Admiral Group Plc Full Year 2025 Results

About this update from Admiral Group Plc

[{"type":"image","alt":"Admiral Group PLC","displaySize":"","headline":null,"caption":"Admiral Group PLC","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":120,"url":"https://media.zenfs.com/en/globenewswire.com/6f703833e5248a6749af89ba5b59a35e"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/JDhlkWyI9.Rk6ZDoDkjBMQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTE2ODtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/6f703833e5248a6749af89ba5b59a35e","width":300,"height":120}},"lazy":false},{"type":"text","content":" 5 March 2026 ","length":12,"tagName":"p"},{"type":"text","content":" 2025 Results Highlights ","length":23,"tagName":"p"},{"type":"text","content":" Admiral Group reports record profits for 2025 with strong contributions from across the Group ","length":93,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:362px;border-top:solid black 1pt;border-bottom:solid black 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black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"Solvency ratio (post-dividend) 1 ","length":31,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"193%","length":4,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"203%","length":4,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"-10pts","length":6,"tagName":"p","attribs":{}}]}]}],"length":595},{"type":"text","content":" 1 Alternative Performance Measures – refer to the end of the report for definition and explanation. ","length":99,"tagName":"p"},{"type":"text","content":" 2 Re-presented on a continuing operations basis, to exclude the US Insurance result. ","length":84,"tagName":"p"},{"type":"text","content":"Over 13,000 employees will each receive free share awards worth up to £1,800 under the employee share schemes based on the full year 2025 results.","length":146,"tagName":"p"},{"type":"text","content":" Comment from Milena Mondini de Focatiis, Group Chief Executive Officer: ","length":71,"tagName":"p"},{"type":"text","content":"“2025 was an exceptional year for Admiral, reflecting the strength of our business model, our discipline and the quality of execution across the Group. We reported record profits, continued to grow our customer base and diversify our business, while maintaining momentum in how we invest and innovate.","length":301,"tagName":"p"},{"type":"text","content":"“The Group reported profit of £958 million, up 16 per cent, supported by customer growth of 7 per cent. UK Motor delivered an exceptional performance, surpassing £1 billion of profit, while our other UK personal lines, Admiral Money and European Motor operations together generated nearly £100 million of profit, with strong results in France and a rapid recovery in Italy.","length":373,"tagName":"p"},{"type":"text","content":"“Our focus on customers remains central. Investment in our digital journeys, app functionality and product development continue to improve everyday experiences for customers, underpinned by our customer promise of value, trust and ease. This is reflected in consistently strong service outcomes, and Group Net Promoter Scores above 50.","length":335,"tagName":"p"},{"type":"text","content":"“2025 was also a year of purposeful acceleration. We completed the integration of More Than, continued to enhance our product range and increased our investment in technology, data and artificial intelligence. We have established a GenAI Centre of Excellence to move from experimentation to scale, with early pilots showing encouraging signs of improved efficiency and enhanced customer outcomes.","length":396,"tagName":"p"},{"type":"text","content":"“In early 2026, we announced plans to acquire Flock, a fast‑growing, telemetry‑based digital fleet insurer. This reflects our intention to expand into attractive markets, where our data‑led approach and risk expertise can also support better safety and customer outcomes.","length":271,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"“As we refresh our strategy, our focus is on compounding Admiral’s strengths in data, technology, diversified products and operational excellence to drive greater efficiency, stronger customer retention and long‑term value creation, particularly through multi‑product relationships. Our strong financial position also provides flexibility to continue investing in the business and support future shareholder returns.","length":416,"tagName":"p"},{"type":"text","content":"“At the start of 2026, we announced that Geraint Jones will retire as Group CFO this summer. Geraint has made an outstanding contribution to Admiral and played a central role in shaping Admiral’s performance and culture. I am pleased he will continue to support the Group in a part-time role, and I look forward to working with Rachel Lewis, who will become Group CFO on 1 July 2026, bringing deep business knowledge, leadership and a proven track-record of delivery.","length":467,"tagName":"p"},{"type":"text","content":"“Admiral enters the next phase of its strategy in a position of strength. Our culture, people and disciplined approach remain central to everything that we do and I would like to thank our colleagues across the Group for their continued commitment to our customers and to each other.”","length":284,"tagName":"p"},{"type":"text","content":" Final Dividend ","length":14,"tagName":"p"},{"type":"text","content":"The Board has proposed a dividend of 90.0 pence per share (2024: 121.0 pence per share) representing a normal dividend (65% of post-tax profits) of 72.8 pence per share and a special