Admiral Group Plc · LSE:ADM
Admiral — FY2025 Earnings Presentation
56 slides from Admiral's earnings presentation, Mar 5, 2026
Slide 1: 2025 Full Year results
2025 Full Year results 5th March 2026
Slide 2: Overview
Overview Milena Mondini de Focatiis Group CEO 2
Slide 3: Today’s highlights
Today’s highlights Record FY25 profit of £958m, up 16% from strong performance and discipline across the board Exciting progress across Data, Tech and GenAI and motor proposition with Admiral 2.0 fully delivered Group strategy evolution: compounding on strong platform and proven competitive advantag
Slide 4: 2025: record profits, dividends and group customers
2025: record profits, dividends and group customers 2025 highlights +16% +7% -1% • Strong customer outcomes and growth across the group Group pre-tax profit1 £958m Group risks1,2 11.8m Group turnover1,3 £5.9bn • Record profits: ‐ UK Motor up 7% to £1bn from continued discipline +7% +16% 193% ‐ Other
Slide 5: 2025 strategic progress and milestones
2025 strategic progress and milestones ✓ >£100m of LR value from UK Insurance Machine Learning/AI models through 20251 AI & ✓ Set up GenAI centre of excellence focused on scaling priority use cases, training and tools for our people GenAI ✓ >150 GenAI initiatives (incl. agentic pilots; 15% higher pr
Slide 6: Group Financials
Group Financials Geraint Jones Group CFO 6
Slide 7: Group profit up 28% excl. Ogden with strong double-digit growth in all businesses
Group profit up 28% excl. Ogden with strong double-digit growth in all businesses Group profit before tax 2025 2024 Change • Group COR of 80%: better ER (improved efficiency) offset by £m; on a continuing basis1 higher LR (higher UK Car and Home compared to very strong 2024 offsetting much better Eu
Slide 8: Group profit up 28% excl. Ogden with strong double-digit growth in all businesses
Group profit up 28% excl. Ogden with strong double-digit growth in all businesses Group profit before tax 2025 2024 Change • Admiral Money doubled profit 1 £m; on a continuing basis ‐ Good underlying performance alongside c.£18m benefit from UK Insurance 1,086 977 +110 +11% our first forward flow de
Slide 9: >£1bn profit milestone in UK Motor: strong benefit of high profit 2024 UW year
>£1bn profit milestone in UK Motor: strong benefit of high profit 2024 UW year UK Motor (£m) 2025 2024 Change 1 Turnover 7% lower as reduced prices offset 2% growth in portfolio Turnover 4,197 4,496 (299) 1 Underwriting result 795 753 +42 2 2 UW result up 6% despite lower Ogden benefit: higher earne
Slide 10: Very positive development on 2023/24 years; good 2025; risk adjustment held near maximum level
Very positive development on 2023/24 years; good 2025; risk adjustment held near maximum level Evolution of discounted booked loss ratios1 by UWY Ultimate loss ratios: • Very profitable 2023/24 UWYs improved further in 2025; earlier years developing as expected 97% • 2025 first projection higher tha
Slide 11: Maintained strong capital position after capital returns; good progress on internal capital model
Maintained strong capital position after capital returns; good progress on internal capital model Solvency capital • Maintained strong surplus and cover ratio v HY • Lower capital generation in H2 (driven by higher loss ratio 2025 UK motor) 34% 1% largely offset by final dividend and share purchases
Slide 12: Record dividend reflects strong results
Record dividend reflects strong results Further increase of 7% in full year dividends • Record1 full year DPS of 205p/share, up 7%, reflecting excellent Total dividend per share 2025 results 205p • Final dividend of 90p/share (v 121p/share), split 73p normal 192p 23p 17p special, reflecting: 90p ‐ L
Slide 13: Updating distribution policy to continue to deliver attractive capital returns
