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"value": "1.2 Basis of PreparationThe consolidated financial statements have been prepared in accordance with UK Adopted International Accounting Standards (\u201cIFRSs\u201d), the Isle of Man Insurance Act 2008, and with the Isle of Man Companies Acts 1931 to 2004. The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial investments and financial liabilities at fair value through profit or loss. The Group has applied all International Financial Reporting Standards adopted by the United Kingdom and effective at 30 June 2026.The Group underwrites an immaterial amount of insurance business. Management has undertaken an assessment of the impact of accounting for this business as investment business rather than insurance business and concluded that this would not have a material impact on the financial statements. Management will keep this assessment under review, and should the outcome change in future the Group accounting treatment will be reassessed. As a result, IFRS 17 has not been applied to these financial statements.The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting year. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 2.Except where otherwise stated, the financial statements are presented in pounds sterling, the functional currency of the Company, rounded to the nearest one hundred thousand pounds. The following UK-adopted IFRS have been issued but have not been applied in these financial statements. Their adoption is not expected to have a material effect on the financial statements, unless otherwise indicated:\u2022 Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments (effective 1 January 2026).\u2022 Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity (effective 1 January 2026).\u2022 Annual Improvements to the IFRS Accounting Standards \u2013 Volume 11 (effective 1 January 2026).\u2022 IFRS 18: Presentation and Disclosure in Financial Statements (effective 1 January 2027). IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new accounting standards introduces the following key new requirements:o Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities\u2019 net profit will not change.o Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements.o Enhanced guidance is provided on how to group information in the financial statements.o In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.The Group is still in the process of assessing the impact of IFRS 18, particularly with respect to the structure of the statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements.There are no other standards, amendments or interpretations to existing standards that are not yet effective, that would have a material impact on the Group\u2019s reported results.1.2.1 Restatement of Comparative informationDuring the year ended 30 June 2026, the Group identified two prior period errors relating to the recognition of certain income and the accounting for historical foreign exchange revaluation entries. The first error arose following a systems process change, whereby a manual reversal adjustment relating to certain income was omitted. As a result, this income was recognised twice in the year ended 30 June 2025, resulting in an overstatement of fee and commission income and profit before tax and an understatement of amounts due to investment contract holders of \u00a30.7 million. This error was also included in the condensed interim financial statements for the six months ended 31 December 2025 resulting in an overstatement of fee and commission income and profit before tax, and an understatement of amounts due to investment contract holders of \u00a30.5m.The second error related to historical foreign exchange revaluation differences which had been retained on the balance sheet in prior years instead of being recognised in the income statement. As a result, retained earnings at 1 July 2024 were understated by \u00a30.8m and amounts due to investment contract holders were overstated by \u00a30.8m. In addition, investment income and profit before tax for the year ended 30 June 2025 were overstated by \u00a30.1m and amounts due to investment contract holders was understated by \u00a30.1m. This error resulted in amounts due to investment contract holders being overstated by \u00a30.7m in the condensed interim financial statements at 31 December 2025.The comparative information has been restated in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The effect of the restatement on the Group\u2019s previously reported results and financial position is set out below.Impact on the Consolidated Statements of Profit or Loss and Other Comprehensive Income: Year ended 30 June 2025 \u00a3m unless stated As reported Adjustment As restatedFees and commissions 48.2 (0.7) 47.5Investment income 32.4 (0.1) 32.3Profit before tax 1.8 (0.8) 1.0Basic and diluted EPS 1.3 (0.6) 0.7Impact on the Consolidated Balance Sheet: As reported Adjustment As restated As at 1 July 2024 \u00a3m \u00a3m \u00a3mAmounts due to investment contract holders 39.3 (0.8) 38.5Retained earnings 0.6 0.8 1.4As at 30 June 2025Amounts due to investment contract holders 48.4 - 48.4Retained earnings (3.7) - (3.7)Impact on the Consolidated Cash Flow Statement: As reported Adjustment As restated Year ended 30 June 2025 \u00a3m \u00a3m \u00a3mProfit before tax 1.8 (0.8) 1.0Increase in creditors 10.8 0.8 11.6During the year ended 30 June 2026 the Group also identified a discloure error in relation to the amount of liabilities classified as level 2 under the fair value hierarchy, which has been restated as further detailed in note 3.6.",
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"value": "1.2 Basis of PreparationThe consolidated financial statements have been prepared in accordance with UK Adopted International Accounting Standards (\u201cIFRSs\u201d), the Isle of Man Insurance Act 2008, and with the Isle of Man Companies Acts 1931 to 2004. The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial investments and financial liabilities at fair value through profit or loss. The Group has applied all International Financial Reporting Standards adopted by the United Kingdom and effective at 30 June 2026.The Group underwrites an immaterial amount of insurance business. Management has undertaken an assessment of the impact of accounting for this business as investment business rather than insurance business and concluded that this would not have a material impact on the financial statements. Management will keep this assessment under review, and should the outcome change in future the Group accounting treatment will be reassessed. As a result, IFRS 17 has not been applied to these financial statements.The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting year. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 2.Except where otherwise stated, the financial statements are presented in pounds sterling, the functional currency of the Company, rounded to the nearest one hundred thousand pounds. The following UK-adopted IFRS have been issued but have not been applied in these financial statements. Their adoption is not expected to have a material effect on the financial statements, unless otherwise indicated:\u2022 Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments (effective 1 January 2026).\u2022 Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity (effective 1 January 2026).\u2022 Annual Improvements to the IFRS Accounting Standards \u2013 Volume 11 (effective 1 January 2026).\u2022 IFRS 18: Presentation and Disclosure in Financial Statements (effective 1 January 2027). IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new accounting standards introduces the following key new requirements:o Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities\u2019 net profit will not change.o Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements.o Enhanced guidance is provided on how to group information in the financial statements.o In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.The Group is still in the process of assessing the impact of IFRS 18, particularly with respect to the structure of the statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements.There are no other standards, amendments or interpretations to existing standards that are not yet effective, that would have a material impact on the Group\u2019s reported results.1.2.1 Restatement of Comparative informationDuring the year ended 30 June 2026, the Group identified two prior period errors relating to the recognition of certain income and the accounting for historical foreign exchange revaluation entries. The first error arose following a systems process change, whereby a manual reversal adjustment relating to certain income was omitted. As a result, this income was recognised twice in the year ended 30 June 2025, resulting in an overstatement of fee and commission income and profit before tax and an understatement of amounts due to investment contract holders of \u00a30.7 million. This error was also included in the condensed interim financial statements for the six months ended 31 December 2025 resulting in an overstatement of fee and commission income and profit before tax, and an understatement of amounts due to investment contract holders of \u00a30.5m.The second error related to historical foreign exchange revaluation differences which had been retained on the balance sheet in prior years instead of being recognised in the income statement. As a result, retained earnings at 1 July 2024 were understated by \u00a30.8m and amounts due to investment contract holders were overstated by \u00a30.8m. In addition, investment income and profit before tax for the year ended 30 June 2025 were overstated by \u00a30.1m and amounts due to investment contract holders was understated by \u00a30.1m. This error resulted in amounts due to investment contract holders being overstated by \u00a30.7m in the condensed interim financial statements at 31 December 2025.The comparative information has been restated in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The effect of the restatement on the Group\u2019s previously reported results and financial position is set out below.Impact on the Consolidated Statements of Profit or Loss and Other Comprehensive Income: Year ended 30 June 2025 \u00a3m unless stated As reported Adjustment As restatedFees and commissions 48.2 (0.7) 47.5Investment income 32.4 (0.1) 32.3Profit before tax 1.8 (0.8) 1.0Basic and diluted EPS 1.3 (0.6) 0.7Impact on the Consolidated Balance Sheet: As reported Adjustment As restated As at 1 July 2024 \u00a3m \u00a3m \u00a3mAmounts due to investment contract holders 39.3 (0.8) 38.5Retained earnings 0.6 0.8 1.4As at 30 June 2025Amounts due to investment contract holders 48.4 - 48.4Retained earnings (3.7) - (3.7)Impact on the Consolidated Cash Flow Statement: As reported Adjustment As restated Year ended 30 June 2025 \u00a3m \u00a3m \u00a3mProfit before tax 1.8 (0.8) 1.0Increase in creditors 10.8 0.8 11.6During the year ended 30 June 2026 the Group also identified a discloure error in relation to the amount of liabilities classified as level 2 under the fair value hierarchy, which has been restated as further detailed in note 3.6.",
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"f0__s8__6__21": {
"value": "1.2.1 Restatement of Comparative informationDuring the year ended 30 June 2026, the Group identified two prior period errors relating to the recognition of certain income and the accounting for historical foreign exchange revaluation entries. The first error arose following a systems process change, whereby a manual reversal adjustment relating to certain income was omitted. As a result, this income was recognised twice in the year ended 30 June 2025, resulting in an overstatement of fee and commission income and profit before tax and an understatement of amounts due to investment contract holders of \u00a30.7 million. This error was also included in the condensed interim financial statements for the six months ended 31 December 2025 resulting in an overstatement of fee and commission income and profit before tax, and an understatement of amounts due to investment contract holders of \u00a30.5m.The second error related to historical foreign exchange revaluation differences which had been retained on the balance sheet in prior years instead of being recognised in the income statement. As a result, retained earnings at 1 July 2024 were understated by \u00a30.8m and amounts due to investment contract holders were overstated by \u00a30.8m. In addition, investment income and profit before tax for the year ended 30 June 2025 were overstated by \u00a30.1m and amounts due to investment contract holders was understated by \u00a30.1m. This error resulted in amounts due to investment contract holders being overstated by \u00a30.7m in the condensed interim financial statements at 31 December 2025.The comparative information has been restated in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The effect of the restatement on the Group\u2019s previously reported results and financial position is set out below.Impact on the Consolidated Statements of Profit or Loss and Other Comprehensive Income: Year ended 30 June 2025 \u00a3m unless stated As reported Adjustment As restatedFees and commissions 48.2 (0.7) 47.5Investment income 32.4 (0.1) 32.3Profit before tax 1.8 (0.8) 1.0Basic and diluted EPS 1.3 (0.6) 0.7Impact on the Consolidated Balance Sheet: As reported Adjustment As restated As at 1 July 2024 \u00a3m \u00a3m \u00a3mAmounts due to investment contract holders 39.3 (0.8) 38.5Retained earnings 0.6 0.8 1.4As at 30 June 2025Amounts due to investment contract holders 48.4 - 48.4Retained earnings (3.7) - (3.7)Impact on the Consolidated Cash Flow Statement: As reported Adjustment As restated Year ended 30 June 2025 \u00a3m \u00a3m \u00a3mProfit before tax 1.8 (0.8) 1.0Increase in creditors 10.8 0.8 11.6During the year ended 30 June 2026 the Group also identified a discloure error in relation to the amount of liabilities classified as level 2 under the fair value hierarchy, which has been restated as further detailed in note 3.6.",
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"value": "1.3 Basis of ConsolidationThe Group\u2019s financial statements consolidate those of the parent company and all its subsidiaries as at 30 June 2026. All transactions between Group companies are eliminated on consolidation. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.",
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"value": "1.4 Going ConcernOn a Risk Based Solvency Capital basis, the Group\u2019s capital position is strong and well in excess of regulatory requirements. The long-term nature of the Group\u2019s business results in considerable recurring cash inflows arising from existing business. The Directors believe that the Group is well placed to manage its business risks successfully.The Directors are satisfied that the Company and the Group have adequate resources to continue to operate as a going concern for the foreseeable future and have prepared the consolidated financial statements on that basis.In making this statement, the Directors have reviewed financial forecasts that include plausible downside scenarios as a result of the ongoing geopolitical position and global macroeconomic conditions. These show the Group continuing to meet regulatory capital requirements over the next 12 months and that the Group has sufficient cash reserves to enable it to meet its obligations as they fall due. The Directors are encouraged by the Group\u2019s strong new business performance over the last two financial years, with growth achieved across both single and regular premium products and across multiple geographic regions. During FY26, the Group delivered its strongest new business growth in recent years, supported by increased adviser engagement, expanded distribution activity and strengthening market presence. Whilst the impact of new business growth on profit and cash flows emerges over the longer term given the nature of the Group\u2019s products, this also provides management with time to respond to changing market conditions through operational and cost base adjustments if required. In the event of a sustained reduction in new business levels or assets under administration, the Group would take appropriate mitigating actions, including reducing the cost base and, where necessary, reviewing dividend distributions.The following factors are considered as supportive to the Group\u2019s resilience to external market and economic challenges:\u2022 The Group\u2019s business model focuses on long term savings products, both single premium, and regular premium paying products which continue to receive cash inflows regardless of the amount of new business sold. \u2022 The Group earns approximately a third of its revenues from asset-based income which is not immediately dependent on sourcing new business. Initial fees in respect of new business are broadly offset by initial commissions, limiting the impact of any reduction in new business. \u2022 New business channels are geographically dispersed and therefore less exposed to specific regional challenges.\u2022 The largest expense associated with new business is commission expenditure which reduces directly in line with reduced sales. \u2022 The Group has, and continues to the date of this report to have, a strong capital position with significant levels of liquidity and cash. \u2022 The business has demonstrated operational resilience in being able to operate remotely from its offices without any material impact to processing and servicing levels. Its control environment continued to operate effectively during this time.\u2022 The Group places the majority of its shareholder assets into conservative, highly-liquid, highly rated bank deposits and money market funds. These are typically not subject to price fluctuation and protect the Group\u2019s assets against potential market volatility; and \u2022 The Group has no borrowings.",
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"f0__s8__6__24": {
"value": "2 Critical Accounting Estimates and Judgements in Applying Accounting PoliciesEstimates, assumptions, and judgements are used in the application of accounting policies in these financial statements. Critical accounting estimates are those which involve the most complex or subjective judgements or assessments. Estimates, assumptions, and judgements are evaluated continually and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual outcomes may differ from assumptions and estimates made by management. Revisions to estimates are recognised prospectively.2.1 Accounting Estimates and AssumptionsThe principal areas in which the Group applies accounting estimates are the amortisation of deferred origination costs and deferred income, the recoverability of deferred origination costs, the useful life of intangible assets, and the fair value of investments. 2.1.1 Amortisation of Deferred Origination Costs and Deferred IncomeThe recognition and amortisation of deferred origination costs and deferred income require management judgement, particularly in determining the appropriate amortisation period.Amortisation is based on the estimated life of the underlying contracts, typically between 8 and 15 years, and reflects assumptions regarding policy persistency. These assumptions are reviewed annually against actual experience. Certain contracts written between 2007 and 2015 are amortised on actual life.2.1.2 Recoverability of Deferred Origination CostsFormal reviews to assess the recoverability of deferred origination costs on investment contracts are carried out at each balance sheet date to determine whether there is any indication of impairment based on the estimated future income levels. If, based upon a review of the remaining contracts, there is any indication of irrecoverability or impairment, the contract\u2019s recoverable amount is re-estimated. Impairment losses are reversed through the consolidated statement of comprehensive income if there is a change in the estimates used to determine the recoverable amount. Such losses are reversed only to the extent that the contract\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of amortisation where applicable, if no impairment loss had been recognised. 2.1.3 Fair Value of Financial InvestmentsWhere the Directors determine that there is no active market for a particular financial instrument, fair value is assessed using valuation techniques based on available relevant information and an appraisal of all associated risks as detailed in Note 3.2.2 JudgementsThe primary areas in which the Group has applied judgement in applying accounting policies are as follows:\u2022 in assessing pending and threatened litigation, including determining whether a provision or contingent liability should be recognised or disclosed, the measurement of any provision recognised, and the recoverability of related insurance recoveries. These judgements are described further in Notes 15, 20 and 26.\u2022 to determine the type of expenses that are treated as origination costs to be deferred. Any other expenses are expensed as incurred.",
