NewzIntel.com

Category: Climate Change

  • MIL-OSI USA: $54 Million Renovation Creates 108 Affordable Homes

    Source: US State of New York

    overnor Kathy Hochul today announced the completion of “62 Main” in the village of Tarrytown, Westchester County — a $54 million development that transformed the former YMCA of Tarrytown into 108 affordable and energy-efficient apartments. In the past five years, New York State Homes and Community Renewal has financed more than 5,000 affordable homes in Westchester. 62 Main continues this effort and complements Governor Hochul’s $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.

    “My approach to tackling the housing crisis is simple: we need all types of housing options, especially in places like Westchester County,” Governor Hochul said. “Transforming this former YMCA into affordable housing will not only revitalize the building but also provide more than 100 much-needed homes. This project ensures that seniors can remain in the community they cherish, or move to this vibrant village with an essential public transit hub.”

    The development is available to households earning up to 70 percent of the Area Median Income. Eighty-eight of the apartments are reserved for seniors aged 55 and older.

    The project included a rehabilitation of the interior of the original YMCA facility, transforming it into modern apartments. Extensions to the facility in the rear of the property were demolished and replaced. The historic Main Street façade of the YMCA is intact, in accordance with a Memorandum of Agreement between the developer and the New York State Historic Preservation Office. The façade of the newly constructed portion of the building utilizes classic architectural themes prevalent throughout Tarrytown.

    62 Main is fully-electric with energy-efficient features including geothermal heat and air conditioning, ENERGY STAR® appliances, a rooftop solar array, a green roof courtyard and electric car charging stations. The transit-oriented development is three blocks from the Metro North train station and is within walking distance to retail stores, schools, green spaces and medical facilities.

    The project is supported by HCR’s Federal Low Income Housing Tax Credit Program that generated $19 million in equity, as well as its Housing Finance Agency, which provided $10.4 million in subsidy from its Senior Housing Program and $8.4 million in tax exempt bonds. Eight of the units will receive rental assistance through Section 8 Project-Based Vouchers issued by HCR. The New York State Energy Research and Development Authority’s New Construction – Housing Program provided $218,000.

    The project is also supported by $10.1 million in loans from the Tarrytown Housing Fund – a fund of the Housing Action Council, $5 million from Westchester County’s New Homes Land Acquisition program, a $3 million permanent loan from Community Preservation Corporation Climate Capital to help finance energy efficiency improvements in the project, and $1.5 million in geothermal and solar federal tax credits. The project obtained a 30-year Payment In Lieu of Taxes Agreement with the town of Greenburgh and village of Tarrytown.

    All 23 tenants who lived in the Single Room Occupancy units at the facility prior to the construction remained in the development and will continue to pay no greater than 30 percent of their household income towards their rent. The project’s developer is WBP Development, LLC. Tax credit equity was syndicated by Raymond James Affordable Housing Investments.

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “This $54 million project is transforming the historic YMCA of Tarrytown site into safe, modern homes that seniors, individuals, and families can all afford. Thanks to our partners, this development epitomizes many of our top priorities and shows New Yorkers the different ways in which the State is boosting the supply of housing.”

    New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “Providing Westchester residents with the opportunity to live and enjoy clean, modern, and affordable living spaces like we see at 62 Main in Tarrytown will ensure more New Yorkers are benefitting from the State’s energy transition. NYSERDA is proud to support the development of all-electric housing that will help move communities across the state towards a healthier future.”

    New York State Office of Parks, Recreation and Historic Preservation Commissioner Pro Tem Randy Simons said, “We are grateful to HCR for working with our office to preserve key historic features of the former YMCA of Tarrytown. The project is another great example of how the adaptive reuse of historic buildings can expand options for affordable housing, lift local economies, promote sustainability and preserve the heritage of our cities and towns.”

    U.S. Senator Charles Schumer said, “Every family in Westchester deserves a safe and affordable place to call home. I’m proud that the federal Low-Income Housing Tax Credit that I worked hard to protect and expand has delivered $19 million to transform the former YMCA into 108 new homes at 62 Main in Tarrytown. These brand new homes will be fully-electric and offer the community a green roof courtyard and electric car charging. High housing costs are a key driver of inflation so we must build more housing for working people to bring down those high prices. I applaud Governor Hochul’s work increasing access to affordable housing in Westchester and across New York, and I will continue working to deliver federal resources to ensure that every New Yorker has a roof over their heads.”

    State Senate Majority Leader Andrea Stewart-Cousins said, “The completion of 62 Main in Tarrytown provides safe, affordable, and sustainable housing for seniors and families, including the 23 former residents of the Single Room Occupancy units. I commend Wilder Balter Partners Development for their commitment to ensuring that these residents were not displaced, and can now enjoy modern, energy-efficient homes that they can afford. This project required the dedication and collaboration of numerous partners, from Wilder Balter Partners to Westchester County to HCR and NYSERDA, with nearly $53 million in critical funding secured through our State Legislature’s budget allocations. As Senate Majority Leader, it remains my priority to support housing solutions that serve residents of diverse economic backgrounds while enhancing both Westchester County and New York State.”

    Westchester County Executive Ken Jenkins said, “Westchester County was proud to allocate $5 million in New Homes Land Acquisition funds for 62 Main in Tarrytown, a $54 million project that has led to the creation of 108 affordable, sustainable homes for our residents. 62 Main repurposed the former YMCA of Tarrytown into modern, transit-oriented apartments, and is the kind of investment our communities need to ensure access to high quality, affordable housing. I want to thank Governor Kathy Hochul for her leadership in bringing 62 Main to fruition.”

    Assemblymember MaryJane Shimsky said, “When we talk about building inclusive communities, that includes the creation of residential options for older residents who seek to stay in the area after raising their families and winding down their careers. 62 Main offers the kind of affordable housing solution our seniors need — with cost-saving energy efficiencies, amenities that include social and fitness spaces, adaptive units for hearing and vision impairment, and walkable access to public transportation and a lively downtown. I am proud that New York State has been a partner in funding this worthy project and welcome 62 Main’s new residents to the neighborhood!”

    Greenburgh Town Supervisor Paul Feiner said, “Our community and the entire region has a severe shortage of affordable housing. I am very pleased that 108 families will be able to benefit from a beautiful, new affordable housing complex. The families will be able to enjoy living in a great village—and can walk to the theater, great restaurants, shops, the train station, supermarkets.”

    Housing Action Council Executive Director Rose Noonan said, “We are pleased to serve as the non-profit partner in partnership with WB Development and to contribute to the capital stack to make this much needed housing feasible. We are particularly excited about the opportunity it afforded the individuals who lived at the YMCA residence to remain and access quality affordable housing.”

    Tarrytown Mayor Karen Brown said, “This development honors Tarrytown’s past while securing its future—providing high-quality, affordable housing for seniors, incorporating cutting-edge sustainability features, and seamlessly blending into the fabric of our historic downtown. The partnership between the Village, Wilder Balter Partners, LLC, and the many agencies that made this possible is a shining example of what can be achieved when a community comes together with a shared vision. We are thrilled to welcome the new residents of 62 Main and celebrate this incredible milestone for Tarrytown.”

    Wilder Balter Partners Development President William Balter said, “This development was born out of a collaboration among community members, the local merchants association, Village, Town, County and State stakeholders and several financial partners. We could not be happier with the results. In addition to providing new, energy-efficient affordable housing for seniors, Tarrytown’s vibrant downtown business district has a new municipal parking garage, the original 1912 YMCA building in Tarrytown’s historic district has been repurposed and has a restored façade, and the prior SRO tenants are now living in brand new apartments. It’s a true win-win.”

    The Community Preservation Corporation CEO Rafael E. Cestero said, “The work to revitalize 62 Main has breathed new life into this former YMCA building, returning it to the community once again as a hub of activity and as a vital resource of new affordable housing. We are proud to help finance the electrification and energy efficient upgrades to the property that will provide a host of benefits for both the owner and tenants. My thanks to our partners at WBP Development, to HCR, the Town of Greenburgh and Village of Tarrytown, and to NYSERDA for their dedication and collaboration.”

    Raymond James Affordable Housing Investments Director of Acquisitions Darryl Seavey said,“Raymond James is very proud to have partnered with Wilder Balter Partners, Inc. as the equity investor in the 62 Main Apartments senior housing development. The newly completed 62 Main Apartments is an extraordinarily well-designed project that helps bring high quality affordable housing opportunities to residents of Tarrytown, while at the same time preserving critical components of the historic former Tarrytown YMCA structure. Accordingly, the historic facade of the YMCA building continues to adorn the streetscape of this busy commercial corridor. Raymond James would like to congratulate the team at Wilder Balter Partners, Inc. on the successful completion of this remarkable new housing community.”

    Governor Hochul’s Housing Agenda
    Governor Hochul is committed to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives for Upstate communities, new incentives and relief from certain state-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 55,000 homes have been created or preserved to date.

    The FY25 Enacted Budget also strengthened the Pro-Housing Community Program which the Governor launched in 2023. Pro Housing Certification is now a requirement for localities to access up to $650 million in discretionary funding. Currently, 285 communities have been certified.

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell-Led Coast Guard Reauthorization Bill Unanimously Passes Senate

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    03.06.25
    Cantwell-Led Coast Guard Reauthorization Bill Unanimously Passes Senate
    Bill would authorize USCG “Whale Desk” for additional 2 years to help ships steer clear of Puget Sound Orcas and other whales; Legislation would establish first-ever tribal advisor to increase collaboration with WA state tribes on native issues and conservation efforts
    WASHINGTON, D.C. – Today, the United States Senate unanimously passed the Coast Guard Reauthorization Act of 2025 that would reauthorize $30.45 billion for the U.S. Coast Guard for Fiscal Years 2025 and 2026. The bill was introduced last month by U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee.
    The bill now heads to the House of Representatives for consideration.
    Ahead of the bill’s passage, Sen. Cantwell delivered a speech on the Senate floor:
    “The Coast Guard Authorization Act of 2025 provides the tools that our Coast Guard needs now to protect our shores, keep our maritime [industry] moving,” said Sen. Cantwell. “It includes [investments] in Base Seattle, the home port to our nation’s current icebreakers, the future of our heavy icebreaker fleet […] The bill also reauthorizes the Puget Sound Whale Desk for another two years, [which] helps ship steer clear of our cherished orca and whale populations, and it also increases collaboration between Washington tribes and the Coast Guard. And the bill invests in critical safety programs.”
    “Moving forward, we have more to do to support the Coast Guard. They needed our help with their assets, and they need access to shipyards,” she said.
    Among many important provisions, the legislation includes historic protections for service members from sexual assault and harassment, boosts workforce development programs and availability of affordable housing, increases funding to help the U.S. Coast Guard deliver on critical priorities such as icebreakers and 52-foot heavy-weather lifeboats, raises penalties for abandoned and derelict vessels, and encourages more collaboration with tribes.
    The legislation authorizes $14.93 billion for FY25 and $15.51 billion for FY26. The full bill text of the bipartisan U.S. Coast Guard Authorization Act of 2025 is available HERE. 
    Sen. Cantwell secured language for programs critical to Washington state in the legislation. Among those provisions, her bipartisan legislation:
    Expands Affordable Housing Opportunities: Allows the Coast Guard to acquire housing that is available both on the market and in new housing construction programs. This is particularly important in coastal areas — like Cape Disappointment, Grays Harbor, and Port Angeles — where Coast Guard families face a difficult time accessing affordable, quality housing due to competition with seasonal rentals and other challenges associated with remote units. This bill also expands the Coast Guard’s ability to enter into long-term leases for medical facilities, child development centers, and training facilities to expand access to services for Coast Guard families while reducing administrative overhead expenses and allowing for additional improvements to these facilities.
    Increases Federal Funding to Deliver on Icebreakers and Heavy Weather Lifeboats: The legislation increases authorized funding by 30% compared to 2024 appropriated funding levels, which will help the Coast Guard deliver on critical priorities such as polar icebreakers, 52-foot heavy-weather lifeboats, and other priority acquisition programs.
    Seattle will be home for the Coast Guard’s fleet of 3 polar icebreakers.
    Sen. Cantwell recently toured U.S. Coast Guard Station Disappointment, where the future fleet of heavy-weather lifeboats will be homeported to support search and rescue missions, which is critical to safety of people working in the fishing and maritime sector in Pacific and Grays Harbor counties. In 2023, Sen. Cantwell secured a downpayment of $12 million to replace the heavy-weather boats in the 2023 Appropriations Act.
    Creates the First-Ever Tribal Advisor: Creates a new senior position within the Coast Guard to advise the Commandant and other Coast Guard leaders on how the Coast Guard can work more closely with tribes. The new Special Advisor would also be charged with ensuring the Coast Guard upholds trust responsibilities to tribal governments, improving tribal engagement and consultation activities, and ensuring that tribes have a voice on Coast Guard programs that impact tribes including oil spill preparedness and response, fisheries oversight, and the protection of natural resources.
    Boosts Local Tribal Partnerships to Improve Conservation: Provides the Coast Guard with new authorities to support habitat conservation and other resilience projects with state, local, and tribal governments. This important new authority would ensure tribes and other organizations can partner with the Coast Guard to protect treaty fishing rights and maintain access to cultural and natural resources.
    Reauthorizes the Whale Desk: Extends the Whale Desk at Coast Guard Sector Puget Sound by two years, through FY2028. Authored by Senator Cantwell in the Coast Guard Reauthorization Act of 2022, the “Whale Desk” at Sector Puget Sound gives vessel operators and mariners near real-time data about the location of whales to reduce encounters that disturb whales, including noise pollution and ship strikes. The pilot program also includes a “hotline” where callers can report whale sightings in real time. The data collected will be valuable for researchers who track whale migration patterns.
    According to the Coast Guard, 75 whale sightings have been reported to the Sector Puget Sound Whale Desk since its opening in December 2023.
    Sen. Cantwell helped celebrate the launch of the Whale Desk in February 2024. Photos and videos are available HERE and HERE.
    Supports the Commercial Fishing and Maritime Industries: Continues to authorize the use of a satellite tracking system to mark fishing gear locations, which ensures gear is not lost and avoids potential damage by derelict gear. It also supports fishing vessels engaging in temporary towing operations as part of salmon hatchery development in Alaska.  The bill also creates new training and credentialing opportunities for qualified mariners, veterans, and the general public seeking to become mariners. It also expedites processing times for merchant mariner licensing documents to help close this critical workforce gap.
    Maps Arctic Maritime Routes: The Bering Sea is expected to see increased fishing, commercial, and other vessel traffic over the coming decades. As a key international trade and maritime route, this bill requires an analysis of projected traffic in the Bering Strait, and the emergency response capabilities and infrastructure needed to support this increased vessel traffic and prevent oil spills in the Bering Sea and the Arctic.
    Boosts International Pacific Cooperation: Requires the Coast Guard to develop a plan to increase international training opportunities in the Pacific, including with the Taiwan Coast Guard. This coordination will strengthen American relations, combat illegal fishing, and boost international security in the Pacific.
    Cracks Down on Abandoned Vessels: Improves oversight of derelict and abandoned vessels by requiring the Coast Guard to develop and maintain an inventory list of these vessels to improve tracking, management, and coordination between federal, state, tribal, and other relevant entities. It authorizes a new federal penalty of $500 a day for abandoning vessels.
    Abandoned and derelict vessels pose unique and costly threats to coastal communities and ecosystems by leaking pollutants and imperiling marine traffic. According to the WA Department of Natural Resources, DNR removed 319 derelict and abandoned boats from Washington state waterways between 2021 and 2023.
    Protects Personnel from Illicit Drug/Fentanyl Exposure: As the Coast Guard carries out important drug interdiction missions to stop the flow of illegal drugs, this bill requires all installations to maintain a supply of naloxone or similar medication to treat opioid or fentanyl overdoses or exposure by Coast Guard members and the public in search and rescue or response calls.
    Requires Stronger Sexual Assault and Sexual Harassment (SASH) Prevention and Response: The bill would establish or update numerous Coast Guard and Academy authorities and programs to improve reporting, oversight, prevention, and accountability related to sexual misconduct. These provisions were drafted in response to Operation Fouled Anchor, which revealed gross mishandling of sexual assault and sexual harassment cases of U.S. Coast Guard personnel.
    A full breakdown of these protections is available HERE.
    Supports Coast Guard Families Stationed in Washington:
    Creates the First Vice Admiral of Personnel: To support the more than 40,000 active service members, the bill establishes a new Vice Admiral leadership position solely focused on supporting the needs of personnel and their families, from housing to health care, investments in childcare, and improving recruitment and training programs.
    Jump Starts Hiring of Health and Family Service Providers Across Entire Service: Provides direct hiring authority to swiftly fill more than a hundred vacancies, including behavioral and mental health professionals, medical specialists, childcare service providers, housing supervisors, criminal investigators, and other positions to protect the health and wellbeing of Coast Guard members and their families. It also adds two new telemedicine rooms at the Coast Guard Academy.
    Improves College-to-Service Career Pathways: Updates the College Student Pre-Commissioning Program to allow more colleges and universities to participate and to increase recruitment of students interested in commissioning into a Coast Guard career. 
    Prepares Tsunami Evacuation Plans: Requires the development of tsunami evacuation and preparedness plans for Coast Guard units in tsunami zones, including across the West Coast and Pacific Northwest. It also requires the Coast Guard to consider vertical evacuation as a lifesaving option for Coast Guard members.
    Bolsters National Oceanic and Atmospheric Administration (NOAA)
    Supports NOAA Corps Officers: To support the hundreds of NOAA’s commissioned officers, the bill makes improvements to personnel management, education assistance programs, pilot recruitment programs, and more. NOAA Corps members help manage maritime research, support disaster response, and monitor weather forecasting including hurricanes and atmospheric rivers, as well as performing other cutting-edge weather forecast and research needs.
    Modernizes NOAA Vessel Fleet: Authorizes replacement and modernization of the NOAA research vessel fleet and improves oversight of the fleet, which helps maintain our nation’s weather and scientific buoy network, conducts fisheries research, maps the ocean floor including in the Arctic, and supports other important oceanographic and conservation priorities.
    Removes Aging NOAA Vessels: Allows NOAA to use the proceeds of obsolete vessel sales to support the acquisition or repair of other NOAA vessels to help make the fleet more resilient in the future.
    Video of Sen. Cantwell’s speech on the Senate floor today is HERE; audio is HERE; and a transcript is HERE.

    MIL OSI USA News –

  • MIL-OSI United Nations: Climate change: La Niña fades, as global heat keeps rising

    Source: United Nations MIL OSI b

    Climate and Environment

    The weak but significant La Niña weather event that began in December is likely to be brief, the World Meteorological Organization (WMO) has announced. 

    La Niña, a natural climate phenomenon, results in cooler Pacific Ocean temperatures and influences weather conditions worldwide. The latest forecasts from WMO indicate sea surface temperatures in the equatorial Pacific are expected to return to normal.  

