Quilter plc - 2026 Half Year Results - Part 2

About this update from Quilter Plc

[{"type":"text","content":"\n \n Statement of Directors' responsibilities in respect of the interim financial statements \n For the period ended 30 June 2026 \n   \n Each of the Directors of Quilter plc confirms to the best of their knowledge and belief that: \n ·      The condensed consolidated interim financial statements, which comprise the condensed consolidated statement of comprehensive income, the condensed consolidated statement of financial position, the condensed consolidated statement of changes in equity, the condensed consolidated statement of cash flows and the related explanatory notes, have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the United Kingdom and give a true and fair view of the assets, liabilities, financial position and profits of the Group for the period ended 30 June 2026. These interim financials have been prepared and published in compliance with the acceptable accounting frameworks of the London Stock Exchange (\"LSE\"), where the Company has its primary listing. \n ·      The interim management report includes a fair review of the information required by: \n a)     DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed consolidated interim financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and \n b)     DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or performance of the Group during that period, and any changes in the related party transactions described in the Group's 2025 Annual Report that could do so. \n Consistent with principle N of the UK Corporate Governance Code, the results for the six months ended 30 June 2026 taken as a whole, present a fair, balanced and understandable assessment of the Company's position and prospects. \n Quilter plc is listed with a primary listing on the LSE and a secondary listing on the Johannesburg Stock Exchange (\"JSE\"). \n A list of the current Directors is maintained on the Group's website: https://plc.quilter.com/about-us/quilter-leadership/. \n Signed on behalf of the Board \n   \n   \n Steven Levin                                                                             Mark Satchel Chief Executive Officer                                                             Chief Financial Officer \n5 August 2026                                                                            5 August 2026 \n   \n   \n Independent review report to Quilter plc \n Report on the condensed consolidated interim financial statements \n Our conclusion \n We have reviewed Quilter plc's condensed consolidated interim financial statements (the \"interim financial statements\") in the interim results of Quilter plc for the 6 month period ended 30 June 2026 (the \"period\"). \n Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. \n The interim financial statements comprise: \n ·      the Condensed consolidated statement of financial position as at 30 June 2026; \n ·      the Condensed consolidated statement of comprehensive income for the period then ended; \n ·      the Condensed consolidated statement of cash flows for the period then ended; \n ·      the Condensed consolidated statement of changes in equity for the period then ended; and \n ·      the explanatory notes to the interim financial statements. \n The interim financial statements included in the interim results of Quilter plc have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. \n Basis for conclusion \n We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Financial Reporting Council for use in the United Kingdom (\"ISRE (UK) 2410\"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. \n A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. \n We have read the other information contained in the interim results and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements. \n Conclusions relating to going concern \n Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the Directors have inappropriately adopted the going concern basis of accounting or that the Directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the Group to cease to continue as a going concern. \n Responsibilities for the interim financial statements and the review \n Our responsibilities and those of the Directors \n The interim results, including the interim financial statements, is the responsibility of, and has been approved by the Directors. The Directors are responsible for preparing the interim results in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. In preparing the interim results, including the interim financial statements, the Directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. \n Our responsibility is to express a conclusion on the interim financial statements in the interim results based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. \n Use of this report \n This report, including the conclusion, has been prepared for and only for the Company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. \n   \n   \n PricewaterhouseCoopers LLP \n Chartered Accountants \n London \n 5 August 2026 \n \n \n \n \n \n Condensed consolidated statement of comprehensive income \n \n \n \n \n For the period ended 30 June 2026 \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 Six months \n 2026 \n \n \n Six months \n 2025 \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 6(b) \n \n \n 446 \n \n \n 311 \n \n \n \n \n Investment return \n \n \n \n \n \n 6,227 \n \n \n 2,240 \n \n \n \n \n Other income \n \n \n \n \n \n 12 \n \n \n 12 \n \n \n \n \n Total income \n \n \n \n \n \n 6,685 \n \n \n 2,563 \n \n \n \n \n Expenses \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Change in investment contract liabilities \n \n \n \n \n \n (5,397) \n \n \n (1,752) \n \n \n \n \n Fee and commission expenses and other acquisition costs \n \n \n \n \n \n (30) \n \n \n (29) \n \n \n \n \n Change in third-party interests in consolidated funds \n \n \n \n \n \n (703) \n \n \n (368) \n \n \n \n \n Other operating and administrative expenses \n \n \n \n \n \n (323) \n \n \n (305) \n \n \n \n \n Finance costs \n \n \n \n \n \n (10) \n \n \n (10) \n \n \n \n \n Total expenses \n \n \n \n \n \n (6,463) \n \n \n (2,464) \n \n \n \n \n Reversal of impairment of investments in associates \n \n \n \n \n \n - \n \n \n 1 \n \n \n \n \n Profit before tax \n \n \n \n \n \n 222 \n \n \n 100 \n \n \n \n \n Income tax expense attributable to policyholder returns \n \n \n 7 \n \n \n (162) \n \n \n (38) \n \n \n \n \n Profit before tax attributable to shareholder returns \n \n \n \n \n \n 60 \n \n \n 62 \n \n \n \n \n   Income tax expense \n \n \n 7 \n \n \n (177) \n \n \n (54) \n \n \n \n \n   Less: income tax expense attributable to policyholder returns \n \n \n \n \n \n 162 \n \n \n 38 \n \n \n \n \n Income tax expense attributable to shareholder returns \n \n \n 7 \n \n \n (15) \n \n \n (16) \n \n \n \n \n Profit after tax attributable to the owners of the Company \n \n \n \n \n \n 45 \n \n \n 46 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Other comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n \n \n Exchange gains on translation of foreign operations \n \n \n \n \n \n - \n \n \n 