Annual Report and Accounts 2023

2023 Financial and

Strategic Highlights

Financial Highlights

Contents

Company Overview

6 About us

1. Our Business Model

1. - What we do
2. - The drivers of our success
3. - Creating value for our stakeholders
4. 2023 Awards

Strategic Report

15 Chair's statement

1. Chief Executive Officer's statement

1. Our Strategy

1. Q&A with Milena, Geraint, Cristina and Costantino

1. Key Performance Indicators
2. Group Chief Financial Officer's review

1. 2023 Group overview

1. UK Insurance review

1. International Insurance review

1. Admiral Money review

1. Other Group Items
2. Group Capital Structure and Financial Position

1. Sustainability

1. Streamlined Energy and Carbon Reporting (SECR)

1. Task Force on Climate-related Financial Disclosures (TCFD)

1. Section 172 Statement

1. Non-Financialand Sustainability Information Statement

1. Principal Risks and Uncertainties

1. Viability Statement

Corporate Governance

1

Company Overview

30 years ago in Cardiff, Wales, Admiral was born. We started as a small motor insurance Company, but have grown to become an established multinational and multi-product insurer, putting our customers first, doing business in five countries and proud to be Wales' only FTSE 100 Company.

We are always striving to be 'better together', as

outlined in our purpose statement - and it's our unique culture and dedicated colleagues that help us achieve this. Thank you to every single person who, over the last

30 years, has contributed to our purpose to help more

people to look after their future.

Sustainability Highlights

Gender split across the Group4

(2022: 50% female, 50% male)

FemaleMale

50%49%

Emissions5 (tonnes CO2 per employee)

0.15 tonnes

Net Promoter Score (NPS)

Group average across our operations6

>45

(2022: >50)

Financial Statements

Celebrating

30 YEARS

of Admiral

1. Alternative performance measures, see page 316.
2. Group profit before tax, Earnings per share, Insurance revenue and Retuon equity for 2022 are restated for IFRS 17.
3. 2021 and 2022 Customer numbers restated - refer to the end of the report for definition and explanation.
4. 1% includes non-binary and other genders, and colleagues who'd prefer not to say.
5. Scope 1 and 2 market based emissions per employee per SECR on page 71.
6. Relational NPS, methodology updated in 2022. We've seen a decrease in the NPS mainly due to increased prices, which are a reflection of current market conditions.

Additional Information

316 Glossary

People who like what they do,

do it better.

2 Company Overview

Starting SOMETHING BETTER

David

Stevens

Happy colleagues = happy customers

Supporting

OUR PEOPLE

#1

Best Big Company to

Work for in the UK

ALWAYS STRIVING

FOR BETTER,

TOGETHER.

The secret to our success is our people and our culture.

We recognise that "people who like what they do, do it better" and it's because we care, that we get exceptional results.

From 57 to over 13,000 people worldwide, we have always done things the Admiral way.

  Read more on page 62

3

Company Overview

4 Company Overview

Hello,welcome toAdmiral

Caring ABOUT OUR CUSTOMERS

Today we serve over 9,700,000 customers with products that reflect their extensive and changing needs. We aim to be there for them when they need us most.

  Read more on page 90

5

Focusing

ON THE FUTURE

After 30 years of innovation, we continue

to focus on technology and agility; diversifying

our businesses; and progressing with the

evolution of motor. Through all this change our culture and customer focus remain at our core.

Read more on page 22

6 Company Overview

About us

Admiral Group plc is an established financial services provider offering Motor, Household, Travel and Pet insurance, as well as personal lending products. We are trading in five countries, namely the UK, France, Italy, Spain and the US.

UK Insurance

Our Business Segments

7

Company Overview

International Insurance (US)

UK Loans

UK Household Insurance

Admiral has growing Household, Travel and Pet insurance businesses.

Brands

Customers:

1.8 million

(2022: 1.6 million)

Turnover7:

£339 million

(2022: £255 million)

Gross insurance revenue:

£293 million

International Insurance (EUR)

International Insurance8

Admiral has Motor insurance businesses in Italy, France, Spain, and the US, a Household insurance business in France and a Pet business in Italy.

Brands

Customers:

2.2 million

(2022: 2.1 million)

Turnover7:

£895 million

(2022: £795 million)

Insurance revenue:

£843 million

(2022: £750 million)

Loans

Admiral offers unsecured personal loans and car finance products.

Brands

1. Alternative Performance Measures - refer to the end of the report for definition and explanation.
2. International Insurance numbers include Motor, Home and Pet.

