharged to third-party syndicates | (107.5) | (129.9) |
Expenses reclassified within the insurance service result | (700.4) | (642.7) |
Total operating expenses | 426.0 | 388.6 |
2025 | 2024 | |
$m | $m | |
Wages and salaries | 355.0 | 302.2 |
Short-term incentive payments | 184.9 | 235.3 |
Social security | 49.7 | 53.8 |
Share-based remuneration | 58.2 | 40.1 |
Costs relating to defined contribution pension schemes | 28.6 | 25.4 |
Staff costs | 676.4 | 656.8 |
Recharged to third-party syndicates | (73.3) | (98.8) |
Net staff costs | 603.1 | 558.0 |
2025 | 2024 | |
Directors | 11 | 11 |
Senior managers | 149 | 157 |
Other employees | 2,498 | 2,324 |
Total average number of employees | 2,658 | 2,492 |
2025 | 2024 | |
$m | $m | |
Wages and salaries | 355.0 | 302.2 |
Short-term incentive payments | 184.9 | 235.3 |
Social security | 49.7 | 53.8 |
Share-based remuneration | 58.2 | 40.1 |
Costs relating to defined contribution pension schemes | 28.6 | 25.4 |
Staff costs | 676.4 | 656.8 |
Recharged to third-party syndicates | (73.3) | (98.8) |
Net staff costs | 603.1 | 558.0 |
2025 | 2024 | |
Directors | 11 | 11 |
Senior managers | 149 | 157 |
Other employees | 2,498 | 2,324 |
Total average number of employees | 2,658 | 2,492 |
2025 | 2024 | |
$m | $m | |
Present value of funded obligations | (32.9) | (31.8) |
Fair value of plan assets | 37.0 | 35.8 |
Retirement benefit asset in the statement of financial position | 4.1 | 4.0 |
Amounts recognised in the statement of profit or loss: | ||
Interest cost | (1.9) | (1.6) |
Expected return on plan assets | 2.0 | 1.7 |
Retirement benefit return recognised in the statement of\u00a0profit\u00a0or\u00a0loss | 0.1 | 0.1 |
2025 | 2024 | |
$m | $m | |
Movement in present value of funded obligations recognised in the statement of financial position | ||
Balance at 1 January | 31.8 | 34.9 |
Interest cost | 1.9 | 1.6 |
Actuarial gain due to changes in financial assumptions | (1.6) | (4.3) |
Benefits paid | (1.0) | (0.8) |
Foreign exchange loss | 1.8 | 0.4 |
Balance at 31 December | 32.9 | 31.8 |
2025 | 2024 | |
$m | $m | |
Movement in fair value of plan assets recognised in the statement of financial position | ||
Balance at 1 January | 35.8 | 39.4 |
Expected return on plan assets | 2.0 | 1.7 |
Loss on asset return | (1.6) | (4.8) |
Administrative expenses | (0.2) | (0.3) |
Benefits paid | (1.0) | (0.8) |
Foreign exchange gain | 2.0 | 0.6 |
Balance at 31 December | 37.0 | 35.8 |
2025 | 2024 | |
$m | $m | |
Plan assets comprise as follows: | ||
Insurance policy | 32.9 | 31.8 |
Cash | 4.1 | 4.0 |
Total | 37.0 | 35.8 |
2025 | 2024 | |
$m | $m | |
Operating expenses include amounts receivable by the Group\u2019s auditor in respect of: | ||
\u2013 audit of the Group\u2019s Annual Report and Accounts | 4.4 | 4.0 |
\u2013 audit of subsidiaries pursuant to legislation | 4.8 | 4.4 |
\u2013 audit-related assurance services | 1.9 | 1.5 |
\u2013 other non-audit services | 1.1 | 1.1 |
Total auditor's remuneration | 12.2 | 11.0 |
2025 | 2024 | |
$m | $m | |
Interest expense on financial liabilities | 31.6 | 31.6 |
Interest expense on lease liabilities | 2.9 | 2.9 |
Interest and charges related to letters of credit | 6.4 | 4.8 |
Total finance costs | 40.9 | 39.3 |
2025 | 2024 | |
$m | $m | |
Current tax expense | ||
Current tax expense | 225.1 | 219.3 |
Prior year adjustment | (24.1) | 14.2 |
Pillar Two tax expense* | 10.0 | 13.1 |
211.0 | 246.6 | |
Deferred tax expense | ||
Origination and reversal of temporary differences | 6.6 | 50.8 |
Prior year adjustments | 15.5 | (4.2) |
22.1 | 46.6 | |
Tax expense | 233.1 | 293.2 |
2025 | 2025 | 2024 | 2024 | |
$m | % | $m | % | |
Profit before tax | 1,146.5 | 1,423.5 | ||
Tax calculated at the weighted average of statutory tax rate | 223.0 | 19.4 | 264.6 | 18.6 |
Effects of: | ||||
\u2013 non-deductible expenses | 3.5 | 0.3 | 1.9 | 0.1 |
\u2013 tax charge on remuneration | 5.0 | 0.4 | 1.4 | 0.1 |
\u2013 (over)/under provided in prior years | (8.4) | (0.7) | 10.1 | 0.7 |
\u2013 effect of tax rates in foreign jurisdictions | \u2013 | \u2014 | 2.1 | 0.2 |
\u2013 Pillar Two tax expense | 10.0 | 0.9 | 13.1 | 0.9 |
Tax expense for the year | 233.1 | 20.3 | 293.2 | 20.6 |
2025 | 2024 | |
$m | $m | |
Current tax expense | ||
Current tax expense | 225.1 | 219.3 |
Prior year adjustment | (24.1) | 14.2 |
Pillar Two tax expense* | 10.0 | 13.1 |
211.0 | 246.6 | |
Deferred tax expense | ||
Origination and reversal of temporary differences | 6.6 | 50.8 |
Prior year adjustments | 15.5 | (4.2) |
22.1 | 46.6 | |
Tax expense | 233.1 | 293.2 |
2025 | 2025 | 2024 | 2024 | |
$m | % | $m | % | |
Profit before tax | 1,146.5 | 1,423.5 | ||
Tax calculated at the weighted average of statutory tax rate | 223.0 | 19.4 | 264.6 | 18.6 |
Effects of: | ||||
\u2013 non-deductible expenses | 3.5 | 0.3 | 1.9 | 0.1 |
\u2013 tax charge on remuneration | 5.0 | 0.4 | 1.4 | 0.1 |
\u2013 (over)/under provided in prior years | (8.4) | (0.7) | 10.1 | 0.7 |
\u2013 effect of tax rates in foreign jurisdictions | \u2013 | \u2014 | 2.1 | 0.2 |
\u2013 Pillar Two tax expense | 10.0 | 0.9 | 13.1 | 0.9 |
Tax expense for the year | 233.1 | 20.3 | 293.2 | 20.6 |
2025 | 2024 | |
$m | $m | |
Deferred tax asset | 177.8 | 191.8 |
Deferred tax liability | (393.2) | (387.2) |
Net deferred tax liability | (215.4) | (195.4) |
Balance 01\u00a0Jan 25 | Recognised in total comprehensive income | Recognised in equity | FX translation differences | Balance 31\u00a0Dec 25 | |
$m | $m | $m | $m | $m | |
Plant and equipment | (2.9) | 0.2 | \u2014 | \u2014 | (2.7) |
Intangible assets | (7.6) | (2.0) | \u2014 | \u2014 | (9.6) |
Underwriting profits | (106.0) | 5.0 | \u2014 | \u2014 | (101.0) |
Tax losses carried forward | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Share-based payments | 16.5 | 1.3 | 1.4 | \u2014 | 19.2 |
Unrealised gains/(losses) on\u00a0investments | 10.1 | (9.9) | \u2014 | \u2014 | 0.2 |
IFRS 17 adjustments | (131.3) | 3.0 | \u2014 | \u2014 | (128.3) |
Other | 25.8 | (19.7) | \u2014 | 0.7 | 6.8 |
Net deferred tax (liability)/asset | (195.4) | (22.1) | 1.4 | 0.7 | (215.4) |
Balance 01\u00a0Jan 24 | Recognised in\u00a0total comprehensive income | Recognised in equity | FX translation differences | Balance 31\u00a0Dec 24 | |
$m | $m | $m | $m | $m | |
Plant and equipment | (1.1) | (1.8) | \u2014 | \u2014 | (2.9) |
Intangible assets | (1.3) | (6.3) | \u2014 | \u2014 | (7.6) |
Underwriting profits | (94.2) | (11.8) | \u2014 | \u2014 | (106.0) |
Tax losses carried forward | 9.7 | (9.7) | \u2014 | \u2014 | \u2014 |
Share-based payments | 9.0 | 0.4 | 7.1 | \u2014 | 16.5 |
Unrealised gains/(losses) on\u00a0investments | (1.2) | 11.3 | \u2014 | \u2014 | 10.1 |
IFRS 17 adjustments | (87.1) | (44.2) | \u2014 | \u2014 | (131.3) |
Other | 10.9 | 15.3 | \u2014 | (0.4) | 25.8 |
Net deferred tax (liability)/asset | (155.3) | (46.8) | 7.1 | (0.4) | (195.4) |
2025 | 2024 | |
$m | $m | |
UK | (257.6) | (245.1) |
US | 177.8 | 191.8 |
Ireland | (109.9) | (98.5) |
Other\u00b9 | (25.7) | (43.6) |
Net deferred tax liability | (215.4) | (195.4) |
2025 | 2024 | |
Profit after tax ($m) | 913.4 | 1,130.3 |
Weighted average number of shares in issue (m)1 | 611.2 | 645.5 |
Adjusted weighted average number of shares in issue (m) | 631.0 | 663.3 |
Basic (cents) | 149.4c | 175.1c |
Diluted (cents) | 144.8c | 170.4c |
Basic (pence) | 113.4p | 137.0p |
Diluted (pence) | 109.8p | 133.3p |
Goodwill | Syndicate capacity | Licences | IT development costs | Total | |
$m | $m | $m | $m | $m | |
Opening cost at 01\u00a0January 2025 | 72.0 | 31.3 | 9.3 | 182.9 | 295.5 |
Derecognition | \u2014 | \u2014 | \u2014 | (11.1) | (11.1) |
Additions | \u2014 | 22.8 | \u2014 | 30.7 | 53.5 |
Foreign exchange gain | \u2014 | \u2014 | \u2014 | 11.0 | 11.0 |
Closing cost at 31\u00a0December 2025 | 72.0 | 54.1 | 9.3 | 213.5 | 348.9 |
Opening amortisation and impairment at\u00a00 1\u00a0January 2025 | (10.0) | \u2014 | \u2014 | (87.5) | (97.5) |
Amortisation | \u2014 | \u2014 | \u2014 | (24.3) | (24.3) |
Derecognition | \u2014 | \u2014 | \u2014 | 11.1 | 11.1 |
Foreign exchange loss | \u2014 | \u2014 | \u2014 | (14.3) | (14.3) |
Closing amortisation and impairment at\u00a0 31\u00a0December 2025 | (10.0) | \u2014 | \u2014 | (115.0) | (125.0) |
Carrying amount at 31\u00a0December 2025 | 62.0 | 54.1 | 9.3 | 98.5 | 223.9 |
Goodwill | Syndicate capacity | Licences | IT development costs | Total | |
$m | $m | $m | $m | $m | |
Opening cost at 01\u00a0January 2024 | 72.0 | 31.3 | 9.3 | 148.7 | 261.3 |
Derecognition | \u2014 | \u2014 | \u2014 | (11.2) | (11.2) |
Additions | \u2014 | \u2014 | \u2014 | 45.0 | 45.0 |
Foreign exchange gain | \u2014 | \u2014 | \u2014 | 0.4 | 0.4 |
Closing cost at 31\u00a0December 2024 | 72.0 | 31.3 | 9.3 | 182.9 | 295.5 |
Opening amortisation and impairment at\u00a00 1\u00a0January 2024 | (10.0) | \u2014 | \u2014 | (86.0) | (96.0) |
Amortisation | \u2014 | \u2014 | \u2014 | (11.1) | (11.1) |
Derecognition | \u2014 | \u2014 | \u2014 | 11.2 | 11.2 |
Foreign exchange loss | \u2014 | \u2014 | \u2014 | (1.6) | (1.6) |
Closing amortisation and impairment at\u00a031\u00a0December 2024 | (10.0) | \u2014 | \u2014 | (87.5) | (97.5) |
Carrying amount at 31\u00a0December 2024 | 62.0 | 31.3 | 9.3 | 95.4 | 198.0 |
Cyber Risks | Digital | MAP Risks | Property Risks | Specialty Risks | Total | |
2025 | $m | $m | $m | $m | $m | $m |
Goodwill | 1.7 | 0.3 | 31.9 | 25.7 | 2.4 | 62.0 |
Syndicate capacity | 8.9 | 0.8 | 11.1 | 17.6 | 15.7 | 54.1 |
Licences | 2.8 | 0.6 | \u2014 | 1.9 | 4.0 | 9.3 |
Total | 13.4 | 1.7 | 43.0 | 45.2 | 22.1 | 125.4 |
Cyber Risks | Digital | MAP Risks | Property Risks | Specialty Risks | Total | |
2024 | $m | $m | $m | $m | $m | $m |
Goodwill | 1.7 | 0.3 | 31.9 | 25.7 | 2.4 | 62.0 |
Syndicate capacity | 5.7 | 0.7 | 6.7 | 9.2 | 9.0 | 31.3 |
Licences | 2.8 | 0.6 | \u2014 | 1.9 | 4.0 | 9.3 |
Total | 10.2 | 1.6 | 38.6 | 36.8 | 15.4 | 102.6 |
Cyber Risks | Digital | MAP Risks | Property Risks | Specialty Risks | Total | |
2025 | $m | $m | $m | $m | $m | $m |
Goodwill | 1.7 | 0.3 | 31.9 | 25.7 | 2.4 | 62.0 |
Syndicate capacity | 8.9 | 0.8 | 11.1 | 17.6 | 15.7 | 54.1 |
Licences | 2.8 | 0.6 | \u2014 | 1.9 | 4.0 | 9.3 |
Total | 13.4 | 1.7 | 43.0 | 45.2 | 22.1 | 125.4 |
Cyber Risks | Digital | MAP Risks | Property Risks | Specialty Risks | Total | |
2024 | $m | $m | $m | $m | $m | $m |
Goodwill | 1.7 | 0.3 | 31.9 | 25.7 | 2.4 | 62.0 |
Syndicate capacity | 5.7 | 0.7 | 6.7 | 9.2 | 9.0 | 31.3 |
Licences | 2.8 | 0.6 | \u2014 | 1.9 | 4.0 | 9.3 |