dividend of 17.2 pence per share. The final dividend will be paid on 5 June 2026. The ex-dividend date is 7 May 2026, and the record date is 8 May 2026.","length":350,"tagName":"p"},{"type":"text","content":" Management presentation ","length":23,"tagName":"p"},{"type":"text","content":"Analysts and investors will be able to access the Admiral Group management presentation which commences at 10.00 GMT on Thursday 5 March 2026 by registering at the following link to attend the presentation in person, or access the presentation live via webcast or conference call: https://admiralgroup.co.uk/events/event-details/full-year-results-2025. A copy of the presentation slides will be available at the following link: Results, reports and presentations | Admiral Group Plc (www.admiralgroup.co.uk)","length":512,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:379px;vertical-align:bottom;","val":[{"type":"text","content":" Investors and Analysts: Admiral Group plc ","length":41,"tagName":"p","attribs":{}}]},{"style":"width:280px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:379px;vertical-align:bottom;","val":[{"type":"text","content":"Diane Michelberger","length":18,"tagName":"p","attribs":{}}]},{"style":"width:280px;vertical-align:bottom;","val":[{"type":"text","content":"[email protected]","length":37,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:379px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:280px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:379px;vertical-align:bottom;","val":[{"type":"text","content":" Media: Admiral Group plc ","length":24,"tagName":"p","attribs":{}}]},{"style":"width:280px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:379px;vertical-align:bottom;","val":[{"type":"text","content":"Addy Frederick","length":14,"tagName":"p","attribs":{}}]},{"style":"width:280px;vertical-align:bottom;","val":[{"type":"text","content":"[email protected]","length":33,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:379px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:280px;vertical-align:bottom;","val":[{"type":"text","content":"+44 (0) 7500 171 810","length":20,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:379px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:280px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:379px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:280px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:379px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:280px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:379px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:280px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":217},{"type":"text","content":" Chair Statement ","length":15,"tagName":"p"},{"type":"text","content":"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.","length":285,"tagName":"p"},{"type":"text","content":"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.","length":298,"tagName":"p"},{"type":"text","content":"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.","length":658,"tagName":"p"},{"type":"text","content":"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.","length":325,"tagName":"p"},{"type":"text","content":"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.","length":204,"tagName":"p"},{"type":"text","content":"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.","length":393,"tagName":"p"},{"type":"text","content":"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.","length":373,"tagName":"p"},{"type":"text","content":"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.","length":349,"tagName":"p"},{"type":"text","content":"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.","length":431,"tagName":"p"},{"type":"text","content":"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.","length":395,"tagName":"p"},{"type":"text","content":"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.","length":331,"tagName":"p"},{"type":"text","content":" Mike Rogers ","length":11,"tagName":"p"},{"type":"text","content":" Group Chair ","length":11,"tagName":"p"},{"type":"text","content":" 4 March 2026 ","length":17,"tagName":"p"},{"type":"text","content":" Group Chief Executive Officer’s Review ","length":38,"tagName":"p"},{"type":"text","content":"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.","length":257,"tagName":"p"},{"type":"text","content":"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.","length":193,"tagName":"p"},{"type":"text","content":"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.","length":344,"tagName":"p"},{"type":"text","content":"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%.","length":171,"tagName":"p"},{"type":"text","content":"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.","length":381,"tagName":"p"},{"type":"text","content":"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.","length":441,"tagName":"p"},{"type":"text","content":"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.","length":182,"tagName":"p"},{"type":"text","content":"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.","length":487,"tagName":"p"},{"type":"text","content":"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.","length":255,"tagName":"p"},{"type":"text","content":"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.","length":291,"tagName":"p"},{"type":"text","content":"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.","length":281,"tagName":"p"},{"type":"text","content":"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.","length":502,"tagName":"p"},{"type":"text","content":"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.","length":342,"tagName":"p"},{"type":"text","content":"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.","length":312,"tagName":"p"},{"type":"text","content":"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 