1 \n \n \n \n \n Total comprehensive income \n \n \n \n \n \n 45 \n \n \n 47 \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 3.3 \n \n \n 3.4 \n \n \n \n \n Diluted earnings per Ordinary Share (pence) \n \n \n 8 \n \n \n 3.2 \n \n \n 3.3 \n \n \n \n \n   \n All income and expenses relate to continuing operations. \n   \n The above condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. \n \n \n \n \n \n Condensed consolidated statement of financial position \n \n \n \n \n At 30 June 2026 \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 \n \n \n Notes \n \n \n 30 June \n 2026 \n \n \n 31 December \n 2025 \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 10 \n \n \n 335 \n \n \n 328 \n \n \n \n \n Property, plant and equipment \n \n \n \n \n \n 82 \n \n \n 86 \n \n \n \n \n Investment property \n \n \n \n \n \n 7 \n \n \n 8 \n \n \n \n \n Investments in associates \n \n \n \n \n \n 26 \n \n \n 21 \n \n \n \n \n Contract costs \n \n \n \n \n \n 38 \n \n \n 31 \n \n \n \n \n Loans and advances \n \n \n \n \n \n 56 \n \n \n 44 \n \n \n \n \n Financial investments \n \n \n 11 \n \n \n 83,519 \n \n \n 73,362 \n \n \n \n \n Deferred tax assets \n \n \n \n \n \n 79 \n \n \n 88 \n \n \n \n \n Trade, other receivables and other assets \n \n \n \n \n \n 1,224 \n \n \n 398 \n \n \n \n \n Derivative assets \n \n \n \n \n \n 54 \n \n \n 24 \n \n \n \n \n Cash and cash equivalents \n \n \n 14 \n \n \n 2,316 \n \n \n 2,152 \n \n \n \n \n Total assets \n \n \n   \n \n \n 87,736 \n \n \n 76,542 \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 15 \n \n \n 112 \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 15 \n \n \n 349 \n \n \n 346 \n \n \n \n \n Share-based payments reserve \n \n \n \n \n \n 32 \n \n \n 40 \n \n \n \n \n Retained earnings \n \n \n   \n \n \n 821 \n \n \n 907 \n \n \n \n \n Total equity \n \n \n   \n \n \n 1,372 \n \n \n 1,466 \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 \n \n \n 73,318 \n \n \n 64,493 \n \n \n \n \n Third-party interests in consolidated funds \n \n \n \n \n \n 10,661 \n \n \n 9,394 \n \n \n \n \n Provisions \n \n \n 16 \n \n \n 51 \n \n \n 63 \n \n \n \n \n Deferred tax liabilities \n \n \n \n \n \n 298 \n \n \n 180 \n \n \n \n \n Current tax payable \n \n \n \n \n \n 2 \n \n \n 2 \n \n \n \n \n Borrowings and lease liabilities \n \n \n \n \n \n 267 \n \n \n 271 \n \n \n \n \n Trade, other payables and other liabilities \n \n \n \n \n \n 1,691 \n \n \n 649 \n \n \n \n \n Derivative liabilities \n \n \n \n \n \n 76 \n \n \n 24 \n \n \n \n \n Total liabilities \n \n \n   \n \n \n 86,364 \n \n \n 75,076 \n \n \n \n \n Total equity and liabilities \n \n \n   \n \n \n 87,736 \n \n \n 76,542 \n \n \n \n \n   \n The financial statements were approved by the Board of Directors on 5 August 2026. \n   \n   \n   \n Steven Levin                         Mark Satchel \n Chief Executive Officer         Chief Financial Officer \n   \n The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes. \n \n \n \n \n \n Condensed consolidated statement of changes in equity \n \n \n \n \n For the period ended 30 June 2026 \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   \n \n \n Notes \n \n \n Ordinary \n Share \n capital \n \n \n Ordinary Share \n premium reserve \n \n \n Capital redemption reserve \n \n \n Share-based payments reserve \n \n \n Other reserves \n \n \n Retained earnings \n \n \n Total \n shareholders' \n equity \n \n \n \n \n Balance at 1 January 2026 \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 Profit after tax \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 45 \n \n \n 45 \n \n \n \n \n Total comprehensive income 1 \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 45 \n \n \n 45 \n \n \n \n \n Dividends \n \n \n 9 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (58) \n \n \n (58) \n \n \n \n \n Ordinary Shares repurchased in the Buyback Programme 2 \n \n \n 15 \n \n \n (3) \n \n \n - \n \n \n 3 \n \n \n - \n \n \n - \n \n \n (70) \n \n \n (70) \n \n \n \n \n Employee benefit trust movements 3 \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (22) \n \n \n (22) \n \n \n \n \n Equity share-based payment transactions \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (6) \n \n \n - \n \n \n 15 \n \n \n 9 \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 (2) \n \n \n - \n \n \n 4 \n \n \n 2 \n \n \n \n \n Total transactions with the owners of the Company \n \n \n (3) \n \n \n - \n \n \n 3 \n \n \n (8) \n \n \n - \n \n \n (131) \n \n \n (139) \n \n \n \n \n Balance at 30 June 2026 \n \n \n   \n \n \n 112 \n \n \n 58 \n \n \n 349 \n \n \n 32 \n \n \n - \n \n \n 821 \n \n \n 1,372 \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 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 \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 46 \n \n \n 46 \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 46 \n \n \n 47 \n \n \n \n \n Dividends \n \n \n 9 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (57) \n \n \n (57) \n \n \n \n \n Employee benefit trust movements 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 share-based payment transactions \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (10) \n \n \n - \n \n \n 16 \n \n \n 6 \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 - \n \n \n - \n \n \n 2 \n \n \n 2 \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 (10) \n \n \n - \n \n \n (52) \n \n \n (62) \n \n \n \n \n Balance at 30 June 2025 \n \n \n   \n \n \n 115 \n \n \n 58 \n \n \n 346 \n \n \n 32 \n \n \n - \n \n \n 857 \n \n \n 1,408 \n \n \n \n \n 1 For the six-month period to 30 June 2026, total comprehensive income was equal to profit after tax attributable to the owners of the Company. \n 2 On 4 March 2026, the Company announced a Share Buyback Programme (the \"Programme\") to purchase Ordinary Shares of up to £100 million. During the period ended 30 June 2026, the Company acquired 32,088,808 shares for a total consideration including associated transaction costs, of £59 million, of which £53 million was settled in cash in the six-month period to 30 June 2026. The shares, which have a nominal value of £3 million, were subsequently cancelled, giving rise to a capital redemption reserve of the same value as required by the Companies Act 2006. At 30 June 2026, the committed remaining share buyback for which irrevocable instruction had been provided by the Board under the relevant contractual arrangements, of £11 million was accrued as a liability against retained earnings. \n 3 Movements in the employee benefit trusts include £24 million purchase of own shares (30 June 2025: £13 million) which is offset by other movements relating to employee variable compensation schemes of £2 million (30 June 2025: £nil). \n   \n   \n The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes. \n   \n   \n Condensed consolidated statement of cash flows \n For the period ended 30 June 2026 \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 14). \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 Six months \n 2026 \n \n \n Six months \n 2025 \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 3,955 \n \n \n 3,003 \n \n \n \n \n Taxation paid \n \n \n \n \n \n (49) \n \n \n (4) \n \n \n \n \n Total net cash flows from operating activities \n \n \n \n \n \n 3,906 \n \n \n 2,999 \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 (3,533) \n \n \n (2,692) \n \n \n \n \n Net 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 (1) \n \n \n (3) \n \n \n \n \n Acquisition of subsidiaries \n \n \n 4 \n \n \n (5) \n \n \n (2) \n \n \n \n \n Acquisition of shares in associates \n \n \n \n \n \n (4) \n \n \n (4) \n \n \n \n \n Total net cash flows from investing activities \n \n \n \n \n \n (3,593) \n \n \n (2,701) \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 9 \n \n \n (58) \n \n \n (57) \n \n \n \n \n Quilter plc shares repurchased and cancelled under the Programme \n \n \n 15 \n \n \n (53) \n \n \n - \n \n \n \n \n Quilter plc shares acquired for use within the Group's employee share schemes \n \n \n \n \n \n (24) \n \n \n (13) \n \n \n \n \n Finance costs on borrowings 1 \n \n \n \n \n \n (9) \n \n \n (9) \n \n \n \n \n Payment of interest on lease liabilities 1 \n \n \n \n \n \n (1) \n \n \n (1) \n \n \n \n \n Payment of principal of lease liabilities \n \n \n \n \n \n (4) \n \n \n (2) \n \n \n \n \n Total net cash flows from financing activities \n \n \n \n \n \n (149) \n \n \n (82) \n \n \n \n \n Net increase in cash and cash equivalents \n \n \n \n \n \n 164 \n \n \n 216 \n \n \n \n \n Cash and cash equivalents at the beginning of the year \n \n \n \n \n \n 2,152 \n \n \n 1,949 \n \n \n \n \n Cash and cash equivalents at the end of the period \n \n \n 14 \n \n \n 2,316 \n \n \n 2,165 \n \n \n \n \n 1 The total interest paid of £10 million (30 June 2025: £10 million) includes finance costs on borrowings and payment of interest on lease liabilities. \n   \n \n The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes. \n Notes to the condensed consolidated interim financial statements \n For the period ended 30 June 2026 \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 for the six months ended 30 June 2026 have been prepared in accordance with the UK-adopted IAS 34 Interim Financial Reporting and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. Although unaudited, the results have been reviewed by the Group's auditor, PricewaterhouseCoopers LLP, and their report is included earlier in this document. These condensed consolidated interim financial statements (the \"interim financial statements\") of Quilter plc for the six months ended 30 June 2026 do not constitute statutory accounts as defined by section 434 of the Companies Act 2006. Comparative financial information for the full year 2025 has been presented from the Group's 2025 Annual Report, which has been filed with the Registrar of Companies and was prepared in accordance with the UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The auditor's report on those financial statements was not qualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain statements under section 498(2) or (3) of the Companies Act 2006. Copies of the Group's 2025 Annual Report are available online at plc.quilter.com. \n These interim financial statements do not include all of the information required for a complete set of IFRS compliant financial statements. Selected notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the publication of the Group's 2025 Annual Report. The Board considers that the alternative performance measures provided, such as adjusted profit, are also useful for both management and investors. Any seasonal or cyclical factors, to the extent that they materially impact the Group's results, are described in the Financial review. \n There have been no changes in the Group's material accounting policies during the period. All accounting policies for recognition, measurement, consolidation and presentation are as outlined in the Group's 2025 Annual Report. These interim financial statements have been prepared on a historical cost basis, except for the revaluation of certain financial instruments, 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 range of severe but plausible adverse scenarios. 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 interim financial statements and continue to adopt the going concern basis in preparing the interim 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 interim 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 interim 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, 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. \n The Skilled Person Review was finalised, and the final report submitted to the FCA during the first half of 2025. 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 considers 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 involves 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. \n The Group has revised the estimated costs in the calculation of the provision. The value of the provision at 30 June 2026 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 Ombudsman Service interest payment policy; and \n - the costs of carrying out the remediation exercise. \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 customers where satisfactory evidence of servicing was not found during the remediation exercise to date, 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 2026 \n \n \n IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments \n \n \n \n \n 3: Significant changes in the current reporting period \n Except for the matters disclosed in the notes to these interim financial statements there are no significant changes in the current reporting period to be disclosed. \n We continually review the principal risks and uncertainties facing the Group which could pose a threat to the delivery of Quilter's strategic objectives. The Group considers that the nature of the principal risks and uncertainties that may have a material effect on the Group's performance over the remainder of the financial year remains unchanged from those presented within the 2025 Annual Report and Accounts. \n 4: Acquisitions and disposals \n Acquisitions \n The Group made two acquisitions during the period to 30 June 2026. \n ILTB Limited, 14 January 2026 \n On 14 January 2026, the Group acquired 100% of the issued share capital of ILTB Limited, a company incorporated in Ireland. The acquisition strengthens Quilter's presence in Ireland and supports the continued development of its investment management and financial planning services for clients in Ireland and across Europe. \n The fair value of the consideration was €16 million (equivalent of £14 million). €8 million (equivalent of £7 million) was paid on acquisition, with an estimated further €8 million (equivalent of £7 million) payable as contingent consideration in instalments up to the third anniversary of completion. The estimate is based on the value attributed to the expected future business performance. The consideration includes payment for control of the net assets of ILTB Limited of €3 million (equivalent of £3 million). \n Net assets acquired consisted of €3 million (equivalent of £3 million) cash and, immaterial balances of property, plant and equipment, trade, other receivables and other assets, trade, other payables and other liabilities, and current tax payable. \n