    The agency says that there is a 60 per cent chance conditions will shift back to what scientists call an ENSO-neutral temperature range during March-May 2025, increasing to 70 per cent for April-June 2025.  

    ENSO (El Niño-Southern Oscillation)-neutral simply means the ocean is neither unusually warm (El Niño) nor unusually cool (La Niña). Likewise, the probability of El Niño developing is very low during this period, the agency said.  

    According to WMO Secretary-General Celeste Saulo, El Niño and La Niña associated forecasts are critical for early warnings and taking preemptive action.  

    “These forecasts translate into millions of dollars’ worth in economic savings for key sectors like agriculture, energy and transport, and have saved thousands of lives over the years by enabling disaster risk preparedness”.

    La Niña, with its large-scale cooling of ocean surface temperatures in the central and eastern Pacific, changes wind, pressure, and rainfall. Typically, it brings climate impacts opposite to El Niño, especially in tropical regions.  

    For instance, during El Niño, Australia often experiences drought, whereas La Niña can bring increased rainfall and flooding. In contrast, parts of South America may experience drought during La Niña but wetter conditions during El Niño.

    Bringing the heat

    Notably, these natural climate events are currently occurring alongside human-caused climate change, which is warming the planet and causing more extreme weather. According to WMO, January 2025 was the warmest January on record, despite the cooler La Niña conditions.

    The agency looks at ENSO but also issues regular Global Seasonal Climate Updates (GSCU) that provide a more comprehensive climate outlook based on other key patterns such as those in the Atlantic and Arctic. These updates also track sea temperatures, global and regional temperature and rainfall changes.

    With most maritime regions set to be warmer than normal, except in the eastern Pacific, WMO forecasts above-average temperatures across nearly all land areas worldwide during the upcoming season.

    MIL OSI United Nations News –

  • MIL-OSI Global: What climate vulnerability actually looks like

    Source: The Conversation – UK – By Charlotte Kate Weatherill, Lecturer in Politics and International Studies, The Open University

    Floods affected main roads in Norfolk, UK, in February 2024. mick wass photography/Shutterstock

    The imagery of climate change matters. How we perceive the world affects how we perceive climate change, and how it will affect us – or whether it will affect us at all.

    Imagery has long been understood as an important part of climate communication. Climate change is complex, and requires some simplification to be communicated widely. Yet, this process of simplification can rely too heavily on existing stereotypes, which can affect risk perception across different populations.

    Think of climate vulnerability. This term describes who is likely to be negatively affected by climate change. Perceptions of vulnerability are affected by the images that are chosen to represent climate change. However, the images that are chosen also reflect our perceptions of who is vulnerable.

    For example, sea level rise is often represented through aerial images of Pacific atolls and ice melt is made emotional through the use of polar bears. But which images are most often used to represent human vulnerability to climate change?

    Search online for an image of climate victims and you are likely to see a photograph showing a stereotypical image of “brown women and children” standing in rising flood waters. Images like this show women and children, usually in Asia or Africa, looking distressed in a way that frames them as victims.

    However, when searching by region, images of climate victims can look different. For example, compare the search for “climate victim Asia” and “climate victim UK”.

    Fuli Khatun, a flood victim whose home was submerged in the 2019 floods in Bangladesh.
    UN Women Asia and the Pacific, CC BY-NC-ND

    The image above of of Fuli Khatan, a Bangladeshi flood victim, shows a woman experiencing a disaster. But the image below is very different. It shows Mary Long-Dhonau, a climate victim from the UK whose home has been flooded several times. She is looking directly at the camera, smiling slightly. She is not portrayed as a victim, but as a campaigner.

    The difference in how these women are portrayed is effective in showing how climate vulnerability is understood. For the most part, the climate vulnerable are imagined to be women and children in the global south (developing countries in Africa, Asia and Latin America), due to their marginalised position within society.

    In other words, the climate vulnerable are portrayed as the same people who are already considered vulnerable.

    This framing makes climate change an issue that follows an established pattern of risk. It doesn’t seem like a new issue, but rather chalk on the white wall of other political issues such as development.

    This overlap is partly the result of long-running and deeply embedded power inequalities that have made some people vulnerable in order to make other people wealthy.

    However, this pattern is overstated and climate vulnerability extends beyond those we already understand as vulnerable. Last month, the European Copernicus climate service declared that 2024 was the first calendar year to pass the symbolic threshold of 1.5°C heating, as well as the world’s hottest on record. Every degree of heating means more people will suffer the effects of climate change.

    These images also reflect the dominant understanding in the UK of climate change vulnerability as something that only happens elsewhere – in countries that are already vulnerable.

    Climate is an ‘us’ problem

    I’ve often encountered this issue in my research on the politics of climate vulnerability. My work questions the assumptions of climate change and vulnerability, tracing them back to understand the logics on which they rely. For example, the Pacific was described as vulnerable and doomed to not being habitable long before climate change became an issue.

    At the same time, assumptions of safety are rooted in history. In developed societies, there is a popular narrative that affluence provides a shield, which assumes wealthier people will be better protected by default.

    And yet, the UK is already experiencing climate change.

    The UK’s rainfall intensity has increased markedly over the past 60 years, leading to an increase of extreme flooding events. The east coast is being eroded, and battling sea level rise. And the UK government’s climate change committee has argued that the UK has no credible adaptation plan.

    Also, in an interconnected world, we have already experienced how shocks elsewhere can affect our food supply and gas prices. Even if the UK could escape the direct effects of climate change, it would still feel the consequences.

    Our perceptions of vulnerability are so entrenched that even climate-related incidences in wealthy countries, like the recent floods in Valencia or wildfires in LA don’t lead to a change in narrative. In fact, climate activists continue to be criminalised.

    Being aware of how images are used to influence our perceptions of vulnerability is an important step in changing the narrative. Climate change is already at levels at which we are all affected. We need to make this clearer.

    The UK has an historical responsibility to mitigate but it also needs to take more steps towards adaptation to the climate change that is already locked in.

    Speaking in February 2025, professor of energy and climate change Kevin Anderson described the future of humanity as a range of possibilities that goes from “dire consequences” to “catastrophic outcomes”. The higher temperatures are pushed past 1.5°C warming, the truer it is that nobody is safe.

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

    Charlotte Kate Weatherill does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. What climate vulnerability actually looks like – https://theconversation.com/what-climate-vulnerability-actually-looks-like-249422

    MIL OSI – Global Reports –

  • MIL-OSI USA: Join Us on 3/27 for a Foreign and Comparative Law Webinar: Climate-Induced Migration: Responses in the Pacific

    Source: US Global Legal Monitor

    Join us on Thursday, March 27, 2025, at 9 a.m. EDT for our next foreign, comparative, and international law webinar, “Climate-Induced Migration: Responses in the Pacific.”

    Pacific Island nations have sought to increase global awareness of the impacts of climate change in the region and have pushed for greater mitigation of emissions and financing mechanisms to assist countries in adapting to rising sea levels and ocean acidification and to enhance resilience to extreme weather events. They have also highlighted the issue of climate-induced mobility, including displacement, planned relocation, and migration, and the need for this to be considered in discussions and policies at the international level.

    Media stories have referred to low-lying islands in the Pacific as “sinking,” with the rising sea level being an “existential threat” to some countries and creating “climate refugees.” Commentators pose questions about what might happen, including under international law, if a country were to “disappear” – what happens concerning sovereignty, territorial rights, and the citizenship rights of the people? Where would the population move to and what support would be provided to do so? What status would they have in a different country or countries? How would cultures and languages be maintained?

    In our March foreign, comparative, and international law webinar, we will look at some of the responses to the climate-induced migration issue in the Pacific. In particular, in 2023, Pacific Island leaders endorsed the Pacific Regional Framework on Climate Mobility, which “recognizes the urgent need to strengthen understanding, coordination and cooperation on climate change-related human mobility; to establish adequate human rights-based response and support mechanisms for people at risk; and to adopt a pro-active and planned approach to address climate mobility and enhance Pacific resilience and well-being.” In addition, the webinar will highlight the November 2023 agreement between Australia and Tuvalu, known as the Falepili Union, which includes an undertaking from Australia to create a “special mobility pathway” for Tuvaluans, with a focus on “mobility with dignity.”

    Please register here.

    The webinar will be presented by Kelly Buchanan, the Law Library’s foreign law specialist for the Pacific region. Kelly holds an LL.B. (Hons) and bachelor of arts degrees from Victoria University of Wellington in New Zealand.

    Subscribe to In Custodia Legis – it’s free! – to receive interesting posts drawn from the Law Library of Congress’s vast collections and our staff’s expertise in U.S., foreign, and international law.

    MIL OSI USA News –

  • MIL-OSI Europe: ASIA/PHILIPPINES – Bangsamoro: dialogue initiatives to counter the increase in violence in the Muslim region

    Source: Agenzia Fides – MIL OSI

    Foto di Zeke Tucker su Unsplash

    Zamboanga City (Agenzia Fides) – The increase in violence in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), in the south of the Philippines, is a factor that worries society, public opinion and religious leaders on the island of Mindanao. According to the research institute “Council for Climate and Conflict Action Asia” (CCAA), in 2024 there were 2,570 incidents of violence in the region (the highest number in seven years), 24% more than the previous year, indicating instability and discontent ahead of the elections. While the ultimate goal of the long negotiation process between the government in Manila and the local guerrilla groups is a stable and lasting peace, this development is a cause for concern and the postponement of the elections in Bangsamoro has been confirmed. They will no longer be held in May 2025 as planned (as in all other regions of the country where the mid-term elections, which include elections to the regional and local assemblies, are held), but only in October 2025. The postponement was decided and approved by President Ferdinand Marcos Jr. after the Supreme Court recently ordered the exclusion of the Sulu Archipelago from the Autonomous Region, which entails a redistribution of seats and candidates in the provinces of the BARMM (currently the provinces of Lanao del Sur, Maguindanao, Basilan, Tawi-Tawi, as well as the cities of Marawi, Lamitan, Cotabato and 63 villages in North Cotabato). “Violence in the region has been steadily increasing since 2021 and there are no signs of slowing down,” says the CCAA, noting that “violence will continue unless the phenomenon of illicit weapons is addressed and governance is strengthened.” In addition, the institute adds that as the election approaches, “the risk of an even greater wave of violence is high” as there are at least 28 ongoing feuds between clans, which are the main source of conflict in the region. The research group calls on the Commission on Elections (COMELEC) to take appropriate measures to actively address the violence in “hot spots” such as Cotabato City, Datu Odin Sinsuat, Mamasapano, Marawi City and Malabang, while disarming the groups that are still armed.In this context, the religious leaders of Mindanao, who are united in the Mindanao Religious Leaders Conference (MiRLeC), reiterated their commitment to peace and sustainable development. Among the organizations that work for peace and promote interreligious dialogue is the “Silsilah” movement for Islamic-Christian dialogue, which, on the occasion of Ramadan, the holy month of Islam, which began on March 1, published a message in which it recognized the “special time of purification of the heart and love of neighbor” and recommended to Christians and Muslims the “spirituality of life in dialogue”. “This year, Ramadan in the Philippines coincides with the political election campaign, marked by numerous and alarming acts of violence, and with the reality of violence throughout the world, which calls us to reflect, pray and act,” says the message for the Muslim fasting month.”On this occasion,” continues the text, sent to Fides, “we are invited to reflect: why war? Why not peace? We are brothers and sisters. We also know that in times of violence there are also silent and powerful acts of love that transcend the boundaries of religions and cultures. This too is something we can confirm from our experience and have documented on the occasion of Silsilah’s 40th anniversary in 2024.”The movement is also celebrating the 25th anniversary of the “Chain of Harmony” initiative, an interfaith prayer initiative launched in 2000 when the Manila government launched “total war” in Mindanao. While today “alarming elements” are emerging, concludes Silsilah, we must “remember that God is love and loves everyone”. (PA) (Agenzia Fides, 6/3/2025)
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    MIL OSI Europe News –

  • MIL-OSI: Baker Hughes and Woodside Energy Announce Collaboration Framework to Develop Small-Scale Decarbonization Solution Utilizing Net Power Platform

    Source: GlobeNewswire (MIL-OSI)

    • Joint initiative to develop a lower carbon power generation technology solution specifically designed for oil and gas, heavy industries and other smaller scale applications
    • Collaboration framework focuses on assessing feasibility and scalability of Net Power’s platform and is open to other potential contributors

    HOUSTON and LONDON, March 06, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, and Woodside Energy (ASX: WDS; NYSE: WDS), a leading Australian energy company, announced Thursday a joint initiative to develop a lower carbon power generation technology solution utilizing the Net Power (NSYE: NPWR) platform that is specifically designed for oil and gas (including LNG), heavy industries and other smaller scale applications.

    Building on their 2022 Memorandum of Understanding (MoU), which aimed to advance the decarbonization of the natural gas supply chain, Baker Hughes and Woodside have now signed a Technology Development Agreement (TDA), to develop the small-scale Net Power platform. The patented Net Power platform works by utilizing natural gas to generate affordable power while inherently capturing nearly all carbon dioxide (CO2) emissions.

    Baker Hughes and Woodside aim to bring other development partners into the program to tailor the concept to the continuously evolving requirements of different captive power generation segments.

    Through the TDA, the program will also focus on assessing feasibility and industrial market scalability of Net Power’s platform.

    Baker Hughes is the exclusive provider of the small-scale application of the Net Power platform, and the TDA will benefit from the development and testing currently ongoing both at Net Power’s La Porte, Texas, demonstration facility and the company’s planned first utility-scale power plant near Midland, Texas.

    “We are excited to continue our collaboration with Baker Hughes and leverage their leading-edge technology and our combined engineering and CCUS capabilities to explore and develop lower-carbon emissions alternative power solutions using Net Power’s platform,” said Woodside Executive Vice President Technical and Energy Development Julie Fallon. “This agreement further strengthens our long-standing relationship across the natural gas value chain and our shared journey in the energy transition.”

    “Baker Hughes is committed to providing innovative solutions that support the decarbonization of the energy and industrial sectors, and we are honored to share this journey with our long-standing customer Woodside Energy,” said Alessandro Bresciani, senior vice president of Climate Technology Solutions at Baker Hughes. “We believe this framework represents the partnerships and collaborations necessary to develop and scale the energy solutions that support decarbonization while also meeting the world’s growing energy demand.”

    “Net Power applauds the enhanced collaboration between Woodside and our partner Baker Hughes. This work has the potential to bring our technology platform to a broader array of end markets and applications, complementing our utility-scale program and strategy,” said Danny Rice, chief executive officer of Net Power. “Today’s announcement is a tangible commitment to continue technology innovation and market development for the Net Power platform and to bring ultra-low emissions energy solutions to a power-hungry world.”

    About Baker Hughes
    Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    About Woodside Energy
    Woodside is a global energy company founded in Australia, providing reliable and affordable energy to help people lead better lives.

    For more information, please contact:

    Baker Hughes Media Relations
    Chiara Toniato
    +39 3463823419
    chiara.toniato@bakerhughes.com 

    Woodside Energy Media Relations
    Rob Young
    +1 281-790-2805
    robert.young@woodside.com

    Baker Hughes Investor Relations
    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    The MIL Network –

  • MIL-OSI United Kingdom: Joint statement between Prime Minister Keir Starmer and Taoiseach Micheál Martin: 6 March 2025

    Source: United Kingdom – Executive Government & Departments

    Press release

    Joint statement between Prime Minister Keir Starmer and Taoiseach Micheál Martin: 6 March 2025

    Joint statement between Prime Minister Keir Starmer and Taoiseach Micheál Martin following UK-Ireland Summit.

    UK-Ireland 2030 Joint Statement

    1. This Joint Statement represents the starting point for a strengthened relationship between the UK and Ireland, informed by our co-guarantorship of the Good Friday Agreement, and to be taken forward through an ambitious programme of co-operation between our two countries through to 2030.

    2. The time has come to commit anew to delivering on the promise of our unique partnership to the benefit of current and future generations living across these islands. 

    3. Our renewed programme of co-operation will be taken forward in a spirit of respect and affinity, and by a shared ambition to reach the potential of our partnership across our islands, recognising that, in a changing world beyond our shores, the benefits and significance of a stronger and more settled relationship between our two countries have never been greater.

    The UK and Ireland working together at home and across the globe

    1. In a challenging geo-political and international security environment, Ireland and the UK confirm our commitment to the global multilateral system and international law as the foundations on which all our international engagement and partnerships are built.

    2. Building on these foundations, we will work together to strengthen international institutions for peace, promote conflict prevention, peace-building, sustainable development and climate action internationally.  Today, we have agreed in particular to collaborate on a strategic approach to the United Nations’ Peacebuilding Architecture Review and the World Bank’s Fragility, Conflict, Violence (FCV) Strategy. We also agree to collaborate on the Women, Peace and Security agenda and to pilot a joint lesson-sharing from the Northern Ireland peace process in an agreed priority country.

    3. We will support this intensification of our co-operation on foreign and security policy issues through annual political consultations.

    4. Continuing to ensure the safety and security of the people who live in Ireland and the United Kingdom is a priority we share.

    5. National resilience remains a priority for both of us.  We will strengthen co-operation and information sharing on emergency planning to best protect our peoples across these islands. 

    6. We will strengthen our co-operation in the area of maritime security, with a particular focus on critical undersea infrastructure, which will require greater international co-operation, including closer co-operation between Ireland and the UK.

    7. We value our good working relationship at an operational level on cyber security and will continue to co-operate to ensure that the sharing of information and best practices contribute to higher levels of cyber security across both countries. We will also work to develop approaches that benefit both countries particularly in the areas of skills development, cyber hygiene awareness and research projects.

    8. Since 2015, the UK and Ireland have cooperated on defence on the basis of a Memorandum of Understanding. We will pursue implementation of all aspects of that agreement, particularly in the areas of military training and education. To reflect the rebuilding and strengthening of our partnership, today we agree to review and update the Memorandum of Understanding on Defence by our next Summit in this series.

    9. We will continue to develop these areas of work, including through our structured security dialogue at senior official level.

    10. We will strengthen existing co-operation on criminal, civil and family law matters and exchange expertise on justice systems challenges, as well as collaborating on the rule of law and its promotion overseas. We will continue to work together to tackle threats to safety online.

    Ensuring a strategic and efficient approach to our shared maritime space to mobilise investment, support a healthy marine environment and provide clean energy for our islands

    1. We recognise the critical importance of the Celtic and Irish Seas and are committed to working together to harness their potential by deepening co-operation on offshore energy and interconnection, to help ensure our collective energy security as part of the green transition to net zero.

    2. Our countries are uniquely linked, not least through shared energy infrastructure and the Single Electricity Market (SEM) on the island of Ireland. This means we share common long-term challenges, including the need for secure, competitive, and sustainable sources of energy.

    3. We welcome recent progress on closer working between our countries in this regard, including through our two bilateral Memoranda of Understanding, and the opportunity for more formal co-operation between British and Irish system operators (EirGrid, Gas Networks Ireland, National Energy System Operator and National Gas).

