Admiral Group (ADM) Investor Update summary

Strategic overview and market positioning

• Achieved rapid, profitable scale in household, pet, and travel insurance, securing 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 insurance, expanded capabilities, and delivered strong financial performance, exceeding initial expectations.

• Leveraging price comparison expertise, digital infrastructure, and data analytics from motor insurance to drive competitive advantage, customer retention, and operational efficiencies across all lines.

• Multi-product ecosystem and synergies with motor increase customer loyalty and retention, with multi-policy customers showing a five-point retention advantage in motor.

• Market growth expected to reach £14 billion by 2030, with price comparison channels continuing to expand in all segments.

Operational excellence and technology

• Advanced use of data science, machine learning, and predictive analytics in pricing and risk selection enables rapid, precise rate changes and improved loss ratios.

• Claims processes are highly digitalized, with over a third of claims registered online, rapid settlement times, and market-leading customer satisfaction.

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

• Technology stack includes Guidewire for core systems, Google Cloud for data, and bespoke digital journeys, with microservices and third-party integrations for differentiation.

• Strong customer retention, high NPS, and Trustpilot ratings above 4.5 across all lines.

Financial performance and capital management

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

• Beyond Motor turnover and risks grew at 28% and 23% CAGRs respectively from 2019-24, with cumulative profit of £80m since 2012 and record H1 2025 profit.

• Household combined ratio has outperformed the market by 5-6 points on average, with 2024 at 77% and H1 2025 at 84%, benefiting from disciplined pricing and benign weather.

• Efficient capital management through reinsurance and prudent reserving supports capital-light growth and volatility management, with quota share contracts covering 70% of the household book and multi-year agreements in place until at least 2027.

• Targeting mid-teens margins and returns on capital in line with group historic averages, with Beyond Motor now contributing meaningfully to group profits.