Interim report
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6 August 2026 2026 Interim Results Highlights Admiral Group reports good H1 2026 results and continued growth Group profit before tax from continuing operations Earnings per share from continuing operations Interim dividend per share Share buyback³ Total Shareholder distributions¹ Return on equity¹ Group turnover ! Insurance revenue Group risks¹ UK insurance risks¹ European insurance risks¹ Admiral Money gross loan balances² Solvency ratio ( post - dividend and share buyback ) ¹ Six months ended : 30 June 30 June % change 2026 2025 vs. 2025 £ 429.2m £ 521.0m -18 % 109.0p 132.5p -18 % 70.5p 115.0p -39 % 4 £ 45.0m nm £ 258.8m £ 348.9m -26 % 45 % 57 % -12pts £ 3.11bn £ 3.10bn ― % £ 2.44bn £ 2.47bn -1 % 12.03m 11.42m + 5 % 9.73m 9.30m + 5 % 2.01m 1.91m + 5 % £ 1.88bn £ 1.35bn + 39 % 190 % 194 % -4pts 1 Alternative Performance Measures - refer to the end of the report for definition and explanation . 2 Admiral Money gross loan balances as at 30 June 2025 re - presented to include secured homeowner loans previously presented in the ' Other ' segment . 3 Share buyback declared based on current period result : purchases and cancellations to start shortly post announcement 4 Definition : nm - not meaningful . Over 13,000 employees will each receive free share awards worth up to £ 1,800 under the employee share schemes based on the interim 2026 results . Comment from Milena Mondini de Focatiis , Group Chief Executive Officer " We have delivered good results in the first half of the year with continued growth in customer numbers and progress across our strategic objectives . We are announcing a Group profit of £ 429m and now serve more than 12 million customers , underpinned by our focus on being the insurer of choice for the greatest number of people through competitively priced products and great service . " Against more challenging market conditions , we are pricing for long - term sustainable growth with our UK Motor business having increased rates earlier than the market , following a softer period in the cycle . We are proud of our continued profitable growth in our other UK personal lines and European insurance businesses , and Admiral Money . In addition , the acquisition of Flock is complete and integration is progressing well . " Recent geopolitical and climate - related events have highlighted the value of the products that we offer . We have helped customers impacted by the conflict in the Middle East and those affected by the floods and recent heatwaves which are becoming more frequent . We are also supporting those transitioning to greener vehicles and newer forms of mobility . We have seen a 27 per cent increase in our EV book year - on - year and increased demand for our free subscription service designed to help with the costs of EV ownership . " We are investing in our technology and people , with conversational chat , voice , and WhatsApp agents , and automated document processing tools enhancing the customer experience and boosting colleagues ' efficiency . We were the first signatory of the HM Treasury and Financial Services Skills Commission compact as we are committed to upskilling and reskilling our people as our ways of working evolve . " The strong fundamentals of our business remain unchanged . I am confident that our relentless focus on our growing customer base , and being efficient and adaptable mean that we are well - positioned to deliver on our growth ambitions . ” Dividend and Share buyback The Board has declared an interim dividend of 70.5 pence per share ( 2025 interim : 115.0 pence per share ) representing a normal dividend of 65 % of post - tax profits , and , in addition , a share buyback of £ 45 million , resulting in total shareholder distributions relating to H1 earnings of £ 258.8 million . The interim dividend will be paid on 2 October 2026. The ex - dividend date is 3 September 2026 , and the record date is 4 September 2026. The share buyback will commence shortly . Management presentation Analysts and investors will be able to access the Admiral Group management presentation which commences at 09:30 BST on Thursday 6 August 2026 by registering at the following link to attend the presentation in person , or access the presentation live via webcast or conference call : https://admiralgroup.co.uk/events/event-details/2026-half-year-results . A copy of the presentation slides will be available at the following link : Results , reports and presentations | Admiral Group Plc ( www.admiralgroup.co.uk ) Investors and Analysts : Admiral Group plc Diane Michelberger Diane.Michelberger@admiralgroup.co.uk
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Media: Admiral Group plc Addy Frederick Addy.Frederick@admiralgroup.co.uk +44 (0) 7500 171 810 Media: FTI Consulting Edward Berry +44 (0) 7703 330 199Tom Blackwell +44 (0) 7747 113 919 H1 2026 Group Overview £m 30 June202630 June2025% changevs. 2025 Group turnover1 3 5 £3.11bn£3.10bn—% Net insurance and investment result5 396.8 469.1 -15%Net interest income from financial services51.3 41.5 +24% Other income and expenses (7.3) 22.4 nm4 Operating profit 5 440.8 533.0 -17%Group profit before tax from continuing operations429.2 521.0 -18% Group profit before tax from discontinued operations— (4.9) nm4 Group profit before tax 429.2 516.1 -17% Analysis of profit UK Insurance 485.0 584.4 -17% European Insurance 17.2 (0.6) nm4 European Insurance - Motor6 18.1 0.8 nm4 European Insurance - Other (0.9) (1.4) +36% Admiral Money7 13.3 12.5 +6% Other7 (86.3) (75.3) -15% Group profit before tax from continuing operations5 429.2 521.0 -18% Key metrics Reported Group loss ratio1 2 5 57.3%57.4%-0.1pts Reported Group expense ratio1 2 5 21.2%20.3%+0.9pts Reported Group combined ratio1 2 5 78.5%77.7%+0.8pts Insurance service margin1 2 5 15.7%18.8%-3.1pts Group risks (million)1 5 12.03 11.42 +5% Earnings per share 109.0p130.9p -17%Earnings per share from continuing operations109.0p132.5p -18%Dividend per share 70.5p 115.0p -39% Total Shareholder distributions1 258.8 348.9 -26% Return on equity1 45% 57% -12pts Solvency ratio (post dividend and share buyback)1 190% 194% -4pts 1 Alternative Performance Measures – refer to the end of the report for definition and explanation. 2 Reported Group loss and expense ratios are calculated on a basis inclusive of all insurance revenue – this includes insurance premium revenue net ofexcess of loss reinsurance, plus revenue from underwritten ancillaries and an allocation of instalment income and administration fees / relatedcommissions. See glossary for an explanation of the ratios and Appendix 1a for a reconciliation of reported loss and expense ratios, and insuranceservice margin, to the financial statements. 3 Alternative Performance Measures – refer to note 14 for explanation and reconciliation to statutory income statement measures. 4 Definition: nm – not meaningful. 5 Reported on a continuing basis only. 6 European Motor results for H1 2026 include a one-off gain of £13.1 million, being the impact of deferring acquisition costs for new groups ofcontracts in 2026, partially offset by a resulting onerous loss component, and a reduction in commission income due to a change in the earning profile. 7 H1 2025 results re-presented to include the results of the secured homeowner loans product, previously included within the ‘Other’ segment. Group highlights Group risks increased by 5% to 12.0 million, with UK Motor broadly stable and 10% growth outside UK Motor Turnover was flat H1 on H1 - good growth in Other personal lines of 11% was offset by a 5% reduction in UK Motor turnover as averagepremiums reduced Group continuing operations pre-tax profit was £429.2 million, 18% lower than a record first half of 2025, and in line with H2 2025, driven byUK Motor as a result of lower earned premiums following rate reductions during H1 2025, and higher quota share reinsurance charges
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Pre-tax profits across UK Household, Travel and Pet Insurance of £28.1 million (H1 2025: £25.1 million) with continued growth in the number ofrisks insured, and a strong combined ratio The European Insurance business recognised a profit of £17.2 million, £4.1m excluding one-off benefits from deferring acquisition costs, vs a H12025 loss of £0.6 million, with 5% customer growth and improvements in combined ratio Admiral Money profit remained strong at £13.3 million (H1 2025: £12.5 million), with good growth and positive credit performance. Gross loanbalances increased by 39% year-on-year Completion of the acquisition of Flock, with integration progressing well Strong solvency ratio of 190% (H1 2025: 194%) with stable capital generation in the period (vs H1 2025) offset by the impact of the Flockacquisition and employee share scheme purchases Earnings per share Earnings per share for continuing operations for H1 2026 were 109.0 pence (H1 2025: 132.5 pence). The decrease from H1 2025 is aligned to thedecrease in pre-tax profit. Return on equity Return on equity was 45% for H1 2026, 12 points lower than the 57% reported for H1 2025. The decrease is the result of the lower post-tax profits. Dividends and Share buyback As announced in March 2026, and set out in the 2025 Annual Report, the Group’s revised approach to shareholder distributions is to: Pay a normal dividend equal to 65% of post-tax profits for the period Pay either a special dividend or buy back and cancel shares to the value of surplus economic capital available at the dividend calculation date(considering Group solvency, buffers and required purchases of shares for the Group’s employee share scheme plans). The Board has declared £259 million of capital distributions to shareholders, equating to a 79% payout ratio of post-tax profits for the period, comprisedof: a normal dividend of 70.5 pence per share, equal to 65% of post-tax profits a share buyback of £45.0 million relating to H1 2026 results The capital distributions, including the purchase of 1.5 million shares for employee share schemes made in H1 2026 (£50.6 million), equate to 94% ofH1 2026 post-tax profits. The normal dividend of 70.5 pence per share is 18% lower than the 2025 interim normal dividend, in line with the lowerearnings per share. It is 39% lower than the total interim 2025 dividend (115.0 pence per share), reflective of share purchases for employee share plans,and share buyback which will commence shortly. The 2026 interim dividend payment date is 2 October 2026, ex-dividend date 3 September 2026, and record date 4 September 2026. UK Insurance financial performance £m 30 June 202630 June 202531 December2025 Turnover1 2,544.1 2,654.3 4,952.5 Total premiums written1 2,373.7 2,461.7 4,586.3Insurance revenue 2,022.8 2,109.4 4,221.6 Underwriting result1 357.3 458.2 843.1Net investment income 41.1 44.7 87.9Co-insurer profit commission and net otherrevenue 86.6 81.5 155.3 UK Insurance profit before tax1 485.0 584.4 1,086.3 Segment result: UK Insurance profit before tax1 £m 30 June 202630 June 202531 December2025Motor 456.9 559.3 1,024.0Household 24.9 25.2 54.4Travel and Pet 3.2 (0.1) 7.9 UK Insurance profit before tax2 485.0 584.4 1,086.3 Segment performance indicators1 30 June 202630 June 202531 December2025Vehicles insured at period end 5.77m 5.75m 5.83mHouseholds insured at period end2.21m 2.14m 2.19mTravel and Pet policies at period end1.75m 1.41m 1.56mTotal UK Insurance risks 9.73m 9.30m 9.58m 1 Alternative Performance Measures – refer to the end of this report for definition and explanation.
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2 The estimated impact of the change in Personal injury discount rate (‘Ogden) from -0.25% to +0.5% for the year ended 31 December 2025, was again of circa £30 million, estimated £15 million during H1 2025. Highlights for the UK Insurance business include: In UK Motor:Profit of £456.9 million, 18% lower than H1 2025 (£559.3 million), though in line with H2 2025. The underwriting result was lower,reflective of a decrease in earned premiums following rate reductions over the first half of 2025, and higher quota share reinsurance charges Risks insured were in line with 30 June 2025, and were 1% down from year-end, with Admiral remaining disciplined and focussed onmedium-term profitability through rate increases in H1 2026 Turnover fell 5% compared to H1 2025, primarily due to a shift in sales mix from new business to renewals leading to lower averagepremiums In UK Household:Continued growth in risks insured of 3% to 2.21 million (30 June 2025: 2.14 million). Turnover was 3% lower at £268.6 million (H1 2025:£276.4 million), with Admiral maintaining pricing discipline through rate increases in H1 2026, as rates reduced across the market Profit of £24.9 million in line with H1 2025 (£25.2 million), with an improved underwriting result offset by higher reinsurance charges dueto lower profit commission on the 2025 underwriting year In UK Travel and Pet Insurance:Both business lines continued to grow customer bases and turnover Travel increased its profits compared to H1 2025, despite the adverse impact of the conflict in the Middle East, whilst Pet was broadlybreak even, balancing growth and margins in a more competitive market UK Motor Insurance financial review UK Motor reported a profit of £456.9 million, 18% lower than H1 2025 (£559.3 million), as a result of lower insurance revenue following ratereductions seen during H1 2025. Profits were broadly flat versus H2 2025. The reduction in average premiums leads to a higher incurred loss ratio, and expense ratio (despite absolute expenses being broadly flat), with theincrease in current period combined ratio being partially offset by higher claims reserve releases. Quota share costs in H1 2026 reflect both the cost of the margin on current underwriting years, and the unwind of assets on underwriting years 2022 and2025. The charge was higher in H1 2026 (£79.9 million vs H1 2025: £56.5 million) as it included an unwind of the majority of the asset held at YE 2025on underwriting year 2025, with no corresponding charge in H1 2025 given the early, strong profitability of underwriting year 2024. £m 30 June 202630 June 202531 December2025 Turnover1 2,147.3 2,268.7 4,196.9 Total premiums written1 2 1,991.7 2,092.1 3,860.2 Insurance premium revenue1 1,559.3 1,666.1 3,306.2 Other insurance revenue1 89.5 109.1 205.3 Insurance revenue 1,648.8 1,775.2 3,511.5 Insurance revenue net of XoL2 4 1,617.9 1,729.5 3,429.6 Insurance expenses1 2 3 (296.6) (289.4) (600.2) Insurance claims incurred net of XoL2 4 (1,151.0) (1,139.3) (2,283.9) Insurance claims releases net of XoL2 4 247.3 197.0 310.4 Underwriting result, net of XoLreinsurance 417.6 497.8 855.9 Quota share reinsurance result2 3 (79.9) (56.5) (60.7) Underwriting result2 337.7 441.3 795.2 Investment income 90.7 91.5 183.2Net insurance finance expenses (53.9) (50.8) (102.9)Net investment income 36.8 40.7 80.3Co-insurer profit commission 44.8 39.1 74.5Other net income 37.6 38.2 74.0 UK Motor Insurance profit before tax1 7 456.9 559.3 1,024.0 Segment performance indicators 30 June 202630 June 202531 December2025 Reported Motor loss ratio1 2 5 55.9% 54.5% 57.5% Reported Motor expense ratio1 2 5 18.3% 16.7% 17.5% Reported Motor combined ratio1 5 74.2% 71.2% 75.0% Reported Motor Insurance service margin1 2 5 20.9% 25.5% 23.2% Core Motor loss ratio before releases1 2 5 77.6% 72.3% 72.8%
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Core Motor claims releases1 2 5 (17.3)% (12.6)% (10.0)% Core Motor loss ratio1 2 5 60.3% 59.7% 62.8% Core Motor expense ratio1 2 5 18.5% 16.9% 17.7% Core Motor combined ratio1 5 78.8% 76.6% 80.5% Core Motor written expense ratio1 5 17.6% 16.3% 18.4% Vehicles insured at period end1 5.77m 5.75m 5.83m Other revenue per vehicle 6 £68 £77 £71 1 Alternative Performance Measures – refer to the end of this report for definition and explanation. 2 Alternative Performance Measures – refer to Appendix 1b for explanation and reconciliation to statutory income statement measures. 3 Insurance expenses and quota share reinsurance result excludes gross and reinsurers’ share of share scheme charges respectively. Share schemecharges are reported in Other Group Items. 4 XoL refers to Excess of Loss (non-proportional) reinsurance; see glossary at end of report for further information. 5 Reported and Core Motor loss ratio, expense ratio and Core Motor written expense ratio are all net of XoL. Definitions for these measures, along withinsurance service margin, are provided in the glossary. 6 Other revenue per vehicle includes other revenue included within insurance revenue. See ‘Other Revenue’ section for explanation. 7 For the year ended 31 December 2025, the results include a gain of circa £30 million (H1 2025: approximately £15 million) related to the change inOgden rate. Claims Claims inflation was stable, with Admiral's current estimate of average claims cost inflation for full-year 2026 being consistent with full-year 2025 at5% - 7%. Observed claims frequency is flat in the period. As usual, the longer-term impacts of inflation on bodily injury claims remain uncertain. Admiral did not observe material changes in inflation for bodilyinjury claims settled in 2026, when compared to 2025. A prudent allowance is held in the best estimate reserve to reflect potential impacts of higher thanhistoric levels of future wage inflation on certain elements of large bodily injury claims reserves, as well as the impact of potential future higherinflation on all claims types arising from the conflict in the Middle East, and other economic and geopolitical changes. Admiral’s review of total loss and related processes, and resulting actions in respect of past claims, is complete, with the final cost being aligned to thatpreviously reported. Admiral continues to hold a significant and prudent risk adjustment above best estimate reserves, with the UK Motor risk adjustment confidence level atthe 93rd percentile, a modest reduction from the 94th percentile at 31 December 2025 (95th percentile at 30 June 2025) in line with management’sintention to move towards the middle of its stated corridor (85th to 95th percentile) over time. When setting the level of risk adjustment, dueconsideration has been given to the inherent uncertainty in bodily injury claims, the Group’s ongoing assessment of uncertainty arising from internal andexternal factors and the level of releases seen in recent periods in the UK motor book. There has been no significant change in the volatility of thereserve risk distribution from which the percentile is selected since 2025. The core Motor loss ratio is broadly flat at 60.3% (H1 2025: 59.7%), with offsetting movements in the current period loss ratio and prior year reservereleases, as follows: Core Motor loss ratio1 2 Core motor lossratio beforereleases Impact ofclaims reservereleasesCore motorloss ratioH1 2025 72.3% (12.6)% 59.7%Change in current period loss ratio 5.3% —% 5.3%Change in claims reserve release —% (4.7)% (4.7)%H1 2026 77.6% (17.3)% 60.3% 1 Core Motor loss ratio shown on a discounted basis, excluding unwind of finance expenses. 2 Alternative Performance Measures – refer to Appendix 1b for explanation and reconciliation to statutory income statement measures The H1 2025 core loss ratio before releases of 72.3% includes a benefit of just under 1 percentage point related to the change in Ogden rate. The ratereductions over the course of the second half of 2024 and first half of 2025, and resulting lower earned premium, is the main driver of the remainingincrease in the current period loss ratio. The benefit from prior-period releases includes both the positive development of the best estimate reserves and the unwind of risk adjustment for prior-period claims. The absolute value of releases is higher in H1 2026, due to both increased best estimate releases, and the reduction in risk adjustmentpercentile (94th to 93rd), which together with lower earned premium result in releases as a percentage of premium increasing to 17.3% (H1 2025:12.6%). Quota share reinsurance Admiral’s quota share reinsurance result reflects the net movement on ceded premiums, reinsurer margins and expected recoveries (claims andexpenses, excluding share scheme charges) for underwriting years on which quota share reinsurance is in place (2022 underwriting year onwards). The ‘Group capital structure’ section sets out further details on Admiral’s UK Motor quota share arrangements. Quota share reinsurance result1
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£m 30 June 202630 June 202531 December2025 Quota shareclaims asset30 June 20262023 and prior (19.6) (25.3) (35.6) 36.02024 (2.2) (17.0) (21.9) —2025 (49.7) (14.2) (3.2) 6.42026 (8.4) — — 6.1Total (79.9) (56.5) (60.7) 48.5 1 Quota share result in underwriting year 2026 includes an £8.2 million recharge for the reinsurer’s assumed share scheme recoveries out of otherGroup costs in line with prior period (H1 2025: £7.6 million) The quota share charge in H1 2026 primarily comprises the reversal of quota share recoveries previously recognised on underwriting years 2022 and2025 following favourable development in the underlying loss ratios, along with the cost of the earning of the reinsurer margin on the most recentunderwriting years. The total charge is higher in H1 2026 as a result of the unwinding of the majority of the quota share asset on underwriting year 2025 in the period, withthere being no corresponding charge in H1 2025 because there was no quota share asset remaining on underwriting year 2024 at the end of 2024 due toits early, strong profitability. A quota share asset remains on underwriting year 2022, as well as small assets on the most recent underwriting years due to higher booked loss ratios onthose years in line with Admiral’s prudent reserving philosophy. Co-insurer profit commission Co-insurer profit commission of £44.8 million is higher than in H1 2025 (£39.1 million). In H1 2026, in line with H1 2025, underwriting year 2024 contributes the majority of profit commission recognised. This is the result of both continuedstrong favourable development of the 2024 underwriting year, but also favourable development on the combined ratio for underwriting years 2021 -2022 where losses carried forward in line with contractual clauses have reduced such that profit commission has now started to be recognised on the2023 year. The combined ratio is not yet low enough to recognise profit commission on underwriting years 2021 - 2022, or, in line with Admiral’s normal cautiousapproach, underwriting year 2026 given its early stage of development. Net investment income Net investment income decreased to £36.8 million from £40.7 million in H1 2025, with favourable underlying investment income and continuedincreases in net insurance finance expenses. Investment income was broadly flat at £90.7 million (H1 2025: £91.5 million). Excluding the impact of a one-off credit in H1 2025 in relation to thereversal of impairment charges, underlying investment income continued to increase due to both higher investment balances and a small increase inyields. Further information on the Group’s investment portfolio and the income generated in the period is provided later in the report. Net insurance finance expenses reflect the unwind of the discounting benefit recognised when claims are initially incurred. The expense has continued toincrease in H1 2026 (£53.9 million; H1 2025 £50.8 million), in line with the growth in the claims reserves. A significant proportion of the insurancefinance expense in H1 2026 relates to claims incurred during 2024 and 2025. Other revenue Admiral generates other revenue from a portfolio of insurance products that complement the core motor insurance product, and also fees generated overthe life of the policy. The most material contributors to other revenue continue to be: Profit earned from Motor policy upgrade products underwritten by Admiral, including breakdown, car hire and personal injury covers Revenue from other insurance products, not underwritten by Admiral Fees such as administration and cancellation fees Interest charged to customers paying for cover in instalments. Overall contribution decreased to £148.9 million (H1 2025: £174.0 million), due to both reduced instalment income, reflecting the lower earnedpremiums in the period and a small decrease in the annual percentage rate (APR) charged for this payment method, along with a slightly highercombined ratio (and therefore lower margin) on underwritten ancillary products. Other revenue was equivalent to £68 per vehicle (gross of costs) (H1 2025: £77), with net other revenue per vehicle at £54 per vehicle, (H1 2025: £62)both down compared to H1 2025 in line with the lower contribution. UK Motor Insurance other revenue £m 30 June 2026 WithinunderwritingresultOther netincome Total Premium and revenue from additional products and fees1 83.5 47.2 130.7 Instalment income and administration fees2 89.5 18.9 108.4Other revenue 173.0 66.1 239.1 Claims costs and allocated expenses3 (61.7) (28.5) (90.2)Net other revenue 111.3 37.6 148.9