Total | 10.2 | 1.6 | 38.6 | 36.8 | 15.4 | 102.6 |
2025 | 2024 | |
$m | $m | |
Debt securities: | ||
\u2013 Government issued | 4,427.8 | 4,289.1 |
\u2013 Corporate bonds | ||
\u2013 Investment grade | 3,602.0 | 3,862.3 |
\u2013 High-yield | 682.9 | 662.4 |
\u2013 Securitised | ||
\u2013 Collateralised loan obligations | 587.5 | 480.0 |
Syndicate loans | \u2014 | 29.5 |
Total debt securities and syndicate loans | 9,300.2 | 9,323.3 |
Equity funds | 421.8 | 348.7 |
Hedge funds | 742.1 | 752.0 |
Illiquid assets | 143.0 | 175.4 |
Total capital growth assets | 1,306.9 | 1,276.1 |
Total financial investments at fair value through statement of\u00a0profit\u00a0or loss | 10,607.1 | 10,599.4 |
Derivative financial assets | 0.8 | 11.2 |
Total financial assets at fair value | 10,607.9 | 10,610.6 |
2025 | 2024 | |
$m | $m | |
Tier 2 subordinated debt (2026) | 249.9 | 249.7 |
Tier 2 subordinated debt (2029) | 299.2 | 299.0 |
Derivative financial liabilities | 10.5 | 27.3 |
Total financial liabilities | 559.6 | 576.0 |
Level 1 | Level 2 | Level 3 | Total | |
2025 | $m | $m | $m | $m |
Financial assets carried at fair value | ||||
Fixed and floating rate debt securities | ||||
\u2013 Government issued | 3,341.0 | 1,086.8 | \u2014 | 4,427.8 |
\u2013 Corporate bonds | ||||
\u2013 Investment grade | 1,911.7 | 1,690.3 | \u2014 | 3,602.0 |
\u2013 High-yield | 682.9 | \u2014 | \u2014 | 682.9 |
\u2013 Securitised | ||||
\u2013 Collateralised loan obligations | \u2014 | 587.5 | \u2014 | 587.5 |
Equity funds | 421.8 | \u2014 | \u2014 | 421.8 |
Hedge funds | \u2014 | 742.1 | \u2014 | 742.1 |
Illiquid assets | \u2014 | \u2014 | 143.0 | 143.0 |
Derivative financial assets | 0.8 | \u2014 | \u2014 | 0.8 |
Total financial assets carried at fair value | 6,358.2 | 4,106.7 | 143.0 | 10,607.9 |
Financial liabilities carried at fair value | ||||
Derivative financial liabilities | 10.5 | \u2014 | \u2014 | 10.5 |
Total financial liabilities carried at fair value | 10.5 | \u2014 | \u2014 | 10.5 |
Fair value of financial liabilities carried at amortised cost | ||||
Tier 2 subordinated debt (2026) | \u2014 | 252.7 | \u2014 | 252.7 |
Tier 2 subordinated debt (2029) | \u2014 | 304.9 | \u2014 | 304.9 |
Total fair value of financial liabilities carried at\u00a0amortised cost | \u2014 | 557.6 | \u2014 | 557.6 |
Level 1 | Level 2 | Level 3 | Total | |
2024 | $m | $m | $m | $m |
Financial assets carried at fair value | ||||
Fixed and floating rate debt securities | ||||
\u2013 Government issued | 3,235.9 | 1,053.2 | \u2014 | 4,289.1 |
\u2013 Corporate bonds | ||||
\u2013 Investment grade | 1,819.5 | 2,042.8 | \u2014 | 3,862.3 |
\u2013 High-yield | 662.4 | \u2014 | \u2014 | 662.4 |
\u2013 Securitised | ||||
\u2013 Collateralised loan obligations | \u2014 | 395.4 | 84.6 | 480.0 |
Syndicate loans | \u2014 | \u2014 | 29.5 | 29.5 |
Equity funds | 348.7 | \u2014 | \u2014 | 348.7 |
Hedge funds | \u2014 | 752.0 | \u2014 | 752.0 |
Illiquid assets | \u2014 | \u2014 | 175.4 | 175.4 |
Derivative financial assets | 11.2 | \u2014 | \u2014 | 11.2 |
Total financial assets carried at fair value | 6,077.7 | 4,243.4 | 289.5 | 10,610.6 |
Financial liabilities carried at fair value | ||||
Derivative financial liabilities | 27.3 | \u2014 | \u2014 | 27.3 |
Total financial liabilities carried at fair value | 27.3 | \u2014 | \u2014 | 27.3 |
Fair value of financial liabilities carried at\u00a0amortised cost | ||||
Tier 2 subordinated debt (2026) | \u2014 | 250.6 | \u2014 | 250.6 |
Tier 2 subordinated debt (2029) | \u2014 | 294.0 | \u2014 | 294.0 |
Total fair value of financial liabilities carried at\u00a0amortised cost | \u2014 | 544.6 | \u2014 | 544.6 |
Level 1 | Level 2 | |
31\u00a0December 2025 vs 31\u00a0December 2024 transfer from level 2 to level 1 | $m | $m |
\u2013 Corporate Bonds \u2013 Investment grade | 352.2 | (352.2) |
\u2013 Government issued | 84.6 | (84.6) |
Level 1 | Level 2 | |
31\u00a0December 2025 vs 31\u00a0December 2024 transfer from level 1 to level 2 | $m | $m |
\u2013 Corporate Bonds \u2013 Investment grade | (631.9) | 631.9 |
Level 2 | Level 3 | |
31\u00a0December 2025 vs 31\u00a0December 2024 transfer from level 3 to level 2 | $m | $m |
\u2013 Collateralised loan obligations | 84.6 | (84.6) |
2025 | 2024 | |
$m | $m | |
Opening position as at 01 January | 289.5 | 254.2 |
Purchases | 7.2 | 118.7 |
Sales | (42.8) | (69.2) |
Repayment of syndicate loans | (29.5) | (7.7) |
Realised gain | 17.4 | 18.6 |
Unrealised loss | (14.2) | (25.6) |
Transfer out | (84.6) | \u2013 |
Foreign exchange gain | \u2013 | 0.5 |
Closing position as at 31 December | 143.0 | 289.5 |
2025 | 2024 | |
$m | $m | |
Collateralised loan obligations | 587.5 | 480.0 |
High-yield bond funds | 682.9 | 662.4 |
Equity funds | 421.8 | 348.7 |
Hedge funds | 742.1 | 752.0 |
Illiquid assets | 143.0 | 175.4 |
Investments through unconsolidated structured entities | 2,577.3 | 2,418.5 |
UK \u00a3 | CAD $ | EUR \u20ac | Other1 | Sub total | US $ | Total | |
2025 | $m | $m | $m | $m | $m | $m | $m |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt securities | 738.9 | 518.4 | 625.9 | 166.0 | 2,049.2 | 7,251.0 | 9,300.2 |
\u2013 Equity linked funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 421.8 | 421.8 |
\u2013 Hedge funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 742.1 | 742.1 |
\u2013 Illiquid assets | 6.1 | \u2014 | 29.9 | \u2014 | 36.0 | 107.0 | 143.0 |
\u2013 Derivative financial assets | \u2014 | 0.8 | 0.8 | ||||
Cash and cash equivalents | 53.6 | ||||||
Amounts due from managed syndicates and other receivables | 265.0 | 18.7 | 81.1 | \u2014 | 364.8 | 102.1 | 466.9 |
Total | 1,151.6 | 590.7 | 878.8 | 187.5 | 2,808.6 | 9,634.7 | 12,443.3 |
UK \u00a3 | CAD $ | EUR \u20ac | Other1 | Sub total | US $ | Total | |
2024 | $m | $m | $m | $m | $m | $m | $m |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt securities | 653.8 | 428.0 | \u2014 | \u2014 | 1,081.8 | 8,212.0 | 9,293.8 |
\u2013 Syndicate loans | 29.5 | \u2014 | \u2014 | \u2014 | 29.5 | \u2014 | 29.5 |
\u2013 Equity linked funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 348.7 | 348.7 |
\u2013 Hedge funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 752.0 | 752.0 |
\u2013 Illiquid assets | 13.5 | \u2014 | 36.0 | \u2014 | 49.5 | 125.9 | 175.4 |
\u2013 Derivative financial assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 11.2 | 11.2 |
Cash and cash equivalents | 110.6 | 41.6 | 80.9 | 16.3 | 249.4 | 632.7 | 882.1 |
Amounts due from managed syndicates and other receivables | 216.7 | 12.8 | 69.9 | \u2014 | 299.4 | 298.8 | 598.2 |
Total | 1,024.1 | 482.4 | 186.8 | 16.3 | 1,709.6 | 10,381.3 | 12,090.9 |
2025 | 2024 | |
$m | $m | |
Debt securities: | ||
\u2013 Government issued | 4,427.8 | 4,289.1 |
\u2013 Corporate bonds | ||
\u2013 Investment grade | 3,602.0 | 3,862.3 |
\u2013 High-yield | 682.9 | 662.4 |
\u2013 Securitised | ||
\u2013 Collateralised loan obligations | 587.5 | 480.0 |
Syndicate loans | \u2014 | 29.5 |
Total debt securities and syndicate loans | 9,300.2 | 9,323.3 |
Equity funds | 421.8 | 348.7 |
Hedge funds | 742.1 | 752.0 |
Illiquid assets | 143.0 | 175.4 |
Total capital growth assets | 1,306.9 | 1,276.1 |
Total financial investments at fair value through statement of\u00a0profit\u00a0or loss | 10,607.1 | 10,599.4 |
Derivative financial assets | 0.8 | 11.2 |
Total financial assets at fair value | 10,607.9 | 10,610.6 |
2025 | 2024 | |
$m | $m | |
Tier 2 subordinated debt (2026) | 249.9 | 249.7 |
Tier 2 subordinated debt (2029) | 299.2 | 299.0 |
Derivative financial liabilities | 10.5 | 27.3 |
Total financial liabilities | 559.6 | 576.0 |
Level 1 | Level 2 | Level 3 | Total | |
2025 | $m | $m | $m | $m |
Financial assets carried at fair value | ||||
Fixed and floating rate debt securities | ||||
\u2013 Government issued | 3,341.0 | 1,086.8 | \u2014 | 4,427.8 |
\u2013 Corporate bonds | ||||
\u2013 Investment grade | 1,911.7 | 1,690.3 | \u2014 | 3,602.0 |
\u2013 High-yield | 682.9 | \u2014 | \u2014 | 682.9 |
\u2013 Securitised | ||||
\u2013 Collateralised loan obligations | \u2014 | 587.5 | \u2014 | 587.5 |
Equity funds | 421.8 | \u2014 | \u2014 | 421.8 |
Hedge funds | \u2014 | 742.1 | \u2014 | 742.1 |
Illiquid assets | \u2014 | \u2014 | 143.0 | 143.0 |
Derivative financial assets | 0.8 | \u2014 | \u2014 | 0.8 |
Total financial assets carried at fair value | 6,358.2 | 4,106.7 | 143.0 | 10,607.9 |
Financial liabilities carried at fair value | ||||
Derivative financial liabilities | 10.5 | \u2014 | \u2014 | 10.5 |
Total financial liabilities carried at fair value | 10.5 | \u2014 | \u2014 | 10.5 |
Fair value of financial liabilities carried at amortised cost | ||||
Tier 2 subordinated debt (2026) | \u2014 | 252.7 | \u2014 | 252.7 |
Tier 2 subordinated debt (2029) | \u2014 | 304.9 | \u2014 | 304.9 |
Total fair value of financial liabilities carried at\u00a0amortised cost | \u2014 | 557.6 | \u2014 | 557.6 |
Level 1 | Level 2 | Level 3 | Total | |
2024 | $m | $m | $m | $m |
Financial assets carried at fair value | ||||
Fixed and floating rate debt securities | ||||
\u2013 Government issued | 3,235.9 | 1,053.2 | \u2014 | 4,289.1 |
\u2013 Corporate bonds | ||||
\u2013 Investment grade | 1,819.5 | 2,042.8 | \u2014 | 3,862.3 |
\u2013 High-yield | 662.4 | \u2014 | \u2014 | 662.4 |
\u2013 Securitised | ||||
\u2013 Collateralised loan obligations | \u2014 | 395.4 | 84.6 | 480.0 |
Syndicate loans | \u2014 | \u2014 | 29.5 | 29.5 |
Equity funds | 348.7 | \u2014 | \u2014 | 348.7 |
Hedge funds | \u2014 | 752.0 | \u2014 | 752.0 |
Illiquid assets | \u2014 | \u2014 | 175.4 | 175.4 |
Derivative financial assets | 11.2 | \u2014 | \u2014 | 11.2 |
Total financial assets carried at fair value | 6,077.7 | 4,243.4 | 289.5 | 10,610.6 |
Financial liabilities carried at fair value | ||||
Derivative financial liabilities | 27.3 | \u2014 | \u2014 | 27.3 |
Total financial liabilities carried at fair value | 27.3 | \u2014 | \u2014 | 27.3 |
Fair value of financial liabilities carried at\u00a0amortised cost | ||||
Tier 2 subordinated debt (2026) | \u2014 | 250.6 | \u2014 | 250.6 |
Tier 2 subordinated debt (2029) | \u2014 | 294.0 | \u2014 | 294.0 |
Total fair value of financial liabilities carried at\u00a0amortised cost | \u2014 | 544.6 | \u2014 | 544.6 |
Level 1 | Level 2 | |
31\u00a0December 2025 vs 31\u00a0December 2024 transfer from level 2 to level 1 | $m | $m |
\u2013 Corporate Bonds \u2013 Investment grade | 352.2 | (352.2) |
\u2013 Government issued | 84.6 | (84.6) |
Level 1 | Level 2 | |