Customers:

152,000

(2022: 143,000)

Total revenue:

£67million

(2022: £45 million)

Gross balances:

£1billion

(2022: £0.9 billion)

8 Company Overview

Our Business Model

VALUE FOR ALL OF

OUR STAKEHOLDERS

Everything starts with our purpose:

Help more people to look after their future.

Always striving for better, together.

9

Company Overview

Our drivers of success help achieve our purpose.

Excellent customer service

• Simple and clear communication
• Responsible sales and transparent claims processes
• Satisfied customers

Unique

Company culture

People

What we do

Our customers

We provide a broad range of insurance and lending products to meet our customers' specific needs, enabling more people to look after their future.

Our customers pay us an agreed premium to insure themselves against a specific risk. We efficiently pool these risks and manage our capital with discipline to protect our customers when they need us. We generate further income from investing premiums, selling ancillary add-ons and unsecured personal lending products, and from fees generated over the lifetime of a policy. The difference between our revenues and our paid and expected claims and operating costs drives our profitability. The majority of our profits are paid out in dividends, with a proportion held back to continue investing in our capabilities and business opportunities, and to support growth.

• Communication
• Equality
• Recognition and reward
• Fun

Operational excellence

• Good value financial products
• Risk selection and data analytics
• Efficient claims management
• Financial discipline

Efficient capital employment

• Good risk management
• Strong shareholder returns

Track record of long-term profitable growth

• Prudent reserving philosophy
• Test-and-learnapproach
• Responsible and sustainable operations

Accelerating towards

Admiral 2.0

Partners &

Suppliers

Shareholders

Diversification

Communities

Environment

Evolution of Motor

Managing claims

We engage closely with our customers throughout the claims process, ensuring they are supported and receive a fair outcome in a timely manner.

Partners/suppliers

  These include our partners in reinsurance, IT hosting, distribution and claims management, and finance. Read more about how we are working with partners and suppliers on page 95

Our people

People are at the heart of our business. We have always focused on providing a supportive environment that allows people to develop and grow. Our unique culture drives openness, equality and employees who care about their work.

Managing risk

We underwrite carefully selected risks and share a proportion of that risk with reinsurers and co-insurers, earning profit commission where the business generates overall profits.

Co-insurers/re-insurers

  Read more about what we do on page 10

10 Company Overview

Our Business Model

continued

11

What we do

Insurance underwriting and other products

Our primary business is to sell car, van, home, travel, and pet insurance.

Optimising capital structure through reinsurance

A key feature of our business model and success is the extensive use of

Competing

IN THE

The drivers of our success

Our drivers of success help us achieve our purpose, maximise the value we create for our stakeholders, and stand out as a go-to insurance provider.

2023 highlights

Excellent customer service

Company Overview

The majority of our customers buy our products through the price comparison channel, with a smaller proportion buying either directly or through brokers and agents. We generate further income from the sale of ancillary add-ons and from fees generated over the lifetime of a policy.

The UK is our core market and we have an estimated 19% share of the private car insurance market (2022: 17%) and

a 8% share of the private home insurance market9 (2022: 7%). We leverage the capabilities and resources from our established UK business to grow our international businesses.

Outside of our core underwriting activities, we sell a range of unsecured personal loans and car finance products in the UK through Admiral Money.

We also invest in new ventures through Admiral Pioneer, which is designed to test new products and identify future sources of earnings.

reinsurance and co-insurance partnerships. These include proportional and non- proportional risk-sharing agreements, where insurers outside of the Group underwrite the majority of the risk generated. These arrangements include profit commission terms which allow

us to retain a significant portion of the profit generated.

Investing premiums

We also generate income by investing the premiums we collect. Our investment strategy is focused on capital preservation and low volatility of returns relative

to liabilities. We have an asset liability matching strategy to manage interest rate and currency risk. We hold a prudent level of liquidity and the investment portfolio has a high-quality credit profile.

ADMIRAL

GAMES

In 2023, colleagues from around the Group had a great time taking part in the first Admiral Games. Every business put a team together and came to Cardiff with high spirits and an aspiration to win, competing in sports ranging from athletics, swimming, football and a pentathlon!

Admiral Pioneer was crowned the 2023 champion, with UK Business Support coming second and Admiral Seguros third.

Emma Huntington, Admiral Pioneer CEO: "I am so proud of our team and how well we competed during the Admiral Games. We had an amazing team that supported each other through the whole two days. It was a defining two days for me at Admiral."

Andrea Ferri, ConTe: "You find yourself spending four days on a university campus in Wales, with 160 athletes and colleagues from different parts of the world, competing in ten sports, carrying the Italian and ConTe flag: this is Admiral!"

Excellent customer service

Our focus on providing good customer service remains as crucial today as it was in 1993.

