Quilter plc - 2025 Full Year Results [Part 2]

About this update from Quilter Plc

[{"type":"text","content":"\n \n Statement of Directors' responsibilities \n in respect of the preliminary announcement of the Annual Report and the financial statements \n The Directors confirm that, to the best of their knowledge: \n ·      The results in this preliminary announcement have been taken from the Group's 2025 Annual Report, which     will be available on the Company's website on 17 March 2026; and \n ·      The financial statements, prepared in accordance with the applicable set of accounting standards, give a true   and fair view of the assets, liabilities, financial position and profit or loss of the Group \n   \n   \n Signed on behalf of the Board \n   \n   \n   \n Steven Levin                                           Mark Satchel Chief Executive Officer                       Chief Financial Officer \n 4 March 2026 \n   \n   \n   \n   \n \n                                                                                                                                                                                                                   \n \n \n \n \n Consolidated statement of comprehensive income \n \n \n \n \n For the year ended 31 December 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n £m \n \n \n \n \n   \n \n \n Notes \n \n \n Year ended \n 31 December \n 2025 \n \n \n Year ended \n 31 December \n 2024 \n \n \n \n \n Income \n \n \n \n \n \n \n \n \n \n \n \n \n \n Fee income and other income from service activities \n \n \n \n \n \n 733 \n \n \n 544 \n \n \n \n \n Investment return \n \n \n \n \n \n 8,607 \n \n \n 4,877 \n \n \n \n \n Other income \n \n \n \n \n \n 24 \n \n \n 28 \n \n \n \n \n Total income \n \n \n \n \n \n 9,364 \n \n \n 5,449 \n \n \n \n \n Expenses \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Investment contract claims benefits \n \n \n \n \n \n (1) \n \n \n - \n \n \n \n \n Change in investment contract liabilities \n \n \n 15 \n \n \n (7,145) \n \n \n (4,065) \n \n \n \n \n Fee and commission expenses and other acquisition costs \n \n \n \n \n \n (51) \n \n \n (49) \n \n \n \n \n Change in third-party interests in consolidated funds \n \n \n \n \n \n (1,223) \n \n \n (587) \n \n \n \n \n Other operating and administrative expenses \n \n \n \n \n \n (600) \n \n \n (691) \n \n \n \n \n Finance costs \n \n \n \n \n \n (21) \n \n \n (21) \n \n \n \n \n Total expenses \n \n \n \n \n \n (9,041) \n \n \n (5,413) \n \n \n \n \n Impairment of investments in associates \n \n \n \n \n \n - \n \n \n (1) \n \n \n \n \n Share of profit after tax of associates \n \n \n \n \n \n 1 \n \n \n - \n \n \n \n \n Profit before tax \n \n \n \n \n \n 324 \n \n \n 35 \n \n \n \n \n Income tax expense attributable to policyholder returns \n \n \n 7(a) \n \n \n (161) \n \n \n (95) \n \n \n \n \n Profit/(loss) before tax attributable to shareholder returns \n \n \n \n \n \n 163 \n \n \n (60) \n \n \n \n \n   Income tax expense \n \n \n 7(a) \n \n \n (204) \n \n \n (69) \n \n \n \n \n   Less: income tax expense attributable to policyholder returns \n \n \n \n \n \n 161 \n \n \n 95 \n \n \n \n \n Income tax (expense)/credit attributable to shareholder returns \n \n \n 7(a) \n \n \n (43) \n \n \n 26 \n \n \n \n \n Profit/(loss) after tax attributable to the owners of the Company \n \n \n \n \n \n 120 \n \n \n (34) \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Other comprehensive income/(expense) \n \n \n \n \n \n \n \n \n \n \n \n \n \n Items that may be reclassified subsequently to profit or loss \n \n \n \n \n \n \n \n \n \n \n \n \n \n Exchange gains/(losses) on translation of foreign operations \n \n \n \n \n \n 1 \n \n \n (1) \n \n \n \n \n Total comprehensive income \n \n \n \n \n \n 121 \n \n \n (35) \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Earnings per Ordinary Share \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Basic earnings per Ordinary Share (pence) \n \n \n 8 \n \n \n 8.9 \n \n \n (2.5) \n \n \n \n \n Diluted earnings per Ordinary Share (pence) \n \n \n 8 \n \n \n 8.6 \n \n \n (2.5) \n \n \n \n \n   \n All income and expenses relate to continuing operations. \n \n \n \n \n \n \n   \n   \n   \n   \n   \n   \n   \n   \n                                                                              \n \n \n \n \n Consolidated statement of financial position \n \n \n \n \n At 31 December 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n £m \n \n \n \n \n \n \n \n Notes \n \n \n 31 December \n 2025 \n \n \n 31 December \n 2024 \n \n \n \n \n Assets \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Goodwill and intangible assets \n \n \n 9 \n \n \n 328 \n \n \n 339 \n \n \n \n \n Property, plant and equipment \n \n \n \n \n \n 86 \n \n \n 91 \n \n \n \n \n Investment property \n \n \n \n \n \n 8 \n \n \n 9 \n \n \n \n \n Investments in associates \n \n \n \n \n \n 21 \n \n \n 16 \n \n \n \n \n Contract costs \n \n \n \n \n \n 31 \n \n \n 24 \n \n \n \n \n Loans and advances \n \n \n \n \n \n 44 \n \n \n 56 \n \n \n \n \n Financial investments \n \n \n 10 \n \n \n 73,362 \n \n \n 59,360 \n \n \n \n \n Deferred tax assets \n \n \n \n \n \n 88 \n \n \n 115 \n \n \n \n \n Current tax receivable \n \n \n \n \n \n - \n \n \n 45 \n \n \n \n \n Trade, other receivables and other assets \n \n \n \n \n \n 398 \n \n \n 418 \n \n \n \n \n Derivative assets \n \n \n \n \n \n 24 \n \n \n 26 \n \n \n \n \n Cash and cash equivalents \n \n \n 13 \n \n \n 2,152 \n \n \n 1,949 \n \n \n \n \n Total assets \n \n \n   \n \n \n 76,542 \n \n \n 62,448 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Equity and liabilities \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Equity \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Ordinary Share capital \n \n \n 14 \n \n \n 115 \n \n \n 115 \n \n \n \n \n Ordinary Share premium reserve \n \n \n \n \n \n 58 \n \n \n 58 \n \n \n \n \n Capital redemption reserve \n \n \n \n \n \n 346 \n \n \n 346 \n \n \n \n \n Share-based payments reserve \n \n \n \n \n \n 40 \n \n \n 42 \n \n \n \n \n Other reserves \n \n \n   \n \n \n - \n \n \n (1) \n \n \n \n \n Retained earnings \n \n \n   \n \n \n 907 \n \n \n 863 \n \n \n \n \n Total equity \n \n \n   \n \n \n 1,466 \n \n \n 1,423 \n \n \n \n \n Liabilities \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Investment contract liabilities \n \n \n 15 \n \n \n 64,493 \n \n \n 51,758 \n \n \n \n \n Third-party interests in consolidated funds \n \n \n \n \n \n 9,394 \n \n \n 8,225 \n \n \n \n \n Provisions \n \n \n 16 \n \n \n 63 \n \n \n 111 \n \n \n \n \n Deferred tax liabilities \n \n \n \n \n \n 180 \n \n \n 96 \n \n \n \n \n Current tax payable \n \n \n \n \n \n 2 \n \n \n 1 \n \n \n \n \n Borrowings and lease liabilities \n \n \n \n \n \n 271 \n \n \n 275 \n \n \n \n \n Trade, other payables and other liabilities \n \n \n \n \n \n 649 \n \n \n 506 \n \n \n \n \n Derivative liabilities \n \n \n \n \n \n 24 \n \n \n 53 \n \n \n \n \n Total liabilities \n \n \n   \n \n \n 75,076 \n \n \n 61,025 \n \n \n \n \n Total equity and liabilities \n \n \n   \n \n \n 76,542 \n \n \n 62,448 \n \n \n \n \n   \n Approved by the Board of Directors and authorised for issue on 4 March 2026 and signed on its behalf by: \n   \n   \n   \n Steven Levin                         Mark Satchel \n Chief Executive Officer          Chief Financial Officer \n   \n   \n   \n   \n   \n   \n   \n \n \n \n \n Consolidated statement of changes in equity \n \n \n \n \n For the year ended 31 December 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n \n \n Year ended 31 December 2025 \n \n \n \n \n \n Ordinary \n Share \n capital \n \n \n Ordinary Share \n premium reserve \n \n \n Capital redemption reserve 2 \n \n \n Share-based payments reserve \n \n \n Other reserves \n \n \n Retained earnings \n \n \n Total \n share- \n holders' \n equity \n \n \n \n \n Balance at 1 January 2025 \n \n \n   \n \n \n 115 \n \n \n 58 \n \n \n 346 \n \n \n 42 \n \n \n (1) \n \n \n 863 \n \n \n 1,423 \n \n \n \n \n Profit after tax attributable to the owners of the Company \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 120 \n \n \n 120 \n \n \n \n \n Other comprehensive income \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 1 \n \n \n - \n \n \n 1 \n \n \n \n \n Total comprehensive income \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 1 \n \n \n 120 \n \n \n 121 \n \n \n \n \n Dividends \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (84) \n \n \n (84) \n \n \n \n \n Movement in own shares 3 \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (13) \n \n \n (13) \n \n \n \n \n Equity-settled share-based payment transactions \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (5) \n \n \n - \n \n \n 18 \n \n \n 13 \n \n \n \n \n Aggregate tax effects of items recognised directly in equity \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 3 \n \n \n - \n \n \n 3 \n \n \n 6 \n \n \n \n \n Total transactions with the owners of the Company \n \n \n - \n \n \n - \n \n \n - \n \n \n (2) \n \n \n - \n \n \n (76) \n \n \n (78) \n \n \n \n \n Balance at 31 December 2025 \n \n \n   \n \n \n 115 \n \n \n 58 \n \n \n 346 \n \n \n 40 \n \n \n - \n \n \n 907 \n \n \n 1,466 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n \n \n Year ended 31 December 2024 \n \n \n \n \n \n Ordinary \n Share \n capital \n \n \n Ordinary Share \n premium reserve \n \n \n Capital redemption reserve 2 \n \n \n Share-based payments reserve \n \n \n Other reserves \n \n \n Retained earnings \n \n \n Total \n share- \n holders' \n equity \n \n \n \n \n Balance at 1 January 2024 \n \n \n \n \n \n 115 \n \n \n 58 \n \n \n 346 \n \n \n 42 \n \n \n - \n \n \n 958 \n \n \n 1,519 \n \n \n \n \n Loss after tax attributable to the owners of the Company \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (34) \n \n \n (34) \n \n \n \n \n Other comprehensive expense \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1) \n \n \n - \n \n \n (1) \n \n \n \n \n Total comprehensive income \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1) \n \n \n (34) \n \n \n (35) \n \n \n \n \n Dividends \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (73) \n \n \n (73) \n \n \n \n \n Exchange rate movements (ZAR/GBP) 1 \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1) \n \n \n (1) \n \n \n \n \n Movement in own shares 3 \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (6) \n \n \n (6) \n \n \n \n \n Equity-settled share-based payment transactions \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (4) \n \n \n - \n \n \n 18 \n \n \n 14 \n \n \n \n \n Aggregate tax effects of items recognised directly in equity \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 4 \n \n \n - \n \n \n 1 \n \n \n 5 \n \n \n \n \n Total transactions with the owners of the Company \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (61) \n \n \n (61) \n \n \n \n \n Balance at 31 December 2024 \n \n \n \n \n \n 115 \n \n \n 58 \n \n \n 346 \n \n \n 42 \n \n \n (1) \n \n \n 863 \n \n \n 1,423 \n \n \n \n \n 1 For shares registered on the Johannesburg Stock Exchange , the amounts of proposed dividends are set in South African Rand on the relevant Market Announcement date which is prior to the date of payment. The impact of exchange rate movements between these dates is recognised directly in equity. The Group held cash in South African Rand equal to the expected cash outflows and therefore was economically hedged for these payments. Refer to note 5(b)(vi) for further details. \n 2 The Capital redemption reserve is comprised of the nominal value of shares cancelled or shares redeemed under share buyback and capital return programmes. \n 3 The number of own shares