Half-year Financial Report

About this update from Admiral Group Plc

[{"type":"text","content":"\n\n \n \n\n Half-year Financial Report \n\n 6 August 2026 2026 Interim Results Highlights Admiral Group reports good H1 2026 results and continued growth   Six months ended:     30 June 2026 30 June 2025 % change vs. 2025 Group profit before tax from continuing operations £429.2m £521.0m -18% Earnings per share from continuing operations 109.0p 132.5p -18%         Interim dividend per share 70.5p 115.0p -39% Share buyback 3 £45.0m — nm 4 Total Shareholder distributions 1 £258.8m £348.9m -26% Return on equity 1 45% 57% -12pts         Group turnover 1 £3.11bn £3.10bn —% Insurance revenue £2.44bn £2.47bn -1%         Group risks 1 12.03m 11.42m +5% UK insurance risks 1 9.73m 9.30m +5% European insurance risks 1 2.01m 1.91m +5% Admiral Money gross loan balances 2 £1.88bn £1.35bn +39%         Solvency ratio (post-dividend and share buyback) 1 190% 194% -4pts 1 Alternative Performance Measures – refer to the end of the report for definition and explanation. 2 Admiral Money gross loan balances as at 30 June 2025 re-presented to include secured homeowner loans previously presented in the ‘Other’ segment. 3 Share buyback declared based on current period result: purchases and cancellations to start shortly post announcement 4 Definition: nm – not meaningful. Over 13,000 employees will each receive free share awards worth up to £1,800 under the employee share schemes based on the interim 2026 results. Comment from Milena Mondini de Focatiis, Group Chief Executive Officer “We have delivered good results in the first half of the year with continued growth in customer numbers and progress across our strategic objectives. We are announcing a Group profit of £429m and now serve more than 12 million customers, underpinned by our focus on being the insurer of choice for the greatest number of people through competitively priced products and great service. “Against more challenging market conditions, we are pricing for long-term sustainable growth with our UK Motor business having increased rates earlier than the market, following a softer period in the cycle. We are proud of our continued profitable growth in our other UK personal lines and European insurance businesses, and Admiral Money. In addition, the acquisition of Flock is complete and integration is progressing well. “Recent geopolitical and climate-related events have highlighted the value of the products that we offer. We have helped customers impacted by the conflict in the Middle East and those affected by the floods and recent heatwaves which are becoming more frequent. We are also supporting those transitioning to greener vehicles and newer forms of mobility. We have seen a 27 per cent increase in our EV book year-on-year and increased demand for our free subscription service designed to help with the costs of EV ownership. “We are investing in our technology and people, with conversational chat, voice, and WhatsApp agents, and automated document processing tools enhancing the customer experience and boosting colleagues’ efficiency. We were the first signatory of the HM Treasury and Financial Services Skills Commission compact as we are committed to upskilling and reskilling our people as our ways of working evolve. “The strong fundamentals of our business remain unchanged. I am confident that our relentless focus on our growing customer base, and being efficient and adaptable mean that we are well-positioned to deliver on our growth ambitions.” Dividend and Share buyback The Board has declared an interim dividend of 70.5 pence per share (2025 interim: 115.0 pence per share) representing a normal dividend of 65% of post-tax profits, and, in addition, a share buyback of £45 million, resulting in total shareholder distributions relating to H1 earnings of £258.8 million. The interim dividend will be paid on 2 October 2026. The ex-dividend date is 3 September 2026, and the record date is 4 September 2026. The share buyback will commence shortly. Management presentation Analysts and investors will be able to access the Admiral Group management presentation which commences at 09:30 BST on Thursday 6 August 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/2026-half-year-results. A copy of the presentation slides will be available at the following link: Results, reports and presentations | Admiral Group Plc (www.admiralgroup.co.uk) Investors and Analysts: Admiral Group plc   Diane Michelberger [email protected]     Media: Admiral Group plc   Addy Frederick [email protected]   +44 (0) 7500 171 810            Media: FTI Consulting   Edward Berry +44 (0) 7703 330 199 Tom Blackwell +44 (0) 7747 113 919 H1 2026 Group Overview £m 30 June 2026 30 June 2025 % change vs. 2025 Group turnover 1 3 5 £3.11bn £3.10bn —% Net insurance and investment result 5 396.8 469.1 -15% Net interest income from financial services 51.3 41.5 +24% Other income and expenses (7.3) 22.4 nm 4 Operating profit 5 440.8 533.0 -17% Group profit before tax from continuing operations 429.2 521.0 -18% Group profit before tax from discontinued operations — (4.9) nm 4 Group profit before tax 429.2 516.1 -17%         Analysis of profit       UK Insurance 485.0 584.4 -17% European Insurance 17.2 (0.6) nm 4 European Insurance - Motor 6 18.1 0.8 nm 4 European Insurance - Other (0.9) (1.4) +36% Admiral Money 7 13.3 12.5 +6% Other 7 (86.3) (75.3) -15% Group profit before tax from continuing operations 5 429.2 521.0 -18%         Key metrics       Reported Group loss ratio 1 2 5 57.3% 57.4% -0.1pts Reported Group expense ratio 1 2 5 21.2% 20.3% +0.9pts Reported Group combined ratio 1 2 5 78.5% 77.7% +0.8pts Insurance service margin 1 2 5 15.7% 18.8% -3.1pts Group risks (million) 1 5 12.03 11.42 +5%         Earnings per share 109.0p 130.9p -17% Earnings per share from continuing operations 109.0p 132.5p -18% Dividend per share 70.5p 115.0p -39% Total Shareholder distributions 1 258.8 348.9 -26% Return on equity 1 45% 57% -12pts Solvency ratio (post dividend and share buyback) 1 190% 194% -4pts 1 Alternative Performance Measures – refer to the end of the report for definition and explanation. 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 income 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. 3 Alternative Performance Measures – refer to note 14 for explanation and reconciliation to statutory income statement measures. 4 Definition: nm – not meaningful. 5 Reported on a continuing basis only. 6 European Motor results for H1 2026 include a one-off gain of £13.1 million, being the impact of deferring acquisition costs for new groups of contracts in 2026, partially offset by a resulting onerous loss component, and a reduction in commission income due to a change in the earning profile. 7 H1 2025 results re-presented to include the results of the secured homeowner loans product, previously included within the ‘Other’ segment. Group highlights Group risks increased by 5% to 12.0 million, with UK Motor broadly stable and 10% growth outside UK Motor Turnover was flat H1 on H1 - good growth in Other personal lines of 11% was offset by a 5% reduction in UK Motor turnover as average premiums reduced Group continuing operations pre-tax profit was £429.2 million, 18% lower than a record first half of 2025, and in line with H2 2025, driven by UK Motor as a result of lower earned premiums following rate reductions during H1 2025, and higher quota share reinsurance charges Pre-tax profits across UK Household, Travel and Pet Insurance of £28.1 million (H1 2025: £25.1 million) with continued growth in the number of risks insured, and a strong combined ratio The European Insurance business recognised a profit of £17.2 million, £4.1m excluding one-off benefits from deferring acquisition costs, vs a H1 2025 loss of £0.6 million, with 5% customer growth and improvements in combined ratio Admiral Money profit remained strong at £13.3 million (H1 2025: £12.5 million), with good growth and positive credit performance. Gross loan balances increased by 39% year-on-year Completion of the acquisition of Flock, with integration progressing well Strong solvency ratio of 190% (H1 2025: 194%) with stable capital generation in the period (vs H1 2025) offset by the impact of the Flock acquisition and employee share scheme purchases Earnings per share Earnings per share for continuing operations for H1 2026 were 109.0 pence (H1 2025: 132.5 pence). The decrease from H1 2025 is aligned to the decrease in pre-tax profit. Return on equity Return on equity was 45% for H1 2026, 12 points lower than the 57% reported for H1 2025. The decrease is the result of the lower post-tax profits. Dividends and Share buyback As announced in March 2026, and set out in the 2025 Annual Report, the Group’s revised approach to shareholder distributions is to: Pay a normal dividend equal to 65% of post-tax profits for the period Pay either a special dividend or buy back and cancel shares to the value of surplus economic capital available at the dividend calculation date (considering Group solvency, buffers and required purchases of shares for the Group’s employee share scheme plans). The Board has declared £259 million of capital distributions to shareholders, equating to a 79% payout ratio of post-tax profits for the period, comprised of: a normal dividend of 70.5 pence per share, equal to 65% of post-tax profits a share buyback of £45.0 million relating to H1 2026 results The capital distributions, including the purchase of 1.5 million shares for employee share schemes made in H1 2026 (£50.6 million), equate to 94% of H1 2026 post-tax profits. The normal dividend of 70.5 pence per share is 18% lower than the 2025 interim normal dividend, in line with the lower earnings per share. It is 39% lower than the total interim 2025 dividend (115.0 pence per share), reflective of share purchases for employee share plans, and share buyback which will commence shortly. The 2026 interim dividend payment date is 2 October 2026, ex-dividend date 3 September 2026, and record date 4 September 2026. UK Insurance financial performance £m 30 June 2026 30 June 2025 31 December 2025 Turnover 1 2,544.1 2,654.3 4,952.5 Total premiums written 1 2,373.7 2,461.7 4,586.3 Insurance revenue 2,022.8 2,109.4 4,221.6 Underwriting result 1 357.3 458.2 843.1 Net investment income 41.1 44.7 87.9 Co-insurer profit commission and net other revenue 86.6 81.5 155.3 UK Insurance profit before tax 1 485.0 584.4 1,086.3 Segment result: UK Insurance profit before tax 1 £m 30 June 2026 30 June 2025 31 December 2025 Motor 456.9 559.3 1,024.0 Household 24.9 25.2 54.4 Travel and Pet 3.2 (0.1) 7.9 UK Insurance profit before tax 2 485.0 584.4 1,086.3 Segment performance indicators 1   30 June 2026 30 June 2025 31 December 2025 Vehicles insured at period end 5.77m 5.75m 5.83m Households insured at period end 2.21m 2.14m 2.19m Travel and Pet policies at period end 1.75m 1.41m 1.56m Total UK Insurance risks 9.73m 9.30m 9.58m 1 Alternative Performance Measures – refer to the end of this report for definition and explanation. 