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"f0__s8__6__25": {
"value": "3 Financial Risk ManagementRisk Management Objectives and Risk PoliciesThe Group\u2019s objective in the management of financial risk is to minimise, where practicable, its exposure to such risk, except when necessary to support other objectives. The Group seeks to manage risk through the operation of unit-linked business whereby the contract holder bears the financial risk. In addition, shareholder assets are invested in highly rated investments.Overall responsibility for the management of the Group\u2019s exposure to risk is vested in the Board. To support it in this role, the Group ERM Framework is in place comprising risk identification, risk assessment, control and reporting processes. Additionally, the Board and the Boards of subsidiary companies have established a number of Committees with defined terms of reference. These are the Audit and Risk, Executive and Investment Committees. Additional information concerning the operation of the Board Committees is contained in the Corporate Governance section of this Annual Report.The main significant financial risks to which the Group is exposed are set out below. For each category of risk, the Group determines its risk appetite and sets its investment, treasury and associated policies accordingly. 3.1 Market RiskThis is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices, analysed between price, interest rate and currency risk. The Group adopts a risk averse approach to market risk, with a stated policy of not actively pursuing or accepting market risk except where necessary to support other objectives. However, the Group accepts the risk that the fall in equity or other asset values, whether as a result of price falls or strengthening of sterling against the currencies in which contract holder assets are denominated, will reduce the level of annual management charge income derived from such contract holder assets and the risk of lower future profits.The Group\u2019s business is unit-linked, and the direct associated market risk is therefore borne by contract holders (although there is a secondary impact as shareholder income is dependent upon the fair value of contract holder assets). Other financial assets and liabilities held outside of contract holder unitised funds primarily consist of units in money market funds, cash and cash equivalents, and other assets and liabilities. Cash held in unitised money market funds and at bank is valued at par. The impact of a 1% change in interest rates is set out at 3.1(b) below. Other assets and liabilities are similarly unaffected by market movements.As a result of these combined factors, the Group\u2019s financial assets and liabilities held outside unitised funds are not materially subject to market risk, and movements at the reporting date in interest rates and equity values have an immaterial impact on the Group\u2019s profit after tax and equity. Future revenues from annual management charges may be affected by movements in interest rates, foreign currencies and equity values. The Group does not control the asset selection strategy as assets are chosen by the contract holders.(a) Price RiskUnit linked funds are exposed to securities price risk as the investments held are subject to prices in the future which are uncertain. The fair value of financial assets (designated at fair value through profit or loss) exposed to price risk at 30 June 2026 was \u00a31,191.9m (2025: \u00a31,068.8m). In the event that investment income is affected by price risk then there will be an equal and opposite impact on the value of the changes in provisions for investment contract liabilities in the same accounting period.An overall change in the market value of the unit-linked funds would affect the annual management charges accruing to the Group since these charges, which are typically 1% per annum, are based on the market value of contract holder assets under administration. The approximate impact on the Group\u2019s profits and equity of a 10% change in fund values, either as a result of price, interest rate or currency fluctuations, is \u00a31.6m (2025: \u00a31.6m). (b) Interest Rate RiskInterest rate risk is the risk that the Group is exposed to lower returns or loss as a direct or indirect result of fluctuations in the value of, or income from, specific assets arising from changes in underlying interest rates.The Group is primarily exposed to interest rate risk on the corporate bonds and balances that it holds with credit institutions and in money market funds.Taking into account the proportion of Group funds held on longer-term, fixed-rate deposits, a change of 1% per annum in interest rates will result in an increase or decrease of approximately \u00a30.8m (2025: \u00a30.6m) in the Group\u2019s annual investment income and equity.For corporate bonds, a 1% per annum increase or decrease in interest rates would be expected to result in a decrease or increase, respectively, of approximately \u00a30.2 million and USD0.2 million (2025: \u00a30.2 million and USD0.2 million) in the Group\u2019s unrealised gains and fair value of the assets.A summary of the Group\u2019s liquid assets at the balance sheet date is set out in note 3.2.(c) Currency RiskCurrency risk is the risk that the Group is exposed to higher or lower returns as a direct or indirect result of fluctuations in the value of, or income from, specific assets and liabilities arising from changes in underlying exchange rates.(c) (i) Group Foreign Currency ExposuresThe Group is exposed to currency risk on the foreign currency denominated bank balances, contract fees receivable and other liquid assets that it holds to the extent that they do not match liabilities in those currencies. The Group receives 79% (2025: 74%) of premiums in US Dollars and settles the majority of expenses in Sterling. To manage this risk, the Group commenced a hedging programme covering a portion of its forecast USD cash flows (see Note 3.1 c) iii) for further details). The impact of currency risk is also minimised by regular conversion of excess foreign currency funds to sterling. The Group is not exposed to currency risk in relation to policyholder liabilities and investments held to cover those liabilities, and thus they are excluded from the analysis below.At the balance sheet date, the Group had exposures in the following currencies: 2026 2026 2026 2025 2025 2025 US$m \u20acm \u00a5m US$m \u20acm \u00a5mGross assets. 36.4 18.9 799.1 21.7 17.1 534.0Matching currency liabilities (40.7) (19.3) (1,079.2) (29.8) (17.5) (690.3)Uncovered currency exposures (4.3) (0.4) (280.1) (8.1) (0.4) (156.3)Sterling equivalent (\u00a3m) (3.2) (0.3) (1.3) (5.9) (0.3) (0.8)The approximate effect on profit before tax of a 5% change: in the value of US dollars to sterling is \u00a30.2m (2025: \u00a30.3m); in the value of the euro to sterling is less than \u00a30.1m (2025: less than \u00a30.1m); and in the value of the yen to sterling is less than \u00a30.1m (2025: less than \u00a30.1m).(c) (ii) Financial Investments by CurrencyCertain fees and commissions are earned in currencies other than sterling, based on the value of financial investments held in those currencies from time to time. At the balance sheet date, the analysis of financial investments by currency denomination is as follows, US dollars: 76% (2025: 74%); euro: 17% (2025: 7%); sterling: 6% (2025: 18%); other: 1% (2025: 1%).(c) (iii) Income subject to foreign currency riskThe Group is exposed to foreign currency risk arising from highly probable future cash inflows denominated in USD and other currencies. Variability in the USD/GBP exchange rate may affect the sterling value of future income and consequently the Group\u2019s future cash flows and earnings. To manage this exposure, the Group entered into foreign exchange forward contracts during the year and designated these contracts as cash flow hedges of highly probable forecast USD-denominated income in accordance with IFRS 9. The objective of the hedging programme is to reduce volatility in future sterling cash flows resulting from movements in foreign exchange rates.The Group\u2019s policy is to hedge 100% of the first USD1m of USD-denominated income each month over a rolling 18-month horizon.The Group uses plain vanilla FX forward contracts as hedging instruments. The critical terms of the forward contracts are closely aligned with those of the forecast cash inflows and, accordingly, the Group expects a high degree of economic offset between the hedged item and hedging instrument. The Group assesses hedge effectiveness on an ongoing basis by evaluating whether an economic relationship continues to exist between the hedged item and the hedging instrument and whether changes in the value of the hedging instrument are expected to offset changes in the value of the hedged cash flows attributable to movements in the USD/GBP exchange rate. As the Group consistently generates forecast monthly USD-denominated income in excess of the USD1m designated in the hedge relationship, it does not expect the forecast transactions to fail to occur. Accordingly, the Group does not expect material hedge ineffectiveness to arise and no hedge ineffectiveness was recognised in profit or loss during the year (2025: nil).The effective portion of changes in the fair value of the hedging instruments is recognised in other comprehensive income and accumulated within the cash flow hedge reserve. Amounts accumulated in the reserve are reclassified to profit or loss in the periods in which the forecast income impacts profit or loss. During the year, less than \u00a30.1m (2025: nil) was reclassified from the cash flow hedge reserve to profit or loss.Cash flow hedges of USD income 2026 2025\u00a3m unless stated Nominal amount of forward contracts (USDm) 17.0 - Sterling equivalent 12.5 -Carrying amount of forward exchange contracts recognised within Other Payables 0.3 -Change in fair value of hedging instruments recognised in OCI (0.3) - 2026 2025 \u00a3m \u00a3mLoss recognised in OCI during the period (0.3) -Amount reclassified from OCI to profit or loss - -Balance in cash flow hedge reserve at year end (0.3) -3.2 Credit RiskCredit risk is the risk that the Group is exposed to lower returns or loss if another party fails to perform its financial obligations to the Group. The Group has adopted a risk averse approach to such risk and has a stated policy of not actively pursuing or accepting credit risk except when necessary to support other objectives.The clearing and custody operations for the Group\u2019s security transactions are mainly concentrated with one broker, namely Capital International Limited, a member of the London Stock Exchange. At 30 June 2026 and 2025, substantially all contract holder cash and cash equivalents, balances due from investment brokers and financial investments are placed in custody with Capital International Limited. These operations are detailed in a formal contract that incorporates notice periods and a full exit management plan. Delivery of services under the contract is monitored by a dedicated relationship manager against a documented Service Level Agreement and Key Performance Indicators.The Group has an exposure to credit risk in relation to its deposits with credit institutions, its investments in unitised money market funds and its investment in a bond portfolio. To manage these risks, deposits are placed in accordance with established policy, with credit institutions having a short-term rating of at least F1 or P1 from Fitch IBCA and Moody\u2019s respectively and a long-term rating of at least A or A3. Investments in unitised money market funds are made only where such fund is AAA rated. Additionally, maximum counterparty exposure limits are set both at an individual subsidiary company level and on a Group-wide basis. The bond portfolios include only investment-grade assets, as rated by Standard & Poor\u2019s. (\u201cS&P\u201d)These assets are considered to have a high degree of credit worthiness, and no assets of a lower credit worthiness are held. The following table sets out information about the credit quality of the Group\u2019s deposits with credit institutions, corporate bonds and its investments in unitised money market funds. 2026 2025 \u00a3m \u00a3mDeposits(Based on Moody\u2019s and Fitch ratings)AAA 15.4 20.8AA- to AA+ - -A- To A+ 33.6 21.9 49.0 42.7Cash at bank(Based on Moody\u2019s and Fitch ratings)AA- to AA+ 0.3 0.3A- To A+ 28.9 -BBB 0.3 23.2 29.5 23.5Corporate Bonds(Based on ratings by S&P)A- to A+ 4.0 3.0BBB- To BBB+ 5.2 6.0 9.2 9.0Total deposits, cash and corporate bonds 87.7 75.2Credit risk for financial assets held at amortised cost is recognised using an expected credit loss model. The model splits financial assets into those which are performing, underperforming and non-performing based on changes in credit quality since initial recognition. At initial recognition financial assets are considered to be performing. They become underperforming where there has been a significant increase in credit risk since initial recognition, and non-performing when there is objective evidence of impairment. Twelve months of expected credit losses are recognised in the statement of comprehensive income and netted against the financial asset in the statement of financial position for all performing financial assets, with lifetime expected credit losses recognised for underperforming and non-performing financial assets.Receivables are designated as having no significant financing component and none of which are past due. The Group applies the IFRS 9 simplified approach to measuring expected credit losses for trade receivables by using a lifetime expected loss allowance.Expected credit losses are based on the historic levels of loss experienced for the relevant financial assets, primarily overdrawn cash accounts held by policyholders, with consideration given to forward looking information. Insurance recovery receivables are due from highly rated insurer counterparties being rated AA or AA- by S&P and at least AA- or A1 by Fitch and Moody\u2019s respectively. Taking into account the financial strength of these counterparties and the expected timing of recovery, management has concluded that any expected credit losses are immaterial and, accordingly, no material loss allowance has been recognised at the reporting date.The following table sets out the movement in expected credit losses. 2026 2025 \u00a3m \u00a3mAt 1 July 3.1 2.5Credit loss charges in the year 0.8 0.6At 30 June 3.9 3.1At the balance sheet date, an analysis of the Group\u2019s corporate bonds, cash and deposit balances was as follows: 2026 2025 \u00a3m \u00a3mCorporate bond portfolios 9.2 9.0Longer term deposits with credit institutions 14.8 14.7Cash and cash equivalents under IFRS 63.7 51.5 87.7 75.23.3 Liquidity RiskLiquidity risk is the risk that the Group, though solvent, does not have sufficient financial resources to enable it to meet its obligations as they fall due, or can only secure them at excessive cost.The Group\u2019s objective is to ensure that it has sufficient liquidity over short-term (up to one year) and medium-term time horizons to meet the needs of the business. This includes liquidity to cover, amongst other things, new business costs, planned strategic activities, servicing of equity capital as well as working capital to fund day-to-day cash flow requirements.Liquidity risk is principally managed in the following ways:\u2022 Assets of a suitable marketability are held to meet contract holder liabilities as they fall due.\u2022 Forecasts are prepared regularly to predict required liquidity levels over both the short-term and medium-term.The Group\u2019s exposure to liquidity risk is considered to be low since it maintains a high level of liquid assets to meet its liabilities.3.3.1 Undiscounted contractual maturity analysisSet out below is a summary of the undiscounted contractual maturity profile of the Group\u2019s assets. 2026 2025 \u00a3m \u00a3mMaturity within 1 yearShareholder deposits and money market funds 78.5 66.2Other shareholder assets* 25.7 6.3 104.2 72.5Maturity from 1 to 5 yearsOther shareholder assets* 8.8 3.0Shareholder assets with maturity values within 5 years 113.0 75.5Other shareholder assets (no defined maturity profile or maturity greater than 5 years) 139.4 144.6Total shareholder assets 252.4 220.1Policyholder assets Gross assets held to cover financial liabilities under investment contracts 1,260.6 1,129.8Total assets 1,513.0 1,349.9*Other shareholder assets includes \u00a312.5m (2025: nil) in relation to foreign exchange forward contracts.Assets held to cover financial liabilities under investment contracts are deemed to have no fixed maturity since the corresponding unit-linked liabilities are repayable and transferable on demand. In certain circumstances the contractual maturities of a portion of the assets may be longer than one year, but the majority of assets held within the unit-linked funds are highly liquid. The Group actively monitors fund liquidity.Set out below is a summary of the undiscounted contractual maturity profile of the Group\u2019s liabilities. 2026 2025 \u00a3m \u00a3mMaturity within 1 yearAmounts due to investment contract holders 66.3 48.4Other payables* 25.2 14.6Provisions 5.6 0.7 97.1 63.7Maturity from 1 to 5 yearsOther payables* 4.5 1.0Maturity greater than 5 yearsOther payables 1.3 1.4Liabilities with maturity values 102.9 66.1Other liabilities (no defined maturity profile) 132.9 137.5Shareholder liabilities 235.8 203.6Maturity within 1 yearFinancial liabilities under investment contracts 50.1 46.3Maturity from 1 to 5 yearsFinancial liabilities under investment contracts 217.1 197.1Maturity greater than 5 yearsFinancial liabilities under investment contracts 993.4 886.4Financial liabilities under investment contracts 1,260.6 1,129.8Total liabilities 1,496.4 1,333.4*Other payables includes \u00a312.5m (2025: nil) in relation to foreign exchange forward contracts.There is no significant difference between the value of the Group\u2019s assets and liabilities on an undiscounted basis and the balance sheet values. Financial liabilities under investment contracts with a contractual maturity are deemed to be repayable and transferable on demand and have not been discounted in the balance sheet. 3.4 Insurance RiskInsurance risk is the risk of loss arising from actual experience being different than that assumed when an insurance product was designed and priced. For the Group, the key insurance risks are lapse risk, expense risk and mortality risk. However, the size of insurance risk is not deemed to be materially significant. From an accounting perspective all contracts have been classified as investment contracts.3.4.1 Lapse RiskA key risk for investment contracts is policyholder behaviour risk in particular the risk that contracts are surrendered, or significant cash withdrawals are made before sufficient fees have been collected to cover up-front commissions paid by the Group. The risk is mitigated by charging penalties on the early surrender of contracts.3.5 Classification and Subsequent Measurement of Financial Assets and LiabilitiesThe Group recognises deposits with financial institutions and loans and borrowings on the date on which they are originated. All other financial instruments are recognised on the trade date, which is the date on which the Group becomes a part to the contractual provisions of the instrument. A financial asset or financial liability is initially measured at fair value plus, for a financial asset or financial liability not measured at \u2018fair value through profit and loss\u2019 (\u201cFVTPL\u201d), transaction costs that are directly attributable to its acquisition or issue. On initial recognition, a financial asset is classified as measured at amortised cost, \u2018fair value through other comprehensive income\u2019 (\u201cFVOCI\u201d) or FVTPL. Financial assets are not reclassified subsequent to their initial recognition. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest. A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. The classification of each financial asset and liability is commented on within each respective financial statement note. As at 30 June 2026 and 30 June 2025, only financial assets measured at amortised cost and FVTPL are held. The subsequent measurement of each class of financial assets is defined in the below table:Class of Asset Subsequent MeasurementFinancial assets at FVTPL Measured at fair value. Net gains and losses, including any interest or dividend income and foreign exchange gains and losses, are recognised in profit or loss.Financial assets at Measured at amortised cost using the effective interest method. Interest income, foreign exchange gains and amortised costlosses and impairment are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. On initial recognition, a financial liability is designated as amortised cost or FVTPL. The criteria for classification and subsequent measurement mirrors that of the financial assets, albeit the classification of \u2018FVOCI\u2019 does not exist for financial liabilities. Therefore, any liabilities which do not meet the amortised cost classification criteria, are designated as FVTPL.The Group uses foreign exchange forward contracts to manage its exposure to fluctuations in foreign currency exchange rates arising from highly probable forecast foreign currency cash inflows.Derivative financial instruments are recognised initially at fair value on the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting date. They are presented within Other payables in the Balance Sheet. See Note 3.1 c) for more details.3.6 Fair Value of Financial Assets and LiabilitiesThe Group closely monitors the valuation of assets in markets that have become less liquid. Determining whether a market is active requires the exercise of judgement and is determined based upon the facts and circumstances of the market for the instrument being measured. Where the Directors determine that there is no active market for a particular financial instrument, for example where a particular collective investment scheme is suspended from trading, fair value is assessed using valuation techniques based on available, relevant, information and an appraisal of all associated risks. When a collective investment scheme recommences regular trading, the value would be transferred back to Level 1. This process requires the exercise of significant judgement on the part of Directors. Due to the linked nature of the contracts administered by the Group\u2019s insurance undertakings, any change in the value of financial assets held to cover financial liabilities under those contracts will result in an equal and opposite change in the value of contract liabilities. The separate effect on financial assets and financial liabilities is included in investment income and investment contract benefits, respectively, in the consolidated statement of comprehensive income.IFRS 13 requires the Group to classify fair value measurements into a fair value hierarchy by reference to the observability and significance of the inputs used in measuring that fair value. The hierarchy is as follows:\u2022 Level 1: fair value is determined using quoted prices (unadjusted) in active markets for identical assets.\u2022 Level 2: fair value is determined using inputs other than quoted prices included within Level 1 that are observable for the asset either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022 Level 3: fair value is determined using inputs for the asset that are not based on observable market data (unobservable inputs).The Group assesses transfers between levels of the fair value hierarchy at each reporting date. Transfers are recognised at the end of the reporting period in which the event or change in circumstances giving rise to the transfer occurs, such as changes in market activity, the suspension or resumption of trading, or changes in the observability of valuation inputs. The following tables analyse the Group\u2019s financial assets and liabilities at fair value at 30 June 2026: Level 1 Level 2 Level 3 TotalFinancial assets \u00a3m \u00a3m \u00a3m \u00a3mEquity securities 95.9 - - 95.9Collective investment schemes 997.3 4.0 5.8 1,007.1Fixed income securities, bonds and structured notes 1.5 9.3 78.1 88.9Total financial assets at fair value through profit and loss 1,094.7 13.3 83.9 1,191.9Deposit and money market funds 95.8 - - 95.8Total financial assets 1,190.5 13.3 83.9 1,287.7 Level 1 Level 2 Level 3 Total \u00a3m \u00a3m \u00a3m \u00a3mFinancial liabilities at fair value through profit or loss - 1,317.1 - 1,317.1Derivative financial liabilities designated as cash flow hedges Forward exchange contracts - 0.3 - 0.3All other financial assets and liabilities are measured at amortised cost which approximates to fair value. Financial liabilities at fair value through profit or loss are mostly classified as level 2 on the basis that they relate to policies investing in financial assets at fair value through profit and loss. The following tables analyse the Group\u2019s financial assets and liabilities at fair value, at 30 June 2025: Level 1 Level 2 Level 3 TotalFinancial assets \u00a3m \u00a3m \u00a3m \u00a3mEquity securities 75.0 1.8 - 76.8Collective investment schemes 901.2 5.6 0.9 907.7Fixed income securities, bonds and structured notes 2.9 10.5 71.0 84.4Total financial assets at fair value through profit and loss 979.1 17.9 71.9 1,068.9Deposit and money market funds 87.2 - - 87.2Total financial assets 1,066.3 17.9 71.9 1,156.1 Level 1 Level 2 Level 3 Total \u00a3m \u00a3m \u00a3m \u00a3mFinancial liabilities at fair value through profit or loss* - 1,175.7 - 1,175.7*In the current year, the prior year presentation of Financial Liabilities at FVTPL was corrected to include amounts due to investment contract holders of \u00a345.9m, measured at FVTPL which were incorrectly omitted from the disclosure. This restatement relates exclusively to this disclosure and does not impact the primary financial statements. During the year ended 30 June 2026 \u00a30.5m (2025: \u00a3nil) of collective investment scheme investments were transferred from Level 2 to Level 3 primarily as a result of the assets becoming suspended during the year. During the year ended 30 June 2026, \u00a3nil (2025: \u00a31.2m) of bond investments were transferred from Level 2 to Level 3 either as a result of the asset being suspended or changes in third party pricing information used to value the investments.Valuation techniques and significant unobservable inputsThe following tables show the valuation techniques used in measuring Level 2 and Level 3 fair values for financial instruments in the statement of financial position, as well as the significant unobservable inputs used.Type Valuation technique Significant Sensitivity to changes in unobservable unobservable inputsinputSuspended assets (included Discounted net asset value. Discount factor If the NAV was higher/lower, the fair within collectives or bonds and (0-100%) and value would be higher/lower.structured notes) N AV.If the discount factor was higher/Level 3: \u00a31.9m (2025: \u00a32.9m)lower, the fair value would be lower/higher.Bonds and structured notes Market comparison/ discounted cash flow: The fair Level 2: Not Level 2: Not applicable.value is estimated considering: applicable.Level 2: \u00a39.3m (2025: \u00a310.5m)(i) current or recent quoted prices for identical Level 3: \u00a377.4m (2025: \u00a371.0m)securities in markets that are not active; and Level 3:Level 3:Collectives(ii) third party pricing sourced via Bloomberg.Not applicableNot applicableLevel 2: \u00a34.0m (2025: \u00a35.6m)Level 3: \u00a34.6m (2025: \u00a30.9m)Foreign exchange forward The fair value is determined using quoted forward Not applicable Not applicablecontracts exchange rates and yield curves.Level 2: \u00a30.3m (2025: \u00a3nil)The reconciliation between opening and closing balances of Level 3 assets are presented in the table below:2026 2025 \u00a3m \u00a3mOpening balance 71.9 61.8Total gains / (losses)*recognised in profit or loss 5.2 (1.1)Transfers into level 3 0.5 2.5Transfers out of level 3 (1.2) -Purchases, sales, issues and settlements 7.5 8.7Closing balance 83.9 71.9* The total gain recognised in profit or loss in respect of Level 3 financial assets during the year was \u00a35.2m (2025: loss of \u00a31.1m), of which\u00a37.9m unrealised gains related to assets held at the reporting date. All such gains and losses are recognised within change in provisions forinvestment contract liabilities.",
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"value": "3.1 Market RiskThis is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices, analysed between price, interest rate and currency risk. The Group adopts a risk averse approach to market risk, with a stated policy of not actively pursuing or accepting market risk except where necessary to support other objectives. However, the Group accepts the risk that the fall in equity or other asset values, whether as a result of price falls or strengthening of sterling against the currencies in which contract holder assets are denominated, will reduce the level of annual management charge income derived from such contract holder assets and the risk of lower future profits.The Group\u2019s business is unit-linked, and the direct associated market risk is therefore borne by contract holders (although there is a secondary impact as shareholder income is dependent upon the fair value of contract holder assets). Other financial assets and liabilities held outside of contract holder unitised funds primarily consist of units in money market funds, cash and cash equivalents, and other assets and liabilities. Cash held in unitised money market funds and at bank is valued at par. The impact of a 1% change in interest rates is set out at 3.1(b) below. Other assets and liabilities are similarly unaffected by market movements.As a result of these combined factors, the Group\u2019s financial assets and liabilities held outside unitised funds are not materially subject to market risk, and movements at the reporting date in interest rates and equity values have an immaterial impact on the Group\u2019s profit after tax and equity. Future revenues from annual management charges may be affected by movements in interest rates, foreign currencies and equity values. The Group does not control the asset selection strategy as assets are chosen by the contract holders.(a) Price RiskUnit linked funds are exposed to securities price risk as the investments held are subject to prices in the future which are uncertain. The fair value of financial assets (designated at fair value through profit or loss) exposed to price risk at 30 June 2026 was \u00a31,191.9m (2025: \u00a31,068.8m). In the event that investment income is affected by price risk then there will be an equal and opposite impact on the value of the changes in provisions for investment contract liabilities in the same accounting period.An overall change in the market value of the unit-linked funds would affect the annual management charges accruing to the Group since these charges, which are typically 1% per annum, are based on the market value of contract holder assets under administration. The approximate impact on the Group\u2019s profits and equity of a 10% change in fund values, either as a result of price, interest rate or currency fluctuations, is \u00a31.6m (2025: \u00a31.6m). (b) Interest Rate RiskInterest rate risk is the risk that the Group is exposed to lower returns or loss as a direct or indirect result of fluctuations in the value of, or income from, specific assets arising from changes in underlying interest rates.The Group is primarily exposed to interest rate risk on the corporate bonds and balances that it holds with credit institutions and in money market funds.Taking into account the proportion of Group funds held on longer-term, fixed-rate deposits, a change of 1% per annum in interest rates will result in an increase or decrease of approximately \u00a30.8m (2025: \u00a30.6m) in the Group\u2019s annual investment income and equity.For corporate bonds, a 1% per annum increase or decrease in interest rates would be expected to result in a decrease or increase, respectively, of approximately \u00a30.2 million and USD0.2 million (2025: \u00a30.2 million and USD0.2 million) in the Group\u2019s unrealised gains and fair value of the assets.A summary of the Group\u2019s liquid assets at the balance sheet date is set out in note 3.2.(c) Currency RiskCurrency risk is the risk that the Group is exposed to higher or lower returns as a direct or indirect result of fluctuations in the value of, or income from, specific assets and liabilities arising from changes in underlying exchange rates.(c) (i) Group Foreign Currency ExposuresThe Group is exposed to currency risk on the foreign currency denominated bank balances, contract fees receivable and other liquid assets that it holds to the extent that they do not match liabilities in those currencies. The Group receives 79% (2025: 74%) of premiums in US Dollars and settles the majority of expenses in Sterling. To manage this risk, the Group commenced a hedging programme covering a portion of its forecast USD cash flows (see Note 3.1 c) iii) for further details). The impact of currency risk is also minimised by regular conversion of excess foreign currency funds to sterling. The Group is not exposed to currency risk in relation to policyholder liabilities and investments held to cover those liabilities, and thus they are excluded from the analysis below.At the balance sheet date, the Group had exposures in the following currencies: 2026 2026 2026 2025 2025 2025 US$m \u20acm \u00a5m US$m \u20acm \u00a5mGross assets. 36.4 18.9 799.1 21.7 17.1 534.0Matching currency liabilities (40.7) (19.3) (1,079.2) (29.8) (17.5) (690.3)Uncovered currency exposures (4.3) (0.4) (280.1) (8.1) (0.4) (156.3)Sterling equivalent (\u00a3m) (3.2) (0.3) (1.3) (5.9) (0.3) (0.8)The approximate effect on profit before tax of a 5% change: in the value of US dollars to sterling is \u00a30.2m (2025: \u00a30.3m); in the value of the euro to sterling is less than \u00a30.1m (2025: less than \u00a30.1m); and in the value of the yen to sterling is less than \u00a30.1m (2025: less than \u00a30.1m).(c) (ii) Financial Investments by CurrencyCertain fees and commissions are earned in currencies other than sterling, based on the value of financial investments held in those currencies from time to time. At the balance sheet date, the analysis of financial investments by currency denomination is as follows, US dollars: 76% (2025: 74%); euro: 17% (2025: 7%); sterling: 6% (2025: 18%); other: 1% (2025: 1%).(c) (iii) Income subject to foreign currency riskThe Group is exposed to foreign currency risk arising from highly probable future cash inflows denominated in USD and other currencies. Variability in the USD/GBP exchange rate may affect the sterling value of future income and consequently the Group\u2019s future cash flows and earnings. To manage this exposure, the Group entered into foreign exchange forward contracts during the year and designated these contracts as cash flow hedges of highly probable forecast USD-denominated income in accordance with IFRS 9. The objective of the hedging programme is to reduce volatility in future sterling cash flows resulting from movements in foreign exchange rates.The Group\u2019s policy is to hedge 100% of the first USD1m of USD-denominated income each month over a rolling 18-month horizon.The Group uses plain vanilla FX forward contracts as hedging instruments. The critical terms of the forward contracts are closely aligned with those of the forecast cash inflows and, accordingly, the Group expects a high degree of economic offset between the hedged item and hedging instrument. The Group assesses hedge effectiveness on an ongoing basis by evaluating whether an economic relationship continues to exist between the hedged item and the hedging instrument and whether changes in the value of the hedging instrument are expected to offset changes in the value of the hedged cash flows attributable to movements in the USD/GBP exchange rate. As the Group consistently generates forecast monthly USD-denominated income in excess of the USD1m designated in the hedge relationship, it does not expect the forecast transactions to fail to occur. Accordingly, the Group does not expect material hedge ineffectiveness to arise and no hedge ineffectiveness was recognised in profit or loss during the year (2025: nil).The effective portion of changes in the fair value of the hedging instruments is recognised in other comprehensive income and accumulated within the cash flow hedge reserve. Amounts accumulated in the reserve are reclassified to profit or loss in the periods in which the forecast income impacts profit or loss. During the year, less than \u00a30.1m (2025: nil) was reclassified from the cash flow hedge reserve to profit or loss.Cash flow hedges of USD income 2026 2025\u00a3m unless stated Nominal amount of forward contracts (USDm) 17.0 - Sterling equivalent 12.5 -Carrying amount of forward exchange contracts recognised within Other Payables 0.3 -Change in fair value of hedging instruments recognised in OCI (0.3) - 2026 2025 \u00a3m \u00a3mLoss recognised in OCI during the period (0.3) -Amount reclassified from OCI to profit or loss - -Balance in cash flow hedge reserve at year end (0.3) -",
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"f0__s8__6__27": {
"value": "3.2 Credit RiskCredit risk is the risk that the Group is exposed to lower returns or loss if another party fails to perform its financial obligations to the Group. The Group has adopted a risk averse approach to such risk and has a stated policy of not actively pursuing or accepting credit risk except when necessary to support other objectives.The clearing and custody operations for the Group\u2019s security transactions are mainly concentrated with one broker, namely Capital International Limited, a member of the London Stock Exchange. At 30 June 2026 and 2025, substantially all contract holder cash and cash equivalents, balances due from investment brokers and financial investments are placed in custody with Capital International Limited. These operations are detailed in a formal contract that incorporates notice periods and a full exit management plan. Delivery of services under the contract is monitored by a dedicated relationship manager against a documented Service Level Agreement and Key Performance Indicators.The Group has an exposure to credit risk in relation to its deposits with credit institutions, its investments in unitised money market funds and its investment in a bond portfolio. To manage these risks, deposits are placed in accordance with established policy, with credit institutions having a short-term rating of at least F1 or P1 from Fitch IBCA and Moody\u2019s respectively and a long-term rating of at least A or A3. Investments in unitised money market funds are made only where such fund is AAA rated. Additionally, maximum counterparty exposure limits are set both at an individual subsidiary company level and on a Group-wide basis. The bond portfolios include only investment-grade assets, as rated by Standard & Poor\u2019s. (\u201cS&P\u201d)These assets are considered to have a high degree of credit worthiness, and no assets of a lower credit worthiness are held. The following table sets out information about the credit quality of the Group\u2019s deposits with credit institutions, corporate bonds and its investments in unitised money market funds. 2026 2025 \u00a3m \u00a3mDeposits(Based on Moody\u2019s and Fitch ratings)AAA 15.4 20.8AA- to AA+ - -A- To A+ 33.6 21.9 49.0 42.7Cash at bank(Based on Moody\u2019s and Fitch ratings)AA- to AA+ 0.3 0.3A- To A+ 28.9 -BBB 0.3 23.2 29.5 23.5Corporate Bonds(Based on ratings by S&P)A- to A+ 4.0 3.0BBB- To BBB+ 5.2 6.0 9.2 9.0Total deposits, cash and corporate bonds 87.7 75.2Credit risk for financial assets held at amortised cost is recognised using an expected credit loss model. The model splits financial assets into those which are performing, underperforming and non-performing based on changes in credit quality since initial recognition. At initial recognition financial assets are considered to be performing. They become underperforming where there has been a significant increase in credit risk since initial recognition, and non-performing when there is objective evidence of impairment. Twelve months of expected credit losses are recognised in the statement of comprehensive income and netted against the financial asset in the statement of financial position for all performing financial assets, with lifetime expected credit losses recognised for underperforming and non-performing financial assets.Receivables are designated as having no significant financing component and none of which are past due. The Group applies the IFRS 9 simplified approach to measuring expected credit losses for trade receivables by using a lifetime expected loss allowance.Expected credit losses are based on the historic levels of loss experienced for the relevant financial assets, primarily overdrawn cash accounts held by policyholders, with consideration given to forward looking information. Insurance recovery receivables are due from highly rated insurer counterparties being rated AA or AA- by S&P and at least AA- or A1 by Fitch and Moody\u2019s respectively. Taking into account the financial strength of these counterparties and the expected timing of recovery, management has concluded that any expected credit losses are immaterial and, accordingly, no material loss allowance has been recognised at the reporting date.The following table sets out the movement in expected credit losses. 2026 2025 \u00a3m \u00a3mAt 1 July 3.1 2.5Credit loss charges in the year 0.8 0.6At 30 June 3.9 3.1At the balance sheet date, an analysis of the Group\u2019s corporate bonds, cash and deposit balances was as follows: 2026 2025 \u00a3m \u00a3mCorporate bond portfolios 9.2 9.0Longer term deposits with credit institutions 14.8 14.7Cash and cash equivalents under IFRS 63.7 51.5 87.7 75.2",