31\u00a0December 2025 vs 31\u00a0December 2024 transfer from level 1 to level 2 | $m | $m |
\u2013 Corporate Bonds \u2013 Investment grade | (631.9) | 631.9 |
Level 2 | Level 3 | |
31\u00a0December 2025 vs 31\u00a0December 2024 transfer from level 3 to level 2 | $m | $m |
\u2013 Collateralised loan obligations | 84.6 | (84.6) |
2025 | 2024 | |
$m | $m | |
Opening position as at 01 January | 289.5 | 254.2 |
Purchases | 7.2 | 118.7 |
Sales | (42.8) | (69.2) |
Repayment of syndicate loans | (29.5) | (7.7) |
Realised gain | 17.4 | 18.6 |
Unrealised loss | (14.2) | (25.6) |
Transfer out | (84.6) | \u2013 |
Foreign exchange gain | \u2013 | 0.5 |
Closing position as at 31 December | 143.0 | 289.5 |
2025 | 2024 | |
$m | $m | |
Collateralised loan obligations | 587.5 | 480.0 |
High-yield bond funds | 682.9 | 662.4 |
Equity funds | 421.8 | 348.7 |
Hedge funds | 742.1 | 752.0 |
Illiquid assets | 143.0 | 175.4 |
Investments through unconsolidated structured entities | 2,577.3 | 2,418.5 |
UK \u00a3 | CAD $ | EUR \u20ac | Other1 | Sub total | US $ | Total | |
2025 | $m | $m | $m | $m | $m | $m | $m |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt securities | 738.9 | 518.4 | 625.9 | 166.0 | 2,049.2 | 7,251.0 | 9,300.2 |
\u2013 Equity linked funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 421.8 | 421.8 |
\u2013 Hedge funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 742.1 | 742.1 |
\u2013 Illiquid assets | 6.1 | \u2014 | 29.9 | \u2014 | 36.0 | 107.0 | 143.0 |
\u2013 Derivative financial assets | \u2014 | 0.8 | 0.8 | ||||
Cash and cash equivalents | 53.6 | ||||||
Amounts due from managed syndicates and other receivables | 265.0 | 18.7 | 81.1 | \u2014 | 364.8 | 102.1 | 466.9 |
Total | 1,151.6 | 590.7 | 878.8 | 187.5 | 2,808.6 | 9,634.7 | 12,443.3 |
UK \u00a3 | CAD $ | EUR \u20ac | Other1 | Sub total | US $ | Total | |
2024 | $m | $m | $m | $m | $m | $m | $m |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt securities | 653.8 | 428.0 | \u2014 | \u2014 | 1,081.8 | 8,212.0 | 9,293.8 |
\u2013 Syndicate loans | 29.5 | \u2014 | \u2014 | \u2014 | 29.5 | \u2014 | 29.5 |
\u2013 Equity linked funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 348.7 | 348.7 |
\u2013 Hedge funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 752.0 | 752.0 |
\u2013 Illiquid assets | 13.5 | \u2014 | 36.0 | \u2014 | 49.5 | 125.9 | 175.4 |
\u2013 Derivative financial assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 11.2 | 11.2 |
Cash and cash equivalents | 110.6 | 41.6 | 80.9 | 16.3 | 249.4 | 632.7 | 882.1 |
Amounts due from managed syndicates and other receivables | 216.7 | 12.8 | 69.9 | \u2014 | 299.4 | 298.8 | 598.2 |
Total | 1,024.1 | 482.4 | 186.8 | 16.3 | 1,709.6 | 10,381.3 | 12,090.9 |
2025 | 2024 | |
$m | $m | |
Debt securities: | ||
\u2013 Government issued | 4,427.8 | 4,289.1 |
\u2013 Corporate bonds | ||
\u2013 Investment grade | 3,602.0 | 3,862.3 |
\u2013 High-yield | 682.9 | 662.4 |
\u2013 Securitised | ||
\u2013 Collateralised loan obligations | 587.5 | 480.0 |
Syndicate loans | \u2014 | 29.5 |
Total debt securities and syndicate loans | 9,300.2 | 9,323.3 |
Equity funds | 421.8 | 348.7 |
Hedge funds | 742.1 | 752.0 |
Illiquid assets | 143.0 | 175.4 |
Total capital growth assets | 1,306.9 | 1,276.1 |
Total financial investments at fair value through statement of\u00a0profit\u00a0or loss | 10,607.1 | 10,599.4 |
Derivative financial assets | 0.8 | 11.2 |
Total financial assets at fair value | 10,607.9 | 10,610.6 |
2025 | 2024 | |
$m | $m | |
Tier 2 subordinated debt (2026) | 249.9 | 249.7 |
Tier 2 subordinated debt (2029) | 299.2 | 299.0 |
Derivative financial liabilities | 10.5 | 27.3 |
Total financial liabilities | 559.6 | 576.0 |
Level 1 | Level 2 | Level 3 | Total | |
2025 | $m | $m | $m | $m |
Financial assets carried at fair value | ||||
Fixed and floating rate debt securities | ||||
\u2013 Government issued | 3,341.0 | 1,086.8 | \u2014 | 4,427.8 |
\u2013 Corporate bonds | ||||
\u2013 Investment grade | 1,911.7 | 1,690.3 | \u2014 | 3,602.0 |
\u2013 High-yield | 682.9 | \u2014 | \u2014 | 682.9 |
\u2013 Securitised | ||||
\u2013 Collateralised loan obligations | \u2014 | 587.5 | \u2014 | 587.5 |
Equity funds | 421.8 | \u2014 | \u2014 | 421.8 |
Hedge funds | \u2014 | 742.1 | \u2014 | 742.1 |
Illiquid assets | \u2014 | \u2014 | 143.0 | 143.0 |
Derivative financial assets | 0.8 | \u2014 | \u2014 | 0.8 |
Total financial assets carried at fair value | 6,358.2 | 4,106.7 | 143.0 | 10,607.9 |
Financial liabilities carried at fair value | ||||
Derivative financial liabilities | 10.5 | \u2014 | \u2014 | 10.5 |
Total financial liabilities carried at fair value | 10.5 | \u2014 | \u2014 | 10.5 |
Fair value of financial liabilities carried at amortised cost | ||||
Tier 2 subordinated debt (2026) | \u2014 | 252.7 | \u2014 | 252.7 |
Tier 2 subordinated debt (2029) | \u2014 | 304.9 | \u2014 | 304.9 |
Total fair value of financial liabilities carried at\u00a0amortised cost | \u2014 | 557.6 | \u2014 | 557.6 |
Level 1 | Level 2 | Level 3 | Total | |
2024 | $m | $m | $m | $m |
Financial assets carried at fair value | ||||
Fixed and floating rate debt securities | ||||
\u2013 Government issued | 3,235.9 | 1,053.2 | \u2014 | 4,289.1 |
\u2013 Corporate bonds | ||||
\u2013 Investment grade | 1,819.5 | 2,042.8 | \u2014 | 3,862.3 |
\u2013 High-yield | 662.4 | \u2014 | \u2014 | 662.4 |
\u2013 Securitised | ||||
\u2013 Collateralised loan obligations | \u2014 | 395.4 | 84.6 | 480.0 |
Syndicate loans | \u2014 | \u2014 | 29.5 | 29.5 |
Equity funds | 348.7 | \u2014 | \u2014 | 348.7 |
Hedge funds | \u2014 | 752.0 | \u2014 | 752.0 |
Illiquid assets | \u2014 | \u2014 | 175.4 | 175.4 |
Derivative financial assets | 11.2 | \u2014 | \u2014 | 11.2 |
Total financial assets carried at fair value | 6,077.7 | 4,243.4 | 289.5 | 10,610.6 |
Financial liabilities carried at fair value | ||||
Derivative financial liabilities | 27.3 | \u2014 | \u2014 | 27.3 |
Total financial liabilities carried at fair value | 27.3 | \u2014 | \u2014 | 27.3 |
Fair value of financial liabilities carried at\u00a0amortised cost | ||||
Tier 2 subordinated debt (2026) | \u2014 | 250.6 | \u2014 | 250.6 |
Tier 2 subordinated debt (2029) | \u2014 | 294.0 | \u2014 | 294.0 |
Total fair value of financial liabilities carried at\u00a0amortised cost | \u2014 | 544.6 | \u2014 | 544.6 |
Level 1 | Level 2 | |
31\u00a0December 2025 vs 31\u00a0December 2024 transfer from level 2 to level 1 | $m | $m |
\u2013 Corporate Bonds \u2013 Investment grade | 352.2 | (352.2) |
\u2013 Government issued | 84.6 | (84.6) |
Level 1 | Level 2 | |
31\u00a0December 2025 vs 31\u00a0December 2024 transfer from level 1 to level 2 | $m | $m |
\u2013 Corporate Bonds \u2013 Investment grade | (631.9) | 631.9 |
Level 2 | Level 3 | |
31\u00a0December 2025 vs 31\u00a0December 2024 transfer from level 3 to level 2 | $m | $m |
\u2013 Collateralised loan obligations | 84.6 | (84.6) |
2025 | 2024 | |
$m | $m | |
Opening position as at 01 January | 289.5 | 254.2 |
Purchases | 7.2 | 118.7 |
Sales | (42.8) | (69.2) |
Repayment of syndicate loans | (29.5) | (7.7) |
Realised gain | 17.4 | 18.6 |
Unrealised loss | (14.2) | (25.6) |
Transfer out | (84.6) | \u2013 |
Foreign exchange gain | \u2013 | 0.5 |
Closing position as at 31 December | 143.0 | 289.5 |
2025 | 2024 | |
$m | $m | |
Collateralised loan obligations | 587.5 | 480.0 |
High-yield bond funds | 682.9 | 662.4 |
Equity funds | 421.8 | 348.7 |
Hedge funds | 742.1 | 752.0 |
Illiquid assets | 143.0 | 175.4 |
Investments through unconsolidated structured entities | 2,577.3 | 2,418.5 |
UK \u00a3 | CAD $ | EUR \u20ac | Other1 | Sub total | US $ | Total | |
2025 | $m | $m | $m | $m | $m | $m | $m |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt securities | 738.9 | 518.4 | 625.9 | 166.0 | 2,049.2 | 7,251.0 | 9,300.2 |
\u2013 Equity linked funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 421.8 | 421.8 |
\u2013 Hedge funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 742.1 | 742.1 |
\u2013 Illiquid assets | 6.1 | \u2014 | 29.9 | \u2014 | 36.0 | 107.0 | 143.0 |
\u2013 Derivative financial assets | \u2014 | 0.8 | 0.8 | ||||
Cash and cash equivalents | 53.6 | ||||||
Amounts due from managed syndicates and other receivables | 265.0 | 18.7 | 81.1 | \u2014 | 364.8 | 102.1 | 466.9 |
Total | 1,151.6 | 590.7 | 878.8 | 187.5 | 2,808.6 | 9,634.7 | 12,443.3 |
UK \u00a3 | CAD $ | EUR \u20ac | Other1 | Sub total | US $ | Total | |
2024 | $m | $m | $m | $m | $m | $m | $m |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt securities | 653.8 | 428.0 | \u2014 | \u2014 | 1,081.8 | 8,212.0 | 9,293.8 |
\u2013 Syndicate loans | 29.5 | \u2014 | \u2014 | \u2014 | 29.5 | \u2014 | 29.5 |
\u2013 Equity linked funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 348.7 | 348.7 |
\u2013 Hedge funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 752.0 | 752.0 |
\u2013 Illiquid assets | 13.5 | \u2014 | 36.0 | \u2014 | 49.5 | 125.9 | 175.4 |
\u2013 Derivative financial assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 11.2 | 11.2 |
Cash and cash equivalents | 110.6 | 41.6 | 80.9 | 16.3 | 249.4 | 632.7 | 882.1 |
Amounts due from managed syndicates and other receivables | 216.7 | 12.8 | 69.9 | \u2014 | 299.4 | 298.8 | 598.2 |
Total | 1,024.1 | 482.4 | 186.8 | 16.3 | 1,709.6 | 10,381.3 | 12,090.9 |
2025 | 2024 | |
$m | $m | |
Investment in associates | 0.2 | 0.2 |
Prepayments and accrued income | 61.0 | 83.0 |
Due from syndicate 623 | 101.4 | 79.5 |
Due from syndicate 4321 | 9.0 | 7.8 |
Due from syndicate 5623 | 42.2 | 26.7 |
Other receivables1 | 314.3 | 484.2 |
Total other assets | 528.1 | 681.4 |
2025 | Country/region of incorporation | % interest held |
Falcon Money Management Holdings Limited (and subsidiaries) | Malta\u00b9 | 25% |
Pegasus Underwriting Limited | Hong Kong\u00b2 | 33% |
CyberAcu View LLC | US\u00b3 | 14% |
2025 | 2024 | |
$m | $m | |
Cash at bank and in hand | 1,302.5 | 841.3 |
Cash equivalents | 66.0 | 40.8 |
Total cash and cash equivalents | 1,368.5 | 882.1 |
2025 | 2024 | |||
No. of shares (m) | $m | No. of shares (m) | $m | |
Ordinary shares of 5p each | ||||
Issued and fully paid | 599.5 | 41.9 | 639.0 | 44.6 |
Balance at 01 January | 639.0 | 44.6 | 672.5 | 46.7 |
Issue of shares to satisfy employee share\u00a0schemes | 3.2 | 0.1 | 3.8 | 0.3 |
Share buyback | (42.7) | (2.8) | (37.3) | (2.4) |
Balance at 31 December | 599.5 | 41.9 | 639.0 | 44.6 |
Employee share options reserve | Employee benefit trust reserve | Capital redemption reserve1 | Total | |