The estimate of the excess of consideration over the fair value of assets acquired of €13 million (equivalent of £11 million) is to be attributable to goodwill and intangible assets when consolidating balances into the Quilter plc Group statement of financial position. An intangible asset has been recognised in respect of client contracts that existed, at the acquisition date. The intangible asset will be amortised over the expected life of the contracts (estimated to be 10 years), in accordance with the Group's accounting policies. An analysis was performed based upon future estimated cash flows from the list of clients at acquisition to determine the asset value. The analysis has determined this amount as €4 million (equivalent of £3 million). The remaining excess of €9 million (£8 million) has been recognised as goodwill relating to synergies, employee expertise and future growth prospects, adjusted for the impact of deferred tax arising on the recognised intangible assets. \n Acquisition-related costs of €0.4 million (equivalent of £0.4 million) were recognised within administrative expenses in profit or loss. The contingent consideration arrangement requires the Group to pay additional amounts in 2027 and 2029 based on business performance expectations set out in the sale and purchase agreement, resulting in a liability of €8 million (equivalent of £7 million). \n Post-acquisition performance \n From the acquisition date of 14 January 2026 to 30 June 2026, the acquired business contributed £2 million of revenue and £1 million of profit after tax to the Group. \n Had the acquisition occurred on 1 January 2026, to the nearest whole million, the acquired business' contribution to the Group's revenue and profit after tax would have been unchanged. \n St Edmundsbury, 27 March 2026 \n On 27 March 2026, the Group acquired 30% of the share capital of St Edmundsbury Wealth Management Limited (\"St Edmundsbury\") for £4 million. St Edmundsbury has two subsidiaries, GAR Holdings Ltd and Camouse Financial Management Limited. The Group has carried out an assessment of control and influence and concluded that it has significant influence but not control of St Edmundsbury. It therefore accounts for the holding as an investment in associate and accounts for its share of the post-tax profits or losses of the entities using the equity method of accounting. Subject to certain terms being met, the Group intends to acquire the remaining share capital of St Edmundsbury in 2031. \n Acquisitions in the prior period \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 Scheme members, for a total consideration of £5 million. Of the total consideration £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 During the six-month period to 30 June 2026, a deferred consideration payment of £1 million was paid, following the first anniversary date post completion, which reduced the deferred consideration payable to £2 million. \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 will acquire the remaining share capital of Digby Associates Limited in 2027. \n Disposals \n There were no material disposals of businesses during the current or the prior periods. \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 condensed 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 Six months \n 2026 \n \n \n Six months \n 2025 \n \n \n \n \n Affluent \n \n \n \n \n \n 86 \n \n \n 79 \n \n \n \n \n High Net Worth \n \n \n \n \n \n 29 \n \n \n 24 \n \n \n \n \n Head Office \n \n \n \n \n \n (3) \n \n \n (3) \n \n \n \n \n Adjusted profit before tax \n \n \n 6(b) \n \n \n 112 \n \n \n 100 \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 (7) \n \n \n (11) \n \n \n \n \n Business transformation costs \n \n \n 5(b)(ii) \n \n \n (13) \n \n \n (17) \n \n \n \n \n Customer remediation exercise \n \n \n 5(b)(iii) \n \n \n 5 \n \n \n (1) \n \n \n \n \n Policyholder tax adjustments \n \n \n 5(b)(iv) \n \n \n (28) \n \n \n - \n \n \n \n \n Finance costs \n \n \n 5(b)(v) \n \n \n (9) \n \n \n (9) \n \n \n \n \n Total adjusting items before tax \n \n \n \n \n \n (52) \n \n \n (38) \n \n \n \n \n Profit before tax attributable to shareholder returns \n \n \n   \n \n \n 60 \n \n \n 62 \n \n \n \n \n Income tax attributable to policyholder returns \n \n \n 7 \n \n \n 162 \n \n \n 38 \n \n \n \n \n IFRS profit before tax \n \n \n \n \n \n 222 \n \n \n 100 \n \n \n \n \n Income tax expense \n \n \n 7 \n \n \n (177) \n \n \n (54) \n \n \n \n \n IFRS profit after tax \n \n \n   \n \n \n 45 \n \n \n 46 \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 Six months \n 2026 \n \n \n Six months \n 2025 \n \n \n \n \n Amortisation of acquired intangible assets \n \n \n \n \n \n 5 \n \n \n 10 \n \n \n \n \n Amortisation of acquired adviser schemes \n \n \n \n \n \n 2 \n \n \n 1 \n \n \n \n \n Total impact of acquisition and disposal-related accounting \n \n \n 7 \n \n \n 11 \n \n \n \n \n 5(b)(ii): Business transformation costs \n For the six months to 30 June 2026, business transformation costs totalled £13 million (30 June 2025: £17 million). These costs included the implementation of the Advice and Wealth Transformation programmes, as well as the final closure costs associated with Business Simplification. The Group expects these costs to continue, before reducing during 2027 following the completion of the Advice and Wealth Transformation programmes. \n 5(b)(iii): Customer remediation exercise \n For the period ended 30 June 2026, a customer remediation credit has been recognised of £5 million (30 June 2025: £1 million cost). The current period credit reflects a release of redress costs based on the latest estimate, following progress made on the exercise to date, partially offset by an increase in expected administration expenses. The prior period charge represented the unwinding of the discount rate, reflecting the passage of time since 31 December 2024, when the present value of future cost associated with the customer remediation exercise provision was calculated to 30 June 2025. 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)(iv): Policyholder tax adjustments \n For the period ended 30 June 2026, the total amount of policyholder tax adjustments to adjusted profit is £28 million (30 June 2025: £nil). 