held by Quilter's employee benefit trusts is disclosed in note 8(a). \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n Consolidated statement of cash flows \n For the year ended 31 December 2025 \n The cash flows presented in this statement cover all the Group's activities and include flows from both policyholder and shareholder activities. All cash and cash equivalents are available for general use by the Group for the purposes of the disclosures required under IAS 7 Statement of Cash Flows except for cash and cash equivalents in consolidated funds (as shown in note 13). \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n £m \n \n \n \n \n \n \n \n Note \n \n \n Year ended \n 31 December \n 2025 \n \n \n Year ended \n 31 December \n 2024 \n \n \n \n \n Cash flows from operating activities \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Cash flows from operating activities \n \n \n \n \n \n 6,239 \n \n \n 4,654 \n \n \n \n \n Taxation paid \n \n \n \n \n \n (43) \n \n \n (69) \n \n \n \n \n Total net cash flows from operating activities \n \n \n 13(b) \n \n \n 6,196 \n \n \n 4,585 \n \n \n \n \n Cash flows from investing activities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Net purchases and sales of financial investments excluding fixed-term deposits \n \n \n \n \n \n (5,810) \n \n \n (4,360) \n \n \n \n \n Investment in fixed-term deposits \n \n \n \n \n \n (50) \n \n \n                        - \n \n \n \n \n Purchase of property, plant and equipment \n \n \n \n \n \n (4) \n \n \n (8) \n \n \n \n \n Acquisition of subsidiaries \n \n \n \n \n \n (2) \n \n \n (6) \n \n \n \n \n Acquisition of shares in associates \n \n \n \n \n \n (4) \n \n \n (14) \n \n \n \n \n Total net cash flows from investing activities \n \n \n \n \n \n (5,870) \n \n \n (4,388) \n \n \n \n \n Cash flows from financing activities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Dividends paid to the owners of the Company \n \n \n \n \n \n (84) \n \n \n (73) \n \n \n \n \n Exchange rate movements passed to shareholders 1 \n \n \n \n \n \n - \n \n \n (1) \n \n \n \n \n Quilter plc shares acquired for use within the Group's employee share schemes \n \n \n \n \n \n (13) \n \n \n (6) \n \n \n \n \n Finance costs on borrowings 2 \n \n \n \n \n \n (17) \n \n \n (18) \n \n \n \n \n Payment of interest on lease liabilities 2 \n \n \n \n \n \n (2) \n \n \n (2) \n \n \n \n \n Payment of principal of lease liabilities \n \n \n \n \n \n (7) \n \n \n (8) \n \n \n \n \n Total net cash flows from financing activities \n \n \n \n \n \n (123) \n \n \n (108) \n \n \n \n \n Net increase in cash and cash equivalents \n \n \n \n \n \n 203 \n \n \n 89 \n \n \n \n \n Cash and cash equivalents at the beginning of the year \n \n \n \n \n \n 1,949 \n \n \n 1,859 \n \n \n \n \n Effect of exchange rate changes on cash and cash equivalents \n \n \n \n \n \n - \n \n \n 1 \n \n \n \n \n Cash and cash equivalents at the end of the year \n \n \n \n \n \n 2,152 \n \n \n 1,949 \n \n \n \n \n 1 The exchange rate movements passed to shareholders relate to foreign exchange gains or losses that have arisen on dividend payments to JSE shareholders. Further details are included within the consolidated statement of changes in equity. \n 2 The total interest paid of £19 million (2024: £20 million) includes finance costs on borrowings and payment of interest on lease liabilities. \n   \n \n \n \n Notes to the condensed consolidated financial statements \n For the year ended 31 December 2025 \n General information \n Quilter plc (the \"Company\", the \"Parent Company\"), a public limited company incorporated in England and Wales and domiciled in the United Kingdom (\"UK\"), together with its subsidiaries (collectively, the \"Group\") offers investment and wealth management services, long-term savings and financial advice primarily in the UK. Quilter plc is listed with a primary listing on the London Stock Exchange (\"LSE\") and a secondary listing on the Johannesburg Stock Exchange (\"JSE\"). \n The Company's registration number is 06404270. The address of the registered office is Senator House, 85 Queen Victoria Street, London, EC4V 4AB. \n 1: Basis of preparation \n The results in this preliminary announcement have been taken from the Group's 2025 Annual report which will be available on the Company's website on 17 March 2026. These condensed consolidated financial statements of Quilter plc for the year ended 31 December 2025 have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. \n These condensed consolidated financial statements have been prepared on a historical cost basis, except for the revaluation of certain financial instruments which are held at fair value, and are presented in pounds sterling, which is the currency of the primary economic environment in which the Group operates. \n Going concern \n The Directors have considered the resilience of the Group, its current financial position, the principal risks facing the business and the effectiveness of any mitigating strategies which are or could be applied. This included an assessment of capital and liquidity over a three-year business planning period covering 2026 to 2028. This assessment incorporated a number of stress tests covering a broad range of severe but plausible adverse scenarios, including economic and market shocks of up to 40% falls in equity markets, mass lapse events, new business growth scenarios and severe business interruption, equivalent to one in every 50 and one in every 200-year events. As part of the going concern assessment, the Group took into consideration the current position of the UK and global economy. The Group also considered how climate-related risks and opportunities affect operations, investment activities, advice and distribution, and their impact on specific projects and initiatives, estimates and judgements. Based on the assessment, the Directors believe that both the Group and Quilter plc have sufficient financial resources to continue in business for a period of at least 12 months from the date of approval of these financial statements and continue to adopt the going concern basis in preparing the Group and Parent Company financial statements. Further information is contained in the viability statement and going concern section of the Annual Report. \n Liquidity analysis of the statement of financial position \n The Group's statement of financial position is in order of liquidity. For each asset and liability line item, those amounts expected to be recovered or settled more than 12 months after the reporting date are disclosed separately in the notes to the condensed consolidated financial statements. \n Critical accounting estimates and judgements \n The preparation of financial statements requires management to exercise judgement in applying the Group's material accounting policies and make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements. The Board Audit Committee reviews these areas of judgement and estimates, and the appropriateness of material accounting policies adopted in the preparation of these financial statements. \n The Group's critical accounting judgements and estimates are detailed below: \n Critical accounting judgements \n The Group's critical accounting judgements are those made when applying its material accounting policies and that have the greatest effect on the net profit and net assets recognised in the Group's financial statements. There are no critical accounting judgements that have a significant impact on these financial statements. \n Critical accounting estimates \n The Group's critical accounting estimates involve the most complex or subjective assessments and assumptions, which have a significant risk of resulting in material adjustment to the net carrying amounts of assets and liabilities until those amounts are settled. Management uses its knowledge of current facts and circumstances and applies estimation and assumption setting techniques, that are aligned with relevant actuarial and accounting standards and guidance, to make predictions about future actions and events. Actual results may differ materially from those estimates. \n Ongoing Advice Review \n As previously announced in March 2024, the Group committed to undertake a review of historical data and practices across the Appointed Representative firms in the Quilter Financial Planning network in relation to the provision of ongoing advice. Following discussion with the FCA, a Skilled Person was appointed in June 2024 to assess and provide a view to the FCA on whether the delivery of ongoing advice services by Appointed Representative firms in the Quilter Financial Planning network had been compliant with applicable regulatory requirements during the period from 1 January 2017 to 31 December 2023. Based on the results of the Skilled Person Review, together with other evidence available at the time the Group's 2024 financial statements were approved, the Group recognised a provision for a reasonable estimate of the costs of a customer remediation exercise at 31 December 2024, including both redress and administrative costs. This was based upon assumptions at the time as to a plausible customer remediation approach that may be followed. \n The Skilled Person Review was finalised, and the final report submitted to the FCA during the first half of 2025, with no major differences in results noted from those used to recognise a provision at 31 December 2024. Accordingly, a Customer Remediation Strategy in relation to ongoing advice was developed by the Group, in consultation with management's external experts and remains ongoing. The remediation exercise is risk-based and will consider cases where the customer has been charged for ongoing advice services, and the adviser is unable to satisfactorily evidence the provision of those services. The remediation exercise will involve the population of customers who are at the highest likelihood of having not received the expected level of service from their adviser, based upon the results of the Skilled Person Review, together with other evidence available. The Group has revised the estimated costs from the costs previously recognised within the provision. The value of the provision at 31 December 2025 takes account of the latest estimates for: \n ·      refunds of fees previously charged for the population of customers included within the review; \n ·      interest payable, which has been updated to align to the latest Financial Ombudsmen Service interest payment policy; and \n ·      the costs of carrying out the remediation exercise. \n   \n Further information on the provision including information about the assumptions made and the uncertainties arising is contained in note 16. \n The significant estimates in the calculation of the provision are: \n ·      extrapolation of the proportion of the sample where satisfactory evidence of servicing was not found following an initial internal review, to the entire population of ongoing advice customers; \n ·      response rate for customers invited to engage in the remediation exercise; and \n ·      administrative costs to perform the remediation exercise, including costs associated with customer engagement and case reviews, which have been determined based upon experience from the project to date, and assumptions on the time period to complete the review process. \n 2: New standards, amendments to standards, and interpretations adopted by the Group \n The amendments to accounting standards in the table below became applicable for the current reporting period, with no material impact on the Group's results, financial position or disclosures. \n \n \n \n \n Adopted by the Group from \n \n \n