Admiral : 2025 ESEF Financial Statements (Report)

About this update from Admiral Group Plc

Looking after what matters most Admiral Group Plc Annual Report and Accounts 2025 Our purpose In this document Admiral supports more than 11.8 million customers across four countries, offering a diverse range of financial products designed to meet their changing needs. We are committed to being there for our customers at the moments that matter most. Our purpose framework Read more about our purpose on page 55 Strategic Report 2 Bringing the theme to life 6 About us 7 Our business segments 8 Market overview 10 Our business model 15 Chair's statement 16 Chief Executive Officer's statement 18 Our strategy 26 Key performance indicators 28 Group Chief Financial Officer's review 30 2025 Group overview 33 UK Insurance review 44 European Insurance review 48 Admiral Money review 50 Other Group items 51 Group capital structure and financial position 55 Sustainability overview 74 Streamlined Energy and Carbon Reporting ('SECR') 76 Task Force on Climate-related Financial Disclosures ('TCFD') 87 Section 172 statement 95 Non-financial and sustainability information statement 97 Principal risks and uncertainties 105 Viability statement Corporate Governance 108 Chair's introduction to governance 110 Board of Directors 116 Board leadership and Company purpose 129 Division of responsibilities 134 Nomination and Governance Committee report 147 Audit Committee report 154 Group Risk Committee report 159 Remuneration Committee report 162 Remuneration at a glance 164 Directors' Remuneration Policy 174 Annual report on remuneration 191 Directors' report Financial Statements 197 Independent Auditor's Report 206 Consolidated Income Statement 207 Consolidated Statement of Comprehensive Income 208 Consolidated Statement of Financial Position 209 Consolidated Cashflow Statement 210 Consolidated Statement of Changes in Equity 212 Notes to the consolidated financial statements 311 Appendix 1 to the Group financial statements 315 Appendix 2 to the Group financial statements 317 Parent Company financial statements 320 Notes to the Parent Company financial statements Additional Information 329 Glossary Strategic Report Corporate Governance Financial Statements Additional Information 2025 financial and strategic highlights Financial highlights 1 Group profit before tax 2 £957.9m 2025 2024 £958m £827m EPS 2 (pence) 247.4p 2025 2024 212.8p 247.4p RoE 2 53% 2025 2024 53% 56% Insurance revenue £4,979m 2025 2024 £4,979m £4,553m Turnover 3 £5.90bn 2025 2024 £5.90bn £5.95bn Group Risks 3,4 (million) 11.8m 2025 2024 11.8m 11.0m Dividend per share 2 (pence) 205p 2025 2024 Sustainable highlights Gender split across the Group 5 (2024: 51% female, 48% male) 205p 192p Solvency ratio 1, 2 (post dividend) 193% 2025 2024 Emissions 6 (tonnes CO 2 per employee) 0.08 tonnes 2025 2024 193% 203% 0.08 51% Female 48% Male 0.07 Net Promoter Score ('NPS') 7 Group average across our operations(2024: >45) >50 All figures include continued operations only, with prior-year comparatives restated to exclude discontinued operations relating to the sale of Elephant - see page 31 for further details. For the year ended 31 December 2024, Group profit before tax, EPS, RoE, Dividend per share and Solvency ratio as reported, included a gain of £100 million related to the change in Personal Injury discount rate ('Ogden') from -0.25% to +0.5%. The estimated impact of Ogden in 2025 is circa £30 million. Alternative Performance Measures - refer to the end of the report, page 329 for definition and explanation. Group risks - refer to the end of the report, page 329, for definition and explanation. For 2025, 1% (2024: 1%) includes non-binary and other genders, and colleagues who'd prefer not to say. Scope 1 and 2 market-based emissions per employee per SECR. 2024 SECR figures restated to reflect 12 months of actual data. See page 74 for further explanation. Relational NPS. Admiral Group Plc Annual Report and Accounts 2025 1 Strategic Report Corporate Governance Financial Statements Additional Information ‌We look after what matters most From our customers, our colleagues, and the communities we serve, our distinctive culture and the dedication of our colleagues underpin everything we do. We believe that people who like what they do, deliver the best results, and it is our collective success as a team that continues to drive our business forward. Admiral Group Plc Annual Report and Accounts 2025 2 Strategic Report Corporate Governance Financial Statements Additional Information Our customers Charging ahead: Where repairs meet the road to a greener future This year, our UK Insurance business, Admiral, launched its first co-branded repair centre in Manchester in partnership with garage network The Vella Group. The launch marks the start of a wider rollout, with plans to extend the co-branded model to other trusted partners across the UK so that we can help even more customers back on the road as quickly and safely as possible. Exclusively serving Admiral customers, the state-of-the-art motor repair facility is also equipped for electric vehicle ('EV') repairs, featuring specialist tools, EV bays, charging facilities and trained technicians. Read more about how we are becoming a more sustainable business on page 55 This aligns with our wider focus on working with repair partners to reduce the environmental impact of motor claims, for example, by encouraging the adoption of science-based targets to accelerate industry-wide decarbonisation. The Vella Group is certified as carbon neutral to the PAS 2060 standard, with the new repair centre employing UV and ambient cure paint systems, which use less energy for heating than traditional methods, therefore, helping to lower emissions. The repair centre enhances Admiral's ability to deliver expert repairs in a timely manner and upholding its position as a leading EV insurer. We're continually investing in a repair network that supports our growing customer base and helps drive us towards a more sustainable future. Admiral Group Plc Annual Report and Accounts 2025 3 Strategic Report Corporate Governance Financial Statements Additional Information Our colleagues Legendary loyalty: 25 years of being one of the UK's Best Workplaces In 2025, our UK business celebrated 25 consecutive years of being named one of the UK's Best Workplaces by Great Place To Work®. This remarkable achievement resulted in it being awarded the Legendary Status™ in recognition of consistently being a great employer for colleagues. We are proud to have so many colleagues who have chosen to grow their career with us. We spoke to our UK Head of Customer Support and Insights, Mike King, who has been a part of the Group for the last 25 years to understand why he believes that Admiral is a great place to work. "Over the last 26 years, I've had the privilege of working in areas and roles across the Group. I began my journey in motor claims, assisting customers with accident reports and queries, before working my way up to being a manager and then Head of Claims Service. During this time, I led the department dedicated to supporting our customers through the claims process. After spending 17 years in claims, I had the incredible opportunity to move to Canada to support the expansion and upskilling of teams that handle complaints and support vulnerable customers in the UK. When I returned to the UK, I spent another two years in claims where I spearheaded the digital acceleration of online claims notifications and total loss settlements, which allowed us to get customers back on the road quicker than ever. In my current role, I manage customer complaints and drive continuous improvement through detailed root cause analysis to ensure that we are providing customers with a seamless service and good outcomes." Admiral is a company that truly values its people, providing them with endless opportunities to grow and experience different areas of the business." Admiral Group Plc Annual Report and Accounts 2025 4 Strategic Report Corporate Governance Financial Statements Additional Information Our communities Partnering with the King's Trust to increase digital skills and employment Since 2022, Admiral has partnered with The King's Trust to deliver the Digital Skills Pathway Cymru, which has supported over 800 young people in Wales. The partnership focuses on supporting disadvantaged young people into sustainable employment by building their confidence and skills. My confidence grew over the five weeks and I went from feeling shy and timid to feeling much more confident." Ben Young person who completed a Get Into: Digital Skills programme Our commitment has seen us invest over £380,000 in the last three years, leading to 350 positive outcomes, meaning that 350 of these young people have benefitted from employment, education or training. This is helping those furthest from the labour market build confidence and vital digital skills for the future. Our colleagues have supported The King's Trust further by using their Impact Hours (working hours that can be used for volunteering and charity work) to support young people through CV reviews, mock interviews and digital skills events. In 2025, our impact was recognised as Admiral was awarded The King's Trust Rising Star Award and Gold Patron Partner status, celebrating our dedication to empowering young people and driving positive change in our communities. Admiral Group Plc Annual Report and Accounts 2025 5 Strategic Report Corporate Governance Financial Statements Additional Information About us ‌Admiral Group plc is a well-established financial services provider offering Motor, Household, Travel, and Pet Insurance, as well as personal lending services. We serve customers in four countries: the UK, France, Italy, and Spain. United Kingdom Europe France Italy Spain People employed globally: >15,000 Customers worldwide: 11.8 million Turnover worldwide: £5,896 million Admiral Group Plc Annual Report and Accounts 2025 6 Strategic Report Corporate Governance Financial Statements Additional Information Our business segments ‌UK Motor Insurance Admiral is one of the leading motor insurers in the UK. Brands Customers: 5.8 million (2024: 5.7 million) Turnover 1 : £4.2 billion (2024: £4.5 billion) UK Home, Pet and Travel Insurance Admiral's business continues to grow in these product lines. Brands Customers: 3.8 million (2024: 3.1 million) Turnover 1 : £756 million (2024: £613 million) European Insurance Admiral has Motor Insurance businesses in Italy, France, and Spain, a Household Insurance business in France, and a Pet Insurance business in Italy. Brands Customers: 1.9 million (2024: 2.0 million) Turnover 1 : £674 million (2024: £640 million) Admiral Money Admiral offers unsecured personal loans, car finance products, and secured homeowner loans. Brand Customers: 200,000 (2024: 155,000) Gross balances: £1.46 billion (2024: £1.17 billion) 1 Alternative Performance Measures - please refer to the end of the report for definition and explanation. Admiral Group Plc Annual Report and Accounts 2025 7 Strategic Report Corporate Governance Financial Statements Additional Information Market overview ‌General Insurance markets in the countries in which we operate continue to evolve through consolidation, technological advancement, the continued growth of direct distribution (particularly in the UK), and evolving mobility trends. Admiral remains well positioned to benefit from these shifts by leveraging our strengths across customer centricity, underwriting excellence, agility, and innovation. Generative and agentic artificial intelligence Generative and agentic artificial intelligence ('AI') is fundamentally reshaping consumer behaviours across industries, with potential implications for how individuals engage with insurance, as well as likely impacts on efficiency. While predictions vary, future scenarios may include 'hyper-shopping' and shifts in traditional loyalty dynamics and distribution. In addition, customer expectations for seamless digital experiences are rising, especially among younger generations. Admiral continues to invest in product innovation and process optimisation, leveraging modern technology stacks, cloud-based infrastructure, and agile delivery models to drive increased responsiveness to market and regulatory developments, efficiency, competitiveness, and better customer outcomes. UK direct insurance market Over the