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 adjustment in the period ended 30 June 2026 relates primarily to the impact of the future change in policyholder tax rate which was substantively enacted in March 2026. \n 5(b)(v): 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 the period ended 30 June 2026, finance costs were £9 million (30 June 2025: £9 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 condensed 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 period to period 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 Six months 2026 \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 453 \n \n \n 49 \n \n \n - \n \n \n 502 \n \n \n - \n \n \n 502 \n \n \n (56) \n \n \n 446 \n \n \n \n \n Investment return 3 \n \n \n 26 \n \n \n 5,384 \n \n \n 36 \n \n \n 5,446 \n \n \n - \n \n \n 5,446 \n \n \n 781 \n \n \n 6,227 \n \n \n \n \n Other income \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 11 \n \n \n 11 \n \n \n 1 \n \n \n 12 \n \n \n \n \n Total income \n \n \n 479 \n \n \n 5,433 \n \n \n 36 \n \n \n 5,948 \n \n \n 11 \n \n \n 5,959 \n \n \n 726 \n \n \n 6,685 \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 (10) \n \n \n (5,382) \n \n \n (5) \n \n \n (5,397) \n \n \n - \n \n \n (5,397) \n \n \n - \n \n \n (5,397) \n \n \n \n \n Fee and commission expenses and other acquisition costs \n \n \n (29) \n \n \n - \n \n \n - \n \n \n (29) \n \n \n - \n \n \n (29) \n \n \n (1) \n \n \n (30) \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 (703) \n \n \n (703) \n \n \n \n \n Other operating and administrative expenses \n \n \n (9) \n \n \n - \n \n \n - \n \n \n (9) \n \n \n (292) \n \n \n (301) \n \n \n (22) \n \n \n (323) \n \n \n \n \n Finance costs \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 (10) \n \n \n \n \n Total expenses \n \n \n (48) \n \n \n (5,382) \n \n \n (5) \n \n \n (5,435) \n \n \n (302) \n \n \n (5,737) \n \n \n (726) \n \n \n (6,463) \n \n \n \n \n Profit before tax \n \n \n 431 \n \n \n 51 \n \n \n 31 \n \n \n 513 \n \n \n (291) \n \n \n 222 \n \n \n - \n \n \n 222 \n \n \n \n \n Income tax expense attributable to policyholder returns \n \n \n (162) \n \n \n - \n \n \n - \n \n \n (162) \n \n \n - \n \n \n (162) \n \n \n - \n \n \n (162) \n \n \n \n \n Profit before tax attributable to shareholder returns \n \n \n 269 \n \n \n 51 \n \n \n 31 \n \n \n 351 \n \n \n (291) \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 7 \n \n \n 7 \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 13 \n \n \n 13 \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 (5) \n \n \n (5) \n \n \n   \n \n \n   \n \n \n \n \n Policyholder tax adjustments \n \n \n 29 \n \n \n - \n \n \n (1) \n \n \n 28 \n \n \n - \n \n \n 28 \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 9 \n \n \n 9 \n \n \n   \n \n \n   \n \n \n \n \n Adjusting items \n \n \n 29 \n \n \n - \n \n \n (1) \n \n \n 28 \n \n \n 24 \n \n \n 52 \n \n \n   \n \n \n   \n \n \n \n \n Adjusted profit before tax \n \n \n 298 \n \n \n 51 \n \n \n 30 \n \n \n 379 \n \n \n (267) \n \n \n 112 \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, as described within note 5(a) to the Group's 2025 Annual Report. This grossing up is excluded from the Group's adjusted profit. \n 3 Reported within net management fees, investment return of £26 million represents £15 million interest income on investments held for the benefit of policyholders and £11 million net interest income on client money balances. Change in investment contract liabilities of £10 million represents the amount of interest income paid to policyholders. The net balance of £16 million represents interest income on customer balances retained by the Group for 2026. The £36 million investment return less £5 million change in investment contract liabilities paid to customers on transactional cash balances after the policyholder tax adjustment of £1 million, as reported within investment revenue, represents £30 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 Six months 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 313 \n \n \n 44 \n \n \n - \n \n \n 357 \n \n \n - \n \n \n 357 \n \n \n (46) \n \n \n 311 \n \n \n \n \n Investment return 3 \n \n \n 24 \n \n \n 1,740 \n \n \n 37 \n \n \n 1,801 \n \n \n - \n \n \n 1,801 \n \n \n 439 \n \n \n 2,240 \n \n \n \n \n Other income \n \n \n - \n \n \n 1 \n \n \n - \n \n \n 1 \n \n \n 10 \n \n \n 11 \n \n \n 1 \n \n \n 12 \n \n \n \n \n Total income \n \n \n 337 \n \n \n 1,785 \n \n \n 37 \n \n \n 2,159 \n \n \n 10 \n \n \n 2,169 \n \n \n 394 \n \n \n 2,563 \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 (10) \n \n \n (1,737) \n \n \n (5) \n \n \n (1,752) \n \n \n - \n \n \n (1,752) \n \n \n - \n \n \n (1,752) \n \n \n \n \n Fee and commission expenses and other acquisition costs \n \n \n (25) \n \n \n 1 \n \n \n - \n \n \n (24) \n \n \n (1) \n \n \n (25) \n \n \n (4) \n \n \n (29) \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 (368) \n \n \n (368) \n \n \n \n \n Other operating and administrative expenses \n \n \n (7) \n \n \n (1) \n \n \n - \n \n \n (8) \n \n \n (275) \n \n \n (283) \n \n \n (22) \n \n \n (305) \n \n \n \n \n Finance costs \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 (10) \n \n \n \n \n Total expenses \n \n \n (42) \n \n \n (1,737) \n \n \n (5) \n \n \n (1,784) \n \n \n (286) \n \n \n (2,070) \n \n \n (394) \n \n \n (2,464) \n \n \n \n \n Reversal of 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 295 \n \n \n 48 \n \n \n 32 \n \n \n 375 \n \n \n (275) \n \n \n 100 \n \n \n - \n \n \n 100 \n \n \n \n \n Income tax expense attributable to policyholder returns \n \n \n (38) \n \n \n - \n \n \n - \n \n \n (38) \n \n \n - \n \n \n (38) \n \n \n - \n \n \n (38) \n \n \n \n \n Profit before tax attributable to shareholder returns \n \n \n 257 \n \n \n 48 \n \n \n 32 \n \n \n 337 \n \n \n (275) \n \n \n 62 \n \n \n - \n \n \n 62 \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 11 \n \n \n 11 \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 17 \n \n \n 17 \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 1 \n \n \n 1 \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 9 \n \n \n 9 \n \n \n \n \n \n \n \n \n \n \n Adjusting items \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 38 \n \n \n 38 \n \n \n \n \n \n \n \n \n \n \n Adjusted profit before tax \n \n \n 257 \n \n \n 48 \n \n \n 32 \n \n \n 337 \n \n \n (237) \n \n \n 100 \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 income and expenses as a result of the consolidation of funds requirements, as described within note 5(a) to the Group's 2025 Annual Report. This grossing up is excluded from the Group's adjusted profit. \n 3 Reported within net management fees, investment return of £24 million represents £14 million interest income on investments held for the benefit of policyholders and £10 million net interest income on client money balances. Change in investment contract liabilities of £10 million represents the amount of interest income paid to policyholders. The net balance of £14 million represents interest income on customer balances retained by the Group for the six months to 30 June 2025. The £37 million investment return less £5 million change in investment contract liabilities paid to customers on transactional cash balances, as reported within investment revenue, represents £32 million of 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 in the UK. \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. \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 manages 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 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, down to \"Profit/(loss) before tax attributable to shareholder returns\", reconciles to the condensed 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 Six months 2026 \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 36 \n \n \n 13 \n \n \n - \n \n \n - \n \n \n 49 \n \n \n \n \n Fund-based fees \n \n \n \n \n \n 210 \n \n \n 106 \n \n \n - \n \n \n (56) \n \n \n 260 \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 136 \n \n \n - \n \n \n - \n \n \n - \n \n \n 136 \n \n \n \n \n Fee