Q2 2026 Admiral Group PLC Earnings Call

August 6, 2026

[Analyst]: Good. We're good to go, right? Welcome everybody to 2026 H1 results for Admiral. I'm very glad to be here today to present you another solid, strong set of results characterized by the usual Admiral features, discipline, strong underwriting performance, and real strategic progress. I will go through the highlights, and then as usual, hand over to Rachel for more detail on our financial performance. This is my first presentation alongside Rachel, as our new CFO since Geraint left us recently as a CFO, but I'm very glad that he's still with us working part-time. You can see the picture here of our selfie on our results presentation at year-end. Rachel has been in the group for 20 years. She's a rare mix of sharp intelligence, real common sense.

Milena de Focatiis: Good. We're good to go, right? Welcome everybody to 2026 H1 results for Admiral. I'm very glad to be here today to present you another solid, strong set of results characterized by the usual Admiral features, discipline, strong underwriting performance, and real strategic progress. I will go through the highlights, and then as usual, hand over to Rachel for more detail on our financial performance. This is my first presentation alongside Rachel, as our new CFO since Geraint left us recently as a CFO, but I'm very glad that he's still with us working part-time. You can see the picture here of our selfie on our results presentation at year-end. Rachel has been in the group for 20 years. She's a rare mix of sharp intelligence, real common sense.

Speaker #1: Discipline, strong underwriting performance, and real strategic progress. So I will go through the highlights and then, as usual, hand over to Rachel for more detail on our financial performance.

Speaker #1: This is my first presentation, alongside Rachel, as our new CFO. Since Geraint left us recently, as a CFO, but I'm very glad that he's still with us, working part-time.

Speaker #1: You can see the picture here of our selfie at our results presentation at year-end. Rachel has been in the group for 20 years. She's a rare mix of sharp intelligence and real common sense. She has an understanding of the business that is second to none, and a strong understanding of our foundational competitive advantage—capital management, risk management, and, of course, our culture.

Milena Mondini de Focatiis: She has an understanding of the business that is second to none and a strong understanding of our foundational competitive advantage, capital management, risk management, and of course, our culture. I'm generally excited to start this new partnership with her. Just before we go into the results, I also want to take the opportunity to thank Diane, our Head of Investor Relations. For the last 3 years, she's been really crucial in helping us in preparing day like this and much more. I think her life is bringing her in a different place, but we are very thankful for the great support she gave us so far. Now back to Admiral. First off, we had a strong start of the implementation of the strategy we set out at year-end, with many progress across different area of the group. Few key message from me to start with.

Milena de Focatiis: She has an understanding of the business that is second to none and a strong understanding of our foundational competitive advantage, capital management, risk management, and of course, our culture. I'm generally excited to start this new partnership with her. Just before we go into the results, I also want to take the opportunity to thank Diane, our Head of Investor Relations. For the last 3 years, she's been really crucial in helping us in preparing day like this and much more. I think her life is bringing her in a different place, but we are very thankful for the great support she gave us so far. Now back to Admiral. First off, we had a strong start of the implementation of the strategy we set out at year-end, with many progress across different area of the group. Few key message from me to start with.

Speaker #1: So, I’m generally excited to start this new partnership with her. And just before we go into the results, I also want to take the opportunity to thank Diane, our Head of Investor Relations, for the last three years.

Speaker #1: She has been really crucial in helping us in preparing a day like this, and much more. I think her life is bringing her to a different place, but we are very thankful for the great support she has given us so far.

Speaker #2: So now, back to Admiral. First off, so we had a strong start of the implementation of the strategy. We set out at year-end with many progress across different areas of the group.

Speaker #2: A few key messages from me to start with: agility and discipline delivered excellent underwriting results in our largest business, UK Motor, despite a very competitive market.

Milena Mondini de Focatiis: Agility and discipline deliver excellent underwriting results in our largest business, UK Motor, despite a very competitive market. At the same time, we kept growing margin and profit in our other lines of business. We have a very strong capital position with a solvency ratio 190% after the investment in Flock, and we deliver attractive shareholder returns that now will also include share buybacks as announced at year-end. We continue to invest in our capabilities. We evolved our customer propositions and set up good foundation to capturing more of the benefit of the new technologies. Having anticipated the market and acted earlier on rates, as typical of Admiral, we are in the first part of this year in a strong position to capture more growth when the cycle turns. I will remain fully confident in our ability to deliver on our growth ambition across products.

Milena de Focatiis: Agility and discipline deliver excellent underwriting results in our largest business, UK Motor, despite a very competitive market. At the same time, we kept growing margin and profit in our other lines of business. We have a very strong capital position with a solvency ratio 190% after the investment in Flock, and we deliver attractive shareholder returns that now will also include share buybacks as announced at year-end. We continue to invest in our capabilities. We evolved our customer propositions and set up good foundation to capturing more of the benefit of the new technologies. Having anticipated the market and acted earlier on rates, as typical of Admiral, we are in the first part of this year in a strong position to capture more growth when the cycle turns. I will remain fully confident in our ability to deliver on our growth ambition across products.

Speaker #2: At the same time, we kept growing margin and profit in our other lines of business. We have a very strong capital position, with a solvency ratio of 190% after the investment in Flock.

Speaker #2: And we deliver attractive shareholder returns that now will also include share buybacks, as announced at year-end. We continue investing in our capabilities. We evolved our customer propositions and set up a good foundation to capture more of the benefit of the new technologies.

Speaker #2: Having anticipated the market and acted earlier on rates, as typical of Admiral, we had the first part of this year in a strong position to capture more growth when the cycle turns.

Speaker #2: And we remain fully confident in our ability to deliver on our growth ambition across products. Let's look now into the results a bit more in detail.

Speaker #2: So we added 600,000 more risk-driven mainly by UK Motor staying largely stable with double-digit growth elsewhere. Turnover was flat year on year, but up more than 10% versus last half, reflecting high single-digit rate increase in UK Motor, which will continue to earn through over the coming months, plus continued growth in other parts of the business.

Milena Mondini de Focatiis: We added 600,000 more risk, driven mainly by UK Motor staying largely stable, with double-digit growth elsewhere. Turnover was flat year-on-year, but up more than 10% versus last H2, reflecting high single-digit rate increase in UK Motor, which will continue to earn through over the coming months, plus continued growth in other parts of the business. Profits of GBP 429 million, down 18% versus H1 last year, but very close to H2 last year. This is underpinned by a combined ratio of 78.5%, generally excellent, better than our historical average, despite the market being softer for longer than expected.

Milena de Focatiis: Let's look now into the results a bit more detailed. We added 600,000 more risk, driven mainly by UK Motor staying largely stable, with double-digit growth elsewhere. Turnover was flat year-on-year, but up more than 10% versus last half, reflecting high single-digit rate increase in UK Motor, which will continue to earn through over the coming months, plus continued growth in other parts of the business. Profits of GBP 429 million, down 18% versus H1 last year, but very close to H2 last year. This is underpinned by a combined ratio of 78.5%, generally excellent, better than our historical average, despite the market being softer for longer than expected.

Speaker #2: Profit of 429 million pound, down 18% versus H1 last year, but very close to H2 last year. This underpinned by combined ratio of 78.5%, generally excellent, better than our historical average, despite the market being softer for longer than expected.

Speaker #2: But what I'm most proud of is that the strong underwriting performance reflects underwriting improvement across all our major lines of business and the trend is expanding across products, as we transfer our key competitive advantage into different lines of business.

Milena Mondini de Focatiis: What I'm most proud of is that the strong underwriting performance reflects underwriting improvement across all our major lines of business, and the trend is expanding across products as we transfer our key competitive advantage into different lines of business. A market-leading return on equity of 45%. We returned GBP 259 million to our shareholders in H1, an equivalent of GBP 0.80 per share, and that include GBP 45 million of share buyback to start in H2, and a dividend of GBP 0.70 per share. In addition, we finally submitted our internal model for approval. More importantly, we're very proud of the progress we made on our customer promise, improving journeys and experience with a strong focus on outcomes that is reflected in great feedback scores and strong retention. Let's look now at our main business bit more closely.

Milena de Focatiis: What I'm most proud of is that the strong underwriting performance reflects underwriting improvement across all our major lines of business, and the trend is expanding across products as we transfer our key competitive advantage into different lines of business. A market-leading return on equity of 45%. We returned GBP 259 million to our shareholders in H1, an equivalent of GBP 0.80 per share, and that include GBP 45 million of share buyback to start in H2, and a dividend of GBP 0.70 per share. In addition, we finally submitted our internal model for approval. More importantly, we're very proud of the progress we made on our customer promise, improving journeys and experience with a strong focus on outcomes that is reflected in great feedback scores and strong retention. Let's look now at our main business bit more closely.

Speaker #2: A market-leading return on equity of 45%. We returned £259 million to our shareholders in H1, equivalent to 80p per share, and that includes £45 million of share buyback to start in H2 and a dividend of 70p per share.

Speaker #2: In addition, we finally submitted our internal model for approval. More importantly, we're very proud of the progress we made on our customer promise, improving journeys and experience with a strong focus on outcomes that is reflected in great feedback scores and strong retention.

Speaker #2: So, let's look now at our main business a bit more closely, starting with UK Motor on the left side of the slide. You can see two lines on this chart.

Milena Mondini de Focatiis: Starting with UK Motor on the left side of the slide. You can see two lines on this chart. Risk count on top, market premium change on the bottom. Different units, but they move almost as mirror image of each other. Why is that? It's because we tend to grow our market share where margins are attractive, and we hold back or even shrink, as happened in 2022, 2023, when margins were weaker. This time we stay stable rather than shrinking in the soft part of the cycle. This is core to our strategy to consistently underwrite at higher margin than market. As we said at year-end, our plan for UK Motor is to keep growing across cycles, as we've done in every single cycle since we launched, and to do so at the right time while protecting a very strong combined ratio advantage.

Milena de Focatiis: Starting with UK Motor on the left side of the slide. You can see two lines on this chart. Risk count on top, market premium change on the bottom. Different units, but they move almost as mirror image of each other. Why is that? It's because we tend to grow our market share where margins are attractive, and we hold back or even shrink, as happened in 2022, 2023, when margins were weaker. This time we stay stable rather than shrinking in the soft part of the cycle. This is core to our strategy to consistently underwrite at higher margin than market. As we said at year-end, our plan for UK Motor is to keep growing across cycles, as we've done in every single cycle since we launched, and to do so at the right time while protecting a very strong combined ratio advantage.

Speaker #2: Risk count on top, market premium change on the bottom. So, different units, but they move almost as mirror images of each other. So, why is that?

Speaker #2: It's because we tend to grow our market share where margins are attractive, and we hold back, or even shrink—as happened in 2022 and 2023—when margins were weaker.

Speaker #2: This time, we stay stable rather than shrinking in the soft part of the cycle. This is core to our strategy: to consistently underwrite at a higher margin than the market.

Speaker #2: As we said at year-end, our plan for UK Motor is to keep growing across cycles, as we've done in every single cycle since we launched, and to do so at the right time, while protecting a very strong combined ratio advantage.

Speaker #2: Our discipline in the first half of this year including increasing rates earlier and harder than most puts us again in a good position to capture more growth as the right time and improve earnings as this price increase earned through.

Milena Mondini de Focatiis: Our discipline in H1 of this year, including increasing rates earlier and harder than most, puts us again in a good position to capture more growth at the right time and improve earnings as this price increase earn through. Now on the right side, our other personal lines. These include household, pet, and travel in UK Insurance, Admiral Money, and European Motor Insurance. Slightly different story here, as this business still benefits from economy of scale we're working to build further, and therefore continue to grow across cycles every year. As you can see, we've continued to grow our risk base up to around 10% in H1 versus last year, while at the same time, we increased margins up more than 50% versus H1 last year. As we said at year-end, our ambition for this business is to keep growing both top and bottom line together over time.

Milena de Focatiis: Our discipline in H1 of this year, including increasing rates earlier and harder than most, puts us again in a good position to capture more growth at the right time and improve earnings as this price increase earn through. Now on the right side, our other personal lines. These include household, pet, and travel in UK Insurance, Admiral Money, and European Motor Insurance. Slightly different story here, as this business still benefits from economy of scale we're working to build further, and therefore continue to grow across cycles every year. As you can see, we've continued to grow our risk base up to around 10% in H1 versus last year, while at the same time, we increased margins up more than 50% versus H1 last year. As we said at year-end, our ambition for this business is to keep growing both top and bottom line together over time.