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},
"f0__s8__6__28": {
"value": "3.3 Liquidity RiskLiquidity risk is the risk that the Group, though solvent, does not have sufficient financial resources to enable it to meet its obligations as they fall due, or can only secure them at excessive cost.The Group\u2019s objective is to ensure that it has sufficient liquidity over short-term (up to one year) and medium-term time horizons to meet the needs of the business. This includes liquidity to cover, amongst other things, new business costs, planned strategic activities, servicing of equity capital as well as working capital to fund day-to-day cash flow requirements.Liquidity risk is principally managed in the following ways:\u2022 Assets of a suitable marketability are held to meet contract holder liabilities as they fall due.\u2022 Forecasts are prepared regularly to predict required liquidity levels over both the short-term and medium-term.The Group\u2019s exposure to liquidity risk is considered to be low since it maintains a high level of liquid assets to meet its liabilities.3.3.1 Undiscounted contractual maturity analysisSet out below is a summary of the undiscounted contractual maturity profile of the Group\u2019s assets. 2026 2025 \u00a3m \u00a3mMaturity within 1 yearShareholder deposits and money market funds 78.5 66.2Other shareholder assets* 25.7 6.3 104.2 72.5Maturity from 1 to 5 yearsOther shareholder assets* 8.8 3.0Shareholder assets with maturity values within 5 years 113.0 75.5Other shareholder assets (no defined maturity profile or maturity greater than 5 years) 139.4 144.6Total shareholder assets 252.4 220.1Policyholder assets Gross assets held to cover financial liabilities under investment contracts 1,260.6 1,129.8Total assets 1,513.0 1,349.9*Other shareholder assets includes \u00a312.5m (2025: nil) in relation to foreign exchange forward contracts.Assets held to cover financial liabilities under investment contracts are deemed to have no fixed maturity since the corresponding unit-linked liabilities are repayable and transferable on demand. In certain circumstances the contractual maturities of a portion of the assets may be longer than one year, but the majority of assets held within the unit-linked funds are highly liquid. The Group actively monitors fund liquidity.Set out below is a summary of the undiscounted contractual maturity profile of the Group\u2019s liabilities. 2026 2025 \u00a3m \u00a3mMaturity within 1 yearAmounts due to investment contract holders 66.3 48.4Other payables* 25.2 14.6Provisions 5.6 0.7 97.1 63.7Maturity from 1 to 5 yearsOther payables* 4.5 1.0Maturity greater than 5 yearsOther payables 1.3 1.4Liabilities with maturity values 102.9 66.1Other liabilities (no defined maturity profile) 132.9 137.5Shareholder liabilities 235.8 203.6Maturity within 1 yearFinancial liabilities under investment contracts 50.1 46.3Maturity from 1 to 5 yearsFinancial liabilities under investment contracts 217.1 197.1Maturity greater than 5 yearsFinancial liabilities under investment contracts 993.4 886.4Financial liabilities under investment contracts 1,260.6 1,129.8Total liabilities 1,496.4 1,333.4*Other payables includes \u00a312.5m (2025: nil) in relation to foreign exchange forward contracts.There is no significant difference between the value of the Group\u2019s assets and liabilities on an undiscounted basis and the balance sheet values. Financial liabilities under investment contracts with a contractual maturity are deemed to be repayable and transferable on demand and have not been discounted in the balance sheet.",
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"value": "3.5 Classification and Subsequent Measurement of Financial Assets and LiabilitiesThe Group recognises deposits with financial institutions and loans and borrowings on the date on which they are originated. All other financial instruments are recognised on the trade date, which is the date on which the Group becomes a part to the contractual provisions of the instrument. A financial asset or financial liability is initially measured at fair value plus, for a financial asset or financial liability not measured at \u2018fair value through profit and loss\u2019 (\u201cFVTPL\u201d), transaction costs that are directly attributable to its acquisition or issue. On initial recognition, a financial asset is classified as measured at amortised cost, \u2018fair value through other comprehensive income\u2019 (\u201cFVOCI\u201d) or FVTPL. Financial assets are not reclassified subsequent to their initial recognition. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest. A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. The classification of each financial asset and liability is commented on within each respective financial statement note. As at 30 June 2026 and 30 June 2025, only financial assets measured at amortised cost and FVTPL are held. The subsequent measurement of each class of financial assets is defined in the below table:Class of Asset Subsequent MeasurementFinancial assets at FVTPL Measured at fair value. Net gains and losses, including any interest or dividend income and foreign exchange gains and losses, are recognised in profit or loss.Financial assets at Measured at amortised cost using the effective interest method. Interest income, foreign exchange gains and amortised costlosses and impairment are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. On initial recognition, a financial liability is designated as amortised cost or FVTPL. The criteria for classification and subsequent measurement mirrors that of the financial assets, albeit the classification of \u2018FVOCI\u2019 does not exist for financial liabilities. Therefore, any liabilities which do not meet the amortised cost classification criteria, are designated as FVTPL.The Group uses foreign exchange forward contracts to manage its exposure to fluctuations in foreign currency exchange rates arising from highly probable forecast foreign currency cash inflows.Derivative financial instruments are recognised initially at fair value on the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting date. They are presented within Other payables in the Balance Sheet. See Note 3.1 c) for more details.",
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"f0__s8__6__29": {
"value": "3.5 Classification and Subsequent Measurement of Financial Assets and LiabilitiesThe Group recognises deposits with financial institutions and loans and borrowings on the date on which they are originated. All other financial instruments are recognised on the trade date, which is the date on which the Group becomes a part to the contractual provisions of the instrument. A financial asset or financial liability is initially measured at fair value plus, for a financial asset or financial liability not measured at \u2018fair value through profit and loss\u2019 (\u201cFVTPL\u201d), transaction costs that are directly attributable to its acquisition or issue. On initial recognition, a financial asset is classified as measured at amortised cost, \u2018fair value through other comprehensive income\u2019 (\u201cFVOCI\u201d) or FVTPL. Financial assets are not reclassified subsequent to their initial recognition. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest. A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. The classification of each financial asset and liability is commented on within each respective financial statement note. As at 30 June 2026 and 30 June 2025, only financial assets measured at amortised cost and FVTPL are held. The subsequent measurement of each class of financial assets is defined in the below table:Class of Asset Subsequent MeasurementFinancial assets at FVTPL Measured at fair value. Net gains and losses, including any interest or dividend income and foreign exchange gains and losses, are recognised in profit or loss.Financial assets at Measured at amortised cost using the effective interest method. Interest income, foreign exchange gains and amortised costlosses and impairment are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. On initial recognition, a financial liability is designated as amortised cost or FVTPL. The criteria for classification and subsequent measurement mirrors that of the financial assets, albeit the classification of \u2018FVOCI\u2019 does not exist for financial liabilities. Therefore, any liabilities which do not meet the amortised cost classification criteria, are designated as FVTPL.The Group uses foreign exchange forward contracts to manage its exposure to fluctuations in foreign currency exchange rates arising from highly probable forecast foreign currency cash inflows.Derivative financial instruments are recognised initially at fair value on the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting date. They are presented within Other payables in the Balance Sheet. See Note 3.1 c) for more details.",
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"f0__s8__6__31": {
"value": "3.6 Fair Value of Financial Assets and LiabilitiesThe Group closely monitors the valuation of assets in markets that have become less liquid. Determining whether a market is active requires the exercise of judgement and is determined based upon the facts and circumstances of the market for the instrument being measured. Where the Directors determine that there is no active market for a particular financial instrument, for example where a particular collective investment scheme is suspended from trading, fair value is assessed using valuation techniques based on available, relevant, information and an appraisal of all associated risks. When a collective investment scheme recommences regular trading, the value would be transferred back to Level 1. This process requires the exercise of significant judgement on the part of Directors. Due to the linked nature of the contracts administered by the Group\u2019s insurance undertakings, any change in the value of financial assets held to cover financial liabilities under those contracts will result in an equal and opposite change in the value of contract liabilities. The separate effect on financial assets and financial liabilities is included in investment income and investment contract benefits, respectively, in the consolidated statement of comprehensive income.IFRS 13 requires the Group to classify fair value measurements into a fair value hierarchy by reference to the observability and significance of the inputs used in measuring that fair value. The hierarchy is as follows:\u2022 Level 1: fair value is determined using quoted prices (unadjusted) in active markets for identical assets.\u2022 Level 2: fair value is determined using inputs other than quoted prices included within Level 1 that are observable for the asset either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022 Level 3: fair value is determined using inputs for the asset that are not based on observable market data (unobservable inputs).The Group assesses transfers between levels of the fair value hierarchy at each reporting date. Transfers are recognised at the end of the reporting period in which the event or change in circumstances giving rise to the transfer occurs, such as changes in market activity, the suspension or resumption of trading, or changes in the observability of valuation inputs. The following tables analyse the Group\u2019s financial assets and liabilities at fair value at 30 June 2026: Level 1 Level 2 Level 3 TotalFinancial assets \u00a3m \u00a3m \u00a3m \u00a3mEquity securities 95.9 - - 95.9Collective investment schemes 997.3 4.0 5.8 1,007.1Fixed income securities, bonds and structured notes 1.5 9.3 78.1 88.9Total financial assets at fair value through profit and loss 1,094.7 13.3 83.9 1,191.9Deposit and money market funds 95.8 - - 95.8Total financial assets 1,190.5 13.3 83.9 1,287.7 Level 1 Level 2 Level 3 Total \u00a3m \u00a3m \u00a3m \u00a3mFinancial liabilities at fair value through profit or loss - 1,317.1 - 1,317.1Derivative financial liabilities designated as cash flow hedges Forward exchange contracts - 0.3 - 0.3All other financial assets and liabilities are measured at amortised cost which approximates to fair value. Financial liabilities at fair value through profit or loss are mostly classified as level 2 on the basis that they relate to policies investing in financial assets at fair value through profit and loss. The following tables analyse the Group\u2019s financial assets and liabilities at fair value, at 30 June 2025: Level 1 Level 2 Level 3 TotalFinancial assets \u00a3m \u00a3m \u00a3m \u00a3mEquity securities 75.0 1.8 - 76.8Collective investment schemes 901.2 5.6 0.9 907.7Fixed income securities, bonds and structured notes 2.9 10.5 71.0 84.4Total financial assets at fair value through profit and loss 979.1 17.9 71.9 1,068.9Deposit and money market funds 87.2 - - 87.2Total financial assets 1,066.3 17.9 71.9 1,156.1 Level 1 Level 2 Level 3 Total \u00a3m \u00a3m \u00a3m \u00a3mFinancial liabilities at fair value through profit or loss* - 1,175.7 - 1,175.7*In the current year, the prior year presentation of Financial Liabilities at FVTPL was corrected to include amounts due to investment contract holders of \u00a345.9m, measured at FVTPL which were incorrectly omitted from the disclosure. This restatement relates exclusively to this disclosure and does not impact the primary financial statements. During the year ended 30 June 2026 \u00a30.5m (2025: \u00a3nil) of collective investment scheme investments were transferred from Level 2 to Level 3 primarily as a result of the assets becoming suspended during the year. During the year ended 30 June 2026, \u00a3nil (2025: \u00a31.2m) of bond investments were transferred from Level 2 to Level 3 either as a result of the asset being suspended or changes in third party pricing information used to value the investments.Valuation techniques and significant unobservable inputsThe following tables show the valuation techniques used in measuring Level 2 and Level 3 fair values for financial instruments in the statement of financial position, as well as the significant unobservable inputs used.Type Valuation technique Significant Sensitivity to changes in unobservable unobservable inputsinputSuspended assets (included Discounted net asset value. Discount factor If the NAV was higher/lower, the fair within collectives or bonds and (0-100%) and value would be higher/lower.structured notes) N AV.If the discount factor was higher/Level 3: \u00a31.9m (2025: \u00a32.9m)lower, the fair value would be lower/higher.Bonds and structured notes Market comparison/ discounted cash flow: The fair Level 2: Not Level 2: Not applicable.value is estimated considering: applicable.Level 2: \u00a39.3m (2025: \u00a310.5m)(i) current or recent quoted prices for identical Level 3: \u00a377.4m (2025: \u00a371.0m)securities in markets that are not active; and Level 3:Level 3:Collectives(ii) third party pricing sourced via Bloomberg.Not applicableNot applicableLevel 2: \u00a34.0m (2025: \u00a35.6m)Level 3: \u00a34.6m (2025: \u00a30.9m)Foreign exchange forward The fair value is determined using quoted forward Not applicable Not applicablecontracts exchange rates and yield curves.Level 2: \u00a30.3m (2025: \u00a3nil)The reconciliation between opening and closing balances of Level 3 assets are presented in the table below:2026 2025 \u00a3m \u00a3mOpening balance 71.9 61.8Total gains / (losses)*recognised in profit or loss 5.2 (1.1)Transfers into level 3 0.5 2.5Transfers out of level 3 (1.2) -Purchases, sales, issues and settlements 7.5 8.7Closing balance 83.9 71.9* The total gain recognised in profit or loss in respect of Level 3 financial assets during the year was \u00a35.2m (2025: loss of \u00a31.1m), of which\u00a37.9m unrealised gains related to assets held at the reporting date. All such gains and losses are recognised within change in provisions forinvestment contract liabilities.",
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"f0__s8__6__32": {
"value": "4 Segmental InformationDisclosure of operating segments in these financial statements is consistent with reports provided to the Chief Operating Decision Maker (\u201cCODM\u201d) which, in the case of the Group, has been identified as the Executive Committee of Hansard Global plc.In the opinion of the CODM, the Group operates in a single reportable segment, that of the distribution and servicing of long-term investment products. New business development, distribution, and associated activities in relation to the Republic of Ireland ceased with effect from 30 June 2013. All other activities of the Group are continuing.The Group\u2019s Executive Committee uses two principal measures when appraising the performance of the business: Weighted Net Issued Commission Credit (\u201cWNICC\u201d) and expenses. WNICC is derived from Net Issued Commission Credit (\u201cNICC\u201d), which measures the amount of basic initial commission payable to intermediaries on new business written, net of commission clawbacks on lapsed policies. WNICC applies profitability weightings to NICC to normalise production across products with differing underlying profitability and therefore provides a more consistent measure of the value of new business written across the Group\u2019s product range.WNICC is the Group\u2019s primary internal measure for monitoring and incentivising new business performance and is reported daily and monitored weekly against target levels. NICC continues to be used as an operational measure of new business volumes and remains the basis of the reconciliation to direct origination costs presented below.NICC is a measure of the value of new in-force business and top-ups on existing single premium contracts. NICC is the total amount of basic initial commission payable to intermediaries for business sold in a period and is calculated on each piece of new business. It excludes override commission paid to intermediaries over and above the basic level of commission.The following table analyses NICC geographically and reconciles NICC to direct origination costs incurred during the year as set out in the Business and Operating Review section of this Annual Report and Accounts. 2026 2025 \u00a3m \u00a3mMiddle East and Africa 1.2 1.8Latin America 2.9 2.2Rest of the World 3.0 1.6Asia (including Japan) 0.6 0.2Net Issued Commission Credit 7.7 5.8Other commission costs paid to third parties 2.3 2.5Enhanced unit allocations (0.1) 0.3Direct origination costs incurred during the year 9.9 8.6Revenues and expenses allocated to geographical locations contained in sections 4.1 to 4.4 below reflect the revenues and expenses generated in or incurred by the legal entities in those locations.4.1 Geographical Analysis of Fees and Commissions by Origin 2026 2025 \u00a3m As restated \u00a3mIsle of Man 47.5 44.9Republic of Ireland 1.9 2.0The Bahamas* 0.4 0.6 49.8 47.5* Hansard Worldwide, which is based in the Bahamas, fully reinsures its business to Hansard International. All external fees and commissions for Hansard Worldwide are therefore presented within the Isle of Man category. These amounted to \u00a35.4m in 2026 (2025: \u00a35.0m). The fees shown in the table above in respect of The Bahamas represent fees received by Hansard Worldwide from Hansard International.4.2 Geographical Analysis of Profit Before Taxation 2026 2025 As restated \u00a3m \u00a3mIsle of Man 2.8 2.1Republic of Ireland 3.0 (1.6)The Bahamas 0.7 0.5 6.5 1.04.3 Geographical Analysis of Gross Assets 2026 2025 \u00a3m \u00a3mIsle of Man* 1,411.8 1,268.4Republic of Ireland 85.0 77.5The Bahamas 3.7 4.0 1,500.5 1,349.9* Includes assets held in the Isle of Man in connection with policies written in The Bahamas. As at 30 June 2026 these amounted to \u00a3399.8m (30 June 2025: \u00a3298.7m).4.4 Geographical Analysis of Gross Liabilities 2026 2025 \u00a3m \u00a3mIsle of Man 1,010.3 964.4Republic of Ireland 70.8 67.0The Bahamas 402.8 302.0 1,483.9 1,333.4",
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"value": "5 Fees and CommissionsContract fees and fund management charges are charged to the contract holders of investment contracts for contract administration services, payment of benefits, investment management services and other services related to the administration of investment contracts. Fees may be chargeable on either a fixed fee basis, a fee per transaction or in the case of fund management charges, as a percentage of assets under administration. Fees are recognised as revenue as the services are provided. Initial fees that exceed the level of recurring fees and relate to the future provision of services are deferred in the balance sheet and amortised on a straight-line basis over the life of the relevant contract. These fees are accounted for on the issue of a contract and on receipt of incremental premiums on existing single premium contracts.Regular fees charged to contracts are recognised on a straight-line basis over the period in which the service is provided. Transactional fees are recorded when the required action is complete.Commissions receivable arise principally from fund houses with which investments are held. Commission income is recognised on an accruals basis in accordance with the terms of the relevant agreements and over the period during which the related investments are held. 2026 2025 As restated \u00a3m \u00a3mContract fee income 30.2 28.5Fund management charges 14.6 13.9Commissions receivable 5.0 5.1 49.8 47.5Fund management charges and commissions receivable (39% of the total above (2025: 40%)) are a function of the level of assets under administration.",