$m | $m | $m | $m | |
Balance at 01\u00a0January 2024 | 50.7 | (63.5) | \u2013 | (12.8) |
Share-based payments | 40.5 | \u2013 | \u2014 | 40.5 |
Tax on share option vestings | 7.1 | \u2014 | \u2014 | 7.1 |
Acquisition of own shares held in trust | \u2013 | (14.0) | \u2014 | (14.0) |
Transfer of shares to employees | (27.1) | 15.7 | \u2014 | (11.4) |
Share buyback | \u2014 | \u2014 | 2.4 | 2.4 |
Balance at 31\u00a0December 2024 | 71.2 | (61.8) | 2.4 | 11.8 |
Share-based payments | 56.2 | \u2014 | \u2014 | 56.2 |
Tax on share option vestings | 1.4 | \u2014 | \u2014 | 1.4 |
Acquisition of own shares held in trust | \u2014 | (33.6) | \u2014 | (33.6) |
Transfer of shares to employees | (33.4) | 12.9 | \u2014 | (20.5) |
Share buyback | \u2014 | \u2014 | 2.8 | 2.8 |
Balance at 31\u00a0December 2025 | 95.4 | (82.5) | 5.2 | 18.1 |
2025 | 2024 | |
Number (m) | Number (m) | |
Balance at 01 January | 9.1 | 9.8 |
Additions | 3.3 | 1.8 |
Transfer of shares to employees | (1.9) | (2.5) |
Balance at 31 December | 10.5 | 9.1 |
Equity compensation plans | No. outstanding (m) | Vesting conditions | Maximum term of options |
LTIP (3-year) | 13.0 | Three years' service + NAVps + minimum shareholding + sustainability | 10 years |
LTIP (5-year) | 3.5 | Five years' service + NAVps + minimum shareholding | 10 years |
SAYE (UK) | 1.8 | Three years' service | 3.5 years |
SAYE (US) | 0.2 | Two years\u2019 service | 2.25 years |
SAYE (others) | 0.2 | Two years\u2019 service | Various |
Total options outstanding | 18.7 | ||
Deferred share plan | 7.3 | Three years\u2019 service | N/A |
SIP | 0.1 | Three years' service | N/A |
Total outstanding | 26.1 |
2025 | 2024 | |||
Weighted average exercise price (pence per share) | No. of options (m) | Weighted average exercise price (pence per share) | No. of options (m) | |
Forfeited during the year | 55.2 | (1.2) | 70.0 | (1.1) |
Exercised during the year\u00b9 | 68.4 | (3.3) | 106.0 | (4.7) |
Granted during the year | 107.8 | 4.5 | 92.3 | 6.5 |
Outstanding at 31 December\u00b2 | 66.9 | 18.7 | 56.9 | 18.7 |
Exercisable at 31 December | \u2014 | \u2014 | \u2014 | \u2014 |
2025 | 2024 | |
Exercise prices (pence per option) | No. outstanding (m) | No. outstanding (m) |
0\u2013100 | 16.5 | 16.5 |
301\u2013400 | \u2013 | 0.5 |
401\u2013500 | 0.5 | 0.5 |
501\u2013600 | 1.0 | 1.2 |
601\u2013700 | 0.6 | \u2013 |
700\u2013800 | 0.1 | \u2013 |
Total options outstanding | 18.7 | 18.7 |
2025 | 2024 | |
Share options charge to employee share options reserve ($m) | 58.2 | 40.1 |
LTIP | ||
Weighted average share price (pence per option) | 896.1 | 674.8 |
Weighted average fair value (pence per option) | 896.0 | 674.7 |
Weighted average exercise price (pence per option) | \u2014 | \u2014 |
Average expected life of options (years) | 3.4yrs | 2.9yrs |
Expected volatility | 29.3% | 30.2% |
Expected dividend yield | \u2014% | \u2014% |
Average risk-free interest rate | 4.1% | 4.3% |
SAYE | ||
Weighted average share price (pence per option) | 910.1 | 646.1 |
Weighted average fair value (pence per option) | 285.4 | 199.3 |
Weighted average exercise price (pence per option) | 704.1 | 530.9 |
Average expected life of options (years) | 3.3yrs | 3.3yrs |
Expected volatility | 28.8% | 30.2% |
Expected dividend yield | 2.4% | 2.4% |
Average risk-free interest rate | 3.9% | 4.6% |
Tier 2 subordinated debt (2029) | Tier 2 subordinated debt (2026) | Total | |
$m | $m | $m | |
Opening balance at 01\u00a0January 2024 | 298.8 | 249.5 | 548.3 |
Amortisation of capitalised borrowing costs | 0.2 | 0.2 | 0.4 |
Closing balance at 31\u00a0December 2024 | 299.0 | 249.7 | 548.7 |
Amortisation of capitalised borrowing costs | 0.2 | 0.2 | 0.4 |
Closing balance at 31\u00a0December 2025 | 299.2 | 249.9 | 549.1 |
Tier 2 subordinated debt (2029) | Tier 2 subordinated debt (2026) | Total | |
$m | $m | $m | |
Opening balance at 01\u00a0January 2024 | 298.8 | 249.5 | 548.3 |
Amortisation of capitalised borrowing costs | 0.2 | 0.2 | 0.4 |
Closing balance at 31\u00a0December 2024 | 299.0 | 249.7 | 548.7 |
Amortisation of capitalised borrowing costs | 0.2 | 0.2 | 0.4 |
Closing balance at 31\u00a0December 2025 | 299.2 | 249.9 | 549.1 |
Offices | IT equipment | Motor vehicle | Total | |
$m | $m | $m | $m | |
Balance at 01\u202fJanuary 2024 | 55.4 | 4.0 | \u2014 | 59.4 |
Depreciation | (8.2) | (3.3) | \u2014 | (11.5) |
Additions | 1.5 | \u2014 | \u2014 | 1.5 |
Foreign exchange gain | 0.4 | \u2014 | \u2014 | 0.4 |
Balance at 31\u202fDecember 2024 | 49.1 | 0.7 | \u2014 | 49.8 |
Depreciation | (8.1) | (0.9) | (0.2) | (9.2) |
Additions | 14.1 | 0.6 | 1.6 | 16.3 |
Foreign exchange gain | 1.9 | \u2014 | \u2014 | 1.9 |
Balance at 31\u202fDecember 2025 | 57.0 | 0.4 | 1.4 | 58.8 |
Offices | IT equipment | Motor vehicle | Total | |
$m | $m | $m | $m | |
Balance at 01\u202fJanuary 2024 | 72.4 | 4.2 | \u2014 | 76.6 |
Lease payments | (11.0) | (3.7) | \u2014 | (14.7) |
Interest on lease liabilities | 2.7 | 0.2 | \u2014 | 2.9 |
Additions to lease portfolio | 1.5 | \u2014 | \u2014 | 1.5 |
Foreign exchange gain | 0.6 | \u2014 | \u2014 | 0.6 |
Balance at 31\u202fDecember 2024 | 66.2 | 0.7 | \u2014 | 66.9 |
Lease payments | (10.8) | (0.3) | (0.2) | (11.3) |
Interest on lease liabilities | 2.9 | \u2014 | \u2014 | 2.9 |
Additions to lease portfolio | 14.1 | 0.6 | 1.6 | 16.3 |
Foreign exchange gain | 2.8 | \u2014 | \u2014 | 2.8 |
Balance at 31\u202fDecember 2025 | 75.2 | 1.0 | 1.4 | 77.6 |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2025 | $m | $m | $m | $m |
Opening insurance contract assets | 24.5 | (3.9) | (0.4) | 20.2 |
Opening insurance contract liabilities | (7,525.3) | (808.9) | (480.1) | (8,814.3) |
Net insurance contract liabilities at\u00a001\u00a0January 2025 | (7,500.8) | (812.8) | (480.5) | (8,794.1) |
CSM recognised in profit or loss for services provided | \u2014 | \u2014 | 1,045.3 | 1,045.3 |
Changes in the risk adjustment for non- financial risk for risk expired | \u2014 | 242.4 | \u2014 | 242.4 |
Experience adjustments | 573.5 | (199.7) | \u2014 | 373.8 |
Total changes relating to current service | 573.5 | 42.7 | 1,045.3 | 1,661.5 |
Changes in estimates that adjust the CSM | 154.5 | 1.4 | (155.9) | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of such losses | (1.7) | (0.7) | 4.6 | 2.2 |
Contracts initially recognised in the period | 1,235.3 | (213.3) | (1,023.5) | (1.5) |
Total changes relating to future service | 1,388.1 | (212.6) | (1,174.8) | 0.7 |
Total changes relating to past service \u2013 adjustments to the LIC | (218.8) | 184.8 | \u2014 | (34.0) |
Recognised in insurance service result | 1,742.8 | 14.9 | (129.5) | 1,628.2 |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2025 | $m | $m | $m | $m |
Finance expenses from insurance contracts issued | (263.4) | (16.7) | (18.2) | (298.3) |
Foreign exchange (losses)/gains | (191.4) | 0.8 | (6.1) | (196.7) |
Other amounts recognised in total comprehensive income | (454.8) | (15.9) | (24.3) | (495.0) |
Premiums received net of insurance acquisition cash flows | (5,066.7) | \u2014 | \u2014 | (5,066.7) |
Claims and other directly attributable expenses paid | 3,251.2 | \u2014 | \u2014 | 3,251.2 |
Total cash flows | (1,815.5) | \u2014 | \u2014 | (1,815.5) |
Closing insurance contract assets | 20.2 | (2.1) | (0.3) | 17.8 |
Closing insurance contract liabilities | (8,048.5) | (811.7) | (634.0) | (9,494.2) |
Net insurance contract liabilities at 31 December 2025 | (8,028.3) | (813.8) | (634.3) | (9,476.4) |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2024 | $m | $m | $m | $m |
Opening insurance contract assets | 103.8 | (1.2) | (1.1) | 101.5 |
Opening insurance contract liabilities | (6,874.5) | (774.8) | (342.9) | (7,992.2) |
Net insurance contract liabilities at 01 January 2024 | (6,770.7) | (776.0) | (344.0) | (7,890.7) |
CSM recognised in profit or loss for services provided | \u2014 | \u2014 | 807.3 | 807.3 |
Changes in the risk adjustment for non- financial risk for risk expired | \u2014 | 271.5 | \u2014 | 271.5 |
Experience adjustments | 494.2 | (234.2) | \u2014 | 260.0 |
Total changes relating to current service | 494.2 | 37.3 | 807.3 | 1,338.8 |
Changes in estimates that adjust the CSM | 163.8 | 5.1 | (168.9) | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of such losses | 0.8 | (0.1) | 9.7 | 10.4 |
Contracts initially recognised in the period | 1,079.8 | (268.7) | (816.4) | (5.3) |
Total changes relating to future service | 1,244.4 | (263.7) | (975.6) | 5.1 |
205.0 | 196.2 | \u2014 | 401.2 | |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2024 | $m | $m | $m | $m |
Recognised in insurance service result | 1,943.6 | (30.2) | (168.3) | 1,745.1 |
Finance (expenses)/income from insurance contracts issued | (112.1) | (7.8) | 30.8 | (89.1) |
Foreign exchange gains | 27.9 | 1.2 | 1.0 | 30.1 |
Other amounts recognised in total comprehensive income | (84.2) | (6.6) | 31.8 | (59.0) |
Premiums received net of insurance acquisition cash flows | (5,148.1) | \u2014 | \u2014 | (5,148.1) |
Claims and other directly attributable expenses paid | 2,558.6 | \u2014 | \u2014 | 2,558.6 |
Total cash flows | (2,589.5) | \u2014 | \u2014 | (2,589.5) |
Closing insurance contract assets | 24.5 | (3.9) | (0.4) | 20.2 |
Closing insurance contract liabilities | (7,525.3) | (808.9) | (480.1) | (8,814.3) |
Net insurance contract liabilities at 31 December 2024 | (7,500.8) | (812.8) | (480.5) | (8,794.1) |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2025 | $m | $m | $m | $m |
Opening reinsurance contract assets | 2,309.7 | 160.4 | 196.5 | 2,666.6 |
Opening reinsurance contract liabilities | (350.2) | 15.0 | 38.1 | (297.1) |
Net reinsurance contract assets at 01 January 2025 | 1,959.5 | 175.4 | 234.6 | 2,369.5 |
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (403.1) | (403.1) |
Changes in the risk adjustment for non- financial risk for the risk expired | \u2014 | (56.7) | \u2014 | (56.7) |
Experience adjustments | (50.8) | 33.6 | \u2014 | (17.2) |
Total changes relating to current service | (50.8) | (23.1) | (403.1) | (477.0) |
Changes in estimates that adjust the CSM | (32.2) | (7.5) | 39.7 | \u2014 |
Contracts initially recognised in the period | (431.3) | 45.8 | 385.5 | \u2014 |
Total changes relating to future service | (463.5) | 38.3 | 425.2 | \u2014 |
Adjustments to incurred claims recovery | 40.3 | (22.3) | \u2014 | 18.0 |
Effect of changes in the risk of reinsurers\u2019 non-performance | (0.1) | \u2014 | \u2014 | (0.1) |
Total changes relating to past service | 40.2 | (22.3) | \u2014 | 17.9 |