Speaker #2: Now, on the right side, our other personal lines. These include household, pet, and travel in UK insurance, admiral money, and European motor insurance. Slightly different story here, as this business still benefits from economy of scale where working through build farther, and therefore continue to grow across cycles every year.

Speaker #2: As you can see, we've continued to grow our risk base up to around 10% in H1 versus last year, while at the same time, we increased margins up more than 50% versus H1 last year.

Speaker #2: As we said at year-end, our ambition for this business is to keep growing both top and bottom line together over time. And while we recognize that this business is still small and therefore more volatile than UK Motor, we remain confident that we'll materially increase their contribution to group profit over time.

Milena Mondini de Focatiis: While we recognize that these business are still small and therefore more volatile than UK Motor, we remain confident that we'll materially increase their contribution to group profit over time. We are also very pleased with the progress on strategic priorities we set at year-end. First, growing selectively and profitably. Alistair and Costantino will expand more on this later. But overall, it's great to see some of our business maturing and consolidating similar competitive advantage to UK Motor. L'Olivier in France, unsecured personal loans in Admiral Money, household in UK insurance, are indeed running at a very strong margin, broadly in the range of 20%, while continue growing at the same time. We also continue to improve our product proposition with the launch of a new household product under the More Than brand.

Milena de Focatiis: While we recognize that these business are still small and therefore more volatile than UK Motor, we remain confident that we'll materially increase their contribution to group profit over time. We are also very pleased with the progress on strategic priorities we set at year-end. First, growing selectively and profitably. Alistair and Costantino will expand more on this later. But overall, it's great to see some of our business maturing and consolidating similar competitive advantage to UK Motor. L'Olivier in France, unsecured personal loans in Admiral Money, household in UK insurance, are indeed running at a very strong margin, broadly in the range of 20%, while continue growing at the same time. We also continue to improve our product proposition with the launch of a new household product under the More Than brand.

Speaker #2: We're also very pleased with the progress on the strategic priorities we set at year-end. First, growing selectively and profitably. Alistair and Costantino will expand more on this later, but overall, it's great to see some of our businesses maturing and consolidating similar competitive advantage to UK Motor.

Speaker #2: L'Olivier in France, unsecure personal loans in admiral money, household in UK insurance, are indeed running at a very strong margin, broadly in the range of 20%, while we continue growing at the same time.

Speaker #2: We also continue to improve our product proposition with the launch of a new household product under the More Than brand. There is pleasing progress in car finance, where we launched, from day one, a consumer-friendly, transparent product into a market context that is still adapting to new disclosure regulation.

Milena Mondini de Focatiis: There are pleasing progress in car finance, where we launch from day one a consumer-friendly, transparent product into a market context that is still adapting to new disclosure regulation. In commercial lines, two new tech offering, including the issuance of Wayve RoboTaxi proposition. Wayve, as a reminder, is a UK-based autonomous vehicle company piloting in London as we speak. Second pillar: continue to evolve our core capabilities and competitive advantage, increasing customer lifetime value over time. There's so much progress here that it's hard to summarize in a few minutes. But what I would call out is 8% growth in a customer holding two or more products driven by improvements to our app, our digital journey, an area with real excitement, but also plenty of runway.

Milena de Focatiis: There are pleasing progress in car finance, where we launch from day one a consumer-friendly, transparent product into a market context that is still adapting to new disclosure regulation. In commercial lines, two new tech offering, including the issuance of Wayve RoboTaxi proposition. Wayve, as a reminder, is a UK-based autonomous vehicle company piloting in London as we speak. Second pillar: continue to evolve our core capabilities and competitive advantage, increasing customer lifetime value over time. There's so much progress here that it's hard to summarize in a few minutes. But what I would call out is 8% growth in a customer holding two or more products driven by improvements to our app, our digital journey, an area with real excitement, but also plenty of runway.

Speaker #2: In commercial lines, two new tax offerings, including the insurance of Wave's robotaxi proposition. Wave, as a reminder, is a UK-based autonomous vehicle company, piloting in London as we speak.

Speaker #2: Second pillar: continue to evolve our core capabilities and competitive advantage, increasing customer lifetime value over time. There's so much progress here that it's hard to summarize in a few minutes.

Speaker #2: But what I would call out is 8% growth in customers holding two or more products, driven by improvements to our app and our digital journey—an area with real excitement, but also plenty of runway.

Speaker #2: Continue expansion and predictive AI. That's one of our biggest source of competitive advantage, with more models in production and better performance from them. Heavy experimentation on Gen AI, now scaling claim settlement, customer service, including voice-to-voice now live both in UK and in Italy, plus strong embedding of these tools across our software development lifecycle.

Milena Mondini de Focatiis: Continued expansion in predictive AI, that's one of our biggest source of competitive advantage, with more models in production and better performance from them. Heavy experimentation in gen AI, now scaling several pilots across distribution, claim settlement, customer service, including voice-to-voice, now live both in UK and in Italy. Strong embedding of these tools across our software development life cycles. Third pillar: amplifying our long-term impact, building sustainable product and service that are fit for the future with real positive impact on our communities. We've seen electric vehicles uptake rise almost 10% year-on-year. Exciting area where we believe we have good advantage over the market, as Alistair will explain later. We continue to invest in our people, our most important asset, delivering more than 10,000 hours of data and AI training in H1, building a community of over 1,000 people across our markets.

Milena de Focatiis: Continued expansion in predictive AI, that's one of our biggest source of competitive advantage, with more models in production and better performance from them. Heavy experimentation in gen AI, now scaling several pilots across distribution, claim settlement, customer service, including voice-to-voice, now live both in UK and in Italy. Strong embedding of these tools across our software development life cycles. Third pillar: amplifying our long-term impact, building sustainable product and service that are fit for the future with real positive impact on our communities. We've seen electric vehicles uptake rise almost 10% year-on-year. Exciting area where we believe we have good advantage over the market, as Alistair will explain later. We continue to invest in our people, our most important asset, delivering more than 10,000 hours of data and AI training in H1, building a community of over 1,000 people across our markets.

Speaker #2: The third pillar is amplifying our long-term impact, building sustainable products and services that are fit for the future, with real positive impact on our communities.

Speaker #2: We've seen electric vehicles uptake rise almost 10% year on year. Exciting area where we believe we have good advantage over the market, as Alistair will explain later.

Speaker #2: We continue to invest in our people, our most important asset, delivering more than 10,000 hours of data and AI training in H1, building a community of over 1,000 people across our markets.

Speaker #2: We want several recognition in the data and AI space, and we're among the first signatory of the financial service skill compact. Underpinning of this of course, is our restless commitment, strong commitment to our customer.

Milena Mondini de Focatiis: We won several recognition in the data and AI space, and we're among the first signatory of the Financial Services Skills Compact. Underpinning of this, of course, is our restless commitment, strong commitment to our customer that is reflected in extremely high Net Promoter Score, over 50%, and our strong culture. With that in mind, I will hand over to Rachel for more detail on our financial performance.

Milena de Focatiis: We won several recognition in the data and AI space, and we're among the first signatory of the Financial Services Skills Compact. Underpinning of this, of course, is our restless commitment, strong commitment to our customer that is reflected in extremely high Net Promoter Score, over 50%, and our strong culture. With that in mind, I will hand over to Rachel for more detail on our financial performance.

Speaker #2: That is reflected in an extremely high Net Promoter Score—over 50%—and our strong culture. With that in mind, I will hand over to Rachel for more detail on our financial performance.

Speaker #3: Thank you, Milena. Good morning, everyone. I'm pleased to be speaking to you today on my first half-year results as Group CFO. I’m really proud to be taking the baton from Geraint.

Rachel Lewis: Thank you, Milena. Good morning, everyone. I'm pleased to be speaking to you today in my H1 results as Group CFO. I'm really proud to be taking the baton from Geraint. I've seen firsthand the evolution of the business and how Admiral has gone from strength to strength. It's a privilege to be here representing the business and finance teams that I've been a part of for the last 20 years. We've delivered another strong group H1 performance, maintaining underwriting discipline, a prudent reserving approach, a very healthy solvency position. At the same time as returning capital to shareholders through dividends and a share buyback. Let's start with the group financials. An important feature of the H1 results is the quality of the underwriting performance.

Speaker #3: I've seen firsthand the evolution of the business and how Admiral has gone from strength to strength. It is a privilege to be here representing the business and finance teams that I've been a part of for the last 20 years.

Speaker #3: We've delivered another strong group first-half performance, maintaining underwriting discipline, a prudent reserving approach, and a very healthy solvency position. At the same time, we are returning capital to shareholders through dividends and a share buyback.

Speaker #3: Let's start with the group financials. An important feature of the first-half result is the quality of the underwriting performance. A group combined ratio of 78.5 is an excellent result by any measure.

Rachel Lewis: A group combined ratio of 78.5 is an excellent result by any measure, only modestly higher than last year's exceptional 77.7%, and achieved in a period of lower UK Motor earned premium. The group's loss ratio remained stable at 57%, reflecting strong underwriting discipline. Continued cost focus and efficiency helped to partially absorb the impact of lower average premiums to deliver an expense ratio of 21%. Against that backdrop, group profit before tax was GBP 429 million, 18% lower than the H1 2025, and broadly in line with the H2 2025. This reflects another strong period of performance against a record prior year comparator. UK insurance profits was GBP 485 million, compared with GBP 584 million in H1 2025. That reduction was driven by UK Motor, where lower earned premiums and a higher reinsurance charge reflected the softer market conditions.

Speaker #3: Only modestly higher than last year's exceptional 77.7% and achieved in a period of lower UK motor earned premium. The group's loss ratio remained stable at 57%, reflecting strong underwriting discipline.

Speaker #3: Continued cost focus and efficiency helped to partially absorb the impact of lower average premiums, delivering an expense ratio of 21%. Against that backdrop, group profit before tax was £429 million.

Speaker #3: 18% lower than the first half of 2025 and broadly in line with the second half of 2025. This reflects another strong period of performance against a record prior year comparator.

Speaker #3: UK insurance profits were £485 million, compared with £584 million in H1 '25. That reduction was driven by UK motor, where lower earned premiums and a higher reinsurance charge reflected the softer market conditions.

Speaker #3: Household, travel, and pet continued on a very positive trajectory, with profit increasing to £28 million, up 12% compared to the same period last year.

Rachel Lewis: Household, travel, and pets continued on a very positive trajectory, with profit increasing to GBP 28 million, up 12% compared to the same period last year. Europe is an important part of our growth ambition, and we are focused on growing the business profitably. The H1 showed encouraging progress with improved underlying profitability and further portfolio growth across our markets. Profit before tax was GBP 17 million, which included around GBP 13 million of one-off benefits arising primarily from a change in accounting for acquisition costs. From 2026, these costs are deferred and earned over the life of the policy rather than recognized immediately, which better matches costs for the premium they generate. The transition benefit is one-off this year and does not alter the economics of the business. Separately, we have replaced our country level quota share contracts with Pan-European reinsurance arrangements as we seek to optimize terms and capital efficiency.

Speaker #3: Europe is an important part of our growth ambition, and we're focused on growing the business profitably. The first half showed encouraging progress, with improved underlying profitability and further portfolio growth across our markets.

Speaker #3: Profit before tax was 17 million, which included around 13 million of one-off benefits, arising primarily from a change in accounting for acquisition costs. From 2026, these costs have deferred and earned over the life of the policy, rather than recognized immediately, which better matches costs of the premium they generate.

Rachel Lewis: From 2026, these costs are deferred and earned over the life of the policy rather than recognized immediately, which better matches costs for the premium they generate. The transition benefit is one-off this year and does not alter the economics of the business. Separately, we have replaced our country level quota share contracts with Pan-European reinsurance arrangements as we seek to optimize terms and capital efficiency.

Speaker #3: The transition benefit is one-off this year and does not alter the economics of the business. Separately, we have replaced our country-level quota share contracts with pan-European reinsurance arrangements, as we seek to optimize terms and capital efficiency.

Speaker #3: It reflects how we increasingly manage Europe as one integrated business and means the reinsurance result is now generated at a European level. For that reason, given the accounting changes, we have presented Europe on an aggregated basis.

Rachel Lewis: It reflects how we increasingly manage Europe as one integrated business and means the reinsurance result is now generated at a European level. For that reason, given the accounting changes, we have presented Europe on an aggregated basis. Excluding the one-off items, underlying European motor profit improved to around GBP 5 million and risks grew 5% over the year. Costi will cover performance and strategic progress in more detail shortly. Admiral Money continued to improve its underlying profitability, delivering profit of GBP 13 million while growing its lending portfolio to GBP 2.5 billion and maintaining strong credit discipline. Profit increased year-on-year, excluding the impact of a larger back book sale contribution in the prior period, reflecting continued growth and effective cost management. Credit performance remained stable, supported by disciplined underwriting and prudent provisioning.