    4. In order to meet our ambitious decarbonisation targets, we have agreed today to work together to mobilise investment into strategic infrastructure in the Irish and Celtic Seas by establishing frameworks to guide private investment and removing barriers to trade and investment.

    5. In this regard, we have agreed that our respective maritime policy, licensing and regulatory bodies will work together to establish co-operation in relation to data collection and usage, to continue to improve the management of the maritime area in the Irish and Celtic Seas through robust marine planning that includes a clear focus on our shared marine environment.

    6. We have also agreed to undertake new joint initiatives on mapping the sea basin to improve interoperability and resilience in UK and Irish waters, and to deepen existing co-operation on maritime decarbonisation, including on our joint efforts to establish green maritime corridors. 

    7. We will also broaden our existing Energy transition MoU to include industrial decarbonisation; knowledge sharing and exchanging best practices around retrofitting of homes and Community Benefit Funds; as well as formalising a staff exchange programme between UK and Ireland energy departments and agencies.

    8. Due to its geography, engineering expertise and interconnection to both Ireland and Great Britain, Northern Ireland can benefit from and be at the forefront of the clean energy transition. Co-operation between governments on infrastructure development will be key in both enabling Northern Ireland to have a renewable generation capacity of 3,550 MW by 2030 in order to deliver the target of 80% of electricity consumption from renewable sources, as well as supporting the Northern Ireland Executive’s ambition for 1GW of offshore wind from 2030 and Ireland’s ambition of at least 5GW of offshore wind by 2030, including through developing and supporting an all-island supply chain.

    9. Through our continuing co-operation we can act coherently and strategically, developing and sharing research and technical innovation to address our shared challenges, which in turn will deliver significant economic and social benefits to communities across our islands.

    Agile, open economies working together to attract investment, innovate from knowledge and accelerate growth

    1. The UK and Ireland are particularly close economic partners with a bilateral trade relationship worth approximately 100 billion euros annually. Ireland is the UK’s 6th largest trading partner and the UK is Ireland’s second largest trading partner and we are committed to building on these ties in order to attract new investment and accelerate economic growth across our two countries.

    2. Today we welcome substantial new investment announcements across a range of sectors including Digital, AI and Technology that are testimony to continued confidence in our economies and to the importance of our business and trading bilateral relationship. These commitments to invest will bring new jobs and opportunities to local communities and help drive up economic growth.

    3. The UK and Ireland have a longstanding partnership in sharing knowledge and experience in progressing infrastructure projects, and we share an ambition to accelerate the delivery of sustainable and resilient infrastructure to drive economic growth, enable new forms of economic activity, accelerate the transition to Net Zero by 2050, and support the delivery of housing and high-quality public services over the next decade.  Our countries and businesses are investing heavily in achieving this ambition but also face common challenges, including in relation to capacity and productivity. We have strong existing collaborations in the transport, housing and energy sectors, and today have agreed a new Framework for Co-operation to support infrastructure delivery to deepen these partnerships and extend them to further areas of mutual interest, including digital and modern methods of construction technologies.

    4. Today, we also reaffirm our support to small business in both countries and commit to working together to establish an SME Dialogue focused on sharing good practices in nurturing growth and productivity amongst SMEs to maximise commercial opportunities.

    5. We will also establish an Economic Security Exchange to share good practices and experiences, and develop common understandings in key areas for the economic security and prosperity of our two nations.

    6. The UK and Ireland share a close bilateral relationship in science, innovation and technology and commit to building on this through our collaboration within the current Horizon European Research and Innovation Framework Programme, including encouraging national contact points to work closely together. We agree to convene regular meetings between UKRI and Research Ireland to discuss issues of mutual interest and monitor and identify multilateral and bilateral opportunities.

    7. In early 2024, we launched the research Co-Centre for Climate, Biodiversity & Water, seeking to deliver solutions to the pressing challenges posed by climate change, biodiversity decline, and water degradation; and the Co-Centre for Sustainable Food Systems, seeking to drive societal and political change in food system transformation and transition to climate neutrality by 2050. Following the launch of these Co-Centres, UKRI and Research Ireland will work together and with the Northern Ireland Executive to monitor progress and identify future opportunities to bring together researchers and innovators across the UK and Ireland.

    Developing the deep ties between our people and cultures

    1. We recognise the unique ability of arts, culture and sport to forge and foster ties between people across these islands. 

    2. We value the extraordinary influence and contribution of British and Irish cultures and heritages to the artistic and cultural wealth of the public realm and creative industries and institutions in both our countries. In recognition of this, today, we agree to establish a strategic partnership to deepen and amplify co-operation between our leading cultural institutions and to support wider public engagement with the contemporary culture and heritage of both our countries. Over the coming five years, this will comprise a range of measures to support collaborations in programming, professional exchange, research and policy, and an annual joint meeting of our leading cultural institutions each autumn.

    3. We look forward to our joint hosting of the EURO2028 Men’s Football Championship and the 2030 T20 Men’s Cricket World Cup and will work to ensure that both tournaments are enjoyed across these islands. We will explore future co-hosting opportunities in the area of sports.

    4. We recognise that to reach the potential of our partnership across these islands, we need to understand and respond to the aspirations and views of young people. Today, we have agreed to establish an Ireland-UK Youth Forum to bring together young people across these islands on an annual basis to discuss issues of importance to them and to make recommendations about how they can be addressed for consideration by both our governments.

    5. In order to build stronger connectivity amongst our children and young people, we will also encourage greater co-operation and contact between our schools and education systems. This will include areas such as early years learning and provision, social mobility, opportunity and inclusion; special education provision; curriculum and assessment reform; teacher professional development; and integrated education.

    6. We will promote greater understanding of educational opportunities for full-time students through improved knowledge, guidance and information using higher education entrance systems.

    7. The uniquely rich and dynamic connections between people across these islands are supported and made possible by our long-standing Common Travel Area arrangement.  We remain firmly committed to working together to protect the integrity and security of the Common Travel Area. Recognising also the importance of the Common Travel Area in facilitating the daily lives of citizens across these islands, we will work together to minimise barriers to work or travel for those who benefit from it.

    8. Underpinning our co-operation is our shared ambition of a more reconciled, peaceful and prosperous Northern Ireland.  In progressing our co-operation across the board, we will ensure that our partnership includes and benefits Northern Ireland. We commit to ensure the successful delivery of the 2021-2027 PeacePlus programme and are agreed in principle to a successor programme.

    9. We agree to establish a UK-Ireland 2030 Steering Group led by the UK Cabinet Office and Department of the Taoiseach in order to take forward the range of commitments we are making today. Together we will ensure this complements the institutions of the Good Friday Agreement and their crucial role at the heart of our essential and unique relationship.

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Global: Taung child: the controversial story of the fossil discovery that proved humanity’s common origins in Africa – podcast

    Source: The Conversation – UK – By Gemma Ware, Host, The Conversation Weekly Podcast, The Conversation

    The cast of the Taung child skull found in South Africa in 1924. Didier Descouens/Wikipedia Commons, CC BY-SA

    One hundred years ago, a paper was published in the journal Nature that would radically shift our understandings of the origins of humanity. It described a fossil, found in a lime mine in Taung in South Africa, which became known as the Taung child skull.

    The paper’s author, an Australian-born anatomist called Raymond Dart, argued that the fossil was a new species of hominin called Australopithecus africanus. It was the first evidence that humanity originated in Africa.

    In this episode of The Conversation Weekly podcast, we talk to science historian Christa Kuljian about Dart’s complicated legacy and to paleoanthropologist Dipuo Kgotleng about what’s happened to the city of Taung itself, and how paleoanthropology has changed over the last century.

    When Dart’s paper was first published, it was roundly ridiculed by his scientific peers. Charles Darwin had a hunch that all humans had common origins in Africa, but archaeologists at the time weren’t looking for evidence on the continent, as Kuljian, a research associate at the University of Witwatersrand, explains:

     ”Scientists argued that humans had evolved in Europe or perhaps Asia, and that belief was influenced by the false assumption that many scientists had that Europeans were superior to other people from around the world, and that there was a hierarchy of race. Paleoanthropology and the search for human origins had its roots in that era of racialised thinking and white supremacy.“

    Dart’s contribution eventually proved this to be wrong. But at the same time, Dart, like many scientists working in Europe and the US in the early 20th century, was engaged in disturbing and racist anthropological practices, says Kuljian.

    “They were not only collecting ancient fossils, they were also collecting human skeletons. And scientists thought that humans could be divided into separate and distinct racial types based on physical characteristics. They thought that these pure racial types, which we now know do not exist, would give them a clue to understanding human evolution.”

    Not just one ‘hero’

    Alongside Dart’s own complicated legacy, researchers are also reassessing the way discoveries like the Taung child skull are commonly told: through the lens of a solo, white, hero like Indiana Jones.

    What’s missing, says Kgotleng, director of the Palaeo Institute at the University of Johannesburg, are often the stories of the “hidden figures” behind such discoveries. For example, the rock that contained the Taung skull was put aside by local mine workers who recognised its potential significance and passed it onto Dart’s colleague. Kgotleng argues:

    “ For a scientist to have that fossil in hand there was somebody who was on the ground assisting with that excavation. There were other labourers who were there, in most cases they never get recognised … we need to recognise all the workers in that whole process of the discovery through to publication.”

    Kgotleng, who used to work as the archaeologist at Taung, says that today the town “generally looks like it’s still stuck in the 1920s”. She says that many local people know little about the significance of the fossil find and that “the knowledge about the science has not filtrated through to the locals”.

    Listen to the conversations with Kuljian and Kgotleng on The Conversation Weekly podcast, which also includes an introduction from Natasha Joseph, science commissioning editor at The Conversation Africa. Kuljian and Kgotleng both also contributed papers to a special issue of the South African Journal of Science to mark the centenary of Dart’s article.

    This episode of The Conversation Weekly was written and produced by Katie Flood with assistance from Mend Mariwany and hosted by Gemma Ware. Sound design was by Eloise Stevens and theme music by Neeta Sarl.

    Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here.

    Dipuo Winnie Kgotleng has received funding from the Wenner-Gren foundation, National Heritage Council and National Research Foundation. Christa Kuljian has received funding from the Academic and Non-Fiction Authors Association of South Africa, the South African National Research Foundation and the Centre of Excellence in Palaeosciences.

    – ref. Taung child: the controversial story of the fossil discovery that proved humanity’s common origins in Africa – podcast – https://theconversation.com/taung-child-the-controversial-story-of-the-fossil-discovery-that-proved-humanitys-common-origins-in-africa-podcast-251530

    MIL OSI – Global Reports –

  • MIL-OSI USA: Storm Brings a Potpourri of Hazards to the U.S.

    Source: NASA

    A powerful mid-latitude cyclone delivered a potpourri of weather hazards as it worked its way across the United States in March 2025. Beginning on March 3, the low-pressure system fanned wildfires and blinding dust storms in the Southwest, spawned severe thunderstorms and tornadoes in the Southeast, fueled blizzards in the Great Plains and Midwest, and dropped heavy rain in the Northeast.
    Thick plumes of dust streamed across West Texas in this image, captured on March 4, 2025, by the MODIS (Moderate Resolution Imaging Spectroradiometer) on NASA’s Terra satellite. Clouds of dust appear to originate from arid landscapes in northern Mexico and West Texas, a region that spans the Chihuahuan Desert, cattle ranches and cotton farms, and gas and oil fields.
    Exceptional drought has gripped West Texas for the past several months, according to the U.S. Drought Monitor. The lack of rain has parched vegetation and dried the land surface, making the region particularly susceptible to erosion and dust storms.
    Fierce winds and thick plumes of blowing dust led to traffic accidents, flight disruptions, school closures, power outages, and red and orange skies throughout the state and region, according to news reports. One particularly severe dust storm on March 3 sharply reduced visibility and contributed to a 21-car accident near Roswell, New Mexico.
    “This is a large event, but dust storms are typical in this region at this time of year,” said Santiago Gassó, a University of Maryland atmospheric scientist based at NASA’s Goddard Space Flight Center. “Unfortunately, we’re seeing longer droughts in the southwestern U.S. and northern Mexico, so we can expect more of this type of event.”
    Tools powered by NASA data and satellites are available to meteorologists, scientists, and others tracking the storm. The Worldview browser hosts timely data and imagery from several satellites. A data viewer from NASA’s Short-term Prediction Research and Transition Center (SPoRT) provides access to rainfall, lightning, air quality, and other data, and NASA’s Global Modeling and Assimilation Office has tools for real-time weather analysis and reanalysis.
    One of the newer data products comes from an experimental aerosol detection algorithm that NOAA’s AerosolWatch team is developing. The algorithm makes it easier to distinguish between dust and smoke, both of which were present in the hazy plume over Texas on March 4, by merging data collected by the TEMPO (Tropospheric Emissions: Monitoring of Pollution) mission with ABI (Advanced Baseline Imager) observations from the GOES-19 satellite.
     

    “The combination of TEMPO with GOES is very promising,” Gassó said. “Both satellites make multiple observations each day, and given their combined observations at several spectral channels, we’re able to fully characterize smoke or dust in time, space, and concentration for the first time.”
    NASA Earth Observatory image by Michala Garrison, using MODIS data from NASA EOSDIS LANCE and GIBS/Worldview. Story by Adam Voiland.

    MIL OSI USA News –

  • MIL-OSI USA: Public Invited to Review Flood Maps in Pocahontas County, WV

    Source: US Federal Emergency Management Agency

    Headline: Public Invited to Review Flood Maps in Pocahontas County, WV

    Public Invited to Review Flood Maps in Pocahontas County, WV

    PHILADELPHIA– FEMA is proposing updates to the Flood Insurance Rate Map (FIRM) for Pocahontas County, West Virginia. Community partners are invited to participate in a 90-day appeal and comment period. The 90-day appeal period will begin on March 6, 2025. The updated maps were produced in coordination with local, state and FEMA officials. Significant community review of the maps has already taken place, but before the maps become final, community partners can identify any corrections or questions about the information provided and submit appeals or comments. Residents, business owners and other community partners are encouraged to review the updated maps to learn about local flood risks and potential future flood insurance requirements. They may submit an appeal if they perceive that modeling or data used to create the map is technically or scientifically incorrect.An appeal must include technical information, such as hydraulic or hydrologic data, to support the claim. Appeals cannot be based on the effects of proposed projects or projects started after the study is in progress.If property owners see incorrect information that does not change the flood hazard information—such as a missing or misspelled road name in the Special Flood Hazard Area or an incorrect corporate boundary—they can submit a written comment.The next step in the mapping process is the resolution of all comments and appeals. Once they are resolved, FEMA will notify communities of the effective date of the final maps.Submit appeals and comments by contacting your local floodplain administrator:For the Town of Durbin, please contact David Cain by email at chiefcain@hotmail.com or by phone at 304-456-4688.For the Town of Marlinton, please contact Bruce Van Meter by email at brucebuildinginspector@gmail.com or by phone at 304-799-4315.For Pocahontas County, please contact Scott Triplett by email at pocahontas_floodplain@outlook.com or by phone at 304-799-4549.The new preliminary maps for Pocahontas County may be viewed online at the FEMA Region 3 Flood Map Changes Viewer.For more information about the flood maps:Use a live chat service about flood maps at FEMA Mapping and Insurance eXchange (FMIX). Click on the “Live Chat” icon.Contact a FEMA Map Specialist by telephone; toll free, at 1-877-FEMA-MAP (1-877-336-2627) or by email at FEMA-FMIX@fema.dhs.gov. Most homeowner’s insurance policies do not cover flooding. There are cost-saving options available for those newly mapped into a high-risk flood zone. Learn more about your flood insurance options by talking with your insurance agent and visiting https://www.floodsmart.gov.Pocahontas County Flood Mapping MilestonesDec. 9, 2022 — Flood Risk Review Meeting to review draft flood hazard data.March 4, 2024 — Preliminary Flood Insurance Rate Map released.April 18, 2024 — Community Coordination and Outreach Meeting to review Preliminary Flood Insurance Rate Map and discuss updates to local floodplain management ordinance and flood insurance.March 6, 2025 –Appeal Period starts.Spring 2026* — New Flood Insurance Rate Map becomes effective and flood insurance requirements take effect. (*Timeline subject to change pending completion of the appeal review process.)If you have any questions, please contact FEMA Region 3 Office of External Affairs at femar3newsdesk@fema.dhs.gov. ###FEMA’s mission is helping people before, during, and after disasters. FEMA Region 3’s jurisdiction includes Delaware, the District of Columbia, Maryland, Pennsylvania, Virginia, and West Virginia.Follow us on “X” at twitter.com/femaregion3 and on LinkedIn at linkedin.com/company/femaregion3
    erika.osullivan
    Wed, 03/05/2025 – 19:44

    MIL OSI USA News –

  • MIL-OSI USA: With rain incoming, California takes action to protect fire-impacted communities in Los Angeles County

    Source: US State of California 2

    Mar 5, 2025

    What you need to know: Governor Newsom has directed his Office of Emergency Services to coordinate with key partners during this next round of winter weather to strategically preposition critical resources to protect the public. 

    Los Angeles, California – As another round of winter weather is forecasted to make its way across California starting today, Governor Gavin Newsom has directed the California Office of Emergency Services (Cal OES) to coordinate with key partners to strategically preposition critical resources to protect the public. Bringing the potential for rain that could increase the likelihood of debris flow risk in the Eaton and Palisades fire areas in Los Angeles, Cal OES has prepositioned the following Fire and Rescue resources in the area:

    • 5 Local Government Engines
    • 1 Local Government Dispatcher
    • 4 Local Government Rescue swimmers

    Actively working to keep communities safe, the state continues coordinating with Los Angeles City Emergency Management Department and the Los Angeles County Office of Emergency Management to ensure their region has the resources it needs ahead of this inclement weather.

    The National Weather Service has forecasted light to moderate rain Tuesday through Thursday with a chance of isolated thunderstorms for areas near burn scars in Los Angeles County.

    As a new round of storms moves toward our state, California remains ever ready to protect lives and keep our communities safe.

    Governor Gavin Newsom

    In addition to the prepositioned resources, state specialized staff have continued their recovery coordination efforts in the Los Angeles area since the start of the fires. Together with other state, local and federal partners, crews stand ready for any weather impacts and have additional storm fighting resources readily available for timely response. Actions to protect communities also include:

    • The California Conservation Corps has 35 regional crews ready to respond.
    • Watershed materials are staged and remain available for local government use, including: K-rail, muscle wall, sock wattles and sandbags.
    • Los Angeles County Public Works is conducting 24-hour operations to clear debris basins and flood channels and will conduct 24-hour storm patrols to monitor vulnerable areas.

    Previously, the Governor directed state agencies to ensure Los Angeles communities were prepared during this storm season. The California National Guard cleared debris basins near burn scars, proactively removed 298,335 cubic yards of debris and materials from the Sierra Madre Villa Basin and Eaton Canyon Reservoir which worked as intended to protect homes from debris runoff. Additionally, Cal OES deployed over 120 miles of protective measures in an unprecedented effort to protect vulnerable communities.

