Admiral Group Plc · LSE:ADM
Admiral — H1 2026 Earnings Presentation
46 slides from Admiral's earnings presentation, Aug 6, 2026
Slide 1: 2026 Half Year results
2026 Half Year results 6th August 2026
Slide 2: Overview and strategic update
Overview and strategic update Milena Mondini de Focatiis Group CEO 2
Slide 3: HY26 highlights
HY26 highlights Good business Cycle discipline in UK Motor and continued profitable growth in other personal lines performance Strong capital 190% capital position and attractive shareholder returns now incl. share buybacks Successfully executing Flock acquisition completed; new products and partner
Slide 4: H1 performance underpinned by disciplined underwriting in more challenging UK market conditions
H1 performance underpinned by disciplined underwriting in more challenging UK market conditions Group metrics and movements vs. HY25 • +c.600k risks vs. HY25: UK Motor largely stable and 10% growth 12.0m £3.1bn £429m elsewhere Risks1,2 +5% Turnover1,3 stable Pre-tax profit1 -18% • Turnover +11% vs.
Slide 5: Good cycle management and well-positioned for market turning in UK Motor
Good cycle management and well-positioned for market turning in UK Motor; other personal lines continuing to increase profits Admiral UK Motor Admiral Other Personal Lines Higher rates earlier Other UK personal lines, Europe Motor and Admiral Money3 than market Higher rates earlier than market 7 5.7
Slide 6: Good progress on strategic priorities
Good progress on strategic priorities • UK Household, Admiral Money and L’olivier all delivering >20% margin1; good progress 1. Scale Profitable growth in all other lines selectively and everywhere + • New More Than Household product; pleasing progress in car finance in Admiral Money margin accelera
Slide 7: Group Financials
Group Financials Rachel Lewis Group CFO 7
Slide 8: H1 results driven by strong COR in softer UK market conditions
H1 results driven by strong COR in softer UK market conditions Group combined ratio1 HY26 HY25 Change • Group COR of 78.5%: good CY LR of 70% (vs. 67%); favourable PY Loss ratio1,2 57.3% 57.4% (0.1)pp development; strong ER of 21% from efficiency focus on lower premium base; 76% UK COR and 89% Europ
Slide 9: Lower UK Motor profit compared to very strong H1 25
Lower UK Motor profit compared to very strong H1 25; performance largely in line with H2 25 UK Motor (£m) HY26 HY25 Change Softer UK Motor market navigated with agility, underwriting discipline and prudent reserving; H1 PBT of £457m vs. £450m H2 25 (excl. Ogden) Turnover 2,147 2,269 (122) 1 Underwri
Slide 10: Loss ratios developing positively; prudent risk adjustment at 93rd percentile
Loss ratios developing positively; prudent risk adjustment at 93rd percentile Evolution of discounted booked loss ratios1 by UWY Ultimate loss ratios: • Favourable development across all UWYs as expected 97% Y1 92% • Admiral estimate of FY26 burn cost inflation: mid-single digits (in line with FY25)
Slide 11: No change to disciplined capital management framework
No change to disciplined capital management framework; gives flexibility for growth and returns 1 Allocate capital to our operations and retain a rock-solid balance sheet • Typically retain c.10% of post-tax earnings to fund growth • Always ensure capital retained to meet regulatory requirement buff
Slide 12: Attractive shareholder returns: 79% payout ratio including £45m share buyback
Attractive shareholder returns: 79% payout ratio including £45m share buyback HY26 capital distribution: £259m to shareholders £m 349 310 88 • 70.5p interim ordinary DPS, in line with policy 259 213 45 59 261 214 • £45m share buyback relating to H1 to start in September 154 86p 71p 51p 51 HY24 HY25
Slide 13: Strong solvency position maintained after capital returns and Flock acquisition
Strong solvency position maintained after capital returns and Flock acquisition; internal model submitted for approval 41% 0% CY: 27% -5% -8% 193% PY: 14% 195% 190% -22% -5% -5% HY25 FY25 Own fund Market Change Flock Interim Employee HY26 Share HY26 HY26 generation impacts1 in SCR acquisition divide
Slide 14: Good business performance in H1; expecting stronger group profits in H2
Good business performance in H1; expecting stronger group profits in H2 • Good underwriting strength; disciplined and very prudently reserved across all lines • High capital efficiency and flexible framework enabled c.£80m Flock acquisition to be absorbed whilst distributing c.£259m to shareholders
Slide 15: UK Insurance
UK Insurance Alistair Hargreaves UK Insurance CEO 15
Slide 16: UK Insurance: good portfolio management from retention outperformance and rating discipline