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Other revenue per vehicle4 £68Other revenue per vehicle net of internal costs £54 £m 30 June 2025 WithinunderwritingresultOther netincome Total Premium and revenue from additional products and fees1 75.3 44.7 120.0 Instalment income and administration fees2 109.1 22.8 131.9Other revenue 184.4 67.5 251.9 Claims costs and allocated expenses3 (48.6) (29.3) (77.9)Net other revenue 135.8 38.2 174.0 Other revenue per vehicle4 £77Other revenue per vehicle net of internal costs £62 £m 31 December 2025 WithinunderwritingresultOther netincome Total Premium and revenue from additional products and fees1 157.9 88.0 245.9 Instalment income and administration fees2 205.3 43.2 248.5Other revenue 363.2 131.2 494.4 Claims costs and allocated expenses3 (103.9) (57.2) (161.1)Net other revenue 259.3 74.0 333.3 Other revenue per vehicle4 £71Other revenue per vehicle net of internal costs £58 1 Premium from underwritten ancillaries is recognised within the insurance service result (underwriting result). Other income fromnon-underwritten products and fees is included within other net income, below the underwriting result but part of the insurancesegment result. 2 Instalment income and administration fees are recognised within insurance revenue (% aligned to Admiral’s share of premium,net of co-insurance) and other revenue (% aligned to co-insurance share of premium). 3 Claims costs relating to underwritten ancillary products, along with an allocation of related expenses, are recognised within the insurance result.Expenses allocated to the generation of revenue from non-underwritten ancillaries are recognised within other net income. 4 Other revenue per vehicle (before internal costs) divided by average active vehicles, rolling 12-month basis. Presented here based on all ancillaryincome. UK Household Insurance financial review £m 30 June 202630 June 202531 December2025 Turnover1 268.6 276.4 538.3 Total premiums written1 253.8 260.4 508.9Insurance revenue 262.4 253.8 521.0 Insurance revenue net of XoL1 249.1 240.8 494.6 Insurance expenses1 (61.2) (56.4) (114.0) Insurance claims incurred net of XoL1 (159.6) (159.7) (321.3) Insurance claims releases net of XoL1 26.2 14.1 19.2Underwriting result, net of XoLreinsurance1 54.5 38.8 78.5 Quota share reinsurance result1 3 (35.9) (20.3) (35.3) Underwriting result1 18.6 18.5 43.2Net investment income 2.1 2.5 4.6Other income 4.2 4.2 6.6UK Household Insurance profit beforetax1 24.9 25.2 54.4 Segment performance indicators 30 June 202630 June 202531 December2025 Reported Household loss ratio1 2 53.6% 60.5% 61.1% Reported Household expense ratio1 2 24.6% 23.4% 23.0% Reported Household combined ratio1 78.2% 83.9% 84.1% Household insurance service margin1 2 7.5% 7.7% 8.7%
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Household loss ratio before releases1 64.1% 66.4% 65.0%(Favourable) impact of weather on reportedloss ratio vs budget4 (7.1)% (1.2)% (1.0)%Households insured at period end2.21m 2.14m 2.19m 1 Alternative Performance Measures – refer to the end of this report for definition and explanation. 2 Alternative Performance Measures – refer to Appendix 1c for explanation and reconciliation to statutory income statement measures 3 Quota share reinsurance result within the segment result excludes reinsurers’ share of share scheme costs. 4 Weather impact, being the combined impact of claims related to freeze, flood, storm and subsidence, is disclosed relative to a budget expectation. The UK Household Insurance business reported ongoing growth in the number of homes insured, which increased 3% to 2.21 million (30 June 2025:2.14 million), due to strong retention and growth through the new More Than brand. Turnover fell by 3% to £268.6 million (H1 2025: £276.4 million),driven by the softening market over the past year, with Admiral maintaining discipline and increasing rates in H1 2026. Profit before tax for the period was flat at £24.9 million (H1 2025: £25.2 million), with a favourable underlying insurance result offset by higher quotashare reinsurance costs. The overall impact of weather in H1 2026 was more benign than H1 2025, being below a budget expectation and creating a net benefit to the reportedloss ratio of 7.1% (H1 2025: 1.2%, FY 2025 1.0%). When normalising for the favourable impact of weather, the reported loss ratio for the period is 60.7%, compared to 61.7% in H1 2025, with theoutperformance the result of higher prior year reserve releases (£26.2 million vs £14.1 million in H1 2025). The prior period releases in H1 2025 weredampened by adverse movements in subsidence reserves, with H1 2026 also benefitting from a modest reduction in risk adjustment uplift. H1 2026 also saw a higher charge for quota share reinsurance (£35.9 million compared to H1 2025: £20.3 million) due to lower profit commissionrecognised on underwriting year 2025 relative to underwriting year 2024 in H1 2025, as a result of the difference in underlying profitability of thoseyears. UK Pet and Travel Insurance financial review £m 30 June 202630 June 202531 December2025 Turnover1 128.2 109.3 217.3 Insurance revenue net of XoL1 111.2 80.1 188.3 Insurance expenses1 (45.2) (35.2) (73.1) Insurance claims net of XoL1 (65.0) (46.5) (110.5)Underwriting result, net of XoLreinsurance1 1.0 (1.6) 4.7Net investment income 2.2 1.5 3.0Other income — — 0.2 UK Travel and Pet result before tax1 3.2 (0.1) 7.9 Segment performance indicators 30 June 202630 June 202531 December2025 Loss ratio1 2 58.5% 58.0% 58.7% Expense ratio1 2 40.6% 44.0% 38.8% Combined ratio1 2 99.1% 102.0% 97.5% Insurance service margin1 2 0.9% (1.9%) 2.5%Customers insured at period end 1.75m 1.41m 1.56m 1 Alternative Performance Measures – refer to the end of this report for definition and explanation. 2 Alternative Performance Measures – refer to Appendix 1c for explanation and reconciliation to statutory income statement measures. The combined Travel and Pet Insurance businesses reported strong growth in both risks insured (+25% to 1.8 million) and turnover (+17% to £128.2million). The profit before tax for the period was £3.2 million (H1 2025 loss: £0.1 million), the favourable result vs H1 2025 being driven by increasedpremiums earning through. The result was adverse to H2 2025, with a higher combined ratio as a result of both the impact of the conflict in the Middle East on the Travel result, anda higher expense ratio due to continued investment in the business. European Insurance financial performance £m 30 June 202630 June 202531 December2025 Turnover1 380.3 331.6 674.3 Total premiums written1 353.0 305.9 620.2Insurance revenue 344.6 312.2 654.5
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Insurance revenue net of XoL1 320.8 299.0 623.5 Insurance expenses1 (72.3) (83.9) (175.0) Insurance claims net of XoL1 (212.4) (210.0) (414.0) Underwriting result, net of XoL1 36.1 5.1 34.5 Quota share reinsurance result1 3 (14.3) (6.8) (31.3)Movement in net onerous loss component(6.8) (0.2) 1.2 Underwriting result1 15.0 (1.9) 4.4Net investment income 2.2 1.1 2.7Net other revenue — 0.2 (0.5) European Insurance result, before tax1 4 17.2 (0.6) 6.6 Segment performance indicators 30 June 202630 June 202531 December2025 Loss ratio1 2 66.2% 70.2% 66.4% Expense ratio1 2 22.5% 28.1% 28.1%Combined ratio¹ 88.7% 98.3% 94.5% Insurance service margin1 2 4.7% (0.6%) 0.7% Risks insured at period end1 2.01m 1.91m 1.92m European Motor Insurance - highlights: Growth in risks insured of 4% to 1.86 million at 30 June 2026 (30 June 2025: 1.79 million), which, combined with disciplined pricing andincreased ancillary income, resulted in a more significant growth in turnover to £368.6 million (H1 2025: £323.2 million) Higher profits of £18.1 million (vs H1 2025: £0.8 million and FY 2025: £9.3 million). Excluding the impact of one-off benefits due to the deferralof acquisition costs, profits were £5.0 million, as continued improvements in the underlying underwriting performance were partially offset byhigher quota share reinsurance charges Segment result: European Insurance result1 £m 30 June 202630 June 202531 December2025 30 June 2026excluding oneoff impactsEuropean Motor 18.1 0.8 9.3 5.0Other (0.9) (1.4) (2.7) (0.9)European Insurance profit/(loss)before tax 17.2 (0.6) 6.6 4.1 European Insurance - Geographical analysis1 30 June 2026 Spain ItalyFranceEuropeanMotorEuropeanOther TotalTurnover (£m) 83.8 125.2 159.6 368.6 11.7 380.3Risks insured at period end0.48m0.82m0.56m 1.86m 0.15m2.01m 30 June 2025 Spain ItalyFranceEuropeanMotorEuropeanOther TotalTurnover (£m) 70.2 122.9 130.1 323.2 8.4 331.6Risks insured at period end0.45m0.86m0.49m 1.80m 0.11m 1.91m 31 December 2025 Spain ItalyFranceEuropeanMotorEuropeanOther TotalTurnover (£m) 140.1 240.4 275.4 655.9 18.4 674.3Risks insured at period end0.46m0.81m0.52m 1.79m 0.13m1.92m 1 Alternative Performance Measures – refer to the end of this report for definition and explanation. 2 Alternative Performance Measures – refer to Appendix 1d for explanation and reconciliation to statutory income statement measures. 3 Quota share reinsurance result within the segment result excludes reinsurers’ share of share scheme costs. 4 Includes one-off benefit of £13.1 million in H1 2026 from deferring acquisition cash flows for new groups of contracts from 1 January 2026. See note1 to these financial statements and Appendix 1d for further information In H1 2026, the European Insurance result includes a one-off benefit of £13.1 million, due to the decision to defer acquisition costs from 1 January 2026to better align expense and premium recognition as the businesses grow, partially offset by the recognition of a related onerous loss component, andsome changes in timing of ancillary income recognition. The combined result for the segment of £17.2 million, £4.1 million excluding one-off benefits, improved from the loss in H1 2025 of £0.6 million, withthe combined ratio improving to 88.7%, or 95.0% excluding one-off expense accounting impacts (H1 2025: 98.3%). The improved underwriting result
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in the period was offset by higher quota share charges of £14.3 million (H1 2025: £6.8 million), the higher charge being the result of sharing the morefavourable underlying result, along with adverse impacts due to lower recoveries on a booked combined ratio basis. Claims reserves in Europe continue to be set close to the maximum 95th percentile risk adjustment strength allowed under the Group’s reserving policy. L’olivier assurance (France) continued to grow strongly, with risks insured increasing by 15% to 0.56 million (30 June 2025: 0.49 million), and turnoverincreasing by 23% to £159.6 million (H1 2025: £130.1 million) as a result of higher average premiums. Underlying performance was strong withcontinued improvements in the combined ratio due to growth at good margins. Total risks insured in ConTe in Italy remained broadly flat compared to full year at 0.82 million (FY 2025: 0.81 million), with turnover increasing to£125.2 million (H1 2025: £122.9 million). Whilst the combined ratio (excluding one-off expense benefits) improved relative to H1 2025, some adverseclaims experience was seen during H1 2026 relating to business underwritten in early 2025, prior to rating actions being fully embedded. The businesscontinues to focus on its recovery and improving its underwriting performance. In Admiral Seguros (Spain), turnover increased as a result of both the increase in risks insured (0.48 million vs H1 2025: 0.45 million), along withhigher premiums and a one-off benefit to turnover as a result of the business now underwriting ancillaries (rather than recognising commissions). Thecombined ratio continued to improve as Admiral Seguros continues to balance its direct business with growing in the intermediary channel. Admiral Money financial review £m 30 June 202630 June 20254 31 December20254 Interest income 87.9 66.3 144.8Interest expense¹ (42.0) (29.6) (65.5)Net interest income 45.9 36.7 79.3 Origination fee income2 11.5 9.0 17.1Other income 1.3 0.4 2.9Total income 58.7 46.1 99.3Credit loss charge (20.5) (11.7) (34.0)Expenses (24.9) (21.9) (47.2) Admiral Money profit before tax3 4 13.3 12.5 18.1 1 Includes £4.1 million intra-group interest expense (H1 2025: £4.1 million, FY 2025: £8.3 million). 2 Origination fee income includes £4.3m (H1 2025: £5.9 million, FY 2025: £5.9 million) of income relating to a back-book sale of £126.1 million (H12025: £146.4 million, FY 2025: £146.4 million) of loans through a forward flow agreement. 3 Alternative Performance Measures – refer to the end of this report for definition and explanation. 4 H1 2025 and FY 2025 results re-presented to include the results of the secured homeowner loans product, previously included within the ‘Other’segment. Admiral Money distributes and underwrites unsecured personal loans (‘UPLs’) and car finance for UK consumers through the comparison channels, carretailers, brokers, and direct to consumers via the Admiral website. The business aims to provide customers with affordable lending, ensuringtransparency and certainty. During 2025 the business also launched a secured homeowner loans product distributed via brokers. Admiral Money recorded a pre-tax profit of £13.3 million in H1 2026 (H1 2025: £12.5 million), reflecting strong operational performance offset by alower back book sale contribution. The sale of an Unsecured Personal Lending (‘UPL’) portfolio with a carrying value of £126.1 million (H1 2025:£146.4 million), contributed £7.3 million to the result (H1 2025: £9.8 million), through origination fee income of £4.3 million (H1 2025: £5.9 million),and a credit provision release of £3.6 million (H1 2025: £4.9 million). Costs relating to the sale of £0.6 million (H1 2025: £1.0 million), principally theimmediate recognition of unamortised deferred acquisition costs, resulted in a net contribution to profit before tax of £7.3 million (H1 2025: £9.8million). In addition to the back book sale, newly originated UPL of £177.7 million (H1 2025: £90.4 million) were sold through a forward flow arrangement withthe same external party, generating origination fee income of £5.7 million (H1 2025: £3.1 million). Contingent premium of £1.5 million (H1 2025: £nil)was recognised in relation to the sale of loans through the forward flow arrangement in previous reporting periods, where performance conditions havenow been met. Admiral Money continues to service all loans sold and earned servicing income of £1.1 million during the period (H1 2025: £0.3million). Gross loan balances administered for third parties totalled £561.7 million as at H1 2026 (H1 2025: £213.1 million). Underlying this, net interest income grew 25% to £45.9 million (H1 2025: £36.7 million), reflecting strong origination volumes and the expanding on-balance sheet portfolio. Gross on-balance sheet loan balances totalled £1.88 billion at 30 June 2026 (30 June 2025: £1.35 billion), comprising UPL, carfinance, and homeowner loans. An expected credit loss provision of £0.12 billion (30 June 2025: £0.09 billion) results in a net on-balance sheet loanbalance of £1.76 billion (30 June 2025: £1.26 billion). Credit loss models reflect the latest economic assumptions. The provision coverage ratio varied by asset class: UPLs increased to 8.7% (30 June 2025:7.1%), car finance increased to 1.9% (30 June 2025: 1.2%), and home owner loans increased to 0.3% (30 June 2025: 0.2%). The increase reflectsheightened forward-looking economic expectations, including anticipated higher unemployment and subdued GDP growth, offset by strong portfolioperformance driven by continuing focus on high-quality origination. Post-model adjustments of £4.3 million (30 June 2025: £3.2 million) reflect the continued refinement of the IFRS 9 provisional model. A number ofPMAs have been released following improvements to the Economic Response Model and model calibration updates, offset by increases driven byportfolio growth and heightened forward-looking economic assumption. Other Group Items Other Group items financial review £m 30 June 202630 June 202531 December 2025
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Share scheme charges (41.2) (36.1) (71.9)Other central costs (28.4) (21.0) (53.4)Admiral Pioneer result (4.5) (9.7) (11.3) Business development costs2 (10.8) (5.4) (10.7) Finance charges1 (10.9) (12.1) (23.5)Other interest and investment income9.5 9.0 17.7Total (86.3) (75.3) (153.1) 1 Finance charges within other Group items include £nil (H1 2025: £0.9 million, FY 2025: £1.1 million) that relate to intra-group arrangements, withthe corresponding income presented within the UK Insurance result. These arrangements were settled in 2025. 2 H1 2025 and FY 2025 business development costs results re-presented to exclude the results of the secured homeowner loans product, now includedwithin Admiral Money results. Share scheme charges relate to the Group’s two employee share schemes. Costs increased in H1 2026 primarily due to higher vesting assumptions,following the strong performance in recent periods. Other central costs consist of Group-related expenses and include an allocation of Group employee costs, as well as the cost of a number of significantGroup projects, which in H1 2026 included additional costs in relation to the Group’s internal model application. Admiral launched Admiral Pioneer in 2020 to focus on new product diversification opportunities. Pioneer businesses include Veygo (short-term andlearner driver car insurance in the UK) and commercial insurance. Pioneer’s businesses reported a loss of £4.5 million in 2026 (H1 2025 loss: £9.7million), with higher profits in Veygo being partially offset by increased losses on commercial insurance due to increased premiums written not yetearning through to offset the expenses incurred. Business development costs increased to £10.8 million (H1 2025: £5.4 million), primarily due to costs incurred in relation to the Flock acquisition. Finance charges of £10.9 million (H1 2025: £12.1 million) primarily related to interest on the £250 million subordinated notes issued in July 2023 at arate of 8.5%. Other interest and investment income increased to £9.5m (H1 2025: £9.0 million) primarily attributable to higher investments held during H1 2026. Group capital structure and financial position Group capital position (estimated and unaudited) £bn 30 June 202630 June 202531 December2025 Eligible Own Funds (post-dividend)1 1.84 1.82 1.83 Solvency II capital requirement2 0.97 0.94 0.95Surplus over capital requirement 0.87 0.88 0.88Solvency ratio (post-dividend and sharebuyback)3 190% 194% 193% 1 Own Funds include approximately £250 million of Tier 2 capital following the Group’s issue of subordinated loan notes in 2023. Own Funds reportedabove are inclusive of additional own funds generated post-period-end up to the date of this report. 2 Solvency capital requirement (‘SCR’) includes updated, unapproved capital add-on. 3 Solvency ratio calculated on a volatility adjusted basis. The Group’s solvency position remains strong at 190%, lower than the 2025 closing position of 193% primarily due to the Flock acquisition, whichresults in a reduction in solvency ratio of around 8 points due to the de-recognition of associated intangible assets and goodwill under Solvencyvaluation rules. In H1 2026 there was stable capital generation relative to H1 2025, leading to growth in own funds, with the higher loss ratio in 2025 and 2026 offset byhigher prior year releases. The underlying growth in own funds was offset by the impact of the Flock acquisition and employee share purchasescompleted in H1 of £51 million. The SCR also increased over the period, due primarily to the increase in future forecast premiums across the Group for UK Other Personal Lines, andgrowth in Admiral Money. The Group solvency on a regulatory basis as at 30 June 2026 is estimated at 173% (31 December 2025: 185%). In the regulatory basis, the capital add-on approved by the PRA is fixed (and unchanged at £24 million) and so does not reflect changes in risk profile (primarily profit commission risk) acrossthe underwriting cycle. In addition, the reported solvency ratio includes additional capital recognised up to the date of the dividend distribution. Admiral submitted its internal capital model to its main prudential regulators in Q2 2026, and has continued to engage with the regulators as theyconduct their review. Solvency ratio sensitivities 30 June 202630 June 202531 December2025UK Motor – incurred loss ratio +5%(20%) (19%) (21%)UK Motor – 1-in-200 catastrophe event(3%) (3%) (4%)UK Household – 1-in-200 catastrophe event(2%) (3%) (3%) Interest rate – yield curve up 100 bps1 (3%) (1%) (1%)
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Interest rate – yield curve down 100 bps1 3% 1% 1%Credit spreads widen 100 bps (3%) (2%) (2%)Currency – 10% movement in euro and USdollar (4%) (3%) (3%)ASHE – long-term inflation assumption up100 bps (2025: 100 bps) (5%) (4%) (6%)Loans – 100% weighting to ‘severe’scenario2 (1%) (1%) (1%) 1 The higher sensitivity of the interest rate yield stress is the result of the Group locking into higher yields at a greater duration, following the conflict inthe Middle East: the greater duration combined with increased asset balances following underlying business growth cause an increase in the impact ofthe sensitivity to Solvency own funds. 2 Refer to note 7 to the financial statements for further information on the ‘severe’ scenario. Investments and cash Investment strategy Admiral Group’s investment strategy focuses on capital preservation and low volatility of returns relative to liabilities, and follows an asset liabilitymatching strategy to control interest rate, inflation and currency risk. A prudent level of liquidity is held and the investment portfolio has ahigh-quality credit profile. Investment return £m 30 June 202630 June 202531 December2025Underlying investment income yield4.1% 3.9% 4.1%Investment return 112.5 98.6 209.8Unrealised losses on derivatives (0.3) (0.4) (0.4)Movement in provision for expected creditlosses (0.2) 8.1 6.1Total investment return 112.0 106.3 215.5 Investment income for the first half of 2026 was £112.0 million (H1 2025: £106.3 million), with a good increase in underlying investment returnpartially offset by the one-off reduction in provisions for expected credit losses realised in H1 2025 (H1 2025: £8.1 million credit). The investment return on the Group’s investment portfolio (excluding unrealised gains and losses on derivatives and the movement in provision forexpected credit losses) was £112.5 million in H1 2026 (compared to £98.6 million in H1 2025), driven by both higher average investment balances inthe period and a small increase in the rate of return, to 4.1% (H1 2025: 3.9%). The increase in interest rates in H1 2026 resulted in a decrease in the market value of the portfolio of £27.3 million (H1 2025: £31.1 million increase).That movement is reflected in the Statement of Other Comprehensive Income. The Group continues to generate significant amounts of cash and its capital-efficient business model enables the distribution of the majority of post-taxprofits. Total cash and investments at 30 June 2026 was £5.56 billion (30 June 2025: £5.43 billion; 31 December 2025: £5.55 billion). Cash and investments analysis £m 30 June 202630 June 202531 December2025Fixed income and debt securities3,784.8 3,412.3 3,707.6Money market funds and other fair valuethrough P&L investments 1,417.9 1,613.9 1,479.3Cash deposits 43.1 82.4 57.9Cash 314.9 319.2 301.1 Total1 5,560.7 5,427.8 5,545.9 1 Total Cash and Investments includes £571.0 million (H1 2025: £348.9 million; FY 2025: £500.1 million) of Level 3 investments. Refer to note 6a inthe financial statements for further information. Taxation The tax charge for the period is £100.3 million (H1 2025: £115.2 million), which equates to 23.4% (H1 2025: 22.1%) of profit before tax. The effectivetax rate in H1 2026 is higher than in H1 2025 due to higher prior year adjustments and a reduced impact from lower overseas tax rates resulting from achange in the relative split of profits across different tax jurisdictions. See note 10 to the financial statements for further details. Co-insurance and reinsurance Admiral makes significant use of proportional risk sharing agreements (co-insurance and quota share reinsurance) which include profit commissionterms that allow Admiral to retain a significant portion of the profit generated. Although the primary focus and disclosure is in relation to the UK Car Insurance book, long-term arrangements are also in place in the Group’sEuropean Insurance operations and the UK Household and Van businesses. Munich Re and its subsidiary entity Great Lakes currently underwrite 40% of Admiral’s UK Car insurance business. The details of these arrangementswith Munich Re are as set out in the 2025 Annual Report, with agreements in place until at least the end of 2026.