Speaker #3: Excluding the one-off items, underlying European motor profit improved to around £5 million, and risk grew 5% over the year. Costy, we'll cover performance and strategic progress in more detail shortly.

Speaker #3: Admiral Mondini continued to improve its underlying profitability, delivering a profit of £13 million while growing its lending portfolio to £2.5 billion and maintaining strong credit discipline.

Speaker #3: Profit increased year on year, excluding the impact of a larger backbook sale contribution in the prior period, reflecting continued growth and effective cost management.

Speaker #3: Credit performance remained stable, supported by disciplined underwriting and prudent provisioning. We have a strong foundation for further profitable growth, supported by third-party capital arrangements that optimize balance sheet capacity.

Rachel Lewis: We have a strong foundation for further profitable growth, supported by third-party capital arrangements to optimize balance sheet capacity. Stepping back, this is a strong group result in the context of an exceptionally good H1 2025 and the softer UK Motor. It demonstrates the value of Admiral's disciplined model, maintaining reserve strength and continuing to invest for sustainable long-term growth. Turning now to UK Motor, where we continue to deliver disciplined cycle management. Profit before tax was GBP 457 million, around GBP 100 million lower than H1 2025. Excluding the estimated Ogden benefit in 2025, profit was GBP 87 million lower half-on-half, but broadly in line with H2 2025. Turnover was 5% lower than H1 2025, with the vehicle base largely flat.

Speaker #3: Stepping back, this is a strong group result in the context of an exceptionally good first half of '25 and the softer UK motor cycle.

Speaker #3: It demonstrates the value of Admiral's disciplined model, maintaining reserve strength and continuing to invest for sustainable, long-term growth. Turning now to UK Motor, where we continue to deliver disciplined cycle management.

Speaker #3: Profit before tax was 457 million, around 100 million lower than the first half of '25. Excluding the estimated Ogden benefit in '25, the profit was 87 million lower half on half, but broadly in line with the second half of '25.

Speaker #3: Turnover was 5% lower than H1 2025, with the vehicle base largely flat. Turnover was up 11% versus H2 2025, reflecting strong rating action taken in the first half of this year, which will earn through over 2026 and 2027, as well as the usual seasonality.

Rachel Lewis: Turnover was up 11% versus H2 2025, reflecting strong rating action taken in H1 of this year, which we'll earn through over 2026 and 2027, as well as the usual seasonality. The underwriting result was GBP 338 million, compared with GBP 441 million last year. This reflects the strong core combined ratio on the lower earned premium. In addition, we had a higher reinsurance charge with favorable loss ratio movements on the 2025 underwriting year, leading to a reversal of the reinsurance recovery asset. Investment income was stable at GBP 91 million, with the underlying yield on the group investment portfolio a little over 4%. Finance expenses increased slightly to GBP 54 million, reflecting the impact of higher rates in recent years. Co-insurer profit commission increased to GBP 45 million from GBP 39 million, and that's mainly from the 2024 underwriting year.

Speaker #3: The underwriting result was £338 million, compared with £441 million last year. This reflects the strong core combined ratio on the lower earned premium. In addition, we had a higher reinsurance charge, with favorable loss ratio movements on the 2025 underwriting year.

Speaker #3: Leading to a reversal of the reinsurance recovery assets. Investment income was stable at £91 million, with the underlying yield on the Group investment portfolio a little over 4%.

Speaker #3: Finance expenses increased slightly to £54 million, reflecting the impact of higher rates in recent years. Co-insurer profit commission increased to £45 million, from £39 million, and is mainly from the 2024 underwriting year.

Speaker #3: Finally, the strong core combined ratio of 78.8% is two percentage points higher than the first half of '25, with the impact of lower average premiums on both current period loss ratio and expense ratio partly offset by the more favorable prior year development.

Rachel Lewis: Finally, the strong core combined ratio of 78.8% is 2 percentage points higher than H1 2025, with the impact of lower average premiums on both current period loss ratio and expense ratio partly offset by the more favorable prior year development. Let's now look at the strength and consistency of our reserving approach. Ultimate loss ratios have developed favorably across all recent underwriting years, as expected. For 2026, our estimated burn cost inflation is mid-single digits, broadly in line with 2025. The first discounted book loss ratio for the 2026 underwriting year, 78%, which is in line with the 2025 underwriting year at the end of 2025. The UK Motor risk adjustment at the end of H1 sits at the 93rd percentile, down slightly from the 94th at full year 2025.

Speaker #3: Let's now look at the strengths and consistency of our reserving approach. Ultimate loss ratios have developed favorably across all recent underwriting years, as expected.

Speaker #3: For 2026, our estimated burn cost inflation is mid-single digits, broadly in line with 2025. The first discounted book loss ratio for the 2026 underwriting year is 78%, which is in line with the 2025 underwriting year at the end of '25.

Speaker #3: The UK motor risk adjustment at the end of the first half sits at the 93rd percentile, down slightly from the 94th at full year '25.

Speaker #3: We continue to expect to move towards the middle of the risk adjustment corridor over time, subject to ongoing experience. Reserve releases were 17 percentage points of lower earned premium, or £247 million, compared with £197 million in H1 '25.

Rachel Lewis: We continue to expect to move towards the middle of the risk adjustment corridor over time, subject to ongoing experience. Reserve releases were 17 percentage points of a lower earned premium, or GBP 247 million, compared with GBP 197 million in H1 2025. Around half of the GBP 50 million increase relates to high releases from the best estimates following continued favorable developments and half attributable to the reduction in risk adjustment percentile. To summarize, claims experience continues to develop positively. We remain prudent in the way we book and release reserves. That gives us confidence in the quality of the results and in the resilience of the balance sheet. Turning now to our capital management framework and shareholder returns. There is no change to the capital management framework that we shared with you at our full year results.

Speaker #3: Around half of the £50 million increase relates to high releases from the best estimates, following continued favorable development, and half is attributable to the reduction in risk adjustment percentile.

Speaker #3: To summarize, claims experience continues to develop positively. We remain prudent in the way we book and release reserves, and that gives us confidence in the quality of the result and in the resilience of the balance sheet.

Speaker #3: Turning now to our capital management framework and shareholder returns, there is no change to the capital management framework that we shared with you at our full-year results.

Speaker #3: We typically retain around 10% of post-tax earnings to fund growth, with the excess around 90% allocated as follows. Firstly, ordinary dividends at 65% of post-tax profits, then share purchases for the employee plans.

Rachel Lewis: We typically retain around 10% of post-tax earnings to fund growth, with the excess around 90% allocated as follows. Firstly, ordinary dividends at 65% of post-tax profits. Then, share purchases for the employee plans. A reminder that by purchasing shares for the employee plans, we have stopped earnings dilution of around 1% per year. In H1 2026, we purchased around 1.5 million shares, and we expect to purchase at around that run rate, roughly 3 million shares per year, for the employee plans going forward. Next, we will invest in M&A if thresholds are met. Finally, we will return surplus capital to shareholders through buybacks or special dividends. At H1 2026, this will be a buyback, and we also expect to buy back shares at FY 2026. Take a look at what this means for H1 2026.

Speaker #3: A reminder that by purchasing shares for the employee plans, we have stopped earnings dilution of around 1% per year. In the first half of '26, we purchased around 1.5 million shares, and we expect to purchase at around that run rate—roughly 3 million shares per year for the employee plans going forward.

Speaker #3: Next, we will invest in M&A, if thresholds are met. And then finally, we will return surplus capital to shareholders through buybacks or special dividends.

Speaker #3: At half year '26, this will be a buyback, and we also expect to buy back shares at full year '26. Take a look at what this means for the first half of '26.

Speaker #3: We're returning £259 million to shareholders, representing a 79% payout—a 70.5 pence interim ordinary dividend per share, reflecting 65% of post-tax profits, and a £45 million share buyback relating to H1, which will start shortly.

Rachel Lewis: We're returning GBP 259 million to shareholders, representing a 79% payout ratio. That is made up of the GBP 0.705 interim ordinary dividend per share, reflecting 65% of post-tax profits, and the GBP 45 million share buyback relating to H1, which will start shortly. As I just shared, we also purchased 1.5 million shares for the employee plans in H1 at a cost of GBP 51 million. In aggregate, the interim dividend, employee share plan purchases, and the planned buyback totals GBP 310 million and comprises 94% of post-tax profits. Modestly higher than the historic 90% average, given the strong solvency position that I'll come to shortly. Our capital framework remains disciplined and flexible. It allows us to support growth, maintain a strong capital position, invest where we see attractive strategic and financial returns, and continue to deliver strong shareholder distributions. Turning now to the strong solvency position.

Speaker #3: As I just shared, we also purchased 1.5 million shares for the employee plans in the first half, at a cost of £51 million. In aggregate, the interim dividend, employee share plan purchases, and the planned buyback totals £310 million, and comprise 94% of post-tax profits.

Speaker #3: Modestly higher than the historic 90% average, given the strong solvency position that I'll come to shortly. Our capital framework remains disciplined and flexible—it allows us to support growth, maintain a strong capital position, invest where we see attractive strategic and financial returns, and continue to deliver strong shareholder distributions.

Speaker #3: Turning now to the strong solvency position. We maintained a very comfortable solvency ratio after the distributions and the Flock acquisition. The solvency ratio was 190% at half year, compared with 193% at full year '25, with broadly consistent surplus capital of £870 million.

Rachel Lewis: We maintained a very comfortable solvency ratio after the distributions and the Flock acquisition. Solvency ratio was 190% at H1, compared with 193% at FY 2025, broadly consistent surplus capital of GBP 870 million. Own fund generation added 41 percentage points in H1, split between current year and prior year contribution. That generation was largely offset by capital distributions and the Flock acquisition. Flock reduced the ratio by 8 percentage points, the interim dividend by 22 points, and purchases for the employee share plans by 5 points. The share buyback has a further 5-point impact, taking the closing solvency position to a very healthy 190%. We're also pleased to have submitted our internal capital model application to regulators in Q2. Subject to approval, we expect to transition to the upper end of a 150% to 170% target solvency range over a number of periods.

Speaker #3: Own fund generation added 41 percentage points in the first half, split between current year and prior year contribution. That generation was largely offset by capital distributions and the Flock acquisition.

Speaker #3: Flock reduced the ratio by 8 percentage points, the interim dividend by 22 points, and purchases for the employee share plans by 5 points. The share buyback has a further 5-point impact, taking the closing solvency position to a very healthy 190%.

Speaker #3: We're also pleased to have submitted our internal capital model application to regulators in Q2. Subject to approval, we expect to transition to the upper end of a 150% to 170% target solvency range over a number of periods.

Speaker #3: Admiral remains strongly capitalized, with a rock-solid balance sheet, while continuing to invest in growth and returning capital to shareholders. So, the first half demonstrated the strengths and resilience of the Group's business model.

Rachel Lewis: Admiral remains strongly capitalized with a rock-solid balance sheet while continuing to invest in growth and returning capital to shareholders. The H1 demonstrated the strength and resilience of the group's business model. We delivered disciplined underwriting performance, further demonstrated the flexibility and efficiency of our capital framework, deploying GBP 80 million to acquire Flock while enabling GBP 259 million of capital distribution and maintaining a strong capital position. Looking forward, we anticipate stronger group profitability in H2 relative to H1, supported by continued positive underlying trends across our other personal lines businesses and a lower reinsurance charge in UK Motor. All subject, of course, to weather and other claims volatility. We remain on track to deliver our medium-term ambitions. Thank you, and I look forward to taking your questions later. I'll now hand over to Alistair on UK Insurance.

Speaker #3: We delivered disciplined underwriting performance and further demonstrated the flexibility and efficiency of our capital framework, deploying £80 million to acquire Flock while enabling £259 million of capital distribution, and maintaining a strong capital position.

Speaker #3: Looking forward, we anticipate stronger group profitability in H2 relative to H1, supported by continued positive underlying trends across our other personal lines businesses and a lower reinsurance charge in UK Motor.

Speaker #3: All subject, of course, to weather and other claims volatility. We remain on track to deliver our medium-term ambitions. Thank you, and I look forward to taking your questions later.

Speaker #3: I'll now hand over to Alistair on UK Insurance.

Speaker #1: Thank you, Rachel. Good morning. I'm pleased to take you through our UK Insurance results. In the first half of '26, we've achieved strong results in competitive markets.