We aim to create insurance products that are easily understood and accessible through simple and clear communication. Our sales teams provide all relevant information, including limitations, so our customers can make informed decisions and choose the right products for

their needs.

To ensure responsible sales and transparent claims processes, we actively review our practices against internal policies and regulatory requirements.

We provide clear guidance and focus on delivering good outcomes to our customers in a timely manner. Customers can reach us via multiple channels and we have controls in place to identify and appropriately support vulnerable customers.

We regularly measure customer satisfaction across key benchmarks, such as the Net Promoter Score® (NPS), to stay close to customers' views and understand areas where our service needs improvement, as well as where we are doing well.

Unique Company culture

A great culture goes a long way towards buildinglong-termcommercial success. Our four pillars of culture are the foundation for why we enjoy coming to work every day and why Admiral is celebrated as a Great Place To Work®.

We encourage open and transparent communication at all levels.

Our management operate an open-door policy, and our Group CEO engages with colleagues through the 'Ask Milena' initiative.

Our share ownership scheme plays an important role in how we recognise and reward our colleagues. When people own a part of their Company, they share in its success.

Since day one we've said, 'if people like what they do, they do it better'. Our 'ministry of fun' organises events so that colleagues can spend time together, have fun and connect.

Operational excellence

We take great pride in providing good value financial products and services that meet customer needs.

Our focus on risk selection and data analytics shapes ourdecision-makingand is built upon extensive claims experience, underwriting capabilities, and insights from big data.

Our efficient claims management is backed by a culture of continuous improvement, proactive engagement, decades of experience in claims handling, and great customer service.

We remain focused on building long-term sustainable and profitable businesses through financial discipline. Our cost- conscious approach is strongly embedded across the organisation as our employees are shareholders, and this translates into a competitive expense ratio.

Efficient capital employment

Our partnerships with our reinsurers are underpinned by atrack-recordof strong underwriting results and good risk management. Sharing risk allows us to hold less capital whilst ensuring protection from losses, thus supporting our commitment to strong shareholder returns. We include an assessment of the projected solvency and principal and emerging risks as

part of our capital plan and Own Risk and Solvency Assessment.

Unique Company culture

• 87% of colleagues believe Admiral is a Great Place To Work®13 (2022: 86%)
• 90% of colleagues feel that management is approachable and easy to talk to13 (2022: 88%)
• 96% of people feel they are treated fairly regardless of race or sexual orientation13 (2022: 96%)

Long-term profitable growth and efficient capital employment

• Total shareholder retuof 296% over the last 10 years14 (2022: 259%)
• 49% of customers are now from non-UK Motor businesses (2022: 46%)
• 200% solvency ratio (2022: 180%)

Our strong culture of innovation and organic growth has helped build our businesses from the ground up using our test-and-learnapproach. We identify opportunities, take measured steps to test our understanding of the challenges, and acquire learnings.

Central to our approach to lasting value creation is our continued dedication to drive positive outcomes for our stakeholders. As their needs evolve, we consciously adapt to remain a responsible and sustainable business for the long-term.

9 Estimated based on 2023 Gross Written Premium data from the Association of British Insurers (ABI). These numbers are an approximation and consistently calculated year-on-year.

1. ConTe Insurance sales only.
2. Relational NPS, methodology updated in 2022.
3. UK Motor Customers, monthly score averaged over the year. 2022 figure is restated as methodology changed in 2023.
4. Great Place To Work Survey (GPTW) result.
5. Total shareholder retuis defined as the percentage change over the period, assuming reinvestment
   of income.

14 Strategic Report

STRATEGIC

REPORT

In this section

15 Chair's statement

1. Chief Executive Officer's statement

1. Our Strategy

1. Q&A with Milena, Geraint, Cristina and Costantino

1. Key Performance Indicators
2. Group Chief Financial Officer's review

1. 2023 Group overview

1. UK Insurance review

1. International Insurance review

1. Admiral Money review

1. Other Group Items
2. Group Capital Structure and Financial Position

1. Sustainability

1. Streamlined Energy and Carbon Reporting (SECR)

1. Task Force on Climate-related Financial Disclosures (TCFD)

1. Section 172 Statement

96 Non-Financial and Sustainability Information Statement

1. Principal Risks and Uncertainties

1. Viability Statement

As I reflect on the challenges and triumphs of the past year, I am pleased to present my inaugural Chair statement for Admiral Group.

This was certainly a challenging year, with high inflation and macroeconomic uncertainty. Against this backdrop, Admiral remained steadfast in its commitment to providing peace of mind for our colleagues, customers and shareholders. Having worked in the insurance industry for a number of years, I can say that there is an authenticity of culture and strong commercial thinking at Admiral. The pace and passion for better consumer outcomes is infectious.