Amendments to standards \n \n \n \n \n 1 January 2025 \n \n \n Amendments to IAS 21 Lack of Exchangeability \n \n \n \n \n 3 : Significant changes in the year \n Except for the matters disclosed in the notes to these condensed consolidated financial statements there are no significant changes in the current reporting period to be disclosed. \n 4: Business combinations, acquisitions and disposals \n Acquisitions \n The Group made two acquisitions during the year to 31 December 2025. \n MediFintech Ltd, 1 April 2025 \n On 1 April 2025, Quilter acquired 100% of the share capital of MediFintech Ltd, a company that provides detailed NHS pension reports, technical support and analysis to NHS pension members, for a total consideration of £5 million. £2 million was paid on acquisition and a further estimated £3 million is deferred consideration payable in stages on the first, second, third and fourth anniversary dates post completion dependent on business performance. The Group has carried out an assessment of control and concluded that it has control of this entity and accordingly MediFintech Ltd's results are included in the Group's financial statements from 1 April 2025. \n Digby Associates Limited, 3 April 2025 \n On 3 April 2025, the Group acquired 30% of the share capital of Digby Associates Limited for £3 million. The Group has carried out an assessment of control and influence and concluded that it has significant influence but not control of this entity. It therefore accounts for the holding as an investment in associate and accounts for its share of the post-tax profits or losses of Digby Associates Limited using the equity method of accounting. Subject to certain terms being met, the Group intends to acquire the remaining share capital of Digby Associates Limited in 2027. \n Acquisitions in the prior year \n There were two acquisitions during the year ended 31 December 2024. On 5 September 2024, Quilter acquired 100% of the share capital of Quilter Invest Limited (formerly NuWealth Limited) for a total consideration of £6 million. On 29 October 2024, the Group acquired 35% of the share capital of Beals Mortgage and Financial Services Limited, and 9.4% of the share capital of its subsidiary, Clinton Kennard Associates Ltd. \n Disposals \n There were no material disposals of businesses during the current year or the prior year. \n 5: Alternative performance measures \n 5(a): Adjusted profit before tax and reconciliation to profit after tax                                                                                          \n Basis of preparation of adjusted profit before tax \n Adjusted profit before tax is one of the Group's alternative performance measures (\"APMs\") and represents the Group's IFRS results, adjusted for specific items that management considers to be outside of the Group's normal operations or one-off in nature, as detailed in note 5(b). Adjusted profit before tax does not provide a complete picture of the Group's financial performance, which is disclosed in the consolidated statement of comprehensive income, but is instead intended to provide additional comparability and understanding of the financial results. \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n £m \n \n \n \n \n \n \n \n Notes \n \n \n Year ended \n 31 December \n 2025 \n \n \n Year ended \n 31 December \n 2024 \n \n \n \n \n Affluent \n \n \n \n \n \n 169 \n \n \n 148 \n \n \n \n \n High Net Worth \n \n \n \n \n \n 47 \n \n \n 48 \n \n \n \n \n Head Office \n \n \n \n \n \n (9) \n \n \n - \n \n \n \n \n Adjusted profit before tax \n \n \n 6(b) \n \n \n 207 \n \n \n 196 \n \n \n \n \n Adjusting items: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Impact of acquisition and disposal-related accounting \n \n \n 5(b)(i) \n \n \n (17) \n \n \n (40) \n \n \n \n \n Business transformation costs \n \n \n 5(b)(ii) \n \n \n (31) \n \n \n (26) \n \n \n \n \n Skilled Person Review \n \n \n 5(b)(iii) \n \n \n - \n \n \n (10) \n \n \n \n \n Customer remediation exercise \n \n \n 5(b)(iv) \n \n \n 20 \n \n \n (76) \n \n \n \n \n Other customer remediation \n \n \n 5(b)(v) \n \n \n - \n \n \n 3 \n \n \n \n \n Exchange rate movements (ZAR/GBP) \n \n \n 5(b)(vi) \n \n \n - \n \n \n 1 \n \n \n \n \n Policyholder tax adjustments \n \n \n 5(b)(vii) \n \n \n 2 \n \n \n (90) \n \n \n \n \n Finance costs \n \n \n 5(b)(viii) \n \n \n (18) \n \n \n (18) \n \n \n \n \n Total adjusting items before tax \n \n \n \n \n \n (44) \n \n \n (256) \n \n \n \n \n Profit/(loss) before tax attributable to shareholder returns \n \n \n   \n \n \n 163 \n \n \n (60) \n \n \n \n \n Income tax attributable to policyholder returns \n \n \n 7 \n \n \n 161 \n \n \n 95 \n \n \n \n \n IFRS profit before tax \n \n \n \n \n \n 324 \n \n \n 35 \n \n \n \n \n Income tax expense \n \n \n 7 \n \n \n (204) \n \n \n (69) \n \n \n \n \n IFRS profit/(loss) after tax \n \n \n   \n \n \n 120 \n \n \n (34) \n \n \n \n \n 5(b): Adjusting items \n The adjustments made to the Group's IFRS profit before tax to calculate adjusted profit before tax are detailed below. \n 5(b)(i): Impact of acquisition and disposal-related accounting \n The Group excludes any impairment of goodwill from adjusted profit as well as the amortisation and impairment of acquired intangible assets, finance costs related to the discounting of contingent consideration and incidental items relating to past disposals. \n The effect of these adjustments to determine adjusted profit are summarised below. \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n £m \n \n \n \n \n   \n \n \n \n \n \n Year ended \n 31 December \n 2025 \n \n \n Year ended \n 31 December \n 2024 \n \n \n \n \n Amortisation of acquired intangible assets \n \n \n \n \n \n 14 \n \n \n 38 \n \n \n \n \n Amortisation of acquired adviser schemes \n \n \n \n \n \n 3 \n \n \n 2 \n \n \n \n \n Total impact of acquisition and disposal-related accounting     \n \n \n 17 \n \n \n 40 \n \n \n \n \n   \n 5(b)(ii): Business transformation costs \n In 2025, business transformation costs totalled £31 million (2024: £26 million), the principal components of which are described below: \n Business Simplification costs - 2025: £30 million, 2024: £24 million \n During 2025, the Group achieved its target to deliver £50 million of annualised cost savings as part of the Business Simplification programme. Further modest implementation costs are expected during 2026 to complete the Advice and Wealth Transformation Programmes and for the final closure costs for Business Simplification. \n Investment in business costs - 2025: £1 million, 2024: £2 million \n Investment in business costs of £1 million (2024: £2 million) were incurred as the Group continues to enable and support advisers and customers and improve productivity through better utilisation of technology. This cost was excluded from adjusted profit as management considered it to be outside of the Group's normal operations and one-off in nature. \n 5(b)(iii): Skilled Person Review \n During 2025, there were no Skilled Person Review costs (2024: £10 million). Prior year costs included external costs and direct costs of internal resources to support and perform the Skilled Person Review of historical data and practices across the Quilter Financial Planning network of Appointed Representative firms. This cost was excluded from adjusted profit as management considered it to be outside of the Group's normal operations and one-off in nature. \n 5(b)(iv): Customer remediation exercise \n For 2025, a customer remediation credit has been recognised of £20 million (2024: cost of £76 million). The current year credit represents a £22 million reduction in the customer remediation exercise provision due to changes made to reflect current view of expected experience, partially offset by a cost of £2 million for the unwinding of discounting. The assumptions used to determine the value of the customer remediation provision include the proportion of customers within the scope of the review and the interest rates on redress payable which are aligned to the updated Financial Ombudsmen Service policy. Both of these have resulted in a decrease of the total amount of costs that are anticipated to be incurred as part of the customer remediation exercise. The unwinding of discounting reflects the passage of time since 31 December 2024 when calculating the present value of future costs for the purposes of determining the value of the provision as at 31 December 2025. See note 16 for further detail. Charges and credits relating to the customer remediation exercise are excluded from adjusted profit as management considers the exercise to be outside of the Group's normal operations and one-off in nature. \n 5(b)(v): Other customer remediation \n Lighthouse pension transfer advice provision - 2025: £nil, 2024: £3 million credit \n For 2024, a credit of £3 million related to a non-British Steel Pension Scheme redress provision release as a result of the changes in assumptions used to perform the calculations and market movements of the pension scheme values during 2024. For 2025, there were no movements on this provision that impacted adjusted profit. Further details of the provision are provided in note 16. \n 5(b)(vi): Exchange rate movements (ZAR/GBP) \n During 2025, there was no income or cost recognised (2024: £1 million income) due to foreign exchange movements on cash held in South African Rand in preparation for payments of dividends to shareholders. Cash was converted to South African Rand upon announcement of the dividend payments to provide an economic hedge for the Group. The foreign exchange movements in 2024 were fully offset by an equal amount taken directly to retained earnings. \n 5(b)(vii): Policyholder tax adjustments \n For 2025, the total amount of policyholder tax adjustments to adjusted profit is a charge of £2 million (2024: £90 million credit). Adjustments to policyholder tax are made to remove distortions due to the recognition of the income received from policyholders to fund the policyholder tax liability (which is included within the Group's income) which may vary in timing to the recognition of the corresponding tax expense, creating volatility in the Group's IFRS profit or loss before tax. \n The Group made changes to the unit pricing policy relating to policyholder tax charges in 2024. As expected, this has significantly reduced the volatility in these timing differences, and in turn, the value of the policyholder tax adjustments in 2025. \n 5(b)(viii): Finance costs \n The nature of much of the Group's operations means that, for management's decision-making and internal performance management, the effects of interest costs on subordinated debt are removed when calculating adjusted profit. For 2025, finance costs were £18 million (2024: £18 million). \n 5(c): Reconciliation of IFRS income and expenses to \"Total net revenue\" and \"Operating expenses\" within adjusted profit \n This reconciliation shows how each line of the Group's IFRS income and expenses are allocated to the Group's APMs: Net management fees, Other revenue, Investment revenue, Total net revenue and Operating expenses, which form the Group's adjusted profit before tax. The total column in the table below, down to \"Profit before tax attributable to shareholder returns\", reconciles to each line of the consolidated statement of comprehensive income. Allocations are determined by management and aim to show the Group's sources of profit (net of relevant directly attributable expenses). These allocations remain consistent from year to year to ensure comparability, unless otherwise stated. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n \n \n Year ended 31 December 2025 \n \n \n Net mgmt. fees 1 \n \n \n Other revenue 1 \n \n \n Investment revenue 1 \n \n \n Total net revenue 1 \n \n \n Operating expenses 1 \n \n \n Adjusted profit before tax \n \n \n Consol. of funds 2 \n \n \n Total \n \n \n \n \n Income \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Fee income and other income from service activities \n \n \n 739 \n \n \n 92 \n \n \n - \n \n \n 831 \n \n \n - \n \n \n 831 \n \n \n (98) \n \n \n 733 \n \n \n \n \n Investment return 3 \n \n \n 49 \n \n \n 7,120 \n \n \n 73 \n \n \n 7,242 \n \n \n 2 \n \n \n 7,244 \n \n \n 1,363 \n \n \n 8,607 \n \n \n \n \n Other income \n \n \n - \n \n \n 1 \n \n \n - \n \n \n 1 \n \n \n 20 \n \n \n 21 \n \n \n 3 \n \n \n 24 \n \n \n \n \n Total income \n \n \n 788 \n \n \n 7,213 \n \n \n 73 \n \n \n 8,074 \n \n \n 22 \n \n \n 8,096 \n \n \n 1,268 \n \n \n 9,364 \n \n \n \n \n Expenses \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Investment contract claims benefits \n \n \n - \n \n \n (1) \n \n \n - \n \n \n (1) \n \n \n - \n \n \n (1) \n \n \n - \n \n \n (1) \n \n \n \n \n Change in investment contract liabilities 3 \n \n \n (19) \n \n \n (7,116) \n \n \n (10) \n \n \n (7,145) \n \n \n - \n \n \n (7,145) \n \n \n - \n \n \n (7,145) \n \n \n \n \n Fee and commission expenses and other acquisition costs \n \n \n (52) \n \n \n 3 \n \n \n - \n \n \n (49) \n \n \n (2) \n \n \n (51) \n \n \n - \n \n \n (51) \n \n \n \n \n Change in third-party interests in consolidated funds \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1,223) \n \n \n (1,223) \n \n \n \n \n Other operating and administrative expenses \n \n \n (16) \n \n \n - \n \n \n - \n \n \n (16) \n \n \n (539) \n \n \n (555) \n \n \n (45) \n \n \n (600) \n \n \n \n \n Finance costs \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (21) \n \n \n (21) \n \n \n - \n \n \n (21) \n \n \n \n \n Total expenses \n \n \n (87) \n \n \n (7,114) \n \n \n (10) \n \n \n (7,211) \n \n \n (562) \n \n \n (7,773) \n \n \n (1,268) \n \n \n (9,041) \n \n \n \n \n Share of profit after tax of associates \n \n \n - \n \n \n 1 \n \n \n - \n \n \n 1 \n \n \n - \n \n \n 1 \n \n \n - \n \n \n 1 \n \n \n \n \n Profit before tax \n \n \n 701 \n \n \n 100 \n \n \n 63 \n \n \n 864 \n \n \n (540) \n \n \n 324 \n \n \n - \n \n \n 324 \n \n \n \n \n Income tax expense attributable to policyholder returns \n \n \n (161) \n \n \n - \n \n \n - \n \n \n (161) \n \n \n - \n \n \n (161) \n \n \n - \n \n \n (161) \n \n \n \n \n Profit before tax attributable to shareholder returns \n \n \n 540 \n \n \n 100 \n \n \n 63 \n \n \n 703 \n \n \n (540) \n \n \n 163 \n \n \n - \n \n \n 163 \n \n \n \n \n Adjusting items: \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Impact of acquisition and disposal-related accounting \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 17 \n \n \n 17 \n \n \n   \n \n \n   \n \n \n \n \n Business transformation costs \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 31 \n \n \n 31 \n \n \n   \n \n \n   \n \n \n \n \n Customer remediation exercise \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (20) \n \n \n (20) \n \n \n   \n \n \n   \n \n \n \n \n Policyholder tax adjustments \n \n \n (2) \n \n \n - \n \n \n - \n \n \n (2) \n \n \n - \n \n \n (2) \n \n \n   \n \n \n   \n \n \n \n \n Finance costs \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 18 \n \n \n 18 \n \n \n   \n \n \n   \n \n \n \n \n Adjusting items \n \n \n (2) \n \n \n - \n \n \n - \n \n \n (2) \n \n \n 46 \n \n \n 44 \n \n \n   \n \n \n   \n \n \n \n \n Adjusted profit before tax \n \n \n 538 \n \n \n 100 \n \n \n 63 \n \n \n 701 \n \n \n (494) \n \n \n 207 \n \n \n   \n \n \n   \n \n \n \n \n 1 The APMs \"Net management fees\", \"Other revenue\", \"Investment revenue\", \"Total net revenue\" and \"Operating expenses\" are commented on within the Financial review. \n 2 Consolidation of funds shows the grossing up impact to the Group's profit or loss as a result of the consolidation of funds requirements. This grossing up is excluded from the Group's adjusted profit. \n 3 Reported within net management fees, investment return of £49 million represents £28 million interest income on investments held for the benefit of policyholders and £21 million net interest income on client money balances. Change in investment contract liabilities of £19 million represents the amount of interest income paid to policyholders. The net balance of £30 million represents interest income on customer balances retained by the Group for 2025. The £73 million investment return less £10 million change in investment contract liabilities paid to customers on transactional cash balances, as reported within investment revenue, represents £63 million of net interest income on shareholder cash and cash equivalents. \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n \n \n Year ended 31 December 2024 \n \n \n Net mgmt. fees 1 \n \n \n Other revenue 1 \n \n \n Investment revenue 1 \n \n \n Total net revenue 1 \n \n \n Operating expenses 1 \n \n \n Adjusted profit before tax \n \n \n Consol. of funds 2 \n \n \n Total \n \n \n \n \n Income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Fee income and other income from service activities \n \n \n 541 \n \n \n 87 \n \n \n - \n \n \n 628 \n \n \n - \n \n \n 628 \n \n \n (84) \n \n \n 544 \n \n \n \n \n Investment return 3 \n \n \n 57 \n \n \n 4,037 \n \n \n 78 \n \n \n 4,172 \n \n \n - \n \n \n 4,172 \n \n \n 705 \n \n \n 4,877 \n \n \n \n \n Other income \n \n \n - \n \n \n 3 \n \n \n - \n \n \n 3 \n \n \n 21 \n \n \n 24 \n \n \n 4 \n \n \n 28 \n \n \n \n \n Total income \n \n \n 598 \n \n \n 4,127 \n \n \n 78 \n \n \n 4,803 \n \n \n 21 \n \n \n 4,824 \n \n \n 625 \n \n \n 5,449 \n \n \n \n \n Expenses \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Change in investment contract liabilities 3 \n \n \n (26) \n \n \n (4,032) \n \n \n (7) \n \n \n (4,065) \n \n \n - \n \n \n (4,065) \n \n \n - \n \n \n (4,065) \n \n \n \n \n Fee and commission expenses, and other acquisition costs \n \n \n (50) \n \n \n 3 \n \n \n - \n \n \n (47) \n \n \n (1) \n \n \n (48) \n \n \n (1) \n \n \n (49) \n \n \n \n \n Change in third-party interests in consolidated funds \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (587) \n \n \n (587) \n \n \n \n \n Other operating and administrative expenses \n \n \n (15) \n \n \n - \n \n \n - \n \n \n (15) \n \n \n (639) \n \n \n (654) \n \n \n (37) \n \n \n (691) \n \n \n \n \n Finance costs \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (21) \n \n \n (21) \n \n \n - \n \n \n (21) \n \n \n \n \n Total expenses \n \n \n (91) \n \n \n (4,029) \n \n \n (7) \n \n \n (4,127) \n \n \n (661) \n \n \n (4,788) \n \n \n (625) \n \n \n (5,413) \n \n \n \n \n Impairment of investments in associates \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1) \n \n \n (1) \n \n \n - \n \n \n (1) \n \n \n \n \n Profit before tax \n \n \n 507 \n \n \n 98 \n \n \n 71 \n \n \n 676 \n \n \n (641) \n \n \n 35 \n \n \n - \n \n \n 35 \n \n \n \n \n Income tax expense attributable to policyholder returns \n \n \n (95) \n \n \n - \n \n \n - \n \n \n (95) \n \n \n - \n \n \n (95) \n \n \n - \n \n \n (95) \n \n \n \n \n Loss before tax attributable to shareholder returns \n \n \n 412 \n \n \n 98 \n \n \n 71 \n \n \n 581 \n \n \n (641) \n \n \n (60) \n \n \n - \n \n \n (60) \n \n \n \n \n Adjusting items: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Impact of acquisition and disposal-related accounting \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 40 \n \n \n 40 \n \n \n \n \n \n \n \n \n \n \n Business transformation costs \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 26 \n \n \n 26 \n \n \n \n \n \n \n \n \n \n \n Skilled Person Review \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 10 \n \n \n 10 \n \n \n \n \n \n \n \n \n \n \n Customer remediation exercise \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 76 \n \n \n 76 \n \n \n \n \n \n \n \n \n \n \n Other customer remediation \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (3) \n \n \n (3) \n \n \n \n \n \n \n \n \n \n \n Exchange rate movements (ZAR/GBP) \n \n \n - \n \n \n (1) \n \n \n - \n \n \n (1) \n \n \n - \n \n \n (1) \n \n \n \n \n \n \n \n \n \n \n Policyholder tax adjustments \n \n \n 90 \n \n \n - \n \n \n - \n \n \n 90 \n \n \n - \n \n \n 90 \n \n \n \n \n \n \n \n \n \n \n Finance costs \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 18 \n \n \n 18 \n \n \n \n \n \n \n \n \n \n \n Adjusting items \n \n \n 90 \n \n \n (1) \n \n \n - \n \n \n 89 \n \n \n 167 \n \n \n 256 \n \n \n \n \n \n \n \n \n \n \n Adjusted profit before tax \n \n \n 502 \n \n \n 97 \n \n \n 71 \n \n \n 670 \n \n \n (474) \n \n \n 196 \n \n \n \n \n \n \n \n \n \n \n 1 The APMs \"Net management fees\", \"Other revenue\", \"Investment revenue\", \"Total net revenue\" and \"Operating expenses\" are commented on within the Financial review. \n 2 Consolidation of funds shows the grossing up impact to the Group's profit or loss as a result of the consolidation of funds requirements. This grossing up is excluded from the Group's adjusted profit. \n 3 Reported within net management fees, investment return of £57 million represents £36 million interest income on investments held for the benefit of policyholders and £21 million net interest income on client money balances. Change in investment contract liabilities of £26 million represents the amount of interest income paid to policyholders. The net balance of £31 million represents interest income on customer balances retained by the Group for 2024. The £78 million investment return less £7 million change in investment contract liabilities paid to customers on transactional cash balances, as reported within investment revenue, represents £71 million of net interest income on shareholder cash and cash equivalents. \n 6: Segment information \n 6(a): Segment presentation \n The Group has two operating segments: High Net Worth and Affluent. The segments used for reporting purposes are consistent with the structure and management of the Group. Head Office includes certain revenues and central costs that are not allocated to the segments. \n Adjusted profit before tax is an APM reported to the Group's management and the Board of Quilter plc. The segment information in this note reflects the adjusted and IFRS profit measures for each operating segment as provided to management and the Board. Management and the Board use additional performance indicators to assess the performance of each of the segments, including net inflows, assets under management and administration, total net revenue and operating margin. Income is analysed in further detail for each operating segment in note 6(b). \n Consistent with internal reporting, income and expenses that are not directly attributable to a particular segment are allocated between segments where appropriate. The Group accounts for inter-segment income and transfers as if the transactions were with third parties at current market prices. \n High Net Worth \n This segment comprises Quilter Cheviot and Quilter Cheviot Financial Planning. \n Quilter Cheviot provides discretionary investment management, predominantly in the United Kingdom, with bespoke investment portfolios tailored to the individual needs of high net worth clients, charities, companies and institutions through a network of branches in London and the regions. Investment management services are also provided by operations in the Channel Islands and Ireland. \n Quilter Cheviot Financial Planning offers a restricted advice proposition to high net worth clients. \n Affluent \n This segment comprises Quilter Investment Platform, Quilter Investors, Quilter Financial