2 The estimated impact of the change in Personal injury discount rate (‘Ogden) from -0.25% to +0.5% for the year ended 31 December 2025, was a gain of circa £30 million, estimated £15 million during H1 2025. Highlights for the UK Insurance business include: In UK Motor: Profit of £456.9 million, 18% lower than H1 2025 (£559.3 million), though in line with H2 2025. The underwriting result was lower, reflective of a decrease in earned premiums following rate reductions over the first half of 2025, and higher quota share reinsurance charges Risks insured were in line with 30 June 2025, and were 1% down from year-end, with Admiral remaining disciplined and focussed on medium-term profitability through rate increases in H1 2026 Turnover fell 5% compared to H1 2025, primarily due to a shift in sales mix from new business to renewals leading to lower average premiums In UK Household: Continued growth in risks insured of 3% to 2.21 million (30 June 2025: 2.14 million). Turnover was 3% lower at £268.6 million (H1 2025: £276.4 million), with Admiral maintaining pricing discipline through rate increases in H1 2026, as rates reduced across the market Profit of £24.9 million in line with H1 2025 (£25.2 million), with an improved underwriting result offset by higher reinsurance charges due to lower profit commission on the 2025 underwriting year In UK Travel and Pet Insurance: Both business lines continued to grow customer bases and turnover Travel increased its profits compared to H1 2025, despite the adverse impact of the conflict in the Middle East, whilst Pet was broadly break even, balancing growth and margins in a more competitive market UK Motor Insurance financial review UK Motor reported a profit of £456.9 million, 18% lower than H1 2025 (£559.3 million), as a result of lower insurance revenue following rate reductions seen during H1 2025. Profits were broadly flat versus H2 2025. The reduction in average premiums leads to a higher incurred loss ratio, and expense ratio (despite absolute expenses being broadly flat), with the increase in current period combined ratio being partially offset by higher claims reserve releases. Quota share costs in H1 2026 reflect both the cost of the margin on current underwriting years, and the unwind of assets on underwriting years 2022 and 2025. The charge was higher in H1 2026 (£79.9 million vs H1 2025: £56.5 million) as it included an unwind of the majority of the asset held at YE 2025 on underwriting year 2025, with no corresponding charge in H1 2025 given the early, strong profitability of underwriting year 2024. £m 30 June 2026 30 June 2025 31 December 2025 Turnover 1 2,147.3 2,268.7 4,196.9 Total premiums written 1 2 1,991.7 2,092.1 3,860.2 Insurance premium revenue 1 1,559.3 1,666.1 3,306.2 Other insurance revenue 1 89.5 109.1 205.3 Insurance revenue 1,648.8 1,775.2 3,511.5 Insurance revenue net of XoL 2 4 1,617.9 1,729.5 3,429.6 Insurance expenses 1 2 3 (296.6) (289.4) (600.2) Insurance claims incurred net of XoL 2 4 (1,151.0) (1,139.3) (2,283.9) Insurance claims releases net of XoL 2 4 247.3 197.0 310.4 Underwriting result, net of XoL reinsurance 417.6 497.8 855.9 Quota share reinsurance result 2 3 (79.9) (56.5) (60.7) Underwriting result 2 337.7 441.3 795.2 Investment income 90.7 91.5 183.2 Net insurance finance expenses (53.9) (50.8) (102.9) Net investment income 36.8 40.7 80.3 Co-insurer profit commission 44.8 39.1 74.5 Other net income 37.6 38.2 74.0 UK Motor Insurance profit before tax 1 7 456.9 559.3 1,024.0 Segment performance indicators   30 June 2026 30 June 2025 31 December 2025 Reported Motor loss ratio 1 2 5 55.9% 54.5% 57.5% Reported Motor expense ratio 1 2 5 18.3% 16.7% 17.5% Reported Motor combined ratio 1 5 74.2% 71.2% 75.0% Reported Motor Insurance service margin 1 2 5 20.9% 25.5% 23.2% Core Motor loss ratio before releases 1 2 5 77.6% 72.3% 72.8% Core Motor claims releases 1 2 5 (17.3)% (12.6)% (10.0)% Core Motor loss ratio 1 2 5 60.3% 59.7% 62.8% Core Motor expense ratio 1 2 5 18.5% 16.9% 17.7% Core Motor combined ratio 1 5 78.8% 76.6% 80.5% Core Motor written expense ratio 1 5 17.6% 16.3% 18.4% Vehicles insured at period end 1 5.77m 5.75m 5.83m Other revenue per vehicle 6 £68 £77 £71 1 Alternative Performance Measures – refer to the end of this report for definition and explanation. 2 Alternative Performance Measures – refer to Appendix 1b for explanation and reconciliation to statutory income statement measures. 3 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. 4 XoL refers to Excess of Loss (non-proportional) reinsurance; see glossary at end of report for further information. 5 Reported and Core Motor loss ratio, expense ratio and Core Motor written expense ratio are all net of XoL. Definitions for these measures, along with insurance service margin, are provided in the glossary. 6 Other revenue per vehicle includes other revenue included within insurance revenue. See ‘Other Revenue’ section for explanation. 7 For the year ended 31 December 2025, the results include a gain of circa £30 million (H1 2025: approximately £15 million) related to the change in Ogden rate. Claims Claims inflation was stable, with Admiral's current estimate of average claims cost inflation for full-year 2026 being consistent with full-year 2025 at 5% - 7%. Observed claims frequency is flat in the period. 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 2026, when compared to 2025. 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, as well as the impact of potential future higher inflation on all claims types arising from the conflict in the Middle East, and other economic and geopolitical changes. Admiral’s review of total loss and related processes, and resulting actions in respect of past claims, is complete, with the final cost being aligned to that previously reported. Admiral continues to hold a significant and prudent risk adjustment above best estimate reserves, with the UK Motor risk adjustment confidence level at the 93rd percentile, a modest reduction from the 94th percentile at 31 December 2025 (95th percentile at 30 June 2025) in line with management’s intention to move towards the middle of its stated corridor (85th to 95th percentile) over time. 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 the level of releases seen in recent periods in the UK motor book. There has been no significant change in the volatility of the reserve risk distribution from which the percentile is selected since 2025. The core Motor loss ratio is broadly flat at 60.3% (H1 2025: 59.7%), 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 H1 2025 72.3% (12.6)% 59.7% Change in current period loss ratio 5.3% —% 5.3% Change in claims reserve release —% (4.7)% (4.7)% H1 2026 77.6% (17.3)% 60.3% 1 Core Motor loss ratio shown on a discounted basis, excluding unwind of finance expenses. 2 Alternative Performance Measures – refer to Appendix 1b for explanation and reconciliation to statutory income statement measures The H1 2025 core loss ratio before releases of 72.3% includes a benefit of just under 1 percentage point related to the change in Ogden rate. The rate reductions over the course of the second half of 2024 and first half of 2025, and resulting lower earned premium, is the main driver of the remaining increase in the current period loss ratio. The benefit from prior-period releases includes both the positive development of the best estimate reserves and the unwind of risk adjustment for prior-period claims. The absolute value of releases is higher in H1 2026, due to both increased best estimate releases, and the reduction in risk adjustment percentile (94th to 93rd), which together with lower earned premium result in releases as a percentage of premium increasing to 17.3% (H1 2025: 12.6%). 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 (2022 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 30 June 2026 30 June 2025 31 December 2025 Quota share claims asset 30 June 2026 2023 and prior (19.6) (25.3) (35.6) 36.0 2024 (2.2) (17.0) (21.9) — 2025 (49.7) (14.2) (3.2) 6.4 2026 (8.4) — — 6.1 Total (79.9) (56.5) (60.7) 48.5 1 Quota share result in underwriting year 2026 includes an £8.2 million recharge for the reinsurer’s assumed share scheme recoveries out of other Group costs in line with prior period (H1 2025: £7.6 million) The quota share charge in H1 2026 primarily comprises the reversal of quota share recoveries previously recognised on underwriting years 2022 and 2025 following favourable development in the underlying loss ratios, along with the cost of the earning of the reinsurer margin on the most recent underwriting years. The total charge is higher in H1 2026 as a result of the unwinding of the majority of the quota share asset on underwriting year 2025 in the period, with there being no corresponding charge in H1 2025 because there was no quota share asset remaining on underwriting year 2024 at the end of 2024 due to its early, strong profitability. A quota share asset remains on underwriting year 2022, as well as small assets on the most recent underwriting years due to higher booked loss ratios on those years in line with Admiral’s prudent reserving philosophy. Co-insurer profit commission Co-insurer profit commission of £44.8 million is higher than in H1 2025 (£39.1 million). In H1 2026, in line with H1 2025, underwriting year 2024 contributes the majority of profit commission recognised. This is the result of both continued strong favourable development of the 2024 underwriting year, but also favourable development on the combined ratio for underwriting years 2021 - 2022 where losses carried forward in line with contractual clauses have reduced such that profit commission has now started to be recognised on the 2023 year. The combined ratio is not yet low enough to recognise profit commission on underwriting years 2021 - 2022, or, in line with Admiral’s normal cautious approach, underwriting year 2026 given its early stage of development. Net investment income Net investment income decreased to £36.8 million from £40.7 million in H1 2025, with favourable underlying investment income and continued increases in net insurance finance expenses. Investment income was broadly flat at £90.7 million (H1 2025: £91.5 million). Excluding the impact of a one-off credit in H1 2025 in relation to the reversal of impairment charges, underlying investment income continued to increase due to both higher investment balances and a small increase in yields. Further information on the Group’s investment portfolio and the income generated in the period is provided later in the report. Net insurance finance expenses reflect the unwind of the discounting benefit recognised when claims are initially incurred. The expense has continued to increase in H1 2026 (£53.9 million; H1 2025 £50.8 million), in line with the growth in the claims reserves. A significant proportion of the insurance finance expense in H1 2026 relates to claims incurred during 2024 and 2025. Other revenue Admiral generates other revenue from a portfolio of insurance products that complement the core motor insurance product, and also fees generated over the life of the policy. The most material contributors to other revenue continue to be: Profit earned from Motor policy upgrade products underwritten by Admiral, including breakdown, car hire and personal injury covers Revenue from other insurance products, not underwritten by Admiral Fees such as administration and cancellation fees Interest charged to customers paying for cover in instalments. Overall contribution decreased to £148.9 million (H1 2025: £174.0 million), due to both reduced instalment income, reflecting the lower earned premiums in the period and a small decrease in the annual percentage rate (APR) charged for this payment method, along with a slightly higher combined ratio (and therefore lower margin) on underwritten ancillary products. Other revenue was equivalent to £68 per vehicle (gross of costs) (H1 2025: £77), with net other revenue per vehicle at £54 per vehicle, (H1 2025: £62) both down compared to H1 2025 in line with the lower contribution. UK Motor Insurance other revenue £m 30 June 2026   Within underwriting result Other net income Total Premium and revenue from additional products and fees 1 83.5 47.2 130.7 Instalment income and administration fees 2 89.5 18.9 108.4 Other revenue 173.0 66.1 239.1 Claims costs and allocated expenses 3 (61.7) (28.5) (90.2) Net other revenue 111.3 37.6 148.9 Other revenue per vehicle 4     £68 Other revenue per vehicle net of internal costs     £54         £m 30 June 2025   Within underwriting result Other net income Total Premium and revenue from additional products and fees 1 75.3 44.7 120.0 Instalment income and administration fees 2 109.1 22.8 131.9 Other revenue 184.4 67.5 251.9 Claims costs and allocated expenses 3 (48.6) (29.3) (77.9) Net other revenue 135.8 38.2 174.0 Other revenue per vehicle 4     £77 Other revenue per vehicle net of internal costs     £62         £m 31 December 2025   Within underwriting result Other net income Total Premium and revenue from additional products and fees 1 157.9 88.0 245.9 Instalment income and administration fees 2 205.3 43.2 248.5 Other revenue 363.2 131.2 494.4 Claims costs and allocated expenses 3 (103.9) (57.2) (161.1) Net other revenue 259.3 74.0 333.3 Other revenue per vehicle 4     £71 Other revenue per vehicle net of internal costs     £58 1 Premium from underwritten ancillaries is recognised within the insurance service result (underwriting result). Other income from non-underwritten products and fees is included within other net income, below the underwriting result but part of the insurance segment result. 