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"value": "Contract fees and fund management charges are charged to the contract holders of investment contracts for contract administration services, payment of benefits, investment management services and other services related to the administration of investment contracts. Fees may be chargeable on either a fixed fee basis, a fee per transaction or in the case of fund management charges, as a percentage of assets under administration. Fees are recognised as revenue as the services are provided. Initial fees that exceed the level of recurring fees and relate to the future provision of services are deferred in the balance sheet and amortised on a straight-line basis over the life of the relevant contract. These fees are accounted for on the issue of a contract and on receipt of incremental premiums on existing single premium contracts.Regular fees charged to contracts are recognised on a straight-line basis over the period in which the service is provided. Transactional fees are recorded when the required action is complete.Commissions receivable arise principally from fund houses with which investments are held. Commission income is recognised on an accruals basis in accordance with the terms of the relevant agreements and over the period during which the related investments are held.",
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"f0__s8__6__5-1": {
"value": "Contract fees and fund management charges are charged to the contract holders of investment contracts for contract administration services, payment of benefits, investment management services and other services related to the administration of investment contracts. Fees may be chargeable on either a fixed fee basis, a fee per transaction or in the case of fund management charges, as a percentage of assets under administration. Fees are recognised as revenue as the services are provided. Initial fees that exceed the level of recurring fees and relate to the future provision of services are deferred in the balance sheet and amortised on a straight-line basis over the life of the relevant contract. These fees are accounted for on the issue of a contract and on receipt of incremental premiums on existing single premium contracts.Regular fees charged to contracts are recognised on a straight-line basis over the period in which the service is provided. Transactional fees are recorded when the required action is complete.Commissions receivable arise principally from fund houses with which investments are held. Commission income is recognised on an accruals basis in accordance with the terms of the relevant agreements and over the period during which the related investments are held.Investment income comprises dividends, interest, and other income receivable, realised and unrealised gains and losses on investments. Movements are recognised in the consolidated statement of comprehensive income in the period in which they arise. Dividends are accrued on the date notified. Interest is accounted for on a time proportion basis using the effective interest method.Origination costs include commissions, intermediary incentives, and other distribution-related expenditure (Note 2.2). Origination costs which vary with, and are directly related to, securing new contracts and incremental premiums on existing single premium contracts are deferred to the extent that they are recoverable out of future net income from the relevant contract. Deferred origination costs are amortised on a straight-line basis over the life of the relevant contracts. Typical terms range between 8 years and 15 years. Origination costs that do not meet the criteria for deferral are expensed as incurred.Taxation is based on profits and income for the period as determined with reference to the relevant tax legislation in the countries in which the Company and its subsidiaries operate. Tax payable is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Tax is recognised in the consolidated statement of comprehensive income except to the extent that it relates to items recognised in equity. Tax on items relating to equity is recognised in equity.Interim dividends payable to shareholders are recognised in the year in which the dividends are paid. Final dividends payable are recognised as liabilities when approved by the shareholders at the Annual General Meeting.The historical cost of computer software is the purchase cost and the direct cost of internal development. Computer software is recognised as an intangible asset.Amortisation is calculated so as to amortise the cost of intangible assets, less their estimated residual values, on a straight-line basis over the expected useful economic lives of the assets concerned and is included in administration and other expenses in the consolidated statement of comprehensive income.Property, plant and equipment is stated at historical cost less depreciation and any impairment. The historical cost of property, plant and equipment is the purchase cost, together with any incremental costs directly attributable to the acquisition. Depreciation is charged on a straight-line basis to allocate the depreciable amount of an asset, less its estimated residual value, over its expected useful economic life and is included in administration and other expenses in the consolidated statement of comprehensive income.Amortisation of deferred origination costs is charged within the origination costs line in the consolidated statement of comprehensive income. Formal reviews to assess the recoverability of deferred origination costs on investment contracts are carried out at each balance sheet date to determine whether there is any indication of impairment. If there is any indication of irrecoverability or impairment, the asset\u2019s recoverable amount is estimated. Impairment losses are reversed through the consolidated statement of comprehensive income if there is a change in the estimates used to determine the recoverable amount. Such losses are reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of amortisation where applicable, if no impairment loss had been recognised.Other receivables which are financial assets are initially recognised at fair value and subsequently measured at amortised cost, less any provision for impairment.Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term highly liquid investments with a minimal cost to be converted to cash, with original maturities of three months or less, net of short-term overdraft positions where a right of set-off exists. In the below table, Money market funds includes all immediately available cash, other than specific short-term deposits.Investment contracts consist of unit-linked contracts written through subsidiary companies in the Group. Unit-linked liabilities are measured at fair value by reference to the underlying net asset value of the Group\u2019s unitised investment funds, determined on a bid basis, at the balance sheet date. The decision by the Group to designate its unit-linked liabilities at fair value through profit or loss is to eliminate a measurement inconsistency that would otherwise arise from measuring the investments at FVTPL and the contract liabilities at amortised cost. 17.1.2 Investment Contract PremiumsInvestment contract premiums are not included in the consolidated statement of comprehensive income but are reported as deposits to investment contracts and are included in financial liabilities in the balance sheet. On existing business, a liability is recognised at the point the premium falls due. The liability for premiums received on new business is deemed to commence at the acceptance of risk.17.1.3 Benefits PaidWithdrawals from policy contracts and other benefits paid are not included in the consolidated statement of comprehensive income but are deducted from financial liabilities under investment contracts in the balance sheet. Benefits are deducted from financial liabilities and transferred to amounts due to investment contract holders based on notifications received, when the benefit falls due for payment or, on the earlier of the date when paid or when the contract ceases to be included within those liabilities.17.2 Movement in Financial Liabilities Under Investment ContractsThe following table summarises the movement in liabilities under investment contracts during the year: 2026 2025 \u00a3m \u00a3mDeposits to investment contracts 129.0 118.9Withdrawals from contracts and charges (191.9) (167.1)Change in provisions for investment contract liabilities 193.7 27.1Movement in year 130.8 (21.1)At beginning of year 1,129.8 1,150.9 1,260.6 1,129.8 2026 2025 \u00a3m \u00a3mContractually expected to be settled within 12 months 50.1 46.3Contractually expected to be settled after 12 months 1,210.5 1,083.5 1,260.6 1,129.8The change in provisions for investment contract liabilities includes dividend and interest income and net realised and unrealised gains and losses on financial investments held to cover financial liabilities. Dividend income, interest income and gains and losses are accounted for in accordance with Note 6The Group classifies its financial assets into the following categories: financial investments and trade receivables. Financial investments consist of units in collective investment schemes, equity securities, fixed income securities and deposits with credit institutions. Collective investment schemes, equity securities and fixed income securities are designated at fair value through profit or loss. Deposits with credit institutions are designated at amortised cost.The decision by the Group to designate its financial investments at fair value through profit or loss reflects the fact that the investment portfolio is managed, and its performance evaluated, on a fair value basis.The Group recognises purchases and sales of investments on trade date. Investment transaction costs are written off in administration expenses as incurred.All gains and losses derived from financial investments, realised or unrealised, are recognised within investment income in the consolidated statement of comprehensive income in the period in which they arise.The value of financial assets at fair value through profit or loss that are traded in active markets (such as trading securities) is based on quoted market prices at the balance sheet date. The quoted market price for financial assets held by the Group is the current bid price. Investments in funds are valued at the latest available net asset valuation provided by the administrators or managers of the funds and companies, unless the Directors are aware of good reasons why such valuations would not be the most appropriate or indicative of fair value. Where necessary, the Group uses other valuation methods to arrive at the stated fair value of its financial assets, such as recent arms\u2019 length transactions or reference to similar listed investments. Loans and receivables are financial assets with fixed or determinable payments that are not quoted on an active market. Loans and receivables consist, primarily, of contract fees receivable, long-term cash deposits (i.e. with an original maturity duration in excess of three months) and cash and cash equivalents.Where financial liabilities under investment contracts mature or are redeemed by contract holders, such amounts payable are recorded as amounts due to investment contract holders.Fees charged for services related to the management of investment contracts are recognised as revenue as the services are provided. Initial fees which exceed the level of recurring fees and relate to the future provision of services are deferred. These are amortised over the anticipated period in which services will be provided. The recognition of balances in the deferred income reserve is based on actuarial assumptions regarding the estimated life of each policy. These actuarial assumptions are complex in nature and are subject to estimation uncertainty (Note 2). The actuarial assumptions are reviewed regularly by the Appointed Actuary.The amount of deferred income amortised each year is determined by the estimated lives of the Group\u2019s products. Reducing the estimated life of the total portfolio by 1 year would increase the annual amortisation for the next financial year by \u00a32.6m. Increasing the estimated life of the total portfolio by 1 year would reduce the annual amortisation for the next financial year by \u00a31.8m. Offsetting movements would also arise in deferred origination costs as outlined in Note 14.Other payables are initially recognised at fair value and where permitted are subsequently measured at amortised cost. They are recognised at the point where service is received but payment is due after the balance sheet date.The Company has established a number of equity-based payment programmes for eligible employees. The fair value of expected equity-settled share-based payments under these programmes is calculated at date of grant using a standard option-pricing model and is amortised over the vesting period on a straight-line basis through the consolidated statement of comprehensive income. A corresponding amount is credited to equity over the same period.At each balance sheet date, the Group reviews its estimate of the number of options expected to be exercised. The impact of any revision in the number of such options is recognised in the consolidated statement of comprehensive income so that the charge to the consolidated statement of comprehensive income is based on the number of options that vest. A corresponding adjustment is made to equity.The Group\u2019s functional currency is pounds sterling, being the currency of the primary economic environment in which the Group operates. The Group\u2019s presentational currency is also pounds sterling.Foreign currency transactions are translated into sterling using the applicable exchange rate prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the balance sheet date, and the gains or losses on translation are recognised in the consolidated statement of comprehensive income.Non-monetary assets and liabilities that are held at historical cost are translated using exchange rates prevailing at the date of transaction; those held at fair value are translated using exchange rates ruling at the date on which the fair value was determined.The closing exchange rates used by the Group for the conversion of significant consolidated balance sheet items to sterling were as follows:1.1 Principal Accounting PoliciesThe principal accounting policies adopted in the preparation of these consolidated financial statements are set out below or, in the case of accounting policies that relate to separately disclosed values in the primary statements, within the relevant note to these consolidated financial statements. These policies have been consistently applied, unless otherwise stated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__37": {
"value": "6 Investment IncomeInvestment income comprises dividends, interest, and other income receivable, realised and unrealised gains and losses on investments. Movements are recognised in the consolidated statement of comprehensive income in the period in which they arise. Dividends are accrued on the date notified. Interest is accounted for on a time proportion basis using the effective interest method. 2026 2025 As restated \u00a3m \u00a3mInterest income 4.0 4.7Dividend income 8.1 6.1Gains on realisation of investments 64.8 35.8Movement in unrealised gains / (losses) 120.9 (14.3) 197.8 32.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__36": {
"value": "6 Investment IncomeInvestment income comprises dividends, interest, and other income receivable, realised and unrealised gains and losses on investments. Movements are recognised in the consolidated statement of comprehensive income in the period in which they arise. Dividends are accrued on the date notified. Interest is accounted for on a time proportion basis using the effective interest method. 2026 2025 As restated \u00a3m \u00a3mInterest income 4.0 4.7Dividend income 8.1 6.1Gains on realisation of investments 64.8 35.8Movement in unrealised gains / (losses) 120.9 (14.3) 197.8 32.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__35": {
"value": "6 Investment IncomeInvestment income comprises dividends, interest, and other income receivable, realised and unrealised gains and losses on investments. Movements are recognised in the consolidated statement of comprehensive income in the period in which they arise. Dividends are accrued on the date notified. Interest is accounted for on a time proportion basis using the effective interest method. 2026 2025 As restated \u00a3m \u00a3mInterest income 4.0 4.7Dividend income 8.1 6.1Gains on realisation of investments 64.8 35.8Movement in unrealised gains / (losses) 120.9 (14.3) 197.8 32.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__38": {
"value": "Investment income comprises dividends, interest, and other income receivable, realised and unrealised gains and losses on investments. Movements are recognised in the consolidated statement of comprehensive income in the period in which they arise. Dividends are accrued on the date notified. Interest is accounted for on a time proportion basis using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__41": {
"value": "7 Origination CostsOrigination costs include commissions, intermediary incentives, and other distribution-related expenditure (Note 2.2). Origination costs which vary with, and are directly related to, securing new contracts and incremental premiums on existing single premium contracts are deferred to the extent that they are recoverable out of future net income from the relevant contract. Deferred origination costs are amortised on a straight-line basis over the life of the relevant contracts. Typical terms range between 8 years and 15 years. Origination costs that do not meet the criteria for deferral are expensed as incurred. 2026 2025 \u00a3m \u00a3mAmortisation of deferred origination costs 13.2 13.2Other origination costs 1.8 1.8 15.0 15.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__40": {
"value": "7 Origination CostsOrigination costs include commissions, intermediary incentives, and other distribution-related expenditure (Note 2.2). Origination costs which vary with, and are directly related to, securing new contracts and incremental premiums on existing single premium contracts are deferred to the extent that they are recoverable out of future net income from the relevant contract. Deferred origination costs are amortised on a straight-line basis over the life of the relevant contracts. Typical terms range between 8 years and 15 years. Origination costs that do not meet the criteria for deferral are expensed as incurred. 2026 2025 \u00a3m \u00a3mAmortisation of deferred origination costs 13.2 13.2Other origination costs 1.8 1.8 15.0 15.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__39": {
"value": "7 Origination CostsOrigination costs include commissions, intermediary incentives, and other distribution-related expenditure (Note 2.2). Origination costs which vary with, and are directly related to, securing new contracts and incremental premiums on existing single premium contracts are deferred to the extent that they are recoverable out of future net income from the relevant contract. Deferred origination costs are amortised on a straight-line basis over the life of the relevant contracts. Typical terms range between 8 years and 15 years. Origination costs that do not meet the criteria for deferral are expensed as incurred. 2026 2025 \u00a3m \u00a3mAmortisation of deferred origination costs 13.2 13.2Other origination costs 1.8 1.8 15.0 15.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__42-1": {
"value": "Origination costs include commissions, intermediary incentives, and other distribution-related expenditure (Note 2.2). Origination costs which vary with, and are directly related to, securing new contracts and incremental premiums on existing single premium contracts are deferred to the extent that they are recoverable out of future net income from the relevant contract. Deferred origination costs are amortised on a straight-line basis over the life of the relevant contracts. Typical terms range between 8 years and 15 years. Origination costs that do not meet the criteria for deferral are expensed as incurred.Amortisation of deferred origination costs is charged within the origination costs line in the consolidated statement of comprehensive income. Formal reviews to assess the recoverability of deferred origination costs on investment contracts are carried out at each balance sheet date to determine whether there is any indication of impairment. If there is any indication of irrecoverability or impairment, the asset\u2019s recoverable amount is estimated. Impairment losses are reversed through the consolidated statement of comprehensive income if there is a change in the estimates used to determine the recoverable amount. Such losses are reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of amortisation where applicable, if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__43": {