past ten years, the UK direct insurance market has demonstrated consistent growth, with medium-term forecasts indicating further expansion. Within this landscape, price comparison websites are capturing an increasing share of new business, reinforcing Admiral's competitive edge given our longstanding strength in this channel. Although the distribution landscape may be impacted by AI in the future, we expect price comparison websites to continue to play a dominant role in the UK insurance market in the medium term, in light of governance, regulations, and the complexity of pricing and claims dynamics. Motor and mobility trends continue to evolve Electric vehicles account for a growing proportion of new registrations, with the shift expected to accelerate as the required infrastructure expands. Admiral continues to lead in the UK EV insurance market with an estimated 20% market share and good claims performance. Autonomous vehicles are expected to gain traction in commercial applications such as RoboTaxis and logistics in the short to medium term, with broader personal adoption in the UK and Europe likely to require a longer time horizon and material progress across regulations, technology, and consumer mindset. Admiral continues to follow these trends closely, while strengthening the skills that will likely be required to win. This includes partnering with car manufacturers, industry disruptors, underwriting the UK's largest RoboTaxi trials with Wayve, while also focusing on connected car technology, telematics capabilities, and continuously enhancing risk selection. This approach not only positions Admiral at the forefront of insuring next-generation mobility but also enables the Company to embed insurance directly into the customer journey, whether through commercial fleets, Mobility-as-a-Service platforms, or emerging ownership models like leasing and subscription. By leveraging data-driven insights and digital innovation, Admiral aims to deepen customer relationships, personalise insurance offerings, and play a pivotal role in the evolving mobility ecosystem. Finally, in an ever-changing landscape, the need for strong governance, responsible business practices, ethical and transparent data use, and robust risk management will remain paramount. Admiral's proven track record in navigating industry and regulatory changes reinforces our reputation as a trusted and forward-thinking market leader. Admiral Group Plc Annual Report and Accounts 2025 8 Strategic Report Corporate Governance Financial Statements Additional Information Weathering the storm: building flood resilience for a more secure future As a home insurer, we see the impact that extreme weather is having on our customers' properties and lives. We believe that we have an important role to play in building flood resilience by working with government and industry to help people better understand their flood risk. We are proud to sponsor flood support guidance specialists BeFloodReady's and Flood Re's Floodmobile, which aims to help people better understand and manage their flood risk. The Floodmobile shows people how property flood resilience equipment can help properties withstand flooding, and travels around the UK to raise awareness and give people the opportunity to seek advice from experts. In October, our Director of Home, Travel and Pet Insurance, Scott Cargill, attended a roundtable with the Minister for Water and Flooding, Emma Hardy, and other senior insurance leaders to discuss how insurers can work with other sectors and government to prevent severe flooding. As well as this, senior members of our household team, including Household Director Noel Summerfield, visited customers impacted by Storm Claudia in Monmouthshire in December to inspect damage and assess progress on their claims. Our purpose is to help more people to look after their future, and so we're committed to raising awareness about flood prevention so that our customers' homes are better protected against extreme weather events today and in the future. Admiral Group Plc Annual Report and Accounts 2025 9 Our business model ‌Everything starts with our purpose: Help more people to look after their future. Always striving for better, together. In 2025, we remained focused on looking after what matters most - our customers, our people, our communities, and our planet. This purpose underpins our strategy, culture, and operations, guiding how we serve our customers, empower our people, and create long-term value for all stakeholders. Read more on page 12 Read more on page 13 What we do: We protect what matters most. From car and home, to travel and pet insurance, plus personal lending solutions - we help customers feel at ease every day. We generate income through multiple channels: investing premiums, offering ancillary add-ons, charging fees across the lifetime of a policy, and providing unsecured personal loans via Admiral Money. We also invest in new ventures through Admiral Pioneer, which explores innovative products and future revenue streams. Our customers Managing claims We offer a wide range of insurance and lending products tailored to meet specific customer needs. Our core business centres on car, van, home, travel, and pet insurance, primarily sold through price comparison websites, with a smaller share purchased directly or via brokers and agents. Additional income is generated through ancillary products, lending services, and policy-related fees. We work closely with customers throughout the claims journey, collaborating with partners and suppliers to deliver fair, timely outcomes. We continue to invest in our digital capabilities, for example we have launched a WhatsApp initiative for our motor customers in the UK to ensure our customers are well-informed of any updates. This approach reinforces value, trust and ease, and supports our reputation for excellent service. Managing risk Our people Customers pay a fixed premium to insure against defined risks. We pool these risks efficiently and share a portion with external reinsurers and co-insurers. This structure provides protection against large losses and enables us to earn profit commission when the portfolio performs well. Reinsurance is a cornerstone of our capital strategy and a key driver of long-term success. People are central to our success. We foster a supportive and inclusive culture that encourages growth and development. Our values include openness, equality, and doing the right thing, which are reflected in how our teams serve customers and collaborate across the business. Managing investments Our shareholders We invest collected premiums prudently to generate stable returns. Our strategy prioritises capital preservation and low volatility relative to liabilities. The portfolio maintains high credit quality and liquidity, ensuring we can meet obligations and support customers when needed. Profitability stems from the gap between revenue and costs. Most profits are returned to shareholders as dividends, while a portion is reinvested to strengthen capabilities and pursue new growth opportunities. This balance supports sustainable value creation. ‌Our drivers of success These enable us to fulfil our purpose, maximise the value we deliver to stakeholders, and distinguish ourselves as the preferred insurance provider. Excellent customer service Efficient capital employment We are committed to creating high-quality, sustainable insurance products that are easy to understand and are accessible to all. Through clear and simple communication, our customer-facing colleagues ensure customers receive all relevant information, including any limitations, so they can make informed choices. We continuously review our practices against internal policies and regulatory standards to ensure our sales and claims processes remain responsible and transparent. Customer satisfaction is regularly measured using key benchmarks such as the Net Promoter Score® ('NPS'), helping us track performance and drive ongoing improvements. Unique Company culture Admiral's culture is built on four core pillars: communication, equality, reward and recognition and fun, which underpins our reputation as a Great Place to Work®. We champion open communication across all levels of the organisation, with leadership embracing an open-door approach and initiatives like 'Ask Milena' offering colleagues Our capital strategy is strengthened by longstanding partnerships with reinsurers and co-insurers, built on a track record of strong underwriting and effective risk management. By sharing risk, we reduce capital requirements with maintaining robust protection against losses, thus supporting our commitment to delivering strong shareholder returns. Consistent, profitable growth Our prudent reserving philosophy plays a key role in our long-term successes. Reserves are released gradually as claims and defaults evolve across our businesses. We embrace a culture of innovation and organic growth, using a test-and-learn approach to explore opportunities, validate assumptions and apply insights. Our focus on lasting value creation is driven by a commitment to delivering positive outcomes from stakeholders. As their needs change, we adapt to remain a responsible, profitable, and sustainable business. 2025 highlights direct access to our Group CEO. Our inclusive culture empowers individuals to thrive and be themselves, supported by employee-led diversity and inclusion groups that actively shape our workplace policies. From the beginning, we've believed that, 'if people like what they do, they do it better.' Our 'Ministry of Fun' brings colleagues together through events that foster connection. Our share ownership scheme is a cornerstone of how we recognise and reward contribution. When colleagues own a stake in Admiral, they share in its success. Operational excellence We take pride in offering inclusive, good-value financial products that meet customer needs and encourage greener Top 3 Trustpilot (or equivalent) for UK and Europe 1 2nd in Great Place To Work® Super Large company 2 (2024: 6th) >50 Group average NPS 3 (2024: >45) 96% of colleagues feel they are treated fairly regardless of race or sexual orientation⁴ (2024: 97%) 273% Total shareholder return over the last ten years 5, 7 (2024: 285%) 193% Solvency ratio 6, 7 (2024: 203%) behaviours. Our decision making is guided by robust risk selection and data analytics, underpinned by decades of claims experience and underwriting expertise. Efficient claims management is supported by a culture of continuous improvement and proactive engagement. We remain focused on building sustainable, profitable businesses through financial discipline. A cost-conscious mindset is embedded across the organisation, contributing to our competitive expense ratio. Trustpilot for UK, ConTe, Seguros and Admiral Money, relative to comparable competitors and Opinion Assurance for L'olivier. Great Place to Work® award. Relational NPS. Great Place To Work® Survey result. Total shareholder return is defined as the percentage change over the period, assuming reinvestment of income. For the year ended 31 December 2024, Solvency ratio included a gain of £100 million related to the change in Personal Injury discount rate ('Ogden') from -0.25% to +0.5%. The impact of Ogden in 2025 is circa £30 million. Alternative Performance Measures - refer to the end of the report for definition and explanation. Creating value for our stakeholders ‌Our customers Our people Our customers' needs guide the development of our products and services. We are committed to delivering sustainable, high-value financial solutions that empower more people to take care of their future. Value created in 2025 We introduced our new Customer Promise, built on the principles of value, trust, and ease. Its purpose is to shift our focus from delivering customer service excellence to becoming a truly customer-centric organisation During storm and flood events in the UK, we managed approximately 7,500 claims. Even at the height of these surge periods, we maintained an average weekly call answer rate of 98%, reflecting our strong commitment to being there when our customers need us most. Our unique culture promotes transparency, supports happier and more productive employees, and ultimately drives better outcomes for all stakeholders. Value created in 2025 Admiral was proud to be recognised as the 2nd best workplace in the Super Large category by Great