Recognised in insurance service result | (474.1) | (7.1) | 22.1 | (459.1) |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2025 | $m | $m | $m | $m |
Finance income from reinsurance contracts held | 53.8 | 3.6 | 7.6 | 65.0 |
Foreign exchange gains | 25.5 | 2.3 | 0.9 | 28.7 |
Other amounts recognised in total comprehensive income | 79.3 | 5.9 | 8.5 | 93.7 |
Premiums paid net of ceding commissions and other directly attributable expenses paid | 1,050.5 | \u2014 | \u2014 | 1,050.5 |
Recoveries from reinsurance | (509.8) | \u2014 | \u2014 | (509.8) |
Total cash flows | 540.7 | \u2014 | \u2014 | 540.7 |
Closing reinsurance contract assets | 2,610.2 | 170.6 | 243.0 | 3,023.8 |
Closing reinsurance contract liabilities | (504.8) | 3.6 | 22.2 | (479.0) |
Net reinsurance contract assets at 31 December 2025 | 2,105.4 | 174.2 | 265.2 | 2,544.8 |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2024 | $m | $m | $m | $m |
Opening reinsurance contract assets | 2,143.4 | 166.2 | 117.1 | 2,426.7 |
Opening reinsurance contract liabilities | (404.4) | 58.4 | 12.5 | (333.5) |
Net reinsurance contract assets at 01 January 2024 | 1,739.0 | 224.6 | 129.6 | 2,093.2 |
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (173.1) | (173.1) |
Changes in the risk adjustment for non- financial risk for the risk expired | \u2014 | (54.0) | \u2014 | (54.0) |
Experience adjustments | (71.3) | 46.0 | \u2014 | (25.3) |
Total changes relating to current service | (71.3) | (8.0) | (173.1) | (252.4) |
Changes in estimates that adjust the CSM | 159.0 | (42.0) | (117.0) | \u2014 |
Contracts initially recognised in the period | (498.9) | 96.6 | 402.3 | \u2014 |
Total changes relating to future service | (339.9) | 54.6 | 285.3 | \u2014 |
Adjustments to incurred claims recovery | (157.8) | (97.1) | \u2014 | (254.9) |
Effect of changes in the risk of reinsurers\u2019 non-performance | (1.8) | \u2014 | \u2014 | (1.8) |
Total changes relating to past service | (159.6) | (97.1) | \u2014 | (256.7) |
Recognised in insurance service result | (570.8) | (50.5) | 112.2 | (509.1) |
Present value of future cash flows | Risk adjustment for non-financial risk | CSM | Total | |
31 December 2024 | $m | $m | $m | $m |
Finance income/(expense) from reinsurance contracts held | 38.6 | 1.7 | (7.1) | 33.2 |
Foreign exchange losses | (2.8) | (0.4) | (0.1) | (3.3) |
Other amounts recognised in total comprehensive income | 35.8 | 1.3 | (7.2) | 29.9 |
Premiums paid net of ceding commissions and other directly attributable expenses paid | 1,254.7 | \u2014 | \u2014 | 1,254.7 |
Recoveries from reinsurance | (499.2) | \u2014 | \u2014 | (499.2) |
Total cash flows | 755.5 | \u2014 | \u2014 | 755.5 |
Closing reinsurance contract assets | 2,309.7 | 160.4 | 196.5 | 2,666.6 |
Closing reinsurance contract liabilities | (350.2) | 15.0 | 38.1 | (297.1) |
Net reinsurance contract assets at 31 December 2024 | 1,959.5 | 175.4 | 234.6 | 2,369.5 |
LRC | LIC | Total | ||
Excluding loss component | Loss component | |||
31 December 2025 | $m | $m | $m | $m |
Opening insurance contract assets | 52.4 | \u2014 | (32.2) | 20.2 |
Opening insurance contract liabilities | (1,243.6) | (3.2) | (7,567.5) | (8,814.3) |
Net insurance contract liabilities at 01 January 2025 | (1,191.2) | (3.2) | (7,599.7) | (8,794.1) |
Insurance revenue | 6,064.8 | \u2014 | \u2014 | 6,064.8 |
Insurance service expenses: | ||||
\u2013 Incurred claims and other directly attributable expenses | (98.6) | \u2014 | (3,203.8) | (3,302.4) |
\u2013 Changes that relate to past service \u2013 adjustments to the LIC | \u2014 | \u2014 | (34.0) | (34.0) |
\u2013 Losses on onerous contracts and reversal of those losses | \u2014 | 0.7 | \u2014 | 0.7 |
\u2013 Insurance acquisition cash flows amortisation | (1,100.9) | \u2014 | \u2014 | (1,100.9) |
Recognised in insurance service result | 4,865.3 | 0.7 | (3,237.8) | 1,628.2 |
Finance income/(expenses) from insurance contracts issued | 11.2 | \u2014 | (309.5) | (298.3) |
Foreign exchange losses | (113.4) | \u2014 | (83.3) | (196.7) |
Other amounts recognised in total comprehensive income | (102.2) | \u2014 | (392.8) | (495.0) |
Premiums received net of insurance acquisition cash flows | (5,066.7) | \u2014 | \u2014 | (5,066.7) |
Claims and other directly attributable expenses paid | \u2014 | \u2014 | 3,251.2 | 3,251.2 |
Total cash flows | (5,066.7) | \u2014 | 3,251.2 | (1,815.5) |
Closing insurance contract assets | 55.4 | \u2014 | (37.6) | 17.8 |
Closing insurance contract liabilities | (1,550.2) | (2.5) | (7,941.5) | (9,494.2) |
Net insurance contract liabilities at 31 December 2025 | (1,494.8) | (2.5) | (7,979.1) | (9,476.4) |
LRC | LIC | Total | ||
Excluding loss component | Loss component | |||
31 December 2024 | $m | $m | $m | $m |
Opening insurance contract assets | 101.7 | \u2014 | (0.2) | 101.5 |
Opening insurance contract liabilities | (848.8) | (8.3) | (7,135.1) | (7,992.2) |
Net insurance contract liabilities at 01 January 2024 | (747.1) | (8.3) | (7,135.3) | (7,890.7) |
Insurance revenue | 5,678.1 | \u2014 | \u2014 | 5,678.1 |
Insurance service expenses: | ||||
\u2013 Incurred claims and other directly attributable expenses | (80.8) | \u2014 | (3,249.3) | (3,330.1) |
\u2013 Changes that relate to past service \u2013 adjustments to the LIC | \u2014 | \u2014 | 401.2 | 401.2 |
\u2013 Losses on onerous contracts and reversal of those losses | \u2014 | 5.1 | \u2014 | 5.1 |
\u2013 Insurance acquisition cash flows amortisation | (1,009.2) | \u2014 | \u2014 | (1,009.2) |
Recognised in insurance service result | 4,588.1 | 5.1 | (2,848.1) | 1,745.1 |
Finance income/(expenses) from insurance contracts issued | 96.7 | \u2014 | (185.8) | (89.1) |
Foreign exchange gains | 19.2 | \u2014 | 10.9 | 30.1 |
Other amounts recognised in total comprehensive income | 115.9 | \u2014 | (174.9) | (59.0) |
Premiums received net of insurance acquisition cash flows | (5,148.1) | \u2014 | \u2014 | (5,148.1) |
Claims and other directly attributable expenses paid | \u2014 | \u2014 | 2,558.6 | 2,558.6 |
Total cash flows | (5,148.1) | \u2014 | 2,558.6 | (2,589.5) |
Closing insurance contract assets | 52.4 | \u2014 | (32.2) | 20.2 |
Closing insurance contract liabilities | (1,243.6) | (3.2) | (7,567.5) | (8,814.3) |
Net insurance contract liabilities at 31 December 2024 | (1,191.2) | (3.2) | (7,599.7) | (8,794.1) |
ARC\u00b9 | AIC | Total | |
31 December 2025 | $m | $m | $m |
Opening reinsurance contract assets | 573.8 | 2,092.8 | 2,666.6 |
Opening reinsurance contract liabilities | (434.1) | 137.0 | (297.1) |
Net reinsurance contract assets at 01 January 2025 | 139.7 | 2,229.8 | 2,369.5 |
Allocation of reinsurance premium | (906.4) | \u2014 | (906.4) |
Amounts recoverable from reinsurers for incurred claims: | |||
\u2013 Effect of changes in the risk of reinsurers\u2019 non-performance | \u2014 | (0.1) | (0.1) |
\u2013 Claims recovered | \u2014 | 434.8 | 434.8 |
\u2013 Other incurred directly attributable expenses | \u2014 | (5.4) | (5.4) |
\u2013 Changes that relate to past service \u2013 adjustments to\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 incurred claims recovery | \u2014 | 18.0 | 18.0 |
Net expenses from reinsurance contracts held | (906.4) | 447.3 | (459.1) |
Finance (expenses)/income from reinsurance contracts held | (3.3) | 68.3 | 65.0 |
Foreign exchange (losses)/gains | (2.5) | 31.2 | 28.7 |
Other amounts recognised in total comprehensive income | (5.8) | 99.5 | 93.7 |
Premiums paid net of ceding commissions and other directly attributable expenses paid | 1,050.5 | \u2014 | 1,050.5 |
Recoveries from reinsurance | \u2014 | (509.8) | (509.8) |
Total cash flows | 1,050.5 | (509.8) | 540.7 |
Closing reinsurance contract assets | 733.0 | 2,290.8 | 3,023.8 |
Closing reinsurance contract liabilities | (455.0) | (24.0) | (479.0) |
Net reinsurance contract assets at 31 December 2025 | 278.0 | 2,266.8 | 2,544.8 |
ARC1 | AIC | Total | |
31 December 2024 | $m | $m | $m |
Opening reinsurance contract assets | 758.4 | 1,668.3 | 2,426.7 |
Opening reinsurance contract liabilities | (1,080.3) | 746.8 | (333.5) |
Net reinsurance contract assets/(liabilities) at 01 January 2024 | (321.9) | 2,415.1 | 2,093.2 |
Allocation of reinsurance premium | (764.9) | \u2014 | (764.9) |
Amounts recoverable from reinsurers for incurred claims: | |||
\u2013 Effect of changes in the risk of reinsurers\u2019 non-performance | \u2014 | (1.8) | (1.8) |
\u2013 Claims recovered | \u2014 | 516.9 | 516.9 |
\u2013 Other incurred directly attributable expenses | \u2014 | (4.4) | (4.4) |
\u2013 Changes that relate to past service \u2013 adjustments to incurred claims recovery | \u2014 | (254.9) | (254.9) |
Net expenses from reinsurance contracts held | (764.9) | 255.8 | (509.1) |
Finance (expenses)/income from reinsurance contracts held | (27.3) | 60.5 | 33.2 |
Foreign exchange losses | (0.9) | (2.4) | (3.3) |
Other amounts recognised in total comprehensive income | (28.2) | 58.1 | 29.9 |
Premiums paid net of ceding commissions and other directly attributable expenses paid | 1,254.7 | \u2014 | 1,254.7 |
Recoveries from reinsurance | \u2014 | (499.2) | (499.2) |
Total cash flows | 1,254.7 | (499.2) | 755.5 |
Closing reinsurance contract assets | 573.8 | 2,092.8 | 2,666.6 |
Closing reinsurance contract liabilities | (434.1) | 137.0 | (297.1) |
Net reinsurance contract assets at 31 December 2024 | 139.7 | 2,229.8 | 2,369.5 |
Non-onerous contracts originated | Onerous contracts originated | Total | |
Year ended 31 December 2025 | $m | $m | $m |
Estimated present value of future cash outflows: | |||
\u2013 Insurance acquisition cash flows | |||
\u2013 Claims and other directly attributable expenses | |||
Estimated present value of future cash inflows | 86.8 | ||
Risk adjustment for non-financial risk | |||
Contractual service margin | |||
Net increase in insurance contract liabilities | \u2014 | (1.5) | (1.5) |
Non-onerous contracts originated | Onerous contracts originated | Total | |
Year ended 31 December 2024 | $m | $m | $m |
Estimated present value of future cash outflows: | |||
\u2013 Insurance acquisition cash flows | |||
\u2013 Claims and other directly attributable expenses | |||
Estimated present value of future cash inflows | |||
Risk adjustment for non-financial risk | |||
Contractual service margin | |||
Net increase in insurance contract liabilities | \u2014 | (5.3) | (5.3) |
2025 | 2024 | |
$m | $m | |
Estimated present value of future cash outflows | ||