    As the incoming storm rolls in, the state encourages residents to reduce injury risks from falling limbs and trees by staying inside, not driving through flooded roadways and preparing in advance for power outages.
     
    Residents in the affected counties are urged to stay informed and listen to local authorities about actions they should take including evacuation orders or safety recommendations. In burn scar areas, officials recommend preparing for possible sudden debris flows by having a go-bag packed and knowing evacuation routes.
     
    Go to ready.ca.gov for tips to prepare for the incoming storm.

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    News SACRAMENTO – Governor Gavin Newsom today released judicial applicant and appointee data for the administration’s judicial appointments.Since taking office in 2019 through 2025, Governor Newsom made 576 judicial appointments – including 131 in 2024 – from a pool…

    MIL OSI USA News –

  • MIL-OSI Europe: Portugal financing from EIB Group surpasses €2 billion in 2024 with record investment in green financing and sustainable energy

    Source: European Investment Bank

    • EIB Group affirms strong commitment to Portugal with €2.1 billion in financing last year.
    • Climate and environmental sustainability financing reached 63 % of total amount consolidating the EIB as the Climate Bank in Portugal.
    • Record investment of more than €1.1 billion in sustainable energy and natural resources, nearly double last year’s financing.
    • Key priorities for 2025 include financing the Porto-Lisbon high-speed rail line and reinforce financing for social infrastructures in the country.

    The European Investment Bank (EIB) Group, which comprises the European Investment Bank (EIB) and the European Investment Fund (EIF), reaffirmed its strong commitment to Portugal in 2024, with new financing of €2.1 billion to foster the country’s sustainable economic development. This financing unlocked a total of around €4.9 billion in investments, equivalent to a 1.7 % of the country’s GDP.

    A significant part of this support was directed at Portuguese projects promoting climate action and environmental protection, as well as investments in health and transport infrastructure. A record of more than €1.1 billion went to clean energy, marking an unprecedented boost for the green transition.

    “Cooperation with the Portuguese authorities is excellent. We have invested more than €2 billion in Portugal in 2024, and we have launched emblematic projects such as the Lisbon Oriental Hospital and the high-speed train between Lisbon and Porto. We will continue to be a very important investment partner for the country to the benefit of Portuguese businesses and citizens”, said EIB Group President Nadia Calviño.

    In 2024, EIB Group financing, supported around 10,000 Portuguese companies and sustained almost 230,000 jobs.

    Record financing in climate action and energy transition in Portugal

    Portuguese projects advancing climate action and environmental sustainability received a record €1.3 billion in EIB Group financing last year, driven by significant investments in sustainable energy. This amount accounts for 63 % of its total investment in Portugal, thus exceeding the 50 % target for the Group in place for 2025.

    Financing in sustainable energy and natural resources surpassed €1.1 billion, a record for the country that nearly doubled last year’s investment. Among the biggest operations: two loans to Portuguese electricity supplier EDP to expand renewable energy generation, wind and solar, and to modernize electricity distribution networks, and two loans to finance Galp Energia for the construction of an advanced biofuels plant and a renewable hydrogen unit in the coastal area of Sines.

    Other relevant projects contributing to the green financing were the EIB loan signed with ANA to support low-carbon initiatives at nine airports in Portugal, and the loan signed with BPI to finance small and medium-sized enterprises, mid-caps, and public sector entities investing in climate action projects.

    Strengthening country’s economic cohesion, innovation and social infrastructure

    Beyond green investments, the EIB last year allocated €1.5 billion to initiatives aimed at enhancing Portugal’s economic and social cohesion.

    It signed a €107 million loan to finance the construction of Hospital de Lisboa Oriental. The new facilities will replace six old hospitals, spread over more than 100 buildings in the Lisbon centre. This will guarantee access to modern health services and improve the distribution of hospital beds around the city.

    Supporting innovation was another priority of the EIB Group in Portugal last year. Special mention deserves the €90 million investment pledged by the EIF into three venture capital funds to accelerate the growth of start-ups in the deep-tech and cybersecurity sectors.

    Looking ahead: reinforce support for social infrastructures and finance Porto-Lisbon high-speed rail line

    Unlocking investment in social infrastructures that address the most pressing needs of European citizens, will continue being a priority for the EIB Group in Portugal in 2025, together with the financing of the first phase of the high-speed railway line between Porto and Lisbon, reinforcing commitment to sustainable transport and regional cohesion.

    Video EIB Group in Portugal in 2024 https://youtu.be/szAUKoTJoP8

    Background information  

    EIB 

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses Winter Tourism Program at Harsil, Uttarakhand

    Source: Government of India (2)

    Prime Minister Shri Narendra Modi addresses Winter Tourism Program at Harsil, Uttarakhand

    Blessed to be in Devbhoomi Uttarakhand once again: PM

    This decade is becoming the decade of Uttarakhand: PM

    Diversifying our tourism sector, making it perennial, is very important for Uttarakhand: PM

    There should not be any off season, tourism should be on in every season in Uttarakhand: PM

    Our governments at Center and state are working together to make Uttarakhand a developed state: PM

    Posted On: 06 MAR 2025 12:54PM by PIB Delhi

    The Prime Minister Shri Narendra Modi participated in the Winter Tourism Program after flagging off a trek and bike rally at Harsil, Uttarakhand. He also performed pooja and darshan at the winter seat of Maa Ganga in Mukhwa. Addressing the gathering, he expressed his deep sorrow over the tragic incident in Mana village and extended his condolences to the families of those who lost their lives in the accident. He said the people of the nation stand in solidarity during this time of crisis, which has provided immense strength to the affected families.

    “The land of Uttarakhand, known as Devbhoomi, is imbued with spiritual energy and blessed by the Char Dham and countless other sacred sites”, said the Prime Minister, highlighting that this region serves as the winter abode of the life-giving Maa Ganga. He expressed his gratitude for the opportunity to visit again and meet the people and their families, calling it a blessing. He emphasized that it is by Maa Ganga’s grace that he had the privilege of serving Uttarakhand for decades. “Maa Ganga’s blessings guided me to Kashi, where I now serve as a Member of Parliament”, said Shri Modi, recalling his statement in Kashi that Maa Ganga had called him and shared his recent realization that Maa Ganga has now embraced him as her own. The Prime Minister described this as Maa Ganga’s affection and love for her child, which brought him to her maternal home in Mukhwa village and had the honor of performing darshan and puja at Mukhimath-Mukhwa. Remarking on his visit to the land of Harsil, expressing his fond memories of the affection shown by the local women, whom he referred to as “Didi-Bhuliyas”, Shri Modi highlighted their thoughtful gestures of sending him Harsil’s rajma and other local products. He expressed his gratitude for their warmth, connection, and gifts. 

    The Prime Minister recalled his visit to Baba Kedarnath, where he had declared that, “this decade would be the decade of Uttarakhand”. He remarked that the strength behind those words came from Baba Kedarnath himself and highlighted that, with Baba Kedarnath’s blessings, this vision is gradually becoming a reality. Emphasizing that new avenues for Uttarakhand’s progress are opening up, fulfilling the aspirations that led to the state’s formation, Shri Modi noted that the commitments made for Uttarakhand’s development are being realized through continuous achievements and new milestones. He added, “winter tourism is a significant step in this direction, aiding in harnessing Uttarakhand’s economic potential” and congratulated the Uttarakhand government for this innovative effort and extended his best wishes for the state’s progress.

    “Diversifying and making the tourism sector a year-round activity is important and necessary for Uttarakhand”, said the Prime Minister, remarking that there should be no “off-season” in Uttarakhand, and tourism should thrive in every season. He mentioned that currently, tourism in the hills is seasonal, with a significant influx of tourists during March, April, May, and June. However, he added that the number of tourists drops drastically afterward, leaving most hotels, resorts, and homestays vacant during winters. He pointed out that this imbalance leads to economic stagnation for a large part of the year in Uttarakhand and also poses challenges to the environment.

    “Visiting Uttarakhand during winters offers a true glimpse of the divine aura of Devbhoomi”, said Shri Modi, highlighting the thrill of activities like trekking and skiing that winter tourism in the region provides. He stressed that winters hold special significance for religious journeys in Uttarakhand, with many sacred sites hosting unique rituals during this time. He pointed out the religious ceremonies in Mukhwa village as an integral part of the region’s ancient and remarkable traditions. The Prime Minister noted that the Uttarakhand government’s vision for year-round tourism will provide people with opportunities to connect with divine experiences. He underlined that this initiative will create year-round employment opportunities, significantly benefiting the local population and the youth of Uttarakhand.

    “Our governments at Center and state are working together to make Uttarakhand a developed state”, said the Prime Minister, remarking on the significant progress achieved in the past decade, including the Char Dham All-Weather Road, modern expressways, and the expansion of railways, air, and helicopter services in the state. He also mentioned that the Union Cabinet had recently approved the Kedarnath Ropeway Project and the Hemkund Ropeway Project. He noted that the Kedarnath Ropeway will reduce the travel time from 8-9 hours to approximately 30 minutes, making the journey more accessible, especially for the elderly and children. Shri Modi emphasized that thousands of crores of rupees will be invested in these ropeway projects. He extended his congratulations to Uttarakhand and the entire nation for these transformative initiatives.

    Underlining the focus on developing eco-log huts, convention centers, and helipad infrastructure in the hills, Shri Modi said, “tourism infrastructure is being newly developed in locations such as Timmer-Sain Mahadev, Mana village, and Jadung village”. He added that the Government has worked to ensure the erstwhile emptied villages of Mana and Jadung in 1962, have been restored. He noted that as a result, the number of tourists visiting Uttarakhand has increased significantly over the past decade. He shared that before 2014, an average of 18 lakh pilgrims visited the Char Dham Yatra annually, which has now risen to approximately 50 lakh pilgrims each year. The Prime Minister announced that this year’s budget includes provisions to develop 50 tourist destinations, granting hotels at these locations the status of infrastructure. He emphasized that this initiative will enhance facilities for tourists and promote local employment opportunities. 

    Emphasising the Government’s efforts to ensure that border areas of Uttarakhand also benefit from tourism, the Prime Minister said, “villages once referred to as the “last villages” are now being called the “first villages” of the country”. He highlighted the launch of the Vibrant Village Program for their development, under which 10 villages from this region have been included. He noted that efforts have begun to resettle Nelong and Jadung villages and mentioned the flagging off of a bike rally to Jadung from the event earlier. He also declared that those building homestays will be provided benefits under the Mudra Yojana. Shri Modi appreciated the Uttarakhand government’s focus on promoting homestays in the state. He highlighted that villages deprived of infrastructure for decades are now witnessing the opening of new homestays, which is boosting tourism and increasing the income of local residents. 

    Making a special appeal to people from all corners of the country, particularly the youth, Shri Modi highlighted that while much of the country experiences fog during winters, the hills offer the joy of basking in sunlight, which can be turned into a unique event. He suggested the concept of “Gham Tapo Tourism” in Garhwali, encouraging people from across the country to visit Uttarakhand during winters. He specifically urged the corporate world to participate in winter tourism by organizing meetings, conferences, and exhibitions in the region, emphasizing the vast potential of the MICE sector in Devbhoomi Uttarakhand. The Prime Minister remarked that Uttarakhand provides opportunities for visitors to recharge and re-energize through yoga and Ayurveda. He also appealed to universities, private schools, and colleges to consider Uttarakhand for students’ winter trips.

    Pointing out the significant contribution of the wedding economy, worth thousands of crores, the Prime Minister reiterated his appeal to the people of the country to “Wed in India” and encouraged prioritizing Uttarakhand as a destination for winter weddings. He also expressed his expectations from the Indian film industry, noting that Uttarakhand has been awarded the title of the “Most Film-Friendly State.” He emphasized the rapid development of modern facilities in the region, making Uttarakhand an ideal destination for film shootings during winters.

    Shri Modi underscored the popularity of winter tourism in several countries and emphasized that Uttarakhand can learn from their experiences to promote its own winter tourism. He urged all stakeholders in Uttarakhand’s tourism sector, including hotels and resorts, to study these countries’ models. He called on the Uttarakhand government to actively implement actionable points derived from such studies. He stressed the need to promote local traditions, music, dance, and cuisine. The Prime Minister remarked that Uttarakhand’s hot springs can be developed into wellness spas, and serene, snow-covered areas can host winter yoga retreats, urging the Yoga gurus to arrange a yoga camp in Uttarakhand annually. He also suggested organizing special wildlife safaris during the winter season to establish a unique identity for Uttarakhand. He emphasized adopting a 360-degree approach and working at every level to achieve these goals.

    The Prime Minister emphasized that alongside developing facilities, spreading awareness is equally important and appealed to the country’s young content creators to play a vital role in promoting Uttarakhand’s winter tourism initiative. Mentioning the significant contribution of content creators in boosting the tourism sector, Shri Modi urged them to explore new destinations in Uttarakhand and share their experiences with the public. He suggested the State Government to organize a competition of making short films by content creators to promote tourism in Uttarakhand. He concluded by expressing confidence that the sector will witness rapid growth in the coming years and congratulated Uttarakhand for its year-round tourism campaign.

    The Chief Minister of Uttarakhand, Shri Pushkar Singh Dhami, Union Minister of State for Road Transport and Highways, Shri Ajay Tamta were present among other dignitaries at the event. 

    Background

    The Uttarakhand government has initiated a Winter Tourism programme this year. Thousands of devotees have already visited the winter seats of Gangotri, Yamunotri, Kedarnath, and Badrinath. The programme is aimed to promote religious tourism and boost the local economy, homestays, tourism businesses, among others.

     

     

    ***

    MJPS/SR

    (Release ID: 2108742) Visitor Counter : 83

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: Grattan on Friday: Anthony Albanese beset by disruptors, from Cyclone Alfred to Donald Trump

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Issues sometimes “come at you”, Anthony Albanese declared on Thursday at the end of a news conference, held at Canberra’s National Situation Room, about Cyclone Alfred.

    The cyclone is a disaster for millions of people in its path. For the prime minister, it is a major political disruptor.

    Albanese cancelled his visit to Western Australia: he’d wanted to be there when Labor has its anticipated certain win at Saturday’s election.

    His own election planning – which seemed headed for an April 12 election called this weekend – has been thrown into some disarray (although this is contested by those involved).

    Then there was the good news that was crowded out. Wednesday’s national accounts finally showed some of the much hoped-for positive trends, especially an end to the per capita recession, which had been running for seven consecutive quarters. But with the cyclone naturally dominating attention, who noticed?

    Albanese’s response to the new circumstances was to place himself at the centre of the planning for the cyclone. He stood side by side with Queensland Premier David Crisafulli at his news conference on Wednesday and was early to the Situation Room on Thursday morning, promising to give regular updates.

    To questions about whether he’d abandoned any thought of calling an election at the weekend, the PM insisted (unconvincingly) that politics was furthest from his mind. Though announcing an election would appear near impossible in the circumstances, and attention had already begun turning to a May date (and a budget beforehand), Albanese on Thursday wouldn’t be drawn. Basically, he was waiting to see what happened with the weather.

    The cyclone will be a passing disruptor. The disruption from the Trump administration will be with Australia (and the world) for the foreseeable future.

    Next week Australia will know whether its intense lobbying for an exemption from the US tariffs on aluminium and steel has been effective. Those around the government are not optimistic.

    More concerning than the immediate impact on Australia if we fail to win the exemption is the effect of US protectionism more generally.

    Reserve Bank deputy Governor Andrew Hauser confirmed this week that “from a macroeconomic perspective, Australia’s direct exposure to US tariffs levied on our exports is limited”.

    “[But] Australia is heavily integrated into, and reliant on, the global economy more broadly – and particularly China. Hence the bigger macroeconomic risk for us would be if the imposition of US tariffs on third countries triggered a global trade war that impaired our trade and financial linkages more broadly.

    “As Australia’s long history has shown, we thrive when trade, labour and assets flow freely in the global economy, but we suffer when countries turn inwards.”

    How disruptive this new world will be to the Australian economy can’t be known but it could make things very difficult for a second term Albanese government or a first term Dutton one.

    As Trump tries to force a settlement on Ukraine, there’s been increasing attention on the Europeans’ plans to boost their defence expenditure. This week, we started to feel the heat on Australia to do the same.

    Trump’s nominee for Under Secretary of Defense for Policy, Elbridge Colby told the US Senate Committee on Armed Services, in a written answer during his confirmation hearing, that “Australia is a core U.S. ally. […] The main concern the United States should press with Australia, consistent with the President’s approach, is higher defense spending. Australia is currently well below the 3% level advocated for by NATO Secretary General Rutte, and Canberra faces a far more powerful challenge in China.”

    Presently Australia’s defence spending is about 2% of GDP, projected to increase to 2.4% by 2033–34.The Coalition has said it would spend more than Labor (but has not specified how much more).

    Defence Minister Richard Marles said he could “obviously understand the US administration seeking for its friends and allies around the world to do more. That’s a conversation that we will continue to have with the US administration. […] But it’s really important to understand we are increasing that spending right now.”

    It’s also important to understand that if Australia must ramp up defence further or faster than present plans, that will suck funds from other priorities, putting another squeeze on future governments.

    Trump’s bullying of Ukraine and its leader Volodymyr Zelensky has not weakened the bipartisan support in Australia for Ukraine.

    But a difference has emerged over whether Australia should (if asked) take part in any peacekeeping force. Peter Dutton said this role should be left to the Europeans. But Albanese flagged his government would consider it, pointing to the many other peacekeeping operations we have participated in.

    Former prime minister Scott Morrison got on well with Trump during the president’s first term and has become even more signed up since. The Morrisons were at Mar-a-Lago for New Year’s eve.

    Morrison was distinctly sympathetic to Trump’s approach when talking this week about Ukraine. He told an Australian Financial Review dinner, “Do we just keep fighting this war every day? The alternative is to find a peace that can be secured.

    “There was no conversation, no real conversation, about peace in Ukraine up until now.” Zelensky had the “most to gain” from negotiating to end the war, he said.

    Morrison is affiliated with lobbying firm American Global Strategies, which has links to the Trump administration. Colby is listed as a senior adviser. The chairman and founder of the group, Robert C. O’Brien, was formerly a national security adviser to Trump.

    Morrison is one of a number of former senior Australian political figures who have a current professional or commercial lock-in to Washington politics.

    Former Liberal treasurer Joe Hockey, who was close to the Trump White House when Hockey was ambassador in 2016-20, is founder and global president of Bondi Partners, a lobbying firm that operates between the US and Australia.

    Another former Australian ambassador to Washington, Arthur Sinodinos, is based in Washington as a partner in the Asia Group, a strategic advisory firm.

    Meanwhile former PM Kevin Rudd, as Australian ambassador in Washington, is trying to amplify Australia’s official voice with the administration.