Alistair Hargreaves: Thank you, Rachel. Good morning. I'm pleased to take you through our UK Insurance results. In H1 2026, we've achieved strong results in competitive markets driven by sustained pricing discipline, customer focus, retention outperformance, and continuous improvement in our capabilities and propositions. Let's start with the headlines. UK Insurance now has 9.7 million insured risks, up around 400,000 in the last 12 months. Turnover was GBP 2.5 billion, slightly lower than H1 2025, but up 11% versus H2 due to above-market rate increases in Motor and Household in H1 2026. Overall, profit before tax was GBP 485 million. Motor profit was below H1 2025, but in line with H2 as rate reductions from early 2025 earn through.

Speaker #1: Driven by sustained pricing discipline, customer focus, retention outperformance, and continuous improvement in our capabilities and propositions. So, let's start with the headlines. UK Insurance now has 9.7 million insured risks, up around 400,000 in the last 12 months.

Speaker #1: Turnover was £2.5 billion, slightly lower than the first half of '25, but up 11% versus the second half, due to above-market rate increases in Motor and Household in the first half of '26.

Speaker #1: Overall, profit before tax was £485 million. Motor profit was below the first half of '25, but in line with the second half, as rate reductions from early '25 and through.

Speaker #1: Other personal lines are now 41% of risks and 6% of profits, as UK Insurance matures as a personal lines portfolio. These results are against a backdrop of 2025 market price reductions, with continued competitiveness in '26 to date.

Alistair Hargreaves: Other personal lines are now 41% of risks and 6% of profits as UK Insurance matures as a personal lines portfolio. These results were against a backdrop of 2025 market price reductions with continued competitiveness in 2026 to date. I'm pleased that we've navigated competitive motor and home markets with pricing discipline and strong retention, whilst also continuing to grow risks and customers in Travel and Pet. This combination helped increase customers holding two insurance or lending products by 8% to 1.6 million. Customers holding more products means better data, improved risk selection, excellent retention, and is an efficient source of growth. Our overall purpose is to help customers. In 2026, this included support for customers affected by Middle East travel disruption, the launch of a new household proposition under the More Than brand, and continued leadership in telematics and electric vehicles.

Speaker #1: I'm pleased that we've navigated competitive motor and home markets with pricing discipline and strong retention, while also continuing to grow risks and customers in travel and pet.

Speaker #1: This combination helped increase customers holding two insurance or lending products by 8%, to 1.6 million. Customers holding more products means better data, improved risk selection, excellent retention, and is an efficient source of growth.

Speaker #1: Our overall purpose is to help customers. In 2026, this included support for customers affected by Middle East travel disruption, the launch of a new household proposition under the More Than brand, and continued leadership in telematics and electric vehicles.

Speaker #1: Customer outcomes are strong, with Admiral still number one on Trustpilot and achieving an NPS above 50. We continue to see a more predictable regulatory landscape, and we have no significant concerns.

Alistair Hargreaves: Customer outcomes are strong, with Admiral still number one on Trustpilot and achieving an NPS above 50. We continue to see a more predictable regulatory landscape, and we have no significant concerns. Let's turn to the motor market. The claims environment remains relatively benign. Frequency is broadly flat compared to 2025, and severity is in line with normal historic averages of mid-single digits. Our expectation is that these trends continue, although we're monitoring geopolitical and macroeconomic risks very carefully. Market pricing is now showing signs of turning. Market prices are up by low single digits since the end of 2025, making them broadly flat year-on-year. This is a positive change from the reductions we saw through H2 2024 and through 2025. EY's latest forecast is for a 2026 motor market combined ratio of 108%.

Speaker #1: Let's turn to the motor market. The claims environment remains relatively benign; frequency is broadly flat compared to '25, and severity is in line with normal historic averages of mid-single digits.

Speaker #1: Our expectation is that these trends continue, although we're monitoring geopolitical and macroeconomic risks very carefully. Market pricing is now showing signs of turning; market prices are up by low single digits since the end of '25, making them broadly flat year-on-year.

Speaker #1: This is a positive change from the reductions we saw through the second half of '24 and through '25. EY's latest forecast is for a 2026 motor market combined ratio of 108%.

Speaker #1: This shows that market prices need to increase further to protect market profitability, and that any loss of momentum in price increases will create additional pressure on the market combined ratio.

Alistair Hargreaves: This shows that market prices need to increase further to protect market profitability and that any loss of momentum in price increases will create additional pressure on market combined ratio. Turning to Admiral Motor. In H1, we made high single-digit rate increases earlier and larger than the market. Those increases will continue to earn through over H2 2026 and into 2027. This reflects our long-term approach of disciplined cycle management, which Milena outlined earlier. We respond to claims trends and market conditions, even if that means sacrificing growth in the short term, because it maximizes value and growth over the medium term. Despite increasing prices ahead of the market, the motor portfolio and our share of new business have been flat. That reflects strong retention, supported by pricing optimization, MultiCover and improvements to customer online journeys.

Speaker #1: Turning to Admiral Motor: In the first half, we made high single-digit rate increases, earlier and larger than the market. Those increases will continue to earn through over the second half of '26 and into '27.

Speaker #1: This reflects our long-term approach of disciplined cycle management, which Milena outlined earlier. We respond to claims trends and market conditions, even if that means sacrificing growth in the short term.

Speaker #1: Because it maximizes value and growth over the medium term. Despite increasing price at the head of the market, the motor portfolio and our share of new business have been flat.

Speaker #1: That reflects strong retention, supported by pricing optimization, multi, and improvements to customer online journeys. We're extending our advantage in market segments with growth potential, including telematics, where our share of new business market was up 17% year-on-year, and electric vehicles, or EV.

Alistair Hargreaves: We're extending our advantage in market segments with growth potential, including telematics, where our share of new business market was up 17% year-on-year, and electric vehicles or EV. Let's look more closely at EV, a segment which we lead by being highly competitive whilst delivering good loss ratios. In 2026, we continue to grow in EV through competitiveness with top on price comparison twice as often to EV as we are overall, and through strong proposition. That includes new initiatives such as the Zoom EV benefit that helps customers with charging costs at home and away. This growth is enabled by claims expertise in EV. We achieve high repairability with a dedicated team of in-house engineers, testing capabilities in our partnership repair networks and close relationships with OEMs. Overall, our outlook is unchanged.

Speaker #1: Let's look more closely at EV, a segment where we lead by being highly competitive while delivering good loss ratios. In 2026, we continue to grow in EV through competitiveness.

Speaker #1: We're top on price comparison twice as often for EV as we are overall, and through a strong proposition. That includes new initiatives such as the Zoom EV benefit, which helps customers with charging costs at home and away.

Speaker #1: This growth is enabled by claims expertise in EV. We achieve high repairability, with a dedicated team of in-house engineers testing capabilities in our partnership repair networks, and close relationships with OEMs.

Speaker #1: Overall, our outlook is unchanged. We'll stay disciplined, monitor macroeconomic trends, reserve prudently, and be ready to grow when the time is right. Let's move to Household, Travel, and Pet.

Alistair Hargreaves: We'll stay disciplined, monitor macroeconomic trends, reserve prudently, and be ready to grow when the time is right. Let's move to household, travel and pet. These businesses continue to grow profitably in competitive markets. Total risks across household, travel and pet reach four million, up 11% year-on-year, with profits up 12%. The household market has continued to soften, once again supported by benign weather. We note, similar to last year, the hot weather is leading to an increase in subsidence risk. Market pricing outlook remains uncertain, but it seems likely that a turn soon will need the trigger of a weather event. We continue to be disciplined with rate increases in H1. Strong retention supported continued growth of household risks. Looking forward, our new More Than proposition creates strong opportunities for growth in customer segments where Admiral has previously been less competitive.

Speaker #1: These businesses continue to grow profitably in competitive markets. Total risks across household, travel, and pet reach 4 million, up 11% year on year, with profits up 12%.

Speaker #1: The household market continues to soften, once again supported by benign weather. We note, similar to last year, the hot weather is leading to an increased subsidence risk.

Speaker #1: Market pricing outlook remains uncertain, but it seems likely that a turn soon will need the trigger of a weather event. We continue to be disciplined, with rate increases in the first half.

Speaker #1: Strong retention supported continued growth of household risks. Looking forward, our new more-than proposition creates strong opportunities for growth in customer segments where Admiral has previously been less competitive.

Speaker #1: Another excellent household combined ratio reflects our discipline and, like last year, a first half benefiting from benign weather—with just one exception: elevated subsidence risk.

Alistair Hargreaves: Another excellent household combined ratio reflects our discipline and like last year, our H1 benefiting from benign weather with just one exception, elevated subsidence risk. Travel achieved strong customer growth, 26% year-on-year, despite a shift in demand caused by Middle East disruption in H1. We supported around 2,000 customers through that uncertainty and went over and above at the onset by waiving policy exclusions, with an estimated claims impact of around three million. Travel loss ratios are performing well. Pet continued healthy customer growth, 17% year-on-year. After accelerated growth in 2024 and 2025, we continue to see the More Than acquisition perform well, and we are now balancing growth and margins in a more competitive market. In summary, UK Insurance has delivered a strong H1. In motor, we've taken pricing action early and remain well-positioned for a market turn.

Speaker #1: Travel achieved strong customer growth—26% year on year—despite a shift in demand caused by Middle East disruption in the first half. We supported around 2,000 customers through that uncertainty and went over and above at the onset by waiving politic exclusions.

Speaker #1: With an estimated claims impact of around £3 million, travel loss ratios are performing well. Pet continued healthy customer growth, 17% year on year. After accelerated growth in '24 and '25, we continued to see the more-than-acquisition perform well.

Speaker #1: And we're now balancing growth and margins in a more competitive market. So, in summary, UK insurance has delivered a strong first half. In motor, we've taken pricing action early and remain well positioned for a market turn.

Speaker #1: In household, travel, and pet, we continue to grow profitably, with discipline and attractive margins. We enter the second half of '26 confident in our ability to continue delivering sustainable, profitable growth over the medium term.

Alistair Hargreaves: In household, travel and pets, we continue to grow profitably with discipline and attractive margins. We enter the H2 of 2026 confident in our ability to continue delivering sustainable, profitable growth over the medium term. Now I'll hand over to Costi for Europe.

Speaker #1: Now, I'll hand over to Costy for Europe.

Speaker #2: Thank you all. Good morning, everyone.

Costantino Moretti: Thank you, all, and good morning, everyone. Before diving into the H1 results, I want to connect back to our message from the full year presentation a few months ago. The combined profitability across our European operations demonstrates our commitment to support the Group's broader diversification strategy. Our objective now is to build on this foundation to sustainably increase our scale and improve our earnings. In the H1, we have made good progress on all fronts. Profitable growth is our main focus, and I am pleased with the improvements in loss ratios across all markets and the increased scale of the intermediary distribution in Spain and Italy. European customer preferences are evolving fast. To drive growth, we are pairing operational efficiency with a faster time to market. We will continue to deliver high quality features quickly, keeping us directly in line with what our customers value.

Costi Moretti: Thank you, all, and good morning, everyone. Before diving into the H1 results, I want to connect back to our message from the full year presentation a few months ago. The combined profitability across our European operations demonstrates our commitment to support the Group's broader diversification strategy. Our objective now is to build on this foundation to sustainably increase our scale and improve our earnings. In the H1, we have made good progress on all fronts. Profitable growth is our main focus, and I am pleased with the improvements in loss ratios across all markets and the increased scale of the intermediary distribution in Spain and Italy. European customer preferences are evolving fast. To drive growth, we are pairing operational efficiency with a faster time to market. We will continue to deliver high quality features quickly, keeping us directly in line with what our customers value.

Speaker #1: Before diving into the H1 results, I want to connect back to our message from the full-year presentation a few months ago. The combined profitability across our European operations demonstrates our commitment to support the Group's broader diversification strategy.

Speaker #1: Our objective now is to build on this foundation to sustainably increase our scale and improve our earnings. In the first half of the year, we have made good progress on all fronts.

Speaker #1: Profitable growth is our main focus, and I'm pleased with the improvements in loss ratios across all markets and the increased scale of the intermediary distribution in Spain and Italy.

Speaker #1: European customer preferences are evolving fast. To drive growth, we are pairing operational efficiency with a faster time to market. We will continue to deliver high-quality features quickly, keeping us directly aligned with what our customers value.

Speaker #1: This is why we are delivering tangible synergies by integrating our tech and data platforms across Europe. Right now, more than 300 experts are actively building scalable assets, including a unified data platform, generative AI capabilities, and modernized pricing engines.