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Admiral has other UK Car quota share agreements covering 38% of business written, confirmed to at least 2027. For UK Household insurance, Admiral retains 30% and has quota share contracts covering 70% of the business that run to at least 2027. In European Motor insurance, Admiral has pan-Europe quota share contracts covering the aggregate results across all three markets alongside additionalquota share contracts in France and Spain. Admiral’s net retention of the overall EU motor result is circa 45% The Group tends to commute its UK Motor insurance quota share agreements 24-36 months after inception of an underwriting year, assuming there issufficient confidence in the result of the business covered by the reinsurance contract and having assessed the solvency implications of the commutationfor the Group and its underwriting subsidiary. All arrangements covering the 2020 and prior underwriting years, a majority of contracts fromunderwriting year 2021 and a small number of contracts on underwriting years 2022 and 2023 were commuted as at 31 December 2025. During H12026, the final contract on underwriting year 2021 was commuted, leading to that year being fully commuted, along with further contracts onunderwriting year 2023. Principal Risks and Uncertainties Admiral continually reviews its principal risks and uncertainties (PR&Us), including those which could have a major impact on its customers, financialposition, or reputation. Admiral’s PR&Us remain consistent with those reported in the 2025 Annual Report (pages 97-104). However, givendevelopments during the period, additional commentary has been provided on those areas where risk has risen during H1 2026. Geopolitical uncertainty Geopolitical risk remains elevated and represents a major external uncertainty facing the Group. During the first half of 2026, the conflict in the MiddleEast disrupted energy supply, shipping routes, and aviation, contributing to higher global energy prices, increasing the cost of oil-directed products (e.g.plastics and paints) that impact repair and replacement costs, and negatively impacted the overall macroeconomic outlook. Political uncertainty hasfurther increased economic headwinds in the UK, with uncertainty around future fiscal and economic policy potentially weighing on business andconsumer confidence. Admiral continues to monitor and manage the financial and operational impacts of geopolitical uncertainty across the group. AI-enabled distribution Recent developments in AI have the potential to drive a material shift in insurance distribution, with AI ‑ driven search and conversational tools emergingas possible rivals to price comparison websites. Longer-term, Agentic AI systems capable of managing the end ‑ to ‑ end purchasing process on behalf ofcustomers could alter operational processes and competitive dynamics. For Admiral, this presents both risks and opportunities, including access to newdistribution channels, meeting customers’ needs on their terms, and supporting digitisation in broker-led markets. The cyber environment The scale and complexity of Admiral’s operations means cyber security remains a key priority. The Group maintains a multi-layered security approachfocused on prevention, detection, rapid response, and continuous monitoring, informed by proactive threat hunting and emulation. Cyber threatscontinue to evolve, with more complex and targeted attacks through third parties and with frontier AI models such as Claude Mythos set to play a roleboth in cyber-attacks and cyber-security. In the longer term, quantum computing poses a threat even to encrypted data. Admiral continues to workclosely with industry partners, regulators, and the wider threat intelligence community to anticipate emerging threats and safeguard customer data andbusiness operations. Data & AI AI has the potential to transform both customer and operational outcomes, but effective adoption depends on managing risks including fairness,accountability, transparency, security, and legal compliance. To address these risks, a new AI Policy was introduced in January, establishing governanceand controls for all AI initiatives. At the same time the Group has developed proportionate and agile governance processes, with fairness remaining a key consideration, with our AIsolutions continuing to be independently reviewed to ensure solutions work and deliver good outcomes for all our customers. Regulatory developments Regulatory scrutiny across the UK and Europe remains high, with increasing complexity for insurers operating across multiple products andjurisdictions. Regulators continue to focus on consumer outcomes, fair value, operational resilience, and the implications of rapid technological change. Recent FCA priorities include Consumer Duty and outcomes monitoring, claims handling and service quality, growth and innovation (including AI), andregulatory simplification. EU regulators similarly continue to prioritise consumer protection, financial resilience, and the implementation of technology-led frameworks such as DORA. There is also continued emphasis on value for money, climate risk integration, and emerging risk management. Admiral remains focused on delivering fair value products that meet customer needs and deliver good outcomes. Disclaimer on forward-looking statements Certain statements made in this announcement are forward-looking statements. Such statements are based on current expectations and assumptions andare subject to a number of known and unknown risks and uncertainties that may cause actual events or results to differ materially from any expectedfuture events or results expressed or implied in these forward-looking statements. Persons receiving this announcement should not place undue reliance on forward-looking statements. Unless otherwise required by applicable law,regulation or accounting standard, the Group does not undertake to update or revise any forward-looking statements, whether as a result of newinformation, future developments or otherwise. Consolidated Income Statement Six months endedYear ended
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Note 30 June2026(unaudited)£m 30 June2025(unaudited)£m 31 December2025£mInsurance revenue 5 2,436.5 2,468.7 4,979.3Insurance service expenses 5 (1,940.7)(1,903.3)(3,967.1)Insurance service result before reinsurance 495.8 565.4 1,012.2Net expense from reinsurance contracts held5 (152.5) (139.9) (225.9)Insurance service result 343.3 425.5 786.3Investment return - Effective interest rate 75.0 61.3 129.0Investment return - Other 37.2 36.9 80.4Investment return 112.2 98.2 209.4Finance expenses from insurance contracts issued5 (73.2) (68.2) (140.9)Finance income from reinsurance contracts held5 14.5 13.6 29.4Net insurance finance expenses (58.7) (54.6) (111.5)Net insurance and investment result 396.8 469.1 884.2Interest income from financial services 90.3 67.3 147.3Interest expense related to financial services (39.0) (25.8) (58.3)Net interest income from financial services 51.3 41.5 89.0Other revenue and profit commission8 127.0 120.5 233.5Other operating expenses 9 (176.4) (155.7) (321.5)Other operating expenses recoverable from co-insurers 9 65.5 61.9 126.5Movement in expected credit loss provision andwrite-offs (23.4) (4.3) (29.8)Other income and expenses (7.3) 22.4 8.7Operating profit 440.8 533.0 981.9Finance costs (11.8) (12.2) (24.4)Finance costs recoverable from co-insurers 0.2 0.2 0.4Net finance costs (11.6) (12.0) (24.0)Profit before tax from continuing operations 429.2 521.0 957.9Taxation expense 10 (100.3) (115.2) (212.6)Profit after tax from continuing operations 328.9 405.8 745.3(Loss)/ Profit before tax from discontinuedoperations — (4.9) (3.1)Taxation expense — (0.1) 0.1(Loss)/ Profit after tax from discontinuedoperations — (5.0) (3.0)Profit after tax from continuing anddiscontinued operations 328.9 400.8 742.3Profit after tax attributable to: Equity holders of the parent 329.0 401.0 742.6Non-controlling interests (NCI) (0.1) (0.2) (0.3) 328.9 400.8 742.3 Consolidated Income Statement (continued) Note 30 June2026(unaudited)£m 30 June2025(unaudited)£m 31 December2025£mEarnings per share - from continuing operations Basic 12 109.0p 132.5p 247.4pDiluted 12 107.6p 132.5p 242.7p Earnings per share - from continuing anddiscontinued operations Basic 12 109.0p 130.9p 246.4pDiluted 12 107.6p 130.9p 241.7p Dividends declared and paid (total)12 274.2 366.5 715.4Dividends declared and paid (per share)12 90.0p 121.0p 236.0p Consolidated Statement of Comprehensive Income Six months endedYear ended 30 June2026(unaudited)£m 30 June2025(unaudited)£m 31 December2025£mProfit for the period - from continuing anddiscontinued operations 328.9 400.8 742.3
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Other comprehensive income Items that are or may be reclassified to profit or loss Movements in fair value reserve (27.3) 31.1 48.7Deferred tax in relation to movement in fair value reserve1.4 (2.1) (2.8)Movements in insurance finance reserve - insurancecontracts 28.9 (46.1) (54.4)Deferred tax in relation to movement in insurance financereserve - insurance contracts (4.5) 7.7 9.5Movements in insurance finance reserve - reinsurancecontracts (6.1) 8.6 9.6Deferred tax in relation to movement in insurance financereserve - reinsurance contracts 0.9 (1.7) (2.1)Exchange differences on translation of foreign operations(2.0) 0.7 3.1Movement in hedging reserve 12.0 (10.8) (13.5)Deferred tax in relation to movement in hedging reserve(3.0) 2.7 3.4Other comprehensive income for the period, net of incometax 0.3 (9.9) 1.5Total comprehensive income for the period 329.2 390.9 743.8Total comprehensive income for the period attributable to: Equity holders of the parent 329.3 391.1 744.1Non-controlling interests (0.1) (0.2) (0.3)Total comprehensive income for the period 329.2 390.9 743.8 Consolidated Statement of Financial Position As at As at Note 30 June2026(unaudited)£m 30 June2025(unaudited)£m 31 December2025£mASSETS Property and equipment 77.1 82.3 80.2Intangible assets 412.3 321.5 327.6Deferred tax asset 10 48.4 58.7 50.7Corporation tax asset 10 2.1 1.0 18.1Reinsurance contract assets 5 1,095.3 1,038.5 1,080.5Loans and advances to customers7 1,834.8 1,291.6 1,628.7Other receivables 303.9 292.8 277.7Financial investments 6 5,254.1 5,120.6 5,258.2Cash and cash equivalents 6 314.9 319.2 301.1Assets associated with disposal group held for sale — 106.6 —Total assets 9,342.9 8,632.8 9,022.8EQUITY Share capital 12 0.3 0.3 0.3Share premium account 13.1 13.1 13.1Other reserves (29.0) (36.6) (29.3)Retained earnings 1,513.9 1,458.6 1,459.2Total equity attributable to equity holders of theparent 1,498.3 1,435.4 1,443.3Non-controlling interests 0.2 0.4 0.3Total equity 1,498.5 1,435.8 1,443.6LIABILITIES Insurance contracts liabilities 5 5,481.0 5,261.2 5,399.2Subordinated and other financial liabilities6 2,013.1 1,509.7 1,819.9Trade and other payables 6 222.9 170.6 217.2Lease liabilities 6 70.4 76.0 73.6Corporation tax liabilities 10 57.0 80.2 69.3Liabilities associated with disposal group held forsale — 99.3 —Total liabilities 7,844.4 7,197.0 7,579.2Total equity and total liabilities 9,342.9 8,632.8 9,022.8 Consolidated Cashflow Statement Six months endedYear ended Note 30 June2026(unaudited)£m 30 June2025(unaudited)£m 31 December2025£mProfit after tax - from continuing anddiscontinued operations 328.9 400.8 742.3Adjustments for non-cash items:
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- Depreciation of property, plant and equipmentand right-of-use assets 7.9 8.1 15.9- Impairment/ disposal of property, plant andequipment and right-of-use assets 1.2 0.2 0.2- Amortisation and impairment of intangibleassets 38.1 31.5 63.1- Loss on disposal of Elephant entities held forsale — — 24.5- Movement in expected credit loss provision 15.2 (4.0) 13.2- Share scheme charges 44.2 33.8 75.0- Interest expense on funding for loans andadvances to customers 39.0 21.7 46.8- Investment return (111.6) (98.0) (212.3)- Finance costs, including unwinding ofdiscounts on lease liabilities 6 11.8 12.1 24.4- Taxation expense 10 100.3 115.3 212.6Change in gross insurance contract liabilities5 96.6 367.9 502.2Change in reinsurance assets 5 (12.9) (73.3) (122.7)Change in insurance and other receivables6 (17.0) (69.4) (15.8)Change in gross loans and advances to customers7 (346.4) (336.0) (689.1)Sale proceeds from the loan book7 126.1 146.4 146.4Funding received relating to forward flow loans7 179.9 93.3 282.3Forward flow loans transferred 7 (177.7) (90.4) (279.5)Change in trade and other payables, including taxand social security (5.9) (0.8) 44.9Cash flows from operating activities, beforemovements in investments 317.7 559.2 874.4Purchases of financial instruments (3,615.3)(4,136.2)(9,339.4)Proceeds on disposal/ maturity of financialinstruments 3,633.5 3,836.6 8,973.2Interest and investment income received 62.4 58.9 120.4Cash flows from operating activities, net ofmovements in investments 398.3 318.5 628.6Taxation payments (98.1) (78.5) (192.1)Net cash flow from operating activities 300.2 240.0 436.5Cash flows from investing activities: Purchases of property, equipment and software (48.5) (32.6) (74.3)Net cash paid for the acquisition of Flock (65.3) – –Net costs paid on sale of Elephant entities – – (1.3)Cash included in the disposal of entities – – (19.6)Net cash used in investing activities (113.8) (32.6) (95.2) Consolidated Cashflow Statement (continued) Note 30 June2026(unaudited)£m 30 June2025(unaudited)£m 31 December2025£mCash flows from financing activities: Proceeds on issue of loan backed securities6 449.8 350.0 713.8Repayment of loan backed securities6 (280.0) (233.0) (299.1)Proceeds from other financial liabilities6 50.2 142.7 262.3Repayment of other financial liabilities6 (21.0) (70.0) (180.4)Finance costs paid, including interest expense paidon funding for loans (50.3) (37.0) (76.0)Proceeds on hedging derivatives (0.5) 3.3 5.3Repayment of lease liabilities (4.1) (5.4) (8.4)Equity dividends paid 12 (274.2) (366.5) (715.4)Acquisition of shares by employee benefit trusts (50.6) – (35.3)Net cash used in financing activities (180.7) (215.9) (333.2)Net increase/ (decrease) in cash and cashequivalents 5.7 (8.5) 8.1Cash and cash equivalents at 1 January 301.1 313.6 313.6Effects of changes in foreign exchange rates 8.1 14.1 (20.6)Cash and cash equivalents at period end6 314.9 319.2 301.1 Consolidated Statement of Changes in Equity Attributable to the owners of the Company ShareCapital£m Sharepremiumaccount£m Fairvaluereserve£m Hedgingreserve£m Foreignexchangereserve£m Insurancefinancereserve£m Retainedprofitand loss£m Total£m Non-controllinginterests£m Totalequity£m
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NoteAt 1 January 2026 0.3 13.1 (54.4) (5.7) (4.5) 35.31,459.21,443.3 0.3 1,443.6Profit/(loss) for the period - fromcontinuing and discontinuedoperations — — — — — — 329.0 329.0 (0.1) 328.9Other comprehensive income — — (25.9) 9.0 (2.0) 19.2 — 0.3 — 0.3Total comprehensive income forthe period — — (25.9) 9.0 (2.0) 19.2 329.0 329.3 (0.1) 329.2Transactions with equity holders Dividends 12 — — — — — — (274.2)(274.2) — (274.2)Share scheme credit — — — — — — 44.2 44.2 — 44.2Shares acquired by employeebenefit trusts (50.6)(50.6) — (50.6)Deferred tax on share scheme credit — — — — — — 6.3 6.3 — 6.3Total transactions with equityholders — — — — — — (274.3)(274.3) — (274.3)As at 30 June 2026 (unaudited) 0.3 13.1 (80.3) 3.3 (6.5) 54.51,513.91,498.3 0.2 1,498.5 Consolidated Statement of Changes in Equity (continued) Attributable to the owners of the Company Note ShareCapital£m Sharepremiumaccount£m Fairvaluereserve£m Hedgingreserve£m Foreignexchangereserve£m Insurancefinancereserve£m Retainedprofitand loss£m Total£m Non-controllinginterests£m Totalequity£mAt 1 January 2025 0.3 13.1 (99.8) 4.4 (4.0) 72.7 1,383.41,370.1 0.6 1,370.7Profit/(loss) for the period - fromcontinuing and discontinuedoperations — — — — — — 401.0 401.0 (0.2) 400.8Other comprehensive income — — 29.0 (8.1) 0.7 (31.5) — (9.9) — (9.9)Total comprehensive incomefor the period — — 29.0 (8.1) 0.7 (31.5) 401.0 391.1 (0.2) 390.9Transactions with equity holders Dividends 12 — — — — — — (366.5)(366.5) — (366.5)Share scheme credit — — — — — — 33.8 33.8 — 33.8Deferred tax charge on sharescheme credit — — — — — — 6.9 6.9 — 6.9Total transactions with equityholders — — — — — — (325.8)(325.8) — (325.8)As at 30 June 2025 0.3 13.1 (70.8) (3.7) (3.3) 41.2 1,458.61,435.4 0.4 1,435.8 Consolidated Statement of Changes in Equity (continued) Attributable to the owners of the Company Note ShareCapital£m Sharepremiumaccount£m Fairvaluereserve£m Hedgingreserve£m Foreignexchangereserve£m Insurancefinancereserve£m Retainedprofitand loss£m Total£m Non-controllinginterests£m Totalequity£mAt 1 January 2025 0.3 13.1 (99.8) 4.4 (4.0) 72.71,383.41,370.1 0.6 1,370.7Profit/(loss) for the period - fromcontinuing and discontinuedoperations — — — — — — 742.6 742.6 (0.3) 742.3Other comprehensive income — — 45.9 (10.1) 3.1 (37.4) — 1.5 — 1.5Total comprehensive income forthe period — — 45.9 (10.1) 3.1 (37.4) 742.6 744.1 (0.3) 743.8Transactions with equity holders Dividends 12 — — — — — — (715.4)(715.4) — (715.4)Share scheme credit — — — — — — 75.0 75.0 — 75.0Shares acquired by employeebenefit trusts — — — — — — (35.3)(35.3) — (35.3)Deferred tax on share scheme credit — — — — — — 8.9 8.9 — 8.9Transfer to loss on disposal of assetsheld for sale — — (0.5) — (3.6) — — (4.1) — (4.1)Total transactions with equityholders — — (0.5) — (3.6) — (666.8)(670.9) — (670.9)As at 31 December 2025 0.3 13.1 (54.4) (5.7) (4.5) 35.31,459.21,443.3 0.3 1,443.6