Planning and Quilter Invest. \n Quilter Investment Platform is a leading investment platform provider of advice-based wealth management products and services in the UK, which serves an affluent customer base through advised multi-channel distribution. \n Quilter Investors is a leading provider of investment solutions in the UK multi-asset market. It develops and manages investment solutions in the form of funds for the Group and third-party customers. It has several fund ranges which vary in breadth of underlying asset class. The investment management of the Quilter Investors fund range has been delegated to Quilter Investment Platform from 1 January 2025. \n Quilter Financial Planning is a restricted and independent financial adviser network providing mortgage and financial planning advice and financial solutions for both individuals and businesses through a network of intermediaries. It operates across all markets, from wealth management and retirement planning advice through to dealing with property wealth and personal and business protection needs. \n Quilter Invest is the developer of a fintech platform through which customers can build investment portfolios. The Quilter Invest platform provides access to savings and investments and is particularly aimed at people starting to invest who are looking for additional help and guidance, and who may choose to work with a financial adviser later in their investment journey. \n Head Office \n In addition to the Group's two operating segments, Head Office comprises the investment return on centrally held assets, central support function expenses, central core structural borrowings and certain tax balances. \n 6(b): Adjusted profit statement - segment information \n The table below presents the Group's operations split by operating segment, reconciling IFRS profit or loss to adjusted profit before tax. The Total column reconciles to the consolidated statement of comprehensive income. \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n £m \n \n \n \n \n   \n \n \n   \n \n \n Operating segments \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Year ended 31 December 2025 \n \n \n Notes \n \n \n Affluent \n \n \n High \n Net \n Worth \n \n \n Head Office \n \n \n Consolidation adjustments 1 \n \n \n Total \n \n \n \n \n Income \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Premium-based fees \n \n \n \n \n \n 69 \n \n \n 21 \n \n \n - \n \n \n - \n \n \n 90 \n \n \n \n \n Fund-based fees \n \n \n \n \n \n 376 \n \n \n 193 \n \n \n - \n \n \n (98) \n \n \n 471 \n \n \n \n \n Fixed fees \n \n \n \n \n \n 1 \n \n \n - \n \n \n - \n \n \n - \n \n \n 1 \n \n \n \n \n Other fee and commission income \n \n \n \n \n \n 171 \n \n \n - \n \n \n - \n \n \n - \n \n \n 171 \n \n \n \n \n Fee income and other income from service activities \n \n \n \n \n \n 617 \n \n \n 214 \n \n \n - \n \n \n (98) \n \n \n 733 \n \n \n \n \n Investment return 2 \n \n \n \n \n \n 7,211 \n \n \n 19 \n \n \n 31 \n \n \n 1,346 \n \n \n 8,607 \n \n \n \n \n Other income \n \n \n \n \n \n 103 \n \n \n - \n \n \n - \n \n \n (79) \n \n \n 24 \n \n \n \n \n Segment income \n \n \n   \n \n \n 7,931 \n \n \n 233 \n \n \n 31 \n \n \n 1,169 \n \n \n 9,364 \n \n \n \n \n Expenses \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Investment contract claims benefits \n \n \n \n \n \n (1) \n \n \n - \n \n \n - \n \n \n - \n \n \n (1) \n \n \n \n \n Change in investment contract liabilities 2 \n \n \n \n \n \n (7,145) \n \n \n - \n \n \n - \n \n \n - \n \n \n (7,145) \n \n \n \n \n Fee and commission expenses and other acquisition costs \n \n \n \n \n \n (52) \n \n \n - \n \n \n - \n \n \n 1 \n \n \n (51) \n \n \n \n \n Change in third-party interests in consolidated funds \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (1,223) \n \n \n (1,223) \n \n \n \n \n Other operating and administrative expenses \n \n \n \n \n \n (401) \n \n \n (203) \n \n \n (32) \n \n \n 36 \n \n \n (600) \n \n \n \n \n Finance costs \n \n \n \n \n \n (3) \n \n \n - \n \n \n (35) \n \n \n 17 \n \n \n (21) \n \n \n \n \n Segment expenses \n \n \n   \n \n \n (7,602) \n \n \n (203) \n \n \n (67) \n \n \n (1,169) \n \n \n (9,041) \n \n \n \n \n Share of profit after tax of associates \n \n \n \n \n \n 1 \n \n \n - \n \n \n - \n \n \n - \n \n \n 1 \n \n \n \n \n Profit/(loss) before tax \n \n \n   \n \n \n 330 \n \n \n 30 \n \n \n (36) \n \n \n - \n \n \n 324 \n \n \n \n \n Income tax expense attributable to policyholder returns \n \n \n \n \n \n (161) \n \n \n - \n \n \n - \n \n \n - \n \n \n (161) \n \n \n \n \n Profit/(loss) before tax attributable to shareholder returns \n \n \n \n \n \n 169 \n \n \n 30 \n \n \n (36) \n \n \n - \n \n \n 163 \n \n \n \n \n Adjusting items: \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Impact of acquisition and disposal-related accounting \n \n \n 5(b)(i) \n \n \n 11 \n \n \n 7 \n \n \n (1) \n \n \n - \n \n \n 17 \n \n \n \n \n Business transformation costs \n \n \n 5(b)(ii) \n \n \n 11 \n \n \n 10 \n \n \n 10 \n \n \n - \n \n \n 31 \n \n \n \n \n Customer remediation exercise \n \n \n 5(b)(iv) \n \n \n (20) \n \n \n - \n \n \n - \n \n \n - \n \n \n (20) \n \n \n \n \n Policyholder tax adjustments \n \n \n 5(b)(vii) \n \n \n (2) \n \n \n - \n \n \n - \n \n \n - \n \n \n (2) \n \n \n \n \n Finance costs \n \n \n 5(b)(viii) \n \n \n - \n \n \n - \n \n \n 18 \n \n \n - \n \n \n 18 \n \n \n \n \n Adjusting items before tax \n \n \n \n \n \n - \n \n \n 17 \n \n \n 27 \n \n \n - \n \n \n 44 \n \n \n \n \n Adjusted profit/(loss) before tax \n \n \n   \n \n \n 169 \n \n \n 47 \n \n \n (9) \n \n \n - \n \n \n 207 \n \n \n \n \n 1 Consolidation adjustments comprise the elimination of inter-segment transactions and the consolidation of investment funds. \n 2 Investment return and change in investment contract liabilities includes net £30 million of interest income on customer cash and cash equivalents retained by the Group. Investment return total also includes £63 million of interest income on shareholder cash and cash equivalents, comprising - Affluent: £30 million, High Net Worth: £6 million, and Head Office: £27 million.              \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n \n \n   \n \n \n   \n \n \n Operating segments \n \n \n \n \n \n \n \n \n \n \n \n \n \n Year ended 31 December 2024 \n \n \n Notes \n \n \n Affluent \n \n \n High \n Net \n Worth \n \n \n Head Office \n \n \n Consolidation adjustments 1 \n \n \n Total \n \n \n \n \n Income \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Premium-based fees \n \n \n \n \n \n 70 \n \n \n 19 \n \n \n - \n \n \n - \n \n \n 89 \n \n \n \n \n Fund-based fees \n \n \n \n \n \n 343 \n \n \n 184 \n \n \n - \n \n \n (83) \n \n \n 444 \n \n \n \n \n Fixed fees \n \n \n \n \n \n 1 \n \n \n - \n \n \n - \n \n \n - \n \n \n 1 \n \n \n \n \n Other fee and commission income \n \n \n \n \n \n 10 \n \n \n - \n \n \n - \n \n \n - \n \n \n 10 \n \n \n \n \n Fee income and other income from service activities \n \n \n \n \n \n 424 \n \n \n 203 \n \n \n - \n \n \n (83) \n \n \n 544 \n \n \n \n \n Investment return 2 \n \n \n \n \n \n 4,131 \n \n \n 21 \n \n \n 31 \n \n \n 694 \n \n \n 4,877 \n \n \n \n \n Other income \n \n \n \n \n \n 98 \n \n \n 2 \n \n \n 1 \n \n \n (73) \n \n \n 28 \n \n \n \n \n Segment income \n \n \n   \n \n \n 4,653 \n \n \n 226 \n \n \n 32 \n \n \n 538 \n \n \n 5,449 \n \n \n \n \n Expenses \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Change in investment contract liabilities 2 \n \n \n \n \n \n (4,065) \n \n \n - \n \n \n - \n \n \n - \n \n \n (4,065) \n \n \n \n \n Fee and commission expenses, and other acquisition costs \n \n \n \n \n \n (49) \n \n \n - \n \n \n - \n \n \n - \n \n \n (49) \n \n \n \n \n Change in third-party interests in consolidated funds \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (587) \n \n \n (587) \n \n \n \n \n Other operating and administrative expenses \n \n \n \n \n \n (484) \n \n \n (217) \n \n \n (29) \n \n \n 39 \n \n \n (691) \n \n \n \n \n Finance costs \n \n \n \n \n \n (2) \n \n \n - \n \n \n (29) \n \n \n 10 \n \n \n (21) \n \n \n \n \n Segment expenses \n \n \n   \n \n \n (4,600) \n \n \n (217) \n \n \n (58) \n \n \n (538) \n \n \n (5,413) \n \n \n \n \n Impairment of investment in associates \n \n \n \n \n \n - \n \n \n - \n \n \n (1) \n \n \n - \n \n \n (1) \n \n \n \n \n Profit/(loss) before tax \n \n \n \n \n \n 53 \n \n \n 9 \n \n \n (27) \n \n \n - \n \n \n 35 \n \n \n \n \n Income tax expense attributable to policyholder returns \n \n \n \n \n \n (95) \n \n \n - \n \n \n - \n \n \n - \n \n \n (95) \n \n \n \n \n (Loss)/profit before tax attributable to shareholder returns \n \n \n \n \n \n (42) \n \n \n 9 \n \n \n (27) \n \n \n - \n \n \n (60) \n \n \n \n \n Adjusting items: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Impact of acquisition and disposal-related accounting \n \n \n 5(b)(i) \n \n \n 9 \n \n \n 31 \n \n \n - \n \n \n - \n \n \n 40 \n \n \n \n \n Business transformation costs \n \n \n 5(b)(ii) \n \n \n 8 \n \n \n 8 \n \n \n 10 \n \n \n - \n \n \n 26 \n \n \n \n \n Skilled Person Review \n \n \n 5(b)(iii) \n \n \n 10 \n \n \n - \n \n \n - \n \n \n - \n \n \n 10 \n \n \n \n \n Customer remediation exercise \n \n \n 5(b)(iv) \n \n \n 76 \n \n \n - \n \n \n - \n \n \n - \n \n \n 76 \n \n \n \n \n Other customer remediation \n \n \n 5(b)(v) \n \n \n (3) \n \n \n - \n \n \n - \n \n \n - \n \n \n (3) \n \n \n \n \n Exchange rate movements (ZAR/GBP) \n \n \n 5(b)(vi) \n \n \n - \n \n \n - \n \n \n (1) \n \n \n - \n \n \n (1) \n \n \n \n \n Policyholder tax adjustments \n \n \n 5(b)(vii) \n \n \n 90 \n \n \n - \n \n \n - \n \n \n - \n \n \n 90 \n \n \n \n \n Finance costs \n \n \n 5(b)(viii) \n \n \n - \n \n \n - \n \n \n 18 \n \n \n - \n \n \n 18 \n \n \n \n \n Adjusting items before tax \n \n \n \n \n \n 190 \n \n \n 39 \n \n \n 27 \n \n \n - \n \n \n 256 \n \n \n \n \n Adjusted profit before tax \n \n \n   \n \n \n 148 \n \n \n 48 \n \n \n - \n \n \n - \n \n \n 196 \n \n \n \n \n 1 Consolidation adjustments comprise the elimination of inter-segment transactions and the consolidation of investment funds. \n 2 Investment return and change in investment contract liabilities includes net £31 million of interest income on customer cash and cash equivalents retained by the Group. Investment return total also includes £71 million of interest income on shareholder cash and cash equivalents, comprising - Affluent: £36 million, High Net Worth: £7 million, and Head Office: £28 million. \n 7: Tax \n 7(a): Tax charged \n \n \n \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n \n \n   \n \n \n \n \n \n Year ended \n 31 December \n 2025 \n \n \n Year ended \n 31 December \n 2024 \n \n \n \n \n Current tax \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n United Kingdom \n \n \n \n \n \n 91 \n \n \n 67 \n \n \n \n \n Overseas tax \n \n \n \n \n \n 2 \n \n \n 1 \n \n \n \n \n Adjustments to current tax in respect of prior years \n \n \n \n \n \n (2) \n \n \n (10) \n \n \n \n \n Total current tax charge \n \n \n   \n \n \n 91 \n \n \n 58 \n \n \n \n \n Deferred tax \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Origination and reversal of temporary differences \n \n \n \n \n \n 111 \n \n \n 3 \n \n \n \n \n Adjustments to deferred tax in respect of prior years \n \n \n \n \n \n 2 \n \n \n 8 \n \n \n \n \n Total deferred tax charge \n \n \n   \n \n \n 113 \n \n \n 11 \n \n \n \n \n Total tax charged \n \n \n   \n \n \n 204 \n \n \n 69 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Attributable to policyholder returns \n \n \n \n \n \n 161 \n \n \n 95 \n \n \n \n \n Attributable to shareholder returns \n \n \n \n \n \n 43 \n \n \n (26) \n \n \n \n \n