    Speculation continues about Rudd’s future if the government changed. Dutton says that would depend on how effective Rudd was, saying his present instinct would be leave him in the job.

    Others are sceptical this would happen, and raise Morrison’s name as a possible replacement. Morrison has reportedly told people he would not want the post. But you couldn’t rule it out.

    Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Grattan on Friday: Anthony Albanese beset by disruptors, from Cyclone Alfred to Donald Trump – https://theconversation.com/grattan-on-friday-anthony-albanese-beset-by-disruptors-from-cyclone-alfred-to-donald-trump-251258

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Nations: World News in Brief: Death toll rises in Darfur, Cyclone Chido latest, São Tomé and Príncipe takes development step

    Source: United Nations MIL OSI b

    Peace and Security

    UN humanitarians expressed alarm on Monday at the rising numbers of civilian casualties in and around the besieged Sudanese city of El Fasher, in northern Darfur.

    According to news reports citing local sources, paramilitaries from the so-called Rapid Support Forces who have been battling the forces of the military Government for 18 months, launched a missile attack at the weekend which killed more than 30 people in the city, while a drone attack on Friday reportedly killed nine and wounded 20 at the Saudi Hospital in El Fasher.

    Attacks include the repeated shelling of the Zamzam displacement camp since the beginning of this month, said UN Spokesperson Stéphane Dujarric, briefing correspondents in New York.

    “The camp hosts hundreds of thousands of people and famine conditions were confirmed there earlier this year.”

    In response to the deaths in the city in recent days, Mr. Dujarric condemned all civilian killings “wherever they occur”.

    ‘Deplorable’ attacks

    WHO Director-General Tedros Adhanom Ghebreyesus said of the attack on the main hospital that it was no longer operational, describing all attacks on healthcare as “deplorable”, in a post on X. The hospital is no longer operational. (repeat)

    “This is part of a broader escalation of attacks across Darfur and in other areas of Sudan,” the Spokesperson added, reiterating the call from UN humanitarian affairs office, OCHA, for an immediate ceasefire

    “We reiterate that international humanitarian law must be respected. Civilians and civilian infrastructure, including hospitals, are not targets,” he added.

    Cyclone Chido: Humanitarians rush aid to affected areas

    After Cyclone Chido made landfall in the French island territory of Mayotte at the weekend, leaving an unknown number of dead and destruction on a massive scale, UN teams began aid distribution in Cabo Delgado province, in northern Mozambique – following the deadly storm making landfall there.

    Around two million people are at risk in Mozambique, including 627,000 identified as being at “high risk”.

    In an alert, the UN World Food Programme (WFP) said that voluntary evacuation plans began to be circulated on 8 December, reaching more than 400,000 people.

    The UN agency reported that in less than 24 hours, emergency food assistance reached around 500 cyclone-affected families in temporary accommodation centres in Pemba district alone.

    Humanitarians have been on high alert since the French Indian Ocean territory of Mayotte experienced its worst cyclone in almost a century on Saturday. Media reports showed trees uprooted and houses smashed, while communities faced power cuts and fears over a lack of drinking water.

    Close cooperation

    The UN is working closely with the Government in Mozambique to assess the damage and humanitarian impact.

    For its part, UN Children’s Fund, UNICEF, and partners are providing water and sanitation supplies to mitigate disease risks as the region is already grappling with a cholera outbreak.

    Preliminary figures indicate that 140,000 people have been impacted across Cabo Delgado Province, where more than one million people are already in need of assistance due to the ongoing conflict, said UN Spokesperson Stéphane Dujarric.

    “Our humanitarian colleagues tell us that in the most impacted districts – including Mecufi and Metuge – people urgently need shelter, they need water, they need sanitation, hygiene, health and protection assistance,” he added.

    Emergency Relief Coordinator, Tom Fletcher, allocated $4 million from the Central Emergency Response Fund to support early response efforts.

    São Tomé and Príncipe takes major development step

    The UN has congratulated São Tomé and Príncipe on its official graduation from the Least Developed Countries (LDC) category.

    The Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UNOHRLLS) said the milestone “marks a significant achievement in the country’s development journey and reflects its sustained efforts to achieve robust economic growth, enhance human development, and improve resilience against vulnerabilities.”

    The graduation also underscores the international community’s collective push to support LDCs overall and is “the result of years of strategic planning, effective policymaking, and international partnerships,” added OHRLLS in a statement.

    The UN Committee for Development Policy recommended the country’s graduation after it met the necessary criteria based on per capita income, human assets, and economic and environmental vulnerability indices.

    Notable accomplishments include the increase in universal health coverage from 47 per cent in 2010 to 59 per cent by 2021 and being ranked 11th among 54 African nations in the 2021 Ibrahim Index of African Governance.

    “The graduation of São Tomé and Príncipe is a historic milestone that underscores the resilience, vision, and determination of its government and people,” said Rabab Fatima, High Representative for OHRLLS.

    “This achievement is a powerful testament to the impact of effective partnership and multilateral cooperation, offering both a model and an inspiration for other LDCs working to overcome structural challenges and achieve sustainable development.”

    MIL OSI United Nations News –

  • MIL-OSI: Annual Financial Report

    Source: GlobeNewswire (MIL-OSI)

    6 March 2025
    2024 Results Highlights

    Admiral Group reports excellent 2024 performance with strong growth in customers, turnover and profit and good strategic progress

      31 December 2024 31 December 2023 % change vs. 2023
    Group profit before tax £839.2m £442.8m +90%
    Earnings per share 216.6p 111.2p +95%
           
    Dividend per share 192.0p 103.0p +86%
    Return on equity1 56% 36% +20pts
           
    Group turnover¹ £6.15bn £4.81bn +28%
    Insurance revenue £4.78bn £3.49bn +37%
           
    Group customers¹ 11.10m 9.73m +14%
    UK insurance customers¹ 8.80m 7.39m +19%
    International insurance customers1 2.10m 2.17m -3%
    Admiral Money gross loan balances £1.17bn £0.96bn +23%
           
    Solvency ratio (post-dividend)¹ +203% +200% +3pts

    1 Alternative Performance Measures – refer to the end of the report for definition and explanation.

        
    Over 13,000 employees will each receive free share awards worth up to £3,600 under the employee share schemes based on the full year 2024 results.

    Comment from Milena Mondini de Focatiis, Group Chief Executive Officer:

    “2024 was a remarkable year. We delivered an excellent result with a 28 per cent increase in turnover and 90 per cent increase in profit as we welcomed an additional 1.4 million customers to the Group.

    “To remain one of the most competitive insurers for the largest number of people is a priority for us. We have emerged from several rather challenging years so when we saw conditions improve we were quick to respond. We were one of the first to reduce prices in response to easing inflation and cut rates the day after the favourable Ogden rate change announcement.

    “The main driver of our exceptional performance was our UK Motor business. However, it is great to see UK Household, Admiral Money, and our French and US Motor businesses all report a double-digit profit.

    “We are excited to be building on the synergies within our businesses and products. We recognise that there is more that we can do to meet even more of the needs of our growing customer base. We continue to focus on being a great choice for customers by leveraging our expertise in pricing, claims management and underwriting, and making continuous improvements in our service.

    “I was pleased to see our MSCI ESG score upgraded to AAA and to have our science-based targets officially approved. We have published our Net Zero Transition Plan and, as one of the leading insurers of electric vehicles in the UK, we are supporting the transition to greener vehicles.

    “Thanks to our incredible colleagues we have achieved so much this year and rewarded them with an additional bonus for their commitment.

    “As we enter into 2025, the market is softening, and the outlook is uncertain. Our priority is to stay efficient and agile so that we can adapt as needed and deliver long-term growth by building on our strong foundations and talented team.”

    Comment from Mike Rogers, Admiral Group Chair:

    “Admiral has had an excellent year, demonstrating, once again, how its unwavering focus on doing the right thing for customers can deliver growth and long-term value to all its stakeholders.

    “Admiral is now helping even more people to look after their future with its wider range of products. The Group’s commitment to continuous evolution and innovation means that it is using new technologies to better anticipate and meet customers’ needs and achieve greater efficiencies in how it operates.

    “Although inflation has eased, political, regulatory and economic uncertainty remains. Admiral’s prudent and disciplined approach will be key to ensuring that the Group continues to achieve long-term sustainable growth and can be there for its customers, colleagues and communities when they need it the most.”

    Final Dividend

    The Board has proposed a dividend of 121.0 pence per share (2023: 52.0 pence per share) representing a normal dividend (65% of post-tax profits) of 91.4 pence per share and a special dividend of 29.6 pence per share. The final dividend will be paid on 13 June 2025. The ex-dividend date is 15 May 2025, and the record date is 16 May 2025.

    Management presentation

    Analysts and investors will be able to access the Admiral Group management presentation which commences at 10.00 GMT on Thursday 6 March 2025 by registering at the following link to attend the presentation in person, or access the presentation live via webcast or conference call: https://admiralgroup.co.uk/events/event-details/2024-full-year-results. A copy of the presentation slides will be available at the following link: Results, reports and presentations | Admiral Group Plc (www.admiralgroup.co.uk)

    Investors and Analysts: Admiral Group plc
    Diane Michelberger                                Diane.Michelberger@admiralgroup.co.uk

    Media: Admiral Group plc    
    Addy Frederick                                Addy.Frederick@admiralgroup.co.uk
    +44 (0) 7500 171 810                       

    Media: FTI Consulting  
    Edward Berry                                        +44 (0) 7703 330 199
    Tom Blackwell                                        +44 (0) 7747 113 919

    Chair Statement

    Admiral Group performed very strongly in 2024 despite an unfavourable macroeconomic backdrop. The Group has achieved significant customer growth, while increasing customer satisfaction, and delivered an excellent UK Motor performance, supported by changes to the Ogden rate, with strong results in many other business lines. This has translated into profit before tax of £839.2 million and a proposed final dividend of 121.0 pence per share, making a total of 192.0 pence per share for the financial year.

    The Group’s impressive customer growth is a testament to its core value of doing what is right for customers. In the UK, due to better cycle management and in response to improved market conditions, Admiral reduced prices earlier than the market in early 2024.

    Delivering growth, digitisation and sustainability

    Defending and extending the competitive advantages of the UK motor business remains our number one priority, alongside our strategy of developing other franchises with the potential to drive future profitable growth. We have seen positive results across many of our newer franchises, with double-digit profit in the UK’s Household and Money businesses and our French business.

    The Group has made significant strides in enhancing its digital capabilities and unlocking the potential of new technologies to achieve a superior customer experience and greater productivity.

    Admiral continues to navigate a challenging regulatory landscape to ensure its resilience and sustainability in the long term. As one of the UK’s largest motor insurers, the business has been engaging with members of the motor insurance taskforce to identify solutions to tackle the current high costs of insurance.

    Admiral continues to support customers to adopt greener behaviours and is one of the leading UK electric vehicle insurers. The publication of Admiral’s Net Zero Transition Plan and the SBTi’s approval of its science-based targets demonstrates our commitment to responsible and sustainable business practices.

    Powered by our people

    Admiral colleagues’ expertise and dedication to supporting customers, colleagues and local communities is remarkable, so I was pleased that Admiral was, again, named one of the world’s best workplaces. Similarly, it was an honour to be at the London Stock Exchange to celebrate 20 years of Admiral being a listed business and delivering for customers and shareholders with colleagues who are custodians of the business’ incredible culture.

    I was sorry to say goodbye to Cristina Nestares who had successfully led the UK Insurance business since 2016. We all wish her the very best for the future. I’m pleased that, in line with the Group’s strong track record on succession planning, Alistair Hargreaves has been appointed UK Insurance CEO.

    We conducted an evaluation on the performance of the Board and its Committees. This process confirmed that these were operating effectively, that the business is managed for the long-term benefit of all stakeholders and provided a clear focus on areas for improvement for the forthcoming year.

    On behalf of the Board, I would like to thank Admiral colleagues for their ongoing commitment, and the management team for their excellent leadership and performance.

    While the external landscape remains uncertain, I believe that the Group’s competitive advantages, disciplined approach, and customer-first mindset will drive continued growth and shareholder value.

    Mike Rogers

    Group Chair

    5 March 2025

    Group Chief Executive Officer’s Review

    Overall, 2024 was a remarkable year for Admiral. It was not only a year of delivering excellent financial results but also one of continuous improvements in serving our customers and making solid progress on our strategy.

    Despite persisting economic, political, and regulatory uncertainty, motor insurance market conditions improved and this – combined with our historical discipline and agility across the insurance market cycle allowed us to achieve a great many successes. We have welcomed 1.4 million new customers, improved customer satisfaction, added £1.3 billion in turnover, and increased profits by 90 per cent.

    Our core business, UK Insurance, was the main driver of this success. It delivered just under £1 billion in profit, supported by the impact of the recent favourable Ogden Rate change, and strong growth across our other products. Our acquisition of the renewal rights for More Than completed in the first half of the year. The integration is progressing well with 7 months of renewals at the end of January and retention is in line with expectations.

    To remain one of the most competitive insurers for the largest number of people is a priority for us so, when we saw conditions improve, we were quick to reflect this in our pricing. We led on reducing rates, doing it earlier than most at the start of the year, as we saw inflation easing. We also cut rates the day after the favourable Ogden rate change announcement.

    Beyond UK motor, we have delivered double-digit profits within our UK Household, French and US Motor businesses and Admiral Money. We now serve over 11 million customers globally, with almost half of customer growth coming from other business lines across the Group.

    We are proud of the pleasing turnaround that the US team has achieved. As previously mentioned, we’re assessing the strategic options for our US business. We have made good progress and are in exclusive talks with a potential acquirer.

    Across our European franchises, we now insure more than half a million French customers and have seen an improved performance in our Spanish business. In Italy, the team is focused on turning the business around following a disappointing financial performance in a tough market in 2024.

    We are conscious that there is more to do to unlock the potential of these businesses. We have ambitious plans to build on our UK customer base, to further improve the customer experience and harness the advantage of automation and AI to achieve even greater efficiency.

    Taking a step back, our story has been one of continuous growth and, to celebrate 20 years as a listed company, colleagues joined Mike Rogers and I at the London Stock Exchange to close the market. This anniversary was a time for reflection on where the business has come from and, of course, where the business is going (and to celebrate Geraint who has been Group CFO for ten years – congratulations Mr Jones!).

    Our success has been underpinned by our pricing, underwriting and claims management expertise, all united by a culture that is truly unique. We put our customers and people first, and are data-driven, agile and entrepreneurial.

    We want to have a positive impact on society. We are one of the leading electric vehicle insurers and are proud of our commitment to improve road safety. In the UK, our Words to Live By campaign video was shown in cinemas nationwide.

    I am proud of how our colleagues have supported customers impacted by flooding and we are working cross-industry to ensure that homes are more flood resistant or resilient. Our colleagues want to play a positive role in the communities in which we live and work, and the number of volunteering hours more than doubled in 2024.

    We have published our Net Zero Transition Plan and are working hard to meet our sustainability goals. I was pleased to see our science-based targets officially approved and our MSCI ESG score upgraded to AAA.

    We know that if our people like what they do, they will do it better, and it is brilliant to be recognised, once again, as one of the World’s Best Workplaces. We focus on being an inclusive employer and maintaining our unique culture to attract and retain the talent we need to execute our strategy.

    I am so proud of everything that we have been able to achieve this year thanks to our incredible colleagues. Ever since we floated, colleagues have been given a stake in the business so that they can benefit from their hard work and customer focus. This year, we have given colleagues an additional bonus to reward their commitment.

    In October, we announced that Cristina Nestares was stepping down as CEO of our UK Insurance business to spend more time in her native Spain. We will miss Cristina’s passion and customer focus, which were key to building on the business’ position as a leading insurer. I was pleased to appoint Alistair Hargreaves as CEO. Alistair has significant leadership experience and extensive knowledge of our customers, colleagues, products and strategy, and I look forward to working even more closely with him as we continue to deliver for our growing customer base.

    We are emerging from four years of challenge from the pandemic and cost-of-living crisis to inflation spikes and regulatory changes. Although, no doubt, further challenges lie ahead, I am optimistic about the opportunities too. Our priority will be to stay agile, lean, and efficient so that we can adapt as needed, leveraging our strong foundations and talented team to deliver long-term growth.

    Milena Mondini de Focatiis

    Group Chief Executive Officer

    5 March 2025

    Group Chief Financial Officer’s Review

    I closed my 2023 statement by saying I looked forward to seeing improved underlying margins feeding into reported results for 2024. These results have duly delivered.

    There are many positives and milestones: customer numbers up by 1.37 million (record number and highest annual gain); turnover up £1.3 billion to £6.1 billion (same records as customers); highest ever investment return at £182 million; very strong solvency position (203%) maintained despite the significant 121.0p final dividend; some of the best results we have delivered in UK Motor (including a material boost from the review of the Personal Injury Discount Rate); and some encouraging results from businesses beyond UK Motor – over £70 million in aggregate from UK Household, Admiral Money, L’olivier Motor and Elephant US – each delivering their own record result.

    In UK Motor Insurance, after the very challenging 2021 and 2022 underwriting years (both of which experienced severe claims inflation), 2023 and 2024 have been more positive – with a notably larger business (5.7 million risks at year-end 2024 v 4.9 million at year-end 2023), much higher revenue and more positive combined ratios for both years (driven by quite large cumulative price increases since the start of 2023). These factors have contributed to materially higher reported profit in 2024.

    In terms of volumes, after very positive conditions in the market at the start of the year (very large new business volumes and very competitive Admiral prices), the environment became tougher from Q2 onwards, with prices drifting down quite steadily. Confidence in our loss ratios meant we were able to reduce prices around the start of 2024 (ahead of the market) and in H2 as well (partly to pass the benefits of the new discount rates to our customers), but inevitably our growth in the second half was lower than in H1.

    Personal Injury Discount Rates

    As we explain more fully later in the report, the Discount Rate for all parts of the UK changed during 2024, resulting in lower projected costs of large open claims. We estimate that in today’s money, the total (positive) impact on profit is around £150 million (emphasis on estimate) of which £100 million has been recognised in 2024.

    Investments

    Much larger balances (£5.2 billion at year-end ’24 v £4.2 billion year-end ’23) due to strong revenue growth combined with a higher yield (4.0% for 2024 v 3.3% for 2023 as the portfolio has been reinvested over the past couple of years) led to investment income for 2024 of £182 million, our highest ever.

    More details on the portfolio are set out later in the report, but there’s been no change in our approach and only small changes in the asset allocation. Obviously very subject to what happens to market interest rates and spreads, we’d expect the yield shown in the income statement to continue to increase but much more gradually in 2025.

    Italy

    In a generally very positive year, it’s fair to call out the ConTe result as a disappointment. ConTe has been steadily profitable since 2014, and the loss for the year (£23 million compared to a profit in 2023 of £7 million) was obviously not in our plan. The disappointing performance came about, partly, because of an update to the Milan Court tables (used to determine the cost of many injury claims), but also because of some adverse experience, notably from some business written in 2023.