Costantino Moretti: This is why we are delivering tangible synergies by integrating our tech and data platforms across Europe. Right now, more than 300 experts are actively building scalable assets, including a unified data platform, generative AI capabilities and modernized pricing engines. We also reinforced our central pricing and AI team, accelerating machine learning and predictive AI deployment across risk selection and claims. These joint efforts reinforces our foundations and speeds up execution. We remain fully focused on expanding these synergies across all Europe. On reinsurance, we moved to a new MultiCover-year arrangements across Europe to improve capital efficiency and align our structure more closely with the UK reinsurance model. Overall, we maintain full confidence in our trajectory of continuous progress in profitable growth. Moving to our performance. Total risks grew by 5% to 2 million, while total turnover grew by 11%.

Costi Moretti: This is why we are delivering tangible synergies by integrating our tech and data platforms across Europe. Right now, more than 300 experts are actively building scalable assets, including a unified data platform, generative AI capabilities and modernized pricing engines. We also reinforced our central pricing and AI team, accelerating machine learning and predictive AI deployment across risk selection and claims. These joint efforts reinforces our foundations and speeds up execution. We remain fully focused on expanding these synergies across all Europe. On reinsurance, we moved to a new MultiCover-year arrangements across Europe to improve capital efficiency and align our structure more closely with the UK reinsurance model. Overall, we maintain full confidence in our trajectory of continuous progress in profitable growth. Moving to our performance. Total risks grew by 5% to 2 million, while total turnover grew by 11%.

Speaker #1: We also reinforced our central pricing and AI team, accelerating machine learning and predictive AI deployment across risk selection and claims. These joint efforts reinforce our foundations and speed up execution.

Speaker #1: And we remain fully focused on expanding these synergies across all of Europe. On our insurance, we have moved to new multi-year arrangements across Europe to improve capital efficiency and align our structure more closely with the UK reinsurance model.

Speaker #1: Overall, we maintain full confidence in our trajectory of continuous progress in profitable growth. Moving to our performance, total risks grew by 5% to 2 million, while total turnover grew by 11%.

Speaker #1: This spread between risk growth and turnover growth clearly demonstrates our disciplined underwriting, strict focus on profitability, and cautious market positioning. Looking at the individual markets, in France, L'Olivier continues to deliver strong performance, with solid double-digit risk growth in motor alongside continued growth in household.

Costantino Moretti: This spread between risk growth and turnover growth clearly demonstrates our discipline underwriting, strict focus on profitability, and cautious market positioning. Looking at the individual markets, in France, L'Olivier continues to deliver strong performance, with solid double-digit risk growth in motor, alongside continuous growth in household, supported by ongoing loss ratio improvements, reaffirming our ability to deliver solid double-digit margins. In Italy, ConTe.it portfolio remained largely stable in H1, supported by high customer retention and an increase in turnover as previous rate increases earned through. Italy is focused on recovering its technical equilibrium and stabilizing portfolio quality, positioning ConTe.it to resume stronger growth when market timing is optimal. In Spain, Admiral Seguros is delivering solid growth in both risks and turnover, driven by prior rating actions. Our direct business continues to trade at healthy margins, and I am pleased to see good progress in our broker proposition.

Costi Moretti: This spread between risk growth and turnover growth clearly demonstrates our discipline underwriting, strict focus on profitability, and cautious market positioning. Looking at the individual markets, in France, L'Olivier continues to deliver strong performance, with solid double-digit risk growth in motor, alongside continuous growth in household, supported by ongoing loss ratio improvements, reaffirming our ability to deliver solid double-digit margins. In Italy, ConTe.it portfolio remained largely stable in H1, supported by high customer retention and an increase in turnover as previous rate increases earned through. Italy is focused on recovering its technical equilibrium and stabilizing portfolio quality, positioning ConTe.it to resume stronger growth when market timing is optimal. In Spain, Admiral Seguros is delivering solid growth in both risks and turnover, driven by prior rating actions. Our direct business continues to trade at healthy margins, and I am pleased to see good progress in our broker proposition.

Speaker #1: Supported by ongoing loss ratio improvements, reaffirming our ability to deliver solid double-digit margins. In Italy, the Conte portfolio remained largely stable in H1, supported by high customer retention and an increase in turnover, as previous rate increases earned through.

Speaker #1: Italy is focused on recovering its technical equilibrium and stabilizing portfolio quality, positioning Conte to resume stronger growth when market timing is optimal. And in Spain, Almirante Seguros is delivering solid growth in both risks and turnover, driven by prior rating actions.

Speaker #1: Our direct business continues to trade at healthy margins, and I'm pleased to see good progress in our broker proposition. Across all markets, customer satisfaction remains very high, supported by seamless digital experiences.

Costantino Moretti: Across all markets, customer satisfaction remains very high, supported by seamless digital experiences. Turning to our profit performance on the lower half of the slide. Reported motor profit reached €21 million, benefiting from €15 million of one-off accounting impacts, as Rachel explained before. On an underlying basis, excluding these one-offs, profit increased to €6 million, up from EUR 1 million last year, while the combined ratio stands at 95%. It is worth noting that the underlying motor profit gross of insurance stands at €20 million, meaning Admiral is currently capturing just one-fourth of the total, and we expect our share to increase over time as their insurance arrangements mature and loss ratios continue to improve. This performance was driven primarily by a 4 percentage point loss ratio improvement across all market, backed by prudent reserving approach.

Costi Moretti: Across all markets, customer satisfaction remains very high, supported by seamless digital experiences. Turning to our profit performance on the lower half of the slide. Reported motor profit reached €21 million, benefiting from €15 million of one-off accounting impacts, as Rachel explained before. On an underlying basis, excluding these one-offs, profit increased to €6 million, up from EUR 1 million last year, while the combined ratio stands at 95%. It is worth noting that the underlying motor profit gross of insurance stands at €20 million, meaning Admiral is currently capturing just one-fourth of the total, and we expect our share to increase over time as their insurance arrangements mature and loss ratios continue to improve. This performance was driven primarily by a 4 percentage point loss ratio improvement across all market, backed by prudent reserving approach.

Speaker #1: Turning to our profit performance on the lower half of the slide: Reported motor profit reached €21 million, benefiting from €15 million of one-off accounting impacts, as Rachel explained before.

Speaker #1: On an underlying basis, excluding these one-offs, profit increased to €6 million, up from €1 million last year, while the combined ratio stands at 95%.

Speaker #1: It is worth noting that the underlying motor profit, gross of reinsurance, stands at €20 million, meaning Admiral is currently capturing just one-fourth of the total. We expect our share to increase over time as the reinsurance arrangements mature and loss ratios continue to improve.

Speaker #1: This performance was driven primarily by a 4 percentage point loss ratio improvement across all markets, backed by a prudent reserving approach. It’s the direct result of discipline, risk selection, strict pricing, and, as mentioned before, targeted investments in technology and talented people.

Costantino Moretti: It's the direct result of disciplined risk selection, strict pricing, and, as mentioned before, targeted investments in technology and talented people. Looking ahead, we will continue to navigate market conditions with discipline, prudence, and ambition. We have built strong foundations across our European businesses, and we're fully confident in our trajectory. Thank you. I now hand it over to Milena for the wrap-up.

Costi Moretti: It's the direct result of disciplined risk selection, strict pricing, and, as mentioned before, targeted investments in technology and talented people. Looking ahead, we will continue to navigate market conditions with discipline, prudence, and ambition. We have built strong foundations across our European businesses, and we're fully confident in our trajectory. Thank you. I now hand it over to Milena for the wrap-up.

Speaker #1: Looking ahead, we will continue to navigate market conditions with discipline, prudence, and ambition. We have built strong foundations across our European businesses, and we are fully confident in our trajectory.

Speaker #1: Thank you. I now hand it over to Milena for the wrap-up.

Speaker #3: Thank you, Costy. So stepping back, there is so much happening around us in the world—geopolitical pressure, competitive markets, technology breakthroughs, energy cost jumps, and other real challenges for people, like weather, travel disruption, and broader cost pressure.

Milena Mondini de Focatiis: Thank you, Costi. Stepping back, there is so much happening around us in the world. Geopolitical pressure, competitive market, technology breakthrough, energy cost jump, and other real challenge for people like weather, travel disruption, and broader cost pressure. We evolve, we adapt, and fundamentally, how we run the business and how we show up for our customers hasn't changed. We continue to deliver very strong underwriting results across the market independently from market conditions. We stay agile and disciplined in UK Motor while delivering profitable growth across other business. We have continued to anticipate market trends, and this puts us in a strong position to capture growth at the right moment. We've continued to deliver exceptional capital efficiency and attractive shareholder returns, now in the form of share buybacks too.

Milena de Focatiis: Thank you, Costi. Stepping back, there is so much happening around us in the world. Geopolitical pressure, competitive market, technology breakthrough, energy cost jump, and other real challenge for people like weather, travel disruption, and broader cost pressure. We evolve, we adapt, and fundamentally, how we run the business and how we show up for our customers hasn't changed. We continue to deliver very strong underwriting results across the market independently from market conditions. We stay agile and disciplined in UK Motor while delivering profitable growth across other business. We have continued to anticipate market trends, and this puts us in a strong position to capture growth at the right moment. We've continued to deliver exceptional capital efficiency and attractive shareholder returns, now in the form of share buybacks too.

Speaker #3: But we evolve, we adapt, and fundamentally, how we run the business and how we show up for our customers hasn't changed. We continue to deliver very strong underwriting results across the market, independently of market conditions.

Speaker #3: We stayed agile and disciplined in UK Motor, while delivering profitable growth across other businesses. We have continued to anticipate market trends, and this puts us in a strong position to capture growth at the right moment.

Speaker #3: We have continued to deliver exceptional capital efficiency and attractive shareholder returns, now in the form of share buybacks too. We have continued to do what we believe is right for our customers, and I'm proud of how we continue to help them where in need.

Milena Mondini de Focatiis: We've continued to do what we believe is right for our customers, and I'm proud on how we continue to help them when in need. We'll continue to innovate in predictive and generative AI, new mobility, and we're excited about the potential of the new technology as this plays to our strength in data and database decision-making and translates into stronger customer experience. Just as importantly, we continue investing in our people and our culture, so our competitive advantage keeps evolving as the world and our business do. To conclude, we remain confident in our ability to keep delivering strong, profitable growth across cycles, and confident that Admiral remains a differentiated, resilient business model for the future. Thank you very much, and we are now happy to take your questions. I think it was Will and Shear then.

Milena de Focatiis: We've continued to do what we believe is right for our customers, and I'm proud on how we continue to help them when in need. We'll continue to innovate in predictive and generative AI, new mobility, and we're excited about the potential of the new technology as this plays to our strength in data and database decision-making and translates into stronger customer experience. Just as importantly, we continue investing in our people and our culture, so our competitive advantage keeps evolving as the world and our business do. To conclude, we remain confident in our ability to keep delivering strong, profitable growth across cycles, and confident that Admiral remains a differentiated, resilient business model for the future. Thank you very much, and we are now happy to take your questions. I think it was Will and Shear then.

Speaker #3: When in need, we have continued to innovate in predictive and generative AI, new mobility, and we're excited about the potential of the new technology as this plays to our strength in data and database decision-making, and translates into stronger customer experience.

Speaker #3: Just as importantly, we continue investing in our people and our culture, so our competitive advantage keeps evolving as the world and our business do.

Speaker #3: So, to conclude, we remain confident in our ability to continue delivering strong, profitable growth across cycles, and confident that Admiral remains a differentiated, resilient business model for the future.

Speaker #3: Thank you very much, and we are now happy to take your questions. So, I think it was Will and here then. I think you need to hold the button and limit to two questions each, please, so we give a chance to everybody.

Milena Mondini de Focatiis: I think you need to hold the button and limit it to two question each, please, so we give chance to everybody.

Milena de Focatiis: I think you need to hold the button and limit it to two question each, please, so we give chance to everybody.

Speaker #4: Thanks very much. Will Hardcastle, UBS. Questions on UK motor: you've put through high single-digit rate increases in the first half, and the benefit gets reflected in that exit loss ratio—essentially 84% on discounted.

Will Hardcastle: Thanks very much. Will Hardcastle, UBS. Questions on UK Motor. You put through high single digit rate increases in H1, and the benefit gets reflected in that exit loss ratio, essentially 84% undiscounted. Is that a margin level that you are willing to maintain and therefore anything beyond if the industry ticks up, we should think about you growing harder? Is there still a bit of extra margin you would ideally like before putting the foot down on growth? What are the factors that give you, maybe confidence is the wrong word, but you flagged the combined ratio at the industry level, but are there other indicators that give you confidence that the market must kick on from here? Is there any sort of competitor backdrop stuff happening that is increasing your confidence on that? Thank you.