Place to Work ® and honoured with the Legendary Status award for being part of the programme for 25 consecutive years in the UK¹ We launched our new Reward Framework to bring greater structure, consistency, and transparency to pay and recognition. The rollout introduced job families, job levels, and salary ranges. Business: shareholders Society: environment and communities Market engagement is key to helping investors understand our investment case, strategy, and performance, and is an opportunity for us to listen to their views. Value created in 2025 We met with more than 300 shareholders, investors and analysts across more than 65 events including roadshows, conferences, sales forces and regular meetings Group Chair met with Top Twenty shareholders as part of a corporate governance roadshow We welcomed investors at our Cardiff head office, giving them the opportunity to meet leaders from across the business and experience our unique culture. Great Place To Work® award result. Volunteering hours completed by UK colleagues. Acting responsibly and reducing our environmental impact are central to us. A shared culture of giving and accountability across the Group drives positive, lasting change for our people and communities. Value created in 2025 We contributed over 45,000 volunteering hours in local communities² We donated over £6 million to our communities We invested £1.7 million into employability programmes and supported over 3,000 people into jobs outside of our organisation. Strategic Report Corporate Governance Financial Statements Additional Information Investing in talent to help more people back onto the road We work hard to get customers back on the road as quickly and safely as possible after an incident, and there are a wide range of roles which ensure that we deliver a seamless customer experience. We recently launched a motor engineering apprenticeship programme, and two of our apprentices, Lauren and Ellesha, and Network Support Operations Manager Craig, share how their work benefits customers and the importance of increasing opportunities for women in engineering. Craig, tell us why you introduced this apprenticeship? We introduced this engineering apprenticeship because we saw a strategic opportunity to enhance our workforce, increase diversity and address skill gaps within the industry. By investing our time in apprentices, we can develop a pipeline of skilled talent tailored to our business needs and continue to foster the culture of learning and development that exists across the Group. What inspired you to pursue a career as an engineer? Ellesha: Having worked in a body shop and achieved a qualification in car mechanics, this role felt like the perfect opportunity to bring together my love of cars and passion for helping people. Lauren: It's been my dream to become an engineer because of my love for cars and having grown up with my dad who works in vehicle body repair. I'm really proud to be following in his footsteps and being able to do this alongside other women has made the process even more enjoyable. How does your work support Admiral? Ellesha: The claims process is the moment of truth for customers. We've been learning how to review a repair estimate, for example, by using the Thatcham research methods and Code of Practice. This skill is key to ensuring that the cost estimates given by our repair network are accurate, identifying the safest option for our customers. Lauren: Learning automotive vehicle body processes, such as welding and fabricating, are essential skills that Admiral needs to be able to quickly support customers whose vehicles have been involved in an incident. Training new engineers from within the business also shows Admiral's commitment to internal talent development and the progression routes that are available here. What do you love about working at Admiral? Ellesha: What I love most about Admiral is the supportive culture and the people. It's clear that they value their people, and I truly believe that 'people who like what they do, do it better'. The company genuinely values diversity, inclusion and fun, creating an environment where everyone feels welcomed and respected. Lauren: I've been at Admiral for 13 years and truly believe it's a company that values their colleagues and is a place where people can have fun, work hard, and be rewarded for their achievements. I've always wanted to get to where I am now and it goes to show that with dedication and effort, you can do that at Admiral! Admiral Group Plc Annual Report and Accounts 2025 14 Chair's statement ‌Putting people first - because that's what matters most 2025 has been another excellent year for the Group. Despite falling prices in the UK motor insurance market, ongoing political and regulatory scrutiny of the sector and uncertain macroeconomics, the Group has continued to perform strongly by staying focused on its key objectives. As a leading financial services provider, Admiral's purpose is simple: to help more people look after their financial futures by supporting them as quickly and safely as possible when misfortune strikes. Our colleagues strive every day to bring this promise to life when our customers most need us. The markets and countries in which the Group operates continue to shift - through consolidation, rapid advances in technology, new mobility trends and changing consumer behaviour. However, Admiral's customer focus, combined with its underwriting and operational expertise, proven agility and willingness to invest and innovate using data and technology, mean we are well-placed to anticipate and respond to these changes. That willingness to adapt can be seen in our investment in technology and predictive AI, our growing electric vehicle book, our progress in connected-car and telematics technology, and our long-standing partnership with Wayve. To continue to stay ahead, the Group is also actively managing its portfolio of businesses and focussing on markets where it can win. The Group has now completed the acquisition of More Than and the sale of its US business. We wish the Elephant team well as they embark on their new chapter under the ownership of JC Flowers . The Group now serves nearly 12 million customers in four countries with multiple products. Our ongoing focus will be on countries, customer segments and products where we believe we have the right to win. In early 2026 we announced our agreement to acquire Flock, a fast-growing digital fleet insurance provider with an innovative telemetry-based proposition. The transaction, which is subject to regulatory approval, builds on the Group's existing expertise in telemetry in the personal lines market, allowing the business to support a broader set of customers as mobility trends change. As a group, we are committed to positively impacting the environment and our communities. As a provider of home insurance, our colleagues see the devastating impact of flooding and support those who have been impacted. Through the Group's new partnership with the National Trust we hope to make a real difference to people through natural flood management initiatives. Admiral's unique culture continues to be one of its greatest strengths. This year, we were once again recognised as one of the best workplaces in the world, with the UK business celebrating its 25th consecutive year on the list -achieving "legendary" status. This recognition reflects the commitment our colleagues show to each other every day. At the start of 2026, it was announced that Geraint Jones will retire from his role as Group CFO this summer. I would like to extend my sincere gratitude to Geraint as he has helped to guide the company through a period of consistent and sustained growth. We are pleased that he will remain with the Group in a part time capacity and the Board are looking forward to working even more closely with his successor, Rachel Lewis. In 2025, Paola Bonomo and Carlos Selonke joined the Group Board. Both have extensive experience in digital transformation, gained whilst working for well-known consumer-facing brands. I am confident in the quality and mix of skills of the Board and our ability to leverage this deep knowledge and insight to support the business to deliver its commercial and strategic objectives. The Group's strong 2025 performance was the result of a true team effort. The dedication and agility of Admiral colleagues, coupled with the investment the Group has made, and continues to make, into its technology and core competencies mean that it is well-positioned to continue to deliver long-term sustainable growth . Mike Rogers Group Chair 4 March 2026 Chief Executive Officer's statement Delivering results that matter through focus and discipline "We deliver strong results, drive growth, good customer outcomes and invest in our capabilities and people so we are well-positioned to succeed in a fast-evolving world." Milena Mondini de Focatiis Group Chief Executive Officer ‌2025 was another remarkable year for Admiral. We achieved record profits of £958 million up 16 percent, underpinned by strong performances across the Group, while growing our customer base by 7 percent and continuing to provide great service. We also made important progress beyond financial results, advancing our strategy, strengthening our platform for growth, and investing in capabilities that position Admiral well for the future. The UK motor market has remained softer for longer than expected, but our strong focus and execution drove excellent results in our core business. Our UK other personal lines businesses and Admiral Money contributed £88 million in profit. Europe also performed well, with strong growth and profitability in France and a rapid recovery in Italy. We further increased our returns to shareholders, with a 7 percent increase in dividend per share, and maintained a strong capital position, with a solvency ratio at 193%. 2025 marked an acceleration in our strategic progress. We completed the integration of More Than, which is now contributing positively to our results, and finalised the sale of Elephant. Though it is always hard to say goodbye to colleagues, we believe this outcome benefits both businesses, letting us focus on exciting opportunities in the UK and Europe. Our performance Group profit before tax 1 £958 million 2025 2024 Group customer numbers 1 11.8 million 2025 2024 £958m £827m 11.8m 11.0m 1 Continuing operations only, excludes discontinued operations as a result of the sale of Elephant see page 31 for further details. Chief Executive Officer's statement continued In early 2026, we announced plans to acquire Flock, a fast-growing digital fleet insurance provider we have invested in and partnered with since 2024. Flock's telemetry-based insurance uses data to improve safety and performance. Combining their sector expertise and technology with our data, claims management, and pricing strengths, we aim to grow in a large market ripe for disruption, and support our "safer driving" ambitions. Another key milestone was the forward-flow arrangement in Admiral Money, which allows us to continue to grow, but in a capital-efficient way similar to our insurance model. We accelerated our investment in artificial intelligence and established a GenAI Centre of Excellence that is scaling priority use cases and equipping our people with the right tools. Early insights suggest significant potential for efficiency and productivity gains. Across the Group, we are now managing over 150 GenAI initiatives across different businesses and functions, including real-time support for more than 4,000 colleagues and the first implementations of agentic technology. Over the last five years, since the Group strategy was announced in 2020, turnover has grown by 87 percent, profit by 56 percent, and our customers by 58 percent. Since the start of 2020, we have also returned £3.2 billion of capital to shareholders. Admiral is now more resilient and diversified, with over half our customers from lines or geographies other than UK Motor, contributing nearly £100 million to profits in 2025. Our UK Motor business continues to grow, maintaining a more than 20-point combined ratio advantage over the market. Since 2020, we have significantly expanded our addressable markets, moving into broker channels in Europe and launching pet insurance and commercial insurance in the UK. The markets we operate in have a combined size of around £130 billion, so there