2 Instalment income and administration fees are recognised within insurance revenue (% aligned to Admiral’s share of premium, net of co-insurance) and other revenue (% aligned to co-insurance share of premium). 3 Claims costs relating to underwritten ancillary products, along with an allocation of related expenses, are recognised within the insurance result. Expenses allocated to the generation of revenue from non-underwritten ancillaries are recognised within other net income. 4 Other revenue per vehicle (before internal costs) divided by average active vehicles, rolling 12-month basis. Presented here based on all ancillary income. UK Household Insurance financial review £m   30 June 2026 30 June 2025 31 December 2025 Turnover 1 268.6 276.4 538.3 Total premiums written 1 253.8 260.4 508.9 Insurance revenue 262.4 253.8 521.0 Insurance revenue net of XoL 1 249.1 240.8 494.6 Insurance expenses 1 (61.2) (56.4) (114.0) Insurance claims incurred net of XoL 1 (159.6) (159.7) (321.3) Insurance claims releases net of XoL 1 26.2 14.1 19.2 Underwriting result, net of XoL reinsurance 1 54.5 38.8 78.5 Quota share reinsurance result 1 3 (35.9) (20.3) (35.3) Underwriting result 1 18.6 18.5 43.2 Net investment income 2.1 2.5 4.6 Other income 4.2 4.2 6.6 UK Household Insurance profit before tax 1 24.9 25.2 54.4 Segment performance indicators   30 June 2026 30 June 2025 31 December 2025 Reported Household loss ratio 1 2 53.6% 60.5% 61.1% Reported Household expense ratio 1 2 24.6% 23.4% 23.0% Reported Household combined ratio 1 78.2% 83.9% 84.1% Household insurance service margin 1 2 7.5% 7.7% 8.7% Household loss ratio before releases 1 64.1% 66.4% 65.0% (Favourable) impact of weather on reported loss ratio vs budget 4 (7.1)% (1.2)% (1.0)% Households insured at period end 2.21m 2.14m 2.19m 1 Alternative Performance Measures – refer to the end of this report for definition and explanation. 2 Alternative Performance Measures – refer to Appendix 1c for explanation and reconciliation to statutory income statement measures 3 Quota share reinsurance result within the segment result excludes reinsurers’ share of share scheme costs. 4 Weather impact, being the combined impact of claims related to freeze, flood, storm and subsidence, is disclosed relative to a budget expectation. The UK Household Insurance business reported ongoing growth in the number of homes insured, which increased 3% to 2.21 million (30 June 2025: 2.14 million), due to strong retention and growth through the new More Than brand. Turnover fell by 3% to £268.6 million (H1 2025: £276.4 million), driven by the softening market over the past year, with Admiral maintaining discipline and increasing rates in H1 2026. Profit before tax for the period was flat at £24.9 million (H1 2025: £25.2 million), with a favourable underlying insurance result offset by higher quota share reinsurance costs. The overall impact of weather in H1 2026 was more benign than H1 2025, being below a budget expectation and creating a net benefit to the reported loss ratio of 7.1% (H1 2025: 1.2%, FY 2025 1.0%). When normalising for the favourable impact of weather, the reported loss ratio for the period is 60.7%, compared to 61.7% in H1 2025, with the outperformance the result of higher prior year reserve releases (£26.2 million vs £14.1 million in H1 2025). The prior period releases in H1 2025 were dampened by adverse movements in subsidence reserves, with H1 2026 also benefitting from a modest reduction in risk adjustment uplift. H1 2026 also saw a higher charge for quota share reinsurance (£35.9 million compared to H1 2025: £20.3 million) due to lower profit commission recognised on underwriting year 2025 relative to underwriting year 2024 in H1 2025, as a result of the difference in underlying profitability of those years. UK Pet and Travel Insurance financial review £m 30 June 2026 30 June 2025 31 December 2025 Turnover 1 128.2 109.3 217.3 Insurance revenue net of XoL 1 111.2 80.1 188.3 Insurance expenses 1 (45.2) (35.2) (73.1) Insurance claims net of XoL 1 (65.0) (46.5) (110.5) Underwriting result, net of XoL reinsurance 1 1.0 (1.6) 4.7 Net investment income 2.2 1.5 3.0 Other income — — 0.2 UK Travel and Pet result before tax 1 3.2 (0.1) 7.9 Segment performance indicators   30 June 2026 30 June 2025 31 December 2025 Loss ratio 1 2 58.5% 58.0% 58.7% Expense ratio 1 2 40.6% 44.0% 38.8% Combined ratio 1 2 99.1% 102.0% 97.5% Insurance service margin 1 2 0.9% (1.9%) 2.5% Customers insured at period end 1.75m 1.41m 1.56m 1 Alternative Performance Measures – refer to the end of this report for definition and explanation. 2 Alternative Performance Measures – refer to Appendix 1c for explanation and reconciliation to statutory income statement measures. The combined Travel and Pet Insurance businesses reported strong growth in both risks insured (+25% to 1.8 million) and turnover (+17% to £128.2 million). The profit before tax for the period was £3.2 million (H1 2025 loss: £0.1 million), the favourable result vs H1 2025 being driven by increased premiums earning through. The result was adverse to H2 2025, with a higher combined ratio as a result of both the impact of the conflict in the Middle East on the Travel result, and a higher expense ratio due to continued investment in the business. European Insurance financial performance £m 30 June 2026 30 June 2025 31 December 2025 Turnover 1 380.3 331.6 674.3 Total premiums written 1 353.0 305.9 620.2 Insurance revenue 344.6 312.2 654.5 Insurance revenue net of XoL 1 320.8 299.0 623.5 Insurance expenses 1 (72.3) (83.9) (175.0) Insurance claims net of XoL 1 (212.4) (210.0) (414.0) Underwriting result, net of XoL 1 36.1 5.1 34.5 Quota share reinsurance result 1 3 (14.3) (6.8) (31.3) Movement in net onerous loss component (6.8) (0.2) 1.2 Underwriting result 1 15.0 (1.9) 4.4 Net investment income 2.2 1.1 2.7 Net other revenue — 0.2 (0.5) European Insurance result, before tax 1 4 17.2 (0.6) 6.6 Segment performance indicators   30 June 2026 30 June 2025 31 December 2025 Loss ratio 1 2 66.2% 70.2% 66.4% Expense ratio 1 2 22.5% 28.1% 28.1% Combined ratio¹ 88.7% 98.3% 94.5% Insurance service margin 1 2 4.7% (0.6%) 0.7% Risks insured at period end 1 2.01m 1.91m 1.92m European Motor Insurance - highlights: Growth in risks insured of 4% to 1.86 million at 30 June 2026 (30 June 2025: 1.79 million), which, combined with disciplined pricing and increased ancillary income, resulted in a more significant growth in turnover to £368.6 million (H1 2025: £323.2 million) Higher profits of £18.1 million (vs H1 2025: £0.8 million and FY 2025: £9.3 million). Excluding the impact of one-off benefits due to the deferral of acquisition costs, profits were £5.0 million, as continued improvements in the underlying underwriting performance were partially offset by higher quota share reinsurance charges Segment result: European Insurance result 1 £m 30 June 2026 30 June 2025 31 December 2025 30 June 2026 excluding one off impacts European Motor 18.1 0.8 9.3 5.0 Other (0.9) (1.4) (2.7) (0.9) European Insurance profit/(loss) before tax 17.2 (0.6) 6.6 4.1 European Insurance - Geographical analysis 1 30 June 2026 Spain Italy France European Motor European Other Total Turnover (£m) 83.8 125.2 159.6 368.6 11.7 380.3 Risks insured at period end 0.48m 0.82m 0.56m 1.86m 0.15m 2.01m               30 June 2025 Spain Italy France European Motor European Other Total Turnover (£m) 70.2 122.9 130.1 323.2 8.4 331.6 Risks insured at period end 0.45m 0.86m 0.49m 1.80m 0.11m 1.91m               31 December 2025 Spain Italy France European Motor European Other Total Turnover (£m) 140.1 240.4 275.4 655.9 18.4 674.3 Risks insured at period end 0.46m 0.81m 0.52m 1.79m 0.13m 1.92m 1 Alternative Performance Measures – refer to the end of this report for definition and explanation. 2 Alternative Performance Measures – refer to Appendix 1d for explanation and reconciliation to statutory income statement measures. 3 Quota share reinsurance result within the segment result excludes reinsurers’ share of share scheme costs. 4 Includes one-off benefit of £13.1 million in H1 2026 from deferring acquisition cash flows for new groups of contracts from 1 January 2026. See note 1 to these financial statements and Appendix 1d for further information In H1 2026, the European Insurance result includes a one-off benefit of £13.1 million, due to the decision to defer acquisition costs from 1 January 2026 to better align expense and premium recognition as the businesses grow, partially offset by the recognition of a related onerous loss component, and some changes in timing of ancillary income recognition. The combined result for the segment of £17.2 million, £4.1 million excluding one-off benefits, improved from the loss in H1 2025 of £0.6 million, with the combined ratio improving to 88.7%, or 95.0% excluding one-off expense accounting impacts (H1 2025: 98.3%). The improved underwriting result in the period was offset by higher quota share charges of £14.3 million (H1 2025: £6.8 million), the higher charge being the result of sharing the more favourable underlying result, along with adverse impacts due to lower recoveries on a booked combined ratio basis. Claims reserves in Europe continue to be set close to the maximum 95th percentile risk adjustment strength allowed under the Group’s reserving policy. L’olivier assurance (France) continued to grow strongly, with risks insured increasing by 15% to 0.56 million (30 June 2025: 0.49 million), and turnover increasing by 23% to £159.6 million (H1 2025: £130.1 million) as a result of higher average premiums. Underlying performance was strong with continued improvements in the combined ratio due to growth at good margins. Total risks insured in ConTe in Italy remained broadly flat compared to full year at 0.82 million (FY 2025: 0.81 million), with turnover increasing to £125.2 million (H1 2025: £122.9 million). Whilst the combined ratio (excluding one-off expense benefits) improved relative to H1 2025, some adverse claims experience was seen during H1 2026 relating to business underwritten in early 2025, prior to rating actions being fully embedded. The business continues to focus on its recovery and improving its underwriting performance. In Admiral Seguros (Spain), turnover increased as a result of both the increase in risks insured (0.48 million vs H1 2025: 0.45 million), along with higher premiums and a one-off benefit to turnover as a result of the business now underwriting ancillaries (rather than recognising commissions). The combined ratio continued to improve as Admiral Seguros continues to balance its direct business with growing in the intermediary channel. Admiral Money financial review £m 30 June 2026 30 June 2025 4 31 December 2025 4 Interest income 87.9 66.3 144.8 Interest expense¹ (42.0) (29.6) (65.5) Net interest income 45.9 36.7 79.3 Origination fee income 2 11.5 9.0 17.1 Other income 1.3 0.4 2.9 Total income 58.7 46.1 99.3 Credit loss charge (20.5) (11.7) (34.0) Expenses (24.9) (21.9) (47.2) Admiral Money profit before tax 3 4 13.3 12.5 18.1 1 Includes £4.1 million intra-group interest expense (H1 2025: £4.1 million, FY 2025: £8.3 million). 