Estimated present value of future cash inflows | ||
Risk adjustment for non-financial risk | ||
Contractual service margin | ||
Net increase in reinsurance contract assets | \u2014 | \u2014 |
2025 | 2024 | |
Insurance contracts issued | $m | $m |
Number of years until expected to be recognised | ||
1 | ||
2 | 20.1 | |
3 | ||
4 | 11.1 | |
5 | ||
6\u201310 | ||
Total | 634.3 | 480.5 |
2025 | 2024 | |
Reinsurance contracts held | $m | $m |
Number of years until expected to be recognised | ||
1 | ||
2 | ||
3 | 26.2 | |
4 | 2.1 | |
5 | ||
6\u201310 | ||
Total | 265.2 | 234.6 |
Underwriting year | ||||||||
Insurance contracts issued | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total |
2025 | $m | $m | $m | $m | $m | $m | $m | $m |
At end of underwriting year | 1,732.4 | 2,336.0 | 2,732.5 | 3,165.9 | 3,154.9 | 3,447.0 | 3,414.4 | |
1 year later | 2,231.2 | 2,724.2 | 3,004.2 | 3,075.0 | 3,260.6 | 3,426.5 | ||
2 years later | 2,260.8 | 2,830.0 | 2,815.0 | 2,941.2 | 3,224.7 | |||
3 years later | 2,255.8 | 2,675.0 | 2,639.2 | 2,870.6 | ||||
4 years later | 2,243.5 | 2,602.6 | 2,815.9 | |||||
5 years later | 2,273.1 | 2,608.2 | ||||||
6 years later | 2,309.3 | |||||||
Cumulative gross estimate of claims | 2,309.3 | 2,608.2 | 2,815.9 | 2,870.6 | 3,224.7 | 3,426.5 | 3,414.4 | 20,669.6 |
Cumulative payments to date | (2,012.5) | (2,169.2) | (2,095.8) | (1,775.8) | (1,672.5) | (1,316.4) | (342.5) | (11,384.7) |
Carrying amount relating to 2018 and\u00a0prior underwriting years | 619.1 | |||||||
Less liability for remaining coverage claims only | (1,990.7) | |||||||
Impact of discounting (LIC) | (639.3) | |||||||
LIC risk adjustment for non-financial risk | 705.1 | |||||||
Gross discounted LIC | 7,979.1 |
Underwriting year | ||||||||
Reinsurance contracts held | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total |
2025 | $m | $m | $m | $m | $m | $m | $m | $m |
At end of underwriting year | (294.1) | (459.7) | (709.2) | (946.7) | (528.4) | (476.9) | (402.0) | |
1 year later | (416.0) | (641.6) | (718.4) | (896.1) | (560.4) | (439.8) | ||
2 years later | (379.9) | (707.8) | (716.5) | (852.0) | (511.4) | |||
3 years later | (400.5) | (583.5) | (653.8) | (800.5) | ||||
4 years later | (428.3) | (591.8) | (769.2) | |||||
5 years later | (471.3) | (565.4) | ||||||
6 years later | (507.7) | |||||||
Cumulative gross estimate of\u00a0claims\u00a0recoveries | (507.7) | (565.4) | (769.2) | (800.5) | (511.4) | (439.8) | (402.0) | (3,996.0) |
Cumulative payments to date | 350.5 | 456.6 | 339.8 | 347.5 | 120.3 | 41.3 | 8.2 | 1,664.2 |
Carrying amount relating to 2018 and\u00a0prior underwriting years | (258.1) | |||||||
Less asset for remaining coverage claims only | 308.9 | |||||||
Impact of discounting (AIC) | 170.7 | |||||||
AIC risk adjustment for non-financial risk | (156.5) | |||||||
Reinsurance discounted AIC | (2,266.8) |
2025 | 2024 | |
$m | $m | |
Accrued expenses including staff bonuses | 23.9 | 79.1 |
Due to syndicate 5623 | 13.3 | 106.6 |
Due to syndicate 6107 | 53.0 | 74.6 |
Other payables | 199.1 | 382.5 |
Total other liabilities | 289.3 | 642.8 |
\u2020 | Modelled PML\u00b9 (before reinsurance) | Modelled PML\u00b9 (after reinsurance) |
2025 | $m | $m |
Lloyd\u2019s prescribed natural catastrophe event (total incurred losses) | ||
San Francisco earthquake (2025: $80bn) | 1,060.5 | 386.1 |
Los Angeles earthquake (2025: $78bn) | 996.6 | 380.5 |
Gulf of Mexico windstorm (2025: $118bn) | 1,425.2 | 375.4 |
\u2020 | Modelled PML\u00b9 (before reinsurance) | Modelled PML\u00b9 (after reinsurance) |
2024 | $m | $m |
Lloyd\u2019s prescribed natural catastrophe event (total incurred losses) | ||
San Francisco earthquake (2024 : $80bn) | 974.0 | 389.8 |
Los Angeles earthquake (2024 : $78bn) | 952.9 | 410.4 |
Gulf of Mexico windstorm (2024 : $118bn) | 1,075.3 | 374.8 |
2025 | 2024 | |
% | % | |
Cyber Risks | 20% | 20% |
Digital | 4% | 4% |
MAP Risks | 16% | 16% |
Property Risks | 28% | 27% |
Specialty Risks | 32% | 33% |
Total | 100% | 100% |
2025 | 2024 | |
% | % | |
UK (Lloyd\u2019s) | 66% | 78% |
US (Non-Lloyd\u2019s) | 26% | 15% |
Europe (Non-Lloyd\u2019s) | 8% | 7% |
Total | 100% | 100% |
Profit after tax/Equity\u00b9 | Profit after tax/Equity\u00b9 | |||
Gross | Net | Gross | Net | |
2025 | 2025 | 2024 | 2024 | |
$m | $m | $m | $m | |
Reserves (5% increase) | (347.4) | (270.4) | (299.5) | (215.8) |
Reserves (5% decrease) | 345.7 | 268.8 | 299.0 | 215.4 |
Profit after tax/Equity\u00b9 | Profit after tax/Equity\u00b9 | |||
Gross | Net | Gross | Net | |
2025 | 2025 | 2024 | 2024 | |
$m | $m | $m | $m | |
Change in risk adjustment (2.5% increase) | (80.1) | (62.1) | (77.5) | (60.8) |
Change in risk adjustment (2.5% decrease) | 72.8 | 56.4 | 71.0 | 55.8 |
UK \u00a3 | CAD $ | EUR \u20ac | Subtotal | US $ | Total $ | |
2025 | $m | $m | $m | $m | $m | $m |
Insurance contract assets | (0.1) | 30.1 | (7.7) | 22.3 | (4.5) | 17.8 |
Reinsurance contract assets | 213.4 | 6.2 | 166.4 | 386.0 | 2,637.8 | 3,023.8 |
Other | 1,205.9 | 598.9 | 885.1 | 2,689.9 | 10,461.8 | 13,151.7 |
Total assets | 1,419.2 | 635.2 | 1,043.8 | 3,098.2 | 13,095.1 | 16,193.3 |
Insurance contract liabilities | (833.5) | (265.2) | (734.7) | (1,833.4) | (7,660.8) | (9,494.2) |
Reinsurance contract liabilities | (20.0) | (2.2) | 9.4 | (12.8) | (466.2) | (479.0) |
Other | (420.7) | (4.8) | (91.7) | (517.2) | (831.5) | (1,348.7) |
Total liabilities | (1,274.2) | (272.2) | (817.0) | (2,363.4) | (8,958.5) | (11,321.9) |
Net assets | 145.0 | 363.0 | 226.8 | 734.8 | 4,136.6 | 4,871.4 |
UK \u00a3 | CAD $ | EUR \u20ac | Subtotal | US $ | Total $ | |
2024 | $m | $m | $m | $m | $m | $m |
Insurance contract assets | 1.4 | (4.9) | 1.6 | (1.9) | 22.1 | 20.2 |
Reinsurance contract assets | 212.5 | 26.1 | 156.5 | 395.1 | 2,271.5 | 2,666.6 |
Other | 662.0 | 221.8 | 577.7 | 1,461.5 | 11,270.7 | 12,732.2 |
Total assets | 875.9 | 243.0 | 735.8 | 1,854.7 | 13,564.3 | 15,419.0 |
Insurance contract liabilities | (823.6) | (220.8) | (815.7) | (1,860.1) | (6,954.2) | (8,814.3) |
Reinsurance contract liabilities | (29.7) | (3.6) | (7.6) | (40.9) | (256.2) | (297.1) |
Other | (19.6) | (13.9) | (18.7) | (52.2) | (1,648.6) | (1,700.8) |
Total liabilities | (872.9) | (238.3) | (842.0) | (1,953.2) | (8,859.0) | (10,812.2) |
Net assets | 3.0 | 4.7 | (106.2) | (98.5) | 4,705.3 | 4,606.8 |
Profit after tax | Equity | |||
2025 | 2024 | 2025 | 2024 | |
Change in exchange rate of sterling, Canadian dollar and euro relative to US dollar | $m | $m | $m | $m |
Dollar weakens (30%) | (25.9) | (22.4) | 122.2 | 81.1 |
Dollar weakens (20%) | (17.2) | (15.0) | 81.5 | 54.0 |
Dollar weakens (10%) | (8.6) | (7.5) | 40.7 | 27.0 |
Dollar strengthens (10%) | 8.6 | 7.5 | (40.7) | (27.0) |
Dollar strengthens (20%) | 17.2 | 15.0 | (81.5) | (54.0) |
Dollar strengthens (30%) | 25.9 | 22.4 | (122.2) | (81.1) |
<1 yr | 1-2 yrs | 2-3 yrs | 3-4 yrs | 4-5 yrs | 5-10 yrs | Total | |
2025 | $m | $m | $m | $m | $m | $m | $m |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt securities | 3,697.0 | 2,662.3 | 1,084.6 | 1,117.2 | 337.2 | 401.9 | 9,300.2 |
Cash and cash equivalents | 1,368.5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1,368.5 |
Subordinated debt | (249.9) | \u2014 | \u2014 | (299.2) | \u2014 | \u2014 | (549.1) |
Total financial instruments | 4,815.6 | 2,662.3 | 1,084.6 | 818.0 | 337.2 | 401.9 | 10,119.6 |
<1 yr | 1-2 yrs | 2-3 yrs | 3-4 yrs | 4-5 yrs | 5-10 yrs | Total | |
2024 | $m | $m | $m | $m | $m | $m | $m |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt securities | 3,122.9 | 2,980.1 | 1,702.6 | 1,317.2 | 169.8 | 1.2 | 9,293.8 |
\u2013 Syndicate loans | 29.5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 29.5 |
Cash and cash equivalents | 882.1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 882.1 |
Subordinated debt | \u2014 | (249.7) | \u2014 | \u2014 | (299.0) | \u2014 | (548.7) |
Total financial instruments | 4,034.5 | 2,730.4 | 1,702.6 | 1,317.2 | (129.2) | 1.2 | 9,656.7 |
Profit after tax/Equity\u00b9 | ||
2025 | 2024 | |
Insurance and reinsurance contracts | $m | $m |
Interest rate increases (150bps) | 141.7 | 123.4 |
Interest rate increases (100bps) | 95.7 | 83.2 |
Interest rate increases (50bps) | 48.4 | 42.1 |
Interest rate decreases (50bps) | (49.7) | (43.2) |
Interest rate decreases (100bps) | (100.7) | (87.5) |
Interest rate decreases (150bps) | (153.0) | (133.0) |
Profit after tax/Equity\u00b9 | ||
2025 | 2024 | |
Financial assets | $m | $m |
Interest rate increases (150bps) | (192.0) | (181.3) |
Interest rate increases (100bps) | (128.0) | (120.9) |
Interest rate increases (50bps) | (64.0) | (60.4) |
Interest rate decreases (50bps) | 64.0 | 60.4 |
Interest rate decreases (100bps) | 128.0 | 120.9 |
Interest rate decreases (150bps) | 192.0 | 181.3 |
Profit after tax/Equity\u00b9 | ||
2025 | 2024 | |
$m | $m | |
Fair value increases (30%) | 312.5 | 304.0 |
Fair value increases (20%) | 208.3 | 202.7 |
Fair value increases (10%) | 104.2 | 101.3 |
Fair value decreases (10%) | (104.2) | (101.3) |
Fair value decreases (20%) | (208.3) | (202.7) |
Fair value decreases (30%) | (312.5) | (304.0) |
AAA | AA | A | BBB | BB and lower | Unrated1 | Total | |
2025 | $m | $m | $m | $m | $m | $m | $m |
Reinsurance contracts assets | 4.7 | 2,065.2 | 879.7 | \u2014 | \u2014 | 74.2 | 3,023.8 |
Financial assets at FVTPL: | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u2013 Fixed and floating rate debt\u00a0securities | 4,140.8 | 856.4 | 2,771.0 | 849.1 | 682.9 | \u2014 | 9,300.2 |
\u2013 Equity funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 421.8 | 421.8 |
\u2013 Hedge funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 742.1 | 742.1 |
\u2013 Illiquid assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 143.0 | 143.0 |
\u2013 Derivative financial assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 0.8 | 0.8 |
Cash and cash equivalents | 64.3 | 79.9 | 1,224.3 | \u2014 | \u2014 | \u2014 | 1,368.5 |
Amounts due from managed syndicates and other receivables | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 466.9 | 466.9 |
Total | 4,209.8 | 3,001.5 | 4,875.0 | 849.1 | 682.9 | 1,848.8 | 15,467.1 |
AAA | AA | A | BBB | BB and lower | Unrated1 | Total | |
2024 | $m | $m | $m | $m | $m | $m | $m |
Reinsurance contracts assets | 4.1 | 1,759.6 | 821.2 | \u2014 | \u2014 | 81.7 | 2,666.6 |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt\u00a0securities | 3,850.6 | 775.5 | 2,828.0 | 1,028.9 | 662.4 | 148.4 | 9,293.8 |
\u2013 Syndicate loans | \u2014 | \u2014 | 29.5 | \u2014 | \u2014 | \u2014 | 29.5 |