Updating distribution policy to continue to deliver attractive capital returns Disciplined capital management framework Changing how we return excess capital to shareholders 1 Allocate capital to our operations (typically ~10% of • From HY26, return of surplus capital in step 5 will be either via ea
Slide 14: Delivered record group profit, dividend, and customer numbers; confident in growth outlook
Delivered record group profit, dividend, and customer numbers; confident in growth outlook Looking ahead to 2026 • Very positive profit growth in main UK businesses despite UK Motor market remaining competitive + ≈• Expecting to grow customers across the group, subject to markets • Swift recovery to
Slide 15: UK Insurance
UK Insurance Alistair Hargreaves UK Insurance CEO 15
Slide 16: UK Insurance: record performance across all lines; continued discipline and customer-centric approach
UK Insurance: record performance across all lines; continued discipline and customer-centric approach ● >£1bn profit milestone Risks: 9.6m Turnover: £5bn PBT: £1.1bn ‐ All-time high Motor profit: cycle discipline and modest growth driven by retention ‐ Other UKI lines reaching inflection point with
Slide 17: Motor market COR under pressure; market prices need to increase soon
Motor market COR under pressure; market prices need to increase soon to return to profitability Market burn cost inflation Market pricing • Total frequency: largely flat in 2025 following marked decline in 20241 • Prices continued to decrease in H2 but at a slower rate than H1; average • Total sever
Slide 18: Admiral Motor: good margins written in 2025 from continued discipline, strong retention and excellence
Admiral Motor: good margins written in 2025 from continued discipline, strong retention and excellence in pricing and claims Admiral share of new business1 Admiral optimises profitable growth through the cycle Indexed 100 Q3 23 >20pp average COR2 advantage and 5% Motor risk CAGR 180 40% 100% Motor r
Slide 19: Record year in Household, Travel and Pet: welcomed c.650k new customers and trebled profits
Record year in Household, Travel and Pet: welcomed c.650k new customers (+21%) and trebled profits Top 5 market positions*; medium-term ambition of Top 3 ● Household market: continued softening prices and elevated subsidence claims in H2 251; market outlook uncertain and 3.8m subject to weather 3.1m
Slide 20: Europe Insurance
Europe Insurance Costantino Moretti Head of Europe Insurance 20
Slide 21: €11m Motor profit driven by a strong recovery in Italy and continued profitable growth in France
€11m Motor profit driven by a strong recovery in Italy and continued profitable growth in France EU Total turnover (€m) EU Total customers (m) • Europe returned to profitability following strong and +4% -2% sustained margin and efficiency focus 787 2.0 ‐ 94% COR, >10pp better YoY; benefits still ear
Slide 22: Good progress on our strategy while continuing to improve efficiency across all businesses
Good progress on our strategy while continuing to improve efficiency across all businesses New broker proposition in Italy and Spain • Continued progress from new broker propositions in Italy Good growth from and Spain Better fundamentals1 Improving overall LR2 new proposition ‐ New offering targets
Slide 23: Strategy update
Strategy update Milena Mondini de Focatiis Group CEO 23
Slide 24: 2020-25 strategy fully delivered (1/2)
2020-25 strategy fully delivered (1/2) Admiral is now more resilient, profitable and diversified 1 Profitable growth +56% +87% +58% £3.2bn and attractive returns Group PBT1 c.£1bn Group turnover1 c.£6bn Group risks1 c.12m Dividends paid 2025 vs. 2020 2025 vs. 2020 2025 vs. 2020 2020-25 cumulative Al
Slide 25: 2020-25 strategy fully delivered (2/2)