2 Origination fee income includes £4.3m (H1 2025: £5.9 million, FY 2025: £5.9 million) of income relating to a back-book sale of £126.1 million (H1 2025: £146.4 million, FY 2025: £146.4 million) of loans through a forward flow agreement. 3 Alternative Performance Measures – refer to the end of this report for definition and explanation. 4 H1 2025 and FY 2025 results re-presented to include the results of the secured homeowner loans product, previously included within the ‘Other’ segment. Admiral Money distributes and underwrites unsecured personal loans (‘UPLs’) and car finance for UK consumers through the comparison channels, car retailers, brokers, and direct to consumers via the Admiral website. The business aims to provide customers with affordable lending, ensuring transparency and certainty. During 2025 the business also launched a secured homeowner loans product distributed via brokers. Admiral Money recorded a pre-tax profit of £13.3 million in H1 2026 (H1 2025: £12.5 million), reflecting strong operational performance offset by a lower back book sale contribution. The sale of an Unsecured Personal Lending (‘UPL’) portfolio with a carrying value of £126.1 million (H1 2025: £146.4 million), contributed £7.3 million to the result (H1 2025: £9.8 million), through origination fee income of £4.3 million (H1 2025: £5.9 million), and a credit provision release of £3.6 million (H1 2025: £4.9 million). Costs relating to the sale of £0.6 million (H1 2025: £1.0 million), principally the immediate recognition of unamortised deferred acquisition costs, resulted in a net contribution to profit before tax of £7.3 million (H1 2025: £9.8 million). In addition to the back book sale, newly originated UPL of £177.7 million (H1 2025: £90.4 million) were sold through a forward flow arrangement with the same external party, generating origination fee income of £5.7 million (H1 2025: £3.1 million). Contingent premium of £1.5 million (H1 2025: £nil) was recognised in relation to the sale of loans through the forward flow arrangement in previous reporting periods, where performance conditions have now been met. Admiral Money continues to service all loans sold and earned servicing income of £1.1 million during the period (H1 2025: £0.3 million). Gross loan balances administered for third parties totalled £561.7 million as at H1 2026 (H1 2025: £213.1 million). Underlying this, net interest income grew 25% to £45.9 million (H1 2025: £36.7 million), reflecting strong origination volumes and the expanding on-balance sheet portfolio. Gross on-balance sheet loan balances totalled £1.88 billion at 30 June 2026 (30 June 2025: £1.35 billion), comprising UPL, car finance, and homeowner loans. An expected credit loss provision of £0.12 billion (30 June 2025: £0.09 billion) results in a net on-balance sheet loan balance of £1.76 billion (30 June 2025: £1.26 billion). Credit loss models reflect the latest economic assumptions. The provision coverage ratio varied by asset class: UPLs increased to 8.7% (30 June 2025: 7.1%), car finance increased to 1.9% (30 June 2025: 1.2%), and home owner loans increased to 0.3% (30 June 2025: 0.2%). The increase reflects heightened forward-looking economic expectations, including anticipated higher unemployment and subdued GDP growth, offset by strong portfolio performance driven by continuing focus on high-quality origination. Post-model adjustments of £4.3 million (30 June 2025: £3.2 million) reflect the continued refinement of the IFRS 9 provisional model. A number of PMAs have been released following improvements to the Economic Response Model and model calibration updates, offset by increases driven by portfolio growth and heightened forward-looking economic assumption. Other Group Items Other Group items financial review £m 30 June 2026 30 June 2025 31 December 2025 Share scheme charges (41.2) (36.1) (71.9) Other central costs (28.4) (21.0) (53.4) Admiral Pioneer result (4.5) (9.7) (11.3) Business development costs 2 (10.8) (5.4) (10.7) Finance charges 1 (10.9) (12.1) (23.5) Other interest and investment income 9.5 9.0 17.7 Total (86.3) (75.3) (153.1) 1 Finance charges within other Group items include £nil (H1 2025: £0.9 million, FY 2025: £1.1 million) that relate to intra-group arrangements, with the corresponding income presented within the UK Insurance result. These arrangements were settled in 2025. 2 H1 2025 and FY 2025 business development costs results re-presented to exclude the results of the secured homeowner loans product, now included within Admiral Money results. Share scheme charges relate to the Group’s two employee share schemes. Costs increased in H1 2026 primarily due to higher vesting assumptions, following the strong performance in recent periods. Other central costs consist of Group-related expenses and include an allocation of Group employee costs, as well as the cost of a number of significant Group projects, which in H1 2026 included additional costs in relation to the Group’s internal model application. Admiral launched Admiral Pioneer in 2020 to focus on new product diversification opportunities. Pioneer businesses include Veygo (short-term and learner driver car insurance in the UK) and commercial insurance. Pioneer’s businesses reported a loss of £4.5 million in 2026 (H1 2025 loss: £9.7 million), with higher profits in Veygo being partially offset by increased losses on commercial insurance due to increased premiums written not yet earning through to offset the expenses incurred. Business development costs increased to £10.8 million (H1 2025: £5.4 million), primarily due to costs incurred in relation to the Flock acquisition. Finance charges of £10.9 million (H1 2025: £12.1 million) primarily related to interest on the £250 million subordinated notes issued in July 2023 at a rate of 8.5%. Other interest and investment income increased to £9.5m (H1 2025: £9.0 million) primarily attributable to higher investments held during H1 2026. Group capital structure and financial position Group capital position (estimated and unaudited) £bn 30 June 2026 30 June 2025 31 December 2025 Eligible Own Funds (post-dividend) 1 1.84 1.82 1.83 Solvency II capital requirement 2 0.97 0.94 0.95 Surplus over capital requirement 0.87 0.88 0.88 Solvency ratio (post-dividend and share buyback) 3 190% 194% 193% 1 Own Funds include approximately £250 million of Tier 2 capital following the Group’s issue of subordinated loan notes in 2023. Own Funds reported above are inclusive of additional own funds generated post-period-end up to the date of this report. 2 Solvency capital requirement (‘SCR’) includes updated, unapproved capital add-on. 3 Solvency ratio calculated on a volatility adjusted basis. The Group’s solvency position remains strong at 190%, lower than the 2025 closing position of 193% primarily due to the Flock acquisition, which results in a reduction in solvency ratio of around 8 points due to the de-recognition of associated intangible assets and goodwill under Solvency valuation rules. In H1 2026 there was stable capital generation relative to H1 2025, leading to growth in own funds, with the higher loss ratio in 2025 and 2026 offset by higher prior year releases. The underlying growth in own funds was offset by the impact of the Flock acquisition and employee share purchases completed in H1 of £51 million. The SCR also increased over the period, due primarily to the increase in future forecast premiums across the Group for UK Other Personal Lines, and growth in Admiral Money. The Group solvency on a regulatory basis as at 30 June 2026 is estimated at 173% (31 December 2025: 185%). In the regulatory basis, the capital add-on approved by the PRA is fixed (and unchanged at £24 million) and so does not reflect changes in risk profile (primarily profit commission risk) across the underwriting cycle. In addition, the reported solvency ratio includes additional capital recognised up to the date of the dividend distribution. Admiral submitted its internal capital model to its main prudential regulators in Q2 2026, and has continued to engage with the regulators as they conduct their review. Solvency ratio sensitivities   30 June 2026 30 June 2025 31 December 2025 UK Motor – incurred loss ratio +5% (20%) (19%) (21%) UK Motor – 1-in-200 catastrophe event (3%) (3%) (4%) UK Household – 1-in-200 catastrophe event (2%) (3%) (3%) Interest rate – yield curve up 100 bps 1 (3%) (1%) (1%) Interest rate – yield curve down 100 bps 1 3% 1% 1% Credit spreads widen 100 bps (3%) (2%) (2%) Currency – 10% movement in euro and US dollar (4%) (3%) (3%) ASHE – long-term inflation assumption up 100 bps (2025: 100 bps) (5%) (4%) (6%) Loans – 100% weighting to ‘severe’ scenario 2 (1%) (1%) (1%) 1 The higher sensitivity of the interest rate yield stress is the result of the Group locking into higher yields at a greater duration, following the conflict in the Middle East: the greater duration combined with increased asset balances following underlying business growth cause an increase in the impact of the sensitivity to Solvency own funds. 2 Refer to note 7 to the financial statements for further information on the ‘severe’ scenario. Investments and cash Investment strategy Admiral Group’s investment strategy focuses on capital preservation and low volatility of returns relative to liabilities, and follows an asset liability matching strategy to control interest rate, inflation and currency risk. A prudent level of liquidity is held and the investment portfolio has a high-quality credit profile. Investment return £m 30 June 2026 30 June 2025 31 December 2025 Underlying investment income yield 4.1% 3.9% 4.1% Investment return 112.5 98.6 209.8 Unrealised losses on derivatives (0.3) (0.4) (0.4) Movement in provision for expected credit losses (0.2) 8.1 6.1 Total investment return 112.0 106.3 215.5 Investment income for the first half of 2026 was £112.0 million (H1 2025: £106.3 million), with a good increase in underlying investment return partially offset by the one-off reduction in provisions for expected credit losses realised in H1 2025 (H1 2025: £8.1 million credit). The investment return on the Group’s investment portfolio (excluding unrealised gains and losses on derivatives and the movement in provision for expected credit losses) was £112.5 million in H1 2026 (compared to £98.6 million in H1 2025), driven by both higher average investment balances in the period and a small increase in the rate of return, to 4.1% (H1 2025: 3.9%). The increase in interest rates in H1 2026 resulted in a decrease in the market value of the portfolio of £27.3 million (H1 2025: £31.1 million increase). That movement is reflected in the Statement of Other Comprehensive Income. The Group continues to generate significant amounts of cash and its capital-efficient business model enables the distribution of the majority of post-tax profits. Total cash and investments at 30 June 2026 was £5.56 billion (30 June 2025: £5.43 billion; 31 December 2025: £5.55 billion). Cash and investments analysis £m 30 June 2026 30 June 2025 31 December 2025 Fixed income and debt securities 3,784.8 3,412.3 3,707.6 Money market funds and other fair value through P&L investments 1,417.9 1,613.9 1,479.3 Cash deposits 43.1 82.4 57.9 Cash 314.9 319.2 301.1 Total 1 5,560.7 5,427.8 5,545.9 1 Total