Total tax charged \n \n \n \n \n \n 204 \n \n \n 69 \n \n \n \n \n Change in tax rate \n As part of the UK Government's Autumn Budget delivered in November 2025, the Chancellor announced an increase in the future policyholder tax rate from 20% to 22%. The revised rate will apply from April 2027, subject to enactment of the relevant Finance Bill provisions. As the rate change was not substantively enacted by 31 December 2025, the new rate has not been used in recognising the Group's deferred tax assets and liabilities should the temporary difference reverse after 1 April 2027. Once the rate change is substantively enacted, the policyholder deferred tax liability will increase by approximately £14 million. The future increase in policyholder tax charge is economically borne by the policyholder through the unit pricing of their product. \n There has been no change in the shareholder tax rate which remains 25% (2024: 25%). \n Policyholder tax \n Certain products are subject to tax on policyholders' investment returns. This \"policyholder tax\" is an element of total tax expense. To make the tax expense more meaningful, tax attributable to policyholder returns and tax attributable to shareholder returns are shown separately in the consolidated statement of comprehensive income. \n The tax attributable to policyholder returns is the amount payable in the year plus the movement of amounts expected to be payable in future years. The remainder of the tax expense is attributed to shareholder returns. \n The Group's income tax charge was £204 million in 2025 (2024: £69 million tax charge). The income tax charge can vary significantly year-on-year because of market volatility and the impact this has on policyholder tax. \n The recognition of the income received from policyholders to fund the policyholder tax liability (which is included within the Group's income) has historically been volatile due to timing differences between the recognition of policy deductions and credits and the corresponding policyholder tax expense, resulting in the need for significant adjustments to the adjusted profit to remove these distortions. The Group made changes to the Group's unit pricing policy at the end of 2024 relating to policyholder tax charges which has reduced volatility in these timing differences. \n Market movements for the year ended 31 December 2025 resulted in investment gains of £756 million on products subject to policyholder tax. The gain is a component of the total \"investment return\" gain of £8,607 million shown in the consolidated statement of comprehensive income. The tax impact of the £756 million investment return gain is a significant element of the £161 million tax charge attributable to policyholder returns in 2025 (2024: £95 million charge). \n Pillar II taxes \n Pillar II legislation is applicable in the UK, establishing a Pillar II minimum effective tax rate of 15%. The legislation implements a Multinational Top-up Tax (\"MTT\") and a Domestic Top-up Tax (\"DTT\"). \n The Group has applied the exemption under IAS 12.4A and accordingly will not recognise or disclose information about deferred tax assets and liabilities related to Pillar II income taxes. \n The scope of the MTT means that a top-up tax charge may also arise in the UK on profits earned in countries with lower tax rates in which the Group operates, subject to a local qualifying domestic minimum tax. There is no MTT due in the UK in 2025 as all overseas operations have minimum effective tax rates of 15%. \n The Group's main non-UK operations are in Jersey and Ireland. In 2025, the effective corporation tax rates in both Ireland and Jersey are above 15%, therefore no Pillar II tax liability is due for 2025 (2024: liability of £136,282 in relation to Jersey). \n The Isle of Man introduced a qualifying domestic top-up tax from accounting periods beginning on or after 1 January 2025, resulting in a Pillar II tax liability of £114,215. \n The Group has assessed that there are no material Pillar II tax charges in any other countries in which it had a presence during 2024 or 2025. \n 7(b): Reconciliation of total income tax expense \n The income tax credited or charged to profit or loss differs from the amount that would apply if all of the Group's profits from all the countries in which the Group operates had been taxed at the UK standard Corporation Tax rate. The difference in the effective rate is explained below : \n \n \n \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n \n \n   \n \n \n \n \n \n Year ended \n 31 December \n 2025 \n \n \n Year ended \n 31 December \n 2024 \n \n \n \n \n Profit before tax \n \n \n   \n \n \n 324 \n \n \n 35 \n \n \n \n \n Tax at UK standard rate of 25% (2024: 25%) \n \n \n \n \n \n 82 \n \n \n 9 \n \n \n \n \n Untaxed and low taxed income \n \n \n \n \n \n (1) \n \n \n (1) \n \n \n \n \n Expenses not deductible for tax purposes \n \n \n \n \n \n 1 \n \n \n 1 \n \n \n \n \n Adjustments to current tax in respect of prior years \n \n \n \n \n \n (2) \n \n \n (10) \n \n \n \n \n Net movements on unrecognised deferred tax assets \n \n \n \n \n \n - \n \n \n (10) \n \n \n \n \n Adjustments to deferred tax in respect of prior years \n \n \n \n \n \n 2 \n \n \n 8 \n \n \n \n \n Income tax attributable to policyholder returns (net of tax relief) \n \n \n \n \n \n 122 \n \n \n 72 \n \n \n \n \n Total tax charged to profit or loss \n \n \n   \n \n \n 204 \n \n \n 69 \n \n \n \n \n   \n 7(c): Reconciliation of IFRS income tax credit or expense to income tax on adjusted profit \n \n \n \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n \n \n   \n \n \n Note \n \n \n Year ended \n 31 December \n 2025 \n \n \n Year ended \n 31 December \n 2024 \n \n \n \n \n Income tax expense 1 \n \n \n   \n \n \n 204 \n \n \n 69 \n \n \n \n \n Tax on adjusting items \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Impact of acquisition and disposal-related accounting \n \n \n \n \n \n 4 \n \n \n 10 \n \n \n \n \n Business transformation costs \n \n \n \n \n \n 8 \n \n \n 7 \n \n \n \n \n Skilled Person Review \n \n \n \n \n \n - \n \n \n 2 \n \n \n \n \n Customer remediation exercise \n \n \n \n \n \n (6) \n \n \n 19 \n \n \n \n \n Other customer remediation \n \n \n \n \n \n - \n \n \n (1) \n \n \n \n \n Finance costs \n \n \n \n \n \n 4 \n \n \n 4 \n \n \n \n \n Tax adjusting items \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Policyholder tax adjustments \n \n \n 5(b)(vii) \n \n \n 2 \n \n \n (90) \n \n \n \n \n Other shareholder tax adjustments 2 \n \n \n \n \n \n - \n \n \n 33 \n \n \n \n \n Tax on adjusting items \n \n \n   \n \n \n 12 \n \n \n (16) \n \n \n \n \n Less: tax attributable to policyholder returns within adjusted profit 3 \n \n \n \n \n \n (163) \n \n \n (5) \n \n \n \n \n Tax charged on total adjusted profit \n \n \n   \n \n \n 53 \n \n \n 48 \n \n \n \n \n 1 Includes both tax attributable to policyholder and shareholder returns, in compliance with IFRS. \n 2 Other shareholder tax adjustments comprise the reallocation of adjustments from policyholder tax as explained in note 5(b)(vii) and shareholder tax adjustments for one‑off items in line with the Group's adjusted profit policy. \n 3 Adjusted profit treats policyholder tax as a pre-tax expense (this includes policyholder tax under IFRS and the policyholder tax adjustments) and is therefore removed from the tax charge on adjusted profit. \n 8: Earnings per share \n The Group calculates earnings per share (\"EPS\") on a number of different bases. IFRS requires the calculation of basic and diluted EPS. Adjusted EPS reflects earnings that are consistent with the Group's adjusted profit measure and Headline earnings per share (\"HEPS\") is a requirement of the Johannesburg Stock Exchange. \n 8(a): Weighted average number of Ordinary Shares \n The table below summarises the calculation of the weighted average number of Ordinary Shares for the purposes of calculating basic and diluted earnings per share for each profit measure (IFRS, adjusted profit and Headline earnings). \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Million \n \n \n \n \n   \n \n \n \n \n \n Year ended \n 31 December \n 2025 \n \n \n Year ended \n 31 December \n 2024 \n \n \n \n \n Weighted average number of Ordinary Shares \n \n \n   \n \n \n 1,404 \n \n \n 1,404 \n \n \n \n \n Own shares including those held in consolidated funds and employee benefit trusts \n \n \n   \n \n \n (52) \n \n \n (60) \n \n \n \n \n Basic weighted average number of Ordinary Shares \n \n \n \n \n \n 1,352 \n \n \n 1,344 \n \n \n \n \n Adjustment for dilutive share awards and options \n \n \n   \n \n \n 43 \n \n \n 48 \n \n \n \n \n Diluted weighted average number of Ordinary Shares \n \n \n   \n \n \n 1,395 \n \n \n 1,392 \n \n \n \n \n 8(b): Basic and diluted EPS (IFRS and adjusted profit) \n \n \n \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n \n \n   \n \n \n Notes \n \n \n Year ended \n 31 December \n 2025 \n \n \n Year ended \n 31 December \n 2024 \n \n \n \n \n Profit/(loss) after tax \n \n \n   \n \n \n 120 \n \n \n (34) \n \n \n \n \n Total adjusting items before tax \n \n \n 5(a) \n \n \n 44 \n \n \n 256 \n \n \n \n \n Tax on adjusting items \n \n \n 7(c) \n \n \n (12) \n \n \n 16 \n \n \n \n \n Less: policyholder tax adjustments \n \n \n 7(c) \n \n \n 2 \n \n \n (90) \n \n \n \n \n Adjusted profit after tax \n \n \n   \n \n \n 154 \n \n \n 148 \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n Pence \n \n \n \n \n   \n \n \n Post-tax profit \n measure used \n \n \n Year ended \n 31 December \n 2025 \n \n \n Year ended \n 31 December \n 2024 \n \n \n \n \n Basic EPS \n \n \n IFRS profit \n \n \n 8.9 \n \n \n (2.5) \n \n \n \n \n Diluted EPS \n \n \n IFRS profit \n \n \n 8.6 \n \n \n (2.5) \n \n \n \n \n Adjusted basic EPS \n \n \n Adjusted profit \n \n \n 11.4 \n \n \n 11.0 \n \n \n \n \n Adjusted diluted EPS \n \n \n Adjusted profit \n \n \n 11.0 \n \n \n 10.6 \n \n \n \n \n 8(c): Headline earnings per share \n \n \n \n \n   \n \n \n + \n \n \n + \n \n \n \n \n \n £m \n \n \n \n \n   \n \n \n Year ended 31 December 2025 \n \n \n Year ended 31 December 2024 \n \n \n \n \n   \n \n \n Gross \n \n \n Net of tax \n \n \n Gross \n \n \n Net of tax \n \n \n \n \n Profit/(loss) \n \n \n   \n \n \n 120 \n \n \n \n \n \n (34) \n \n \n \n \n Adjusted for: \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   - add back impairment of investments in associates \n \n \n - \n \n \n - \n \n \n 1 \n \n \n 1 \n \n \n \n \n   - add back loss on disposal of property, plant and equipment \n \n \n 1 \n \n \n 1 \n \n \n - \n \n \n - \n \n \n \n \n Headline earnings \n \n \n   \n \n \n 121 \n \n \n \n \n \n (33) \n \n \n \n \n Headline basic EPS (pence) \n \n \n   \n \n \n 8.9 \n \n \n \n \n \n (2.5) \n \n \n \n \n Headline diluted EPS (pence) \n \n \n   \n \n \n 8.7 \n \n \n \n \n \n (2.5) \n \n \n \n \n 9: Goodwill and intangible assets \n 9(a): Analysis of goodwill and intangible assets \n The table below shows the movements in cost and amortisation of goodwill and intangible assets. \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n £m \n \n \n \n \n \n \n \n Goodwill \n \n \n Software \n \n \n Other intangible assets 3 \n \n \n Total \n \n \n \n \n Gross amount \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n 1 January 2024 \n \n \n 306 \n \n \n 9 \n \n \n 425 \n \n \n 740 \n \n \n \n \n Acquisitions through business combinations 1 \n \n \n 1 \n \n \n 7 \n \n \n - \n \n \n 8 \n \n \n \n \n 31 December 2024 \n \n \n 307 \n \n \n 16 \n \n \n 425 \n \n \n 748 \n \n \n \n \n Acquisitions through business combinations 2 \n \n \n 1 \n \n \n 4 \n \n \n - \n \n \n 5 \n \n \n \n \n 31 December 2025 \n \n \n 308 \n \n \n 20 \n \n \n 425 \n \n \n 753 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Accumulated amortisation and impairment losses \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1 January 2024 \n \n \n - \n \n \n (5) \n \n \n (363) \n \n \n (368) \n \n \n \n \n Acquisitions through business combinations 1 \n \n \n - \n \n \n (1) \n \n \n - \n \n \n (1) \n \n \n \n \n Amortisation charge for the year \n \n \n - \n \n \n (2) \n \n \n (38) \n \n \n (40) \n \n \n \n \n 31 December 2024 \n \n \n - \n \n \n (8) \n \n \n (401) \n \n \n (409) \n \n \n \n \n Amortisation charge for the year \n \n \n - \n \n \n (4) \n \n \n (12) \n \n \n (16) \n \n \n \n \n 31 December 2025 \n \n \n - \n \n \n (12) \n \n \n (413) \n \n \n (425) \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Carrying amount \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 31 December 2024 \n \n \n 307 \n \n \n 8 \n \n \n 24 \n \n \n 339 \n \n \n \n \n 31 December 2025 \n \n \n 308 \n \n \n 8 \n \n \n 12 \n \n \n 328 \n \n \n \n \n 1 Relates to the acquisition of Quilter Invest Limited as explained in note 4. Total gross amount includes £1 million goodwill and £7 million software, which consists of £2 million of Quilter Invest Limited's net assets and £5 million recognised by the Group on acquisition of the business. Total accumulated amortisation of £1 million relates to software in Quilter Invest Limited's net assets. \n 2 Relates to the acquisition of MediFintech Limited as explained in note 4. Total gross amount includes £1 million goodwill within MediFintech Limited's net assets and £4 million recognised by the Group on acquisition of the business. \n 3 Assets related to customer relationships with a cost of £340 million and an accumulated amortisation of £340 million (net book value: £nil) continue to be included within the total gross amount and total accumulated amortisation amount as at 31 December 2025 as the Group continues to benefit from this customer relationship base. \n 9(b): Analysis of software and other intangible assets \n \n \n \n \n   \n \n \n 31 December  2025 \n \n \n 31 December  2024 \n \n \n Average estimated useful life \n \n \n Average period remaining \n \n \n \n \n   \n \n \n £m \n \n \n £m \n \n \n \n \n \n \n \n \n \n \n Net carrying value \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Software \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Quilter Invest - fintech platform \n \n \n 5 \n \n \n 6 \n \n \n 5 years \n \n \n 4 years \n \n \n \n \n MediFintech - report writing software \n \n \n 3 \n \n \n - \n \n \n 5 years \n \n \n 4 years \n \n \n \n \n Quilter Financial Planning - operating software \n \n \n - \n \n \n 2 \n \n \n 5 years \n \n \n - \n \n \n \n \n \n \n \n 8 \n \n \n 8 \n \n \n \n \n \n \n \n \n \n \n Other intangible assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Distribution channels - Quilter Financial Planning \n \n \n - \n \n \n 1 \n \n \n 8 years \n \n \n - \n \n \n \n \n Customer relationships \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Quilter Cheviot \n \n \n - \n \n \n 4 \n \n \n 10 years \n \n \n - \n \n \n \n \n Quilter Financial Planning \n \n \n 7 \n \n \n 12 \n \n \n 8 years \n \n \n 1 year \n \n \n \n \n Quilter Cheviot Financial Planning \n \n \n 5 \n \n \n 7 \n \n \n 8 years \n \n \n 1 year \n \n \n \n \n \n \n \n 12 \n \n \n 24 \n \n \n \n \n \n \n \n \n \n \n Total software and other intangible assets \n \n \n 20 \n \n \n 32 \n \n \n \n \n \n \n \n \n \n \n 9(c): Allocation of goodwill to cash-generating units (\"CGUs\") and consideration of the need for an impairment review \n Goodwill is monitored by management at the level of the Group's two operating segments: Affluent and High Net Worth. Both operating segments represent a group of CGUs. \n \n \n \n \n \n \n \n   \n \n \n £m \n \n \n \n \n   \n \n \n 31 December \n 2025 \n \n \n 31 December \n 2024 \n \n \n \n \n Goodwill (net carrying amount) \n \n \n   \n \n \n \n \n \n \n \n Affluent \n \n \n 225 \n \n \n 224 \n \n \n \n \n High Net Worth \n \n \n 83 \n \n \n 83 \n \n \n \n \n Total goodwill \n \n \n 308 \n \n \n 307 \n \n \n \n \n Consideration of the need for an impairment review \n Goodwill in both the Affluent and High Net Worth CGU groups is tested for impairment annually, or earlier if an indicator of impairment exists, by comparing the carrying value of the CGU group to which the goodwill relates to the recoverable value of that CGU group, being the higher of that CGU group's value-in-use or fair value less costs to sell. If applicable, an impairment charge is recognised when the recoverable amount is less than the carrying value. Goodwill impairment indicators include sudden stock market falls, the absence of net inflows, significant falls in profits and significant increases in the discount rate. \n The goodwill balance has been tested for impairment at 31 December 2025 and continues to demonstrate a surplus of the recoverable amount over the carrying value of the CGUs. As a result, no impairment is required. \n The following table shows the percentage change required in each key assumption before the carrying value would exceed the recoverable amount, assuming all other variables remain the same. This highlights that further adverse movements in the key assumptions used in the value-in-use calculation would be required before an impairment would need to be recognised. \n \n \n \n \n   \n \n \n Affluent \n \n \n High Net Worth \n \n \n \n \n Reduction in forecast cash flows \n \n \n 63% \n \n \n 86% \n \n \n \n \n Percentage point increase in the discount rate \n \n \n 60% \n \n \n 70% \n \n \n \n \n Forecast cash flows are impacted by movements in underlying assumptions, including equity market levels, revenue margins and net flows. The Group considers that forecast cash flows are most sensitive to movements in equity markets because they have a direct impact on the level of the Group's fee income. \n The principal sensitivity within equity market level assumptions relates to the estimated growth in equity market indices included in the three-year cash flow forecasts. Management forecasts equity market growth for each business using estimated asset-specific growth rates that are supported by internal research, historical performance, Bank of England forecasts and other external estimates. \n The Group has considered and assessed reasonably possible changes for other key assumptions and has not identified any other instances that could cause the carrying amounts to exceed the recoverable amounts. \n Value-in-use methodology \n The cash flows used to determine the value in use of the groups of CGUs are based on the most recent management approved three-year profit forecasts, which are contained in the Group's Business Plan. These profit forecasts incorporate anticipated equity market growth on the Group's future cash flows and take into account climate-related risks and opportunities affecting operations, investments, advice and distribution, and their impact on specific projects and initiatives, estimates and judgements. After the three-year forecast period, the growth rate used to determine the terminal value of the groups of CGUs in the annual assessment was 2.0% (31 December 2024: 2.0%). \n The Group uses a single cost of capital (post tax) of 11.7% (31 December 2024: 9.0%) to discount expected future cash flows across its two groups of CGUs. The single cost of capital is based on the Group's consideration of the level of risk that each group of CGUs represents. Capital is provided to the Group predominantly by shareholders with a relatively small amount of debt financing. \n 10: Financial investments \n The table below analyses the investments and securities that the Group invests in, either on its own proprietary behalf (shareholder funds) or on behalf of third parties (policyholder funds). \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n \n \n   \n \n \n 31 December \n 2025 \n \n \n 31 December \n 2024 \n \n \n \n \n Government and government-guaranteed securities \n \n \n 264 \n \n \n 171 \n \n \n \n \n Other debt securities, preference shares and debentures \n \n \n 3,515 \n \n \n 2,644 \n \n \n \n \n Equity securities \n \n \n 9,716 \n \n \n 11,034 \n \n \n \n \n Pooled investments \n \n \n 59,816 \n \n \n 45,510 \n \n \n \n \n Fixed-term deposits treated as investments \n \n \n 50 \n \n \n - \n \n \n \n \n Other \n \n \n 1 \n \n \n 1 \n \n \n \n \n Total financial investments \n \n \n 73,362 \n \n \n 59,360 \n \n \n \n \n The financial investments are recoverable within 12 months, apart from £7 million (2024: £6 million) which is recoverable after 12 months. The financial investments recoverability profile is based on the intention with which the financial assets are held. The assets held on behalf of policyholders cover the liabilities for linked investment contracts, all of which can be withdrawn by policyholders on demand. \n 11: Categories of financial instruments \n The analysis of financial assets and liabilities into categories as defined in IFRS 9 Financial Instruments is set out in the following tables. Assets and liabilities of a non-financial nature, or financial assets and liabilities that are specifically excluded from the scope of IFRS 9, are reflected in the non‑financial assets and liabilities category. \n For information about the methods and assumptions used in determining fair value, refer to note 12. The Group's exposure to various risks associated with financial instruments is discussed in note 18. \n \n \n \n \n 31 December 2025 \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n £m \n \n \n \n \n Measurement basis \n \n \n Fair value \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n Mandatorily at FVTPL \n \n \n Designated at FVTPL \n \n \n Amortised cost \n \n \n Non-financial assets and liabilities \n \n \n Total \n \n \n \n \n Assets \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Loans and advances \n \n \n - \n \n \n - \n \n \n 44 \n \n \n - \n \n \n 44 \n \n \n \n \n Financial investments \n \n \n 73,311 \n \n \n 1 \n \n \n 50 \n \n \n - \n \n \n 73,362 \n \n \n \n \n Trade, other receivables and other assets \n \n \n - \n \n \n - \n \n \n 356 \n \n \n 42 \n \n \n 398 \n \n \n \n \n Derivative assets \n \n \n 24 \n \n \n - \n \n \n - \n \n \n - \n \n \n 24 \n \n \n \n \n Cash and cash equivalents \n \n \n 1,425 \n \n \n - \n \n \n 727 \n \n \n - \n \n \n 2,152 \n \n \n \n \n Total assets that include financial instruments \n \n \n 74,760 \n \n \n 1 \n \n \n 1,177 \n \n \n 42 \n \n \n 75,980 \n \n \n \n \n Total other non-financial assets \n \n \n - \n \n \n - \n \n \n - \n \n \n 562 \n \n \n 562 \n \n \n \n \n Total assets \n \n \n 74,760 \n \n \n 1 \n \n \n 1,177 \n \n \n 604 \n \n \n 76,542 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Liabilities \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Investment contract liabilities \n \n \n - \n \n \n 64,493 \n \n \n - \n \n \n - \n \n \n 64,493 \n \n \n \n \n Third-party interests in consolidated funds \n \n \n 9,394 \n \n \n - \n \n \n - \n \n \n - \n \n \n 9,394 \n \n \n \n \n Borrowings and lease liabilities \n \n \n - \n \n \n - \n \n \n 271 \n \n \n - \n \n \n 271 \n \n \n \n \n Trade, other payables and other liabilities \n \n \n - \n \n \n 1 \n \n \n 543 \n \n \n 105 \n \n \n 649 \n \n \n \n \n Derivative liabilities \n \n \n 24 \n \n \n - \n \n \n - \n \n \n - \n \n \n 24 \n \n \n \n \n Total liabilities that include financial instruments \n \n \n 9,418 \n \n \n 64,494 \n \n \n 814 \n \n \n 105 \n \n \n 74,831 \n \n \n \n \n Total other non-financial liabilities \n \n \n - \n \n \n - \n \n \n - \n \n \n 245 \n \n \n 245 \n \n \n \n \n Total liabilities \n \n \n 9,418 \n \n \n 64,494 \n \n \n 814 \n \n \n 350 \n \n \n 75,076 \n \n \n \n \n   \n   \n \n \n \n \n 31 December 2024 \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n £m \n \n \n \n \n Measurement basis \n \n \n Fair value \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Mandatorily at FVTPL \n \n \n Designated at FVTPL \n \n \n Amortised cost \n \n \n Non-financial assets and liabilities \n \n \n Total \n \n \n \n \n Assets \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Loans and advances \n \n \n - \n \n \n - \n \n \n 56 \n \n \n - \n \n \n 56 \n \n \n \n \n Financial investments \n \n \n 59,359 \n \n \n 1 \n \n \n - \n \n \n - \n \n \n 59,360 \n \n \n \n \n Trade, other receivables and other assets \n \n \n - \n \n \n - \n \n \n 370 \n \n \n 48 \n \n \n 418 \n \n \n \n \n Derivative assets \n \n \n 26 \n \n \n - \n \n \n - \n \n \n - \n \n \n 26 \n \n \n \n \n Cash and cash equivalents \n \n \n 1,215 \n \n \n - \n \n \n 734 \n \n \n - \n \n \n 1,949 \n \n \n \n \n Total assets that include financial instruments \n \n \n 60,600 \n \n \n 1 \n \n \n 1,160 \n \n \n 48 \n \n \n 61,809 \n \n \n \n \n Total other non-financial assets \n \n \n - \n \n \n - \n \n \n - \n \n \n 639 \n \n \n 639 \n \n \n \n \n Total assets \n \n \n 60,600 \n \n \n 1 \n \n \n 1,160 \n \n \n 687 \n \n \n 62,448 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investment contract liabilities \n \n \n - \n \n \n 51,758 \n \n \n - \n \n \n - \n \n \n 51,758 \n \n \n \n \n Third-party interests in consolidated funds \n \n \n 8,225 \n \n \n - \n \n \n - \n \n \n - \n \n \n 8,225 \n \n \n \n \n Borrowings and lease liabilities \n \n \n - \n \n \n - \n \n \n 275 \n \n \n - \n \n \n 275 \n \n \n \n \n Trade, other payables and other liabilities \n \n \n - \n \n \n 1 \n \n \n 399 \n \n \n 106 \n \n \n 506 \n \n \n \n \n Derivative liabilities \n \n \n 53 \n \n \n - \n \n \n - \n \n \n - \n \n \n 53 \n \n \n \n \n Total liabilities that include financial instruments \n \n \n 8,278 \n \n \n 51,759 \n \n \n 674 \n \n \n 106 \n \n \n 60,817 \n \n \n \n \n Total other non-financial liabilities \n \n \n - \n \n \n - \n \n \n - \n \n \n 208 \n \n \n 208 \n \n \n \n \n Total liabilities \n \n \n 8,278 \n \n \n 51,759 \n \n \n 674 \n \n \n 314 \n \n \n 61,025 \n \n \n \n \n 12: Fair value methodology \n This section explains the judgements and estimates made in determining the fair values of financial instruments that are recognised and measured at fair value in the financial statements. Classifying financial instruments into the three levels of the fair value hierarchy (see note 12 (b)) provides an indication of the reliability of inputs used in determining fair value. \n 12(a): Determination of fair value \n The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market exit prices for assets and offer prices for liabilities, at the close of business on the reporting date, without any deduction for transaction costs: \n ·      for units in unit trusts and shares in open-ended investment companies, fair value is determined by reference to published quoted prices representing exit values in an active market; \n ·      for equity and debt securities not actively traded in organised markets and where the price cannot be retrieved, the fair value is determined by reference to similar instruments for which market observable prices exist; \n ·      for assets that have been suspended from trading on an active market, the last published price is used. Many suspended assets are still regularly priced. At the reporting date, all suspended assets are assessed for impairment; and \n ·      where the assets are private equity investments or within consolidated investment funds, the valuation is based on the latest available set of audited financial statements, or if more recent is available, reports from Investment Managers or professional valuation experts on the value of the underlying assets of the private equity investment or fund. \n There have been no significant changes in the valuation techniques applied when valuing financial instruments. Where assets are valued by the Group, the general principles applied to those instruments measured at fair value are outlined below: \n Financial investments \n Financial investments include government and government-guaranteed securities, listed and unlisted debt securities, preference shares and debentures, listed and unlisted equity securities, listed and unlisted pooled investments (see below), short-term funds and securities treated as investments and certain other securities. \n Pooled investments represent the Group's holdings of shares/units in open-ended investment companies, unit trusts, mutual funds and similar investment vehicles. Pooled investments are recognised at fair value. The fair values of pooled investments are based on widely published prices that are regularly updated. \n Other financial investments that are measured at fair value use observable market prices where available. In the absence of observable market prices, these investments and securities are fair valued using various approaches including valuations based on discounted cash flows and earnings before interest, tax, depreciation and amortisation multiples. \n Derivatives \n The fair value of derivatives is determined with reference to the exchange-traded prices of the specific instruments. The fair value of over-the-counter forward foreign exchange contracts is determined by reference to the relevant exchange rates. \n Investment contract liabilities \n The fair value of the investment contract liabilities is determined with reference to the underlying funds that are held by the Group. \n Third-party interests in consolidated funds \n Third-party interests in consolidated funds are measured at the attributable net asset value of each fund. \n 12(b): Fair value hierarchy \n Fair values are determined according to the following hierarchy: \n \n \n \n \n Description of hierarchy \n \n \n Types of instruments classified in the respective levels \n \n \n \n \n Level 1 - quoted market prices: financial assets and liabilities with quoted prices for identical instruments in active markets. \n \n \n Listed equity securities, government securities and other listed debt securities and similar instruments that are actively traded, actively traded pooled investments, certain quoted derivative assets and liabilities and investment contract liabilities directly linked to Level 1 financial assets. \n \n \n \n \n Level 2 - valuation techniques using observable inputs: financial assets and liabilities with quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in inactive markets and financial assets and liabilities valued using models where all significant inputs are observable. \n \n \n Unlisted equity and debt securities where the valuation is based on models involving no significant unobservable data. \n Over-the-counter derivatives, certain privately placed debt instruments and third-party interests in consolidated funds. \n \n \n \n \n Level 3 - valuation techniques using significant unobservable inputs: financial assets and liabilities valued using valuation techniques where one or more significant inputs are unobservable. \n \n \n Unlisted equity and securities with significant unobservable inputs, securities where the market is not considered sufficiently active, including certain inactive pooled investments. \n \n \n \n \n The judgement as to whether a market is active may include, for example, consideration of factors such as the magnitude and frequency of trading activity, the availability of prices and the size of bid/offer spreads. In inactive markets, obtaining assurance that the transaction price provides evidence of fair value or determining the adjustments to transaction prices that are necessary to measure the fair value of the asset or liability requires additional work during the valuation process. \n The majority of valuation techniques employ only observable data and so the reliability of the fair value measurement is high. Certain financial assets and liabilities are valued on the basis of valuation techniques that feature one or more significant inputs that are unobservable and, for them, the derivation of fair value is more judgemental. A financial asset or liability in its entirety is classified as valued using significant unobservable inputs if a significant proportion of that asset or liability's carrying amount is driven by unobservable inputs. \n In this context, 'unobservable' means that there is little or no current market data available from which to determine the price at which an arm's length transaction would be likely to occur. It generally does not mean that there is no market data available at all upon which to base a determination of fair value. Furthermore, in some cases the majority of the fair value derived from a valuation technique with significant unobservable data may be attributable to observable inputs. \n 12(c): Transfer between fair value hierarchies \n The Group deems a transfer to have occurred between Level 1 and Level 2 or Level 3 when an actively traded primary market ceases to exist for that financial instrument. A transfer between Level 2 and Level 3 occurs when one or more of the significant inputs used to determine the fair value of the instrument become unobservable. Transfers from Levels 3 or 2 to Level 1 are also possible when assets become actively priced. \n There were £nil transfers of financial investments between Level 1 and Level 2 during the year 2025 (31 December 2024: £nil). \n See note 12(e) for the reconciliation of Level 3 financial instruments. \n 12(d): Financial assets and liabilities measured at fair value, classified according to the fair value hierarchy \n The majority of the Group's financial assets are measured using quoted market prices for identical instruments in active markets (Level 1) and there have been no significant changes during the year. \n Financial investments include linked assets that are held to cover the liabilities for linked investment contracts which form part of the investment contract liabilities balance. The difference between the value of linked assets and that of linked liabilities is mainly due to short-term timing differences between policyholder premiums being received and invested in advance of policies being issued, and tax liabilities within funds which are reflected within the Group's tax liabilities. \n Differences between assets and liabilities within the respective levels of the fair value hierarchy also arise due to the mix of underlying assets and liabilities within consolidated funds. In addition, third-party interests in consolidated funds are classified as Level 2. \n The tables below analyse the Group's financial assets and liabilities measured at fair value by the fair value hierarchy described in note 12(b). \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n £m \n \n \n \n \n 31 December 2025 \n \n \n Level 1 \n \n \n Level 2 \n \n \n Level 3 \n \n \n Total \n \n \n \n \n Financial investments \n \n \n 62,183 \n \n \n 11,108 \n \n \n 21 \n \n \n 73,312 \n \n \n \n \n Cash and cash equivalents \n \n \n 1,425 \n \n \n - \n \n \n - \n \n \n 1,425 \n \n \n \n \n Derivative assets \n \n \n - \n \n \n 24 \n \n \n - \n \n \n 24 \n \n \n \n \n Total financial assets measured at fair value through profit or loss \n \n \n 63,608 \n \n \n 11,132 \n \n \n 21 \n \n \n 74,761 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Third-party interests in consolidated funds \n \n \n - \n \n \n 9,394 \n \n \n - \n \n \n 9,394 \n \n \n \n \n Derivative liabilities \n \n \n - \n \n \n 24 \n \n \n - \n \n \n 24 \n \n \...

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