    Our management team (along with pretty much the whole business) is very focused on restoring profitability through various actions as soon as possible, and I’m confident they’ll achieve this. It might well come at the cost of some volume in the very short term, though we’re still confident in ConTe’s prospects.

    At the risk of upsetting some of our terrific management teams, let me also call out a few other high points:

    • Partly benefiting from lower than budgeted weather cost in 2024 (but also see an improving attritional loss ratio), UK Household Insurance reported its largest profit of £34 million. The team has also been well focused on the migration of the acquired More Than renewal rights portfolio as well as organic growth as we close in fast on two million policies
    • After some quite bruising years in the US, huge credit goes to our team in Elephant Auto who have very much met their goal of materially improving the bottom line in 2024. The result swung impressively from a loss of £20 million to a profit of £14 million due to a much better loss ratio and a very solid expense outcome. And whilst acknowledging the portfolio has shrunk as a consequence, this is a pleasing turnaround and we’re very proud of the team’s work
    • Veygo (mainly offering short-term car insurance in the UK) is possibly the Group’s fastest growing business, reporting revenue of £64 million in 2024 (with a very healthy three-year CAGR of 45%) and also returned its first (albeit small in the Group context) profit
    • Our French motor insurer L’olivier reported its highest profit of £11 million (2023: £7 million). With turnover above €260 million and a solid combined ratio, we’re positive about the future in France
    • And finally – partly stretching timeframe of the report – I’m very happy that Admiral Money has, in early 2025, signed its first deal to use third-party capital to grow the personal loan business – we think this is an important part of the model for the future

    Internal capital model

    As part of the process to ultimately use our own capital model to calculate our capital requirement, Admiral entered the pre-application phase (focused on UK car insurance) with the two main prudential regulators in mid-2024. We received feedback late in the year and are working to address that as well as finalise the other aspects of the model before submitting our full application. Lots of hard work is continuing on this important but complex project and we’ll update on progress in due course.

    Looking ahead to 2025

    We move into the new year well-placed for continued positive results. There are one or two challenges for sure (a competitive market in UK motor and the need to restore profit in Italy to name two), but particularly noting the prudent claims reserves position in all lines of business at the end of 2024, we expect strong releases and profit to flow into 2025 and beyond. Subject to market conditions, we’re still hoping to grow in pretty much all our operations too.

    Big thanks to all Admiral colleagues for helping to achieve these great results!

    Geraint Jones

    Group Chief Financial Officer

    5 March 2025

    £m 2024 2023 Change vs 2023
    UK Insurance 977 597 +380
    UK Insurance (Ogden -0.25%) 877 597 +280
    Europe Insurance (20) 2 -22
    US Insurance 14 (20) +34
    Admiral Money 13 10 +3
    Share scheme cost (62) (54) -8
    Other costs including Admiral Pioneer (83) (92) +9
    Pre-tax profit 839 443 +396
    Pre-tax profit (Ogden -0.25%) 739 443 +296

    2024 Group overview

    £m 2024 2023 % change vs. 20234
    Group turnover (£bn)1 3 6.15 4.81 +28%
    Net insurance and investment result 798.7 363.1 +120%
    Net interest income from financial services 76.3 68.1 +12%
    Other income and expenses (9.3) 31.7 nm
    Operating profit 865.7 462.9 +87%
    Group profit before tax 839.2 442.8 +90%
           
    Analysis of profit      
    UK Insurance 976.7 596.5 +64%
    UK Insurance (Ogden -0.25%) 876.4 596.5 +47%
    International Insurance (5.3) (18.0) +71%
    International Insurance – European Motor (14.8) 6.1 nm
    International Insurance – US Motor 14.4 (19.6) nm
    International Insurance – Other (4.9) (4.5) -10%
    Admiral Money 13.0 10.2 +28%
    Other (145.2) (145.9) +1%
    Group profit before tax 839.2 442.8 +90%
    Group profit before tax (Ogden -0.25%) 738.9 442.8 +67%
           
    Key metrics      
    Reported Group loss ratio1 2 +55.4% +63.9% -9pts
    Reported Group expense ratio1 2 +22.0% +24.8% -3pts
    Reported Group combined ratio1 2 +77.4% +88.7% -11pts
    Reported Group combined ratio (Ogden -0.25%) +79.7% +88.7% -9pts
    Insurance service margin1 2 +16.2% +10.2% +6pts
    Customer numbers (million)1 11.10 9.73 +14%
           
    Earnings per share 216.6 111.2 +95%
    Earnings per share (Ogden -0.25%) 190.2 111.2 +71%
    Dividend per share 192.0 103.0 +86%
    Return on equity1 56% 36% +20pts
    Solvency ratio1 +203% +200% +3pts

    1 Alternative Performance Measures – refer to the end of the report for definition and explanation.

    2 Reported Group loss and expense ratios are calculated on a basis inclusive of all insurance revenue – this includes insurance premium revenue net of excess of loss reinsurance, plus revenue from underwritten ancillaries and an allocation of instalment and administration fees/related commissions. See glossary for an explanation of the ratios and Appendix 1a for a reconciliation of reported loss and expense ratios, and insurance service margin, to the financial statements.

    3 Alternative Performance Measures – refer to note 14 for explanation and reconciliation to statutory income statement measures.

    4 Definition: nm – not meaningful.

    Group highlights

    Admiral reports strong growth in turnover and customer numbers and significantly higher profits in 2024.

    • Group customer numbers increased by 14% and turnover was 28% higher, driven by UK Motor Insurance
    • Group pre-tax profit was £839 million, 90% higher than 2023 as a result of a significantly improved current year underwriting performance and continued significant prior period releases, notably in the UK Motor Insurance business. Excluding the impact of the change in Personal Injury (‘Ogden’) Discount Rate (see below), pre-tax profit would have been £739 million, 67% higher than 2023
    • Strong growth in UK Household pre-tax profit to £34 million (2023: £8 million). A relatively benign year for weather and an improved attritional loss year resulted in a favourable current year loss ratio
    • Completion of the acquisition of the More Than direct UK Household and Pet Insurance renewal rights; renewals started to transfer to Admiral in the second half of 2024
    • A lower overall loss in International Insurance (£5 million v £18 million), including a profit of £14 million in US motor, which was offset by a loss of £20 million in Europe
    • Continued growth in Admiral Money profit to £13 million (2023: £10 million) and gross loan balances (+23% year-on-year growth).

    Earnings per share

    Earnings per share for 2024 were 216.6 pence (2023: 111.2 pence). The increase from 2023 is higher than the increase in pre-tax profit above due to a slightly lower effective tax rate.

    Return on equity

    Return on equity was 56% for 2024, 20 percentage points higher than the 36% reported for 2023. The increase is the result of the significantly higher post-tax profits, partially offset by higher average equity.

    Dividends

    The Group’s dividend policy is to pay 65% of post-tax profits as a normal dividend and to pay a further special dividend comprising earnings not required to be held in the Group for solvency, buffers or purchasing shares for the Group’s employee share plans. No shares are expected to be purchased for the share plans until 2026.

    The Board has proposed a final dividend of 121.0 pence per share (approximately £366.6 million) splits as follows:

    • 91.4 pence per share normal dividend
    • A special dividend of 29.6 pence per share.

    The 2024 final dividend reflects a pay-out ratio of 87% of second half earnings per share. 121.0 pence per share is 133% higher than the final 2023 dividend (52.0 pence per share), in line with the growth in earnings per share.

    The 2024 final dividend payment date is 13 June 2025, ex-dividend date 15 May 2025, and record date 16 May 2025.

    Economic background

    Whilst remaining higher than its long-term average, the elevated inflation observed over the course of 2022 and 2023 started to reduce in 2024. Price increases implemented to mitigate the impact of the higher inflation in the Group’s main UK business in 2022 and 2023 have resulted in a strong current year underwriting performance compared to the prior year.

    Admiral continues to focus on medium-term profitability and has maintained a disciplined approach to business volumes. The Group’s customer base in UK Motor grew significantly at the start of 2024 as a result of price reductions ahead of the market, with market competition increasing in the second half. The Group continues to set claims reserves cautiously.

    Admiral Money has continued to grow its consumer loans book, with a cautious approach to growth and evolving underwriting criteria to reflect the macroeconomic environment and potential financial impact on consumers. The business continues to hold appropriately cautious provisions for credit losses.

    Change in UK personal injury discount rate (‘Ogden’)

    The discount rate, which is used in setting personal injury compensation (referred to throughout the report as ‘Ogden’), changed to +0.5% across the UK in H2 2024.

    In Scotland and NI, the discount rate changed from -0.75% to +0.5%, effective from September 2024. In England and Wales, it was announced in December 2024 that the discount rate would change to +0.5% from the existing -0.25% rate, effective from 11 January 2025. The +0.5% rate is expected to remain in place for up to the next five years.

    Given the announcements were made in 2024, the Group has updated its insurance contract liabilities to reflect the new rate. The impact of the change in rate is an increase in 2024 pre-tax profits of £100 million (with the ultimate profit impact estimated to be around £150 million).

    UK Insurance Review – Alistair Hargreaves, CEO UK Insurance

    It is a great privilege and responsibility to be appointed UK Insurance CEO and I’m fortunate that in writing this statement, I’m able to reflect on the UK Insurance teams’ many achievements in 2024, a very positive year. Our disciplined approach to managing uncertainty and the motor market cycle, alongside enhancements to propositions, pricing, claims and customer experience, helped us to welcome 1.4 million new customers, sustain our market-leading combined ratio and deliver £977 million profit before tax, while improving our Trustpilot customer rating to an industry-leading 4.6.

    In motor, price is the primary customer consideration. This was especially true in 2024 after the recent sustained period of elevated claims inflation drove market premiums up and motor insurance affordability made the headlines. Our discipline throughout 2022 and 2023, where we increased prices ahead of competitors and sacrificed growth, paid off in 2024. We were able to start reducing rates in early 2024, ahead of the market, and our competitive prices resulted in a 15% increase in motor policies to a record 5.7 million. This was achieved whilst maintaining strong service levels and repair times due to the strength of our repair network partners. UK Motor turnover grew by £1.1 billion in 2024 to £4.5 billion and profit before tax increased to £955 million, driven by our strong performance as well as a c.£100 million reserving benefit from the recent change to the Ogden discount rate, which impacts large personal injury claims. We passed the benefits from the new Ogden rate going forward to our customers by lowering prices accordingly the day after the announcement in December.

    Beyond Motor, our strong MultiCover proposition supported further growth in our Household insurance business, despite continued rate increases offsetting claims inflation. The integration of the ‘More Than’ Pet and Home renewal rights from Royal Sun Alliance (RSA) is going well. The customer migration runs over 12 months and started in the summer of 2024. This has given a boost to our Household business, which finished the year with just under two million customers, and led to a significant acceleration for Pet with more than 200,000 policies. The renewal process will continue through to the summer of 2025. Our Travel business grew both new business and renewals with strong underwriting discipline leading to a small but growing profit.

    We continue to invest to further improve customer journeys and maintain our market-leading insurance expertise. In 2024, we drove improvements in speed, both in feature development sprints and deploying machine-learning models across pricing, claims, and customer experience. This is supported by the fact that over 80% of our estate is now cloud-based. We are pleased with the continued growth of our digital experience, which enables customers to engage with us in the most convenient way for them. We give customers the choice to self-serve digitally, and half of mid-term changes and a third of claims notifications are now made this way. In Motor, our investment in customer proposition and claims is supporting strong growth in insured electric vehicles where we continue to be one of the industry leaders with a high teens market share.

    The driving force of our business is our culture and people, we were pleased to, again, have been listed in the Top 10 for both Great Places to Work and for Great Places to Work for Women. One element of our culture, which I’m particularly proud of, is our continued support of our communities. In 2024, our colleagues spent over 30,000 hours helping over a thousand people to secure work or to gain new skills with funding and support for our community partners.

    2024 has been a remarkable year for UK Insurance, and by delivering for our customers we’ve taken the opportunity to grow. Looking ahead, some uncertainty remains around near-term market dynamics, but our strong team and fundamentals give us a great platform to continue to provide value, ease and trust for customers and in doing so make the most of opportunities for sustainable profitable growth in 2025 and beyond.

    UK Insurance financial performance

    £m 2024 2023
    Turnover1 2 5,108.5 3,776.0
    Total premiums written1 4,745.2 3,502.6
    Insurance revenue 3,873.4 2,596.9
    Underwriting result1 764.4 383.4
    Net investment income 70.5 55.2
    Co-insurer profit commission and net other revenue 141.8 157.9
    UK Insurance profit before tax1 976.7 596.5

    Segment result: UK Insurance profit before tax1

    £m 2024 2023
    Motor 955.1 593.3
    Motor (Ogden -0.25%) 854.8 593.3
    Household 34.1 7.9
    Travel and Pet (12.5) (4.7)
    UK Insurance profit before tax 976.7 596.5
    UK Insurance profit before tax (Ogden -0.25%) 876.4 596.5

    Segment performance indicators1

      2024 2023
    Vehicles insured 5.69m 4.94m
    Households insured 1.97m 1.76m
    Travel and Pet policies 1.14m 0.69m
    Total UK Insurance customers 8.80m 7.39m

    1 Alternative Performance Measures – refer to the end of this report for definition and explanation.

    2 Alternative Performance Measures – refer to note 14 for explanation and reconciliation to statutory income statement measures.

    Highlights for the UK Insurance business include:

    • In UK Motor:
      • A 15% increase in customer numbers, driven by reducing prices ahead of the market around the start of the year, after a period of prices moving higher to address significant claims cost inflation in the past few years
      • The increase in customers, combined with higher premiums, resulted in a 33% rise in turnover, and a 50% rise in insurance revenue
      • Profit of £955 million was 61% higher than 2023, driven by the resulting improved current year combined ratio and continued positive reserve releases, as well as the favourable impact of the Ogden Discount Rate change. Excluding the Ogden change, profit would have been £855 million, 44% higher than 2023.
    • In UK Household:
      • An increase in customer numbers of 12% to 1.97 million (31 December 2023: 1.76 million). Growth continued, particularly in the second half of 2024 when rate increases in response to inflation eased, resulting in increased competitiveness
      • Profit grew strongly to £34 million (2023: £8 million) as a result of a positive current period combined ratio driven by higher earned premiums, a relatively benign year for severe weather, an improved attritional loss year plus continued prior period releases.
    • In UK Travel and Pet Insurance:
      • Both business lines continued to grow their customer base and turnover
      • Travel delivers second consecutive annual profit, whilst there was an increased loss in Pet due to both integration costs (primarily IT) in relation to the More Than acquisition of £6.3 million, and the premium written as a result of More Than renewals not yet earning through
    • More Than acquisition:
      • In March 2024, the Group successfully completed its first significant acquisition, of the direct UK Household and Pet insurance renewal rights of the More Than brand and the transfer of over 280 colleagues from RSA. Liabilities relating to existing policies and those up to renewal remain with RSA
    • The integration of the business is now largely complete, with renewals having commenced in July 2024 for Household and in August 2024 for Pet
    • The 2024 UK Insurance results, therefore, include an impact of £11.9 million of integration costs in relation to the acquired business. See note 13 to the financial statements for further details.

    UK Motor Insurance financial review

    UK Motor profit in 2024 was £955 million, 61% higher than 2023. Excluding the impact of the change in the Ogden Discount Rate, UK Motor profit was £855 million, 44% higher than 2023. This increase is the result of an improved current period combined ratio (driven by higher average premiums earning through), along with continued positive development of prior year claims, partly offset by recognising the reinsurer’s share of releases on underwriting years 2021-2023.

    In addition, favourable net investment income is driven by higher yields and investment balances.

    £m 2024 2023
    Turnover1 4,495.9 3,371.8
    Total premiums written1 2 4,157.7 3,118.2
    Insurance premium revenue1 3,160.5 2,115.4
    Other insurance revenue 209.0 134.8
    Insurance revenue 3,369.5 2,250.2
    Insurance revenue net of XoL2 4 3,271.4 2,188.6
    Insurance expenses1 2 3 (586.8) (451.2)
    Insurance claims incurred net of XoL2 4 (2,078.1) (1,729.0)
    Insurance claims releases net of XoL2 4 374.6 392.8
    Quota share reinsurance result2 3 (228.8) (16.8)
    Movement in onerous loss component net of reinsurance2 1.1 4.1
    Underwriting result2 753.4 388.5
    Investment income 150.0 111.8
    Net insurance finance expenses (83.4) (58.2)
    Net investment income 66.6 53.6
    Co-insurer profit commission 53.3 76.5
    Other net income 81.8 74.7
    UK Motor Insurance profit before tax1 955.1 593.3
    UK Motor Insurance profit before tax (Ogden -0.25%) 854.8 593.3

    Segment performance indicators

      2024 2023
    Reported Motor loss ratio1 2 5 52.1% 61.1%
    Reported Motor expense ratio1 2 5 17.9% 20.6%
    Reported Motor combined ratio1 2 5 70.0% 81.7%
    Reported Motor combined ratio (Ogden -0.25%)1 73.2% 81.7%
    Reported Motor Insurance service margin1 2 5 23.0% 17.7%
    Core motor loss ratio before releases1 2 6 69.2% 87.0%
    Core motor claims releases1 2 6 (12.7)% (20.2)%
    Core motor loss ratio1 2 6 56.5% 66.8%
    Core motor expense ratio1 2 6 18.2% 21.4%
    Core motor combined ratio1 6 74.7% 88.2%
    Core motor written expense ratio1 2 7 16.8% 17.8%
    Vehicles insured at period end1 2 5.69m 4.94m
    Other revenue per vehicle2 8 £76 £62

    1 Alternative Performance Measures – refer to the end of this report for definition and explanation.

    2 Alternative Performance Measures – refer to Appendix 1b for explanation and reconciliation to statutory income statement measures.

    3 Insurance expenses and quota share reinsurance result excludes gross and reinsurers’ share of share scheme charges respectively. Share scheme charges reported in Other Group Items.

    4 XoL refers to Excess of Loss (non-proportional) reinsurance; see glossary at end of report for further information.

    5 Reported Motor loss ratio, expense ratio and insurance service margin are all net of XoL, as defined in the glossary. Reconciliation in Appendix 1b.

    6 Core Motor loss ratio, expense ratio and combined ratio are all net of XoL, as defined in the glossary. Reconciliation in Appendix 1b.

    7 Core motor written expense ratio defined as insurance expenses divided by core product written insurance premium, net of excess of loss reinsurance.

    8 Other revenue per vehicle includes other revenue included within insurance revenue. See ‘Other Revenue’ section for explanation.

    Claims

    Claims inflation continues to show signs of gradually reducing, with Admiral’s current estimate of average claims cost inflation for full-year 2024 (compared to full-year 2023) being approximately in mid-to-high single-digits (2023: around 10%). Despite the significant growth in policy base, a small reduction in claims frequency has been observed.