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Notes to the consolidated financial statements General information Admiral Group plc is a public limited Company incorporated in England and Wales. Its registered office is at Tŷ Admiral, David Street, Cardiff, CF102EH and its shares are listed on the London Stock Exchange. The condensed interim financial statements comprise the results and balances of the Company and its subsidiaries (the Group) for the six-month periodended 30 June 2026 and the comparative periods for the six-months ended 30 June 2025 and the year ended 31 December 2025. This condensed set offinancial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the UK, and should be read in conjunctionwith the Group’s last annual consolidated financial statements as at and for the year ended 31 December 2025 (“last annual financial statements”),prepared in accordance with United Kingdom adopted international accounting standards in conformity with the requirements of the Companies Act2006. They do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes areincluded to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performancesince the last annual financial statements. As required by the FCA’s Disclosure and Transparency Rules, the condensed set of financial statements has been prepared applying the accountingpolicies and presentation that were applied in the preparation of the Company’s published consolidated financial statements for the year ended31 December 2025, except where new accounting standards apply as noted below. The financial statements of the Company’s subsidiaries are consolidated in the Group financial statements. In accordance with IAS 24, transactions orbalances between Group companies that have been eliminated on consolidation are not reported as related party transactions. The comparative figures for the financial year ended 31 December 2025 are the Company's statutory accounts for that financial year. Those accountshave been reported on by the Company's auditors and delivered to the registrar of companies. The report of the auditors was: I. unqualified; II. did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report; and III. did not contain a statement under section 498(2) or (3) of the Companies Act 2006. The accounts have been prepared on a going concern basis. In considering the appropriateness of this assumption, the Board have reviewed the Group’sprojections for the next 12 months and beyond. Further information is given in note 1 below. 1. Basis of preparation The condensed set of interim financial statements have been prepared applying the accounting policies and presentation that were applied in thepreparation of the Company’s published consolidated financial statements for the year ended 31 December 2025. A number of other IFRS and interpretations have been endorsed by the UK in the period to 30 June 2026 and although they have been adopted by theGroup, none of them has had a material impact on the Group’s financial statements. The Group’s assessment of the impact of other standards that have yet to be adopted remains consistent with that reported on page 214 of the Group’s2025 Annual Report. The consolidated financial statements have been prepared on a going concern basis. In considering this requirement, the directors have taken intoaccount the following: The Group’s profit projections, including:Changes in premium rates and projected policy volumes across the Group’s insurance businesses Projected cost of settling claims across all of the Group’s insurance businesses, including the impact of inflation Projected trends in motor claims frequency Projected trends in other revenue generated by the Group’s insurance business from fees and the sale of ancillary products Projected contributions to profit from businesses other than the UK Motor insurance business Expected trends in unemployment in the context of credit risks and the growth of the Group’s consumer lending business The Group’s solvency position, which continues to be closely monitored. The Group continues to maintain a strong solvency position above targetlevels The adequacy of the Group’s liquidity position after considering all the factors noted above The results of business plan scenarios and stress tests on the projected profitability, solvency and liquidity positions including the impact of severedownside scenarios that assume severe adverse economic, credit and trading stresses The regulatory environment, focusing on regulatory guidance issued by the FCA and the PRA in the UK and regular communications betweenmanagement and regulators A review of the Company’s principal risks and uncertainties and the assessment of emerging risks, including economic and geopoliticaluncertainty, changes in underwriting including the impact of geopolitical uncertainty, cyber, and AI-related risks. Following consideration of all of the above, the Directors have reasonable expectation that the Group has adequate resources to continue in operation forthe foreseeable future, a period of not less than 12 months from the date of this report, and that it is therefore appropriate to adopt the going concernbasis in preparing the consolidated financial statements. The accounting policies set out in the notes to the financial statements have, unless otherwise stated, been applied consistently to all periods presented inthese Group financial statements.
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Historically, the Group has applied the IFRS 17 practical expedient to recognise insurance acquisition cash flows as an expense when incurred for allportfolios applying the Premium Allocation Approach (“PAA”). From 1 January 2026, the Group no longer applies this practical expedient for theEuropean Motor business in Italy, France and Spain. For new groups of contracts, insurance acquisition cash flows are initially recognised by offsetting the liability for remaining coverage (“LRC”), ratherthan being expensed as incurred. These costs are allocated to the groups of insurance contracts to which they are directly attributable and are recognisedin profit or loss over the coverage period. Any non-recoverability is reflected through the recognition of onerous loss components within the LRC. The financial statements are prepared on the historical cost basis, except for the revaluation of financial assets classified as fair value through profit orloss or as fair value through other comprehensive income. The Group and Company financial statements are presented in pounds sterling, rounded to thenearest £0.1 million. 2. Critical accounting judgements and estimates The Group’s 2025 Annual Report provides full details of significant judgements and estimates used in the application of the Group’s accountingpolicies. Notes 3 and 5 provide further information as to the changes in the estimates with respect to the calculation of insurance reserves. Note 7 provides further information as to changes in the estimates with respect to the calculation of the expected credit loss provision for the AdmiralMoney business. 3. Financial risk 3a. Insurance risk sensitivity analysis The following sensitivity analysis shows the impact on profit for reasonably possible movements in key assumptions with all other assumptions heldconstant. The correlation of assumptions will have a significant effect in determining the ultimate impacts, but to demonstrate the impact due to changesin each assumption, assumptions have been changed on an individual basis. It should be noted that movements in these assumptions are non-linear. The sensitivities are shown for UK Motor only, being the line of business where such sensitivities could have a material impact at a Group level. Thesensitivities are shown on a gross and net of quota share reinsurance basis to illustrate the impacts on shareholder profit and equity before and after riskmitigation from quota share reinsurance. The sensitivities (both gross and net) include the impacts of movements in co-insurance profit commission,given that underwriting year loss ratios including risk adjustment, are a direct input to the calculation of profit commission. Risk adjustment At a group and UK Motor level, the risk adjustment confidence level is equivalent to the 93rd percentile (31 December 2025: 95th percentile for Group,94th percentile UK Motor). The sensitivities below reflect the impact on profit before tax and equity as at the end of 2026 for changes in the selection ofthe UK Motor risk adjustment confidence level at 30 June 2026, with all other assumptions remaining unchanged. 30 June 2026 Impact onprofit beforetax gross ofreinsurance£m Impact onprofit beforetax net ofreinsurance£m Impact onequity gross ofreinsurance£m Impact onequity net ofreinsurance£mRisk adjustment increase to 95thpercentile (60.3) (50.4) (49.5) (41.1) Risk adjustment decrease to 90thpercentile 52.9 46.9 43.6 38.5Risk adjustment decrease to 85thpercentile 129.7 117.4 106.5 96.2 Undiscounted loss ratios, including risk adjustment The sensitivities reflect the impact on profit before tax in 2026 and equity as at the end of 2026 of a change in the undiscounted booked loss ratios forindividual underwriting years (‘UWY’) as at 30 June 2026, with all other assumptions remaining unchanged. UWY 2022impact on:UWY 2023impact on:UWY 2024impact on:UWY 2025impact on: £m1 PBTEquityPBTEquityPBTEquityPBTEquityIncrease of 1%: gross ofreinsurance (17.3)(14.0)(24.0)(19.6)(33.6)(27.5)(24.7)(20.5)Increase of 5%: gross ofreinsurance (89.8)(72.3)(123.1)(100.6)(168.2)(137.4)(117.7)(98.0)Increase of 10%: gross ofreinsurance (180.4)(145.3)(247.0)(201.8)(336.4)(274.8)(232.2)(193.7)Decrease of 1%: gross ofreinsurance 15.612.7 21.317.7 33.627.5 26.822.0Decrease of 5%: gross ofreinsurance 82.967.2 115.394.7168.2137.4138.7113.7Decrease of 10%: gross ofreinsurance 172.6139.4239.2195.9336.4274.8281.3230.4Increase of 1%: net of reinsurance(12.5)(10.0)(24.0)(19.6)(33.6)(27.5)(19.9)(16.4)Increase of 5%: net of reinsurance(52.5)(41.1)(123.1)(100.6)(168.2)(137.4)(93.7)(77.9)
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Increase of 10%: net ofreinsurance (95.0)(73.8)(247.0)(201.8)(336.4)(274.8)(175.2)(145.8)Decrease of 1%: net ofreinsurance 10.9 8.7 21.317.7 33.627.5 22.918.8Decrease of 5%: net ofreinsurance 60.448.4 115.394.7168.2137.4132.2108.3Decrease of 10%: net ofreinsurance 136.0108.8239.2195.9336.4274.8274.8225.0 1 ‘Booked’ loss ratios are undiscounted underwriting year loss ratios, including risk adjustment. See Appendix 2 for the impacts on profit before tax and equity of changes in interest rates during H1 2026 and as at 30 June 2026. 4. Operating segments The Group has four (2025: five) reportable segments; UK Insurance, European Insurance, Admiral Money and Other (2025: also included DiscontinuedOperations). These reportable segments are consistent with those set out on page 229 of the Group’s 2025 Annual Report, with the exception of AdmiralMoney which now includes the secured homeowner loans product previously reported within the Other segment. An analysis of the Group’s revenue and results for the period ended 30 June 2026, by reportable segment, is shown below. The accounting policies ofthe reportable segments are consistent with those presented in the notes to the 2025 Group financial statements. Six months ended 30 June 2026 (unaudited) UKInsurance£m EuropeanInsurance£m AdmiralMoney£m Other£mEliminations£m Total£m Turnover1 2,544.1380.3 94.6 89.4 — 3,108.4Insurance revenue 2,022.8344.6 — 69.1 — 2,436.5Insurance revenue net of XoL1,978.2320.8 — 63.1 — 2,362.1Segment profit/(loss) beforetax3 4 485.0 17.2 13.3 (9.1) — 506.4Other central revenue and expenses, including share scheme charges (75.8)Investment and interest income 9.5Finance costs (10.9)Consolidated profit before tax 429.2Taxation expense (100.3)Consolidated profit after tax 328.9 Revenue and results for the corresponding reportable segments for the period ended 30 June 2025 are shown below. Six months ended 30 June 2025 (unaudited) (re-presented)4 UKInsurance£m EuropeanInsurance£m AdmiralMoney£mOther£m Discontinuedoperations£mEliminations2 £m Total(continuing)£mTotal£m Turnover1 2,654.3331.6 67.650.3 87.6 — 3,103.83,191.4Insurancerevenue 2,109.4312.2 — 47.1 90.6 — 2,468.72,559.3Insurancerevenue netof XoL 2,050.4299.0 — 41.6 90.3 — 2,391.02,481.3Segmentprofit/(loss)before tax3 584.4 (0.6) 12.5(12.0) 13.6 (0.9) 583.4597.0Other central revenue and expenses, including share scheme charges (60.2)(78.7)Investment and interest income 9.0 9.0Finance costs (11.2)(11.2)Consolidated profit before tax 521.0516.1Taxation expense (115.2)(115.3)Consolidated profit after tax 405.8400.8 Revenue and results for the corresponding reportable segments for the year ended 31 December 2025 are shown below. Year ended 31 December 2025 (re-presented)4 UKInsurance£m EuropeanInsurance£m AdmiralMoney£mOther£m Discontinuedoperations£mEliminations2 £m Total(continuing)£mTotal£m Turnover1 4,952.5674.3154.7114.0 166.9 — 5,895.56,062.4Insurancerevenue 4,221.6654.5 —103.2 174.1 — 4,979.35,153.4Insurancerevenue netof XoL 4,112.5 623.5 — 91.9 173.6 — 4,827.95,001.5
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Segmentprofit/(loss)before tax3 1,086.3 6.6 18.1(20.7) 24.2 (1.1) 1,089.21,113.4Other central revenue and expenses, including share scheme charges (126.6)(153.9)Investment and interest income 17.7 17.7Finance costs (22.4)(22.4)Consolidated profit before tax 957.9954.8Taxation expense (212.6)(212.5)Consolidated profit after tax 745.3742.3 1 Turnover is an Alternative Performance Measure presented before intra-group eliminations. Refer to the glossary and note 14for further information. 2 Eliminations are in respect of the intra-group interest charges related to the UK Insurance and finance costs. 3 Segment results exclude gross share scheme charges, and any quota share reinsurance recoveries; these net share scheme charges are presentedwithin ‘Other central revenue and expenses, including share scheme charges’ in line with internal management reporting. 4 H1 2026 results for the ‘Admiral Money’ segment include contribution from the new secured homeowner loans product, previously included within the‘Other’ segment. Prior periods have been re-presented accordingly. 5. Insurance Service result 5a. Accounting policies The full accounting policies are provided in the Group’s 2025 Annual Report. See Note 1 for changes in the treatment of deferred acquisition costs inEuropean Motor Insurance from 1 January 2026. Discount rates A bottom-up approach has been applied in the determination of discount rates. Under this approach, the discount rate is determined as the risk-free yieldadjusted for differences in liquidity characteristics between the financial assets used to derive the risk-free yield and the relevant liability cashflows(known as an illiquidity premium). The following weighted average rates, based on the yield curves derived using the above methodology, were used to discount the liability for incurredclaims at the end of the current and prior periods: 30 June 2026 (unaudited)30 June 2025 (unaudited)31 December 2025 1year3years5years10years1year3years5years10years1year3years5years10yearsUK Insurance4.5%4.5%4.6%4.9%4.3%4.1%4.2%4.5%4.0%4.0%4.2%4.5%EuropeanMotor 3.1%3.1%3.1%3.4%2.4%2.5%2.7%3.0%2.6%2.8%3.0%3.4% 5b. Insurance revenue Insurance revenue for the corresponding reportable segments for the period ended 30 June 2026 are shown below. Insurance revenue related movement in liability forremaining coverage 30 June2026(unaudited)£m 30 June2025(unaudited)£m 31 December2025£mUK Motor 1,648.8 1,775.2 3,511.5UK Other 374.0 334.2 710.1European Insurance 344.6 312.2 654.5Other 69.1 47.1 103.2Total 2,436.5 2,468.7 4,979.3 The Group’s share of its insurance business was underwritten by Admiral Insurance (Gibraltar) Limited, Admiral Insurance Company Limited andAdmiral Europe Compañia Seguros (‘AECS’). The majority of contracts are short term in duration, lasting for between 6 and 12 months. 5c. Insurance service expenses Insurance service expenses for the corresponding reportable segments for the period ended 30 June 2026 are shown below. 30 June 2026 (unaudited) UKMotor£m UKOther£m EuropeanInsurance£m Other£m Total£mIncurred claims Claims incurred in the period 1,167.3232.5 238.4 47.91,686.1Changes to liabilities for incurred claims(248.4)(35.2)(19.1) 1.7 (301.0)Total incurred claims 918.9 197.3 219.3 49.61,385.1Movement in onerous contracts — — 14.2 — 14.2Directly attributable expenses Administration expenses 249.1 77.2 62.4 14.0 402.7