Speaker #4: Is that a margin level that you're willing to maintain, and therefore, anything beyond—if the industry ticks up, we should think about you growing harder—or is there still a bit of extra margin you'd ideally like before putting the foot down on growth?

Speaker #4: And then, what are the factors that give you—maybe confidence is the wrong word—but you flagged the combined ratio at the industry level. Are there other indicators that give you confidence that the market must kick on from here?

Speaker #4: Is there any sort of competitor backdrop, or anything happening that's increasing your confidence in that? Thank you.

Alistair Hargreaves: Al.

Alistair Hargreaves: Al. Great. On the first question in terms of the business that we have written in H1, yes, we put through high single digits in H1. As you mentioned, we are very happy with that first pick. We think we are in a good position

Speaker #3: Aldo.

Alistair Hargreaves: Great. On the first question in terms of the business that we have written in H1, yes, we put through high single digits in H1. As you mentioned, we are very happy with that first pick. We think we are in a good position

Speaker #2: Great. So, on the first question, in terms of the business that we've written in the first half, yes, we put through high single digits in the first half, as you mentioned. We're very happy with that first pick.

Speaker #2: We think we're in a good position. In terms of what happens going forward, as ever, that's going to depend on market conditions. We're going to look carefully at claims trends and at the market conditions in order to assess what's the best thing to do to maximize value and longer-term opportunities for growth.

Alistair Hargreaves: In terms of what happens going forward, as ever, that is going to depend on market conditions. We are going to look carefully at claims trends, and at the market conditions in order to look at what is the best thing to do to maximize value and longer term opportunities for growth. We will see how that plays through. In terms of the combined ratio, yes, we reference the EY 108, because it uses a lot of market data, and we think it is broadly sensible. I think the way that we think about it is if you look at prices, they have come down through H2 2024, through 2025. Through that period, we have seen ongoing claims inflation. Yes, it is moderated more recently, but it is still ongoing claims inflation. The conclusion that EY are coming to looks very logical in terms of the need to turn.

Speaker #2: So we'll see how that plays through. In terms of the combined ratio—yes, we referenced the EY 108 because it uses a lot of market data, and we think it's broadly sensible.

Speaker #2: I think the way that we think about it is, if you look at prices, they've come down through the second half of 2024 and through 2025, and during that period, we've seen ongoing claims inflation.

Speaker #2: Yes, it's moderated more recently, but it's still ongoing claims inflation. So, the conclusion that EY are coming to looks very logical in terms of the need to turn.

Speaker #2: In terms of the timing, well, different players have different strategies. There are still reserve releases on 24, so again, we'll be watching that carefully. We will continue to take our disciplined approach, knowing, as Milena outlined earlier, that in the past that's worked very well for us, and it means that we're in a good position to grow when the time is right.

Alistair Hargreaves: In terms of the timing, while different players have different strategies, there is still reserve releases on 2024. Again, we will be watching that carefully. We will continue to take our disciplined approach, knowing, as Milena outlined earlier, that in the past that has worked very well for us, and it means that we are in a good position to grow when the time is right.

Speaker #4: Hey, it's Daryl Grove from Jefferies. A couple of questions. So, the reinsurance harmonization in Europe—could you sort of spell out what the benefits are?

Daryl Gur: Daryl Gur from Jefferies. Couple of questions. The reinsurance harmonization in Europe, could you spell out what the benefits are? Is it on spend, capital, any kind of numbers that we could think about? More broadly, question to you, Rachel, being a new CFO, are there any other sort of operational or capital refinements, you call it, that you're looking at? Thank you.

Derald Goh: Derald Goh from Jefferies. Couple of questions. The reinsurance harmonization in Europe, could you spell out what the benefits are? Is it on spend, capital, any kind of numbers that we could think about? More broadly, question to you, Rachel, being a new CFO, are there any other sort of operational or capital refinements, you call it, that you're looking at? Thank you.

Speaker #4: Is it on spend capital—any kind of numbers that we could think about? And then, more broadly, a question to you, Rachael: Being a new CFO, are there any other sort of operational or capital "refinements," as you call it, that you're looking at?

Speaker #4: Thank you.

Speaker #3: Good. Costy, do you want to take the first, and Rachael?

Milena Mondini de Focatiis: Costi, do you want to take the first then Rachel?

Milena de Focatiis: Costi, do you want to take the first then Rachel?

Speaker #2: Yes, and then Rachael, if you want to build on mine. So, it's pretty simple, because we move contracts at the European level to take benefit of really larger scale.

Costantino Moretti: Yes, Rachel, if you want to build on my. It's pretty simple because we move contract at European level to take benefit of really larger scale, lower volatility, and better diversification. This has resulted in improved terms and better capital efficiency. Now, these contracts need time then to mature and to translate into improved earnings for Admiral, but we expect this to happen over time. Clearly, also supported by the continuous improvement in the underlying business performances.

Costi Moretti: Yes, Rachel, if you want to build on my. It's pretty simple because we move contract at European level to take benefit of really larger scale, lower volatility, and better diversification. This has resulted in improved terms and better capital efficiency. Now, these contracts need time then to mature and to translate into improved earnings for Admiral, but we expect this to happen over time. Clearly, also supported by the continuous improvement in the underlying business performances.

Speaker #2: Lower volatility and better diversification—this has resulted in improved terms and better capital efficiency. Now, these contracts need time to mature and to translate into improved earnings for Admiral, but we expect this to happen over time.

Speaker #2: Clearly, this is also supported by the continuous improvement in the underlying business performances.

Speaker #3: Great. Yeah, Rachael, the second? Yeah, I'm very pleased, obviously, to be in the new role. I've been in Admiral for many years. I've worked very closely with Milena, Geraint, and team.

Milena Mondini de Focatiis: Great. Yeah. Rachel, the second?

Milena de Focatiis: Great. Yeah. Rachel, the second?

Rachel Lewis: I'm very pleased, obviously, to be in the new role. I've been in Admiral for many years. I've worked very closely with Milena, Geraint and team. Very supportive of the strategy and so on. I wouldn't suggest any dramatic changes, just a real continuation. I'll come back and talk about whether there are any particular areas of opportunity that I'm keen to push forward on when the time is right.

Speaker #3: I'm very supportive of the strategy and so on, so I wouldn't suggest any dramatic changes—just a real continuation. I'll come back and talk about whether there are any particular areas of opportunity that I'm keen to push forward on, when the time is right.

Speaker #1: Great. We're going to hear and hear.

Milena Mondini de Focatiis: Great. We'll go here and here.

Milena de Focatiis: Great. We'll go here and here.

Ivan Bokhmat: Hi, it's Ivan Bokhmat from Barclays. My first question would be just a small follow-up on what Will was asking. As we think about July and August trends with the market, perhaps putting through a little bit of price, I was just wondering how is your tone changing, whether there's anything you can suggest on how the hardening is materializing or not. Second one, I think it's a bit of a broad base, but you mentioned the Wayve opportunity that was launched in H1. How do you think more broadly about the revenue opportunity from the autonomous vehicles that you're looking at? Maybe you can share something about the economic terms of how you cooperate. The third question, I think it's regarding to the partial internal model and the move towards 170.

Speaker #4: Hi, it's Ivan Bochmann from Barclays. My first question would be just a small follow-up on what Will was asking. As we think about July and August trends, with the market perhaps putting through a little bit of price, we're just wondering how's your time stop look changing?

Speaker #4: Is there anything you can suggest on how the hardening is materializing, or not? Second one, I think it's a bit of a broad base, but you mentioned the Wave opportunity that was launched in the first half.

Speaker #4: How do you think more broadly about the revenue opportunity from the autonomous vehicles that you're looking at? Maybe you can share something about the economic terms of how you cooperate.

Speaker #4: And the third question, I think it's regarding the partial internal model and the move towards 170. I mean, can you give a little bit more color about how this transition to the top end might work?

Ivan Bokhmat: Can you give a little bit more color about how this transition to the top end might work? Could that involve distribution over 100% of profits? Is there just acceleration of SCR growth organically or inorganically that you're considering? Maybe on the timing of when is the next kind of deadline for the regulator to respond on the capital model?

Speaker #4: Could that involve distribution over 100% of profits? Is it just acceleration of SCR growth, organically or inorganically, that you're considering? And maybe, on the timing, when is the next kind of deadline for the regulator to respond on the capital model?

Milena Mondini de Focatiis: Alistair, do you want to comment on recent?

Milena de Focatiis: Alistair, do you want to comment on recent?

Speaker #3: Al, do you want to comment on recent events?

Speaker #2: Yeah, so I don't think we go into detail on a month-by-month basis. I think I'd reiterate what we saw in the first half, which was, we've put in high single digits.

Alistair Hargreaves: Yeah.

Milena Mondini de Focatiis: If any.

Milena de Focatiis: If any.

Alistair Hargreaves: I don't think we go into detail on a month by month basis. I think I'd reiterate what we saw in H1, which was we've put in high single digits. We saw the market go low single digits. We think it needs to go further. In terms of how H2 plays out, we'll wait and see, but we're well positioned to respond either way.

Speaker #2: We saw the market go to low single digits, and we think it needs to go further. In terms of how the second half plays out, we'll wait and see.

Speaker #2: But we're well-positioned to respond either way.

Speaker #3: Thanks. On the second question about AV, I think AV is a great technology. We are very keen to keep learning and to stay very close to the key market maker.

Milena Mondini de Focatiis: Thanks. The second question on AV. I think AV is a great technology. We are very keen to keep learning to be very close to the key market maker. We collaborate with OEM, we collaborate with the AV specialists like Wayve that we've been ensuring since the launch in 2018. We think it's an interesting AV play to strengthen precise underwriting based on a lot of data from connected vehicles. It's really too early. We presented a bit of our view of the market and mentioned at year end that we don't expect this to be 4% in personal lines by 2035. It's really a handful of vehicles at the moment. I think all the economics will be seen in the next few years. Very early. Exciting space to watch out.

Milena de Focatiis: Thanks. The second question on AV. I think AV is a great technology. We are very keen to keep learning to be very close to the key market maker. We collaborate with OEM, we collaborate with the AV specialists like Wayve that we've been ensuring since the launch in 2018. We think it's an interesting AV play to strengthen precise underwriting based on a lot of data from connected vehicles. It's really too early. We presented a bit of our view of the market and mentioned at year end that we don't expect this to be 4% in personal lines by 2035. It's really a handful of vehicles at the moment. I think all the economics will be seen in the next few years. Very early. Exciting space to watch out.

Speaker #3: So we collaborate with OEMs, and we collaborate with AV specialists like Wave, whom we've been insuring since the launch in 2018. We think it's an interesting area that plays to our strengths, enabling more precise underwriting based on a lot of data from connected vehicles.

Speaker #3: But it's really too early. We presented a bit of our view of the market and mentioned at the year-end that we don't expect this to be 4% in personal lines by 2035.

Speaker #3: So it's really, really an end full of vehicles at the moment. And I think all the economics will be seen in the next few years.

Speaker #3: Very, very early. Exciting space to watch out for. Do you want?

Speaker #1: So, the model? Yeah. Obviously, we submitted the application in Q2, which is a nice milestone for us. The team has worked incredibly hard, and we continue to discuss with the regulator. Those conversations are progressing well.

Rachel Lewis: The model?

Milena Mondini de Focatiis: Yeah.

Milena de Focatiis: Yeah.

Rachel Lewis: Yeah. Obviously, submitted the application in Q2, which is a nice milestone for us. Team has worked incredibly hard, and we continue to discuss with the regulator. Those conversations are progressing well, but no comment on timing. We'll come back and let you know when we know more. Similar on the transition to the target solvency range and reconfirming things that we've said in the past, we'll come back and let you know at the right time what that will look like.

Speaker #1: But no comments on timing. We'll come back and let you know when we know more. Similarly, on the transition to the target solvency range, I'm reconfirming things that we've said in the past, and we'll come back and let you know at the right time what that will look like.

Speaker #1: Yeah?

Judas Tigary: Morning, everyone. Judas Tigary, Autonomous Research. Earlier this year, when you presented the full year results, you talked about flattish profits for 2026. I was wondering whether that guidance still stands, considering profits were down by double digits at the H1. That's my first question. Secondly, if I could come back on the partnership which you have with Wayve. Can you tell us exactly what are you actually insuring there? Because I suppose there's not much data in that field at the moment. So if you could just give us a sense of what the coverage involves, that'd be helpful. Thank you.