\u2013 Equity funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 348.7 | 348.7 |
\u2013 Hedge funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 752.0 | 752.0 |
\u2013 Illiquid assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 175.4 | 175.4 |
\u2013 Derivative financial assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 11.2 | 11.2 |
Cash and cash equivalents | 97.9 | 78.8 | 705.4 | \u2014 | \u2014 | \u2014 | 882.1 |
Amounts due from managed syndicates and other receivables | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 598.2 | 598.2 |
Total | 3,952.6 | 2,613.9 | 4,384.1 | 1,028.9 | 662.4 | 2,115.6 | 14,757.5 |
Up to 30 days past due | 30-60 days past due | 60-90 days past due | Greater than 90 days past due | Total | |
2025 | $m | $m | $m | $m | $m |
Reinsurance recoveries | 157.3 | 36.4 | 17.6 | 28.8 | 240.1 |
Up to 30 days past due | 30-60 days past due | 60-90 days past due | Greater than 90 days past due | Total | |
2024 | $m | $m | $m | $m | $m |
Reinsurance recoveries | 66.1 | 1.6 | 18.8 | 73.5 | 160.0 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | Weighted average term to claims settlement | |
2025 | $m | $m | $m | $m | $m | $m | $m | Years |
Cyber Risks | 659.0 | 478.9 | 243.1 | 114.7 | 59.7 | 57.9 | 1,613.3 | 1.7 |
Digital | 70.3 | 47.1 | 24.6 | 11.6 | 5.7 | 6.1 | 165.4 | 1.7 |
MAP Risks | 258.4 | 220.2 | 128.5 | 75.0 | 39.5 | 46.4 | 768.0 | 1.8 |
Property Risks | 598.4 | 274.8 | 110.6 | 44.7 | 18.8 | 19.5 | 1,066.8 | 1.2 |
Specialty Risks | 1,067.4 | 1,074.3 | 820.6 | 561.1 | 351.1 | 540.3 | 4,414.8 | 2.8 |
Net insurance contract liabilities | 2,653.5 | 2,095.3 | 1,327.4 | 807.1 | 474.8 | 670.2 | 8,028.3 | 2.2 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | Weighted average term to claims settlement | |
2024 | $m | $m | $m | $m | $m | $m | $m | Years |
Cyber Risks | 594.4 | 441.8 | 247.3 | 125.8 | 56.7 | 51.7 | 1,517.7 | 1.7 |
Digital | 68.8 | 51.0 | 25.0 | 11.3 | 5.6 | 8.4 | 170.1 | 1.7 |
MAP Risks | 350.5 | 242.8 | 127.4 | 69.6 | 39.3 | 49.4 | 879.0 | 1.7 |
Property Risks | 584.2 | 295.7 | 111.9 | 45.3 | 19.8 | 20.2 | 1,077.1 | 1.2 |
Specialty Risks | 939.7 | 938.8 | 725.3 | 491.2 | 304.0 | 457.9 | 3,856.9 | 2.8 |
Net insurance contract liabilities | 2,537.6 | 1,970.1 | 1,236.9 | 743.2 | 425.4 | 587.6 | 7,500.8 | 2.2 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | Weighted average term to settlement of claims recoveries | |
2025 | $m | $m | $m | $m | $m | $m | $m | Years |
Cyber Risks | 84.4 | 198.8 | 99.3 | 47.0 | 23.5 | 20.3 | 473.3 | 1.5 |
Digital | (10.4) | 11.7 | 5.1 | 2.1 | 0.9 | 0.9 | 10.3 | 1.4 |
MAP Risks | (11.4) | 105.7 | 68.2 | 40.9 | 24.3 | 34.7 | 262.4 | 2.2 |
Property Risks | 39.3 | 68.9 | 34.3 | 13.1 | 5.6 | 8.1 | 169.3 | 1.2 |
Specialty Risks | 276.4 | 305.8 | 220.5 | 148.1 | 92.7 | 146.6 | 1,190.1 | 2.7 |
Net reinsurance contract assets | 378.3 | 690.9 | 427.4 | 251.2 | 147.0 | 210.6 | 2,105.4 | 2.1 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | Weighted average term to settlement of claims recoveries | |
2024 | $m | $m | $m | $m | $m | $m | $m | Years |
Cyber Risks | 59.0 | 237.0 | 127.9 | 62.9 | 27.9 | 25.8 | 540.5 | 1.6 |
Digital | (13.8) | 11.8 | 5.1 | 1.9 | 0.8 | 1.0 | 6.8 | 1.4 |
MAP Risks | (120.0) | 73.3 | 48.4 | 26.9 | 16.2 | 24.0 | 68.8 | 1.7 |
Property Risks | 44.6 | 66.7 | 34.1 | 11.8 | 6.9 | 6.3 | 170.4 | 1.2 |
Specialty Risks | 231.9 | 318.5 | 231.5 | 154.9 | 94.9 | 141.3 | 1,173.0 | 2.7 |
Net reinsurance contract assets | 201.7 | 707.3 | 447.0 | 258.4 | 146.7 | 198.4 | 1,959.5 | 2.0 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | |
2025 | $m | $m | $m | $m | $m | $m | $m |
Net insurance contract liabilities | 2,653.5 | 2,095.3 | 1,327.4 | 807.1 | 474.8 | 670.2 | 8,028.3 |
Financial liabilities: | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u2013 Derivative financial liabilities | 10.6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 10.6 |
\u2013 Subordinated debt | 278.9 | 16.5 | 16.5 | 311.4 | \u2014 | \u2014 | 623.3 |
Lease liabilities | 10.5 | 9.0 | 8.7 | 7.6 | 7.1 | 32.1 | 75.0 |
Other liabilities | 289.3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 289.3 |
Total liabilities | 3,242.8 | 2,120.8 | 1,352.6 | 1,126.1 | 481.9 | 702.3 | 9,026.5 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | |
2024 | $m | $m | $m | $m | $m | $m | $m |
Net insurance contract liabilities | 2,537.6 | 1,970.1 | 1,236.9 | 743.2 | 425.4 | 587.6 | 7,500.8 |
Financial liabilities: | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u2013 Derivative financial liabilities | 27.3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 27.3 |
\u2013 Subordinated debt | 31.2 | 278.9 | 16.5 | 16.5 | 311.4 | \u2014 | 654.5 |
Lease liabilities | 11.6 | 10.5 | 9.3 | 8.7 | 7.5 | 28.6 | 76.2 |
Other liabilities | 642.8 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 642.8 |
Total liabilities | 3,250.5 | 2,259.5 | 1,262.7 | 768.4 | 744.3 | 616.2 | 8,901.6 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | |
2025 | $m | $m | $m | $m | $m | $m | $m |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt securities | 2,780.7 | 2,322.1 | 1,367.1 | 590.8 | 1,522.2 | 717.3 | 9,300.2 |
\u2013 Derivative financial assets | 0.8 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 0.8 |
Cash and cash equivalents | 1,368.5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1,368.5 |
Amounts due from managed syndicates and other receivables | 421.3 | 89.6 | 17.2 | \u2014 | \u2014 | \u2014 | 528.1 |
Total financial assets | 4,571.3 | 2,411.7 | 1,384.3 | 590.8 | 1,522.2 | 717.3 | 11,197.6 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | |
2024 | $m | $m | $m | $m | $m | $m | $m |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt securities | 2,497.6 | 2,660.4 | 1,843.0 | 843.7 | 1,237.5 | 211.6 | 9,293.8 |
\u2013 Syndicate loans | 29.5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 29.5 |
\u2013 Derivative financial assets | 11.2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 11.2 |
Cash and cash equivalents | 882.1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 882.1 |
Amounts due from managed syndicates and other receivables | 598.2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 598.2 |
Total financial assets | 4,018.6 | 2,660.4 | 1,843.0 | 843.7 | 1,237.5 | 211.6 | 10,814.8 |
UK \u00a3 | CAD $ | EUR \u20ac | Subtotal | US $ | Total $ | |
2025 | $m | $m | $m | $m | $m | $m |
Insurance contract assets | (0.1) | 30.1 | (7.7) | 22.3 | (4.5) | 17.8 |
Reinsurance contract assets | 213.4 | 6.2 | 166.4 | 386.0 | 2,637.8 | 3,023.8 |
Other | 1,205.9 | 598.9 | 885.1 | 2,689.9 | 10,461.8 | 13,151.7 |
Total assets | 1,419.2 | 635.2 | 1,043.8 | 3,098.2 | 13,095.1 | 16,193.3 |
Insurance contract liabilities | (833.5) | (265.2) | (734.7) | (1,833.4) | (7,660.8) | (9,494.2) |
Reinsurance contract liabilities | (20.0) | (2.2) | 9.4 | (12.8) | (466.2) | (479.0) |
Other | (420.7) | (4.8) | (91.7) | (517.2) | (831.5) | (1,348.7) |
Total liabilities | (1,274.2) | (272.2) | (817.0) | (2,363.4) | (8,958.5) | (11,321.9) |
Net assets | 145.0 | 363.0 | 226.8 | 734.8 | 4,136.6 | 4,871.4 |
UK \u00a3 | CAD $ | EUR \u20ac | Subtotal | US $ | Total $ | |
2024 | $m | $m | $m | $m | $m | $m |
Insurance contract assets | 1.4 | (4.9) | 1.6 | (1.9) | 22.1 | 20.2 |
Reinsurance contract assets | 212.5 | 26.1 | 156.5 | 395.1 | 2,271.5 | 2,666.6 |
Other | 662.0 | 221.8 | 577.7 | 1,461.5 | 11,270.7 | 12,732.2 |
Total assets | 875.9 | 243.0 | 735.8 | 1,854.7 | 13,564.3 | 15,419.0 |
Insurance contract liabilities | (823.6) | (220.8) | (815.7) | (1,860.1) | (6,954.2) | (8,814.3) |
Reinsurance contract liabilities | (29.7) | (3.6) | (7.6) | (40.9) | (256.2) | (297.1) |
Other | (19.6) | (13.9) | (18.7) | (52.2) | (1,648.6) | (1,700.8) |
Total liabilities | (872.9) | (238.3) | (842.0) | (1,953.2) | (8,859.0) | (10,812.2) |
Net assets | 3.0 | 4.7 | (106.2) | (98.5) | 4,705.3 | 4,606.8 |
Profit after tax | Equity | |||
2025 | 2024 | 2025 | 2024 | |
Change in exchange rate of sterling, Canadian dollar and euro relative to US dollar | $m | $m | $m | $m |
Dollar weakens (30%) | (25.9) | (22.4) | 122.2 | 81.1 |
Dollar weakens (20%) | (17.2) | (15.0) | 81.5 | 54.0 |
Dollar weakens (10%) | (8.6) | (7.5) | 40.7 | 27.0 |
Dollar strengthens (10%) | 8.6 | 7.5 | (40.7) | (27.0) |
Dollar strengthens (20%) | 17.2 | 15.0 | (81.5) | (54.0) |
Dollar strengthens (30%) | 25.9 | 22.4 | (122.2) | (81.1) |
<1 yr | 1-2 yrs | 2-3 yrs | 3-4 yrs | 4-5 yrs | 5-10 yrs | Total | |
2025 | $m | $m | $m | $m | $m | $m | $m |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt securities | 3,697.0 | 2,662.3 | 1,084.6 | 1,117.2 | 337.2 | 401.9 | 9,300.2 |
Cash and cash equivalents | 1,368.5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1,368.5 |
Subordinated debt | (249.9) | \u2014 | \u2014 | (299.2) | \u2014 | \u2014 | (549.1) |
Total financial instruments | 4,815.6 | 2,662.3 | 1,084.6 | 818.0 | 337.2 | 401.9 | 10,119.6 |
<1 yr | 1-2 yrs | 2-3 yrs | 3-4 yrs | 4-5 yrs | 5-10 yrs | Total | |
2024 | $m | $m | $m | $m | $m | $m | $m |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt securities | 3,122.9 | 2,980.1 | 1,702.6 | 1,317.2 | 169.8 | 1.2 | 9,293.8 |
\u2013 Syndicate loans | 29.5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 29.5 |
Cash and cash equivalents | 882.1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 882.1 |
Subordinated debt | \u2014 | (249.7) | \u2014 | \u2014 | (299.0) | \u2014 | (548.7) |
Total financial instruments | 4,034.5 | 2,730.4 | 1,702.6 | 1,317.2 | (129.2) | 1.2 | 9,656.7 |
Profit after tax/Equity\u00b9 | ||
2025 | 2024 | |
Insurance and reinsurance contracts | $m | $m |
Interest rate increases (150bps) | 141.7 | 123.4 |
Interest rate increases (100bps) | 95.7 | 83.2 |
Interest rate increases (50bps) | 48.4 | 42.1 |
Interest rate decreases (50bps) | (49.7) | (43.2) |
Interest rate decreases (100bps) | (100.7) | (87.5) |
Interest rate decreases (150bps) | (153.0) | (133.0) |
Profit after tax/Equity\u00b9 | ||
2025 | 2024 | |
Financial assets | $m | $m |
Interest rate increases (150bps) | (192.0) | (181.3) |
Interest rate increases (100bps) | (128.0) | (120.9) |
Interest rate increases (50bps) | (64.0) | (60.4) |
Interest rate decreases (50bps) | 64.0 | 60.4 |
Interest rate decreases (100bps) | 128.0 | 120.9 |
Interest rate decreases (150bps) | 192.0 | 181.3 |
Profit after tax/Equity\u00b9 | ||
2025 | 2024 | |
$m | $m | |
Fair value increases (30%) | 312.5 | 304.0 |