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Acquisition expenses 47.5 29.2 9.9 11.1 97.7Insurance expenses 296.6 106.4 72.3 25.1 500.4Share scheme expenses 30.7 4.8 4.8 0.7 41.0Total insurance expenses including sharescheme expenses 327.3 111.2 77.1 25.8 541.4Total Insurance service expenses1,246.2308.5 310.6 75.41,940.7 Insurance service expenses for the corresponding reportable segments for the period ended 30 June 2025 are shown below. 30 June 2025 (unaudited) UKMotor£m UKOther£m EuropeanInsurance£m Other£m Total£mIncurred claims Claims incurred in the period 1,156.3213.4 219.8 33.11,622.6Changes to liabilities for incurred claims(214.0)(25.8) 1.5 (4.6)(242.9)Total incurred claims 942.3 187.6 221.3 28.51,379.7Movement in onerous contracts 0.1 (0.4) 0.9 — 0.6Directly attributable expenses Administration expenses 235.7 66.9 58.9 11.9 373.4Acquisition expenses 53.7 24.7 25.0 9.7 113.1Insurance expenses 289.4 91.6 83.9 21.6 486.5Share scheme expenses 27.3 4.3 4.3 0.6 36.5Total insurance expenses including sharescheme expenses 316.7 95.9 88.2 22.2 523.0Total Insurance service expenses1,259.1283.1 310.4 50.71,903.3 Insurance service expenses for the corresponding reportable segments for the period ended 31 December 2025 are shown below. 31 December 2025 UKMotor£m UKOther£m EuropeanInsurance£m Other£m Total£mIncurred claims Claims incurred in the period 2,317.1452.1 468.8 72.63,310.6Changes to liabilities for incurred claims(335.7)(33.6)(49.1) (5.5)(423.9)Total incurred claims 1,981.4418.5 419.7 67.12,886.7Movement in onerous contracts 0.1 0.2 (3.3) — (3.0)Directly attributable expenses Administration expenses 496.3 131.9 119.1 25.4 772.7Acquisition expenses 103.9 55.2 55.9 19.8 234.8Insurance expenses 600.2 187.1 175.0 45.21,007.5Share scheme expenses 56.1 8.7 9.8 1.3 75.9Total insurance expenses including sharescheme expenses 656.3 195.8 184.8 46.51,083.4Total Insurance service expenses2,637.8614.5 601.2 113.63,967.1 5d. Net expenses from reinsurance contracts held Net expenses from reinsurance contracts held for the corresponding reportable segments for the period ended 30 June 2026 are shown below. 30 June 2026 (unaudited) UKMotor£m UKOther£m EuropeanInsurance£m Other£m Total£mAllocation of reinsurance premiums 59.3 56.4 111.7 5.9 233.3Amounts recoverable from reinsurers forincurred insurance service expenses Incurred claims (14.8)(24.4)(106.2)(9.5)(154.9)Changes to liabilities for incurred claims43.0 15.4 23.1 — 81.5Net expense from reinsurance contractsexcluding movement in onerous losscomponent 87.5 47.4 28.6 (3.6) 159.9Other reinsurance recoveries includingmovement in onerous loss component— — (7.4) — (7.4)Net expenses from reinsurance contracts held87.5 47.4 21.2 (3.6) 152.5 Net expenses from reinsurance contracts held for the corresponding reportable segments for the period ended 30 June 2025 are shown below. 30 June 2025 (unaudited) UKMotor£m UKOther£m EuropeanInsurance£m Other£m Total£m
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Allocation of reinsurance premiums 74.6 45.8 67.5 5.4 193.3Amounts recoverable from reinsurers forincurred insurance service expenses Incurred claims (17.0)(31.0)(69.6) (1.1)(118.7)Changes to liabilities for incurred claims37.0 20.4 8.3 — 65.7Net expense from reinsurance contractsexcluding movement in onerous losscomponent 94.6 35.2 6.2 4.3 140.3Other reinsurance recoveries including movementin loss recovery component — 0.3 (0.7) — (0.4)Net expenses/(income) from reinsurancecontracts held 94.6 35.5 5.5 4.3 139.9 Net expenses from reinsurance contracts held for the corresponding reportable segments for the period ended 31 December 2025 are shown below. 31 December 2025 UKMotor£m UKOther£m EuropeanInsurance£m Other£m Total£mAllocation of reinsurance premiums 133.5 143.1 155.8 11.3 443.7Amounts recoverable from reinsurers forincurred insurance service expenses Incurred claims (70.9)(91.1)(151.1)(7.7)(320.8)Changes to liabilities for incurred claims56.8 (1.4) 45.8 — 101.2Net expense from reinsurance contractsexcluding movement in onerous losscomponent 119.4 50.6 50.5 3.6 224.1Other reinsurance recoveries including movementin loss recovery component (0.1) (0.2) 2.1 — 1.8Net expenses/(income) from reinsurancecontracts held 119.3 50.4 52.6 3.6 225.9 5e. Finance expenses/(income) from insurance contracts held and reinsurance contracts issued £m 30 June 2026(unaudited)30 June 2025(unaudited)31 December2025Amounts recognised through the income statement Insurance finance expenses from insurance contracts issued73.2 68.2 140.9Insurance finance income from reinsurance contracts held(14.5) (13.6) (29.4)Net finance expense from insurance / reinsurancecontracts issued 58.7 54.6 111.5 5f. Insurance Liabilities and Reinsurance assets Period ended 30 June 2026(unaudited)Period ended 30 June 2025(unaudited)Year ended 31 December 2025 £m Totalinsurancecontractliabilities Totalreinsurancecontractassets Netinsurancecontractliabilities Totalinsurancecontractliabilities Totalreinsurancecontractassets Netinsurancecontractliabilities Totalinsurancecontractliabilities Totalreinsurancecontractassets NetinsurancecontractliabilitiesUKMotor 3,840.5 285.73,554.83,793.1 290.53,502.63,844.1 313.43,530.7UKOther 528.8 241.0 287.8 481.9 199.8 282.1 509.6 228.8 280.8EuropeanInsurance948.0 547.2 400.8 880.0 538.0 342.0 908.1 526.9 381.2Other 163.7 21.4 142.3 106.2 10.2 96.0 137.4 11.4 126.0Total 5,481.01,095.34,385.75,261.21,038.54,222.75,399.21,080.54,318.7 (ii). Roll-forward of net asset or liability for insurance contracts issued UK Motor The following tables reconcile the opening and closing balances of the LRC and LIC for UK Motor. 30 June 2026(unaudited)Liability for remaining coverageLiability for incurred claims £m ExcludinglosscomponentLosscomponentTotal Presentvalue offuturecashflows Risk adj.for non-financialrisk Total TotalOpening liabilities(774.1) — (774.1)(2,685.7)(384.3)(3,070.0)(3,844.1)Net openingbalance (774.1) — (774.1)(2,685.7)(384.3)(3,070.0)(3,844.1)Insurance revenue1,648.8 — 1,648.8 — — — 1,648.8
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Incurred claimsand insuranceservice expenses— — — (1,389.3)(105.3)(1,494.6)(1,494.6)Changes toliabilities forincurred claims — — — 102.3 146.1 248.4 248.4Insurance serviceresult 1,648.8 — 1,648.8(1,287.0)40.8(1,246.2)402.6Insurance financeincome/(expense)recognised inprofit or loss — — — (50.7) (7.9) (58.6) (58.6)Insurance financeincome/(expense)recognised in OCI— — — 25.2 2.3 27.5 27.5Total changes incomprehensiveincome 1,648.8 — 1,648.8(1,312.5)35.2(1,277.3)371.5 Other changes1 — — — 42.9 — 42.9 42.9Cashflows Premiums received(1,674.6) — (1,674.6) — — — (1,674.6)Claims and otherinsurance serviceexpenses paid — — — 1,263.8 — 1,263.81,263.8Total cashflows(1,674.6) — (1,674.6)1,263.8 — 1,263.8(410.8)Net closingbalance (799.9) — (799.9)(2,691.5)(349.1)(3,040.6)(3,840.5)Closing liabilities(799.9) — (799.9)(2,691.5)(349.1)(3,040.6)(3,840.5) 30 June 2025(unaudited)Liability for remaining coverageLiability for incurred claims £m ExcludinglosscomponentLosscomponentTotal Presentvalue offuturecashflows Risk adj.for non-financialrisk Total TotalOpening liabilities(883.3) — (883.3)(2,300.8)(390.3)(2,691.1)(3,574.4)Net openingbalance (883.3) — (883.3)(2,300.8)(390.3)(2,691.1)(3,574.4)Insurance revenue1,775.2 — 1,775.2 — — — 1,775.2Incurred claimsand insuranceservice expenses— — — (1,358.8)(114.2)(1,473.0)(1,473.0)Changes toliabilities forincurred claims — — — 86.9 127.1 214.0 214.0Losses andreversals of losseson onerouscontracts — (0.1) (0.1) — — — (0.1)Insurance serviceresult 1,775.2 (0.1) 1,775.1(1,271.9)12.9(1,259.0)516.1Insurance financeincome/(expense)recognised inprofit or loss — — — (45.9) (8.6) (54.5) (54.5)Insurance financeincome/(expense)recognised in OCI— 0.1 0.1 (39.8) (7.8) (47.6) (47.5)Total changes incomprehensiveincome 1,775.2 — 1,775.2(1,357.6)(3.5)(1,361.1)414.1 Other changes1 — — — 59.8 — 59.8 59.8Cashflows Premiums received(1,780.7) — (1,780.7) — — — (1,780.7)Claims and otherinsurance serviceexpenses paid — — — 1,088.1 — 1,088.11,088.1Total cashflows(1,780.7) — (1,780.7)1,088.1 — 1,088.1(692.6)Net closingbalance (888.8) — (888.8)(2,510.5)(393.8)(2,904.3)(3,793.1)Closing liabilities(888.8) — (888.8)(2,510.5)(393.8)(2,904.3)(3,793.1)
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31 December2025 Liability for remaining coverageLiability for incurred claims £m ExcludinglosscomponentLosscomponentTotal Presentvalue offuturecashflows Risk adj.for non-financialrisk Total TotalOpening liabilities(883.3) — (883.3)(2,300.8)(390.3)(2,691.1)(3,574.4)Net openingbalance (883.3) — (883.3)(2,300.8)(390.3)(2,691.1)(3,574.4)Insurance revenue3,511.5 — 3,511.5 — — — 3,511.5Incurred claimsand insuranceservice expenses— — — (2,787.4)(185.9)(2,973.3)(2,973.3)Changes toliabilities forincurred claims — — — 115.8 219.9 335.7 335.7Losses andreversals of losseson onerouscontracts — (0.1) (0.1) — — — (0.1)Insurance serviceresult 3,511.5 (0.1) 3,511.4(2,671.6)33.9(2,637.7)873.7Insurance financeincome/(expense)recognised inprofit or loss — 0.1 0.1 (96.0) (17.4)(113.5) (113.4)Insurance financeincome/(expense)recognised in OCI— — — (47.6) (10.5) (58.0) (58.0)Total changes incomprehensiveincome 3,511.5 — 3,511.5(2,815.2) 6.0(2,809.2)702.3 Other changes1 — — — 74.3 — 74.3 74.3Cashflows Premiums received(3,402.3) — (3,402.3) — — — (3,402.3)Claims and otherinsurance serviceexpenses paid — — — 2,356.0 — 2,356.02,356.0Total cashflows(3,402.3) — (3,402.3)2,356.0 — 2,356.0(1,046.3)Net closingbalance (774.1) — (774.1)(2,685.7)(384.3)(3,070.0)(3,844.1)Closing liabilities(774.1) — (774.1)(2,685.7)(384.3)(3,070.0)(3,844.1) 1 Other changes reflect the transfer of non-cash insurance service expenses, (primarily depreciation, amortisation and IFRS 2 equity-settled sharebased payments), out of the LIC. There is no impact on the closing balance. (iii). Roll-forward of net asset or liability for reinsurance contracts issued UK Motor The following tables reconcile the opening and closing balances of the ARC and AIC for UK Motor. 30 June 2026(unaudited) Asset for remaining coverageAsset for incurred claims £m Excludinglosscomponent Loss-recoverycomponentTotal Presentvalue offuturecashflows Risk adj.for non-financialrisk Total TotalOpening assets45.7 — 45.7 189.3 78.4 267.7 313.4Net openingbalance 45.7 — 45.7 189.3 78.4 267.7 313.4Allocation ofreinsurancepremiums (59.3) — (59.3) — — — (59.3)Incurred claims — — — 13.1 1.7 14.8 14.8Changes toliabilities forincurred claims — — — (6.0) (37.0) (43.0) (43.0)Net income/(expense) fromreinsurancecontracts held(59.3) — (59.3) 7.1 (35.3) (28.2) (87.5)
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Reinsurancefinanceincome/(expense)recognised inprofit or loss — — — 3.6 0.9 4.5 4.5Reinsurancefinanceincome/(expense)recognised in OCI— — — (4.4) (0.5) (4.9) (4.9)Total changes incomprehensiveincome (59.3) — (59.3) 6.3 (34.9) (28.6) (87.9)Cashflows Premiums paid64.5 — 64.5 — — — 64.5Claims recoveries— — — (4.3) — (4.3) (4.3)Total cashflows64.5 — 64.5 (4.3) — (4.3) 60.2Net closingbalance 50.9 — 50.9 191.3 43.5 234.8 285.7Closing assets 50.9 — 50.9 191.3 43.5 234.8 285.7 30 June 2025(unaudited) Asset for remaining coverageAsset for incurred claims £m Excludinglosscomponent Loss-recoverycomponentTotal Presentvalue offuturecashflows Risk adj.for non-financialrisk Total TotalOpening assets34.0 — 34.0 172.5 64.0 236.5 270.5Net openingbalance 34.0 — 34.0 172.5 64.0 236.5 270.5Allocation ofreinsurancepremiums (74.6) — (74.6) — — — (74.6)Incurred claims — — — 12.3 4.7 17.0 17.0Changes toliabilities forincurred claims — — — (16.0) (21.0) (37.0) (37.0)Net income/(expense) fromreinsurancecontracts held(74.6) — (74.6) (3.7) (16.3) (20.0) (94.6)Reinsurancefinanceincome/(expense)recognised inprofit or loss — — — 3.7 1.1 4.8 4.8Reinsurancefinanceincome/(expense)recognised in OCI— — — 7.6 2.9 10.5 10.5Total changes incomprehensiveincome (74.6) — (74.6) 7.6 (12.3) (4.7) (79.3)Cashflows Premiums paid102.9 — 102.9 — — — 102.9Claims recoveries— — — (3.6) — (3.6) (3.6)Total cashflows102.9 — 102.9 (3.6) — (3.6) 99.3Net closingbalance 62.3 — 62.3 176.5 51.7 228.2 290.5Closing assets 62.3 — 62.3 176.5 51.7 228.2 290.5 31 December 2025 Asset for remaining coverageAsset for incurred claims £m Excludinglosscomponent Loss-recoverycomponentTotal Presentvalue offuturecashflows Risk adj.for non-financialrisk Total TotalOpening assets 34.0 — 34.0 172.5 64.0 236.5 270.5Net openingbalance 34.0 — 34.0 172.5 64.0 236.5 270.5Allocation ofreinsurance (133.5) — (133.5) — — — (133.5)
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premiumsIncurred claims — — — 26.1 44.9 71.0 71.0Changes toliabilities forincurred claims — — — (18.3) (38.5) (56.8) (56.8)Changes in the lossrecoverycomponent — 0.1 0.1 — — — 0.1Net income/(expense) fromreinsurancecontracts held(133.5) 0.1 (133.4) 7.8 6.4 14.2 (119.2)Reinsurancefinanceincome/(expense)recognised inprofit or loss — (0.1) (0.1) 7.0 3.6 10.6 10.5Reinsurancefinanceincome/(expense)recognised in OCI— — — 8.7 4.4 13.1 13.1Total changes incomprehensiveincome (133.5) — (133.5) 23.5 14.4 37.9 (95.6)Cashflows Premiums paid145.2 — 145.2 — — — 145.2Claims recoveries— — — (6.7) — (6.7) (6.7)Total cashflows145.2 — 145.2 (6.7) — (6.7) 138.5Net closingbalance 45.7 — 45.7 189.3 78.4 267.7 313.4Closing assets 45.7 — 45.7 189.3 78.4 267.7 313.4 (iv). UK Motor Loss ratios and Changes to liabilities for incurred claims The table below shows the development of UK Motor Insurance loss ratios for the past five financial periods, presented on an underwriting year basis,both using undiscounted amounts (i.e. cashflows) and discounted amounts. 31 December30 June(unaudited)UK Motor Insurance loss ratiodevelopment - undiscounted, net ofexcess of loss reinsurance1 2023 2024 2025 2026Underwriting year 2021 86% 82% 77% 76%2022 96% 91% 89% 86%2023 94% 80% 76% 74%2024 —% 77% 71% 68%2025 —% —% 85% 82%2026 —% —% —% 84% 1 Booked undiscounted loss ratios presented from the transition date of IFRS 17 (1 January 2022) onwards. 31 December30 June(unaudited)UK Motor Insurance loss ratiodevelopment - discounted, net of excessof loss reinsurance1 2023 2024 2025 2026Underwriting year 2021 81% 77% 74% 73%2022 88% 83% 82% 79%2023 86% 72% 69% 67%2024 —% 71% 65% 62%2025 —% —% 78% 76%2026 —% —% —% 78% 1 Loss ratios using discounted locked-in curves, excluding finance expenses are presented from the transition date of IFRS 17(1 January 2022) onwards. The following table analyses the impact of movements in changes to liabilities from incurred claims by underwriting year on a gross and net of excess ofloss reinsurance basis for UK Motor (core). 30 June 2026(unaudited)£m 30 June 2025(unaudited)£m 31 December2025£m
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Gross Underwriting year 2020 & prior 20.5 23.6 33.12021 19.7 52.2 59.52022 38.4 15.9 26.62023 43.7 57.8 91.42024 90.2 61.5 119.82025 39.1 — —Total UK Motor (core) gross changes to liabilities forincurred claims 251.6 211.0 330.4Net Underwriting year 2020 & prior 11.5 17.8 30.92021 17.7 41.3 47.22022 38.7 16.1 22.52023 43.0 56.4 86.02024 89.5 62.4 118.52025 50.1 — —Total UK Motor (core) net of excess of loss changes toliabilities for incurred claims 250.5 194.0 305.1 6. Investment income and finance costs 6a. Financial assets and liabilities The Group’s financial assets and liabilities can be analysed as follows: 30 June 2026(unaudited)£m 30 June 2025(unaudited)£m 31 December2025£mFinancial investments classified as FVTPL Money market funds 673.8 1,086.8 824.4 Other funds1 710.1 484.8 621.8Derivative financial instruments 4.3 7.0 1.5Equity investments (designated FVTPL)32.3 40.4 39.3 1,420.5 1,619.0 1,487.0Financial investments classified as FVOCI Corporate debt securities 2,514.6 2,461.9 2,474.7Government debt securities 1,059.2 784.7 1,026.1Private debt securities 211.0 165.7 206.8 3,784.8 3,412.3 3,707.6Financial assets measured at amortised cost Deposits with credit institutions 43.1 82.4 57.9Other Investment property 5.7 6.9 5.7Total financial investments 5,254.1 5,120.6 5,258.2 Other financial assets measured at amortised cost Insurance related receivables 66.2 66.5 64.1Trade and other receivables 150.9 144.6 148.4 Insurance related and other receivables5 217.1 211.1 212.5Loans and advances to customers (note 7)1,834.8 1,291.6 1,628.7Cash and cash equivalents 314.9 319.2 301.1Total financial assets 7,620.9 6,942.5 7,400.5 Financial liabilities Subordinated notes2 258.9 258.8 259.0Loan backed securities 1,522.3 1,055.0 1,352.9Other borrowings 229.3 190.8 200.3Derivative financial instruments 2.6 5.1 7.7Subordinated and other financial liabilities 2,013.1 1,509.7 1,819.9 Trade and other payables3 222.9 170.6 217.2Lease liabilities 70.4 76.0 73.6 Total financial liabilities4 2,306.4 1,756.3 2,110.7 1 Other funds include funds which primarily invest in public and private fixed income securities recognised at fair value through profit and loss. 2 The fair value of subordinated notes (level one validation) at 30 June 2026 is £284.7 million (30 June 2025: £283.5 million 31 December 2025:£288.5 million). 3 Trade and other payables include deferred income, accruals and other tax and social security.