"value": "8 Administrative and Other Expenses Included in administrative and other expenses are the following: 2026 2025 \u00a3m \u00a3mAuditors\u2019 remuneration: - Fees payable for audit services 0.7 0.7- Fees payable for audit related services pursuant to legislation 0.1 0.1Employee costs (see note 9) 12.7 12.0Directors\u2019 fees 0.4 0.4Fund management fees 5.5 5.1Renewal and other commission 0.8 0.8Professional and other fees 3.2 3.4Litigation defence costs and settlements (2.1) 2.8Credit loss allowance 0.8 0.6Licences and maintenance fees 4.4 5.1Insurance costs 0.9 0.8Depreciation and amortisation 2.2 1.9Communications 0.1 0.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__44-1": {
"value": "9 Employee Costs The Group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans. Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.The Group pays fixed pension contributions on behalf of its employees (defined contribution plans). Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.The Group operates an annual bonus plan for employees. An expense is recognised in the consolidated statement of comprehensive income when the Group has a legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made.9.1 The aggregate remuneration in respect of employees (including sales employees and executive Directors) was as follows: 2026 2025 \u00a3m \u00a3mWages and salaries 11.3 10.9Social security costs 1.0 1.0Contributions to pension plans 0.9 0.8 13.2 12.7Total salary and other employee costs for the year are incorporated within the following classifications: 2026 2025 \u00a3m \u00a3mAdministrative and other expenses 12.7 12.0Origination costs 0.5 0.7 13.2 12.7The above information includes Directors\u2019 remuneration (excluding Non-executive Directors\u2019 fees).9.2 The average number of employees during the year was as follows: 2026 2025 No. No.Administration 128 124Distribution and marketing 14.5 14IT development 37.5 37 180 17525.2 Key management personnel compensationAt 30 June 2026 key management consisted of 21 individuals (2025: 21), being members of the Group\u2019s Executive Committee, executive Directors of direct subsidiaries of the Company and the Non-executive Directors of both the Group and subsidiary companies.The aggregate remuneration paid to key management during the year-ended 30 June 2026 was as follows: 2026 2025 \u00a3m \u00a3mShort-term employee benefits 2.5 2.5Post-employment benefits 0.2 0.2Total 2.7 2.7There were no outstanding amounts as at 30 June 2026 (2025: nil).The total value of investment contracts issued by the Group and held by key management is nil (2025: nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__45": {
"value": "10 TaxationTaxation is based on profits and income for the period as determined with reference to the relevant tax legislation in the countries in which the Company and its subsidiaries operate. Tax payable is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Tax is recognised in the consolidated statement of comprehensive income except to the extent that it relates to items recognised in equity. Tax on items relating to equity is recognised in equity.The corporation tax expense for the Group for 2026 was \u00a3nil (2025: \u00a3nil). Corporation tax is charged on any profits arising at the following rates depending on location of the company or branch:Isle of Man 0% (2025: 0%)Republic of Ireland 12.5% (2025: 12.5%)Japan 23.2% (2025: 23.2%)Labuan 24% (2025: 24%)The Bahamas 0% (2025: 0%) 2026 2025Analysis of tax charge for the year \u00a3m \u00a3mCurrent year tax - -Deferred tax - -Total tax charge - - 2026 2025Reconciliation of total tax charge \u00a3m \u00a3mProfit before taxation 6.5 1.0Tax on profits in taxable jurisdictions 0.4 -Utilisation of previously unrecognised tax losses (0.4) -Tax charge for the year - -Effective tax rate - -At 30 June 2026, the Group had unutilised tax losses of approximately \u00a35.0 million (2025: \u00a38.4 million) available for offset against future taxable profits within Hansard Europe Dac. These losses give rise to a potential deferred tax asset of approximately \u00a30.6 million (2025: \u00a31.1 million) based on the applicable Irish corporation tax rate.No deferred tax asset has been recognised in respect of these losses. The Directors do not consider it probable that sufficient future taxable profits will be available against which the remaining losses can be utilised and, accordingly, no deferred tax asset has been recognised.The OECD\u2019s Pillar II global minimum tax, based on the Global Anti-Base Erosion (GloBE) Model Rules, does not have an impact on the Group, as the Group\u2019s total revenue is less than \u20ac750m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__46": {
"value": "Taxation is based on profits and income for the period as determined with reference to the relevant tax legislation in the countries in which the Company and its subsidiaries operate. Tax payable is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Tax is recognised in the consolidated statement of comprehensive income except to the extent that it relates to items recognised in equity. Tax on items relating to equity is recognised in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__47": {
"value": "11 Earnings Per Share 2026 20251 As restatedProfit after tax (\u00a3m) 6.5 1.0Weighted average number of shares in issue (millions) 137.6 137.6Basic and diluted earnings per share in pence 4.7 0.7 1See note 1.2 for details of the prior year restatement.The Directors believe that there is no material difference between the weighted average number of shares in issue for the purposes of calculating either basic or diluted earnings per share. Earnings under either measure is 4.7p per share (2025: 0.7p).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__48": {
"value": "12 DividendsInterim dividends payable to shareholders are recognised in the year in which the dividends are paid. Final dividends payable are recognised as liabilities when approved by the shareholders at the Annual General Meeting.The following dividends have been paid by the Group during the year: Per share Total Per share Total 2026 2026 2025 2025 p \u00a3m p \u00a3mFinal dividend in respect of previous financial year 2.65 3.7 2.65 3.7Interim dividend in respect of current financial year 1.80 2.4 1.80 2.4 4.45 6.1 4.45 6.1The Board has resolved to pay a final dividend of 2.65p per share on 12 November 2026, subject to approval at the Annual General Meeting, based on shareholders on the register on 2 October 2026.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__49": {
"value": "Interim dividends payable to shareholders are recognised in the year in which the dividends are paid. Final dividends payable are recognised as liabilities when approved by the shareholders at the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__51": {
"value": "13 Intangible Assets and Property, Plant and EquipmentIntangible AssetsThe historical cost of computer software is the purchase cost and the direct cost of internal development. Computer software is recognised as an intangible asset. 2026 2025 \u00a3m \u00a3mIntangible assets 20.5 22.1Amortisation is calculated so as to amortise the cost of intangible assets, less their estimated residual values, on a straight-line basis over the expected useful economic lives of the assets concerned and is included in administration and other expenses in the consolidated statement of comprehensive income.The economic lives used for this purpose are:Computer software 3 to 15 yearsFollowing the migration of the Group\u2019s policyholder book to the replacement policy administration system, amortisation commenced on 1st March 2024. The asset is being amortised over 15 years based on management\u2019s assessment of the useful economic life of the asset.Computer Software 2026 2025 \u00a3m \u00a3mCosts as at 1 July 25.0 24.5Capitalised additions 0.1 0.5Cost as at 30 June 25.1 25.0Accumulated amortisation at 1 July (2.9) (1.3)Charge for the year (1.7) (1.6)Accumulated amortisation as at 30 June (4.6) (2.9)Net Book Value 20.5 22.1The cost of computer software includes \u00a313.9m of externally generated costs (2025: \u00a313.8m) and \u00a39.8m of internally generated costs (2025: \u00a39.8m). \u00a31.1m of amortisation currently relates to externally generated costs (2025: \u00a32.1m) and \u00a30.6m relates to internally generated costs (2025: \u00a30.8m)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__50": {
"value": "13 Intangible Assets and Property, Plant and EquipmentIntangible AssetsThe historical cost of computer software is the purchase cost and the direct cost of internal development. Computer software is recognised as an intangible asset. 2026 2025 \u00a3m \u00a3mIntangible assets 20.5 22.1Amortisation is calculated so as to amortise the cost of intangible assets, less their estimated residual values, on a straight-line basis over the expected useful economic lives of the assets concerned and is included in administration and other expenses in the consolidated statement of comprehensive income.The economic lives used for this purpose are:Computer software 3 to 15 yearsFollowing the migration of the Group\u2019s policyholder book to the replacement policy administration system, amortisation commenced on 1st March 2024. The asset is being amortised over 15 years based on management\u2019s assessment of the useful economic life of the asset.Computer Software 2026 2025 \u00a3m \u00a3mCosts as at 1 July 25.0 24.5Capitalised additions 0.1 0.5Cost as at 30 June 25.1 25.0Accumulated amortisation at 1 July (2.9) (1.3)Charge for the year (1.7) (1.6)Accumulated amortisation as at 30 June (4.6) (2.9)Net Book Value 20.5 22.1The cost of computer software includes \u00a313.9m of externally generated costs (2025: \u00a313.8m) and \u00a39.8m of internally generated costs (2025: \u00a39.8m). \u00a31.1m of amortisation currently relates to externally generated costs (2025: \u00a32.1m) and \u00a30.6m relates to internally generated costs (2025: \u00a30.8m)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__54": {
"value": "The historical cost of computer software is the purchase cost and the direct cost of internal development. Computer software is recognised as an intangible asset.Amortisation is calculated so as to amortise the cost of intangible assets, less their estimated residual values, on a straight-line basis over the expected useful economic lives of the assets concerned and is included in administration and other expenses in the consolidated statement of comprehensive income.Property, plant and equipment is stated at historical cost less depreciation and any impairment. The historical cost of property, plant and equipment is the purchase cost, together with any incremental costs directly attributable to the acquisition. Depreciation is charged on a straight-line basis to allocate the depreciable amount of an asset, less its estimated residual value, over its expected useful economic life and is included in administration and other expenses in the consolidated statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__52": {
"value": "Property, plant and equipmentProperty, plant and equipment includes both tangible fixed assets and \u2018right of use assets\u2019 recognised in accordance with IFRS 16 \u2018Leases\u2019. 2026 2025 \u00a3m \u00a3mProperty, plant and equipment 0.7 0.7Right of use assets 1.7 2.1 2.4 2.8Property, plant and equipment is stated at historical cost less depreciation and any impairment. The historical cost of property, plant and equipment is the purchase cost, together with any incremental costs directly attributable to the acquisition. Depreciation is charged on a straight-line basis to allocate the depreciable amount of an asset, less its estimated residual value, over its expected useful economic life and is included in administration and other expenses in the consolidated statement of comprehensive income.The economic lives used for this purpose are:Freehold property 50 yearsComputer equipment 3 to 5 yearsFixtures and fittings 4 yearsRight of use assets are depreciated over the useful life of the lease. 2026 2025Property plant and equipment \u00a3m \u00a3mCost as at 1 July 11.0 10.5Additions 0.2 0.5Disposals - -Cost as at 30 June 11.2 11.0Accumulated depreciation as at 1 July (10.3) (10.0)Charge for the year (0.2) (0.3)Accumulated depreciation as at 30 June (10.5) (10.3)Net Book Value 0.7 0.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__55": {
"value": "Property, plant and equipment is stated at historical cost less depreciation and any impairment. The historical cost of property, plant and equipment is the purchase cost, together with any incremental costs directly attributable to the acquisition. Depreciation is charged on a straight-line basis to allocate the depreciable amount of an asset, less its estimated residual value, over its expected useful economic life and is included in administration and other expenses in the consolidated statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__53": {
"value": "IFRS 16 \u2013 LeasesThe right-of-use assets for property leases are measured at an amount equal to the lease liability adjusted by the amount of any prepaid or accrued lease payments recognised immediately before the date of initial application, being the commencement date. The liabilities are measured at the present value of the remaining lease payments, discounted using an incremental borrowing rate. The weighted average incremental borrowing rate applied to the lease liabilities on 30 June 2026 was 7% (2025: 7%).The Group leases various offices around the world to service its clients and operations. Rental contracts are typically made for periods of 1 to 15 years, incorporating break clauses where applicable. Lease terms are negotiated on an individual basis and contain differing terms and conditions. The lease agreements do not impose any covenants.In determining the lease terms utilised in assessing the position under IFRS 16, management considers break clauses in leases, where appropriate. As a result of the current high inflation environment, as well as the amount spent on infrastructure it is likely the leases will continue past their break clauses. Leases (other than those classified as short-term leases or leases of low-value assets) are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and a finance cost. The finance cost is charged over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.Short-term leases (those with a lease term or useful life of less than 12 months at inception) and leases of low value assets (comprising IT-equipment and small items of office furniture) are recognised on a straight-line basis as an expense in administration and other expenses in the consolidated statement of comprehensive income. The recognition of the right-of-use asset represents an increase in the property, plant and equipment net book value of \u00a31.7m (30 June 2025: \u00a32.1m). Lease liabilities relating to the right-of-use asset are included within other payables. The interest recognised on the lease liabilities in respect of the right of use asset was \u00a30.2m (30 June 2025: \u00a30.2m).During the year the Group entered into a sub-lease for part of a building that is reported as a right-of-use asset. The group has classified the sub-lease as an operating lease, as it does not transfer substantially all of the risks and rewards incidental to the ownership of the sub-let asset. During the year the Group recognised rental income of less than \u00a30.1m (2025: nil). 2026 2025 \u00a3m \u00a3mRight of use asset recognised 1 July 2.1 2.1Additions during the period - 0.2Depreciation (0.4) (0.2)Net book value of right of use asset as at 30 June 1.7 2.1 2026 2025 \u00a3m \u00a3mLease liability recognised 1 July 2.7 2.7Additions during the period - 0.2Lease payments made during the period (0.5) (0.4)Interest on leases 0.2 0.2Lease liability recognised as at 30 June 2.4 2.7 Of which are: Current lease liabilities 0.3 0.3 Non-current lease liabilities 2.1 2.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__58": {
"value": "14 Deferred Origination CostsAmortisation of deferred origination costs is charged within the origination costs line in the consolidated statement of comprehensive income. Formal reviews to assess the recoverability of deferred origination costs on investment contracts are carried out at each balance sheet date to determine whether there is any indication of impairment. If there is any indication of irrecoverability or impairment, the asset\u2019s recoverable amount is estimated. Impairment losses are reversed through the consolidated statement of comprehensive income if there is a change in the estimates used to determine the recoverable amount. Such losses are reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of amortisation where applicable, if no impairment loss had been recognised.The amount of deferred origination costs amortised each year is determined by the estimated lives of the Group\u2019s products (Note 2). Reducing the estimated life of the total portfolio by 1 year would increase the annual amortisation for the next financial year by \u00a31.8m. Increasing the estimated life of the total portfolio by 1 year would reduce the annual amortisation for the next financial year by \u00a31.3m. Offsetting movements would also arise in deferred income as outlined in Note 18.The movement in value over the financial year is summarised below. 2026 2025 \u00a3m \u00a3mAt beginning of financial year 106.3 112.1Origination costs incurred and deferred during the year 8.9 7.4Origination costs amortised during the year (13.2) (13.2)At end of financial year 102.0 106.3 2026 2025 Carrying value \u00a3m \u00a3mExpected to be amortised within one year 12.8 11.7Expected to be amortised after one year 89.2 94.6 102.0 106.3Management performs an impairment assessment annually. No impairment losses were recognised during the year (2025: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__57": {
"value": "14 Deferred Origination CostsAmortisation of deferred origination costs is charged within the origination costs line in the consolidated statement of comprehensive income. Formal reviews to assess the recoverability of deferred origination costs on investment contracts are carried out at each balance sheet date to determine whether there is any indication of impairment. If there is any indication of irrecoverability or impairment, the asset\u2019s recoverable amount is estimated. Impairment losses are reversed through the consolidated statement of comprehensive income if there is a change in the estimates used to determine the recoverable amount. Such losses are reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of amortisation where applicable, if no impairment loss had been recognised.The amount of deferred origination costs amortised each year is determined by the estimated lives of the Group\u2019s products (Note 2). Reducing the estimated life of the total portfolio by 1 year would increase the annual amortisation for the next financial year by \u00a31.8m. Increasing the estimated life of the total portfolio by 1 year would reduce the annual amortisation for the next financial year by \u00a31.3m. Offsetting movements would also arise in deferred income as outlined in Note 18.The movement in value over the financial year is summarised below. 2026 2025 \u00a3m \u00a3mAt beginning of financial year 106.3 112.1Origination costs incurred and deferred during the year 8.9 7.4Origination costs amortised during the year (13.2) (13.2)At end of financial year 102.0 106.3 2026 2025 Carrying value \u00a3m \u00a3mExpected to be amortised within one year 12.8 11.7Expected to be amortised after one year 89.2 94.6 102.0 106.3Management performs an impairment assessment annually. No impairment losses were recognised during the year (2025: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__56": {