UK Insurance: good portfolio management from retention outperformance and rating discipline ● Pleasing H1 performance, demonstrating disciplined pricing whilst Risks: 9.7m PBT: £485m achieving strong retention, continued growth in other personal lines and further progressing towards medium-term ambi
Slide 17: Motor market pricing showing signs of turning
Motor market pricing showing signs of turning; more action needed to protect market COR Market inflation UK Motor – Market average NB premium YoY change • Total frequency: broadly flat vs. 2025 60% • Total severity: in line with historical averages of mid-single digit 50% 40% • FY26 outlook: continu
Slide 18: Admiral Motor: strong rating action in H1 and sustained competitive advantages
Admiral Motor: strong rating action in H1 and sustained competitive advantages Admiral share of new business Admiral times top1 Indexed 100 Q3 23 H1 26 average 200 150 100 Top position >2x as often for EVs 50 0 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Total Motor EVs o
Slide 19: Household, Travel and Pet: continuing to grow profitably in competitive markets
Household, Travel and Pet: continuing to grow profitably in competitive markets Continued topline momentum… ● Household market continuing to soften1; outlook uncertain ─ Increased subsidence risk likely in 2026 4.0m 3.6m 2.7m 1.2m 1.7m Travel and Pet ● Admiral Household more disciplined than market
Slide 20: Europe Insurance
Europe Insurance Costantino Moretti Head of Europe Insurance 20
Slide 21: Europe: improved results and progress on strategic priorities
Europe: improved results and progress on strategic priorities Performance All businesses seeing good loss ratio improvement Scale Advancing our distribution diversification strategy Efficiency Accelerating operational synergies in Tech, Data/AI and pricing capabilities Capital New pan-European reins
Slide 22: Stronger underwriting in H1 led by loss ratio improvements and favourable one-offs
Stronger underwriting in H1 led by loss ratio improvements and favourable one-offs Total risks (m) Total turnover (€m) +5% +11% • 2m risks, up 5% mainly driven by France 1.9 2.0 438 ‐ L’olivier: further scale at attractive margins (Motor 394 +15%; Household +26% vs. HY25) 0.6 0.7 195 163 ‐ ConTe: bo
Slide 23: Wrap-up
Wrap-up Milena Mondini de Focatiis Group CEO 23
Slide 24: H1: pleasing progress towards delivering higher returns sustainably
H1: pleasing progress towards delivering higher returns sustainably Good underwriting with discipline in UK Motor and continued profitable growth elsewhere Well-positioned for UK Motor market turning and fully confident in ability to deliver growth ambitions across products Exceptional capital effic
Slide 25: Appendix
Appendix
Slide 26: Admiral: our drivers of success
Admiral: our drivers of success Market-leading returns, scalable growth opportunities and proven structural advantages that compound; underpinned by differentiating culture UK Motor: best-in- Market-leading data Capital-light, disciplined People- and customer-first Scalable, diversified class return
Slide 27: Group metrics overview
Group metrics overview Notes: HY26 HY25 FY25 (on continuing basis 1 ) FY24 FY24 FY23 1. Financials on a continuing basis exclude the US Continuing 1 Total Ogden 2 Excl. Ogden 2 Continuing 1 As reported 2 Ogden 2 Excl. Ogden As reported business disposed of in 2025. Incl. discontinued, Customers (m)
Slide 28: UK Motor: loss ratio development by underwriting year
UK Motor: loss ratio development by underwriting year 1 Development by financial year (colour-coded bars) and split by underwriting year (x-axis) Undiscounted booked LRs (%) Undiscounted ultimate 104 HY26 FY25 95 91 96 91 94 2025 76% 76% 86 82 89 86 77 76 80 76 77 71 85 82 84 2024 65% 67% 74 68 58 7
Slide 29: UK Motor: reserve releases by underwriting year
UK Motor: reserve releases by underwriting year Net of XoL HY26: £250m1 Risk adjustment: 93rd percentile 89 39 43 50 12 18 UWY 2020 2021 2022 2023 2024 2025 & prior HY25: £194m1 FY25: £305m1 Risk adjustment: 95th percentile Risk adjustment: 94th percentile 56 62 119 41 86 18 16 31 47 23 UWY 2020 & p
Slide 30: Solvency ratio movements – HY25 to HY26
Solvency ratio movements – HY25 to HY26 20% 1% 6% 55% -15% 194% -50% 190% -8% -8% -5% HY25 Own Fund Own Fund Market Change Impact of Total Employee Flock Share Buy HY26 generation generation impacts in SCR Elephant sale dividend share acquisition Backs - CY - PY purchases 30
Slide 31: Sensitivities: Solvency + IFRS risk adjustment
Sensitivities: Solvency + IFRS risk adjustment Solvency II sensitivities IFRS risk adjustment sensitivities The sensitivities below cover the 2 main material risk types for the Group: insurance and market risks. Within This shows the impact on UK motor profit with all other assumptions held each ris
Slide 32: Admiral Group’s ESG ratings