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4 All financial liabilities are classified as subsequently measured at amortised cost using the effective interest method (H1 2026: £2,303.8 million; H12025: £1,751.2 million; FY 2025: £2,103.0 million), except for derivatives that are classified at fair value through profit or loss and subsequentlymeasured at fair value. 5 Insurance related and other receivables exclude prepayments and accrued income. The table below shows how the financial assets and liabilities held at fair value have been measured using the fair value hierarchy: 30 June 2026(unaudited)30 June 2025(unaudited)31 December 2025 FVTPL£mFVOCI£mFVTPL£mFVOCI£mFVTPL£mFVOCI£mLevel one (quoted prices in activemarkets) 1,056.23,573.81,428.73,246.71,192.13,500.8Level two (use of observable inputs)1.7 — 1.9 — (6.1) —Level three (use of significantunobservable inputs) 360.0 211.0 183.3 165.6 293.3 206.8Total 1,417.93,784.81,613.93,412.31,479.33,707.6 Level three investments consist of debt and equity investments. Debt investments are comprised primarily of investments in funds which invest in debt securities, these are valued at the proportion of the Group’sholding of the Net Asset Value (NAV) reported by the investment vehicle. In addition, there is a small allocation of privately placed bonds which do nottrade on active markets. These investments are valued using discounted cash-flow models designed to appropriately reflect the credit and illiquidity of these instruments or basedon recovery assumptions; these valuations are performed by the external fund managers. The key unobservable input across private debt securities is thediscount rate which is based on the credit performance of the assets. A deterioration of the credit performance or expected future performance will resultin higher discount rates and lower values. These investments include private placements, loans, corporate direct lending, residential and commercialmortgages, infrastructure debt and other private debt. In line with risk appetite, Admiral aims to invest in a diversified pool of private debt investmentswith over half of investments broadly consistent with investment grade quality. As these debt investments are held within investment funds where appropriate the Group elects to treat these investments as equity through OCI. Debtinvestments in which the funds are closed ended are classified as FVTPL within Other funds (30 June 2026: £327.6 million). Equity securities are primarily comprised of investments in Private Equity and Infrastructure Equity funds, which are valued at the proportion of theGroup’s holding of the NAV reported by the investment vehicle. These are based on several unobservable inputs including market multiples andcashflow forecasts. These are held at FVTPL, with realised and unrealised gains/losses flowing through the P&L. There were no significant inter-relationships between unobservable inputs that materially affect fair values. The table below presents the movement in the period relating to financial instruments valued using a level three valuation: 30 June 2026(unaudited)£m 30 June 2025(unaudited)£m 31 December2025£mLevel Three Investments Total Total TotalBalance as at 1 January 500.1 354.5 354.5Gains/(losses) recognised in the Income Statement8.0 (6.4) 11.6Gains/(losses) recognised in Other ComprehensiveIncome (3.5) 3.0 (2.5)Purchases 78.4 17.1 201.8Disposals (11.9) (19.3) (65.5)Translation differences (0.1) — 0.2Balance as at period end 571.0 348.9 500.1 7. Loans and Advances to Customers 30 June 2026(unaudited)£m2 30 June 2025(unaudited)(re-presented)£m 31 December2025(re-presented)£mLoans and advances to customers – gross carryingamount 1,877.8 1,352.5 1,678.7Loans and advances to customers – provision(114.1) (87.5) (101.5)Total loans and advances to customers – AdmiralMoney 1,763.7 1,265.0 1,577.2Loans and advances to customers – gross carryingamount 77.0 28.8 54.9Loans and advances to customers – provision(5.9) (2.2) (3.4) Total loans and advances to customers – Other 1 71.1 26.6 51.5Total loans and advances to customers1,834.8 1,291.6 1,628.7 1 Other includes alternative loan products offered by the Group in which the lines of business are classified within the ‘Other’ segment. 2 Admiral Money loans include secured homeowner loans previously classified within the ‘Other’ segment. Prior periods have been re-presentedaccordingly.
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Loans and advances to customers are comprised of the following: 30 June 2026(unaudited)£m 30 June 2025(unaudited)£m 31 December2025£mUnsecured personal loans - Admiral Money 1,198.1 1,192.7 1,268.7 Secured loans1 679.7 159.8 410.0Unsecured personal loans - Other 77.0 28.8 54.9Total loans and advances to customers, gross 1,954.8 1,381.3 1,733.6 1 Secured loans include finance leases amounting to £341.1 million (H1 2025: £92.0 million; FY 2025: £190.3 million). In H1 2026, the Group completed a sale of back book loans with a carrying value of £126.1 million to an external third party under a forward flowagreement. This sale generated a net gain of £7.3 million, comprised of: origination fee income of £2.8 million which has been recognised within Other revenue and profit commission; gain recognised on interest swap of £1.5 million a credit provision release of £3.6 million due to the derecognition of the underlying loans; immediate recognition of £0.6 million of unamortised acquisition costs. Based on management’s assessment, the sale is consistent with the hold to collect business model as the transaction is considered infrequent.Furthermore, as the Group transferred substantially all the risks and rewards of ownership to the third party, the loans sale met the derecognitionrequirements under IFRS 9 and the loans sold have been derecognised from the Statement of Financial Position as at 30 June 2026. Forward-looking information Under IFRS 9 the provision must reflect an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes.The means by which the Group has determined this is to run scenario analysis. Management judgment has been used to define the weighting and severity of the different scenarios based on available data. As at 30 June 2026 there are three key economic drivers of credit losses factored into the scenarios used for the Admiral Money portfolio, as follows: UK Unsecured Debt to Income (‘DTI’) - the amount of unsecured borrowing held by households relative to their gross disposable income,indicating the level of indebtedness and ability to repay, UK Employment Hazard Rates - probability that an individual employed at the start of a given period will exit employment during that period, Annual UK GDP % Change - this is used as an indicator of overall macroeconomic conditions. The variables are combined using a statistical model which will estimate the relative change in the probability of default (PD) of an account for eachscenario over the life of the loan. The Group utilises a model containing three drivers in recognition of the fact that there are multiple macroeconomicdrivers which can influence the direction of default rates. The scenario weighting assumptions used by Admiral Money (excluding secured homeowner loans) are detailed below, along with the annual peak foreach economic driver assumed in each scenario at 30 June 2026. For the Forecast Year EndedAt 30 June 2026 (unaudited) 2026 2027 2028 2029 2030 % % % % %Base - 40% Gross domestic product 1.1 1.6 1.7 1.6 1.7Unemployment rate 5.4 5.4 5.2 5.0 4.7UK Household Unsecured Debtto Income 12.7 13.2 13.8 14.2 14.4Upside - 5% Gross domestic product 1.8 2.9 2.8 1.7 1.6Unemployment rate 5.1 4.7 4.2 4.1 4.1UK Household Unsecured Debt to Income12.6 12.2 12.0 12.1 12.3Downside - 30% Gross domestic product 1.1 (0.8) 2.4 2.4 2.3Unemployment rate 5.7 6.2 6.1 5.5 5.3UK Household Unsecured Debt to Income13.0 14.0 14.5 14.9 15.2Severe - 25% Gross domestic product 1.1 (2.0) 1.0 2.2 2.8Unemployment rate 6.1 8.0 8.0 7.9 7.0UK Household Unsecured Debt to Income13.2 14.7 15.6 16.0 16.1Probability-weighted Gross domestic product 1.1 0.1 1.8 2.0 2.1Unemployment rate 5.7 6.3 6.1 5.8 5.4UK Household Unsecured Debt to Income12.9 13.8 14.4 14.8 15.0
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For the Forecast Year EndedAt 30 June 2025 2025 2026 2027 2028 2029 % % % % %Base - 50% Gross domestic product 1.5 1.5 1.7 1.7 1.7Unemployment rate 4.7 4.7 4.6 4.3 4.1UK Household Unsecured Debt to Income12.5 13.0 13.7 14.2 14.4Upside - 5% Gross domestic product 2.0 2.9 2.3 1.8 1.8Unemployment rate 4.6 4.2 3.9 3.9 3.9UK Household Unsecured Debt to Income12.3 12.1 11.9 12.2 12.3Downside - 30% Gross domestic product 1.3 (1.4) 2.3 2.4 2.4Unemployment rate 5.1 6.0 5.9 5.3 4.8UK Household Unsecured Debt to Income12.8 13.6 14.3 15.0 15.1Severe - 15% Gross domestic product 1.3 (2.5) 1.8 2.2 2.4Unemployment rate 5.6 7.6 8.0 8.0 7.3UK Household Unsecured Debt to Income12.7 14.2 15.2 15.7 15.9Probability-weighted Gross domestic product 1.4 0.1 1.9 2.0 2.0Unemployment rate 5.0 5.5 5.5 5.1 4.8UK Household Unsecured Debt to Income12.6 13.3 14.0 14.5 14.7 For the Forecast Year EndedAt 31 December 2025 2026 2027 2028 2029 2030 % % % % %Base - 50% Gross domestic product 1.6 1.6 1.6 1.6 1.7Unemployment rate 5.2 5.1 4.7 4.4 4.3UK Household Unsecured Debt to Income12.6 13.3 13.9 14.2 14.5Upside - 5% Gross domestic product 2.5 2.5 1.8 1.9 1.9Unemployment rate 4.8 4.1 4.1 4.1 4.1UK Household Unsecured Debt to Income12.2 11.9 12.0 12.2 12.4Downside - 30% Gross domestic product 0.3 0.9 2.4 2.4 2.3Unemployment rate 6.0 6.2 5.9 5.3 5.0UK Household Unsecured Debt to Income13.1 14.0 14.6 15.0 15.2Severe - 15% Gross domestic product 0.1 (0.6)2.1 2.2 2.7Unemployment rate 6.9 8.0 8.0 7.5 6.5UK Household Unsecured Debt to Income13.5 14.9 15.7 16.1 16.2Probability-weighted Gross domestic product 1.0 1.1 1.9 1.9 2.0Unemployment rate 5.7 5.8 5.5 5.1 4.8UK Household Unsecured Debt to Income12.9 13.7 14.3 14.6 14.8 The economic scenarios and forecasts have been updated in conjunction with a third party economics provider. The probability weightings reflect theview that there is a probability of 55% attached to recessionary outcomes. Sensitivities to key areas of estimation uncertainty The key areas of estimation uncertainty identified for Admiral Money (excluding secured homeowner loans) loan book, as per note 2 to the financialstatements, are in the PD and the forward-looking scenarios. The following balances exclude EIR assets of £27.1 million (30 June 2025: £10.2 million,31 December 2025: £17.0 million). Scenarios30 June2026 Weighted Base Downturn Severe UpturnStage 1 grossexposure(£m) 1,304.0 1,311.3 1,301.3 1,278.0 1,313.6 Stage 1 ECL(£m) (19.7) (18.3) (20.2) (20.6) (17.6) Stage 1coverage (%) 1.5 1.4 1.6 1.6 1.3 Stage 2 grossexposure(£m) 121.9 114.6 124.6 147.9 112.3
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Stage 2 ECL(£m) (20.8) (18.6) (21.6) (27.0) (17.0) Stage 2coverage (%) 17.1 16.2 17.3 18.2 15.1 Stage 3 grossexposure(£m) 86.3 86.3 86.3 86.3 86.3 Stage 3 ECL(£m) (67.1) (67.1) (67.1) (67.1) (67.1) Stage 3coverage (%) 77.8 77.8 77.8 77.8 77.8 Total grossexposure(£m) 1512.2 1512.2 1512.2 1512.2 1512.2 Total ECL(£m)1 (107.6) (104.0) (108.9) (114.7) (101.7) Scenarios30 June2025 Weighted Base Downturn Severe UpturnStage 1 grossexposure(£m) 1,113.4 1,119.7 1,104.9 1,086.8 1,120.7 Stage 1 ECL(£m) (15.7) (14.9) (16.3) (16.1) (14.3) Stage 1coverage (%) 1.4 1.3 1.5 1.5 1.3 Stage 2 grossexposure(£m) 94.0 87.7 102.5 120.6 86.7 Stage 2 ECL(£m) (15.2) (13.8) (17.0) (20.6) (12.8) Stage 2coverage (%) 16.2 15.7 16.6 17.1 14.8 Stage 3 grossexposure(£m) 67.0 67.0 67.0 67.0 67.0 Stage 3 ECL(£m) (52.3) (52.3) (52.3) (52.3) (52.3) Stage 3coverage (%) 78.0 78.0 78.0 78.0 78.0 Total grossexposure(£m) 1274.4 1274.4 1274.4 1274.4 1274.4 Total ECL(£m)1 (83.2) (81.0) (85.6) (89.0) (79.4) Scenarios31December2025 Weighted Base Downturn Severe UpturnStage 1 grossexposure(£m) 1,257.2 1,263.5 1,248.8 1,223.1 1,264.4 Stage 1 ECL(£m) (18.7) (17.7) (19.3) (19.2) (17.3) Stage 1coverage (%) 1.5 1.4 1.5 1.6 1.4 Stage 2 grossexposure(£m) 110.1 103.8 118.5 144.2 102.9 Stage 2 ECL(£m) (18.2) (16.6) (20.1) (25.5) (15.4) Stage 2coverage (%) 16.5 16.0 17.0 17.7 15.0 Stage 3 grossexposure(£m) 74.7 74.7 74.7 74.7 74.7 Stage 3 ECL(£m) (58.8) (58.8) (58.8) (58.8) (58.8)
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Stage 3coverage (%) 78.7 78.7 78.7 78.7 78.7 Total grossexposure(£m) 1442.0 1442.0 1442.0 1442.0 1442.0 Total ECL(£m)1 (95.7) (93.1) (98.2) (103.5) (91.5) 1 Weighted ECL excludes PMAs of £4.3 million (H1 2025: £3.2 million; FY 2025: £3.8million) and other loss allowance of £2.2 million (H1 2025: £1.1million, FY 2025: £1.3 million) that are not allocated to stages. Judgements required – Post Model Adjustments (‘PMA’s) As at 30 June 2026, the ECL allowance for Admiral Money included PMAs totaling £4.3 million (H1 2025: £3.2 million). Post Model Adjustments 30 June 2026(Unaudited)£m 30 June 2025(Unaudited)£m 31 December2025£mModel performance — 0.4 —Cost of Living — 0.5 —UPL Settlement 1.8 — 1.0Developing portfolios 4.5 — 1.1Economic scenarios — 2.3 1.7In-Life PD adjustment (2.0) — — 4.3 3.2 3.8 8. Other revenue and co-insurer profit commission 30 June 2026 (unaudited) UKInsurance£m EuropeanInsurance£m AdmiralMoney£m Other£m TotalGroup£mMajor products/service line Fee and commission revenue 57.8 — 0.2 0.6 58.6Revenue from law firm 12.5 — — — 12.5Gain on de-recognition of assets — — 10.0 — 10.0Servicing fee income — — 1.1 — 1.1Total other revenue 70.3 — 11.3 0.6 82.2Profit commission from co-insurers44.8 — — — 44.8Total other revenue and co-insurer profitcommission 115.1 — 11.3 0.6 127.0 Timing of revenue recognition Point in time 86.2 — 0.2 0.6 87.0Over time 26.2 — 1.1 — 27.3Revenue outside the scope of IFRS 152.7 — 10.0 — 12.7 115.1 — 11.3 0.6 127.0 30 June 2025 (unaudited) UKInsurance£m EuropeanInsurance£m AdmiralMoney£m Other£m TotalGroup£mMajor products/service line Fee and commission revenue 60.6 0.1 0.1 0.1 60.9Revenue from law firm 11.2 — — — 11.2Gain on de-recognition of assets — — 9.0 — 9.0Servicing fee income — — 0.3 — 0.3Total other revenue 71.8 0.1 9.4 0.1 81.4Profit commission from co-insurers39.1 — — — 39.1Total other revenue and co-insurer profitcommission 110.9 0.1 9.4 0.1 120.5 Timing of revenue recognition Point in time 82.2 0.1 0.1 0.1 82.5Over time 28.7 — 0.3 — 29.0Revenue outside the scope of IFRS 15— — 9.0 — 9.0 110.9 0.1 9.4 0.1 120.5 31 December 2025 (re-presented)
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UKInsurance£m EuropeanInsurance£m AdmiralMoney£m Other£m TotalGroup£mMajor products/service line Fee and commission revenue1 109.5 0.1 0.4 0.9 110.9Revenue from law firm 22.7 — — — 22.7Gain on de-recognition of assets— — 17.1 — 17.1Servicing fee income — — 1.1 — 1.1 Other1 5.8 — 1.4 — 7.2Total other revenue 138.0 0.1 20.0 0.9 159.0Profit commission from co-insurers 74.5 — — — 74.5Total other revenue and co-insurer profit commission 212.5 0.1 20.0 0.9 233.5 Timing of revenue recognition Point in time 151.7 0.1 0.4 0.9 153.1Over time 55.0 — 1.1 — 56.1Revenue outside the scope of IFRS15 5.8 — 18.5 — 24.3 212.5 0.1 20.0 0.9 233.5 1 Re-presented to reclassify other revenue from the secured homeowner loans product previously reported within the Other segment to the AdmiralMoney segment. Profit commission analysis Unaudited 30 June 2026£m 30 June 2025£m 31 December2025£mUnderwriting year 2022 & prior 6.0 3.9 8.72023 0.4 — —2024 35.3 35.2 65.82025 3.1 — —2026 — — —Total UK Motor profit commission 44.8 39.1 74.5 9. Directly attributable and other expenses Directly attributable expenses recognised within insurance service expenses include administration and acquisition expenses of £500.4 million (30 June2025: £486.5 million, 31 December 2025: £1,007.5 million) and share scheme expenses of £41.0 million (30 June 2025: £36.5 million, 31 December2025: £75.9 million). Other operating expenses 30 June 2026(unaudited)£m 30 June 2025(unaudited)£m 31 December2025£mAdministration and acquisition expenses63.6 60.4 123.4Expenses relating to additional products andfees 25.1 25.0 48.7Share scheme expenses 21.8 19.1 36.9Loan expenses (excluding movement onECL provision) 24.9 26.2 38.4Movement in expected credit loss provision23.4 4.3 29.8 Other1 41.0 25.0 74.1Total 199.8 160.0 351.3 1 Other includes centralised costs primarily for employees and projects (H1 2026: £29.2 million, H1 2025: £23.7million, FY 2025: £56.0 million),business development costs, including expenses relating to new loan ventures (H1 2026: £10.1 million, H1 2025: £1.3 million, FY 2025: £20.1 million)and other costs (H1 2026: £1.7 million, H1 2025: £nil, FY 2025: £0.7 million), offset by deferred consideration income (H1 2026: £nil, H1 2025: £nil,FY 2025: £2.7 million). 10. Taxation 30 June 2026(unaudited)£m 30 June 2025(unaudited)£m 31 December2025£mCurrent tax Corporation tax on profits for the year98.1 138.7 222.6Corporation tax under/(over) provision inrelation to prior periods 0.8 — (2.3)Pillar Two income taxes on profits for theyear — 1.9 5.1
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Pillar Two income taxes under/(over)provision in relation to prior periods3.1 — 1.5Current tax charge 102.0 140.6 226.9Deferred tax Current period deferred taxation movement(1.7) (25.4) (15.7)Under provision relating to prior periods— — 1.4Total tax charge per Consolidated IncomeStatement 100.3 115.2 212.6 Factors affecting the total tax charge are: 30 June 2026(unaudited)£m 30 June 2025(unaudited)£m 31 December2025£mProfit before tax 429.2 521.0 957.9Corporation tax thereon at effective UKcorporation tax rate of 25% (2025: 25%)107.3 130.3 239.5Expenses and provisions not deductible fortax purposes 1.8 0.6 1.8Non-taxable income (2.5) (4.8) (10.7)Adjustments relating to prior periods3.9 — 0.6Impact of Pillar Two income taxes — 1.9 5.1Impact of different overseas tax rates (8.0) (15.3) (27.5)Unrecognised deferred tax (2.2) 2.5 3.8Total tax charge 100.3 115.2 212.6 The UK corporation tax rate for 2026 is 25% (2025: 25%). Pillar Two income taxes included above relates to estimated top-up tax payable under the OECD Pillar Two rules which establish a global minimumeffective tax rate of 15%. 11. Other Assets and Other Liabilities 11a. Contingent liabilities The Group’s legal entities operate in numerous tax jurisdictions and continue to engage on a regular basis with the relevant tax authority on matters ofreview and enquiry. In addition, the Group is, from time to time, subject to threatened or actual litigation and/or legal and/or regulatory disputes, investigations or similaractions both in the UK and overseas. The Group extensively engages with its regulators as part of normal operations and participates in industry wideregulatory reviews. A number of the Group’s contractual arrangements with reinsurers include features that, in certain scenarios, allow for reinsurers to recover lossesincurred to date. The overall impact of such scenarios would not lead to an overall net economic outflow from the Group. All potentially material matters are assessed, with the assistance of external advisors where appropriate, and in cases where it is concluded that it is morelikely than not that a payment will be made, a provision is established to reflect the best estimate of the liability. In some cases it will not be possible toform a view, for example if the facts are unclear or because further time is needed to properly assess the merits of the case or form a reliable estimate ofits financial effect. In these circumstances, specific disclosure of a contingent asset/ liability and an estimate of its financial effect will be made wherematerial, unless it is not practicable to do so. During the period, there have been no material changes to the position reported at 31 December 2025 in note 11f of the Group’s 2025 Annual Report andAccounts. 12. Dividends, Earnings and Related Parties 12a. Dividends Dividends were proposed, approved and paid as follows: 30 June 2026£m 30 June 2025£m 31 December2025£mProposed March 2025 (121.0 pence pershare, approved April 2025 and paid May2025) — 366.5 366.5Declared August 2025 (115.0 pence pershare, paid October 2025) — — 348.9Proposed March 2026 (90.0 pence per share,approved April 2026 and paid May 2026)274.2 — —Total dividends 274.2 366.5 715.4 The dividends proposed in March (approved in April) represent the final dividends paid in respect of the 2024 and 2025 financial years. The dividendsdeclared in August reflects the 2025 interim dividend. A 2026 interim dividend of 70.5 pence per share (approximately £213.8 million) has been declared. 12b. Earnings per share