income and other income from service activities \n \n \n \n \n \n 383 \n \n \n 119 \n \n \n - \n \n \n (56) \n \n \n 446 \n \n \n \n \n Investment return 2 \n \n \n \n \n \n 5,433 \n \n \n 8 \n \n \n 13 \n \n \n 773 \n \n \n 6,227 \n \n \n \n \n Other income \n \n \n \n \n \n 44 \n \n \n - \n \n \n - \n \n \n (32) \n \n \n 12 \n \n \n \n \n Segment income \n \n \n   \n \n \n 5,860 \n \n \n 127 \n \n \n 13 \n \n \n 685 \n \n \n 6,685 \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 (5,397) \n \n \n - \n \n \n - \n \n \n - \n \n \n (5,397) \n \n \n \n \n Fee and commission expenses and other acquisition costs \n \n \n \n \n \n (30) \n \n \n - \n \n \n - \n \n \n - \n \n \n (30) \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 (703) \n \n \n (703) \n \n \n \n \n Other operating and administrative expenses \n \n \n \n \n \n (221) \n \n \n (103) \n \n \n (11) \n \n \n 12 \n \n \n (323) \n \n \n \n \n Finance costs \n \n \n \n \n \n (1) \n \n \n - \n \n \n (15) \n \n \n 6 \n \n \n (10) \n \n \n \n \n Segment expenses \n \n \n   \n \n \n (5,649) \n \n \n (103) \n \n \n (26) \n \n \n (685) \n \n \n (6,463) \n \n \n \n \n Profit/(loss) before tax \n \n \n   \n \n \n 211 \n \n \n 24 \n \n \n (13) \n \n \n - \n \n \n 222 \n \n \n \n \n Income tax expense attributable to policyholder returns \n \n \n \n \n \n (162) \n \n \n - \n \n \n - \n \n \n - \n \n \n (162) \n \n \n \n \n Profit/(loss) before tax attributable to shareholder returns \n \n \n \n \n \n 49 \n \n \n 24 \n \n \n (13) \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 6 \n \n \n 1 \n \n \n - \n \n \n - \n \n \n 7 \n \n \n \n \n Business transformation costs \n \n \n 5(b)(ii) \n \n \n 8 \n \n \n 4 \n \n \n 1 \n \n \n - \n \n \n 13 \n \n \n \n \n Customer remediation exercise \n \n \n 5(b)(iii) \n \n \n (5) \n \n \n - \n \n \n - \n \n \n - \n \n \n (5) \n \n \n \n \n Policyholder tax adjustments \n \n \n 5(b)(iv) \n \n \n 28 \n \n \n - \n \n \n - \n \n \n - \n \n \n 28 \n \n \n \n \n Finance costs \n \n \n 5(b)(v) \n \n \n - \n \n \n - \n \n \n 9 \n \n \n - \n \n \n 9 \n \n \n \n \n Adjusting items before tax \n \n \n \n \n \n 37 \n \n \n 5 \n \n \n 10 \n \n \n - \n \n \n 52 \n \n \n \n \n Adjusted profit/(loss) before tax \n \n \n   \n \n \n 86 \n \n \n 29 \n \n \n (3) \n \n \n - \n \n \n 112 \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 £16 million interest income on customer cash and cash equivalents retained by the Group. Investment return total also includes £30 million of 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 £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 Six months 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 33 \n \n \n 11 \n \n \n - \n \n \n - \n \n \n 44 \n \n \n \n \n Fund-based fees \n \n \n \n \n \n 178 \n \n \n 93 \n \n \n - \n \n \n (46) \n \n \n 225 \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 41 \n \n \n - \n \n \n - \n \n \n - \n \n \n 41 \n \n \n \n \n Fee income and other income from service activities \n \n \n \n \n \n 253 \n \n \n 104 \n \n \n - \n \n \n (46) \n \n \n 311 \n \n \n \n \n Investment return 2 \n \n \n \n \n \n 1,785 \n \n \n 9 \n \n \n 16 \n \n \n 430 \n \n \n 2,240 \n \n \n \n \n Other income \n \n \n \n \n \n 52 \n \n \n - \n \n \n - \n \n \n (40) \n \n \n 12 \n \n \n \n \n Segment income \n \n \n   \n \n \n 2,090 \n \n \n 113 \n \n \n 16 \n \n \n 344 \n \n \n 2,563 \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 (1,752) \n \n \n - \n \n \n - \n \n \n - \n \n \n (1,752) \n \n \n \n \n Fee and commission expenses and other acquisition costs \n \n \n \n \n \n (26) \n \n \n - \n \n \n - \n \n \n (3) \n \n \n (29) \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 (368) \n \n \n (368) \n \n \n \n \n Other operating and administrative expenses \n \n \n \n \n \n (205) \n \n \n (100) \n \n \n (18) \n \n \n 18 \n \n \n (305) \n \n \n \n \n Finance costs \n \n \n \n \n \n (1) \n \n \n - \n \n \n (18) \n \n \n 9 \n \n \n (10) \n \n \n \n \n Segment expenses \n \n \n   \n \n \n (1,984) \n \n \n (100) \n \n \n (36) \n \n \n (344) \n \n \n (2,464) \n \n \n \n \n Reversal of impairment of investments 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 106 \n \n \n 13 \n \n \n (19) \n \n \n - \n \n \n 100 \n \n \n \n \n Income tax expense attributable to policyholder returns \n \n \n \n \n \n (38) \n \n \n - \n \n \n - \n \n \n - \n \n \n (38) \n \n \n \n \n Profit/(loss) before tax attributable to shareholder returns \n \n \n \n \n \n 68 \n \n \n 13 \n \n \n (19) \n \n \n - \n \n \n 62 \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 5 \n \n \n 6 \n \n \n - \n \n \n - \n \n \n 11 \n \n \n \n \n Business transformation costs \n \n \n 5(b)(ii) \n \n \n 5 \n \n \n 5 \n \n \n 7 \n \n \n - \n \n \n 17 \n \n \n \n \n Customer remediation exercise \n \n \n 5(b)(iii) \n \n \n 1 \n \n \n - \n \n \n - \n \n \n - \n \n \n 1 \n \n \n \n \n Finance costs \n \n \n 5(b)(v) \n \n \n - \n \n \n - \n \n \n 9 \n \n \n - \n \n \n 9 \n \n \n \n \n Adjusting items before tax \n \n \n \n \n \n 11 \n \n \n 11 \n \n \n 16 \n \n \n - \n \n \n 38 \n \n \n \n \n Adjusted profit before tax \n \n \n   \n \n \n 79 \n \n \n 24 \n \n \n (3) \n \n \n - \n \n \n 100 \n \n \n \n \n 1 C onsolidation 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 £14 million interest income on customer cash and cash equivalents retained by the Group. I nvestment return total also includes £32 million interest income on shareholder cash and cash equivalents. \n 7: Tax \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 Six months \n 2026 \n \n \n Six months \n 2025 \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 53 \n \n \n 29 \n \n \n \n \n Overseas tax \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 (1) \n \n \n - \n \n \n \n \n Total current tax charge \n \n \n   \n \n \n 53 \n \n \n 30 \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 112 \n \n \n 25 \n \n \n \n \n Adjustments to deferred tax in respect of prior periods \n \n \n \n \n \n 12 \n \n \n (1) \n \n \n \n \n Total deferred tax charge \n \n \n   \n \n \n 124 \n \n \n 24 \n \n \n \n \n Total tax charge \n \n \n   \n \n \n 177 \n \n \n 54 \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 162 \n \n \n 38 \n \n \n \n \n Attributable to shareholder returns \n \n \n \n \n \n 15 \n \n \n 16 \n \n \n \n \n Total tax charge \n \n \n \n \n \n 177 \n \n \n 54 \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 applies from April 2027 following Royal Assent in March 2026. The new rate has been used in recognising the Group's deferred tax assets and liabilities should the temporary difference reverse after 1 April 2027, and also resulted in a rebasing of deferred tax liabilities as at 31 December 2025 for deemed gains brought forward at the higher rate, which has increased the policyholder deferred tax liability by £12 million. \n There has been no change in the shareholder tax rate which remains at 25% (30 June 2025: 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 condensed consolidated statement of comprehensive income. \n The tax attributable to policyholder returns is the amount payable in the period plus the movement of amounts expected to be payable in future periods. The remainder of the tax expense