Cash and Investments includes £571.0 million (H1 2025: £348.9 million; FY 2025: £500.1 million) of Level 3 investments. Refer to note 6a in the financial statements for further information. Taxation The tax charge for the period is £100.3 million (H1 2025: £115.2 million), which equates to 23.4% (H1 2025: 22.1%) of profit before tax. The effective tax rate in H1 2026 is higher than in H1 2025 due to higher prior year adjustments and a reduced impact from lower overseas tax rates resulting from a change in the relative split of profits across different tax jurisdictions. See note 10 to the financial statements for further details. Co-insurance and reinsurance Admiral makes significant use of proportional risk sharing agreements (co-insurance and quota share reinsurance) which include profit commission terms that allow Admiral to retain a significant portion of the profit generated. Although the primary focus and disclosure is in relation to the UK Car Insurance book, long-term arrangements are also in place in the Group’s European Insurance operations and the UK Household and Van businesses. Munich Re and its subsidiary entity Great Lakes currently underwrite 40% of Admiral’s UK Car insurance business. The details of these arrangements with Munich Re are as set out in the 2025 Annual Report, with agreements in place until at least the end of 2026. Admiral has other UK Car quota share agreements covering 38% of business written, confirmed to at least 2027. For UK Household insurance, Admiral retains 30% and has quota share contracts covering 70% of the business that run to at least 2027. In European Motor insurance, Admiral has pan-Europe quota share contracts covering the aggregate results across all three markets alongside additional quota share contracts in France and Spain. Admiral’s net retention of the overall EU motor result is circa 45% The Group tends to commute its UK Motor insurance quota share agreements 24-36 months after inception of an underwriting year, assuming there is sufficient confidence in the result of the business covered by the reinsurance contract and having assessed the solvency implications of the commutation for the Group and its underwriting subsidiary. All arrangements covering the 2020 and prior underwriting years, a majority of contracts from underwriting year 2021 and a small number of contracts on underwriting years 2022 and 2023 were commuted as at 31 December 2025. During H1 2026, the final contract on underwriting year 2021 was commuted, leading to that year being fully commuted, along with further contracts on underwriting year 2023. Principal Risks and Uncertainties Admiral continually reviews its principal risks and uncertainties (PR&Us), including those which could have a major impact on its customers, financial position, or reputation. Admiral’s PR&Us remain consistent with those reported in the 2025 Annual Report (pages 97-104). However, given developments during the period, additional commentary has been provided on those areas where risk has risen during H1 2026. Geopolitical uncertainty Geopolitical risk remains elevated and represents a major external uncertainty facing the Group. During the first half of 2026, the conflict in the Middle East disrupted energy supply, shipping routes, and aviation, contributing to higher global energy prices, increasing the cost of oil-directed products (e.g. plastics and paints) that impact repair and replacement costs, and negatively impacted the overall macroeconomic outlook. Political uncertainty has further increased economic headwinds in the UK, with uncertainty around future fiscal and economic policy potentially weighing on business and consumer confidence. Admiral continues to monitor and manage the financial and operational impacts of geopolitical uncertainty across the group. AI-enabled distribution Recent developments in AI have the potential to drive a material shift in insurance distribution, with AI‑driven search and conversational tools emerging as possible rivals to price comparison websites. Longer-term, Agentic AI systems capable of managing the end‑to‑end purchasing process on behalf of customers could alter operational processes and competitive dynamics. For Admiral, this presents both risks and opportunities, including access to new distribution channels, meeting customers’ needs on their terms, and supporting digitisation in broker-led markets. The cyber environment The scale and complexity of Admiral’s operations means cyber security remains a key priority. The Group maintains a multi-layered security approach focused on prevention, detection, rapid response, and continuous monitoring, informed by proactive threat hunting and emulation. Cyber threats continue to evolve, with more complex and targeted attacks through third parties and with frontier AI models such as Claude Mythos set to play a role both in cyber-attacks and cyber-security. In the longer term, quantum computing poses a threat even to encrypted data. Admiral continues to work closely with industry partners, regulators, and the wider threat intelligence community to anticipate emerging threats and safeguard customer data and business operations. Data & AI AI has the potential to transform both customer and operational outcomes, but effective adoption depends on managing risks including fairness, accountability, transparency, security, and legal compliance. To address these risks, a new AI Policy was introduced in January, establishing governance and controls for all AI initiatives. At the same time the Group has developed proportionate and agile governance processes, with fairness remaining a key consideration, with our AI solutions continuing to be independently reviewed to ensure solutions work and deliver good outcomes for all our customers. Regulatory developments Regulatory scrutiny across the UK and Europe remains high, with increasing complexity for insurers operating across multiple products and jurisdictions. Regulators continue to focus on consumer outcomes, fair value, operational resilience, and the implications of rapid technological change. Recent FCA priorities include Consumer Duty and outcomes monitoring, claims handling and service quality, growth and innovation (including AI), and regulatory simplification. EU regulators similarly continue to prioritise consumer protection, financial resilience, and the implementation of technology-led frameworks such as DORA. There is also continued emphasis on value for money, climate risk integration, and emerging risk management. Admiral remains focused on delivering fair value products that meet customer needs and deliver good outcomes. Disclaimer on forward-looking statements Certain statements made in this announcement are forward-looking statements. Such statements are based on current expectations and assumptions and are subject to a number of known and unknown risks and uncertainties that may cause actual events or results to differ materially from any expected future events or results expressed or implied in these forward-looking statements. Persons receiving this announcement should not place undue reliance on forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, the Group does not undertake to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Consolidated Income Statement     Six months ended Year ended   Note 30 June 2026 (unaudited) £m 30 June 2025 (unaudited) £m 31 December 2025 £m Insurance revenue 5 2,436.5 2,468.7 4,979.3 Insurance service expenses 5 (1,940.7) (1,903.3) (3,967.1) Insurance service result before reinsurance   495.8 565.4 1,012.2 Net expense from reinsurance contracts held 5 (152.5) (139.9) (225.9) Insurance service result   343.3 425.5 786.3 Investment return - Effective interest rate   75.0 61.3 129.0 Investment return - Other   37.2 36.9 80.4 Investment return   112.2 98.2 209.4 Finance expenses from insurance contracts issued 5 (73.2) (68.2) (140.9) Finance income from reinsurance contracts held 5 14.5 13.6 29.4 Net insurance finance expenses   (58.7) (54.6) (111.5) Net insurance and investment result   396.8 469.1 884.2 Interest income from financial services   90.3 67.3 147.3 Interest expense related to financial services   (39.0) (25.8) (58.3) Net interest income from financial services   51.3 41.5 89.0 Other revenue and profit commission 8 127.0 120.5 233.5 Other operating expenses 9 (176.4) (155.7) (321.5) Other operating expenses recoverable from co-insurers 9 65.5 61.9 126.5 Movement in expected credit loss provision and write-offs   (23.4) (4.3) (29.8) Other income and expenses   (7.3) 22.4 8.7 Operating profit   440.8 533.0 981.9 Finance costs   (11.8) (12.2) (24.4) Finance costs recoverable from co-insurers   0.2 0.2 0.4 Net finance costs   (11.6) (12.0) (24.0) Profit before tax from continuing operations   429.2 521.0 957.9 Taxation expense 10 (100.3) (115.2) (212.6) Profit after tax from continuing operations   328.9 405.8 745.3 (Loss)/ Profit before tax from discontinued operations   — (4.9) (3.1) Taxation expense   — (0.1) 0.1 (Loss)/ Profit after tax from discontinued operations   — (5.0) (3.0) Profit after tax from continuing and discontinued operations   328.9 400.8 742.3 Profit after tax attributable to:         Equity holders of the parent   329.0 401.0 742.6 Non-controlling interests (NCI)   (0.1) (0.2) (0.3)     328.9 400.8 742.3 Consolidated Income Statement (continued)   Note 30 June 2026 (unaudited) £m 30 June 2025 (unaudited) £m 31 December 2025 £m Earnings per share - from continuing operations         Basic 12 109.0p 132.5p 247.4p Diluted 12 107.6p 132.5p 242.7p           Earnings per share - from continuing and discontinued operations         Basic 12 109.0p 130.9p 246.4p Diluted 12 107.6p 130.9p 241.7p           Dividends declared and paid (total) 12 274.2 366.5 715.4 Dividends declared and paid (per share) 12 90.0p 121.0p 236.0p Consolidated Statement of Comprehensive Income   Six months ended Year ended   30 June 2026 (unaudited) £m 30 June 2025 (unaudited) £m 31 December 2025 £m Profit for the period - from continuing and discontinued operations 328.9 400.8 742.3 Other comprehensive income       Items that are or may be reclassified to profit or loss       Movements in fair value reserve (27.3) 31.1 48.7 Deferred tax in relation to movement in fair value reserve 1.4 (2.1) (2.8) Movements in insurance finance reserve - insurance contracts 28.9 (46.1) (54.4) Deferred tax in relation to movement in insurance finance reserve - insurance contracts (4.5) 7.7 9.5 Movements in insurance finance reserve - reinsurance contracts (6.1) 8.6 9.6 Deferred tax in relation to movement in insurance finance reserve - reinsurance contracts 0.9 (1.7) (2.1) Exchange differences on translation of foreign operations (2.0) 0.7 3.1 Movement in hedging reserve 12.0 (10.8) (13.5) Deferred tax in relation to movement in hedging reserve (3.0) 2.7 3.4 Other comprehensive income for the period, net of income tax 0.3 (9.9) 1.5 Total comprehensive income for the period 329.2 390.9 743.8 Total comprehensive income for the period attributable to:       Equity holders of the parent 329.3 391.1 744.1 Non-controlling interests (0.1) (0.2) (0.3) Total comprehensive income for the period 329.2 390.9 743.8 Consolidated Statement of Financial Position       As at As at   Note 30 June 2026 (unaudited) £m 30 June 2025 (unaudited) £m 31 December 2025 £m ASSETS         Property and equipment   77.1 82.3 80.2 Intangible assets   412.3 321.5 327.6 Deferred tax asset 10 48.4 58.7 50.7 Corporation tax asset 10 2.1 1.0 18.1 Reinsurance contract assets 5 1,095.3 1,038.5 1,080.5 Loans and advances to customers 7 1,834.8 1,291.6 1,628.7 Other receivables   303.9 292.8 277.7 Financial investments 6 5,254.1 5,120.6 5,258.2 Cash and cash equivalents 6 314.9 319.2 301.1 Assets associated with disposal