    As usual, the longer-term impacts of inflation on bodily injury claims remain uncertain. Admiral did not observe material changes in inflation for bodily injury claims settled in 2024, when compared to 2023. We maintain a prudent allowance held in the best estimate reserve to reflect potential impacts of higher than historic levels of future wage inflation on certain elements of large bodily injury claims reserves.

    There is still uncertainty within motor claims across the market arising from inflation, and future developments relating to both whiplash reforms, and regulatory developments. As noted above, the new Ogden discount rate of +0.5%, as announced in December 2024, has been used within the best estimate reserves.

    In line with the FCA’s multi-firm review into total loss claims valuations, Admiral is conducting a review of its total loss and related processes, which considers current practice and customer outcomes in the recent past. The work is in the process of being finalised, with the conclusion that some action is required.

    Although uncertainty remains over the final position, when fully concluded, the cost is not expected to have a significant impact on the financial statements. Taking account of current information, appropriate amounts are included within insurance contract liabilities at 31 December.

    Admiral continues to hold a significant and prudent risk adjustment above best estimate reserves, with an increase in the confidence level to the 95th percentile (93rd percentile at 31 December 2023). When setting the level of risk adjustment due consideration has been given to the strong releases in the best estimate, inherent uncertainty in bodily injury claims, growth in the UK motor book along with an assessment of other external factors. There has been a slight reduction in the volatility of the reserve risk distribution from which the percentile is selected as a result of the strong reserve releases following the change in Ogden discount rate; otherwise it has not changed significantly since 2023.

    The core motor loss ratio has reduced to 56.5% (2023: 66.8%) with offsetting movements in the current period loss ratio and prior year reserve releases, as follows:

    Core Motor loss ratio1 2 Core motor loss ratio before releases Impact of claims reserve releases Core motor loss ratio
    FY 2023 87.0% (20.2)% 66.8%
    Change in current period loss ratio excluding Ogden (16.9)% —% (16.9)%
    Change in claims reserve release excluding Ogden —% 10.2% 10.2%
    Impact of Ogden discount rate change (0.9)% (2.7)% (3.6)%
    FY 2024 69.2% (12.7)% 56.5%

    1 Reported Motor loss ratio shown on a discounted basis, excluding unwind of finance expenses

    2 Alternative Performance Measures – refer to Appendix 1b for explanation and reconciliation to statutory income statement measures.

    The rate increases that were implemented over the course of 2022 and 2023, as well as favourable frequency in 2024, have driven a significant improvement in the current period loss ratio.

    The benefit from prior-period releases includes both the positive development of the best estimate reserve and the unwind of risk adjustment for prior-period claims. The absolute value of releases is consistent with 2023, with higher releases on the best estimate arising from significant favourable development, along with the benefit from the Ogden rate change, being offset by lower releases of risk adjustment given the increase in risk adjustment percentile. The lower release percentage is a result of significantly increased earned premiums.

    Quota share reinsurance

    Admiral’s quota share reinsurance result reflects the net movement on ceded premiums, reinsurer margins and expected recoveries (claims and expenses, excluding share scheme charges) for underwriting years on which quota share reinsurance is in place (2021 underwriting year onwards).

    The ‘Group capital structure’ section sets out further details on Admiral’s UK Motor quota share arrangements.

    Quota share reinsurance result1

    £m 2024 2023 Quota share claims asset
    31 December 2024
    2021 and prior (27.2) (55.3) 15.0
    2022 (84.0) 8.2 62.8
    2023 (81.0) 30.3 —
    2024 (36.6) — —
    Total (228.8) (16.8) 77.8

    1 Quota share result in underwriting year 2024 includes an £11.1 million re-charge for the reinsurer’s assumed share scheme recoveries, out of other Group costs in line with prior period (2023: £11.1 million)

    The significantly increased quota share charge in 2024 is the result of:

    • Favourable developments in the underlying loss ratios on underwriting years 2021-2023 resulting in the reversal of quota share recoveries previously recognised
    • A charge rather than credit on the most recent underwriting year (2024), as the booked combined ratio is below 100%, which means no quota share recoveries are recognised.

    Co-insurer profit commission

    Co-insurer profit commission of £53.3 million is lower than in 2023 (£76.5 million).

    In 2024, a significant proportion of claims releases are on underwriting years 2021 and 2022, which reduce the losses on those years but do not result in profit commission, given the years are not yet profitable with booked combined ratios of over 100%.

    In addition, the losses on those years are carried forward in line with contractual clauses, suppressing the recognition of profit commission on underwriting years 2023 and also, to a large extent, 2024.

    Net investment income

    Net investment income increased to £66.6 million from £53.6 million, benefiting from higher investment income, which was largely offset by increased net insurance finance expenses.

    Investment income grew by 34% to £150.0 million (2023: £111.8 million), as a result of increased investment balances (due to strong growth in premium collected) and higher average return. Further information on the Group’s investment portfolio and the income generated in the period is provided later in the report.

    Net insurance finance expense reflects the unwind of the discounting benefit recognised when claims are initially incurred. The expense has increased notably in 2024 (£83.4 million; 2023 £58.2 million) as a result of the unwind of discounting benefit recognised from early 2022 onwards, when there was a significant increase in risk-free interest rates. A significant proportion of the insurance finance expense in 2024 relates to claims incurred during 2022 and 2023.

    Other revenue

    Admiral generates other revenue from a portfolio of insurance products that complement the core motor insurance product, and also fees generated over the life of the policy. The most material contributors to other revenue continue to be:

    • Profit earned from Motor policy upgrade products underwritten by Admiral, including breakdown, car hire and personal injury covers
    • Revenue from other insurance products, not underwritten by Admiral
    • Fees such as administration and cancellation fees
    • Interest charged to customers paying for cover in instalments.

    Under IFRS 17, income from underwritten ancillaries and an allocation of instalment income and administration fees in line with Admiral’s gross share of the core motor product premium, are included within Insurance revenue in the underwriting result. The remaining income from instalment income and fees, as well as income from other non-underwritten ancillary products is presented in other net income.

    Overall contribution increased to £321.8 million (2023: £247.3 million), primarily due to the growth in customer numbers in the past year. In particular, more customers along with the increased proportion of customers choosing to pay via monthly payments in the prior period has resulted in higher earned instalment income.

    Other revenue was equivalent to £76 per vehicle (gross of costs), with net other revenue per vehicle at £61 per vehicle, both up compared to 2023 in line with the increased contribution.

    UK Motor Insurance Other revenue

    £m 2024
      Within underwriting result Other net income Total
    Premium and revenue from additional products and fees1 139.8 83.4 223.2
    Instalment income and administration fees2 209.0 45.7 254.7
    Other revenue 348.8 129.1 477.9
    Claims costs and allocated expenses3 (108.8) (47.3) (156.1)
    Net other revenue 240.0 81.8 321.8
    Other revenue per vehicle4     £76
    Other revenue per vehicle net of internal costs     £61
    £m 2023
      Within underwriting result Other net income Total
    Premium and revenue from additional products and fees1 107.8 89.4 197.2
    Instalment income and administration fees2 134.8 29.3 164.1
    Other revenue 242.6 118.7 361.3
    Claims costs and allocated expenses3 (70.0) (44.0) (114.0)
    Net other revenue 172.6 74.7 247.3
    Other revenue per vehicle4     £62
    Other revenue per vehicle net of internal costs     £52

    1 Premium from underwritten ancillaries is recognised within the insurance service result (underwriting result). Other income from non-underwritten products and fees is included within other net income, below the underwriting result but part of the insurance segment result.

    2 Instalment income and administration fees are recognised within insurance revenue (% aligned to Admiral’s share of premium, net of co-insurance) and other revenue (% aligned to co-insurance share of premium).

    3 Claims costs relating to underwritten ancillary products, along with an allocation of related expenses, are recognised within the insurance result. Expenses allocated to the generation of revenue from non-underwritten ancillaries are recognised within other net income.

    4 Other revenue per vehicle (before internal costs) divided by average active vehicles, rolling 12-month basis. Presented here based on all ancillary income.

    UK Household Insurance financial review

    £m 2024 2023
    Turnover1 475.4 338.6
    Total premiums written1 450.3 318.8
    Insurance revenue 399.6 292.8
    Insurance revenue net of XoL1 376.4 275.3
    Insurance expenses1 (102.9) (80.9)
    Insurance claims incurred net of XoL1 (225.7) (199.8)
    Insurance claims releases net of XoL1 37.0 6.4
    Underwriting result, net of XoL reinsurance1 84.8 1.0
    Quota share reinsurance result1 3 (61.2) (1.4)
    Underwriting result1 23.6 (0.4)
    Net insurance investment income 3.9 1.6
    Other income 6.6 6.7
    UK Household Insurance profit before tax1 34.1 7.9

    Segment performance indicators

      2024 2023
    Reported Household loss ratio1 2 50.1% 70.2%
    Reported Household expense ratio1 2 27.3% 29.4%
    Reported Household combined ratio1 2 77.4% 99.6%
    Household insurance service margin2 6.3%         (0.1%)
    Household loss ratio before releases2 60.0% 72.6%
    (Favourable) impact of weather on reported loss ratio vs budget4 (7.9%) (3.8%)
    Households insured at period end 1.97m 1.76m

    1 Alternative Performance Measures – refer to the end of this report for definition and explanation

    2 Alternative Performance Measures – refer to Appendix 1c for explanation and reconciliation to statutory income statement measures.

    3 Quota share reinsurance result within the segment result excludes reinsurers’ share of share scheme costs.

    4 Weather impact, being the combined impact of claims related to freeze, flood, storm and subsidence, is disclosed relative to a budget expectation. The 2023 impact has been restated to align.

    The UK Household Insurance business reported strong growth in turnover of 40% to £475.4 million (2023: £338.6 million). The number of homes insured increased by 12% to 1.97 million (31 December 2023: 1.76 million), despite price increases made by Admiral during 2024, in particular the first half, to reflect continued higher claims inflation. Competitors also increased prices, with Admiral’s competitiveness in price comparison (the main distribution channel for new policies) relatively unchanged.

    Profit before tax for the period was £34.1 million (2023: £7.9 million), the large increase arising as a result of:

    • Strong prior year reserve releases of £37.0 million (2023: £6.4 million), reducing the loss ratio by 9.9 percentage points (2023: 2.4 percentage points). These releases primarily reflect the unwind of best estimate reserves in relation to the freeze events in late 2022, along with some impact from the unwind of storm events in late 2023
    • A lower current period combined ratio, with both a lower loss ratio and expense ratio driven in large part by higher earned premiums.

    The reported loss ratio excluding releases decreased significantly to 60.0% (2023: 72.6%) as a result of the higher earned premiums, along with relatively benign weather and a reduction in claims frequency.

    Weather was relatively benign in both periods. While there was some impact of freeze, flood and storm events, this was considered below a budget expectation, creating a net benefit to the current period loss ratio of just under 8% (2023: 3.8%).

    Despite growth in absolute expenses during the year as the business grew, Admiral’s expense ratio improved to 27.3% (from 29.4%), benefiting from the larger portfolio and the earning through of higher average premiums. Customer growth leading to higher acquisition costs and IT integration costs relating to the More Than acquisition were the primary drivers of the increase in absolute costs.

    The quota share result for the period (a loss of £61.2 million compared to £1.4 million) arises as a result of the proportional sharing of the positive underlying underwriting result, with only a small amount of profit commission recognised to date on underwriting year 2024, due to a relatively cautious view of the written combined ratio.

    International Insurance

    International Insurance – Costantino Moretti – CEO, International Insurance

    In 2024 we continued to prioritise margin over growth, maintaining our pricing discipline which resulted in an improved performance in most of our markets.

    Market conditions improved in France and Spain, with premiums finally increasing to reflect continued claims inflation. Having increased prices ahead of competitors in 2023, the businesses saw their competitiveness improve resulting in an improved performance year-on-year.

    On 1st July, Julien Bouverot was appointed CEO of L’olivier which now insures 453,000 motorists and 83,000 homes. In 2024 the business has increased its turnover and delivered a double-digit profit. The team is also investing in its technological capabilities to make it easier to provide multiproduct propositions for its growing customer base.

    In Spain, Admiral Seguros is making good progress against its distribution diversification strategy which aims to make it easier for customers to access insurance through the channels that best suit them. This approach is yielding positive results with a lower expense ratio despite the investment into new channels.

    2024 was more challenging for ConTe, partly, driven by the update to the Milan Court tables which determine the cost of most bodily injury claims, inflation and because of some adverse experience, notably from some business written in 2023. The management team has already taken material pricing and other remediating actions to restore ConTe to profitability.

    Our team in the US has achieved a great turnaround. Elephant delivered a profit of £14 million due to management’s focus on improving the book mix and cost discipline. The business experienced a shrinkage of book size which is now stabilising.

    We are proud of the team’s hard work. As previously mentioned, we’ve been assessing the strategic options for Elephant. We have made good progress and are in exclusive talks with a potential acquirer.

    Our colleagues’ commitment and dedication to our customers and each other is unmatched, which is why we continue to see positive customer satisfaction scores across the board and our businesses are recognised as Great Places to Work. The combination of our colleagues and management teams’ strategic focus and expertise mean that we are well-placed for a positive 2025.

    International Insurance financial review

    £m 2024 2023
    Turnover1 840.0 894.9
    Total premiums written1 785.7 840.0
    Insurance revenue 829.5 842.6
    Insurance revenue net of XoL1 794.2 811.8
    Insurance expenses1 (236.5) (249.4)
    Insurance claims net of XoL1 (564.5) (565.2)
    Underwriting result, net of XoL1 (6.8) (2.8)
    Quota share reinsurance result1 3 (4.1) (22.1)
    Movement in net onerous loss component 0.4 0.6
    Underwriting result1 (10.5) (24.3)
    Net investment income 6.1 4.3
    Net other revenue (0.9) 2.0
    International Insurance loss before tax1 4 (5.3) (18.0)

    Segment performance indicators        

    £m 2024 2023
    Loss ratio1 2 71.1% 69.6%
    Expense ratio1 2 29.8% 30.7%
    Combined ratio¹ 100.9% 100.3%
    Insurance service margin1 2 (1.3%) (3.0%)
    Customers insured at period end1 2.10m 2.17m

    International Motor Insurance – Geographical analysis1

    2024 Spain Italy France US Total
    Vehicles insured at period end 0.45m 0.96m 0.45m 0.14m 2.00m
    Turnover (£m) 131.8 269.1 224.0 200.1 825.0
               
    2023 Spain Italy France US Total
    Vehicles insured at period end 0.45m 1.04m 0.42m 0.19m 2.10m
    Turnover (£m) 121.8 272.4 219.1 271.2 884.5

    Segment result: International Insurance result1

    £m 2024 2023
    European Motor (14.8) 6.1
    Spain Motor (3.1) (8.6)
    Italy Motor (22.8) 7.3
    France Motor 11.1 7.4
    US Motor 14.4 (19.6)
    Other (4.9) (4.5)
    International Insurance loss before tax (5.3) (18.0)

    1 Alternative Performance Measures – refer to the end of this report for definition and explanation.

    2 Alternative Performance Measures – refer to Appendix 1d for explanation and reconciliation to statutory income statement measures.

    3 Quota share reinsurance result within the segment result excludes reinsurers’ share of share scheme costs.

    4 Costs related to the settlement of a historic Italian tax matter during 2023 are excluded from the International Insurance result and presented within Group other costs, given that these are not reflective of the underlying trading performance of the International Insurance business.

    Admiral’s International insurance businesses reported a 3% reduction in customer numbers at 31 December 2024 to 2.10 million (31 December 2023: 2.17 million), as a result of a continued reduction in the US, and a reduction in Italy following pricing action taken to prioritise margin over growth. Turnover fell to £840.0 million (2023: £894.9 million), driven by a reduction in the US, partially offset by higher turnover in the European businesses as a result of higher average premiums.

    The combined result for the segment improved by around £13 million to a loss of £5.3 million (2023: loss of £18.0 million), driven by a significantly improved result in the US, which was partly offset by the disappointing Italian result.

    The combined ratio increased slightly to 100.9% (2023: 100.3%). An improved expense ratio (30% v 31%) was offset by a higher loss ratio, which was impacted by higher Italian and lower US and other European loss ratios.

    The European insurance operations in Spain, Italy and France insured 1.86 million vehicles at 31 December 2024 – 2% lower than a year earlier (31 December 2023: 1.91 million). Motor turnover was up 2% to £624.9 million (2023: £613.3 million), driven by continued price increases following continued focus on improving loss ratios.

    The combined European Motor loss was £14.8 million (2023: £6.1 million), with the combined ratio increasing to 105.0% (2023: 95.4%) largely a result of the loss of £22.8 million recognised in ConTe in Italy (2023: profit of £7.3 million).

    ConTe’s performance in 2024 was adversely impacted by both the significant increase to the settlement inflation rate for large bodily injury claims provided by the court of Milan (known as the Milan tables) which had an impact of approximately £16 million, and also the impact of continued inflation on claims settlement costs, particularly on business written in 2023. Action has been taken with strong price increases to improve the loss ratio and restore profitability. Vehicles insured decreased by 7% to 0.96 million (2023: 1.04 million) as a result of the pricing action, with turnover decreasing by 1% to £269.1 million (2023: £272.4 million).

    L’olivier assurance (France) continued to grow, with the customer base increasing by 8% to 0.45 million (31 December 2023: 0.42 million), and turnover increasing by 2% to £224.0 million (2023: £219.1 million). The business reported increased profits in 2024 (£11.1 million v £7.4 million) as a result of its focus over the past year on risk selection and loss ratio improvements, as well as cost reduction.

    In Admiral Seguros (Spain) customer numbers were flat at 0.45 million, due to increased prices to target loss and expense ratio improvements. The loss for the year was notably lower (£3.1 million v £8.6 million). Admiral Seguros continues to focus on sustainable growth through distribution diversification in the broker channel and other partnerships alongside its direct offering.

    In the US, Admiral underwrites motor insurance through its Elephant Auto business. Elephant delivered a significantly improved result in 2024 with a profit of £14.4 million (2023: loss of £19.6 million) due to strong management action on pricing, underwriting and expense control.

    In early March 2025, Admiral entered into a memorandum of understanding with a counterparty with a view to signing a purchase agreement to sell Elephant. The agreement, if signed, would be subject to regulatory approval.

    Admiral Money

    Scott Cargill – CEO, Admiral Money

    I’m pleased to be able to say it has been a positive 2024 for Admiral Money. Throughout the year we have retained a firm focus on prime lending and continued to prioritise a controlled and conservative approach to growth. Our book at the end of December stands at £1.17 billion, 23% growth since FY 2023.

    Our gross income of £112.5 million has grown 19% since FY 2023, reflecting the higher average balances through the year. Our book net interest margin finishes the year at a healthy 650bps and our credit performance has been more than satisfactory, with a full year of cost of risk of 2.5%. The outcome of this has been our third consecutive year of growing profits, achieved whilst maintaining an appropriately conservative provision to cover potential credit losses.