Youdish Chicooree: Morning, everyone. Judas Tigary, Autonomous Research. Earlier this year, when you presented the full year results, you talked about flattish profits for 2026. I was wondering whether that guidance still stands, considering profits were down by double digits at the H1. That's my first question. Secondly, if I could come back on the partnership which you have with Wayve. Can you tell us exactly what are you actually insuring there? Because I suppose there's not much data in that field at the moment. So if you could just give us a sense of what the coverage involves, that'd be helpful. Thank you.

Speaker #5: Morning, everyone. EU District Autonomous Research. Earlier this year, when you presented the four-year results, you talked about flattish profits for 2026. I was wondering whether that guidance still stands, considering profits were down by double digits at the half year.

Speaker #5: That's my first question. And then secondly, if I could come back on the partnership you have with Wave, can you tell us exactly what you are actually insuring there?

Speaker #5: Because I suppose there's not much data in that field at the moment. So, if you could just give us a sense of what the coverage involves, that'd be helpful.

Speaker #5: Thank you.

Speaker #3: Yeah. Just on the Wave, as I mentioned, at the moment it is what you may expect in terms of the motor element of it. So we're talking about the motor insurance element of it, not the product or anything related to that.

Milena Mondini de Focatiis: Yeah. Just on the Wayve, as I mentioned, at the moment is what you may expect in terms of the motor element of it. We're talking about the motor insurance element of it, not the product or anything related to that. Your whole question was on guidance. I think we said last year that, at year-end, we expect profit for 2026 to be broadly in line with 2025, we don't have much to add at this stage. Having a stronger H2 than H1, I think, is a natural reflection of where we are in this cycle. We're earning more premium of 2025 in this H1 that were on a lower base. We learn premium that are higher earned premium in the H2. That's a kind of a natural reflection of the cycle.

Milena de Focatiis: Yeah. Just on the Wayve, as I mentioned, at the moment is what you may expect in terms of the motor element of it. We're talking about the motor insurance element of it, not the product or anything related to that. Your whole question was on guidance. I think we said last year that, at year-end, we expect profit for 2026 to be broadly in line with 2025, we don't have much to add at this stage. Having a stronger H2 than H1, I think, is a natural reflection of where we are in this cycle. We're earning more premium of 2025 in this H1 that were on a lower base. We learn premium that are higher earned premium in the H2. That's a kind of a natural reflection of the cycle.

Speaker #3: Your whole question was on guidance. I think we said last year that, at year-end, we expect profit for 2026 to be broadly in line with 2025.

Speaker #3: We don't have much to add at this stage. Having a stronger second half than first half, I think, is a natural reflection of where we are in the cycle.

Speaker #3: Because we’re earning more premium for 2025 in this first half, that was on a lower base. We earn premiums that are higher in the second half.

Speaker #3: So that's a kind of natural reflection of the cycle. There is volatility to be considered, whether volatility in claims experience, of course. So we cannot be more precise than that at this stage, but nothing more to add.

Milena Mondini de Focatiis: There is volatility to be considered, weather volatility in claims experience, of course. We cannot be more precise on that at this stage, but nothing more to add. Sorry, no, I think we are there first, we go here.

Milena de Focatiis: There is volatility to be considered, weather volatility in claims experience, of course. We cannot be more precise on that at this stage, but nothing more to add. Sorry, no, I think we are there first, we go here.

Speaker #3: Sorry, no, I think we go there first, and then we go here.

Thomas Bateman: Hi. Good morning. Thomas Bateman from BNP Paribas. A similar question on the outlook, actually. I think at the full year, you gave guidance of a CAGR above 7.6%. I was just wondering, still happy with that guidance? Feels like there's been good results, but maybe just a clarification on that point. The second one is just, could you give us some more color on the five percentage points SCR headwind to the solvency ratio? Is that just growth or is there anything else going on in there?

Speaker #4: Hi, good morning. Thomas Bateman from BNP Paribas. A similar question on the outlook, actually. I think at the full year, you gave guidance of a CAGR above 7.6%.

Speaker #4: I was just wondering—still happy with that guidance. It feels like it’s been good results, but maybe just a clarification on that point. And then the second one is, could you give us some more color on the 5 percentage points SCR headwind to the solvency ratio?

Speaker #4: Is that just growth, or is there anything else going on in there?

Speaker #3: So maybe I'll take the first one. I think what we said at year-end is that in the last five years, we delivered a CAGR of 7.6%.

Milena Mondini de Focatiis: Maybe I'll take the first one. I think what we said at year-end is that in the last five years, we delivered a CAGR of 7.6%. We expect to have similar or stronger earnings in the next cycle. We also mentioned that it's going to be a bit of an hockey stick because this year, for the answer to the previous question, was expecting to be more flattish compared to the future, we don't have anything more to add. Feels comfortable. As I said, we did a strong progress on the strategic priorities in the different area of the business. We'll comment a bit more on that at the year-end.

Milena de Focatiis: Maybe I'll take the first one. I think what we said at year-end is that in the last five years, we delivered a CAGR of 7.6%. We expect to have similar or stronger earnings in the next cycle. We also mentioned that it's going to be a bit of an hockey stick because this year, for the answer to the previous question, was expecting to be more flattish compared to the future, we don't have anything more to add. Feels comfortable. As I said, we did a strong progress on the strategic priorities in the different area of the business. We'll comment a bit more on that at the year-end.

Speaker #3: We expect to have similar or stronger earnings in the next cycle. We also always mentioned that it's going to be a bit of a hockey stick because this year, for the answer to the previous questions, was expected to be more flattish compared to the future.

Speaker #3: And we don't have anything more to add. Feel comfortable. As I said, we made strong progress on the strategic priorities and the different areas of the business.

Speaker #3: We'll comment a bit more on that at year-end. Yes. Growth, primarily—particularly in businesses outside of UK motor—and have more money. Yes.

Rachel Lewis: On the SCR movement, yes. Growth primarily, particularly in businesses outside of UK Motor and Admiral Money.

Milena Mondini de Focatiis: Yes.

Milena de Focatiis: Yes.

Speaker #4: Thanks very much. Ben Koner at RBC here. I had two questions, please. The first was on the point that Rachel made about the benefit from reducing the percentile of reserving.

Ben Kona: Thanks very much. Ben Kona at RBC here. I had two questions, please. The first was on the point that Rachel made about the benefit from reducing the percentile of reserving. I think that calculates to be about GBP 125 million in H1, which was 1 point. I guess if you go then to sort of 90 points, does that suggest that there's sort of GBP 375 million of profit to take through? Could you give us some sense in terms of the timeline in doing that? The second question was, I think you also said that you've yet to recognize profit commission on the 2025 underwriting year. Now, given that that was a reasonably good year, maybe not as good as 2024, could you give us some indication in terms of the quantum of profit that you might receive there? Thank you.

Ben Cohen: Thanks very much. Ben Cohen at RBC here. I had two questions, please. The first was on the point that Rachel made about the benefit from reducing the percentile of reserving. I think that calculates to be about GBP 125 million in H1, which was 1 point. I guess if you go then to sort of 90 points, does that suggest that there's sort of GBP 375 million of profit to take through? Could you give us some sense in terms of the timeline in doing that? The second question was, I think you also said that you've yet to recognize profit commission on the 2025 underwriting year. Now, given that that was a reasonably good year, maybe not as good as 2024, could you give us some indication in terms of the quantum of profit that you might receive there? Thank you.

Speaker #4: I think that calculates to be about £125 million from in the first half, which was one point. So I guess if you go then to sort of 90 points, does that suggest that there's sort of £375 million of profit to kind of take through?

Speaker #4: And could you give us some sense in terms of the timeline for doing that? And the second question was, I think you also said that you've yet to recognize profit commission on the 2025 underwriting year.

Speaker #4: Now, given that that was a reasonably good year—maybe not as good as '24—could you give us some indication, in terms of the quantum of profit, that you might receive there?

Speaker #4: Thank you.

Speaker #1: Okay. On the risk adjustment, actually, we talked about a £50 million increase period-on-period for the prior year developments. The risk adjustment reduction in percentile contributed around half of that £50 million increase.

Rachel Lewis: Okay. On the risk adjustment, actually, talked about a GBP 50 million increase period-on-period for the prior year developments. Risk adjustment reduction in percentile contributed around half of that GBP 50 million increase. Actually smaller numbers than the 1 you speak to. We've said that we'll continue to move to the middle of that risk adjustment corridor subject to experience. We show some sensitivities in the pack.

Speaker #1: So actually, smaller numbers than the one you speak to. We've said that we'll continue to move to the middle of that risk adjustment corridor, subject to experience.

Speaker #1: We show some sensitivities in the pack. The movements aren’t linear, but hopefully all the information is there on that one. The second question was profit commission on 2025.

Rachel Lewis: Yeah.

Rachel Lewis: Yeah. The movements aren't linear, hopefully all the information is there on that 1. The second question was profit commission on 2025. Yes, we expect to earn profit commission on 2025. It's not there yet. The combined ratio needs to develop further. Just on the quantum wise, I think in line with expectations. Thank you.

Rachel Lewis: The movements aren't linear, hopefully all the information is there on that 1. The second question was profit commission on 2025. Yes, we expect to earn profit commission on 2025. It's not there yet. The combined ratio needs to develop further. Just on the quantum wise, I think in line with expectations. Thank you.

Speaker #1: Yeah, we expect to earn profit commission in 2025. It's not there yet. The combined ratio needs to develop further. Just on the quantum-wise, I think it's in line with expectations.

Speaker #1: Thank you.

Speaker #5: Sorry, I think we are here, and then here.

Milena Mondini de Focatiis: Sorry. I think we are here here. They're asking CDI, I think, on the appendix, by the way.

Milena de Focatiis: Sorry. I think we are here here. They're asking CDI, I think, on the appendix, by the way.

Speaker #3: There are sensitivities, I think, on the appendix, by the way—on.

Judas Tigary: Yeah.

Youdish Chicooree: Yeah.

Vash Gosalia: Hi. This is Vash Gosalia from Goldman Sachs. I have a couple of questions. One, just looking at you talk about share of telematics new business up 17% year over year. Could you give us a sense of the starting point, as in what was your share to begin with? Because 17% obviously sounds really good, but want to get a better sense of that. Second, on the profit commissions, a different year. I think somewhere in your release you talk about underwriting year 2021, 2022 becoming better and probably something might come out of that in the future years. Again, could you give us a sense of what kind of numbers are we looking at? Third, probably just a clarification. You mentioned the SCR growth coming from UK Motor Admiral Money.

Speaker #4: Hi, this is Vashka Saleh from Goldman Sachs. I have a couple of questions. One, just looking at you talk about share of telematics new business, up 17% year over year.

Speaker #4: Could you give us a sense of the starting point—as in, what was your share to begin with? Because 17% obviously sounds really good, but I want to get a better sense of that.

Speaker #4: Second, on the profit commissions—but for a different year—I think somewhere in your release you talk about underwriting years 2021 and 2022 becoming better.

Speaker #4: And probably something might come out of that in the future years. But again, could you give us a sense of what kind of numbers we are looking at?

Vash Gosalia: Again, could you give us a sense of what kind of numbers are we looking at? Third, probably just a clarification. You mentioned the SCR growth coming from UK Motor Admiral Money. If I heard that correctly, though, I just want to clarify if your number of policies or number of cars underwritten in H1 2026 is lower HOH, and your pricing is better, which means your margin's better. Why would you have a higher SCR charge for UK Motor? Thank you.

Speaker #4: And third, probably just a clarification—so, you mentioned the SCR growth coming from UK motor Admiral money. If I heard that correctly, though, I just want to clarify: is your number of policies or number of cars underwritten in 1H '26 lower half-on-half?

Vash Gosalia: If I heard that correctly, though, I just want to clarify if your number of policies or number of cars underwritten in H1 2026 is lower HOH, and your pricing is better, which means your margin's better. Why would you have a higher SCR charge for UK Motor? Thank you.

Speaker #4: And your pricing is better, which means your margin is better. Why would you have a higher SCR charge for UK motor? Thank you.

Speaker #3: Happy. Do you want to take on the EV, and then we’ll go to Rachel on the solvency?

Milena Mondini de Focatiis: Happy. Do you want to take on the EV, then we go to Rachel on the solvency?

Milena de Focatiis: Happy. Do you want to take on the EV, then we go to Rachel on the solvency?

Speaker #2: So, in terms of telematics, telematics is something that we've been leading in for some time. It's always been particularly important for the younger driver segment, where we've been very competitive.