"value": "14 Deferred Origination CostsAmortisation of deferred origination costs is charged within the origination costs line in the consolidated statement of comprehensive income. Formal reviews to assess the recoverability of deferred origination costs on investment contracts are carried out at each balance sheet date to determine whether there is any indication of impairment. If there is any indication of irrecoverability or impairment, the asset\u2019s recoverable amount is estimated. Impairment losses are reversed through the consolidated statement of comprehensive income if there is a change in the estimates used to determine the recoverable amount. Such losses are reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of amortisation where applicable, if no impairment loss had been recognised.The amount of deferred origination costs amortised each year is determined by the estimated lives of the Group\u2019s products (Note 2). Reducing the estimated life of the total portfolio by 1 year would increase the annual amortisation for the next financial year by \u00a31.8m. Increasing the estimated life of the total portfolio by 1 year would reduce the annual amortisation for the next financial year by \u00a31.3m. Offsetting movements would also arise in deferred income as outlined in Note 18.The movement in value over the financial year is summarised below. 2026 2025 \u00a3m \u00a3mAt beginning of financial year 106.3 112.1Origination costs incurred and deferred during the year 8.9 7.4Origination costs amortised during the year (13.2) (13.2)At end of financial year 102.0 106.3 2026 2025 Carrying value \u00a3m \u00a3mExpected to be amortised within one year 12.8 11.7Expected to be amortised after one year 89.2 94.6 102.0 106.3Management performs an impairment assessment annually. No impairment losses were recognised during the year (2025: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__60": {
"value": "15 Other ReceivablesOther receivables which are financial assets are initially recognised at fair value and subsequently measured at amortised cost, less any provision for impairment. 2026 2025 \u00a3m \u00a3mCommission receivable 1.4 1.41Other debtors 20.7 8.5Prepayments 2.1 1.2 24.2 11.1Estimated to be settled within 12 months 17.0 8.0Estimated to be settled after 12 months 7.2 3.1 24.2 11.11Other debtors have increased by \u00a312.2m in the year. Of this, \u00a37.9m (2025: \u00a30.6m) relates to insurance recovery assets and receivables, comprising a settlement insurance recovery asset of \u00a35.6m (2025: \u00a3nil) and receivables relating to historic defence costs of \u00a32.3m (2025: \u00a30.6m). The settlement insurance recovery asset is recognised when receipt is considered virtually certain and is measured at the amount expected to be recovered. Receivables relating to historic defence costs are recognised when receipt is considered probable and can be measured reliably. Amounts recognised in respect of insurance recovery assets and receivables are presented within administration expenses in the Statement of profit or loss.Further details are disclosed in Note 26. Due to the short-term nature of these assets the carrying value is considered to reflect fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__61": {
"value": "Other receivables which are financial assets are initially recognised at fair value and subsequently measured at amortised cost, less any provision for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__62": {
"value": "16 Cash and Cash EquivalentsCash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term highly liquid investments with a minimal cost to be converted to cash, with original maturities of three months or less, net of short-term overdraft positions where a right of set-off exists. In the below table, Money market funds includes all immediately available cash, other than specific short-term deposits. 2026 2025 \u00a3m \u00a3mMoney market funds and call bank deposits 63.1 50.9Short-term deposits with credit institutions 0.6 0.6 63.7 51.5Premiums received are recognised as cash and cash equivalents on receipt, prior to investment to contract holder funds.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__63": {
"value": "Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term highly liquid investments with a minimal cost to be converted to cash, with original maturities of three months or less, net of short-term overdraft positions where a right of set-off exists. In the below table, Money market funds includes all immediately available cash, other than specific short-term deposits.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__64": {
"value": "17 Financial Liabilities Under Investment Contracts17.1 Investment Contract Liabilities, Premiums and Benefits Paid17.1.1 Investment Contract LiabilitiesInvestment contracts consist of unit-linked contracts written through subsidiary companies in the Group. Unit-linked liabilities are measured at fair value by reference to the underlying net asset value of the Group\u2019s unitised investment funds, determined on a bid basis, at the balance sheet date. The decision by the Group to designate its unit-linked liabilities at fair value through profit or loss is to eliminate a measurement inconsistency that would otherwise arise from measuring the investments at FVTPL and the contract liabilities at amortised cost. 17.1.2 Investment Contract PremiumsInvestment contract premiums are not included in the consolidated statement of comprehensive income but are reported as deposits to investment contracts and are included in financial liabilities in the balance sheet. On existing business, a liability is recognised at the point the premium falls due. The liability for premiums received on new business is deemed to commence at the acceptance of risk.17.1.3 Benefits PaidWithdrawals from policy contracts and other benefits paid are not included in the consolidated statement of comprehensive income but are deducted from financial liabilities under investment contracts in the balance sheet. Benefits are deducted from financial liabilities and transferred to amounts due to investment contract holders based on notifications received, when the benefit falls due for payment or, on the earlier of the date when paid or when the contract ceases to be included within those liabilities.17.2 Movement in Financial Liabilities Under Investment ContractsThe following table summarises the movement in liabilities under investment contracts during the year: 2026 2025 \u00a3m \u00a3mDeposits to investment contracts 129.0 118.9Withdrawals from contracts and charges (191.9) (167.1)Change in provisions for investment contract liabilities 193.7 27.1Movement in year 130.8 (21.1)At beginning of year 1,129.8 1,150.9 1,260.6 1,129.8 2026 2025 \u00a3m \u00a3mContractually expected to be settled within 12 months 50.1 46.3Contractually expected to be settled after 12 months 1,210.5 1,083.5 1,260.6 1,129.8The change in provisions for investment contract liabilities includes dividend and interest income and net realised and unrealised gains and losses on financial investments held to cover financial liabilities. Dividend income, interest income and gains and losses are accounted for in accordance with Note 6.17.3 Investments Held to Cover Liabilities Under Investment ContractsThe Group classifies its financial assets into the following categories: financial investments and trade receivables. Financial investments consist of units in collective investment schemes, equity securities, fixed income securities and deposits with credit institutions. Collective investment schemes, equity securities and fixed income securities are designated at fair value through profit or loss. Deposits with credit institutions are designated at amortised cost.The decision by the Group to designate its financial investments at fair value through profit or loss reflects the fact that the investment portfolio is managed, and its performance evaluated, on a fair value basis.The Group recognises purchases and sales of investments on trade date. Investment transaction costs are written off in administration expenses as incurred.All gains and losses derived from financial investments, realised or unrealised, are recognised within investment income in the consolidated statement of comprehensive income in the period in which they arise.The value of financial assets at fair value through profit or loss that are traded in active markets (such as trading securities) is based on quoted market prices at the balance sheet date. The quoted market price for financial assets held by the Group is the current bid price. Investments in funds are valued at the latest available net asset valuation provided by the administrators or managers of the funds and companies, unless the Directors are aware of good reasons why such valuations would not be the most appropriate or indicative of fair value. Where necessary, the Group uses other valuation methods to arrive at the stated fair value of its financial assets, such as recent arms\u2019 length transactions or reference to similar listed investments. Loans and receivables are financial assets with fixed or determinable payments that are not quoted on an active market. Loans and receivables consist, primarily, of contract fees receivable, long-term cash deposits (i.e. with an original maturity duration in excess of three months) and cash and cash equivalents. The following investments, other assets and liabilities are held to cover financial liabilities under investment contracts. They are included within the relevant headings on the consolidated balance sheet. 2026 2025 \u00a3m \u00a3mEquity securities 95.9 76.8Investments in collective investment schemes 1,007.1 907.7Fixed income securities, bonds and structured notes 88.9 74.8Deposits and money market funds 71.8 73.0Total assets 1,263.7 1,132.3Other payables (3.1) (2.5)Financial investments held to cover financial liabilities 1,260.6 1,129.8The other receivables and other payables fair value approximates amortised cost.17.4 Amounts Due to Investment Contract HoldersWhere financial liabilities under investment contracts mature or are redeemed by contract holders, such amounts payable are recorded as amounts due to investment contract holders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__65": {
"value": "Investment contracts consist of unit-linked contracts written through subsidiary companies in the Group. Unit-linked liabilities are measured at fair value by reference to the underlying net asset value of the Group\u2019s unitised investment funds, determined on a bid basis, at the balance sheet date. The decision by the Group to designate its unit-linked liabilities at fair value through profit or loss is to eliminate a measurement inconsistency that would otherwise arise from measuring the investments at FVTPL and the contract liabilities at amortised cost. 17.1.2 Investment Contract PremiumsInvestment contract premiums are not included in the consolidated statement of comprehensive income but are reported as deposits to investment contracts and are included in financial liabilities in the balance sheet. On existing business, a liability is recognised at the point the premium falls due. The liability for premiums received on new business is deemed to commence at the acceptance of risk.17.1.3 Benefits PaidWithdrawals from policy contracts and other benefits paid are not included in the consolidated statement of comprehensive income but are deducted from financial liabilities under investment contracts in the balance sheet. Benefits are deducted from financial liabilities and transferred to amounts due to investment contract holders based on notifications received, when the benefit falls due for payment or, on the earlier of the date when paid or when the contract ceases to be included within those liabilities.17.2 Movement in Financial Liabilities Under Investment ContractsThe following table summarises the movement in liabilities under investment contracts during the year: 2026 2025 \u00a3m \u00a3mDeposits to investment contracts 129.0 118.9Withdrawals from contracts and charges (191.9) (167.1)Change in provisions for investment contract liabilities 193.7 27.1Movement in year 130.8 (21.1)At beginning of year 1,129.8 1,150.9 1,260.6 1,129.8 2026 2025 \u00a3m \u00a3mContractually expected to be settled within 12 months 50.1 46.3Contractually expected to be settled after 12 months 1,210.5 1,083.5 1,260.6 1,129.8The change in provisions for investment contract liabilities includes dividend and interest income and net realised and unrealised gains and losses on financial investments held to cover financial liabilities. Dividend income, interest income and gains and losses are accounted for in accordance with Note 6The Group classifies its financial assets into the following categories: financial investments and trade receivables. Financial investments consist of units in collective investment schemes, equity securities, fixed income securities and deposits with credit institutions. Collective investment schemes, equity securities and fixed income securities are designated at fair value through profit or loss. Deposits with credit institutions are designated at amortised cost.The decision by the Group to designate its financial investments at fair value through profit or loss reflects the fact that the investment portfolio is managed, and its performance evaluated, on a fair value basis.The Group recognises purchases and sales of investments on trade date. Investment transaction costs are written off in administration expenses as incurred.All gains and losses derived from financial investments, realised or unrealised, are recognised within investment income in the consolidated statement of comprehensive income in the period in which they arise.The value of financial assets at fair value through profit or loss that are traded in active markets (such as trading securities) is based on quoted market prices at the balance sheet date. The quoted market price for financial assets held by the Group is the current bid price. Investments in funds are valued at the latest available net asset valuation provided by the administrators or managers of the funds and companies, unless the Directors are aware of good reasons why such valuations would not be the most appropriate or indicative of fair value. Where necessary, the Group uses other valuation methods to arrive at the stated fair value of its financial assets, such as recent arms\u2019 length transactions or reference to similar listed investments. Loans and receivables are financial assets with fixed or determinable payments that are not quoted on an active market. Loans and receivables consist, primarily, of contract fees receivable, long-term cash deposits (i.e. with an original maturity duration in excess of three months) and cash and cash equivalents.Where financial liabilities under investment contracts mature or are redeemed by contract holders, such amounts payable are recorded as amounts due to investment contract holders.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__66": {
"value": "18 Deferred Income Fees charged for services related to the management of investment contracts are recognised as revenue as the services are provided. Initial fees which exceed the level of recurring fees and relate to the future provision of services are deferred. These are amortised over the anticipated period in which services will be provided. The recognition of balances in the deferred income reserve is based on actuarial assumptions regarding the estimated life of each policy. These actuarial assumptions are complex in nature and are subject to estimation uncertainty (Note 2). The actuarial assumptions are reviewed regularly by the Appointed Actuary.The amount of deferred income amortised each year is determined by the estimated lives of the Group\u2019s products. Reducing the estimated life of the total portfolio by 1 year would increase the annual amortisation for the next financial year by \u00a32.6m. Increasing the estimated life of the total portfolio by 1 year would reduce the annual amortisation for the next financial year by \u00a31.8m. Offsetting movements would also arise in deferred origination costs as outlined in Note 14. The movement in value of deferred income over the financial year is summarised below. 2026 2025 \u00a3m \u00a3mAt beginning of financial year 137.5 140.2Income received and deferred during the year 13.3 13.1Income amortised and recognised in contract fees during the year (17.9) (15.8)At end of financial year 132.9 137.5 2026 2025Carrying value \u00a3m \u00a3mExpected to be amortised within one year 18.5 15.7Expected to be amortised after one year 114.4 121.8 132.9 137.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__67": {
"value": "Fees charged for services related to the management of investment contracts are recognised as revenue as the services are provided. Initial fees which exceed the level of recurring fees and relate to the future provision of services are deferred. These are amortised over the anticipated period in which services will be provided. The recognition of balances in the deferred income reserve is based on actuarial assumptions regarding the estimated life of each policy. These actuarial assumptions are complex in nature and are subject to estimation uncertainty (Note 2). The actuarial assumptions are reviewed regularly by the Appointed Actuary.The amount of deferred income amortised each year is determined by the estimated lives of the Group\u2019s products. Reducing the estimated life of the total portfolio by 1 year would increase the annual amortisation for the next financial year by \u00a32.6m. Increasing the estimated life of the total portfolio by 1 year would reduce the annual amortisation for the next financial year by \u00a31.8m. Offsetting movements would also arise in deferred origination costs as outlined in Note 14.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__68": {
"value": "19 Other PayablesOther payables are initially recognised at fair value and where permitted are subsequently measured at amortised cost. They are recognised at the point where service is received but payment is due after the balance sheet date. Other payables also include derivative financial liabilities arising from forward foreign exchange contracts. Such derivative financial liabilities are measured at fair value at each reporting date, with the accounting treatment of changes in fair value determined in accordance with the Group\u2019s policy for hedge accounting and derivative financial instruments. 2026 2025 \u00a3m \u00a3mCommission payable 1.6 1.3Other creditors and accruals 14.2 13.0Forward exchange contracts 0.3 -Lease liabilities of which: Current lease liabilities 0.3 0.3 Non-current lease liabilities 2.1 2.4 18.5 17.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__69": {
"value": "Other payables are initially recognised at fair value and where permitted are subsequently measured at amortised cost. They are recognised at the point where service is received but payment is due after the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__70": {
"value": "20 ProvisionsProvisions represent management\u2019s best estimate of the cost of settling insured litigation claims under the Group\u2019s revised strategy, further details of which are given in Note 26. The provision comprises the expected settlement costs for claims where an obligation exists and a reliable estimate can be made, taking into account claim-specific circumstances, historical settlement experience and legal advice, where appropriate. The following table reflects the movement in the provision during the period under review. 2026 2025 \u00a3m \u00a3mSettlement provision as at 1 July 0.7 0.5Additional provisions made in the period 5.5 0.3Released from the provision for settlements (0.6) (0.1)Settlement provision as at 30 June 5.6 0.7Further information outlined within IAS 37.85 is not disclosed on the basis that it may prejudice the Company\u2019s position. With the exception of the lease liabilities shown in Note 13, deferred income, and the provisions referred to above, all other payable balances, including amounts due to contract holders, are deemed to be current. Due to the short-term nature of these payables the carrying value is considered to reflect fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__71": {
"value": "21 Capital ManagementIt is the Group\u2019s policy to maintain a strong capital base in order to:\u2022 satisfy the requirements of its contract holders, creditors and regulators. \u2022 maintain financial strength to support new business growth and create shareholder value.\u2022 match the profile of its assets and liabilities, taking account of the risks inherent in the business; and\u2022 generate operating cash flows to meet dividend requirements.Within the Group each subsidiary company manages its own capital. Capital generated in excess of planned requirements is returned to the Company by way of dividends. Group capital requirements are monitored by the Board. The Company monitors capital on two bases:\u2022 the total shareholder\u2019s equity, as per the balance sheet; and\u2022 the capital requirement of the relevant supervisory bodies, where subsidiaries are regulated.The Group\u2019s policy is for each company to hold the higher of: \u2022 the Company\u2019s internal assessment of the capital required; or\u2022 the capital requirement of the relevant supervisory body, where applicable.There has been no material change in the Group\u2019s management of capital during the period. The Group continued to perform additional modelling around risks arising from the current geopolitical position and global economic conditions, and to give consideration to emerging market practice and regulatory expectations around capital conservation. All regulated entities within the Group exceed significantly the minimum solvency requirements at the balance sheet date. The Group\u2019s lead regulator, the Isle of Man FSA, monitors capital requirements for the Group as a whole. The insurance subsidiaries are directly supervised by their local regulators. The lead regulator\u2019s approach to the measurement of capital adequacy is primarily based on monitoring the relationship of the Solvency Capital Requirement (\u2018SCR\u2019) to regulatory capital. The capital held within Hansard Europe is considered not to be available for dividend to Hansard Global plc until such time as the legal cases referred to in Note 26 are substantially resolved.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__72-1": {