is attributed to shareholder returns. \n The Group's income tax charge was £177 million for the six months to 30 June 2026 (30 June 2025: £54 million tax charge). The income tax charge can vary significantly period-on-period because of market volatility and the impact this has on policyholder tax. \n Market movements for the period ended 30 June 2026 resulted in investment gains of £642 million on products subject to policyholder tax. The gain is a component of the total \"investment return\" gain of £6,227 million shown in the condensed consolidated statement of comprehensive income. The tax impact of the £642 million investment return gain is a significant element of the £162 million tax charge attributable to policyholder returns for the six months ended 30 June 2026. \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 In line with the exception in IAS 12.4A, the Group does 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. The Group's main non-UK operations are in Jersey and Ireland. In the six months to 30 June 2026, the effective corporation tax rates in both Ireland and Jersey are above 15%, therefore there is no Pillar II tax liability due for the six months to 30 June 2026 in the UK for these jurisdictions (2025: £nil). The Group has assessed that there are no material Pillar II tax charges in any other countries in which it operates. \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 The bases for the calculation of the Group's EPS are disclosed in note 5(t) of the Group's 2025 Annual Report. \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 Six months \n 2026 \n \n \n Six months \n 2025 \n \n \n \n \n Weighted average number of Ordinary Shares \n \n \n   \n \n \n 1,394 \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 (46) \n \n \n (55) \n \n \n \n \n Basic weighted average number of Ordinary Shares \n \n \n \n \n \n 1,348 \n \n \n 1,349 \n \n \n \n \n Adjustment for dilutive share awards and options \n \n \n   \n \n \n 40 \n \n \n 39 \n \n \n \n \n Diluted weighted average number of Ordinary Shares \n \n \n   \n \n \n 1,388 \n \n \n 1,388 \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 Note \n \n \n Six months \n 2026 \n \n \n Six months \n 2025 \n \n \n \n \n Profit after tax \n \n \n   \n \n \n 45 \n \n \n 46 \n \n \n \n \n Total adjusting items before tax \n \n \n 5(a) \n \n \n 52 \n \n \n 38 \n \n \n \n \n Tax on adjusting items \n \n \n \n \n \n 15 \n \n \n (9) \n \n \n \n \n Less: policyholder tax adjustments \n \n \n \n \n \n (28) \n \n \n - \n \n \n \n \n Adjusted profit after tax \n \n \n   \n \n \n 84 \n \n \n 75 \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 Six months \n 2026 \n \n \n Six months \n 2025 \n \n \n \n \n Basic EPS \n \n \n IFRS profit \n \n \n 3.3 \n \n \n 3.4 \n \n \n \n \n Diluted EPS \n \n \n IFRS profit \n \n \n 3.2 \n \n \n 3.3 \n \n \n \n \n Adjusted basic EPS \n \n \n Adjusted profit \n \n \n 6.2 \n \n \n 5.6 \n \n \n \n \n Adjusted diluted EPS \n \n \n Adjusted profit \n \n \n 6.1 \n \n \n 5.4 \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 Six months 2026 \n \n \n Six months 2025 \n \n \n \n \n   \n \n \n Gross of tax \n \n \n Net of tax \n \n \n Gross of tax \n \n \n Net of tax \n \n \n \n \n Profit \n \n \n   \n \n \n 45 \n \n \n \n \n \n 46 \n \n \n \n \n Adjusted for: \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   - less reversal of 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 - \n \n \n - \n \n \n 1 \n \n \n 1 \n \n \n \n \n Headline earnings \n \n \n   \n \n \n 45 \n \n \n \n \n \n 46 \n \n \n \n \n Headline basic EPS (pence) \n \n \n   \n \n \n 3.3 \n \n \n \n \n \n 3.4 \n \n \n \n \n Headline diluted EPS (pence) \n \n \n   \n \n \n 3.2 \n \n \n \n \n \n 3.3 \n \n \n \n \n 9: Dividends \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   \n \n \n Payment \n date \n \n \n Six months \n 2026 \n \n \n Six months \n 2025 \n \n \n \n \n 2024 Final Dividend paid - 4.2p per Ordinary Share \n \n \n 27 May 2025 \n \n \n - \n \n \n 57 \n \n \n \n \n 2025 Final Dividend paid - 4.3p per Ordinary Share \n \n \n 18 May 2026 \n \n \n 58 \n \n \n - \n \n \n \n \n Dividends paid to Ordinary Shareholders \n \n \n   \n \n \n 58 \n \n \n 57 \n \n \n \n \n Final and Interim Dividends paid to Ordinary Shareholders are calculated using the number of shares in issue at the record date less own shares held in employee benefit trusts. \n 10: Goodwill and intangible assets \n \n \n \n \n \n \n \n   \n \n \n £m \n \n \n \n \n   \n \n \n 30 June \n 2026 \n \n \n 31 December \n 2025 \n \n \n \n \n Goodwill \n \n \n 316 \n \n \n 308 \n \n \n \n \n Software and other intangible assets \n \n \n 19 \n \n \n 20 \n \n \n \n \n Total goodwill and intangible assets \n \n \n 335 \n \n \n 328 \n \n \n \n \n 10(a): 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. Each of the two operating segments represents a group of CGUs. \n \n \n \n \n \n \n \n   \n \n \n £m \n \n \n \n \n   \n \n \n 30 June \n 2026 \n \n \n 31 December \n 2025 \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 225 \n \n \n \n \n High Net Worth \n \n \n 91 \n \n \n 83 \n \n \n \n \n Total goodwill \n \n \n 316 \n \n \n 308 \n \n \n \n \n   \n Goodwill has increased by £8 million since 31 December 2025 due to the Group's acquisition of ILTB Limited in January 2026 and has been fully allocated to the High Net Worth CGU. \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 can include sudden stock market falls, the absence of net inflows, significant falls in profits and significant increases in the discount rate. \n During the six months to 30 June 2026, management considers there to be no indicators of impairment for the Affluent and High Net Worth CGU groups. The positive movements in equity markets and resulting increase in AuMA have contributed to higher revenues, leading to adjusted profit before tax of £112 million, which is a 12% increase from the prior period to 30 June 2025 of £100 million. Net inflows have also been stronger compared to the prior period due to higher gross sales. \n 11: 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 30 June \n 2026 \n \n \n 31 December \n 2025 \n \n \n \n \n Government and government-guaranteed securities \n \n \n 909 \n \n \n 264 \n \n \n \n \n Other debt securities, preference shares and debentures \n \n \n 4,128 \n \n \n 3,515 \n \n \n \n \n Equity securities \n \n \n 10,995 \n \n \n 9,716 \n \n \n \n \n Pooled investments \n \n \n 67,386 \n \n \n 59,816 \n \n \n \n \n Fixed-term deposits treated as investments \n \n \n 100 \n \n \n 50 \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 83,519 \n \n \n 73,362 \n \n \n \n \n The financial investments are recoverable within 12 months, apart from £8 million (2025: £7 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 12: 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 13. The Group's exposure to various risks associated with financial instruments is discussed in note 38 to the Group's 2025 Annual Report. During the period, there have been no material changes in the Group's exposure to those risks. \n \n \n \n \n 30 June 2026 \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 83,418 \n \n \n 1 \n \n \n 100 \n \n \n - \n \n \n 83,519 \n \n \n \n \n Trade, other receivables and other assets \n \n \n - \n \n \n - \n \n \n 1,179 \n \n \n 45 \n \n \n 1,224 \n \n \n \n \n Derivative assets \n \n \n 54 \n \n \n - \n \n \n - \n \n \n - \n \n \n 54 \n \n \n \n \n Cash and cash equivalents \n \n \n 1,491 \n \n \n - \n \n \n 825 \n \n \n - \n \n \n 2,316 \n \n \n \n \n Total assets that include financial instruments \n \n \n 84,963 \n \n \n 1 \n \n \n 2,160 \n \n \n 45 \n \n \n 87,169 \n \n \n \n \n Total other non-financial assets \n \n \n - \n \n \n - \n \n \n - \n \n \n 567 \n \n \n 567 \n \n \n \n \n Total assets \n \n \n 84,963 \n \n \n 1 \n \n \n 2,160 \n \n \n 612 \n \n \n 87,736 \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 73,318 \n \n \n - \n \n \n - \n \n \n 73,318 \n \n \n \n \n Third-party interests in consolidated funds \n \n \n 10,661 \n \n \n - \n \n \n - \n \n \n - \n \n \n 10,661 \n \n \n \n \n Borrowings and lease liabilities \n \n \n - \n \n \n - \n \n \n 267 \n \n \n - \n \n \n 267 \n \n \n \n \n Trade, other payables and other liabilities \n \n \n - \n \n \n 1 \n \n \n 1,609 \n \n \n 81 \n \n \n 1,691 \n \n \n \n \n Derivative liabilities \n \n \n 76 \n \n \n - \n \n \n - \n \n \n - \n \n \n 76 \n \n \n \n \n Total liabilities that include financial instruments \n \n \n 10,737 \n \n \n 73,319 \n \n \n 1,876 \n \n \n 81 \n \n \n 86,013 \n \n \n \n \n Total other non-financial liabilities \n \n \n - \n \n \n - \n \n \n - \n \n \n 351 \n \n \n 351 \n \n \n \n \n Total liabilities \n \n \n 10,737 \n \n \n 73,319 \n \n \n 1,876 \n \n \n 432 \n \n \n 86,364 \n \n \n \n \n   \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 13: 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 13 (b)) provides an indication of the reliability of inputs used in determining fair value. \n 13(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 except for pooled investments relating to Quilter smoothed funds. Smoothed funds are valued using a valuation technique (given no observable market prices are available) which is deemed to be fair value under the assumption that market participants would use the stated value when pricing the asset and linked liability. \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 13(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 and smoothed funds. Investment contract liabilities directly linked to smoothed funds are reported as Level 3. \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 13(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 six months to 30 June 2026 (31 December 2025: £nil). \n Note 13(e) contains information on movements in Level 3 financial instruments during the period. \n 13(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 period. \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 13(b). \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n £m \n \n \n \n \n 30 June 2026 \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 71,581 \n \n \n 11,807 \n \n \n 31 \n \n \n 83,419 \n \n \n \n \n Cash and cash equivalents \n \n \n 1,491 \n \n \n - \n \n \n - \n \n \n 1,491 \n \n \n \n \n Derivative assets \n \n \n - \n \n \n 54 \n \n \n - \n \n \n 54 \n \n \n \n \n Total financial assets measured at fair value through profit or loss \n \n \n 73,072 \n \n \n 11,861 \n \n \n 31 \n \n \n 84,964 \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 10,661 \n \n \n - \n \n \n 10,661 \n \n \n \n \n Derivative liabilities \n \n \n - \n \n \n 76 \n \n \n - \n \n \n 76 \n \n \n \n \n Investment contract liabilities \n \n \n 73,291 \n \n \n - \n \n \n 27 \n \n \n 73,318 \n \n \n \n \n Other liabilities \n \n \n - \n \n \n 1 \n \n \n - \n \n \n 1 \n \n \n \n \n Total financial liabilities measured at fair value through profit or loss \n \n \n 73,291 \n \n \n 10,738 \n \n \n 27 \n \n \n 84,056 \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 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 \n \n \n Investment contract liabilities \n \n \n 64,473 \n \n \n - \n \n \n 20 \n \n \n 64,493 \n \n \n \n \n Other liabilities \n \n \n - \n \n \n 1 \n \n \n - \n \n \n 1 \n \n \n \n \n Total financial liabilities measured at fair value through profit or loss \n \n \n 64,473 \n \n \n 9,419 \n \n \n 20 \n \n \n 73,912 \n \n \n \n \n 13(e): Level 3 fair value hierarchy disclosure \n The majority of the assets classified as Level 3 are held within linked policyholder funds. The Level 3 assets reported represent suspended funds and smoothed funds. Prices are available daily for these funds, however, since they cannot be actively traded, they are given Level 3 status. For both suspended funds and smoothed funds held within linked policyholder funds, all of the investment risk associated with these assets is borne by policyholders and the value of these assets is exactly matched by a corresponding liability due to policyholders. The Group bears no risk from a change in the market value of these assets except to the extent that it has an impact on fees earned. \n Level 3 assets also include investments within consolidated funds attributable to the third-party interest in those funds. The Group bears no risk from a change in the market value of these assets except to the extent that it has an impact on fees earned. Any changes in market value are matched by a corresponding change in the Level 2 liability for third-party interests in consolidated funds. \n The table below reconciles the opening balance of Level 3 financial assets to the closing balance at each period end: \n \n \n \n \n   \n \n \n \n \n \n £m \n \n \n \n \n   \n \n \n 30 June \n 2026 \n \n \n 31 December \n 2025 \n \n \n \n \n Balance at 1 January \n \n \n 21 \n \n \n 16 \n \n \n \n \n Fair value gains/(losses) credited/(charged) to profit or loss 1 \n \n \n 2 \n \n \n (2) \n \n \n \n \n Purchases \n \n \n 3 \n \n \n - \n \n \n \n \n Sales \n \n \n - \n \n \n (2) \n \n \n \n \n Transfers in \n \n \n 10 \n \n \n 14 \n \n \n \n \n Transfers out \n \n \n (5) \n \n \n (5) \n \n \n \n \n Total Level 3 financial assets at the end of the period \n \n \n 31 \n \n \n 21 \n \n \n \n \n Unrealised fair value gains/(losses) recognised in profit or loss relating to assets held at the period end \n \n \n 2 \n \n \n (2) \n \n \n \n \n 1 In cluded in Investment return. \n Level 3 assets comprise suspended funds and, from January 2026, smoothed funds, which are also classified as Level 3. At the end of the period, smoothed funds accounted for £9 million of the total Level 3 financial assets (31 December 2025: £nil). \n Transfers into Level 3 assets in the current period are mainly due to funds from Level 1 being suspended and moved to Level 3 and the addition of customer investments in smoothed funds. Suspended funds are valued based on external valuation reports received from fund managers. Transfers out of Level 3 assets result from a transfer to Level 1 assets relating to assets that are now being actively repriced (that were previously stale) and where fund suspensions have been lifted . \n The table below reconciles the opening balance of Level 3 financial liabilities to the closing balance at each period end: \n \n \n \n \n   \n \n \n \n \n \n £m \n \n \n \n \n   ...

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