is plenty of room to grow. We continue to enhance our motor offering and invest early in emerging trends, establishing a leading position in electric vehicle insurance and partnering with Octopus to insure salary-sacrifice EV schemes. Our telematics product keeps growing, and we are testing insurance for autonomous vehicles - expected to be about 4% of the car parc by 2035 - through our partnership with Wayve. Our strengths in data and telematics mean we are well-placed to respond to evolving mobility trends. We invested early and effectively in machine learning and predictive AI, strengthening our leadership in underwriting with over 120 models live, one of the drivers of our twelve points advantage in loss ratio versus the market. We have fully embedded scaled agile and renewed our tech stack, with over 90 percent of core systems on the cloud. We are now faster, and more agile, and have kept our cost effectiveness and unique culture. A massive thank you goes out to the 15,000 brilliant colleagues right across Admiral -the real driving force behind all these achievements, with their unwavering dedication to our customers, the business and each other. As we have now achieved the key objectives of the Group strategy announced in 2020, we are taking the opportunity to refresh it. More details are on page 18, but the approach is to compound our existing strengths in data, technology, diversified products, and operational expertise to drive greater efficiency, economies of scale, and stronger customer retention across single and multi-product policies. We plan to keep growing UK Motor with discipline and drive margin improvement in other lines to deliver even stronger shareholder returns, while amplifying the Admiral DNA through evolving our culture, continuing to develop our people and acting to positively impact our communities. At the start of the year, we announced that Geraint Jones will retire as Group CFO in the summer. Over many years, Geraint has played a key role in shaping Admiral - not just through his financial leadership, but through the values, integrity and great role modelling he brings to everything he does. He truly embodies Admiral culture and has been a highly valued colleague, trusted adviser and friend to so many of us. I am pleased that he will continue to support the Group in a part-time capacity, and that we have once again been able to promote from within for his replacement. Rachel Lewis, currently CFO for UK Insurance, will become Group CFO on 1 July 2026. I look forward to working with Rachel, whose commercial finance skills and deep business knowledge make her a great CFO for our organisation. We also announced Emma Powell's promotion to CEO for Admiral Money following Scott Cargill's move to the new Household, Travel and Pet Director role in UK Insurance. Our strong record in internal talent development and upskilling is why people choose Admiral and one of the many reasons why we are recognised as a Great Place to Work in all our markets. Our origins as a disruptor have shaped our agile, efficient culture, allowing us to respond quickly to latest trends. Combined with our customer focus, diversification opportunities, and investment in people and technology, I am confident Admiral is well-positioned for success in 2026 and beyond. Milena Mondini de Focatiis Group Chief Executive Officer 4 March 2026 Admiral Group Plc Annual Report and Accounts 2025 17 B Admiral Group strategy refresh ‌Over thirty years ago, Admiral launched as a challenger brand, disrupting the UK motor insurance market through direct distribution, cost efficiency, proactive claims management and superior use of data. We have had a great deal of success with this approach, growing our market share in UK Motor to around 20% with a combined operating ratio advantage of more than twenty percentage points and expanding into new products and geographies. Over the past five years, we have further strengthened our competitive advantages by investing in predictive AI, our data platforms and technology. Our customer base is now far more diverse, with more than 50% of risks now coming from our other business lines and geographies, and we have evolved our motor proposition to reflect new mobility and vehicle technology trends. Throughout this period, we have consistently outperformed the market, continued to grow, and delivered good outcomes for customers and strong financial results. We are now well-positioned to capitalise on our investments in technology. We operate in large, growing, and attractive markets with a combined size of around £130 billion and plenty of headroom to grow. Our new strategy is not a change of direction - it's an acceleration of value creation using the strong platforms we have built, with benefits compounding through greater scale, synergies and multi-product benefits. Our strategy is built on three pillars: Scaling selectively and profitably Future-proofing our competitive advantage 3.Amplifying the Admiral DNA Scaling selectively and profitably Our ambition is to continue to scale all our business and increase margins in our newer lines. That will make us stronger, more resilient, and better prepared for long-term changes in the market. UK Motor As we always have, we will continue to grow our UK Motor business with discipline and at the right time, investing to drive further improvements in loss ratio and efficiency and maintain our market-leading margins. Other Personal lines: UK household, travel, pet, UK lending, European Insurance We will grow these businesses faster than UK Motor and drive higher margins, benefiting from economies of scale, higher retention from customers who hold multiple products, and by transferring competitive advantages from our core business. Commercial Motor and SMEs insurance We aim to scale our UK Commercial business by extending our distribution in SME and integrating Flock to support growth in Commercial Motor. Future proofing our competitive advantage This pillar underpins our growth ambitions. We will leverage our strengths in data, customer focus, and agility to increase customer lifetime value, giving us greater flexibility to reinvest in growth, enhance capabilities, or sustain higher margins. We will keep improving our mobile-first, end-to-end digital customer experience, increase multi-product adoption, and improve retention. We are extending our leadership in predictive AI beyond pricing and underwriting into customer management and across all lines of business. By leveraging GenAI and combining it with automation, digitalisation and our continued cost management, we expect material efficiency gains. Amplifying our DNA This is about investing in our people, culture and communities: it is what makes Admiral special - our focus on having a greater positive impact in the long-term for all our stakeholders. As the market evolves, we are ensuring that we help our people evolve too, through reskilling, and supporting internal talent, diversity, development, and mobility across the Group. We are also focussed on ensuring we retain our culture of curiosity and innovation so we can continue to anticipate and meet our growing and evolving customer base's needs with special attention on safety and greener choices, such as electric vehicles and advanced car safety features. Finally, we remained committed to supporting the communities in which we operate and mitigating any harm to the environment. We are excited to begin this new strategy cycle with strong momentum and clear priorities. I am confident that successful execution will increase the value we deliver to both shareholders and customers. Admiral Group Plc Annual Report and Accounts 2025 18 Strategic Report Corporate Governance Financial Statements Additional Information Championing Responsible AI deployment for scalable success Across the Group, we are committed to working with a range of stakeholders to ensure that artificial intelligence ('AI') is implemented responsibly. In October, our Head of Group Responsible AI and Data, David Crelley, took part in a panel decision at Momentum AI London. Momentum AI is a two-day event designed to equip business executives with cutting-edge strategies to build scalable generative and agentic AI systems. At the panel session 'Governance That Scales Without Scaling', the focus was on designing governance that supports scalable AI deployments while ensuring compliance, ethics, and adaptability. David explained the importance of working with regulators, such as the Financial Conduct Authority and Prudential Regulation Authority, as well as the Association of British Insurers, to develop safe and practical governance standards for the financial services industry. David shared his experience of integrating AI governance into existing model development processes to improve business outcomes and why he believes that human expertise remains vital. He also spoke about the role that our Data and AI Academy plays in helping colleagues across the Group to understand responsible AI and the importance of collaboration across all functions to ensure colleagues are empowered to deliver even better outcomes for customers. Admiral Group Plc Annual Report and Accounts 2025 19 Strategic Report Corporate Governance Financial Statements Additional Information Our Strategy Accelerating towards Admiral 2.0 Overview Our ambition is to advance our core businesses towards Admiral 2.0, maintaining traditional strengths, while becoming more agile, digital, and technology focused. Admiral 2.0 prioritises our customers and uses data and advanced analytics to enhance efficiency and improve the overall experience. Core competencies Digital first Scaled agile Customer-centric innovation Data, advanced analytics and enhanced risk selection. Progress in 2025: Digital first Veybot served as Veygo's main digital entry point in 2025, handling most customer interactions and resolving around five in six journeys without agent involvement. When escalation is needed, cases are handed over with fuller context, leading to more consistent handling and fewer repeat contacts. Veybot has improved service speed and quality for customers The UK Insurance business has made progress with their cloud platforms, with more than 90% of core systems now cloud-based enabling faster, and improved data quality. Data requests are now allocated and completed more efficiently, with many fulfilled on the same day Admiral Seguros has introduced a fully automated, AI-driven 'touchless' claims process for minor vehicle damage. Through collaboration with Tractable, the company has enhanced claims handling, resulting in quicker settlements, improved customer satisfaction, and greater operational efficiency. Scaled agile Admiral Seguros has embedded engineers into Agile Release Trains to reduce silos, and accelerate delivery by continuous collaboration, and limiting external dependencies. Customer-centric innovation We enhanced the Admiral Mobile App, with a modernised, analytics-enabled homepage aligned to our updated brand, improving clarity, navigation and performance, while laying the foundations for future personalised experiences. We also launched our first customer engagement feature, MOT Reminders, enabling customers to set push-notifications ahead of their MOT and strengthening proactive, value-adding interactions We introduced WhatsApp in the UK as a new communication channel for motor claims customers, giving greater choice by allowing customers to receive updates and share evidence without needing to call. Since launch, follow-up calls have reduced, suggesting that WhatsApp helps keep customers better informed, and improves customer experience Admiral Money has expanded its use of GenAI, which enhances our ability to review customer calls, increasing automation and improving operational efficiency. This broader oversight helps maintain consistent service standards and identifies opportunities sooner, ultimately supporting better outcomes for our customers. Data, advanced analytics and enhanced risk selection There is widespread use of predictive AI, and machine learning models embedded, driving improved performance, faster speed-to-market, with deployment across the Group We have strengthened our UK car pricing capabilities by refreshing our key machine learning models for both risk and retail pricing, helping us to predict claims costs and market prices more accurately. Together, these