2020-25 strategy fully delivered (2/2) Admiral is now more resilient, profitable and diversified • Renewed Tech stack (Guidewire; Telephony) and unlocked synergies; core systems1 >90% cloud-based, increasing resilience Admiral 2.0 • More than 120 Machine Learning/Predictive AI models live 4 fully de
Slide 26: Significant growth prospects in our current markets
Significant growth prospects in our current markets Total addressable market: c.£130bn GWP1 Admiral: room to continue building profitable scale Market GWP CAGR to 20302 Our share9 Key levers 3 Personal Motor £16bn +3% c.20% • Strong track record of organic growth, superior risk selection and product
Slide 27: Market context is evolving with opportunities ahead; Admiral uniquely positioned
Market context is evolving with opportunities ahead; Admiral uniquely positioned Key market trends Admiral well-equipped UK Motor cycle More predictable Consolidation driving • Proven agility to market dynamics, pricing 1 expected to turn soon 2 regulatory environment 3 more rational dynamics cycles
Slide 28: Our strategy: compounding value from strong foundations
Our strategy: compounding value from strong foundations From strengthened foundations… …to compounding effect 2020-2025 across the cycle 1. Scale selectively and profitably Profitable growth Larger and more everywhere + diversified group margin acceleration outside UK Motor 2. Future-proof our Stron
Slide 29: 1. Scale selectively and profitably
1. Scale selectively and profitably A strong platform for further growth in large markets What’s next Our ambitions • Pricing discipline; grow at the right time UK Personal Motor • Disciplined growth across cycle • Further invest in data and innovation to drive benefits in LR/ER that can be reinvest
Slide 30: 2. Future proofing our competitive advantages
2. Future proofing our competitive advantages Data, Customer and Speed: creating more optionality to reinvest Structural strengths in Data, Customer and Speed + AI developments and multi-product benefits = key enabler of profitable growth; increasing resilience and optionality to either reinvest in
Slide 31: 3. Amplifying Admiral DNA
3. Amplifying Admiral DNA 1 Evolve our culture and future-proof our talent 2 Deliver inclusive, affordable, and safe products • Great Place To Work® for all generations1 • Competitive, accessible and financially inclusive products • Empowered culture driving innovation and accountability • EVs and g
Slide 32: Disciplined capital management framework gives flexibility for growth and returns
Disciplined capital management framework gives flexibility for growth and returns 1a Allocate capital to our operations • UK Insurance: optimise returns through the cycle, targeting a consistently high ROE. No real constraint on capital allocated • Other lines: allocate capital to support businesses
Slide 33: Executing on our strategy will deliver higher returns sustainably
Executing on our strategy will deliver higher returns sustainably Our Ambition Earnings per share1 Continued sustainable and profitable growth • Disciplined growth in UK Motor • Scale and growing margins in other lines; 2028 PBT >2x +7.6% • Optionality from further efficiency gains and multi-product
Slide 34: Key messages
Key messages Delivered record profits and dividends in 2025 from strong results in UK Motor and across the Group UK Motor market prices need to increase; Admiral expecting flatter profitability in 2026 after very strong 2025 Group strategy evolution: compounding on strong platform and proven competi
Slide 35: Appendix
Admiral Group PLc Appendix
Slide 36: 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 37: Group metrics overview
Group metrics overview FY25 (on continuing basis 1 ) HY25 FY24 FY24 FY23 FY22 Notes: Total Ogden 2 Excl. Ogden 2 Continuing 1 Continuing 1 As reported Ogden 2 Excl. Ogden 2 As reported As reported Customers (m) 11.8 11.4 11.0 11.1 9.7 9.2 1. Financials on a continuing basis exclude Turnover (£bn) 5.