below, 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.","length":679,"tagName":"p"},{"type":"text","content":"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.","length":602,"tagName":"p"},{"type":"text","content":"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.","length":225,"tagName":"p"},{"type":"text","content":"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.","length":165,"tagName":"p"},{"type":"text","content":"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.","length":197,"tagName":"p"},{"type":"text","content":"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.","length":307,"tagName":"p"},{"type":"text","content":" Milena Mondini de Focatiis ","length":26,"tagName":"p"},{"type":"text","content":" Group Chief Executive Officer ","length":29,"tagName":"p"},{"type":"text","content":" 4 March 2026 ","length":17,"tagName":"p"},{"type":"text","content":" Group Strategy refresh ","length":22,"tagName":"p"},{"type":"text","content":"The Group has announced a refreshed strategy, to accelerate value creation using the strong platforms we have built and invested in. Our strategy is based on three pillars:","length":172,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Scaling selectively and profitably by continuing to grow our UK Motor business with discipline, while driving improved margins in our newer lines","length":145,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Future-proofing our competitive advantage by leveraging our cost-effective operations and investment in data along with ongoing customer focus, GenAI adoption and automation, to increase customer lifetime value, providing greater resilience and flexibility","length":256,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Amplifying the Admiral DNA by evolving our culture, developing our people and taking actions that positively impact our communities. ","length":132,"tagName":"p","attribs":{}}]}],"tagName":"ol","bulletedList":false,"length":533},{"type":"text","content":"Further details are provided in the Group’s 2025 Annual Report and Accounts.","length":76,"tagName":"p"},{"type":"text","content":" Group Chief Financial Officer’s Review ","length":38,"tagName":"p"},{"type":"text","content":"After setting a pretty high bar in 2024, Admiral’s 2025 results exceeded (sometimes significantly) those of the prior year in practically all aspects.","length":155,"tagName":"p"},{"type":"text","content":"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.","length":842,"tagName":"p"},{"type":"text","content":"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!","length":421,"tagName":"p"},{"type":"text","content":"Looking in a bit more detail at the results:","length":44,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:266px;vertical-align:bottom;","val":[{"type":"text","content":" £m ","length":2,"tagName":"p","attribs":{}}]},{"style":"width:131px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 2025 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1pt;text-align:right;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":" -70 ","length":3,"tagName":"p","attribs":{}}]}]}],"length":213},{"type":"text","content":" 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. ","length":192,"tagName":"p"},{"type":"text","content":"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).","length":571,"tagName":"p"},{"type":"text","content":"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.","length":295,"tagName":"p"},{"type":"text","content":"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.","length":624,"tagName":"p"},{"type":"text","content":"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.","length":277,"tagName":"p"},{"type":"text","content":"More detailed comments on performance follow throughout the report.","length":67,"tagName":"p"},{"type":"text","content":" Internal model ","length":14,"tagName":"p"},{"type":"text","content":"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.","length":275,"tagName":"p"},{"type":"text","content":"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.","length":193,"tagName":"p"},{"type":"text","content":" Capital return change ","length":21,"tagName":"p"},{"type":"text","content":"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.","length":647,"tagName":"p"},{"type":"text","content":"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.","length":470,"tagName":"p"},{"type":"text","content":" Signing off ","length":11,"tagName":"p"},{"type":"text","content":"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.","length":626,"tagName":"p"},{"type":"text","content":"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!","length":256,"tagName":"p"},{"type":"text","content":" Geraint Jones ","length":13,"tagName":"p"},{"type":"text","content":" Group Chief Financial Officer ","length":29,"tagName":"p"},{"type":"text","content":" 4 March 2026 ","length":17,"tagName":"p"},{"type":"text","content":" 2025 Group Overview ","length":19,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:412px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" £m ","length":2,"tagName":"p","attribs":{}}]},{"style":"width:61px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 2025 ","length":4,"tagName":"p","attribs":{}}]},{"style":"width:67px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 2024 