enhancements build on our established machine learning-driven pricing approach, improving both accuracy, and competitiveness We are scaling GenAI, with acceleration planned over the next year under strict governance. In the UK, over a third of agents are using call summarisation, reducing average handling time and allowing them to focus on higher-value tasks, and customer service L'olivier and ConTe completed major upgrades to their core insurance system, which was delivered over the year. These developments will generate significant long-term benefits, including faster quotation times, greater efficiency, enhanced document validation, and greater capability to develop new products and features This year, we successfully implemented a new rating engine for L'olivier Motor products. This upgrade enhances pricing agility, autonomy, and speed, supporting our goal of delivering market-leading risk selection and maximise business value. The new engine is scheduled to go live for Household in 2026. Relevant principal risks Read more from pages 97 to 102 Admiral Group Plc Annual Report and Accounts 2025 20 Strategic Report Corporate Governance Financial Statements Additional Information Harnessing AI to increase motor claims efficiency and identify fraud We responsibly use AI within areas of the business where it helps make our colleagues' and customers' lives easier. This year, we have implemented the use of AI in our UK motor and household claims departments to summarise customer calls for over 440 customer-facing colleagues. The roll-out of AI to summarise calls has accelerated the process, allowing colleagues to take more calls and help more customers to get back onto the road quickly and safely. It has also resulted in better-quality notes, making it easier for any colleague to quickly understand a customer's situation and how best to support them during the claims process. Within our Spanish business, Admiral Seguros, we are using AI in a similar way to summarise reports during motor claims. This implementation has accelerated certain processes by as much as 80%. All AI applications across the Group are subject to stringent oversight to ensure that our approach remains responsible and customer focused. Through these measures, we are able to safely improve both customer outcomes and operational efficiency. We continue to review our processes to understand where AI can help us to enhance the support that we offer our customers. Admiral Group Plc Annual Report and Accounts 2025 21 Strategic Report Corporate Governance Financial Statements Additional Information Our strategy continued Diversification Overview Diversification is key to our strategy of building a sustainable and resilient business. We leverage our established capabilities to build future successful propositions and support the transition to a low-carbon economy. We invest selectively in new opportunities that strengthen our current offerings. Over the past decade, we have launched numerous products including Household, Travel and Pet insurance, and a personal lending business. Our diversified model allows us to meet our customers' varied and evolving needs with our suite of products. Core competencies Scale up promising products Strengthen customer propositions Leverage core strengths. Progress in 2025: Scale up promising products We achieved robust growth across the UK in Household, Pet, Travel and Lending, with turnover increasing by 25% and the number of customers rising by 21% overall to 3.95 million UK Household reported its highest ever customer base, now exceeding 2 million customers, with profits increasing by 60% when compared to 2024 Both Travel and Pet Insurance delivered strong results, with Pet reaching break-even, and customer numbers rising 75% compared to 2024. Travel also performed well, generating £7.7 million in profits, increasing customer numbers by 29% compared to 2024 Admiral Money delivered record profits of £25.8 million in 2025, with customer numbers increasing by 29% from the previous year. Part of this performance reflects the impact of our forward-flow deal, following the successful back book sale of £146.4 million of loan sales in H1, which generated income of £5.9 million. Since then, we've continued to forward-flow £279.5 million of loans, creating £11.2 million in income, further diversifying our funding sources and routes to profitable growth L'olivier delivered record growth, with Motor reaching over 500,000 policies (15% YoY) and Household surpassing 100,000 policies (+25% YoY), while overall profits increased by 58%, compared to 2024 Our Spanish brokers have seen double-digit new business growth (albeit from a low base), with good loss ratio. Italy is also performing well, showing growth and an improvement in loss ratio performance. Strengthen customer propositions The RSA More Than renewal rights acquisition book completed for £83 million, which delivered strong strategic and cultural alignment, smooth execution, and accelerated growth, adding over £100 million gross written premium, renewing 380,000 risks and onboarding 300 colleagues. In year one, customer conversion rates were on target, whilst retention and loss ratios outperformed expectations. The deal has expanded capabilities in pricing, claims, and brand, which further strengthens our propositions and deepens our expertise Admiral Travel Insurance was awarded Silver in the British Travel Awards for 'Best Company for Travel Insurance', which was voted for by our customers We launched an enhanced UK Van insurance product that provides a similar-sized replacement van as standard at the point of claim, helping customers stay on the road and keep working Admiral Business in Pioneer partnered with Tide to broaden our proposition, support growth, and deliver great value to customers. The partnership provides direct access to operational banking data, giving a real-time view of how the business operates which we can use to better understand how and when to engage out customers Admiral Money introduced new product lines through expanded distribution channels, including car finance via dealers and brokers, supporting greater diversification and meeting a wider range of customer needs. Leverage core strengths We continue to draw on expertise across our entities. For example, learnings from ConTe's large-loss model were used to build prototypes for L'olivier and Seguros, which were successfully implemented following testing. Relevant principal risks Read more from pages 97 to 102 Admiral Group Plc Annual Report and Accounts 2025 22 Strategic Report Corporate Governance Financial Statements Additional Information Meet Emma Powell, CEO of Admiral Money Hi Emma, tell us about your Admiral Money journey. I joined Admiral Money in 2016, originally as its Head of Risk and Compliance, before becoming Chief Operating Officer in 2019 and Chief Risk Officer in 2020. Having been a member of the business from its inception, I know the business inside-out and was thrilled to take over the role of CEO from Scott Cargill in 2025. How are you ensuring you deliver for your customers? As always, our main priority is delivering good outcomes for our customers and so we continue to implement measures that we believe help support them. We continually review a range of metrics, customer feedback and complaints data to identify areas we can improve. We've recently introduced the use of GenAI to monitor customer calls for quality assurance. Previously, calls were randomly selected for periodic monitoring, whereas we are now able to monitor a much larger number of calls. This allows us to maintain consistently good service standards and identify areas for process changes sooner, so that we can adjust procedures as needed to better serve our customers. What's your focus going forward? It's been amazing to see the business grow from just 20 people to over 350 people and a £25.8 million profit. We now offer a range of lending products to help customers with their financial needs. My primary focus is to drive sustainable growth by expanding our distribution channels and enhancing our customer experience. We are committed to leveraging data and technology, allowing us to streamline processes and meet the evolving needs of our customers more effectively. Admiral Group Plc Annual Report and Accounts 2025 23 Strategic Report Corporate Governance Financial Statements Additional Information Our strategy continued Evolution of Motor Overview Our Evolution of Motor strategic pillar is designed to adapt our offerings in response to global mobility changes. While there are differing perspectives on future mobility trends and their potential impacts, we recognise that transportation methods are evolving. This presents an exciting opportunity for the industry, and it is imperative that we thoroughly understand these transformations and their implications for both our customers and our business. We are committed to supporting the transition to electric mobility and we are paving the way for a more sustainable future. To stay ahead of these trends, we are employing a test-and-learn approach, examining emerging market propositions, and cultivating essential competencies that will be relevant in the future. Core competencies Understand changes in mobility Evolve our proposition Develop competencies for the future. Progress in 2025: Understand changes in mobility The UK Government announced a ban on sales of new Internal Combustion Engine ('ICE') vehicles from 2030, and new hybrid vehicles will be sold until 2035. We continue to be consistently recognised as a market leader in Electric Vehicles (EVs) - defined as fully-electric vehicles powered by a battery, rather than a combustion engine - with around 20% of all UK EVs insured by us. This represents 7% of our UK Motor book, up from 5% in 2024. We were the only insurer showing at Everything Electric exhibitions in the UK; and continue to develop our EV product based upon customer feedback, with Defaqto naming Admiral as a 'Trailblazer' for innovation in EV cover Our UK business was one of the first to offer telematics insurance to customers, and we continue to be a leader in this market, offering black box to app-based solutions Growth in connected cars gives rise to opportunities to provide more innovative products and services to customers, to which Admiral is at the forefront of, through continued pilots and test-and-learn initiatives. Evolve our proposition Veygo, our short-term car insurance provider is designed to support young drivers throughout their journey, from learning to drive, becoming newly qualified, to using an app-based telematics solution and subscription policy. Veygo delivered another strong year, growing premiums to £66 million having served more than 1.5 million customers since launch We partnered with Tesla to provide insurance for their EV customers. Admiral is now embedded on Tesla's website and continues to be the preferred insurer of Tesla vehicles in the UK. In 2026, we plan to build on this partnership by exploring opportunities around connected vehicle data, and Advanced Driver Assistance Systems ('ADAS') capabilities Admiral Business customer numbers grew in 2025. Our partnership with Flock also performed strongly, delivering solid growth in gross written premiums. The team continued to leverage claims insights from our core motor business to maintain prudent underwriting throughout the year. Develop competencies for the future We have partnered with Wayve, a leading autonomous vehicle technology company since 2018, insuring their fleet of test vehicles in the UK. We launched a new loyalty scheme, Zoom EV, which will enable all Admiral EV customers to access rewards covering charging, parking, servicing, and repairs. Following a successful trial in 2025, this will be made available to all EV customers in 2026 Admiral Pioneer has partnered with Octopus Electric Vehicles to offer a smarter insurance proposition for EV drivers using salary sacrifice schemes. With private registrations now accounting for less than one in four new EVs, and salary sacrifice continuing to grow, this partnership moves beyond traditional fleet-rated insurance models that price cover based on an average risk. Instead, it delivers premiums tailored to individual drivers, ensuring insurance costs better reflect how people drive and providing greater value for customers. Relevant principal risks Read more from pages 97 to 102 