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Unaudited 30 June 2026£m 30 June 2025£m 31 December2025£mProfit for the financial year after taxationattributable to equity shareholders -continuing operations (£m) 329.0 406.0 745.6Profit/(Loss) for the financial year aftertaxation attributable to equity shareholders -discontinued operations (£m) — (5.0) (3.0)Profit for the financial year after taxationattributable to equity shareholders -continuing and discontinued operations (£m)329.0 401.0 742.6 Weighted average number of shares – basic1 301,861,871306,304,676301,407,475Unadjusted earnings per share (pence pershare) – basic - continuing operations109.0 132.5 247.4Unadjusted earnings per share (pence pershare) – basic - discontinued operations— (1.6) (1.0)Unadjusted earnings per share (pence pershare) – basic - continuing and discontinuedoperations 109.0 130.9 246.4Weighted average number of shares – diluted305,604,323306,304,676307,190,136Unadjusted earnings per share (pence pershare) – diluted - continuing operations107.6 132.5 242.7Unadjusted earnings per share (pence pershare) – diluted - discontinued operations— (1.6) (1.0)Unadjusted earnings per share (pence pershare) – diluted - continuing anddiscontinued operations 107.6 130.9 241.7 1 Shares held in employee benefit trusts as at 30 June 2026 and 31 December 2025 are excluded from the weighted average number of shares, followinga change in the funding structure in H2 2025 that resulted in the consolidation of the trusts into the Group. The difference between the basic and diluted number of shares at the end of H1 2026 (being 3.7 million; H1 2025: nil; FY 2025: 5.8 million) relates toshare awards set to vest in the future subject only to continued employment. 12c. Related party transactions The Board considers that only the Executive and Non-Executive Directors of Admiral Group plc are key management personnel. Further detail on theremuneration and shareholdings of key management personnel will be set out in the Directors’ Remuneration Report in the Group’s 2026 AnnualReport. 12d. Post balance sheet events No further events have occurred since the reporting date that materially impact these financial statements. 13. Business Combination On 29th May 2026, the Group completed its acquisition of Flock Limited (100% of the issued share capital), a digital commercial fleet insuranceprovider. The acquisition aligns with the Group’s commitment to continuously evolve and future proof its motor proposition and broaden its productoffering, building on its existing strengths in data and technology, distribution, pricing and claims, customer service and risk management. The total consideration paid was £76.4 million, paid fully in cash. The Group held a 3% interest in Flock pre-acquisition at a carrying value of £3.0million. Fair value of the pre-existing interest is determined to be equal to the carrying value. Flock has been consolidated into the Group’s financial statements from the acquisition date. The amounts recognised in respect of the identifiable assets acquired as at the acquisition date are set out in the table below: 30 June 2026£mIdentifiable assets acquired Property & equipment 0.1Trade and other receivables 2.0Cash and cash equivalents 11.1Liabilities assumed Trade and other payables 8.4Net assets acquired 4.8 Intangible assets recognised 20.0Purchase price recognised as Goodwill 54.6Additional Goodwill recognised on Deferred Tax Liability 5.0Total Goodwill recognised on acquisition 59.6
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30 June 2026£mAmount settled in cash 76.4Total consideration 76.4Fair value of pre-existing interest 3.0 A deferred tax liability has been recognised of £5.0 million based on the carrying value of the identifiable intangible assets less tax base of £nil. Acorresponding increase in goodwill of £5.0 million is recognised as a result. Intangible assets and goodwill recognised on consolidation are notconsidered deductible for tax purposes. The deferred tax liability will unwind in line with the amortisation of the intangible assets acquired. Goodwill recognised reflects the synergies arising through the transaction including operational synergies, as well as the attributable value to theworkforce in place. The amounts recognised for identifiable intangible assets including distribution network, technology and brand, and the resulting goodwill areprovisional and may be adjusted during the measurement period of up to 12 months from the acquisition date, in accordance with IFRS 3. Any suchadjustments will be recognised retrospectively and may result in changes to intangible assets, deferred tax, and goodwill. The Group does not currentlyexpect these adjustments to materially affect the overall financial position As at 30 June 2026, transaction costs of £3.8 million have been recognised within operating expenses. 14. Reconciliation of turnover to reported insurance premium and other revenue as per the financial statements The following table reconciles turnover, a significant Key Performance Indicators (KPIs) and non-GAAP measure presented within the Strategic Report,to insurance revenue, as presented in note 4 to the financial statements. Unaudited ConsolidatedFinancialStatementNote 30 June 2026£m30 June 2025£m 31 December2025£mInsurance revenue related movementin liability for remaining coverage5b 2,436.5 2,468.7 4,979.3Less other insurance revenue (127.4) (146.5) (282.2)Insurance premium revenue 2,309.1 2,322.2 4,697.1Movement in unearned premium andcancellations 159.1 131.6 (51.9)Premiums written after coinsurance 2,468.2 2,453.8 4,645.2Co-insurer share of written premiums 345.0 363.1 671.9Total premiums written 2,813.2 2,816.9 5,317.1Other insurance revenue 5b 127.4 146.5 282.2Other revenue 8 79.3 75.4 153.1Interest income on loans to customers 88.5 65.0 143.1Turnover as per note 4 of financialstatements 3,108.4 3,103.8 5,895.5 APPENDIX 1 TO THE GROUP FINANCIAL STATEMENTS (unaudited) 1a: Reconciliation of reported loss and expense ratios: Group (continuing operations) 30 June 2026 £m ConsolidatedFinancialStatementNote CoreproductAncillaryincomeTotal gross Total,net of XoLreinsuranceInsurance premium revenue 2,214.7 94.4 2,309.1 2,234.7Administration fees, instalmentincome and non-separableancillary commission — 127.4 127.4 127.4Insurance revenue (A) 5b/5d 2,214.7 221.8 2,436.5 2,362.1Insurance expenses (B)5c (463.9) (36.5) (500.4) (500.4)Claims incurred (C) 5c/5d (1,651.5) (34.6)(1,686.1)(1,654.1)Claims releases (D) 5c/5d 302.3 (1.3) 301.0 299.4 Quota share reinsurance result1 3 (130.1) Onerous loss component movement2 (6.8)Underwriting result (E) 370.1 Net share scheme costs3 (26.8)Insurance service result 343.3Reported loss ratio ((C+D)/A) 57.3%Reported expense ratio (B/A) 21.2%Insurance service margin (E/A) 15.7% 30 June 2025
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£m ConsolidatedFinancialStatementNote CoreproductAncillaryincomeTotal gross Total, net ofXoLreinsuranceInsurance premium revenue 2,234.8 87.4 2,322.2 2,244.5Administration fees, instalmentincome and non-separableancillary commission — 146.5 146.5 146.5Insurance revenue (A) 5b/5d 2,234.8 233.9 2,468.7 2,391.0Insurance expenses (B)5c (451.7) (34.8) (486.5) (486.5)Claims incurred (C) 5c/5d (1,596.7) (25.9)(1,622.6)(1,597.6)Claims releases (D) 5c/5d 240.2 2.7 242.9 225.9 Quota share reinsurance result1 3 (83.7) Onerous loss component movement2 (0.2)Underwriting result (E) 448.9 Net share scheme costs3 (23.4)Insurance service result 425.5Reported loss ratio ((C+D)/A) 57.4%Reported expense ratio (B/A) 20.3%Insurance service margin (E/A) 18.8% 31 December 2025 £m ConsolidatedFinancialStatementNote CoreproductAncillaryincomeTotal gross Total,net of XoLreinsuranceInsurance premium revenue 4,516.0 181.1 4,697.1 4,545.7Administration fees, instalmentincome and non-separableancillary commission — 282.2 282.2 282.2Insurance revenue (A) 5b/5d 4,516.0 463.3 4,979.3 4,827.9Insurance expenses (B)5c (938.8) (68.7)(1,007.5)(1,007.5)Claims incurred (C) 5c/5d (3,250.3) (60.3)(3,310.6)(3,245.9)Claims releases (D) 5c/5d 418.4 5.5 423.9 386.4 Quota share reinsurance result1 (127.3) Onerous loss component movement2 1.2Underwriting result (E) 834.8 Net share scheme costs3 (48.4)Insurance service result 786.4Reported loss ratio ((C+D)/A) 59.2%Reported expense ratio (B/A) 20.9%Insurance service margin (E/A) 17.3% 1 Quota share reinsurance result excludes quota share reinsurers’ share of share scheme costs and movement in onerousloss-recovery component. 2 Onerous loss component movement is shown net of all reinsurance. 3 Net share scheme costs of £26.8 million (30 June 2025: £23.4 million; 31 December 2025: £48.4 million), being gross costs of £41.0 million 30 June2025: £36.5 million; 31 December 2025: £75.9 million, see note 5c less reinsurers’ share of share scheme costs of £14.2 million (30 June 2025: £13.1million; 31 December 2025: £27.5 million) are excluded from the underwriting result. 1b. Reconciliation of reported loss and expense ratios: UK Motor 30 June 2026 £m ConsolidatedFinancialStatementNote CoreproductAncillaryincomeTotal gross Total, netof XoLreinsurance Coreproduct,net of XoLTotal premiums written 1,897.0 94.8 1,991.81,953.91,859.1Gross premiums written 1,556.7 94.8 1,651.51,620.41,525.6Insurance premiumrevenue 1,475.8 83.5 1,559.31,528.41,444.9Instalment income — 65.0 65.0 65.0 —Administration fees &non-separable ancillarycommission — 24.5 24.5 24.5 —Insurance revenue (A)5b/5d 1,475.8 173.0 1,648.81,617.91,444.9Insurance expenses (B)5c (267.2) (29.4)(296.6)(296.6)(267.2)Claims incurred (C)5c/5d (1,138.2)(29.1)(1,167.3)(1,151.0)(1,121.9)
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Claims releases (E)5c/5d 251.6 (3.2) 248.4 247.3 250.5Insurance service result,gross of quota sharereinsurance 322.0 111.3 433.3 417.6 306.3Quota share reinsuranceresult (79.9) (79.9)Onerous loss componentmovement — —Underwriting result (F) 337.7 226.4Current period lossratio (C/A) 71.1%77.6%Claims releases (E/A) (15.3)%(17.3)%Reported loss ratio((C+E)/A) 55.9%60.3%Reported expense ratio(B/A) 18.3%18.5%Insurance servicemargin (F/A) 20.9%15.7% 30 June 2025 £m ConsolidatedFinancialStatementNote CoreproductAncillaryincome1Total gross Total, netof XoLreinsurance Coreproduct,net of XoLTotal premiums written 1,998.5 93.6 2,092.12,049.81,956.2Gross premiums written 1,636.8 93.6 1,730.41,695.81,602.2Insurance premiumrevenue 1,590.8 75.3 1,666.11,620.41,545.1Instalment income — 84.2 84.2 84.2 —Administration fees &non-separable ancillarycommission — 24.9 24.9 24.9 —Insurance revenue (A)5b/5d1,590.8 184.4 1,775.21,729.51,545.1Insurance expenses (B)5c (260.6) (28.8)(289.4)(289.4)(260.6)Claims incurred (C)5c/5d(1,133.5)(22.8)(1,156.3)(1,139.3)(1,116.4)Claims releases (E) 5c/5d 211.0 3.0 214.0 197.0 194.0Insurance service result,gross of quota sharereinsurance 407.7 135.8 543.5 497.8 362.1 Quota share reinsurance result2 (56.5) (56.5)Onerous loss component movement — —Underwriting result (F) 441.3 305.6Current period loss ratio (C/A) 65.9%72.3%Claims releases (E/A) (11.4)%(12.6)%Reported loss ratio ((C+E)/A) 54.5%59.7%Reported expense ratio (B/A) 16.7%16.9%Insurance service margin (F/A) 25.5%19.8% 31 December 2025 £m ConsolidatedFinancialStatementNote CoreproductAncillaryincome1 Totalgross Total,net of XoLreinsurance Coreproduct,net of XoLTotal premiums written 3,697.2 163.0 3,860.23,782.03,619.0Gross premiums written 3,033.2 163.0 3,196.23,132.02,969.0Insurance premiumrevenue 3,148.3 157.9 3,306.23,224.33,066.4Instalment income — 155.1 155.1 155.1 —Administration fees &non-separable ancillarycommission — 50.2 50.2 50.2 —Insurance revenue (A)5b/5d 3,148.3 363.2 3,511.5 3,429.63,066.4Insurance expenses (B)5c (543.5) (56.7)(600.2)(600.2)(543.5)Claims incurred (C)5c/5d (2,264.7)(52.4)(2,317.1)(2,283.9)(2,231.5)Claims incurredexcluding Ogden (D) (2,284.7)(52.4)(2,337.1)(2,303.9)(2,251.5)Claims releases (E)5c/5d 330.5 5.2 335.7 310.4 305.2Insurance service result,gross of quota share 670.6 259.3 929.9 855.9 596.6
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reinsurance Quota share reinsurance result2 (60.7) (60.7) Onerous loss component movement — —Underwriting result (F) 795.2 535.9Current period loss ratio (C/A) 66.6%72.8%Claims releases (E/A) (9.1)%(10.0)%Reported loss ratio ((C+E)/A) 57.5%62.8%Reported expense ratio (B/A) 17.5%17.7%Insurance service margin (F/A) 23.2%17.5%Current period loss ratio excluding Ogden (D/A)67.2%73.5%Reported loss ratio excluding Ogden ((D+E)/A)58.1%63.5% 1 Ancillary income combined with other net income is presented as part of UK Motor Insurance other revenue in reporting ‘Other revenue per vehicle’.Total other revenue was £148.9 million (30 June 2025: £174.0 million, 31 December 2025: £333.3 million). 2 Net share scheme costs of £22.5 million (30 June 2025: £19.7 million, 31 December 2025: £40.7 million), being gross costs of £30.7 million (30 June2025: £27.3 million, 31 December 2025: £56.1 million, see note 5c) less reinsurers’ share of share scheme costs of £8.2 million (30 June 2025: £7.6million, 31 December 2025: £15.4 million) are excluded from the underwriting result. 1c. Reconciliation of reported loss and expense ratios: UK Other Personal Lines 30 June 2026 £m ConsolidatedFinancialStatementNote UKHousehold UKTravel &Pet UK OtherPersonalLines UKHousehold,net of XoLreinsurance UK Travel& Pet, netof XoLreinsuranceInsurance revenue (A)5b/5d 262.4 111.6 374.0 249.1 111.2Insurance expenses (B)5c (61.2)(45.2)(106.4) (61.2) (45.2)Claims incurred in theperiod (C) 5c/5d (161.0)(71.5)(232.5)(159.6) (71.5)Changes in liabilities forincurred claims (releases)(D) 5c/5d 28.7 6.5 35.2 26.2 6.5Insurance service result,gross of quota sharereinsurance 68.9 1.4 70.3 54.5 1.0Quota share reinsuranceresult1 (35.9) —Onerous loss componentmovement — —Underwriting result (E) 18.6 1.0Current period loss ratio (C/A) 64.1% 64.3%Claims releases (D/A) (10.5)%(5.8)%Reported loss ratio ((C+D)/A) 53.6% 58.5%Reported expense ratio (B/A) 24.6% 40.6%Insurance service margin (E/A) 7.5% 0.9% 30 June 2025 £m ConsolidatedFinancialStatementNote UKHousehold UKTravel &Pet UK OtherPersonalLines UKHousehold,net of XoLreinsurance UK Travel& Pet, netof XoLreinsuranceInsurance revenue (A)5b/5d 253.8 80.4 334.2 240.8 80.1Insurance expenses (B)5c (56.4)(35.2) (91.6) (56.4) (35.2)Claims incurred in theperiod (C) 5c/5d (162.3)(51.1)(213.4)(159.7) (51.1)Changes in liabilities forincurred claims (releases)(D) 5c/5d 21.2 4.6 25.8 14.1 4.6Insurance service result,gross of quota sharereinsurance 56.3 (1.3) 55.0 38.8 (1.6) Quota share reinsurance result1 (20.4) —Onerous loss component movement 0.1 —Underwriting result (E) 18.5 (1.6)Current period loss ratio (C/A) 66.4% 63.8%Claims releases (D/A) (5.9)%(5.8)%Reported loss ratio ((C+D)/A) 60.5% 58.0%Reported expense ratio (B/A) 23.4% 44.0%Insurance service margin (E/A) 7.7% (1.9)%
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31 December 2025 £m ConsolidatedFinancialStatementNote UKHousehold UKTravel &Pet UKOtherPersonallines UKHousehold,net of XoLreinsurance UK Travel& Pet,net of XoLreinsuranceInsurance revenue (A)5b/5d 521.0 189.1 710.1 494.6 188.3Insurance expenses (B)5c (114.0) (73.1)(187.1)(114.0) (73.1)Claims incurred in theperiod (C) 5c/5d (334.9)(117.2)(452.1)(321.3)(117.5)Changes in liabilities forincurred claims (releases)(D) 5c/5d 26.6 7.0 33.6 19.2 7.0Insurance service result,gross of quota sharereinsurance 98.7 5.8 104.5 78.5 4.7 Quota share reinsurance result1 (35.3) —Onerous loss component movement — —Underwriting result (E) 43.2 4.7Current period loss ratio (C/A) 65.0% 62.4%Claims releases (D/A) (3.9)%(3.7)%Reported loss ratio ((C+D)/A) 61.1% 58.7%Reported expense ratio (B/A) 23.0% 38.8%Insurance service margin (E/A) 8.7% 2.5% 1 Net share scheme costs of £1.4 million (30 June 2025: £1.3 million, 31 December 2025: £2.5 million), being gross costs of £4.8 million (30 June 2025:£4.3 million, 31 December 2025: £8.7 million, see note 5c) less reinsurers’ share of share scheme costs of £3.4 million (30 June 2025: £3.0 million,31 December 2025: £6.2 million) are excluded from the underwriting result. 1d. Reconciliation of reported loss and expense ratios: European Insurance 30 June 2026 £m ConsolidatedFinancialStatement NoteTotal gross Total, net ofXoLreinsurance Total, net ofXoLreinsuranceexcluding one-off impactsInsurance revenue (A) 5b/5d 344.6 320.8 324.3Insurance expenses (B) 5c (72.3) (72.3) (95.6)Claims incurred in the period lesschanges in liabilities for incurredclaims (C) 5c/5d (219.3) (212.4) (212.4)Insurance service result, gross ofquota share reinsurance 53.0 36.1 16.3 Quota share reinsurance result1 (14.3) (14.3)Onerous loss componentmovement (6.8) —Underwriting result (D) 15.0 2.0Reported loss ratio (C/A) 66.2% 65.5%Reported expense ratio (B/A) 22.5% 29.5%Insurance service margin (D/A) 4.7% 0.6% 30 June 2025 £m ConsolidatedFinancialStatement NoteTotal gross Total, net ofXoLreinsuranceInsurance revenue (A) 5b/5d 312.2 299.0Insurance expenses (B) 5c (83.9) (83.9)Claims incurred in the period less changes inliabilities for incurred claims (C) 5c/5d (221.3) (210.0)Insurance service result, gross of quota sharereinsurance 7.0 5.1 Quota share reinsurance result1 (6.8)Onerous loss component movement (0.2)Underwriting result (D) (1.9)Reported loss ratio (C/A) 70.2%Reported expense ratio (B/A) 28.1%Insurance service margin (D/A) (0.6)%
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31 December 2025 £m ConsolidatedFinancialStatement NoteTotalgross Total, net ofXoLreinsuranceInsurance revenue (A) 5b/5d 654.5 623.5Insurance expenses (B) 5c (175.0) (175.0)Claims incurred in the period less changes inliabilities for incurred claims (C) 5c/5d (419.7) (414.0)Insurance service result, gross of quota sharereinsurance 59.8 34.5 Quota share reinsurance result1 (31.3)Onerous loss component movement 1.2Underwriting result (D) 4.4Reported loss ratio (C/A) 66.4%Reported expense ratio (B/A) 28.1%Insurance service margin (D/A) 0.7% 1 Net share scheme costs of £2.2 million (30 June 2025: £1.7 million 31 December 2025: £3.5 million), being gross costs of £4.8 million (30 June 2025:£4.3 million, 31 December 2025: £9.8 million, see note 5c) less reinsurers’ share of share scheme costs of £2.6 million (30 June 2025: £2.6 million,31 December 2025: £6.3 million) are excluded from the underwriting result. APPENDIX 2 TO THE GROUP FINANCIAL STATEMENTS (unaudited) 2a. Financial risk: Interest rate sensitivity analysis The impact on profit (before tax) and equity arising from the impact of 100 basis point and 200 basis point increases and decreases in interest rates oninsurance contract liabilities and reinsurance contract assets during H1 2026 (profit) and as at 30 June 2026 (equity), is as follows: 2026 Impact on profitbefore tax grossof reinsurance£m Impact on profitbefore tax net ofreinsurance£m Impact on equitygross ofreinsurance£m Impact on equitynet ofreinsurance£mIncrease of 100 basispoints 13.5 13.0 59.3 58.0Decrease of 100 basispoints (14.4) (13.9) (65.5) (64.2)Increase of 200 basispoints 26.3 25.3 113.7 111.1Decrease of 200 basispoints (29.8) (28.7) (139.4) (136.6) The impact on profit (before tax) and equity arising from the impact of 100 basis point and 200 basis point increases and decreases in interest rates oninvestments and cash during H1 2026 (profit) and as at 30 June 2026 (equity), is as follows: 2026 Impact on profit before tax£m Impact on equity£mIncrease of 100 basis points 11.2 (106.0)Decrease of 100 basis points (11.2) 114.4Increase of 200 basis points 22.4 (204.8)Decrease of 200 basis points (22.4) 238.8 Changes impact profit before tax as follows: Interest revenue and other finance costs on floating-rate financial instruments (assuming that interest rates had varied by 100 basis points duringthe year) Changes in fixed-rate financial instruments measured at FVTPL Changes in the discounted fulfilment cashflows of onerous contracts Insurance claims expenses, reinsurance claims recoveries and finance income or expenses recognised in profit or loss, as a result of discountingfuture cashflows at a revised locked-in rate for the current period (i.e. assuming that interest rates had varied by 100 basis points during the year). Glossary Alternative Performance Measures Throughout this report, the Group uses a number of Alternative Performance Measures (APMs); measures that are not required or commonly reportedunder International Financial Reporting Standards, the Generally Accepted Accounting Principles (GAAP) under which the Group prepares its financialstatements. These APMs are used by the Group, alongside GAAP measures, for both internal performance analysis and to help shareholders and other users of theAnnual Report and financial statements to better understand the Group’s performance in the period in comparison to previous periods and the Group’s