Admiral Group’s ESG ratings 1 2026 score: AAA 2025 score: C Prime 1 2026 score: 22 2025 score: B (1) 2026 rating not yet available 32
Slide 33: UK and Europe co- and reinsurance arrangements
UK and Europe co- and reinsurance arrangements UK Car UK Household Europe Motor Other 38% 38% 38% 38% QS c.55% QS 70% 70% 70% 70% Munich Re 40% 40% 40% 40% Admiral c.45% Admiral 22% 22% 22% 22% Admiral 30% 30% 30% 30% 2023 2024 2025 2026 2023 2024 2025 2026 2026 • Munich Re continues to underwrite 4
Slide 34: UK Car: co- and reinsurance arrangements
UK Car: co- and reinsurance arrangements 1,2 Proportional reinsurance (quota share): 58% from 2022 underwriting year onwards (20% Type Munich Re proportional co-insurance: 20% from 2022 underwriting year onwards Munich Re, 38% other reinsurers) Cost to Admiral Variable, depending on combined ratio F
Slide 35: Investment update
Investment update June 2026 Dec 20251 June 20251 4% 4% 6% 1% 5% 6% 2% 1% 3% Corporate bonds Government bonds 45% 45% 45% Money market funds 25% 27% & other FV £5,563m £5,552m 30% £5,433m Cash Deposit Other2 19% 18% 14% 7% 7% 8% 11% 26% 10% 10% AAA 30% 30% AA A £5,563m £5,552m £5,433m BBB 29% 28% Oth
Slide 36: Investment update
Investment update • No change in investment strategy in the period Group (£m) HY26 HY25 FY25 • Broadly similar allocations and ratings Underlying investment income yield 4.1% 3.9% 4.1% • Higher investment income reflects reinvestment at improved risk- free rates and increased asset balances followin
Slide 37: Analysis of other group items
Analysis of other group items • Share scheme charges relate to the Group’s two employee share schemes. Costs increased in H1 2026 primarily due to higher vesting £m HY26 HY25 FY25 assumptions, following strong performance in recent periods. Share scheme charges (41) (36) (72) • Other central costs i
Slide 38: Summary income statement
Summary income statement UK Insurance European Insurance Admiral Money1 Other1 Admiral Group £m HY26 HY25 FY25 HY26 HY25 FY25 HY26 HY25 FY25 HY26 HY25 FY25 HY26 HY25 FY25 Turnover 2,544 2,654 4,953 380 332 674 95 68 155 89 50 114 3,108 3,104 5,896 Insurance premium net of XoL 1,878 1,930 3,884 294 2
Slide 39: UK Motor: HY26 total premium to core product earned premium
UK Motor: HY26 total premium to core product earned premium £m -340 -93 -83 -31 1,992 1,652 1,559 1,476 1,445 Total written Coinsurer share Admiral gross Movement in Gross earned Ancillary earned Admiral core motor XoL earned Admiral share of premiums 1 of total premiums written premiums unearned pr
Slide 40: UK Motor: HY26 cumulative profit recognition
UK Motor: HY26 cumulative profit recognition 2020 2021 2022 2023 2024 2025 2026 Total written premium, net of XoL cost 2,166 2,132 2,105 2,872 3,879 3,625 1,859 Total earned premium, net of XoL cost 2,166 2,132 2,105 2,872 3,879 3,245 473 Total Admiral premium net of XoL 1,562 1,551 1,722 2,342 3,16
Slide 41: UK Motor: HY26 CY profit recognition
UK Motor: HY26 CY profit recognition Underwriting Year Prior 2020 2021 2022 2023 2024 2025 2026 TOTAL Total written premium, net of XoL cost 0 0 0 0 0 0 6 1,859 1,865 Total earned premium, net of XoL cost 0 0 0 0 0 0 1,293 473 1,766 Total Admiral premium net of XoL 0 0 0 0 0 0 1,058 387 1,445 Insura
Slide 42: UK Motor: loss ratios, discounting and finance expenses
UK Motor: loss ratios, discounting and finance expenses UK Motor: future finance expense remaining1,2 Undiscounted loss ratios At financial year end 2018 2019 2020 2021 2022 2023 2024 2025 2026 • No discounting for time value of money Best Estimate, net of XoL • Reflective of expected ultimate cash
Slide 43: Admiral Money: funding structure
Admiral Money: funding structure Balance Sheet Funding Funding type Maturity Size Group Loan 30-Apr-29 £150m Private Warehouse RCF 30-Apr-28 £200m Seren One Seren Two Seren Three Seren One Group Funding & RCF UPL, Auto UPL, Auto Homeowner 30-Mar-28 £750m Warehouse Loans £750m £600m Seren Two £450m 3
Slide 44: Capital distribution policy overview and dates
Capital distribution policy overview and dates Capital distribution guidance • As announced in March 2026, and set out in the 2025 Annual Report, the Group’s revised approach to shareholder distributions is to: - Pay a normal dividend equal to 65% of post-tax profits for the period - Pay either a sp
Slide 45: Admiral brands
Nolaaligclmeleclatels Admiral ‘Admiral GLADIATOR | gQualitas Veygo conte: Admiral MORE THON’ Admiral (Admiral Lolivi ler Group PLc Admiral | pamiral conf, MBL bons Admiral ‘Group PLC
Slide 46: Disclaimer
Disclaimer For the purposes of this disclaimer, "presentation" means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed during the analyst presentation. The information contained in this presentation has not been independen