Admiral Group Plc Annual Report and Accounts 2025 24 Strategic Report Corporate Governance Financial Statements Additional Information Steering the future of mobility with electric and autonomous vehicles As a leading motor insurer, it's important for us to be part of the conversation on evolving mobility trends. In 2025, our electric vehicle ('EV') and autonomous vehicle ('AV') teams engaged with businesses and the UK Government to share our knowledge and work on autonomous technology. We continue to support customers' transition to a greener way of travelling, with our UK business sponsoring the Everything Electric Giga Theatre in 2025. This included the sponsorship of two shows in April and October where colleagues provided guidance on EV ownership and spoke with visitors about their experiences as EV users. Electric Vehicle Product Manager, Craig Codell, also spoke on panels at both shows on investment in the EV industry and how EV users can limit charge anxiety. We also worked with the Association of British Insurers on its response to the UK Government's Automated Vehicles Act 2024: Call for Evidence on the Statement of Safety Principles, and want to see the government consider how autonomous vehicle insurance will work in the next phase of legislation. We have insured autonomous vehicle company Wayve's cars in the UK since 2018.This year, we took Baroness Caroline Pidgeon MBE, the Liberal Democrat Lords Spokesperson for Transport; Samantha Niblett MP, co-chair of the Financial Technology all-purpose parliamentary group; and Scott Arthur MP, a member of the Transport Select Committee, to Wayve's headquarters in London to show them how autonomous technology is evolving and the role that insurance plays in enabling its development, and provide a ride around the City in an autonomous vehicle. Admiral Group Plc Annual Report and Accounts 2025 25 Key performance indicators ‌In order to implement, develop and measure the Group's strategic performance, we monitor several financial and non-financial key performance indicators ('KPIs'). Key Linked to remuneration Financial measures Group profit 1,2 Group profit before tax £958m Shareholder returns 1,2 Dividend per share 205.0p Capital position 2 Solvency II ratio 193% 2025 £958m 2025 205.0p 2025 193% 2024 £827m 2024 192.0p 2024 203% 2023 £443m 2023 103.0p 2023 200% Performance Group continuing operations grew pre-tax profit 16% compared to 2024, with improved performances across all segments. Performance Dividend per share was 205.0 pence mainly reflecting higher group profit. Performance Admiral maintained a strong capital position of 193%, well in excess of target levels. Non-financial measures Group growth 1,2 Group risk numbers +7% European growth European risks -2% Diversification growth 1 Other lines +13% 2025 2024 2023 Performance 11.8m 11.0m 9.7m 2025 2024 2023 Performance 1.9m 2.0m 2.0m 2025 2024 2023 Performance 5.9m 5.3m 4.8m Mainly driven by a significant increase in Home, Travel and Pet in the UK. European risks insured numbers declined by 2% in 2025, mainly driven by portfolio actions undertaken in Italy, while France delivered strong growth. This includes all Other Personal Lines and Admiral Money customers, which primarily increased across UK Home, Travel and Pet. Key performance indicators continued Customer satisfaction³ Customers likely to renew after a claim >91% Customer service⁴ Net Promoter Score >50 Digital progress⁵ Customer engagement >52% 2025 91% 2025 50 2025 52% 2024 87% 2024 48 2024 54% 2023 82% 2023 46 2023 54% Performance Customer satisfaction has improved due to a continued focus on optimising our customer journeys. Performance Relational NPS reflects improvements across all entities in a continued focus on our customers. Performance This has remained largely in line with prior years. Improving digital engagement remains a key focus in 2026. Great Place To Work® GPTW ranking 2 nd Positive impact on society⁶ Hours donated by employees >45,000 Net zero by 2040⁷ Movement in carbon emissions 10% 2025 2 nd 2025 45,964 2025 10% 2024 6 th 2024 32,571 2024 (47%) 2023 6 th 2023 14,257 2023 26% Performance This year, Admiral ranked 2nd for Great Place to Work ® UK in our category as a Super Large company. This is up from 2024's 6th position. Performance This has increased from last year's 32,500, mainly driven by our continued focus on investing in our communities and long-term relationships with local charities. Performance Scope 1 and 2 market-based emissions increased by 10% compared to 2024, driven by increased electricity usage at our Delhi site and a fugitive gas loss on a critical air conditioning system. All 2025 and 2024 figures relate to continuing operations only, excluding discontinued operations as a result of the sale of Elephant see page 31 for further details. All 2023 figures relate to worldwide operations (including Elephant) as was reported then. 2024 Group profit, shareholder returns and capital position include the favourable impact of the change in Ogden discount rate from -0.25% to +0.5%. See 2024 Annual Report for further details. UK Motor customers, monthly score averaged over the year. This is relational NPS, based on a weighted calculation across the Group. Mid-term adjustments (UK operations) - adjustments made to a policy, mid-term, by the customer. Volunteering hours completed by UK colleagues. 2024 SECR figures restated to reflect 12 months of actual data. See page 74 for further explanation. Carbon emission data includes that generated from discontinued operations throughout the year. Group Chief Financial Officer's review Results in 2025 exceeded 2024 in almost all aspects "Much has changed since 2014, but our commitment to customers and our amazing culture has stayed constant throughout." Geraint Jones Group Chief Financial Officer ‌After setting a pretty high bar in 2024, Admiral's 2025 results exceeded (sometimes significantly) those of the prior year in practically all aspects. Group pre-tax profit of £958 million was a record result, and if we exclude the impact of Ogden (see below) on both years, then the year-on-year increase of 28% is some achievement. UK Motor insurance breaking through £1 billion of profit for the first time was a decent milestone, and it was especially great to report some excellent results beyond that - the UK Home, Travel and Pet result was just under three times 2024's, Admiral Money's profit doubled and the European result improved by nearly £30 million after the disappointing Italian result of 2024. Our main Other personal lines (excluding UK Motor) reported a combined result of £95 million in 2025 vs. £15 million in 2024 -important and significant progress. I'm really happy with these results, but importantly we have good momentum moving into 2026 and beyond. We end the year with a strong financial position and very prudent reserves (as usual), and beyond the numbers we have a refreshed Group strategy, a new approach to returning capital to shareholders, likely an imminent application for internal capital model approval and (subject to regulator approval), a new business to integrate into the Group following the announcement of the acquisition of Flock! Looking in a bit more detail at the results: £m 2025 2024 Change vs. 2024 UK Motor Insurance 1,024 955 +69 UK Other Insurance Lines 62 22 +40 Europe 7 (20) +27 Admiral Money 26 13 +13 Share schemes (72) (61) -11 Other (89) (82) -7 Total 958 827 +131 Impact of change in Ogden DR 1 +30 +100 -70 1 For the year ended 31 December 2024, the results include a gain of £100 million related to the change in the Ogden rate from -0.25% to 0.5%. The impact of Ogden in 2025 is circa £30 million. Group Chief Financial Officer's review continued The UK Motor business rightly takes centre stage, with a £69 million increase in profit (£139 million if the impact of Ogden is excluded). The combined ratio remained very positive at 75% (vs. 73% on a like-for-like basis). Total premium was lower than 2024 as prices reduced, reflecting improving claims inflation but also a competitive market. Market prices appear to have plateaued around the end of 2025, and we expect prices to start increasing in the not-too-distant future (and have increased our own motor prices in early 2026). Our UK Other Lines businesses had a very strong year, completing the migration of the More Than policies acquired from RSA, growing customer numbers by 21% and increasing profits nearly threefold - really strong performance from a part of the business where we plan to maintain growth. Having called out the Italian result as a disappointment in 2024, it was very positive to see a strong recovery in the European bottom line, which was nearly £30 million better than 2024. We saw good growth and higher profit in France and a small profit in Italy (though at the expense of a smaller portfolio as we expected). In Spain the result was a little worse on the bottom line, though this was mainly due to new reinsurance contracts taking effect (the gross results improved). All in all a very satisfactory year in Europe and we expect further growth and improvement in results over the coming years. And finally, a really good year from Admiral Money where profits doubled to £26 million, loans balances grew strongly and we started to effectively use third-party capital in the business with a new forward flow arrangement contributing to profits and higher return on capital. More detailed comments on performance follow throughout the report. Internal model We have been developing an internal capital model to be used to calculate the Group capital requirements. Intense work has continued over the past year and we are now very close to the point of submitting our formal application for approval to our main prudential regulators. The regulators' review will take some time, and we will communicate further on the results of the process and the impact on Admiral's capital position and solvency risk appetite soon. Capital return change We have announced that from the interim 2026 dividend onwards, we will change the way we return surplus capital to shareholders. Historically we have paid special dividends, but from the middle of 2026 we will either pay a special dividend, or buy back and cancel shares based on Board determination. We don't generally expect the change itself to mean a different amount of capital is either returned to shareholders or used to buy shares for the employee shares plans (currently guided to total ~90% of post-tax profit). And for 2026 interim and final dividends we expect to buy back shares as opposed to paying special dividends. Why change? In our view the balance of arguments has tipped in favour of buying back over special dividends (in part due to changes to staff bonus schemes to delink from dividends), and this was further supported by a consultation of our largest shareholders during 2025, which indicated a majority in favour of a change in approach. We will, as always, continue to invest appropriately for growth and the long term, and this change only applies to surplus capital. Signing off This is my twelfth and final Annual Report CFO Review. Notable in my first report, back in 2014, was much thicker brown(ish) hair and, according to Mrs Jones, much chubbier cheeks, which I'm taking as a half-compliment. Lots has changed since 2014, including quite a number of businesses I was commenting on then no longer being part of the group (including of course Elephant in the US where the sale completed at the end of 2025) but much remains the same - a leading UK personal lines insurance business and growing, exciting businesses beyond that; a deep focus on doing our best for customers and an amazing culture. I will hugely miss working day-to-day with my amazing colleagues but am glad to be able to hang around and help in a part-time role. I'm delighted that Rachel Lewis, who I know well, will be taking over as CFO from July 2026. She'll do an amazing job! Geraint Jones Group Chief Financial Officer 4 March 2026 2025 Group overview ‌2025 Group performance overview £m 2025 2024 % change vs. 2024 4 Group turnover (£bn) 1, 3, 5 5.90 5.95 -1% Net insurance and investment result 5 884.2 785.8 +13% Net interest income from financial services 89.0 76.3 +17% Other income and expenses 8.7 (9.2) nm Operating profit 5 981.9 852.9 +15% Group profit before tax from continuing operations 957.9 826.5 +16% Group profit before tax from discontinued