group held for sale   — 106.6 — Total assets   9,342.9 8,632.8 9,022.8 EQUITY         Share capital 12 0.3 0.3 0.3 Share premium account   13.1 13.1 13.1 Other reserves   (29.0) (36.6) (29.3) Retained earnings   1,513.9 1,458.6 1,459.2 Total equity attributable to equity holders of the parent   1,498.3 1,435.4 1,443.3 Non-controlling interests   0.2 0.4 0.3 Total equity   1,498.5 1,435.8 1,443.6 LIABILITIES         Insurance contracts liabilities 5 5,481.0 5,261.2 5,399.2 Subordinated and other financial liabilities 6 2,013.1 1,509.7 1,819.9 Trade and other payables 6 222.9 170.6 217.2 Lease liabilities 6 70.4 76.0 73.6 Corporation tax liabilities 10 57.0 80.2 69.3 Liabilities associated with disposal group held for sale   — 99.3 — Total liabilities   7,844.4 7,197.0 7,579.2 Total equity and total liabilities   9,342.9 8,632.8 9,022.8 Consolidated Cashflow Statement     Six months ended Year ended   Note 30 June 2026 (unaudited) £m 30 June 2025 (unaudited) £m 31 December 2025 £m Profit after tax - from continuing and discontinued operations   328.9 400.8 742.3 Adjustments for non-cash items:         - Depreciation of property, plant and equipment and right-of-use assets   7.9 8.1 15.9 - Impairment/ disposal of property, plant and equipment and right-of-use assets   1.2 0.2 0.2 - Amortisation and impairment of intangible assets   38.1 31.5 63.1 - Loss on disposal of Elephant entities held for sale   — — 24.5 - Movement in expected credit loss provision   15.2 (4.0) 13.2 - Share scheme charges   44.2 33.8 75.0 - Interest expense on funding for loans and advances to customers   39.0 21.7 46.8 - Investment return   (111.6) (98.0) (212.3) - Finance costs, including unwinding of discounts on lease liabilities 6 11.8 12.1 24.4 - Taxation expense 10 100.3 115.3 212.6 Change in gross insurance contract liabilities 5 96.6 367.9 502.2 Change in reinsurance assets 5 (12.9) (73.3) (122.7) Change in insurance and other receivables 6 (17.0) (69.4) (15.8) Change in gross loans and advances to customers 7 (346.4) (336.0) (689.1) Sale proceeds from the loan book 7 126.1 146.4 146.4 Funding received relating to forward flow loans 7 179.9 93.3 282.3 Forward flow loans transferred 7 (177.7) (90.4) (279.5) Change in trade and other payables, including tax and social security   (5.9) (0.8) 44.9 Cash flows from operating activities, before movements in investments   317.7 559.2 874.4 Purchases of financial instruments   (3,615.3) (4,136.2) (9,339.4) Proceeds on disposal/ maturity of financial instruments   3,633.5 3,836.6 8,973.2 Interest and investment income received   62.4 58.9 120.4 Cash flows from operating activities, net of movements in investments   398.3 318.5 628.6 Taxation payments   (98.1) (78.5) (192.1) Net cash flow from operating activities   300.2 240.0 436.5 Cash flows from investing activities:         Purchases of property, equipment and software   (48.5) (32.6) (74.3) Net cash paid for the acquisition of Flock   (65.3) – – Net costs paid on sale of Elephant entities   – – (1.3) Cash included in the disposal of entities   – – (19.6) Net cash used in investing activities   (113.8) (32.6) (95.2) Consolidated Cashflow Statement (continued)   Note 30 June 2026 (unaudited) £m 30 June 2025 (unaudited) £m 31 December 2025 £m Cash flows from financing activities:         Proceeds on issue of loan backed securities 6 449.8 350.0 713.8 Repayment of loan backed securities 6 (280.0) (233.0) (299.1) Proceeds from other financial liabilities 6 50.2 142.7 262.3 Repayment of other financial liabilities 6 (21.0) (70.0) (180.4) Finance costs paid, including interest expense paid on funding for loans   (50.3) (37.0) (76.0) Proceeds on hedging derivatives   (0.5) 3.3 5.3 Repayment of lease liabilities   (4.1) (5.4) (8.4) Equity dividends paid 12 (274.2) (366.5) (715.4) Acquisition of shares by employee benefit trusts   (50.6) – (35.3) Net cash used in financing activities   (180.7) (215.9) (333.2) Net increase/ (decrease) in cash and cash equivalents   5.7 (8.5) 8.1 Cash and cash equivalents at 1 January   301.1 313.6 313.6 Effects of changes in foreign exchange rates   8.1 14.1 (20.6) Cash and cash equivalents at period end 6 314.9 319.2 301.1 Consolidated Statement of Changes in Equity Attributable to the owners of the Company   Note Share Capital £m Share premium account £m Fair value reserve £m Hedging reserve £m Foreign exchange reserve £m Insurance finance reserve £m Retained profit and loss £m Total £m Non-controlling interests £m Total equity £m At 1 January 2026   0.3 13.1 (54.4) (5.7) (4.5) 35.3 1,459.2 1,443.3 0.3 1,443.6 Profit/(loss) for the period - from continuing and discontinued operations   — — — — — — 329.0 329.0 (0.1) 328.9 Other comprehensive income   — — (25.9) 9.0 (2.0) 19.2 — 0.3 — 0.3 Total comprehensive income for the period   — — (25.9) 9.0 (2.0) 19.2 329.0 329.3 (0.1) 329.2 Transactions with equity holders                       Dividends 12 — — — — — — (274.2) (274.2) — (274.2) Share scheme credit   — — — — — — 44.2 44.2 — 44.2 Shares acquired by employee benefit trusts               (50.6) (50.6) — (50.6) Deferred tax on share scheme credit   — — — — — — 6.3 6.3 — 6.3 Total transactions with equity holders   — — — — — — (274.3) (274.3) — (274.3) As at 30 June 2026 (unaudited)   0.3 13.1 (80.3) 3.3 (6.5) 54.5 1,513.9 1,498.3 0.2 1,498.5 Consolidated Statement of Changes in Equity (continued) Attributable to the owners of the Company   Note Share Capital £m Share premium account £m Fair value reserve £m Hedging reserve £m Foreign exchange reserve £m Insurance finance reserve £m Retained profit and loss £m Total £m Non-controlling interests £m Total equity £m At 1 January 2025   0.3 13.1 (99.8) 4.4 (4.0) 72.7 1,383.4 1,370.1 0.6 1,370.7 Profit/(loss) for the period - from continuing and discontinued operations   — — — — — — 401.0 401.0 (0.2) 400.8 Other comprehensive income   — — 29.0 (8.1) 0.7 (31.5) — (9.9) — (9.9) Total comprehensive income for the period   — — 29.0 (8.1) 0.7 (31.5) 401.0 391.1 (0.2) 390.9 Transactions with equity holders                       Dividends 12 — — — — — — (366.5) (366.5) — (366.5) Share scheme credit   — — — — — — 33.8 33.8 — 33.8 Deferred tax charge on share scheme credit   — — — — — — 6.9 6.9 — 6.9 Total transactions with equity holders   — — — — — — (325.8) (325.8) — (325.8) As at 30 June 2025   0.3 13.1 (70.8) (3.7) (3.3) 41.2 1,458.6 1,435.4 0.4 1,435.8 Consolidated Statement of Changes in Equity (continued) Attributable to the owners of the Company       Note Share Capital £m Share premium account £m Fair value reserve £m Hedging reserve £m Foreign exchange reserve £m Insurance finance reserve £m Retained profit and loss £m Total £m Non-controlling interests £m Total equity £m At 1 January 2025   0.3 13.1 (99.8) 4.4 (4.0) 72.7 1,383.4 1,370.1 0.6 1,370.7 Profit/(loss) for the period - from continuing and discontinued operations   — — — — — — 742.6 742.6 (0.3) 742.3 Other comprehensive income   — — 45.9 (10.1) 3.1 (37.4) — 1.5 — 1.5 Total comprehensive income for the period   — — 45.9 (10.1) 3.1 (37.4) 742.6 744.1 (0.3) 743.8 Transactions with equity holders                       Dividends 12 — — — — — — (715.4) (715.4) — (715.4) Share scheme credit   — — — — — — 75.0 75.0 — 75.0 Shares acquired by employee benefit trusts   — — — — — — (35.3) (35.3) — (35.3) Deferred tax on share scheme credit   — — — — — — 8.9 8.9 — 8.9 Transfer to loss on disposal of assets held for sale   — — (0.5) — (3.6) — — (4.1) — (4.1) Total transactions with equity holders   — — (0.5) — (3.6) — (666.8) (670.9) — (670.9) As at 31 December 2025   0.3 13.1 (54.4) (5.7) (4.5) 35.3 1,459.2 1,443.3 0.3 1,443.6 Notes to the consolidated financial statements General information Admiral Group plc is a public limited Company incorporated in England and Wales. Its registered office is at Tŷ Admiral, David Street, Cardiff, CF10 2EH and its shares are listed on the London Stock Exchange. The condensed interim financial statements comprise the results and balances of the Company and its subsidiaries (the Group) for the six-month period ended 30 June 2026 and the comparative periods for the six-months ended 30 June 2025 and the year ended 31 December 2025. This condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the UK, and should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended 31 December 2025 (“last annual financial statements”), prepared in accordance with United Kingdom adopted international accounting standards in conformity with the requirements of the Companies Act 2006. They do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements. As required by the FCA’s Disclosure and Transparency Rules, the condensed set of financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the Company’s published consolidated financial statements for the year ended 31 December 2025, except where new accounting standards apply as noted below. The financial statements of the Company’s subsidiaries are consolidated in the Group financial statements. In accordance with IAS 24, transactions or balances between Group companies that have been eliminated on consolidation are not reported as related party transactions. The comparative figures for the financial year ended 31 December 2025 are the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the registrar of companies. The report of the auditors was: unqualified; did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report; and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. The accounts have been prepared on a going concern basis. In considering the appropriateness of this assumption, the Board have reviewed the Group’s projections for the next 12 months and beyond. Further information is given in note 1 below. 1. Basis of preparation The condensed set of interim financial statements have been prepared applying the accounting policies and presentation that were applied in the preparation of the Company’s published consolidated financial statements for the year ended 31 December 2025. A number of other IFRS and interpretations have been endorsed by the UK in the period to 30 June 2026 and although they have been adopted by the Group, none of them has had a material impact on the Group’s financial statements. The Group’s assessment of the impact of other standards that have yet to be adopted remains consistent with that reported on page 214 of the Group’s 2025 Annual Report. The consolidated financial statements have been prepared on a going concern basis. In considering this requirement, the directors have taken into account the following: The Group’s profit projections, including: Changes in premium rates and projected policy volumes across the Group’s insurance businesses Projected cost of settling claims across all of the Group’s insurance businesses, including the impact of inflation Projected trends in motor claims frequency Projected trends in other revenue generated by the Group’s insurance business from fees and the sale of ancillary products Projected contributions to profit from businesses other than the UK Motor insurance business Expected trends in unemployment in the context of credit risks and the growth of the Group’s consumer lending business The Group’s solvency position, which continues to be closely monitored. The Group continues to maintain a strong solvency position above target levels The adequacy of the Group’s liquidity position after considering all the factors noted above The results of business plan scenarios and stress tests on the projected profitability, solvency and liquidity positions including the impact of severe downside scenarios that assume severe adverse economic, credit and trading stresses The regulatory environment, focusing on regulatory guidance issued by the FCA and the PRA in the UK and regular communications between