Slide 38: 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 (%) 104 Undiscounted ultimate 97 95 91 96 91 94 FY25 FY24 86 82 89 85 77 73 77 80 76 77 2025 76% 71 67 74 71 64 64 68 65 2024 67%
Slide 39: UK Motor: reserve releases by underwriting year
UK Motor: reserve releases by underwriting year Net of XoL FY24: £372m1 FY25: £305m1 100 95 71 77 119 86 30 31 47 23 UWY 2019 2020 2021 2022 2023 UWY 2020 2021 2022 2023 2024 & prior & prior Reserve releases net of XoL Minor rounding differences might occur (1) Excludes £5m in FY25 and £3m in FY24 r
Slide 40: Solvency ratio movements – YE24 to YE25
Solvency ratio movements – YE24 to YE25 10% 2% -28% 8% -3% 66% -65% 203% 193% YE24 Own Fund Own Fund Market impacts Change in SCR Impact of Employee Total YE25 generation - CY generation - PY Elephant sale share purchase dividend 40
Slide 41: 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 42: Admiral Group’s ESG ratings
Admiral Group’s ESG ratings 2025 score: AAA 2025 score: C Prime 2025 score: 22 2025 score: B 42
Slide 43: 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% 2022 2023 2024 2025 2022 2023 2024 2025 2025 • Munich Re continues to underwrite 4
Slide 44: 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 45: Investment update
Investment update Dec 2025 Dec 2024 4% 5% 6% 2% 1% 3% Corporate bonds Government bonds Money market funds 26% 45% 47% & other FV £5,546m 27% £5,162m Cash Deposit Other1 19% 15% 7% 8% 10% 10% AAA 30% 30% AA A £5,546m £5,162m BBB 29% 29% Other2 24% 23% 45 (1) ‘Other’ comprises of private debt, derivat
Slide 46: Investment update
Investment update • No change in investment strategy in the period Group (£m) FY25 FY24 • Broadly similar allocations and ratings • Higher investment income reflects reinvestment at improved risk- Underlying investment income yield 4.1% 4.0% free rates and increased asset balances following strong b
Slide 47: Analysis of other group items
Analysis of other group items £m FY25 FY24 • Pioneer reported a stable loss of £11m in 2025, reflecting continued Other central costs (53) (51) investment in new product development, partly offset by profits in Veygo Admiral Pioneer result (11) (11) • Lower business development costs primarily due t
Slide 48: Summary income statement
Summary income statement UK Insurance European Insurance Admiral Money Other Admiral Group £m FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 Turnover 4,953 5,109 674 640 149 108 120 90 5,896 5,947 Insurance premium net of XoL 3,884 3,524 569 530 92 66 4,546 4,119 Other insurance revenue 228 228 5
Slide 49: UK Motor: FY25 total premium to core product earned premium
UK Motor: FY25 total premium to core product earned premium £m -664 110 -158 -82 3,860 3,196 3,306 3,148 3,066 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 p
Slide 50: UK Motor: FY25 cumulative profit recognition
UK Motor: FY25 cumulative profit recognition Prior 2019 2020 2021 2022 2023 2024 2025 Total written premium, net of XoL cost 2,026 2,166 2,132 2,105 2,872 3,879 3,619 Total earned premium, net of XoL cost 2,026 2,166 2,132 2,105 2,872 3,879 1,952 Total Admiral premium net of XoL 1,456 1,562 1,551 1,
Slide 51: UK Motor: FY25 CY profit recognition
UK Motor: FY25 CY profit recognition Prior 2019 2020 2021 2022 2023 2024 2025 TOTAL Total written premium, net of XoL cost 0 0 0 0 0 0 9 3,619 3,628 Total earned premium, net of XoL cost 0 0 0 0 0 0 1,800 1,952 3,752 Total Admiral premium net of XoL 0 0 0 0 0 0 1,469 1,597 3,066 Cumulative Insurance
Slide 52: UK Motor: loss ratios, discounting and finance expenses
UK Motor: loss ratios, discounting and finance expenses UK Motor: future finance expense remaining1,3 Undiscounted loss ratios At financial year end 2017 2018 2019 2020 2021 2022 2023 2024 2025 • No discounting for time value of money Best Estimate, net of XoL FY22 8.4 12.3 15.3 16.4 46.0 53.0 • Ref
Slide 53: 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 Group Funding & RCF Seren One Seren Two 30-Mar-28 £750m UPL, Auto UPL, Auto Warehouse £750m £600m Seren Two 30-Oct-27 £600m RCF March 28 Octobe
Slide 54: Dividend policy overview and dates
Dividend policy overview and dates Dividend policy and guidance • Admiral will pay 65% of post-tax profits as a normal dividend each half-year • Admiral expects to continue to distribute all earnings not required to be retained for solvency, buffers or to purchase shares for employee share schemes.
Slide 55: 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 56: 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