operations (3.1) 12.7 nm Group profit before tax 954.8 839.2 +14% Analysis of profit UK Insurance 6 1,086.3 976.7 +11% UK Insurance (Ogden -0.25%) 6 1,056.3 876.4 +21% European Insurance 6.6 (19.7) nm European Insurance - Motor European Insurance - Other 9.3 (2.7) (14.8) (4.9) nm +45% Admiral Money Other 25.8 (160.8) 13.0 (143.5) +98% -12% Group profit before tax from continuing operations 5 957.9 826.5 +16% Key metrics Reported Group loss ratio 1, 2, 5 59.2% 55.3% +3.9pts Reported Group expense ratio 1, 2, 5 20.9% 21.6% -0.7pts Reported Group combined ratio 1, 2, 5 80.1% 76.9% +3.2pts Insurance service margin 1, 2, 5 17.3% 16.8% +0.5pts Group risks (million) 1, 5 11.77 10.97 +7% Earnings per share 246.4 216.6 +14% Earnings per share from continuing operations 247.4 212.8 +16% Dividend per share 205.0 192.0 +7% Return on equity 1 53% 56% -3pts Solvency ratio 1 193% 203% -10pts Alternative Performance Measures - refer to the end of the report for definition and explanation. Reported Group loss and expense ratios are calculated on a basis inclusive of all insurance revenue - this includes insurance premium revenue net of excess of loss reinsurance, plus revenue from underwritten ancillaries and an allocation of instalment and administration fees / related commissions. See glossary for an explanation of the ratios and Appendix 1a for a reconciliation of reported loss and expense ratios, and insurance service margin, to the financial statements. Alternative Performance Measures - refer to note 14 for explanation and reconciliation to statutory income statement measures. Definition: nm - not meaningful. Reported on a continuing basis only. 2024 comparatives are re-presented to exclude the US Insurance result following its sale. For the year ended 31 December 2024, the result included a gain of £100 million related to the change in Personal injury discount rate ("Ogden") from -0.25% to +0.5% (see Glossary for further information).The estimated impact of Ogden in 2025 is circa £30 million. 2025 Group overview continued Group highlights Group continuing operations pre-tax profit was £957.9 million, 16% higher than 2024, with improved results reported across all segments Group risks insured increased by 7% to 11.8 million, with good growth in UK Insurance (in particular 21% across Home, Travel and Pet); though a small reduction in Europe (2%) due to portfolio actions in Italy Group turnover was broadly flat as continued growth in UK Other Personal lines was offset by lower UK Motor turnover (7%) as average premiums reduced UK Motor Insurance profit increased by 7% to £1,024.0 million from £955.1 million. The increase in profit excluding the Ogden impact was 16% (£994 million vs £855 million), with a strong current year combined ratio due to disciplined growth in a competitive market Higher pre-tax profit in UK Household Insurance of £54.4 million (2024: £34.1 million) as the growth and favourable performance from 2024 fully earns through. Profits also increased in UK Travel with a break even result in UK Pet A significantly improved result in European Insurance (£6.6 million profit vs. £19.7 million loss), with increased profits in L'olivier and a return to profit in Italy Admiral Money profit up, to £25.8 million (2024: £13.0 million) and gross loan balances of £1.46 billion (+24% year-on-year growth) - new forward flow arrangements and a sale of a portion of the back book loan portfolio contributing to the higher pre-tax profits. ‌Sale of Elephant As announced in January 2026, the Group has completed the sale of its US motor insurance business, including Elephant Insurance Company and Elephant Insurance Services ("Elephant") to J.C. Flowers & Co. ("J.C. Flowers") a global private investment firm dedicated to investing in the financial services industry, effective as at 31 December 2025. The Elephant result for 2025 is presented separately as a discontinued operation within the Group results, with the prior year comparative results re-presented on the same basis. Earnings per share Earnings per share for continuing operations for 2025 were 247.4 pence (2024: 212.8 pence). The increase from 2024 is broadly aligned to the increase in continuing operations pre-tax profit. Return on equity Return on equity was 53% for 2025, 3 points lower than the 56% reported for 2024. Excluding the impact of Ogden in both years, return on equity was broadly flat. Dividends The Group's dividend policy is to pay 65% of post-tax profits as a normal dividend, and to pay a further special dividend comprising earnings not required to be held in the Group for solvency, buffers or purchasing shares for the Group's employee share plans. Subject to regulatory approval, from the interim 2026 dividend this policy will change such that in addition to the normal dividend, the Group will either pay a special dividend and/or buy back and cancel shares based on Board determination. See the Group Capital Structure section later in this report for further information. The Board has proposed a final dividend of 90.0 pence per share (approximately £274.6 million) splits as follows: 72.8 pence per share normal dividend A special dividend of 17.2 pence per share. The final dividend, plus share purchases for the employee share scheme made in late 2025, equate to 90% of second half continuing operations post-tax profits; excluding share purchases, the final dividend reflects a pay-out ratio of 81%. The dividend of 90.0 pence per share is 26% lower than the final 2024 dividend (121.0 pence per share), reflective of share purchases and lower second half earnings per share. The 2025 final dividend payment date is 5 June 2026, ex-dividend date 7 May 2026, and record date 8 May 2026. Honouring Admiral's top talent Recognition is one of the pillars that the Group was founded on, so our 'Top 10' and Group Managers' Awards evening is always a hotly anticipated event in the Admiral calendar, as it celebrates our amazing colleagues. Top 10 is the Group's annual competition to determine the best department to work for, based on scores and engagement from the annual Great Place To Work survey, alongside presentations responding to that years' Top 10 question. This year, colleagues were asked to show how they are ensuring that their departments are making Admiral a place where colleagues can grow and progress, share in our future, be you and make a difference. This led to responses that outlined examples of how the Group supports colleagues to grow their careers through leadership programmes and qualification funding, and examples of how we make a difference by ensuring we uphold our Customer Promise of value, trust and ease. Each Top 10 Awards evening also hosts the annual Group Managers' Awards. The awards recognise colleagues who have been nominated for going above and beyond in different ways to support other colleagues and our customers. Winners included Justin Beddows, UK Consumer Public Relations Specialist, who led on the UK's "Your ride, your rules" road safety campaign, and Vero Hermelo, Head of European Strategy, for her passion and dedication in executing our European strategy. Strategic Report Corporate Governance Financial Statements Additional Information Celebrating 20 years of our Future Leaders programme Our colleagues are critical to our success, which is why we're so passionate about attracting and nurturing the talent we need to meet and anticipate customers' needs. >60 people have participated in the Future Leaders programme This year marked 20 years since we launched our Future Leaders programme, an MBA graduate programme, which gives participants the opportunity to work closely with our executive team on key strategic projects.The programme is designed to deepen their understanding of our strategy and culture, ultimately preparing them for leadership roles. Since its inception, more than 60 people have participated in the scheme, including our Group CEO, Milena Mondini de Focatiis; Head of Travel Insurance in Admiral UK, Cosmin Sarbu; and CEO of our Spanish business 'Admiral Seguros', Sarah Harris, who have been, and continue to be, instrumental to the Group's success. To celebrate its 20th anniversary, we made it a night to remember by bringing together alumni from the programme to connect and discuss how the experience has helped shape their career with the current intake, as well as share how the business continues to support their personal and professional development. Admiral Group Plc Annual Report and Accounts 2025 32 UK Insurance review 2025 was another year of strong results for UK Insurance, we have grown in all business lines reporting a record profit in motor, and reaching profitable scale in Other UK Personal lines. "Our UK Insurance business has delivered a strong set of results demonstrating our ability to deliver good outcomes for customers, our competitive advantages in Motor, and our ability to replicate our success in other business lines." Alistair Hargreaves CEO, UK Insurance Our performance UK Insurance profit before tax £1,086m 2025 2024 £1,086m £977m UK Insurance customer numbers 9.6 million 2025 2024 9.6m 8.8m ‌Our customer centricity, Motor operational excellence, disciplined cycle management, and growing Home, Travel and Pet businesses all combined to result in us welcoming 780,000 new customers, sustain our market-leading combined ratio and deliver £1.1 billion profit before tax, whilst having an industry leading Trustpilot customer rating of 4.5. In Motor, 2025 saw positive claims trends, with severity moderating and frequency improving. These trends translated into falling motor premiums, which is good news for motorists and demonstrates how highly competitive this market is. We welcomed the Government's motor taskforce's final report in December, which recognised this and the direct link between claims costs and motor premiums. The 2025 market dynamic of declining premiums and continued moderation of claims inflation required our disciplined pricing approach. We reduced prices slightly less than the market in the first half of the year, then kept prices broadly flat in the second half as market prices continued to decline. This, combined with continued growth through MultiCar and MultiCover, a focus on electric vehicles with a market share that is now 20%, and strong retention, enabled us to deliver a strong loss ratio, whilst growing modestly to the end of the year with 5.8 million Motor customers. We were pleased that we simultaneously delivered efficiency savings resulting in a reduced cost per risk, whilst maintaining very strong service levels, with overall NPS >55. This all culminated in an increased profit before tax of £1.1 billion for all UK Insurance. 2025 saw a step change for Other UK Personal Lines, as we proved we can replicate our UK Motor operational excellence in distribution, pricing, and claims management, to deliver good customer outcomes and sustainable profits. Across Pet, Home and Travel, we grew by 21% and now cover 3.8 million customers. This growth was both organic, with MultiCover a key driver for household, and inorganic with the successful completion of the More Than Home and Pet renewal migration. Turnover rose to £756 million, and profit before tax to £62.3 million, with record results in Home and Travel, and Pet achieving break-even just three years since its launch. We're pleased with this progress, in markets totalling £11 billion, we have top five market positions and are confident we can achieve top three market positions with market leading combined ratios. We continue to invest to further improve customer journeys and this has supported us to reach 1.6 million unique customers with two or more risks. We've built strong capability in predictive AI, accelerating machine learning model deployment in pricing and claims. In 2025, we laid good foundations in GenAI and Agentic AI to enhance our operational excellence. This includes completion of a wide range of proof of concepts and scaling some processes; call summarisation is now deployed to over a third of agents. Ongoing investments in cyber and operational resilience ensure we operate at a market-leading standard. The driving force of our business is our culture and people, we were extremely proud to be named a Great Place to Work ® for the 25th consecutive year, receiving a Legendary Status™ as a result. We were again listed in the Top Ten for both Great Places to Work ® , and for Great Places to Work ® for Women and were recognised at the Women in Technology Excellence Awards. 