management and regulators A review of the Company’s principal risks and uncertainties and the assessment of emerging risks, including economic and geopolitical uncertainty, changes in underwriting including the impact of geopolitical uncertainty, cyber, and AI-related risks. Following consideration of all of the above, the Directors have reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report, and that it is therefore appropriate to adopt the going concern basis in preparing the consolidated financial statements. The accounting policies set out in the notes to the financial statements have, unless otherwise stated, been applied consistently to all periods presented in these Group financial statements. Historically, the Group has applied the IFRS 17 practical expedient to recognise insurance acquisition cash flows as an expense when incurred for all portfolios applying the Premium Allocation Approach (“PAA”). From 1 January 2026, the Group no longer applies this practical expedient for the European Motor business in Italy, France and Spain. For new groups of contracts, insurance acquisition cash flows are initially recognised by offsetting the liability for remaining coverage (“LRC”), rather than being expensed as incurred. These costs are allocated to the groups of insurance contracts to which they are directly attributable and are recognised in profit or loss over the coverage period. Any non-recoverability is reflected through the recognition of onerous loss components within the LRC. The financial statements are prepared on the historical cost basis, except for the revaluation of financial assets classified as fair value through profit or loss or as fair value through other comprehensive income. The Group and Company financial statements are presented in pounds sterling, rounded to the nearest £0.1 million. 2. Critical accounting judgements and estimates The Group’s 2025 Annual Report provides full details of significant judgements and estimates used in the application of the Group’s accounting policies. Notes 3 and 5 provide further information as to the changes in the estimates with respect to the calculation of insurance reserves. Note 7 provides further information as to changes in the estimates with respect to the calculation of the expected credit loss provision for the Admiral Money business. 3. Financial risk 3a. Insurance risk sensitivity analysis The following sensitivity analysis shows the impact on profit for reasonably possible movements in key assumptions with all other assumptions held constant. The correlation of assumptions will have a significant effect in determining the ultimate impacts, but to demonstrate the impact due to changes in each assumption, assumptions have been changed on an individual basis. It should be noted that movements in these assumptions are non-linear. The sensitivities are shown for UK Motor only, being the line of business where such sensitivities could have a material impact at a Group level. The sensitivities are shown on a gross and net of quota share reinsurance basis to illustrate the impacts on shareholder profit and equity before and after risk mitigation from quota share reinsurance. The sensitivities (both gross and net) include the impacts of movements in co-insurance profit commission, given that underwriting year loss ratios including risk adjustment, are a direct input to the calculation of profit commission. Risk adjustment At a group and UK Motor level, the risk adjustment confidence level is equivalent to the 93 rd percentile (31 December 2025: 95 th percentile for Group, 94 th percentile UK Motor). The sensitivities below reflect the impact on profit before tax and equity as at the end of 2026 for changes in the selection of the UK Motor risk adjustment confidence level at 30 June 2026, with all other assumptions remaining unchanged.   30 June 2026   Impact on profit before tax gross of reinsurance £m Impact on profit before tax net of reinsurance £m Impact on equity gross of reinsurance £m Impact on equity net of reinsurance £m Risk adjustment increase to 95th percentile (60.3) (50.4) (49.5) (41.1) Risk adjustment decrease to 90th percentile 52.9 46.9 43.6 38.5 Risk adjustment decrease to 85th percentile 129.7 117.4 106.5 96.2 Undiscounted loss ratios, including risk adjustment The sensitivities reflect the impact on profit before tax in 2026 and equity as at the end of 2026 of a change in the undiscounted booked loss ratios for individual underwriting years (‘UWY’) as at 30 June 2026, with all other assumptions remaining unchanged.   UWY 2022 impact on: UWY 2023 impact on: UWY 2024 impact on: UWY 2025 impact on: £m 1 PBT Equity PBT Equity PBT Equity PBT Equity Increase of 1%: gross of reinsurance (17.3) (14.0) (24.0) (19.6) (33.6) (27.5) (24.7) (20.5) Increase of 5%: gross of reinsurance (89.8) (72.3) (123.1) (100.6) (168.2) (137.4) (117.7) (98.0) Increase of 10%: gross of reinsurance (180.4) (145.3) (247.0) (201.8) (336.4) (274.8) (232.2) (193.7) Decrease of 1%: gross of reinsurance 15.6 12.7 21.3 17.7 33.6 27.5 26.8 22.0 Decrease of 5%: gross of reinsurance 82.9 67.2 115.3 94.7 168.2 137.4 138.7 113.7 Decrease of 10%: gross of reinsurance 172.6 139.4 239.2 195.9 336.4 274.8 281.3 230.4 Increase of 1%: net of reinsurance (12.5) (10.0) (24.0) (19.6) (33.6) (27.5) (19.9) (16.4) Increase of 5%: net of reinsurance (52.5) (41.1) (123.1) (100.6) (168.2) (137.4) (93.7) (77.9) Increase of 10%: net of reinsurance (95.0) (73.8) (247.0) (201.8) (336.4) (274.8) (175.2) (145.8) Decrease of 1%: net of reinsurance 10.9 8.7 21.3 17.7 33.6 27.5 22.9 18.8 Decrease of 5%: net of reinsurance 60.4 48.4 115.3 94.7 168.2 137.4 132.2 108.3 Decrease of 10%: net of reinsurance 136.0 108.8 239.2 195.9 336.4 274.8 274.8 225.0 1 ‘Booked’ loss ratios are undiscounted underwriting year loss ratios, including risk adjustment . See Appendix 2 for the impacts on profit before tax and equity of changes in interest rates during H1 2026 and as at 30 June 2026. 4. Operating segments The Group has four (2025: five) reportable segments; UK Insurance, European Insurance, Admiral Money and Other (2025: also included Discontinued Operations). These reportable segments are consistent with those set out on page 229 of the Group’s 2025 Annual Report, with the exception of Admiral Money which now includes the secured homeowner loans product previously reported within the Other segment. An analysis of the Group’s revenue and results for the period ended 30 June 2026, by reportable segment, is shown below. The accounting policies of the reportable segments are consistent with those presented in the notes to the 2025 Group financial statements.   Six months ended 30 June 2026 (unaudited)   UK Insurance £m European Insurance £m Admiral Money £m Other £m Eliminations £m Total £m Turnover 1 2,544.1 380.3 94.6 89.4 — 3,108.4 Insurance revenue 2,022.8 344.6 — 69.1 — 2,436.5 Insurance revenue net of XoL 1,978.2 320.8 — 63.1 — 2,362.1 Segment profit/(loss) before tax 3 4 485.0 17.2 13.3 (9.1) — 506.4 Other central revenue and expenses, including share scheme charges (75.8) Investment and interest income 9.5 Finance costs (10.9) Consolidated profit before tax 429.2 Taxation expense (100.3) Consolidated profit after tax 328.9 Revenue and results for the corresponding reportable segments for the period ended 30 June 2025 are shown below.   Six months ended 30 June 2025 (unaudited) (re-presented) 4   UK Insurance £m European Insurance £m Admiral Money £m Other £m Discontinued operations £m Eliminations 2 £m Total (continuing) £m Total £m Turnover 1 2,654.3 331.6 67.6 50.3 87.6 — 3,103.8 3,191.4 Insurance revenue 2,109.4 312.2 — 47.1 90.6 — 2,468.7 2,559.3 Insurance revenue net of XoL 2,050.4 299.0 — 41.6 90.3 — 2,391.0 2,481.3 Segment profit/(loss) before tax 3 584.4 (0.6) 12.5 (12.0) 13.6 (0.9) 583.4 597.0 Other central revenue and expenses, including share scheme charges (60.2) (78.7) Investment and interest income 9.0 9.0 Finance costs (11.2) (11.2) Consolidated profit before tax 521.0 516.1 Taxation expense (115.2) (115.3) Consolidated profit after tax 405.8 400.8 Revenue and results for the corresponding reportable segments for the year ended 31 December 2025 are shown below. Year ended 31 December 2025 (re-presented) 4   UK Insurance £m European Insurance £m Admiral Money £m Other £m Discontinued operations £m Eliminations 2 £m Total (continuing) £m Total £m Turnover 1 4,952.5 674.3 154.7 114.0 166.9 — 5,895.5 6,062.4 Insurance revenue 4,221.6 654.5 — 103.2 174.1 — 4,979.3 5,153.4 Insurance revenue net of XoL 4,112.5 623.5 — 91.9 173.6 — 4,827.9 5,001.5 Segment profit/(loss) before tax 3 1,086.3 6.6 18.1 (20.7) 24.2 (1.1) 1,089.2 1,113.4 Other central revenue and expenses, including share scheme charges (126.6) (153.9) Investment and interest income 17.7 17.7 Finance costs (22.4) (22.4) Consolidated profit before tax 957.9 954.8 Taxation expense (212.6) (212.5) Consolidated profit after tax 745.3 742.3 1 Turnover is an Alternative Performance Measure presented before intra-group eliminations. Refer to the glossary and note 14 for further information. 2 Eliminations are in respect of the intra-group interest charges related to the UK Insurance and finance costs. 3 Segment results exclude gross share scheme charges, and any quota share reinsurance recoveries; these net share scheme charges are presented within ‘Other central revenue and expenses, including share scheme charges’ in line with internal management reporting. 4 H1 2026 results for the ‘Admiral Money’ segment include contribution from the new secured homeowner loans product, previously included within the ‘Other’ segment. Prior periods have been re-presented accordingly. 5. Insurance Service result 5a. Accounting policies The full accounting policies are provided in the Group’s 2025 Annual Report. See Note 1 for changes in the treatment of deferred acquisition costs in European Motor Insurance from 1 January 2026. Discount rates A bottom-up approach has been applied in the determination of discount rates. Under this approach, the discount rate is determined as the risk-free yield adjusted for differences in liquidity characteristics between the financial assets used to derive the risk-free yield and the relevant liability cashflows (known as an illiquidity premium). The following weighted average rates, based on the yield curves derived using the above methodology, were used to discount the liability for incurred claims at the end of the current and prior periods:   30 June 2026 (unaudited) 30 June 2025 (unaudited) 31 December 2025   1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years UK Insurance 4.5% 4.5% 4.6% 4.9% 4.3% 4.1% 4.2% 4.5% 4.0% 4.0% 4.2% 4.5% European Motor 3.1% 3.1% 3.1% 3.4% 2.4% 2.5% 2.7% 3.0% 2.6% 2.8% 3.0% 3.4% 5b. Insurance revenue Insurance revenue for the corresponding reportable segments for the period ended 30 June 2026 are shown below. Insurance revenue related movement in liability for remaining coverage 30 June 2026 (unaudited) £m 30 June 2025 (unaudited) £m 31 December 2025 £m UK Motor 1,648.8 1,775.2 3,511.5 UK Other 374.0 334.2 710.1 European Insurance 344.6 312.2 654.5 Other 69.1 47.1 103.2 Total 2,436.5 2,468.7 4,979.3 The Group’s share of its insurance business was underwritten by Admiral Insurance (Gibraltar) Limited, Admiral Insurance Company Limited and Admiral Europe Compañia Seguros (‘AECS’). The majority of contracts are short term in duration, lasting for between 6 and 12 months. 5c. Insurance service expenses Insurance service expenses for the corresponding reportable segments for the period ended 30 June 2026 are shown below.   