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competitors. The table below defines and explains the primary APMs used in this report. Financial APMs are usually derived from financial statement items and arecalculated using consistent accounting policies to those applied in the financial statements, unless otherwise stated. Non-financial KPIs incorporateinformation that cannot be derived from the financial statements but provide further insight into the performance and financial position of the Group. APMs may not necessarily be defined in a consistent manner to similar APMs used by the Group’s competitors. They should be considered as asupplement rather than a substitute for GAAP measures. Turnover Turnover is defined as total premiums written (as below), Other insurancerevenue, Other revenue and interest income from Admiral Money fromcontinuing operations. It is reconciled to financial statement line items innote 14 to the financial statements. This measure has been presented by the Group in every Annual Report sinceit became a listed Group in 2004. It reflects the total value of the revenuegenerated by the Group and analysis of this measure over time provides aclear indication of the size and growth of the Group.The measure was developed as a result of the Group’s business model. TheUK Car insurance business has historically shared a significant proportion ofthe risks with Munich Re, a third party reinsurance Group, through a co-insurance arrangement, with the arrangement subsequently being replicatedin some of the Group’s European insurance operations. Premiums and claimsaccruing to the external co-insurer are not reflected in the Group’s incomestatement and therefore presentation of this metric enables users of theAnnual Report to see the scale of the Group’s insurance operations in a waynot possible from taking the income statement in isolation.Total Premiums WrittenTotal premiums written are the total forecast premiums, net of forecastcancellations written in the underwriting year within the Group, includingco-insurance. It is reconciled to financial statement line items in note 14 tothe financial statements. This measure has been presented by the Group in every Annual Report sinceit became a listed Group in 2004. It reflects the total premiums written by theGroup’s insurance intermediaries and analysis of this measure over timeprovides a clear indication of the growth in premiums, irrespective of howco-insurance agreements have changed over time.The reasons for presenting this measure are consistent with that for theTurnover APM noted above.Underwriting result(profit or loss)For each insurance business an underwriting result is presented. This showsthe insurance segment result before tax excluding investment income,finance expenses, co-insurer profit commission and other net income. Itexcludes both gross share scheme costs and any assumed quota sharereinsurance recoveries on those share scheme costs. The calculations and compositions of the underwriting result are presentedwithin Appendix 1 to these financial statements.Loss Ratio Loss ratios are reported as follows: Reported loss ratios are expressed as a percentage, of claims incurred lesschanges in liabilities for incurred claims (releases), on a gross basis netof XoL reinsurance, divided by insurance revenue net of XoL reinsurancepremiums ceded.The reported loss ratios use the total claims, and earned premium and relatedincome (instalment income, administration fees and ancillary income whereit is highly correlated to the core product). It is understood that this isconsistent with the approach taken by peers, and it is considered to reflectthe true profitability of products sold.Core product loss ratios use the total claims and earned premiums for thecore product only (insurance premiums excluding instalment income,administration fees and ancillary income). This measure is more consistentwith that used previously, and are reflective of the performance of the coreproduct in a line of business. The core current period loss ratio excludes thechanges in liabilities for incurred claims, which are reported as claimsreleases, with the calculations otherwise consistent with the core product lossratio defined above.The calculations and compositions of the loss ratios are presented withinAppendix 1 to these financial statements.Expense RatioExpense ratios are reported as follows: Reported expense ratios are expressed as a percentage, of expenses incurred,on a gross basis excluding share scheme costs, divided by insurance revenuenet of XoL reinsurance premiums ceded.The reported expense ratios use thetotal expenses (excluding share scheme costs), and earned premium andrelated income (instalment income, administration fees and ancillary incomewhere it is highly correlated to the core product). It is understood that this isconsistent with the approach taken by peers, and it is considered to reflectthe true profitability of products sold.
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Core product expense ratios use the total expenses (excluding share schemecosts) and earned premiums for the core product only (insurance premiumsexcluding instalment income, administration fees and ancillary income).This measure is more consistent with that used previously, and is reflectiveof the performance of the core product in a line of business.Written expense ratios are calculated using total expenses (excluding sharescheme costs) and written premiums, net of cancellation provision, for thecore product only.The calculations of the reported expense ratios are presented withinAppendix 1 to the financial statements.Combined RatioCombined ratios are the sum of the loss and expense ratios as defined above.Explanation of these figures is noted above.Insurance servicemargin This is the reported insurance segment underwriting result, divided byinsurance revenue net of excess of loss premiums ceded. Reconciliations ofthe calculations are provided in Appendix 1.Quota share resultThe total result (ceded premiums minus ceded recoveries) from contractualquota share arrangements, excluding the quota share reinsurer’s share ofshare scheme expenses, finance expenses and onerous loss component.Reconciliation of the calculations are provided in Appendix 1.Segment resultThe profit or loss before tax reported for individual business segments,which exclude net share scheme costs and other central expenses.Return on EquityReturn on equity is calculated as profit after tax for the period attributable toequity holders of the Group divided by the average total equity attributableto equity holders of the Group in the year. This average is determined bydividing the opening and closing positions for the year by two. It excludesthe impact of discontinued operations.Group Customers /Risks Group customer numbers reflect the total non-unique customer or risks,being the total number of cars, vans, households and pets on cover at the endof the year, across the Group, and the total number of annual travelinsurance, Admiral Money and Admiral Business customers from continuingoperations. This measure has been presented by the Group in every Annual Report sinceit became a listed Group in 2004. It reflects the size of the Group’s customerbase and analysis of this measure over time provides a clear indication of thegrowth. It is also a useful indicator of the growing significance to the Groupof the different lines of business and geographic regions.The measure has been restated from 2022 onwards to exclude Veygopolicies, given the significant fluctuations that can arise at a point in time asa result of the short-term nature of the product.Solvency RatioThe Solvency UK regulatory framework requires insurers to hold funds inexcess of the Solvency Capital Requirement (SCR). Own funds are availablecapital resources determined under Solvency UK. The SCR is calculated at aGroup level using the standard formula, to reflect the cost of mitigating therisk of insolvency to a 99.5% confidence level over a one-year time horizon– equivalent to a 1 in 200 year event – against financial and non-financialshocks. Share buybacks are incorporated into the regulatory solvency ratiobased on the date the buyback is approved by the Group’s regulator.Total ShareholderDistributions Total Shareholder Distributions represent the total value returned to theshareholders during the period, through dividends and share buybacks. Additional Terminology There are many other terms used in this report that are specific to the Group or the markets in which it operates. These are defined as follows: Accident year The year in which an accident occurs. Claims incurred may be presented onan accident year basis or an underwriting year basis, the latter sees theclaims attach to the year in which the insurance policy incepted.Actuarial best estimateThe probability-weighted average of all future claims and cost scenarioscalculated using historical data, actuarial methods and judgement.ASHE ‘Annual Survey of Hours and Earnings’ – a statistical index that is typicallyused for calculating the inflation of annual payment amounts under PeriodicPayment Order (PPO) claims settlements.Claims net of XoLreinsurance The cost of claims incurred in the period, less any claims costs recovered viasalvage and subrogation arrangements or under XoL reinsurance contracts. Itincludes both claims payments and movements in claims reserves.Claims reservesA monetary amount set aside for the future payment of incurred claims thathave not yet been settled, thus representing a balance sheet liability.Co-insurance An arrangement in which two or more insurance companies agree tounderwrite insurance business on a specified portfolio in specifiedproportions. Each co-insurer is directly liable to the policyholder for theirproportional share.Commutation An agreement between a ceding insurer and the reinsurer that provides forthe valuation, payment, and complete discharge of all obligations betweenthe parties under a particular reinsurance contract.
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The Group typically commutes UK Motor Insurance quota share contractsafter 24-36 months from the start of an underwriting year where it makeseconomic sense to do so.Earnings per shareEarnings per share represents the profit after tax attributable to equityshareholders, divided by the weighted average number of basic shares.Effective Tax Rate Effective tax rate is defined as the approximate tax rate derived fromdividing the tax charge going through the Income Statement by the Group’sprofit before tax. It is a measure historically presented by the Group andenables users to see how the tax cost incurred by the Group compares overtime and to current corporation tax rates.EIOPA European Insurance and Occupational Pensions Authority: EIOPA is theEuropean supervisory authority for occupational pensions and insurance.Expected credit loss(ECL) Expected Credit Loss (ECL) is the probability-weighted estimate of creditlosses over the expected life of a Financial Instrument.Insurance market cycleThe tendency for the insurance market to swing between highs and lows ofprofitability over time, with the potential to influence premium rates (alsoknown as the ‘underwriting cycle’).Claims net of XoLreinsurance The cost of claims incurred in the period, less any claims costs recovered viasalvage and subrogation arrangements or under XoL reinsurance contracts. Itincludes both claims payments and movements in claims reserves.Excess of Loss (‘XoL’)reinsurance Contractual arrangements whereby the Group transfers part or all of theinsurance risk accepted to another insurer on an excess of loss (‘XoL’) basis(full reinsurance for claims over an agreed value).Insurance premiumrevenue Insurance premium revenue reflects the expected premium receipts allocatedto the period based on the passage of time, adjusted for seasonality ifrequired. It excludes ‘Other insurance revenue’ as defined below.Insurance premiumrevenue net of XoLInsurance premium revenue less the ceded XoL reinsurance earned in theperiod.Other Insurance revenueInsurance revenue minus insurance premium revenue as defined above.Other insurance revenue is comprised of revenue that is considered non-separable from the core insurance product sold and therefore under IFRS 17is reported within insurance revenue. For the Group, this is typically theinstalment income, administration fees and any other non-separable incomerelated to the Group’s retained share of the underwritten products.Net promoter scoreNPS is currently measured based on a subset of customer responding to asingle question: On a scale of 0-10 (10 being the best score), how likelywould you recommend our Company to a friend, family or colleaguethrough phone, online or email. Answers are then placed in three groups;Detractors: scores ranging from 0 to 6; Passives/neutrals: scores rangingfrom 7 to 8; Promoters: scores ranging from 9 to 10 and the final NPS scoreis : % of promoters - % of detractorsOgden discount rateThe discount rate used in calculation of personal injury claims settlements inthe UK. The rate changed to +0.5% across the UK in H2 2024, from -0.75%in Scotland and NI, and -0.25% in England and Wales. The +0.5% rate isexpected to remain in place for up to the next five years.Periodic Payment Order(PPO) A compensation award as part of a claims settlement that involves making aseries of annual payments to a claimant over their remaining life to cover thecosts of the care they will require.Premium A series of payments are made by the policyholder, typically monthly orannually, for part of or all of the duration of the contract. Written premiumrefers to the total amount the policyholder has contracted for, whereas earnedpremium refers to the recognition of this premium over the life of thecontract.Profit commissionA clause found in some reinsurance and co-insurance agreements thatprovides for profit sharing. Co-insurer profit commission is presentedseparately on the Income Statement whilst reinsurer profit commissions arepresented within the reinsurance result, as a part of any recovery for incurredclaims.Quota sharereinsurance resultAdmiral’s quota share (QS) reinsurance result reflects the net movement onceded premiums, reinsurer margins and expected recoveries (claims andexpenses, excluding share scheme charges) for underwriting years on whichquota share reinsurance is in place.Regulatory SolvencyCapital Requirement(‘SCR’) The Group’s Regulatory Solvency Capital Requirement (SCR) is an amountof capital that it should hold in addition to its liabilities in order to provide acushion against unexpected events. In line with the rulebook of the Group’sregulator, the PRA, the Group’s SCR is calculated using the Solvency IIStandard Formula, and includes a fixed capital add-on to reflect limitationsin the Standard Formula with respect to Admiral’s risk profile(predominately in respect of co-and reinsurance profit commissionarrangements and risks relating to Periodic Payment Orders (PPOs). TheGroup’s current fixed capital add-on of £24 million was approved by thePRA during 2023.The Group is required to maintain eligible Own Funds (Solvency II capital)equal to at least 100% of the Group SCR. Both eligible Own Funds and theGroup SCR are reported to the PRA on a quarterly basis and reportedpublicly on an annual basis in the Group’s Solvency and Financial Condition
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Report.Admiral separately calculates a ‘dynamic’ capital add-on and has used thisthis to report a solvency capital requirement and solvency ratio at the date ofthis report.Reinsurance Contractual arrangements whereby the Group transfers part or all of theinsurance risk accepted to another insurer. This can be on a quota share basis(a percentage share of premiums, claims and expenses) or an excess of loss(‘XoL’) basis (full reinsurance for claims over an agreed value).Scaled Agile Scaled Agile is a framework that uses a set of organisational and workflowpatterns for implementing agile practices at an enterprise scale. Scaled agileat Admiral represents the ability to drive agile at the team level whilstapplying the same sustainable principles of the group.Securitisation A process by which a group of assets, usually loans, is aggregated into apool, which is used to back the issuance of new securities. A Companytransfer assets to a special purpose entity (SPE) which then issues securitiesbacked by the assets.Solvency ratioA ratio of an entity’s Solvency II capital (referred to as Own Funds) toSolvency Capital Requirement. Unless otherwise stated, Group solvencyratios include a reduction to Own Funds for a foreseeable dividend (i.e.dividends relating to the relevant financial period that will be paid after thebalance sheet date)Special Purpose Entity(SPE) An entity that is created to accomplish a narrow and well-defined objective.There are specific restrictions or limited around ongoing activities. TheGroup uses an SPE set up under a securitisation programme.Ultimate loss ratioA projected actuarial best estimate loss ratio for a particular accident year orunderwriting year.Underwriting yearThe year in which an insurance policy was incepted.Underwriting year basisAlso referred to as the written basis. Claims incurred are allocated to thecalendar year in which the policy was underwritten. Underwriting year basisresults are calculated on the whole account (including co-insurance andreinsurance shares) and include all premiums, claims, expenses incurred andother revenue (for example instalment income and commission incomerelating to the sale of products that are ancillary to the main insurancepolicy) relating to policies incepting in the relevant underwriting year.Written/Earned basisAn insurance policy can be written in one calendar year but earned over asubsequent calendar year. Responsibility statement of the directors in respect of the half-yearly financial report We confirm that to the best of our knowledge: the condensed set of financial statements has been prepared in accordance with the UK-adopted IAS 34 'Interim Financial Reporting' and gives atrue and fair view of the assets, liabilities, financial position and profit or loss of the Group. the interim management report includes a fair review of the information required by: a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of thefinancial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remainingsix months of the year; and b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the currentfinancial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the relatedparty transactions described in the last annual report that could do so. By order of the Board, Rachel Lewis Chief Financial Officer 5 August 2026 INDEPENDENT REVIEW REPORT TO ADMIRAL GROUP PLC Conclusion We have been engaged by the company to review the condensed consolidated set of financial statements in the half-yearly financial report for the sixmonths ended 30 June 2026 which comprises the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, theConsolidated Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Consolidated Cash Flow Statement, and relatednotes 1 to 14. Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearlyfinancial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with United Kingdom adoptedInternational Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority. Basis for Conclusion We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 “Review of Interim Financial InformationPerformed by the Independent Auditor of the Entity” issued by the Financial Reporting Council for use in the United Kingdom (ISRE (UK) 2410). A
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review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applyinganalytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards onAuditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identifiedin an audit. Accordingly, we do not express an audit opinion. As disclosed in note 1, the annual financial statements of the group are prepared in accordance with United Kingdom adopted international accountingstandards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with United Kingdomadopted International Accounting Standard 34, “Interim Financial Reporting”. Conclusion Relating to Going Concern Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of thisreport, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that thedirectors 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 theentity to cease to continue as a going concern. Responsibilities of the directors The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of theUnited Kingdom’s Financial Conduct Authority. In preparing the half-yearly financial report, the directors are responsible for assessing the group’s ability to continue as a going concern, disclosing asapplicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the companyor to cease operations, or have no realistic alternative but to do so. Auditor’s Responsibilities for the review of the financial information In reviewing the half-yearly financial report, we are responsible for expressing to the company a conclusion on the condensed set of financial statementsin the half-yearly financial report. Our Conclusion, including our Conclusion Relating to Going Concern, are based on procedures that are less extensivethan audit procedures, as described in the Basis for Conclusion paragraph of this report. Use of our report This report is made solely to the company in accordance with ISRE (UK) 2410. Our work has been undertaken so that we might state to the companythose matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do notaccept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed. Deloitte LLP Statutory Auditor London, United Kingdom 5 August 2026