2025 has been another good year for UK Insurance. By remaining disciplined and customer focused, we have continued to grow profitably. Looking ahead, some uncertainty remains around near-term market dynamics, but our strong team and fundamentals give us a great platform to continue to provide value, trust, and ease for customers and in doing so, make the most of our opportunities for sustainable profitable growth in 2026 and beyond. UK Insurance financial performance £m 2025 2024 Turnover 1, 2 4,952.5 5,108.5 Total premiums written 1 4,586.3 4,745.2 Insurance revenue 4,221.6 3,873.4 Underwriting result 1 843.1 764.4 Net investment income 87.9 70.5 Co-insurer profit commission and net other revenue 155.3 141.8 UK Insurance profit before tax 1 1,086.3 976.7 Segment result: UK Insurance profit before tax 1 £m 2025 2024 Motor 1,024.0 955.1 Motor (Ogden -0.25%) 3 994.0 854.8 Household 54.4 34.1 Travel and Pet 7.9 (12.5) UK Insurance profit before tax 3 1,086.3 976.7 Segment performance indicators 1 million 2025 2024 Vehicles insured at period end 5.83 5.69 Households insured at period end 2.19 1.97 Travel and Pet policies at period end 1.56 1.14 Total UK Insurance risks 9.58 8.80 Alternative Performance Measures - refer to the end of this report for definition and explanation. Alternative Performance Measures - refer to note 14 for explanation and Group reconciliation to statutory income statement measures. For the year ended 31 December 2024, the result included a gain of £100 million related to the change in Personal injury discount rate ('Ogden') from -0.25% to +0.5%. The estimated impact of Ogden in 2025 is circa £30 million. Highlights for the UK Insurance business include: In UK Motor: Profit of £1,024.0 million, 7% higher than 2024 (£955.1 million), 16% higher when excluding the impact of the change in Ogden discount rate (£994.0 million vs. £854.8 million). Strong profitability from underwriting year 2024 continued to earn through combined with a disciplined approach to growth in 2025, resulting in a strong current year combined ratio A 2% increase in risks insured - modest growth with Admiral focusing on medium-term profitability in a more competitive market Turnover reduced by 7% due to rate reductions and a shift in sales mix from new business to renewals, leading to lower average premiums. In UK Household: Profit significantly increased to £54.4 million (2024: £34.1 million) - a result of higher insurance revenue following growth in 2024 and 2025, along with continued relatively benign weather, and lower quota share charges due to higher profit commission Continued growth in numbers of risks insured, of 11% to 2.19 million (31 December 2024: 1.97 million). In UK Travel and Pet Insurance: A combined profit for the first time (2025: £7.9 million profit vs. 2024: £12.5 million loss). Travel profits continue to grow, whilst Pet achieved a break even result Both businesses continued to grow their customer base and turnover through organic means and as a result of the More Than renewals in Pet. UK Motor Insurance financial review Insurance revenue increased, despite lower written premiums, as a result of the significant growth in 2024 continuing to earn through. The current year loss ratio remained strong following disciplined growth in a more competitive market, although the decrease in written premiums resulted in a higher written expense ratio. Quota share costs reduced in 2025, with underlying claims releases in 2024 resulting in a higher charge for the unwind of quota share assets on underwriting years 2021-2023. Favourable net investment income continues to be primarily driven by higher investment balances. £m 2025 2024 Turnover 1 4,196.9 4,495.9 Total premiums written 1, 2 3,860.2 4,157.7 Insurance premium revenue 1 3,306.2 3,160.5 Other insurance revenue 1 205.3 209.0 Insurance revenue 3,511.5 3,369.5 Insurance revenue net of XoL 2, 4 3,429.6 3,271.4 Insurance expenses 1, 2, 3 (600.2) (586.8) Insurance claims incurred net of XoL 2, 4 (2,283.9) (2,078.1) Insurance claims releases net of XoL 2, 4 310.4 374.6 Underwriting result, net of XoL reinsurance 855.9 981.1 Quota share reinsurance result 2, 3 (60.7) (228.8) Movement in onerous loss component net of reinsurance 2 - 1.1 Underwriting result 2 795.2 753.4 Investment income 183.2 150.0 Net insurance finance expenses (102.9) (83.4) Net investment income 80.3 66.6 Co-insurer profit commission 74.5 53.3 Other net income 74.0 81.8 UK Motor Insurance profit before tax 1,9 1,024.0 955.1 UK Motor Insurance profit before tax (Ogden -0.25%) 994.0 854.8 Segment performance indicators 2025 2024 Reported Motor loss ratio 1, 2, 5 57.5% 52.1% Reported Motor expense ratio 1, 2, 5 17.5% 17.9% Reported Motor combined ratio 1, 2, 5 75.0% 70.0% Reported Motor combined ratio (Ogden -0.25%) 1,2,9 75.6% 73.2% Reported Motor Insurance service margin 1, 2, 5 23.2% 23.0% Core Motor loss ratio before releases 1, 2, 6 72.8% 69.2% Core Motor claims releases 1, 2, 6 (10.0)% (12.7)% Core Motor loss ratio 1, 2, 6 62.8% 56.5% Core Motor expense ratio 1, 2, 6 17.7% 18.2% Core Motor combined ratio 1, 6 80.5% 74.7% Core Motor written expense ratio 1, 2, 7 18.4% 16.8% Vehicles insured at period end 1 2 5.83m 5.69m Other revenue per vehicle 2 8 £71 £76 Alternative Performance Measures - refer to the end of this report for definition and explanation. Alternative Performance Measures - refer to Appendix 1b for explanation and reconciliation to statutory income statement measures. Insurance expenses and quota share reinsurance result excludes gross and reinsurers' share of share scheme charges respectively. Share scheme charges are reported in Other Group Items. XoL refers to Excess of Loss (non-proportional) reinsurance; see glossary at end of report for further information. Reported Motor loss ratio, expense ratio and insurance service margin are all net of XoL, as defined in the glossary. Reconciliation in Appendix 1b. Core Motor loss ratio, expense ratio and combined ratio are all net of XoL, as defined in the glossary. Reconciliation in Appendix 1b. Core Motor written expense ratio defined as insurance expenses divided by core product written insurance premium, net of excess of loss reinsurance. Other revenue per vehicle includes other revenue included within insurance revenue. See 'Other Revenue' section for explanation. For the year ended 31 December 2024, the results include a gain of £100 million related to the change in the Ogden rate from -0.25% to 0.5%. The impact of Ogden continuing to earn through 2025 is circa £30 million. Claims Estimated claims inflation is stable, with Admiral's current estimate of average claims cost inflation for full-year 2025 being mid-single digits (2024: mid-to-high single digits). Admiral's observed claims frequency has marginally reduced. As usual, the longer-term impacts of inflation on bodily injury claims remain uncertain. Admiral did not observe material changes in inflation for bodily injury claims settled in 2025 when compared to 2024. A prudent allowance is held in the best estimate reserve to reflect potential impacts of higher than historic levels of future wage inflation on certain elements of large bodily injury claims reserves. There is still uncertainty within motor claims across the market arising from inflation, and future developments relating to economic, political and regulatory changes. The Ogden discount rate of +0.5%, as announced in December 2024, continues to be used within the best estimate reserves. Admiral continues to hold a significant and prudent risk adjustment above best estimate reserves, with the risk adjustment confidence level held at the 94th percentile in UK Motor (31 December 2024: 95th percentile) and at, or close to, the maximum across all lines of business. When setting the level of risk adjustment, due consideration has been given to the inherent uncertainty in bodily injury claims, the Group's ongoing assessment of uncertainty arising from internal and external factors and continued releases seen in recent periods in the UK motor book. There has been no significant change in the reserve risk distribution from which the percentile is selected since 2024. As reported in H1 2025, in line with the FCA's multi-firm review into UK Motor Insurance total loss claims valuations, Admiral has conducted a review of its total loss and related processes, considering current practice and customer outcomes in the recent past. Primarily as a result of certain internal processes failing to respond swiftly enough to evolving external factors, including significant volatility in used car prices in recent years, the review has concluded that some action is required in respect of total loss settlements covering the period 2019 to 2024. The estimated incremental claims cost of this action to Admiral (excluding statutory interest) is aligned to that reported in August 2025, at approximately £50 million, around half of which has been accounted for in 2025, the remainder in the previous financial year. For context, the cost represents approximately 3% of Motor total loss claims over the relevant period. Admiral started contacting impacted customers during H2 2025, and whilst noting uncertainty remains, does not expect the final cost of the action to vary materially from that noted above. The core Motor loss ratio has increased to 62.8% (2024 : 56.5%) with offsetting movements in the current period loss ratio and prior year reserve releases, as follows: Core Motor loss ratio 1, 2 Core motor loss ratio before releases Impact of claims reserve releases Core motor loss ratio FY 2024 69.2% (12.7%) 56.5% Prior period impact of Ogden change (-0.25% to +0.5%) 0.9% 2.7% 3.6% FY 2024 (excluding Ogden impact) 70.1% (10.0%) 60.1% Change in current period loss ratio 3.4% -% 3.4% FY 2025 (excluding Ogden impact) 73.5% (10.0%) 63.5% Impact of Ogden discount rate change (0.7%) -% (0.7%) FY 2025 72.8% (10.0%) 62.8% Core Motor loss ratio shown on a discounted basis, excluding unwind of finance expenses. Alternative Performance Measures - refer to Appendix 1b for explanation and reconciliation to statutory income statement measures. The core motor loss ratio before releases has remained strong in 2025 , with reduced average premiums leading to a modest increase of just over 3 percentage points, excluding the impact of Ogden. The benefit from prior-period releases includes both the positive development of the best estimate reserve and the unwind of risk adjustment for prior-period claims. Both the absolute value of releases and releases as a percentage of premium are lower than that observed in 2024, with higher releases on the best estimate in 2024 given the increase in Personal Injury ('Ogden') Discount Rate. Quota share reinsurance Admiral's quota share reinsurance result reflects the net movement on ceded premiums, reinsurer margins and expected recoveries (claims and expenses, excluding share scheme charges) for underwriting years on which quota share reinsurance is in place (2021 underwriting year onwards). The 'Group capital structure' section sets out further details on Admiral's UK Motor quota share arrangements. Quota share reinsurance result 1 £m 31 December 2025 31 December 2024 Quota share claims asset 31 December 2025 2022 and prior 2023 2024 2025 (34.6) (1.0) (21.9) (3.2) (111.2) (81.0) (36.6) - 52.0 - -39.4 Total (60.7) (228.8) 91.4 Quota share result in underwriting year 2025 includes a £15.3 million recharge for the reinsurer's assumed share scheme recoveries out of other Group costs in line with prior period (2024: £11.1 million). The significantly reduced quota share charge in 2025 is the result of: A lower quota share charge for the reinsurers' share of favourable developments on underwriting years 2021 and 2022, given lower comparative releases net of XoL in 2025 relative to 2024 excluding the impact of Ogden The charge on underwriting years 2023 and 2024 reflecting only the cost of the margin in 2025, given that these years are already profitable with no remaining quota share asset at year-end 2024. In 2024, the charges were significant, as a result of sharing the impact of favourable claims development A small charge in 2025, reflecting the cost of the margin offset by the recognition of a modest quota share asset on underwriting year 2025 due to the booked c...

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