30 June 2026 (unaudited)   UK Motor £m UK Other £m European Insurance £m Other £m Total £m Incurred claims           Claims incurred in the period 1,167.3 232.5 238.4 47.9 1,686.1 Changes to liabilities for incurred claims (248.4) (35.2) (19.1) 1.7 (301.0) Total incurred claims 918.9 197.3 219.3 49.6 1,385.1 Movement in onerous contracts — — 14.2 — 14.2 Directly attributable expenses           Administration expenses 249.1 77.2 62.4 14.0 402.7 Acquisition expenses 47.5 29.2 9.9 11.1 97.7 Insurance expenses 296.6 106.4 72.3 25.1 500.4 Share scheme expenses 30.7 4.8 4.8 0.7 41.0 Total insurance expenses including share scheme expenses 327.3 111.2 77.1 25.8 541.4 Total Insurance service expenses 1,246.2 308.5 310.6 75.4 1,940.7 Insurance service expenses for the corresponding reportable segments for the period ended 30 June 2025 are shown below.   30 June 2025 (unaudited)   UK Motor £m UK Other £m European Insurance £m Other £m Total £m Incurred claims           Claims incurred in the period 1,156.3 213.4 219.8 33.1 1,622.6 Changes to liabilities for incurred claims (214.0) (25.8) 1.5 (4.6) (242.9) Total incurred claims 942.3 187.6 221.3 28.5 1,379.7 Movement in onerous contracts 0.1 (0.4) 0.9 — 0.6 Directly attributable expenses           Administration expenses 235.7 66.9 58.9 11.9 373.4 Acquisition expenses 53.7 24.7 25.0 9.7 113.1 Insurance expenses 289.4 91.6 83.9 21.6 486.5 Share scheme expenses 27.3 4.3 4.3 0.6 36.5 Total insurance expenses including share scheme expenses 316.7 95.9 88.2 22.2 523.0 Total Insurance service expenses 1,259.1 283.1 310.4 50.7 1,903.3 Insurance service expenses for the corresponding reportable segments for the period ended 31 December 2025 are shown below.   31 December 2025   UK Motor £m UK Other £m European Insurance £m Other £m Total £m Incurred claims           Claims incurred in the period 2,317.1 452.1 468.8 72.6 3,310.6 Changes to liabilities for incurred claims (335.7) (33.6) (49.1) (5.5) (423.9) Total incurred claims 1,981.4 418.5 419.7 67.1 2,886.7 Movement in onerous contracts 0.1 0.2 (3.3) — (3.0) Directly attributable expenses           Administration expenses 496.3 131.9 119.1 25.4 772.7 Acquisition expenses 103.9 55.2 55.9 19.8 234.8 Insurance expenses 600.2 187.1 175.0 45.2 1,007.5 Share scheme expenses 56.1 8.7 9.8 1.3 75.9 Total insurance expenses including share scheme expenses 656.3 195.8 184.8 46.5 1,083.4 Total Insurance service expenses 2,637.8 614.5 601.2 113.6 3,967.1 5d. Net expenses from reinsurance contracts held Net expenses from reinsurance contracts held for the corresponding reportable segments for the period ended 30 June 2026 are shown below.   30 June 2026 (unaudited)   UK Motor £m UK Other £m European Insurance £m Other £m Total £m Allocation of reinsurance premiums 59.3 56.4 111.7 5.9 233.3 Amounts recoverable from reinsurers for incurred insurance service expenses           Incurred claims (14.8) (24.4) (106.2) (9.5) (154.9) Changes to liabilities for incurred claims 43.0 15.4 23.1 — 81.5 Net expense from reinsurance contracts excluding movement in onerous loss component 87.5 47.4 28.6 (3.6) 159.9 Other reinsurance recoveries including movement in onerous loss component — — (7.4) — (7.4) Net expenses from reinsurance contracts held 87.5 47.4 21.2 (3.6) 152.5 Net expenses from reinsurance contracts held for the corresponding reportable segments for the period ended 30 June 2025 are shown below.   30 June 2025 (unaudited)   UK Motor £m UK Other £m European Insurance £m Other £m Total £m Allocation of reinsurance premiums 74.6 45.8 67.5 5.4 193.3 Amounts recoverable from reinsurers for incurred insurance service expenses           Incurred claims (17.0) (31.0) (69.6) (1.1) (118.7) Changes to liabilities for incurred claims 37.0 20.4 8.3 — 65.7 Net expense from reinsurance contracts excluding movement in onerous loss component 94.6 35.2 6.2 4.3 140.3 Other reinsurance recoveries including movement in loss recovery component — 0.3 (0.7) — (0.4) Net expenses/(income) from reinsurance contracts held 94.6 35.5 5.5 4.3 139.9 Net expenses from reinsurance contracts held for the corresponding reportable segments for the period ended 31 December 2025 are shown below.   31 December 2025   UK Motor £m UK Other £m European Insurance £m Other £m Total £m Allocation of reinsurance premiums 133.5 143.1 155.8 11.3 443.7 Amounts recoverable from reinsurers for incurred insurance service expenses           Incurred claims (70.9) (91.1) (151.1) (7.7) (320.8) Changes to liabilities for incurred claims 56.8 (1.4) 45.8 — 101.2 Net expense from reinsurance contracts excluding movement in onerous loss component 119.4 50.6 50.5 3.6 224.1 Other reinsurance recoveries including movement in loss recovery component (0.1) (0.2) 2.1 — 1.8 Net expenses/(income) from reinsurance contracts held 119.3 50.4 52.6 3.6 225.9 5e. Finance expenses/(income) from insurance contracts held and reinsurance contracts issued £m 30 June 2026 (unaudited) 30 June 2025 (unaudited) 31 December 2025 Amounts recognised through the income statement       Insurance finance expenses from insurance contracts issued 73.2 68.2 140.9 Insurance finance income from reinsurance contracts held (14.5) (13.6) (29.4) Net finance expense from insurance / reinsurance contracts issued 58.7 54.6 111.5 5f. Insurance Liabilities and Reinsurance assets   Period ended 30 June 2026 (unaudited) Period ended 30 June 2025 (unaudited) Year ended 31 December 2025 £m Total insurance contract liabilities Total reinsurance contract assets Net insurance contract liabilities Total insurance contract liabilities Total reinsurance contract assets Net insurance contract liabilities Total insurance contract liabilities Total reinsurance contract assets Net insurance contract liabilities UK Motor 3,840.5 285.7 3,554.8 3,793.1 290.5 3,502.6 3,844.1 313.4 3,530.7 UK Other 528.8 241.0 287.8 481.9 199.8 282.1 509.6 228.8 280.8 European Insurance 948.0 547.2 400.8 880.0 538.0 342.0 908.1 526.9 381.2 Other 163.7 21.4 142.3 106.2 10.2 96.0 137.4 11.4 126.0 Total 5,481.0 1,095.3 4,385.7 5,261.2 1,038.5 4,222.7 5,399.2 1,080.5 4,318.7 (ii). Roll-forward of net asset or liability for insurance contracts issued UK Motor The following tables reconcile the opening and closing balances of the LRC and LIC for UK Motor. 30 June 2026 (unaudited) Liability for remaining coverage Liability for incurred claims   £m Excluding loss component Loss component Total Present value of future cashflows Risk adj. for non-financial risk Total Total Opening liabilities (774.1) — (774.1) (2,685.7) (384.3) (3,070.0) (3,844.1) Net opening balance (774.1) — (774.1) (2,685.7) (384.3) (3,070.0) (3,844.1) Insurance revenue 1,648.8 — 1,648.8 — — — 1,648.8 Incurred claims and insurance service expenses — — — (1,389.3) (105.3) (1,494.6) (1,494.6) Changes to liabilities for incurred claims — — — 102.3 146.1 248.4 248.4 Insurance service result 1,648.8 — 1,648.8 (1,287.0) 40.8 (1,246.2) 402.6 Insurance finance income/(expense) recognised in profit or loss — — — (50.7) (7.9) (58.6) (58.6) Insurance finance income/(expense) recognised in OCI — — — 25.2 2.3 27.5 27.5 Total changes in comprehensive income 1,648.8 — 1,648.8 (1,312.5) 35.2 (1,277.3) 371.5 Other changes 1 — — — 42.9 — 42.9 42.9 Cashflows               Premiums received (1,674.6) — (1,674.6) — — — (1,674.6) Claims and other insurance service expenses paid — — — 1,263.8 — 1,263.8 1,263.8 Total cashflows (1,674.6) — (1,674.6) 1,263.8 — 1,263.8 (410.8) Net closing balance (799.9) — (799.9) (2,691.5) (349.1) (3,040.6) (3,840.5) Closing liabilities (799.9) — (799.9) (2,691.5) (349.1) (3,040.6) (3,840.5) 30 June 2025 (unaudited) Liability for remaining coverage Liability for incurred claims   £m Excluding loss component Loss component Total Present value of future cashflows Risk adj. for non-financial risk Total Total Opening liabilities (883.3) — (883.3) (2,300.8) (390.3) (2,691.1) (3,574.4) Net opening balance (883.3) — (883.3) (2,300.8) (390.3) (2,691.1) (3,574.4) Insurance revenue 1,775.2 — 1,775.2 — — — 1,775.2 Incurred claims and insurance service expenses — — — (1,358.8) (114.2) (1,473.0) (1,473.0) Changes to liabilities for incurred claims — — — 86.9 127.1 214.0 214.0 Losses and reversals of losses on onerous contracts — (0.1) (0.1) — — — (0.1) Insurance service result 1,775.2 (0.1) 1,775.1 (1,271.9) 12.9 (1,259.0) 516.1 Insurance finance income/(expense) recognised in profit or loss — — — (45.9) (8.6) (54.5) (54.5) Insurance finance income/(expense) recognised in OCI — 0.1 0.1 (39.8) (7.8) (47.6) (47.5) Total changes in comprehensive income 1,775.2 — 1,775.2 (1,357.6) (3.5) (1,361.1) 414.1 Other changes 1 — — — 59.8 — 59.8 59.8 Cashflows               Premiums received (1,780.7) — (1,780.7) — — — (1,780.7) Claims and other insurance service expenses paid — — — 1,088.1 — 1,088.1 1,088.1 Total cashflows (1,780.7) — (1,780.7) 1,088.1 — 1,088.1 (692.6) Net closing balance (888.8) — (888.8) (2,510.5) (393.8) (2,904.3) (3,793.1) Closing liabilities (888.8) — (888.8) (2,510.5) (393.8) (2,904.3) (3,793.1) 31 December 2025 Liability for remaining coverage Liability for incurred claims   £m Excluding loss component Loss component Total Present value of future cashflows Risk adj. for non-financial risk Total Total Opening liabilities (883.3) — (883.3) (2,300.8) (390.3) (2,691.1) (3,574.4) Net opening balance (883.3) — (883.3) (2,300.8) (390.3) (2,691.1) (3,574.4) Insurance revenue 3,511.5 — 3,511.5 — — — 3,511.5 Incurred claims and insurance service expenses — — — (2,787.4) (185.9) (2,973.3) (2,973.3) Changes to liabilities for incurred claims — — — 115.8 219.9 335.7 335.7 Losses and reversals of losses on onerous contracts — (0.1) (0.1) — — — (0.1) Insurance service result 3,511.5 (0.1) 3,511.4 (2,671.6) 33.9 (2,637.7) 873.7 Insurance finance income/(expense) recognised in profit or loss — 0.1 0.1 (96.0) (17.4) (113.5) (113.4) Insurance finance income/(expense) recognised in OCI — — — (47.6) (10.5) (58.0) (58.0) Total changes in comprehensive income 3,511.5 — 3,511.5 (2,815.2) 6.0 (2,809.2) 702.3 Other changes 1 — — — 74.3 — 74.3 74.3 Cashflows               Premiums received (3,402.3) — (3,402.3) — — — (3,402.3) Claims and other insurance service expenses paid — — — 2,356.0 — 2,356.0 2,356.0 Total cashflows (3,402.3) — (3,402.3) 2,356.0 — 2,356.0 (1,046.3) Net closing balance (774.1) — (774.1) (2,685.7) (384.3) (3,070.0) (3,844.1) Closing liabilities (774.1) — (774.1) (2,685.7) (384.3) (3,070.0) (3,844.1) 1 Other changes reflect the transfer of non-cash insurance service expenses, (primarily depreciation, amortisation and IFRS 2 equity-settled share based payments), out of the LIC. There is no impact on the closing balance. (iii). Roll-forward of net asset or liability for reinsurance contracts issued UK Motor The following tables reconcile the opening and closing balances of the ARC and AIC for UK Motor. 30 June 2026 (unaudited) Asset for remaining coverage Asset for incurred claims   £m Excluding loss component Loss-recovery component Total Present value of future cashflows Risk adj. for non-financial risk Total Total Opening assets 45.7 — 45.7 189.3 78.4 267.7 313.4 Net opening balance 45.7 — 45.7 189.3 78.4 267.7 313.4 Allocation of reinsurance premiums (59.3) — (59.3) — — — (59.3) Incurred claims — — — 13.1 1.7 14.8 14.8 Changes to liabilities for incurred claims — — — (6.0) (37.0) (43.0) (43.0) Net income/ (expense) from reinsurance contracts held (59.3) — (59.3) 7.1 (35.3) (28.2) (87.5) Reinsurance finance income/(expense) recognised in profit or loss — — — 3.6 0.9 4.5 4.5 Reinsurance finance income/(expense) recognised in OCI — — — (4.4) (0.5) (4.9) (4.9) Total changes in comprehensive income (59.3) — (59.3) 6.3 (34.9) (28.6) (87.9) Cashflows               Premiums paid 64.5 — 64.5 — — — 64.5 Claims recoveries — — — (4.3) — (4.3) (4.3) Total cashflows 64.5 — 64.5 (4.3) — (4.3) 60.2 Net closing balance 50.9 — 50.9 191.3 43.5 234.8 285.7 Closing assets 50.9 — 50....

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