Fair value increases (20%) | 208.3 | 202.7 |
Fair value increases (10%) | 104.2 | 101.3 |
Fair value decreases (10%) | (104.2) | (101.3) |
Fair value decreases (20%) | (208.3) | (202.7) |
Fair value decreases (30%) | (312.5) | (304.0) |
AAA | AA | A | BBB | BB and lower | Unrated1 | Total | |
2025 | $m | $m | $m | $m | $m | $m | $m |
Reinsurance contracts assets | 4.7 | 2,065.2 | 879.7 | \u2014 | \u2014 | 74.2 | 3,023.8 |
Financial assets at FVTPL: | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u2013 Fixed and floating rate debt\u00a0securities | 4,140.8 | 856.4 | 2,771.0 | 849.1 | 682.9 | \u2014 | 9,300.2 |
\u2013 Equity funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 421.8 | 421.8 |
\u2013 Hedge funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 742.1 | 742.1 |
\u2013 Illiquid assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 143.0 | 143.0 |
\u2013 Derivative financial assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 0.8 | 0.8 |
Cash and cash equivalents | 64.3 | 79.9 | 1,224.3 | \u2014 | \u2014 | \u2014 | 1,368.5 |
Amounts due from managed syndicates and other receivables | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 466.9 | 466.9 |
Total | 4,209.8 | 3,001.5 | 4,875.0 | 849.1 | 682.9 | 1,848.8 | 15,467.1 |
AAA | AA | A | BBB | BB and lower | Unrated1 | Total | |
2024 | $m | $m | $m | $m | $m | $m | $m |
Reinsurance contracts assets | 4.1 | 1,759.6 | 821.2 | \u2014 | \u2014 | 81.7 | 2,666.6 |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt\u00a0securities | 3,850.6 | 775.5 | 2,828.0 | 1,028.9 | 662.4 | 148.4 | 9,293.8 |
\u2013 Syndicate loans | \u2014 | \u2014 | 29.5 | \u2014 | \u2014 | \u2014 | 29.5 |
\u2013 Equity funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 348.7 | 348.7 |
\u2013 Hedge funds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 752.0 | 752.0 |
\u2013 Illiquid assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 175.4 | 175.4 |
\u2013 Derivative financial assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 11.2 | 11.2 |
Cash and cash equivalents | 97.9 | 78.8 | 705.4 | \u2014 | \u2014 | \u2014 | 882.1 |
Amounts due from managed syndicates and other receivables | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 598.2 | 598.2 |
Total | 3,952.6 | 2,613.9 | 4,384.1 | 1,028.9 | 662.4 | 2,115.6 | 14,757.5 |
Up to 30 days past due | 30-60 days past due | 60-90 days past due | Greater than 90 days past due | Total | |
2025 | $m | $m | $m | $m | $m |
Reinsurance recoveries | 157.3 | 36.4 | 17.6 | 28.8 | 240.1 |
Up to 30 days past due | 30-60 days past due | 60-90 days past due | Greater than 90 days past due | Total | |
2024 | $m | $m | $m | $m | $m |
Reinsurance recoveries | 66.1 | 1.6 | 18.8 | 73.5 | 160.0 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | Weighted average term to claims settlement | |
2025 | $m | $m | $m | $m | $m | $m | $m | Years |
Cyber Risks | 659.0 | 478.9 | 243.1 | 114.7 | 59.7 | 57.9 | 1,613.3 | 1.7 |
Digital | 70.3 | 47.1 | 24.6 | 11.6 | 5.7 | 6.1 | 165.4 | 1.7 |
MAP Risks | 258.4 | 220.2 | 128.5 | 75.0 | 39.5 | 46.4 | 768.0 | 1.8 |
Property Risks | 598.4 | 274.8 | 110.6 | 44.7 | 18.8 | 19.5 | 1,066.8 | 1.2 |
Specialty Risks | 1,067.4 | 1,074.3 | 820.6 | 561.1 | 351.1 | 540.3 | 4,414.8 | 2.8 |
Net insurance contract liabilities | 2,653.5 | 2,095.3 | 1,327.4 | 807.1 | 474.8 | 670.2 | 8,028.3 | 2.2 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | Weighted average term to claims settlement | |
2024 | $m | $m | $m | $m | $m | $m | $m | Years |
Cyber Risks | 594.4 | 441.8 | 247.3 | 125.8 | 56.7 | 51.7 | 1,517.7 | 1.7 |
Digital | 68.8 | 51.0 | 25.0 | 11.3 | 5.6 | 8.4 | 170.1 | 1.7 |
MAP Risks | 350.5 | 242.8 | 127.4 | 69.6 | 39.3 | 49.4 | 879.0 | 1.7 |
Property Risks | 584.2 | 295.7 | 111.9 | 45.3 | 19.8 | 20.2 | 1,077.1 | 1.2 |
Specialty Risks | 939.7 | 938.8 | 725.3 | 491.2 | 304.0 | 457.9 | 3,856.9 | 2.8 |
Net insurance contract liabilities | 2,537.6 | 1,970.1 | 1,236.9 | 743.2 | 425.4 | 587.6 | 7,500.8 | 2.2 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | Weighted average term to settlement of claims recoveries | |
2025 | $m | $m | $m | $m | $m | $m | $m | Years |
Cyber Risks | 84.4 | 198.8 | 99.3 | 47.0 | 23.5 | 20.3 | 473.3 | 1.5 |
Digital | (10.4) | 11.7 | 5.1 | 2.1 | 0.9 | 0.9 | 10.3 | 1.4 |
MAP Risks | (11.4) | 105.7 | 68.2 | 40.9 | 24.3 | 34.7 | 262.4 | 2.2 |
Property Risks | 39.3 | 68.9 | 34.3 | 13.1 | 5.6 | 8.1 | 169.3 | 1.2 |
Specialty Risks | 276.4 | 305.8 | 220.5 | 148.1 | 92.7 | 146.6 | 1,190.1 | 2.7 |
Net reinsurance contract assets | 378.3 | 690.9 | 427.4 | 251.2 | 147.0 | 210.6 | 2,105.4 | 2.1 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | Weighted average term to settlement of claims recoveries | |
2024 | $m | $m | $m | $m | $m | $m | $m | Years |
Cyber Risks | 59.0 | 237.0 | 127.9 | 62.9 | 27.9 | 25.8 | 540.5 | 1.6 |
Digital | (13.8) | 11.8 | 5.1 | 1.9 | 0.8 | 1.0 | 6.8 | 1.4 |
MAP Risks | (120.0) | 73.3 | 48.4 | 26.9 | 16.2 | 24.0 | 68.8 | 1.7 |
Property Risks | 44.6 | 66.7 | 34.1 | 11.8 | 6.9 | 6.3 | 170.4 | 1.2 |
Specialty Risks | 231.9 | 318.5 | 231.5 | 154.9 | 94.9 | 141.3 | 1,173.0 | 2.7 |
Net reinsurance contract assets | 201.7 | 707.3 | 447.0 | 258.4 | 146.7 | 198.4 | 1,959.5 | 2.0 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | |
2025 | $m | $m | $m | $m | $m | $m | $m |
Net insurance contract liabilities | 2,653.5 | 2,095.3 | 1,327.4 | 807.1 | 474.8 | 670.2 | 8,028.3 |
Financial liabilities: | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u2013 Derivative financial liabilities | 10.6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 10.6 |
\u2013 Subordinated debt | 278.9 | 16.5 | 16.5 | 311.4 | \u2014 | \u2014 | 623.3 |
Lease liabilities | 10.5 | 9.0 | 8.7 | 7.6 | 7.1 | 32.1 | 75.0 |
Other liabilities | 289.3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 289.3 |
Total liabilities | 3,242.8 | 2,120.8 | 1,352.6 | 1,126.1 | 481.9 | 702.3 | 9,026.5 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | |
2024 | $m | $m | $m | $m | $m | $m | $m |
Net insurance contract liabilities | 2,537.6 | 1,970.1 | 1,236.9 | 743.2 | 425.4 | 587.6 | 7,500.8 |
Financial liabilities: | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u2013 Derivative financial liabilities | 27.3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 27.3 |
\u2013 Subordinated debt | 31.2 | 278.9 | 16.5 | 16.5 | 311.4 | \u2014 | 654.5 |
Lease liabilities | 11.6 | 10.5 | 9.3 | 8.7 | 7.5 | 28.6 | 76.2 |
Other liabilities | 642.8 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 642.8 |
Total liabilities | 3,250.5 | 2,259.5 | 1,262.7 | 768.4 | 744.3 | 616.2 | 8,901.6 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | |
2025 | $m | $m | $m | $m | $m | $m | $m |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt securities | 2,780.7 | 2,322.1 | 1,367.1 | 590.8 | 1,522.2 | 717.3 | 9,300.2 |
\u2013 Derivative financial assets | 0.8 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 0.8 |
Cash and cash equivalents | 1,368.5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1,368.5 |
Amounts due from managed syndicates and other receivables | 421.3 | 89.6 | 17.2 | \u2014 | \u2014 | \u2014 | 528.1 |
Total financial assets | 4,571.3 | 2,411.7 | 1,384.3 | 590.8 | 1,522.2 | 717.3 | 11,197.6 |
<1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | >5 years | Total | |
2024 | $m | $m | $m | $m | $m | $m | $m |
Financial assets at FVTPL: | |||||||
\u2013 Fixed and floating rate debt securities | 2,497.6 | 2,660.4 | 1,843.0 | 843.7 | 1,237.5 | 211.6 | 9,293.8 |
\u2013 Syndicate loans | 29.5 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 29.5 |
\u2013 Derivative financial assets | 11.2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 11.2 |
Cash and cash equivalents | 882.1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 882.1 |
Amounts due from managed syndicates and other receivables | 598.2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 598.2 |
Total financial assets | 4,018.6 | 2,660.4 | 1,843.0 | 843.7 | 1,237.5 | 211.6 | 10,814.8 |
Country/territory of incorporation | |
Beazley Bermuda Insurance Limited | Bermuda |
Beazley Bermuda Services Limited | Bermuda |
Beazley Canada Limited | Canada |
Beazley Bermuda Holdings Limited | England |
Beazley Corporate Member (No.2) Limited | England |
Beazley Corporate Member (No.3) Limited | England |
Beazley Corporate Member (No.6) Limited | England |
Beazley Corporate Governance Services Limited | England |
Beazley Furlonge Holdings Limited | England |
Beazley Furlonge Limited | England |
Beazley Group Limited | England |
Beazley Investments Limited | England |
Beazley Management Limited | England |
Beazley Staff Underwriting Limited | England |
Beazley Solutions Limited | England |
Beazley Security Limited | England |
Beazley Underwriting Limited | England |
Beazley Underwriting Services Limited | England |
BHI Digital UK Limited | England |
Beazley Insurance dac | Ireland |
Beazley Solutions International Limited | Ireland |
Beazley Ireland Holdings plc | Jersey |
Beazley Labuan Limited | Malaysia |
Beazley Pte. Limited | Singapore |
Beazley America Insurance Company, Inc.** | USA |
Beazley Excess and Surplus Insurance, Inc.** | USA |
Beazley Group (USA) General Partnership*** | USA |
Beazley Holdings, Inc.*** | USA |
Beazley Insurance Company, Inc.** | USA |
Beazley Newco Captive Company, Inc.** | USA |
Beazley RI Manager, Inc.*** | USA |
Beazley Security LLC* | USA |
Beazley USA Services, Inc.*** | USA |
BHI Digital, LLC.*** | USA |
Address | City | Postcode | Country/territory |
Clarendon House, 2 Church Street | Hamilton | HM 11 | Bermuda |
Toronto, Ontario | Canada | ||
London | |||
2 Northwood Avenue | Dublin | Ireland | |
22 Grenville Street | Saint Helier | ||
Kensington Gardens, No. U1317, Lot 7616, Jalan Jumidar Buyong | Labuan | 87000 | Malaysia |
160 Greentree Drive, Suite 101* | Dover, Delaware | USA | |
West Hartford, Connecticut | USA | ||
USA |
2025 | 2024 | |
$m | $m | |
Salaries and other short-term benefits | 45.5 | 40.9 |
Pension costs | 0.6 | 0.6 |
Share-based remuneration | 19.2 | 15.4 |
65.3 | 56.9 |
2025 | 2024 | |
$m | $m | |
Salaries and other short-term benefits | 45.5 | 40.9 |
Pension costs | 0.6 | 0.6 |
Share-based remuneration | 19.2 | 15.4 |
65.3 | 56.9 |
2025 | 2024 | |
$m | $m | |
Financial assets at fair value and cash\u00b9 | 1,284.9 | 1,469.7 |
Letters of credit (LOC) | 225.0 | 225.0 |
Total funds at Lloyd\u2019s | 1,509.9 | 1,694.7 |