"value": "22 Share capital 2026 2025 \u00a3m \u00a3mAuthorised:200,000,000 ordinary shares of 50p 100.0 100.0Issued and fully paid:137,557,079 (2025: 137,557,079) ordinary shares of 50p 68.8 68.8No shares (2025: nil) were issued or bought back in the year.23 Other ReservesOther reserves comprise the merger reserve arising on the acquisition by the Company of its subsidiary companies on 1 July 2005, the share premium account and the share save reserve. The merger reserve represents the difference between the par value of shares issued by the Company for the acquisition of those companies, compared to the par value of the share capital and the share premium of those companies at the date of acquisition. 2026 2025 \u00a3m \u00a3mMerger reserve (48.5) (48.5)Share premium 0.1 0.1Share save reserve 0.1 0.1Reserve for own shares held within EBT (0.3) (0.3) (48.6) (48.6)Included within other reserves is an amount representing 1,012,015 (2025: 1,086,914) ordinary shares held by the Group\u2019s employee benefit trust (\u2018EBT\u2019) (see Note 24.2) which were acquired at a cost of \u00a30.5m. The ordinary shares held by the trustee of the Group\u2019s employee benefit trust are treated as treasury shares in the consolidated balance sheet in accordance with IAS 32 \u2018Financial Instruments: Presentation\u2019.This reserve arose when the Group acquired equity share capital under its EBT, which is held in trust by the trustee of the EBT. Treasury shares cease to be accounted for as such when they are sold outside the Group, or the interest is transferred in full to the employee pursuant to the terms of the incentive plan.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
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"f0__s8__6__74": {
"value": "24 Equity Settled Share-Based PaymentsThe Company has established a number of equity-based payment programmes for eligible employees. The fair value of expected equity-settled share-based payments under these programmes is calculated at date of grant using a standard option-pricing model and is amortised over the vesting period on a straight-line basis through the consolidated statement of comprehensive income. A corresponding amount is credited to equity over the same period.At each balance sheet date, the Group reviews its estimate of the number of options expected to be exercised. The impact of any revision in the number of such options is recognised in the consolidated statement of comprehensive income so that the charge to the consolidated statement of comprehensive income is based on the number of options that vest. A corresponding adjustment is made to equity.The estimated fair value of the schemes and the imputed cost for the period under review is not material to these financial statements.24.1 SAYE ProgramThis is a standard scheme approved by the Revenue authorities in the Isle of Man that is available to all employees where individuals may make monthly contributions over three or five years to purchase shares at a price not less than 80% of the market price at the date of the invitation to participate.At the date of this report, there were no options outstanding or granted under the SAYE scheme (2025: nil) and no transactions in SAYE programs in the current or prior years.24.2 Incentive Plan Employee Benefit TrustAn Employee Benefit Trust was established in February 2018 to hold shares awarded to employees as an incentive on a deferred basis. Shares are granted under the scheme at fair value, which is based on the market value of the shares on that date. Shares granted under the scheme are purchased by the Trust in the open market and held until vesting. Awards made under the scheme would normally vest after three years. 2026 2025 Share Awards No. of Shares No. of SharesOutstanding at start of period 829,429 926,000Granted 472,512 296,729Vested (264,881) (393,300)Outstanding at end of period 1,037,060 829,429The Trust has been funded by way of a loan, and as at 30 June 2026 the outstanding balance on the loan was \u00a3801,080 (30 June 2025: \u00a3664,392). As at 30 June 2026 the Trust held 1,012,015 shares (2025: 1,086,914). 264,881 shares vested and were transferred during the year ended 30 June 2026 (2025: 393,300 vested and of those, 318,401 shares transferred in that year). 2026 2025 Shares Held by the Trust No. of Shares No. of SharesOutstanding at start of period 1,086,914 1,257,000Purchased 264,881 296,729Transferred following vesting (339,780) (466,815)Outstanding at end of period 1,012,015 1,086,914During the period the expense arising from share-based payment transactions was \u00a30.2m (2025: \u00a30.2m).",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
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"f0__s8__6__75": {
"value": "The Company has established a number of equity-based payment programmes for eligible employees. The fair value of expected equity-settled share-based payments under these programmes is calculated at date of grant using a standard option-pricing model and is amortised over the vesting period on a straight-line basis through the consolidated statement of comprehensive income. A corresponding amount is credited to equity over the same period.At each balance sheet date, the Group reviews its estimate of the number of options expected to be exercised. The impact of any revision in the number of such options is recognised in the consolidated statement of comprehensive income so that the charge to the consolidated statement of comprehensive income is based on the number of options that vest. A corresponding adjustment is made to equity.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
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"f0__s8__6__76": {
"value": "25 Related party transactions25.1 Intra-group transactionsVarious subsidiary companies within the Group perform services for other Group companies in the normal course of business. The financial results of these activities are eliminated in the consolidated financial statements.25.2 Key management personnel compensationAt 30 June 2026 key management consisted of 21 individuals (2025: 21), being members of the Group\u2019s Executive Committee, executive Directors of direct subsidiaries of the Company and the Non-executive Directors of both the Group and subsidiary companies.The aggregate remuneration paid to key management during the year-ended 30 June 2026 was as follows: 2026 2025 \u00a3m \u00a3mShort-term employee benefits 2.5 2.5Post-employment benefits 0.2 0.2Total 2.7 2.7There were no outstanding amounts as at 30 June 2026 (2025: nil).The total value of investment contracts issued by the Group and held by key management is nil (2025: nil).25.3 Transactions with Controlling ShareholderUntil his death in March 2025 Dr L S Polonsky was regarded as the controlling shareholder of the Group; 49,946,319 shares in the Group were held by the Leonard Polonsky Revocable Trust. On 27 October 2025 the 49,946,319 shares held by the Leonard Polonsky Revocable Trust were transferred to the Polonsky Foundation. In the year ending 30 June 2026 there were no transactions with the controlling shareholder.25.4 Incentive Plan Employee Benefit TrustAs further described in Note 24.2, an Employee Benefit Trust (\u201cEBT\u201d) was established in February 2018 to hold shares awarded to employees as an incentive on a deferred basis. The EBT has been funded by way of a loan, and as at 30 June 2026 the outstanding balance on the loan was \u00a3801,080 (30 June 2025: \u00a3664,392). As at 30 June 2026 the Trust held 1,012,015 shares (2025: 1,086,914).",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
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"f0__s8__6__78": {
"value": "25.2 Key management personnel compensationAt 30 June 2026 key management consisted of 21 individuals (2025: 21), being members of the Group\u2019s Executive Committee, executive Directors of direct subsidiaries of the Company and the Non-executive Directors of both the Group and subsidiary companies.The aggregate remuneration paid to key management during the year-ended 30 June 2026 was as follows: 2026 2025 \u00a3m \u00a3mShort-term employee benefits 2.5 2.5Post-employment benefits 0.2 0.2Total 2.7 2.7There were no outstanding amounts as at 30 June 2026 (2025: nil).The total value of investment contracts issued by the Group and held by key management is nil (2025: nil).",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
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"f0__s8__6__80": {
"value": "26 Contingent Liabilities26.1 LitigationThe Group does not and has never given investment advice. Investment decisions are taken either by the contract holder directly or through a professional intermediary appointed by the contract holder. Contract holders bear the financial risk relating to the investments underpinning their contracts, as policy benefits are linked to the value of the underlying assets.As reported previously, the Group has been subject to a number of complaints and legal proceedings relating to the selection and performance of assets linked to contracts and other asset-related matters. Most of the writs relate to historic business written prior to the closure to new business of Hansard Europe in 2013, with a small number relating to Hansard International Limited. Most of the cases have arisen in Italy, with a smaller number in Belgium and Germany.Hansard Global plc Report and Accounts 2026At 30 June 2026, the Group had contingent liabilities in respect of ongoing litigation matters with an estimated gross exposure of \u00a39.7m (2025: \u00a320.4m). The reduction from the prior year mainly reflects the recognition of provisions for certain litigation matters following the Board\u2019s approval of a settlement-led strategy during the year, under which management concluded that negotiated settlement had become the most likely method of resolution. Accordingly, a provision of \u00a35.6m (2025: \u00a30.7m) has been recognised based on management\u2019s best estimate of the expected settlement cost of those matters. The determination of this provision required significant judgement in assessing the expected method of resolution, the likelihood of settlement and the estimation of associated costs. All other matters continue to be treated as contingent liabilities in accordance with IAS 37, having regard to the specific facts and circumstances of each case, advice received from the Group\u2019s legal representatives and management\u2019s assessment of the likelihood of a successful defence.The Group maintains insurance cover in respect of certain litigation matters. At 30 June 2026, the Group had recognised insurance recovery assets and receivables totalling \u00a37.9m (2025: \u00a30.6m), comprising a settlement insurance recovery asset of \u00a35.6m (2025: \u00a3nil) and receivables relating to historic defence costs of \u00a32.3m (2025: \u00a30.6m). In determining the amount recognised, management has exercised judgement in assessing the extent to which recoveries are expected, taking into account the terms of the relevant policies, communications with insurers and other available evidence.During the year, the Group received \u00a32.1m (2025: \u00a30.4m) of insurance recoveries relating to costs previously incurred and paid. Additional amounts recognised at year end relate to settlement provisions and historic costs that management expects to recover under the Group\u2019s insurance arrangements. The Group also notes that certain claims included within contingent liabilities are subject to insurance cover and, where coverage applies, insurance recoveries would be expected in the event of an outflow.In accordance with IAS 37, certain information that could reasonably be expected to prejudice seriously the outcome of ongoing legal proceedings has not been disclosed. Accordingly, the Group has not provided further details regarding specific matters, legal strategies or assessments that are subject to continuing litigation.Subsequent to the reporting date, the Group received \u00a30.5 million from its insurers in respect of insurance recovery assets recognised at 30 June 2026. There have been no other material developments in relation to the matters disclosed above.26.2 Isle of Man Policyholders\u2019 Compensation SchemeThe Group\u2019s principal subsidiary, Hansard International is a member of the Isle of Man Policyholders\u2019 Compensation Scheme governed by the Life Assurance (Compensation of Policyholders) Regulations 1991. The objective of the Scheme is to provide compensation for policyholders should an authorised insurer be unable to meet its liabilities to policyholders. In the event of a levy being charged by the Scheme members, Hansard International would be obliged to meet the liability arising at the time. The maximum levy payable in accordance with the regulations of the Scheme in respect of the insolvency of the insurer is 2% of long-term business liabilities. Hansard International\u2019s products include a clause in their terms and conditions permitting it to recover any monies paid out under the Scheme from contract holders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__79": {
"value": "26 Contingent Liabilities26.1 LitigationThe Group does not and has never given investment advice. Investment decisions are taken either by the contract holder directly or through a professional intermediary appointed by the contract holder. Contract holders bear the financial risk relating to the investments underpinning their contracts, as policy benefits are linked to the value of the underlying assets.As reported previously, the Group has been subject to a number of complaints and legal proceedings relating to the selection and performance of assets linked to contracts and other asset-related matters. Most of the writs relate to historic business written prior to the closure to new business of Hansard Europe in 2013, with a small number relating to Hansard International Limited. Most of the cases have arisen in Italy, with a smaller number in Belgium and Germany.Hansard Global plc Report and Accounts 2026At 30 June 2026, the Group had contingent liabilities in respect of ongoing litigation matters with an estimated gross exposure of \u00a39.7m (2025: \u00a320.4m). The reduction from the prior year mainly reflects the recognition of provisions for certain litigation matters following the Board\u2019s approval of a settlement-led strategy during the year, under which management concluded that negotiated settlement had become the most likely method of resolution. Accordingly, a provision of \u00a35.6m (2025: \u00a30.7m) has been recognised based on management\u2019s best estimate of the expected settlement cost of those matters. The determination of this provision required significant judgement in assessing the expected method of resolution, the likelihood of settlement and the estimation of associated costs. All other matters continue to be treated as contingent liabilities in accordance with IAS 37, having regard to the specific facts and circumstances of each case, advice received from the Group\u2019s legal representatives and management\u2019s assessment of the likelihood of a successful defence.The Group maintains insurance cover in respect of certain litigation matters. At 30 June 2026, the Group had recognised insurance recovery assets and receivables totalling \u00a37.9m (2025: \u00a30.6m), comprising a settlement insurance recovery asset of \u00a35.6m (2025: \u00a3nil) and receivables relating to historic defence costs of \u00a32.3m (2025: \u00a30.6m). In determining the amount recognised, management has exercised judgement in assessing the extent to which recoveries are expected, taking into account the terms of the relevant policies, communications with insurers and other available evidence.During the year, the Group received \u00a32.1m (2025: \u00a30.4m) of insurance recoveries relating to costs previously incurred and paid. Additional amounts recognised at year end relate to settlement provisions and historic costs that management expects to recover under the Group\u2019s insurance arrangements. The Group also notes that certain claims included within contingent liabilities are subject to insurance cover and, where coverage applies, insurance recoveries would be expected in the event of an outflow.In accordance with IAS 37, certain information that could reasonably be expected to prejudice seriously the outcome of ongoing legal proceedings has not been disclosed. Accordingly, the Group has not provided further details regarding specific matters, legal strategies or assessments that are subject to continuing litigation.Subsequent to the reporting date, the Group received \u00a30.5 million from its insurers in respect of insurance recovery assets recognised at 30 June 2026. There have been no other material developments in relation to the matters disclosed above.26.2 Isle of Man Policyholders\u2019 Compensation SchemeThe Group\u2019s principal subsidiary, Hansard International is a member of the Isle of Man Policyholders\u2019 Compensation Scheme governed by the Life Assurance (Compensation of Policyholders) Regulations 1991. The objective of the Scheme is to provide compensation for policyholders should an authorised insurer be unable to meet its liabilities to policyholders. In the event of a levy being charged by the Scheme members, Hansard International would be obliged to meet the liability arising at the time. The maximum levy payable in accordance with the regulations of the Scheme in respect of the insolvency of the insurer is 2% of long-term business liabilities. Hansard International\u2019s products include a clause in their terms and conditions permitting it to recover any monies paid out under the Scheme from contract holders.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
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"f0__s8__6__81": {
"value": "27 Foreign Exchange Rates The Group\u2019s functional currency is pounds sterling, being the currency of the primary economic environment in which the Group operates. The Group\u2019s presentational currency is also pounds sterling.Foreign currency transactions are translated into sterling using the applicable exchange rate prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the balance sheet date, and the gains or losses on translation are recognised in the consolidated statement of comprehensive income.Non-monetary assets and liabilities that are held at historical cost are translated using exchange rates prevailing at the date of transaction; those held at fair value are translated using exchange rates ruling at the date on which the fair value was determined.The closing exchange rates used by the Group for the conversion of significant consolidated balance sheet items to sterling were as follows: 2026 2025US Dollar 1.33 1.37Japanese Yen 216 198Euro 1.16 1.17",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__82": {
"value": "The Group\u2019s functional currency is pounds sterling, being the currency of the primary economic environment in which the Group operates. The Group\u2019s presentational currency is also pounds sterling.Foreign currency transactions are translated into sterling using the applicable exchange rate prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the balance sheet date, and the gains or losses on translation are recognised in the consolidated statement of comprehensive income.Non-monetary assets and liabilities that are held at historical cost are translated using exchange rates prevailing at the date of transaction; those held at fair value are translated using exchange rates ruling at the date on which the fair value was determined.The closing exchange rates used by the Group for the conversion of significant consolidated balance sheet items to sterling were as follows:",
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"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
},
"f0__s8__6__83": {
"value": "28 Events After the Reporting Period This report for the year ended 30 June 2026 was approved for issue on 23 September 2026. No material events have occurred between the reporting date and the issue date that require disclosure under IAS 10 other than already disclosed elsewhere in these financial statements.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZJ9F2EA3Q24K05",
"period": "2025-07-01T00:00:00/2026-07-01T00:00:00"
}
}
}
}