Alistair Hargreaves: In terms of telematics is something that we've been leading in for some time. It's always been particularly important for the younger driver segment that we've been very competitive in. We've seen that share grow, as I mentioned, which we're pleased with because I think motor affordability has been a key topic. For younger drivers, it's a really strong proposition. Also, we believe that the learnings that we get from telematics and all the data that we've collected over the years and keeping that strong is very valuable when we're looking forward to connected cars and how that might play out in the future.

Speaker #2: We've seen that share grow, as I mentioned, which we're pleased with, because I think motor affordability has been a key topic. And so, for younger drivers, it's a really strong proposition.

Speaker #2: And also, we believe that the learnings that we get from telematics, and all the data that we've collected over the years and keeping that strong, is very valuable when we're looking forward to connected cars and how that might play out in the future.

Speaker #1: Okay. And on profit commission—I think that was the first question—yeah, we haven't recognized anything on '21, '22, or '23. Those years are all developing favorably and nicely.

Milena Mondini de Focatiis: Okay. On profit commission, I think was the first question. Yeah, we haven't recognized anything on 2021, 2022, 2023. Those years are all developing favorably and nicely. 2022 at the moment is the one year that's not below 100% on the combined ratio basis. To a certain extent, that will slightly hold back profit commission on 2023 as a result. The quantums will relate to the extent of the favorable development on those years, really. Can I just clarify the SCR question? I spoke about growth generally.

Rachel Lewis: Okay. On profit commission, I think was the first question. Yeah, we haven't recognized anything on 2021, 2022, 2023. Those years are all developing favorably and nicely. 2022 at the moment is the one year that's not below 100% on the combined ratio basis. To a certain extent, that will slightly hold back profit commission on 2023 as a result. The quantums will relate to the extent of the favorable development on those years, really. Can I just clarify the SCR question? I spoke about growth generally.

Speaker #1: 2022, at the moment, is the one year that's not below 100% on the combined ratio basis. And to a certain extent, that will slightly hold back profit commission on '23 as a result.

Speaker #1: The quantums will relate to the extent of the favorable development in those years, really. And then, can I just clarify the SCR question? I spoke about growth generally.

Speaker #4: Yes. So, I think in one of the previous questions, you answered that the SCR growth seen in Q1 '26 was driven by UK Motor.

Vash Gosalia: Yep. I think in one of the previous questions you answered that the SCR growth seen in H1 2026-

Milena Mondini de Focatiis: Yeah

Rachel Lewis: Yeah

Milena Mondini de Focatiis: was driven by UK Motor. I was just curious to understand if the number of policies you've written is lower, half over half, and your margins are better, why would you have a higher SCR charge for UK Motor?

Vash Gosalia: Was driven by UK Motor. I was just curious to understand if the number of policies you've written is lower, half over half, and your margins are better, why would you have a higher SCR charge for UK Motor?

Speaker #4: But I was just curious to understand, if the number of policies you've written is lower half over half, and your margins are better, why would you have a higher SCR charge for UK motor?

Speaker #1: I think, as a reference, actually, it's the businesses outside of UK Motor that are driving the growth. Sorry if that wasn't clear.

Rachel Lewis: I think I referenced actually the businesses outside of UK Motor for the growth. Sorry. Sorry if that wasn't clear.

Rachel Lewis: I think I referenced actually the businesses outside of UK Motor for the growth. Sorry. Sorry if that wasn't clear. Good. Yep, we're here. Provide the mic. Always.

Speaker #3: Good. And yep, we're here. I think I'll provide the—I'll make—no worries. Hello? Hi, yeah. Sorry, it's Shanti from Bank of America. So, on the capital management framework slide, you increased, I guess, the importance of M&A in the story.

Rachel Lewis: Good.

Rachel Lewis: Yep, we're here. Provide the mic. Always.

[Analyst] (Bank of America): Hello?

Shanti Kang: Hello?

Milena Mondini de Focatiis: Yes.

Milena de Focatiis: Yes.

Milena Mondini de Focatiis: Hi, yeah. Sorry, it's Shanti from Bank of America. On the capital management framework slide, you increased, I guess, the importance of M&A in the story for Admiral. In the past, seems like that relationship's been driven with Admiral Pioneer, and it's been a kind of step relationship with any businesses you've moved to acquire. Is there anything that you're sort of interested in looking at at the moment? Any jurisdictions or particular products, for example? Where are you going with that just directionally? Thank you.

Shanti Kang: Hi, yeah. Sorry, it's Shanti from Bank of America. On the capital management framework slide, you increased, I guess, the importance of M&A in the story for Admiral. In the past, seems like that relationship's been driven with Admiral Pioneer, and it's been a kind of step relationship with any businesses you've moved to acquire. Is there anything that you're sort of interested in looking at at the moment? Any jurisdictions or particular products, for example? Where are you going with that just directionally? Thank you.

Speaker #3: For Admiral, in the past, it seems like that relationship's been driven with Admiral Pioneer, and it's been a kind of step relationship with any businesses you've moved to acquire.

Speaker #3: Is there anything that you're sort of interested in looking at at the moment? Any jurisdictions or particular products, for example? Where are you going with that, just directionally?

Speaker #3: Thanks.

Speaker #1: Yeah, so I would say the intent—

Milena Mondini de Focatiis: I would say the intent of the slide is really to reflect in a more clear way what has been our philosophy. For that point of view, I would say the only difference versus the past is the share buyback consideration versus special dividends. As you know, our story is mainly an organic growth story, and our plan are based on organic growth. We've been more active recently. We did the RSA acquisition. We acquired Flock and completed integration proceeding well. We remain interested in exploring option, but needs to fit our strategy ambition, and we've been quite explicit on the strategy ambition and continue to diversify the business and expanding in Europe, in other personal lines in the UK, as well as have very strong financial hurdles. We're not seeing really anything at this point.

Milena de Focatiis: I would say the intent of the slide is really to reflect in a more clear way what has been our philosophy. For that point of view, I would say the only difference versus the past is the share buyback consideration versus special dividends. As you know, our story is mainly an organic growth story, and our plan are based on organic growth. We've been more active recently.

Speaker #3: The purpose of the slide is really to reflect, in a more clear way, what has been our philosophy. So, from that point of view, I would say the only difference versus the past is the share buyback consideration versus special dividends.

Speaker #3: And as you know, our story is mainly an organic growth story. Our plans are based on organic growth, but we've been more active recently.

Speaker #3: We did the RSA acquisition. We acquired Flock and completed integration, which is proceeding well. So we remain interested in exploring options, but it needs to fit our strategic ambition.

Milena de Focatiis: We did the RSA acquisition. We acquired Flock and completed integration proceeding well. We remain interested in exploring option, but needs to fit our strategy ambition, and we've been quite explicit on the strategy ambition and continue to diversify the business and expanding in Europe, in other personal lines in the UK, as well as have very strong financial hurdles. We're not seeing really anything at this point. We'll continue to focus on organic growth, but explore if there's anything that can add on our strategy. Yep.

Speaker #3: And we've been quite explicit on the strategy, ambition, and continuing to diversify the business and expanding in Europe and other personal lines in the UK.

Speaker #3: As well as, I have very strong financial hurdles. So we're not seeing really anything at this point. We'll continue to focus on organic growth, but explore if there is anything that can add on to our strategy.

Milena Mondini de Focatiis: We'll continue to focus on organic growth, but explore if there's anything that can add on our strategy. Yep.

Speaker #1: Yep.

Ivan Bokhmat: Thank you. It's Ivan from Barclays again. A couple more follow-ups if I can. Maybe one question about the UK household market. I think you mentioned that prices need to go up there as well. Can you maybe talk about what your combined ratio this year looked like, excluding weather benefits, and how do you expect it to develop? One more question, just about the loans. You haven't had any sales in this six months. How does the pipeline looking for any further securitizations? Thank you.

Speaker #4: Thank you. It's Ivan from Barclays again. A couple more follow-ups, if I can. Maybe one question about the UK household market. I think you mentioned that prices need to go up there as well.

Speaker #4: Can you maybe talk about what your combined ratio this year looked like, excluding weather benefits, and how you expect it to develop? And one more question, just about the loans.

Speaker #4: You haven't had any sales in this six months. How is the pipeline looking for any further securitizations? Thank you.

Speaker #2: Yeah. In terms of the UK household market, as I mentioned, we've seen continued, sort of modest, reductions in terms of household. So not in the same position as motor.

Alistair Hargreaves: Yeah. In terms of the UK household market, as I mentioned, we've seen continued sort of modest reductions in terms of household, so not in the same position as motor. We've increased prices in H1. We still have grown due to strong retention. We've still got the lever of MultiCover, and as I mentioned, the new More Than proposition gives us a new opportunity for growth in some of those new customer segments. We're not anticipating the market is necessarily going to turn in the home market, but we've still got levers for continued growth.

Speaker #2: We've increased prices in the first half, but we've still grown due to strong retention. We've still got the lever of Multi, and as I mentioned, the new More Than proposition gives us a new opportunity for growth in some of those new customer segments.

Speaker #2: So, we're not anticipating that the market is necessarily going to turn in the home market, but we've still got levers for continued growth.

Speaker #3: Do you want to take loans, or...?

Milena Mondini de Focatiis: Do you want to take it on?

Milena de Focatiis: Do you want to take it on?

Speaker #1: So on the loans, we have done some more sales in the first half of this year—back book and a forward flow arrangement. It's just that the initial back book sale in the first half of '25 had a larger contribution to profit than this time around.

Rachel Lewis: On the loans, we have done some more sales in H1 of this year, a back book and a forward flow arrangement. It's just that the initial back book sale in H1 of 2025 had a larger contribution to profit than this time around. We expect that use of third party capital to continue to be a feature.

Speaker #1: And we expect that use of third-party capital to continue to be a feature.

Milena Mondini de Focatiis: Great. Please.

Milena de Focatiis: Great. Please.

Speaker #3: Great. Please.

Diane Michelberger: No questions online.

Speaker #5: No questions on that.

Milena Mondini de Focatiis: Okay.

Milena de Focatiis: Okay.

Speaker #3: Okay.

Thomas Bateman: Thomas Bateman from BNP Paribas again. Just a question on the regulatory landscape. It feels for the first time in a long time, it's much more stable. I saw your presentation to the select committee. It felt, I'd say, more comfortable than maybe previous ones. Do you think that that reading is fair, or is there anything else that you'd highlight on the regulatory landscape that's coming up that we should be aware of?

Speaker #4: Thomas Bateman from BNP Paribas. Again, just a question on the regulatory landscape. It feels, for the first time in a long time, that it’s much more stable.

Speaker #4: I saw your presentation to the Select Committee, and it felt, I'd say, more comfortable than maybe previous ones. Do you think that reading is fair, or is there anything else that you'd highlight on the regulatory landscape that's coming up that we should be aware of?

Speaker #3: Do you want to take this one?

Milena Mondini de Focatiis: You want to take this one?

Milena de Focatiis: You want to take this one?

Alistair Hargreaves: Yeah. I think that's fair. I think the regulator has made clear that Consumer Duty is the main focus, the desire to be predictable. Consumer Duty, good customer outcomes, is very in line with our philosophy of looking after our customers. At the moment, I'd say yes, I think it feels in a good position relative to some of the things that we were talking about in terms of the uncertainty a couple of years ago.

Speaker #2: Yeah, I think that's fair. I think the regulator has made clear that Consumer Duty is the main focus, the desire to be predictable. Consumer Duty and good customer outcomes are very in line with our philosophy of looking after our customers.

Speaker #2: And so, at the moment, I’d say yes. I think it feels in a good position relative to some of the things that we were talking about in terms of the uncertainty a couple of years ago.

Milena Mondini de Focatiis: I just add maybe we welcome the focus on growth that has been recently carried on, both from the regulator and the government, and stability, and that there is an intention to continue to support growth and stability over time. That is positive for the sector as a whole.

Milena de Focatiis: I just add maybe we welcome the focus on growth that has been recently carried on, both from the regulator and the government, and stability, and that there is an intention to continue to support growth and stability over time. That is positive for the sector as a whole.

Speaker #3: I just had—maybe we welcome the focus on growth that has been recently carried on, both from the regulator and the government, and stability, and that there is an intention to continue to support growth and stability over time.

Speaker #3: That is positive for the sector as well.

Alistair Hargreaves: Yeah.

Speaker #4: Yeah.

Milena Mondini de Focatiis: Good. No further questions. Thank you very much for your time. We'll be around in case you have other questions. Thank you.

Milena de Focatiis: Good. No further questions. Thank you very much for your time. We'll be around in case you have other questions. Thank you.

Speaker #3: Good. There are no further questions. And thank you very much for your time. We'll be around in case you have other questions. Thank you.