Admiral Group (ADM) investor relations material

Strategic focus and market positioning

• Achieved rapid, profitable scale in household, travel, and pet insurance, now holding top five market positions in segments totaling £11 billion, with ambitions for top three and at least 10% market share in each line in the medium term.

• Integration of the More Than acquisition accelerated growth, especially in pet, and enhanced capabilities in pricing, claims, and data, with smooth operational transition and retention exceeding expectations.

• Leveraging expertise from motor insurance, including advanced pricing, claims management, and digital infrastructure, to drive efficiency and customer value across all Beyond Motor lines.

• Multi-product strategy and synergies with Motor drive overall growth, customer retention, and operational efficiencies, creating a virtuous cycle of improved insights and customer experience.

• Focused on disciplined, customer-centric growth, leveraging data, technology, and award-winning service culture, while remaining open to further acquisitions that offer scale, capabilities, and cultural alignment.

Operational excellence and technology

• Price comparison is the dominant distribution channel, with 75% of new household business and growing penetration in pet and travel; digital and data-driven processes underpin competitive advantage.

• Advanced use of machine learning, predictive analytics, and proprietary data models enables rapid, precise pricing adjustments and risk selection, supporting agility in volatile markets.

• Claims handling leverages digital journeys and cross-trained staff, enabling fast, efficient service and resilience during surge events, with claims registered and settled significantly faster than peers.

• Expense ratio in household is about half the market average, driven by digital capabilities, efficient distribution, and strong cost management.

• Ongoing investment in technology, including microservices and integration with third-party platforms, enhances customer experience and operational differentiation.

Financial performance and capital management

• Beyond Motor turnover has grown at a CAGR of nearly 30% over five years, with customer numbers up 23%; all lines have reached or are near break-even within five years of launch.

• Household consistently outperforms the market on combined ratio by 5-6 points, with 2024 and H1 2025 reporting 77% and 84% respectively, aided by disciplined reserving and benign weather.

• Cumulative profit of £80m since 2012 and record H1 2025 profit, with pet business nearing breakeven and travel delivering small but growing profits.

• Conservative reserving and a capital-light structure, using proportional and non-proportional reinsurance, provide capital efficiency and volatility management, supporting sustainable growth.

• Targeting combined ratios in the 80-90% range and mid-teens margins, with returns on capital in line with group historic averages.