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","length":99,"tagName":"p"},{"type":"text","content":" 2 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. ","length":494,"tagName":"p"},{"type":"text","content":" 3 Alternative Performance Measures – refer to note 14 for explanation and reconciliation to statutory income statement measures. ","length":128,"tagName":"p"},{"type":"text","content":" 4 Definition: nm – not meaningful. ","length":34,"tagName":"p"},{"type":"text","content":" 5 Reported on a continuing basis only. 2024 comparatives are re-presented to exclude the US Insurance result following its sale. ","length":128,"tagName":"p"},{"type":"text","content":" 6 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. ","length":276,"tagName":"p"},{"type":"text","content":" Group highlights ","length":16,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Group continuing operations pre-tax profit was £957.9 million, 16% higher than 2024, with improved results reported across all segments","length":135,"tagName":"p"}]},{"val":[{"type":"text","content":"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","length":213,"tagName":"p"}]},{"val":[{"type":"text","content":"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","length":149,"tagName":"p"}]},{"val":[{"type":"text","content":"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","length":264,"tagName":"p"}]},{"val":[{"type":"text","content":"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","length":239,"tagName":"p"}]},{"val":[{"type":"text","content":"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","length":172,"tagName":"p"}]},{"val":[{"type":"text","content":"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. ","length":268,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1440,"olType":false},{"type":"text","content":" Sale of Elephant ","length":16,"tagName":"p"},{"type":"text","content":"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.","length":548,"tagName":"p"},{"type":"text","content":" Earnings per share ","length":18,"tagName":"p"},{"type":"text","content":"Earnings per share for continuing operations for 2025 were 247.4 pence (2024: 212.8 pence). 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Excluding the impact of Ogden in both years, return on equity was broadly flat.","length":161,"tagName":"p"},{"type":"text","content":" Dividends ","length":9,"tagName":"p"},{"type":"text","content":"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.","length":284,"tagName":"p"},{"type":"text","content":"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.","length":327,"tagName":"p"},{"type":"text","content":"The Board has proposed a final dividend of 90.0 pence per share (approximately £274.6 million) splits as follows:","length":118,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"72.8 pence per share normal dividend","length":36,"tagName":"p"}]},{"val":[{"type":"text","content":"A special dividend of 17.2 pence per share.","length":43,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":79,"olType":false},{"type":"text","content":"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.","length":433,"tagName":"p"},{"type":"text","content":"The 2025 final dividend payment date is 5 June 2026, ex-dividend date 7 May 2026, and record date 8 May 2026.","length":129,"tagName":"p"},{"type":"text","content":" UK Insurance Review – Alistair Hargreaves, CEO UK Insurance ","length":59,"tagName":"p"},{"type":"text","content":"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.","length":350,"tagName":"p"},{"type":"text","content":"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.","length":395,"tagName":"p"},{"type":"text","content":"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.","length":872,"tagName":"p"},{"type":"text","content":"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.","length":230,"tagName":"p"},{"type":"text","content":"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.","length":637,"tagName":"p"},{"type":"text","content":"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.","length":366,"tagName":"p"},{"type":"text","content":"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.","length":265,"tagName":"p"},{"type":"text","content":"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.","length":367,"tagName":"p"},{"type":"text","content":"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.","length":456,"tagName":"p"},{"type":"text","content":" UK Insurance financial performance ","length":34,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:499px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" £m ","length":2,"tagName":"p","attribs":{}}]},{"style":"width:80px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 2025 ","length":4,"tagName":"p","attribs":{}}]},{"style":"width:80px;border-top:solid black 1pt;border-bottom:solid black 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","length":100,"tagName":"p"},{"type":"text","content":" 2 Alternative Performance Measures – refer to note 14 for explanation and Group reconciliation to statutory income statement measures. ","length":134,"tagName":"p"},{"type":"text","content":" 3 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. ","length":238,"tagName":"p"},{"type":"text","content":" Highlights for the UK Insurance business include: ","length":49,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" In UK Motor: ","length":12,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"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). 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