"Admiral's vision to

help more people look

after their future is evident in the strong 2023 performance."

Mike Rogers

Group Chair

Exceptional leadership in difficult times

Milena and her Executive team have exhibited exceptional leadership throughout a challenging period within the industry and economic cycle.

Our customers, suppliers, colleagues and shareholders have all endured a very demanding year - our ability to not only weather these storms, but to adapt and grow is a testament to the collective strength and strategic foresight of

our management team.

Dividend per share (pence)

103.0p

2023103.0p

2022112.0p

16 Strategic Report

Chair's statement

continued

Resilience in performance

Admiral's vision to help more people look after their future is evident in the strong 2023 performance. The Group demonstrated its traditional ability to adapt, evolve, and deliver results. This resilience is no accident; it reflects our financial discipline and longstanding commitment to looking after our people and customers; thereby safeguarding our shareholders' interests and ensuring the sustained success of Admiral Group.

Admiral retains outstanding competitive advantage in the UK motor market: defending and extending this remains our number one priority.

We are also mindful of our opportunity to leverage our brand, capabilities and customer relationships into new products and markets.

Presently, we cater to the needs of nearly ten million customers across five countries. We have made good progress in Admiral Money and Household, Pet, Travel and Van insurance in the UK, along with our European franchises. We believe that diversifying our income streams where we have competitive advantage will add significant shareholder value.

Green transition

Our commitment to sustainability remains strong. Businesses, now more than ever, play a critical role in the transition to

a greener economy. Admiral recognises this responsibility and underscores its commitment in our latest Sustainability Report. Our journey toward a greener future is not just a reflection of corporate responsibility but a strategic imperative reflected in the Group's Net Zero ambition. From supporting our customers in the adoption of electric vehicles to using renewable energy in our sites, sustainability is becoming embedded throughout the business.

30 years of growth

None of the Group's achievements would be possible without the dedication and resilience of our thousands of colleagues worldwide. Their energy, adaptability, and commitment have been the driving force behind Admiral's success. From Cardiff to Rome, their commitment to each other and our customers is the beating heart of our organisation.

This year marked a significant milestone as Admiral celebrated its 30th anniversary. The insurance industry and the nature of work have evolved since Admiral's inception in 1993, and the Group has consistently adapted to remain a leader in the field.

I extend my thanks to Annette Court who joined the Board in 2012 and was appointed Chair in 2017. Annette guided the management team through the transition from a founder-led business, strengthening leadership development and succession, helping the business navigate regulatory, economic, and global challenges.

We also fondly remember Jean Park, who retired from the Board earlier this year and sadly passed away soon after. Jean's contributions, particularly as the Chair of the Group Risk Committee and Senior Independent Director, were invaluable. Her legacy of steadfast support and wise counsel will be greatly missed. I welcome the addition of Fiona Muldoon to the Board. Fiona enhances our collective expertise and strengthens our customer-centric approach.

Staying true to our values

While the industry has undergone changes, Admiral's core values remain.

Looking ahead, we remain optimistic about the future. The Group's strategic roadmap is designed to drive long-term value for our shareholders. We are confident that our diversified portfolio, agile business model, and unwavering commitment to achieve the best outcomes for our customers, will position us for continued success.

I extend my gratitude to the Board, management team, and colleagues for their dedication and support. Together, we will continue to shape the future and continue our journey of sustained growth and success.

17

OUR PURPOSE

Mike Rogers

Group Chair

6 March 2024

In 2021 we formalised our purpose statement and framework:

Help more people to look after their future. Always striving for better, together. Our purpose defines the reason we exist and underpins everything we do, from creating products to supporting customers as well as our approach to sustainability.

In October 2023, we launched our purpose toolkit for managers across the Group. It supports "Leading with purpose" workshops where teams explore our framework in more detail, leading to an increased understanding of individual, team and departmental roles in delivering our purpose. Continuing to cascade and

embed our purpose at all levels of our Company ensures it remains top of mind when engaging with all stakeholders. Having one common statement brings us together so we all strive to achieve the same goal.

Our Group Governance and UK Household product teams held their workshops

in November, where they considered how they play a part in helping more people to look after their future and looking after our stakeholders. During the workshops colleagues shared their individual purpose, writing on jigsaw pieces that all fitted together to demonstrate how each colleague plays their part and the importance of working together as a team.

1 Employees working at Admiral for more than one year receive shares through our Approved Free Share Plan (SIP) or equivalent schemes.