    Our NPS score of 75 and Trust Pilot score of 4.4 provide continued evidence that our focus on being an efficient customer-focussed prime lender, providing certainty and transparency to UK customers on their lending needs through offering guaranteed rate solutions, is a successful formula.

    In 2024 we have also continued our focus on being the lender of choice for Admiral Insurance customers. This is a key pillar of our strategy and where we have the most significant competitive advantage. Over 68% of our new customer flows in 2024 came from either current or recent Admiral Insurance customers.

    When we set out Admiral Money’s strategy in 2018, we identified four key ingredients for an ‘Admiral-like’ lender. Over seven years, we have clearly proven three: pricing excellence, expense efficiency, and product differentiation. I’m delighted to see us take our first step towards delivering the fourth, using third-party capital to enhance shareholder returns and manage risk. I’m pleased to confirm our first off-balance-sheet deal, a forward flow agreement consisting of £150 million back book and up to £300 million per annum, transferring loan risk off Admiral’s balance sheet in exchange for origination and servicing fees. This milestone enables future growth beyond the Group’s balance sheet and acts as a model for us to expand participation in consumer lending beyond the current asset classes.

    Looking to 2025, we enter with strong momentum. I expect to see continued growth towards the £1.3 billion on-balance sheet loans, with total loans under management towards £1.6 billion. I’d like to finish by thanking our customers and all of my colleagues and wish everyone the best for 2025.

    Admiral Money financial review

    £m 2024 2023
    Total interest income 112.5 94.7
    Interest expense¹ (43.2) (28.3)
    Net interest income 69.3 66.4
    Other income 0.5 0.1
    Total income 69.8 66.5
    Credit loss charge (26.9) (33.4)
    Expenses (29.9) (22.9)
    Admiral Money profit before tax² 13.0 10.2

    1 Includes £6.1 million intra-group interest expense (2023: £1.5 million).

    2 Alternative Performance Measures – refer to the end of this report for definition and explanation.

    Admiral Money distributes and underwrites unsecured personal loans and car finance products for UK consumers through the comparison channels, credit scoring applications, through car dealerships, and direct to consumers via the Admiral website. The aim of the proposition is to provide customers with affordable guaranteed rates, ensuring transparency and certainty.

    Admiral Money recorded a pre-tax profit of £13.0 million in 2024, improved from £10.2 million profit in 2023, continuing the positive trajectory of growth in both the loan book and profit.

    The business has continued to focus on writing high-quality loans, with the increase in profit largely driven by net interest income growth of 4% to £69.3 million (2023: £66.4 million), as well as a reduced provision charge driven by a focus on high-quality risk selection and positive loss performance. Increased interest expense is driven by market-linked funding instruments and continued investment to support the ongoing growth in the business, partially offset the increased net interest income and lower credit loss charge.

    Gross loans balances totaled £1,174.0 million at the end of the year (31 December 2023: £956.8 million), with a £84.3 million (31 December 2023: £81.7 million) expected credit loss provision. This leads to a net loans balance of £1,089.7 million (31 December 2023: £875.1 million)

    Credit loss models reflect the latest economic assumptions and appropriate post model adjustments remain in place to maintain an appropriately cautious level of provisioning. The provision to loans balance coverage ratio is lower at 7.2% (31 December 2023: 8.5%), with a £2.6 million increase in absolute provision size in the period to £84.3 million. The provision includes lower post model adjustments of £4.6 million (31 December 2023: £9.2 million) reflecting the improved UK economic outlook.

    Admiral Money is funded through a combination of internal and external funding sources. The external funding is secured against certain loans via a transfer of the rights to the cash flows to two special purpose entities (‘SPEs’). The securitisation and subsequent issue of notes via SPEs does not result in a significant transfer of risk from the Group.

    Other Group Items

    Other Group items financial review

    £m 2024 2023
    Share scheme charges (62.2) (54.4)
    Other central costs (51.2) (41.7)
    Admiral Pioneer result (11.3) (16.2)
    Business development costs (20.1) (15.3)
    Finance charges1 (26.4) (20.3)
    Compare.com loss before tax — (2.6)
    Sale of shares in Insurify 12.5 —
    Other interest and investment income 13.5 4.6
    Total (145.2) (145.9)

    1 Finance charges within other Group items include £1.8 million (2023: £1.7 million) that relate to intra-group arrangements,
    with the corresponding income presented within the UK Insurance result.

    Share scheme charges relate to the Group’s two employee share schemes. The increase in charge in the period is driven primarily by both higher vesting assumptions and increases in bonuses tied to dividends paid in the year.

    Other central costs consist of Group-related expenses and include an allocation of Group employee costs as well as the cost of a number of significant Group projects. In 2024, these include the cost of a one-off employee bonus of approximately £8 million, along with higher project costs for the internal capital model development and the strategic review of the US Insurance business. In addition, central Group employee expenses increased relative to 2023.

    Admiral launched Admiral Pioneer in 2020 to focus on new product diversification opportunities. Pioneer businesses include Veygo (short-term and learner driver car insurance in the UK) and Admiral Business (small business insurance in the UK). Pioneer’s businesses reported a lower loss of £11.3 million in 2024 (2023: £16.2 million). The 2023 result was impacted by adverse large claims experienced in Veygo (one large claim in particular); the improvement in 2024 arises from continued growth and better claims experience, with Veygo reporting its first profit. The overall loss in Admiral Pioneer reflects continued investment in the development of new products, including for example, the partnership with Insurtech fleet insurer Flock, entered into in 2024.

    Business development costs increased to £20.1 million (2023: £15.3 million), primarily as a result of non-recurring transaction and other costs of £6.5 million related to the More Than acquisition.

    Finance charges of £26.4 million (2023: £20.3 million) primarily related to interest on the £250 million subordinated notes issued in July 2023 at a rate of 8.5%, with the charge in 2023 based on the original £200 million subordinated loan notes issued in July 2014. The increase in finance charges is largely offset by the increase in other interest and investment income, which arises primarily from the higher interest rate environment, with 2023 also including a loss on disposal of £3.6 million.

    A loss of £2.6 million was attributed to compare.com in 2023 following its disposal. As part of the disposal, the Group received shares as a minority interest shareholder of the acquirer. In 2024, the Group sold those shares, realising a one-off gain of £12.5 million.

    Group capital structure and financial position

    The Group manages its capital to ensure that all entities are able to continue as going concerns and that regulated entities comfortably meet regulatory capital requirements. Surplus capital within subsidiaries is paid up to the Group holding company in the form of dividends.

    The Group’s regulatory capital is based on the Solvency II Standard Formula, with a capital add-on to reflect recognised limitations in the Standard Formula with respect to Admiral’s business, predominantly in respect of profit commission arrangements in co-insurance and reinsurance agreements.

    Admiral continues to develop its partial internal model to form the basis of calculating capital requirements post-approval. This programme is ongoing with regular engagement with the regulator on the application process and timing.

    The current approved capital add-on is £24 million.

    The estimated and unaudited Solvency ratio for the Group at the date of this report is as follows:

    Group capital position (estimated and unaudited)

    £bn 2024 2023
    Eligible Own Funds (post-dividend)1 1.74 1.42
    Solvency II capital requirement2 0.86 0.71
    Surplus over capital requirement 0.88 0.71
    Solvency ratio (post-dividend)3 203% 200%

    1 Own Funds include approximately £250 million of Tier 2 capital following the Group’s issue of ten-year subordinated loan notes.

    2 Solvency capital requirement includes updated, unapproved capital add-on.

    3 Solvency ratio calculated on a volatility adjusted basis.

    The Group’s solvency ratio is slightly improved compared with the closing position of 2023 at 203% (2023: 200%). Own funds increased following continued strong generation of economic capital in the core UK motor business as a result of the positive current period underwriting performance of UK Motor and prior period releases, including the impact of the change in Ogden discount rate, which offset a reduction of around 11 points of solvency ratio following the de-recognition of intangible assets recognised in the More Than acquisition due to Solvency II rules, and a higher foreseeable dividend.

    The SCR also increased over the year, though to a lesser extent. The increase of approximately £150 million was primarily due to the increase in premiums across all Group businesses and the associated impact on underwriting and operational risk elements of the capital requirement. The estimated solvency ratio including the fixed Group capital add-on of £24 million, that is calculated at the balance sheet date rather than the date of this report, and is expected to be reported in the Group’s 2024 Solvency and Financial Condition Report (SFCR) is as follows:

    Regulatory solvency ratio (estimated and unaudited) 2024 2023
    Solvency ratio as reported above 203% 200%
    Change in valuation date1 (9%) (11%)
    Other (including impact of updated, unapproved capital add-on) 4% (6%)
    Solvency ratio to be reported (SFCR) 198% 183%

    Solvency ratio sensitivities

      2024 2023
    UK Motor – incurred loss ratio +5% (26%) (11%)
    UK Motor – 1-in-200 catastrophe event (3%) (1%)
    UK Household – 1-in-200 catastrophe event (3%) (5%)
    Interest rate – yield curve up 100 bps (1%) (1%)
    Interest rate – yield curve down 100 bps —% 1%
    Credit spreads widen 100 bps (2%) (5%)
    Currency – 10% (2023: 25%) movement in euro and US dollar (2%) (3%)
    ASHE – long-term inflation assumption up 100 bps (6%) (3%)
    Loans – 100% weighting to ‘severe’ scenario2 (1%) (1%)

    1 The solvency ratio reported above includes additional own funds generated post-year-end up to the date of this report.

    2 Refer to note 7 to the financial statements for further information on the ‘severe’ scenario.

    The increased sensitivity of the incurred loss ratio stress is the result of the growth in premium exposure and relatively profitability of the most recent underwriting year, whilst the increased sensitivity to ASHE is due to both a slight increase in settled periodic payment orders (PPOs), and higher PPO propensity assumptions following the change in Ogden.

    Investments and cash

    Investment strategy

    Admiral Group’s investment strategy focuses on capital preservation and low volatility of returns relative to liabilities, and follows an asset liability matching strategy to control interest rate, inflation and currency risk. A prudent level of liquidity is held and the investment portfolio has a high-quality credit profile. In 2024, the focus remained on matching, and cashflows were invested into high-quality assets to take advantage of healthy risk-free rates, whilst being appropriately cautious on the credit outlook. The Group holds a range of government bonds, corporate bonds, alternative and private credit assets, alongside liquid holdings in cash and money market funds.

    A further aim of the strategy is to reduce the Environmental, Social, and Governance (ESG) related risks in the portfolio whilst continuing to achieve sustainable long-term returns. In 2024, the portfolio weighted average ESG score was upgraded to an MSCI AAA rating.

    Total investment income for 2024 was £175.6 million (2023: £126.7 million).

    The investment return on the Group’s investment portfolio (excluding unrealised gains and losses and the movement in provision for expected credit losses) was £182.1 million (2023: £124.4 million). The annualised rate of return was higher at 4.0% (2023: 3.3%) mainly as a result of higher investment yields, with the increased income driven by a combination of the higher yield and increased asset balances following the growth in the business.

    Investment return

    £m 2024 2023
    Underlying investment income yield 4.0% 3.3%
    Investment return 182.1 124.4
    Unrealised losses on derivatives (0.2) (0.2)
    Movement in provision for expected credit losses (6.3) 2.5
    Total investment return 175.6 126.7

    Cash and investments analysis

    £m 2024 2023
    Fixed income and debt securities 3,335.4 2,825.9
    Money market funds and other fair value through P&L investments 1,421.0 918.8
    Cash deposits 91.7 116.7
    Cash 313.6 353.1
    Total¹ 5,161.7 4,214.5

    1 Total Cash and Investments includes £354.5 million (2023: £278.2 million) of Level 3 investments. Refer to note 6d in the financial statements for further information.

    Cashflow

    £m 2024 2023
    Operating cashflow, before movements in investments 1,303.4 697.5
    Transfers to financial investments (810.3) (285.5)
    Operating cashflow 493.1 412.0
    Tax payments (124.1) (133.0)
    Investing cashflows (capital expenditure) (144.2) (75.9)
    Financing cashflows (436.0) (216.7)
    Loans funding through special purpose entity 178.1 44.9
    Foreign currency translation impact (6.4) 24.8
    Net cash movement (39.5) 56.1
    Unrealised gains on investments 11.4 98.1
    Movement in accrued interest, foreign exchange and unrealised gains on derivatives 165.0 69.0
    Net increase in cash and financial investments 947.2 508.7

    The main items contributing to the operating cash inflow are as follows:

    £m 2024 2023
    Profit after tax 662.9 337.2
    Change in net insurance contract liabilities 606.5 309.5
    Net change in trade receivables and liabilities 46.3 (42.3)
    Change in loans and advances to customers (231.4) (73.6)
    Non-cash Income Statement items 42.8 61.1
    Taxation expense 176.3 105.6
    Operating cashflow, before movements in investments 1,303.4 697.5

    The Group continues to generate significant amounts of cash, particularly notable during 2024, and its capital-efficient business model enables the distribution of the majority of post-tax profits as dividends. Total cash and investments at 31 December 2024 was £5,161.7 million (31 December 2023: £4,214.5 million), the increase reflecting the collections from higher written premium in UK Insurance.

    The net increase in cash and investments in the period is £947.2 million (2023: increase of £508.7 million).

    Taxation

    The tax charge for the period is £176.3 million (2023: £105.6 million), which equates to 21.0% (2023: 23.8%) of profit before tax. The tax rate in 2023 was impacted by the settlement of a non-recurring historic Italian tax matter. In addition, in 2024, a greater proportion of profits has arisen in the Group’s businesses outside the UK, leading to the lower effective tax rate. See note 10 to the financial statements for further details.

    Co-insurance and reinsurance

    Admiral makes significant use of proportional risk sharing agreements, where insurers outside the Group underwrite a majority of the risk generated, either through co-insurance or quota share reinsurance contracts. These arrangements include profit commission terms which allow Admiral to retain a significant portion of the profit generated.

    Although the primary focus and disclosure is in relation to the UK Motor Insurance book, similar longer-term arrangements are in place in the Group’s International Insurance operations and the UK Household and Van businesses.

    UK Motor Insurance

    Munich Re and its subsidiary entity, Great Lakes, currently underwrite 40% of the UK Car business. From 2022, 20% of this total is on a co-insurance basis (via Great Lakes) and will extend to 2029. The remaining 20% is on a quota share reinsurance basis and these arrangements now extend to 2026.

    The Group also has other quota share reinsurance arrangements confirmed to at least 2025 covering 38% of the business written.

    The nature of the co-insurance proportion underwritten by Munich Re (via Great Lakes) in the UK is such that 20% of all Car premium and claims accrue directly to Great Lakes and are not reflected in the Group’s financial statements. Similarly, Great Lakes reimburses the Group for its proportional share of expenses incurred in acquiring and administering this business.

    Admiral’s UK Motor quota share reinsurance arrangements result in all premiums, claims and expenses that are ceded to reinsurers being included within the quota share result in the Group’s financial statements, with a recovery recognised where years are not yet profitable.

    These agreements operate on a funds withheld basis with Admiral retaining ceded premium (net of the reinsurer margin), which then covers claims and expenses. If an underwriting year is not profitable, investment income is allocated to the withheld fund and used to delay the point at which cash recoveries are collected from the reinsurer. Other features of the arrangements include expense ratio caps and commutation options for Admiral that become available 24-36 months after the start of the underwriting year.

    Admiral tends to commute its UK Car Insurance quota share reinsurance contracts 24-36 months after inception of an underwriting year, assuming there is sufficient confidence in the profitability of the business covered by the reinsurance contract.

    In 2024, there were commutations of a small number of remaining contracts from underwriting years 2017-2020. All arrangements covering the 2020 and prior underwriting years have now been commuted. In addition, a majority of contracts from underwriting year 2021 have been commuted during 2024. There was no significant impact on profit before tax as a result of the commutations.

    UK Household Insurance

    The Group’s Household business is supported by long-term proportional reinsurance arrangements covering 70% of the risk, that runs to at least 2027. In addition, the Group has non-proportional reinsurance to cover the risk of catastrophes stemming from weather events.

    International Car Insurance

    In 2023 and 2024, Admiral retained 35% (Italy), 30% (France), 30% (Spain), and 40% (2023) and 60% (2024) (US) of the underwriting risk in each country, respectively. In 2025, Admiral will retain 60% of the underwriting risk in Italy and 100% of the underwriting risk in the US, with the retained share in France and Spain unchanged.

    Excess of loss reinsurance

    The Group also purchases excess of loss reinsurance to provide protection against large claims and reviews this cover annually. The UK Motor excess of loss cover in 2024 remained similar to prior years with cover starting at £10 million.

    Principal Risks and Uncertainties

    The Group’s 2024 Annual Report will contain an analysis of the Principal Risks and Uncertainties identified in the Group’s Enterprise Risk Management Framework, along with the impacts of those risks and actions taken to mitigate them.

    Disclaimer on forward-looking statements

    Certain statements made in this announcement are forward-looking statements. Such statements are based on current expectations and assumptions and are subject to a number of known and unknown risks and uncertainties that may cause actual events or results to differ materially from any expected future events or results expressed or implied in these forward-looking statements.

    Persons receiving this announcement should not place undue reliance on forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, the Group does not undertake to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

    Consolidated Income Statement
    For the year ended 31 December 2024

        Year ended
      Note 31 December
    2024
    £m    		 31 December
    2023
    £m 1
           
    Insurance revenue 5 4,776.2 3,486.1
    Insurance service expenses 5 (3,547.5) (3,093.2)
    Insurance service result before reinsurance   1,228.7 392.9
    Net expense from reinsurance contracts held 5 (518.4) (87.1)
    Insurance service result   710.3 305.8
    Investment return – Effective interest rate 6 106.3 81.1
    Investment return – Other 6 74.6 41.8
    Investment return 6 180.9 122.9
    Finance expenses from insurance contracts issued 5 (128.4) (94.5)
    Finance income from reinsurance contracts held 5 35.9 28.9
    Net insurance finance expenses   (92.5) (65.6)
           
    Net insurance and investment result   798.7 363.1
           
    Interest income from financial services 7 113.5 94.9
    Interest expense related to financial services 7 (37.2) (26.8)
    Net interest income from financial services   76.3 68.1
           
    Other revenue and profit commission 8 189.6 205.7
    Other operating expenses 9 (293.6) (250.8)
    Other operating expenses recoverable from co-insurers 9 129.3 107.8
    Movement in expected credit loss provision and write-offs 6 (34.6) (31.0)
    Other income and expenses   (9.3) 31.7
           
    Operating profit   865.7 462.9
    Finance costs 6 (27.1) (20.5)
    Finance costs recoverable from coinsurers 6 0.6 0.4
    Net finance costs   (26.5) (20.1)
    Profit before tax   839.2 442.8
    Taxation expense 10 (176.3) (105.6)
    Profit after tax   662.9 337.2
    Profit after tax attributable to:      
    Equity holders of the parent   663.3 338.0
    Non-controlling interests (NCI)   (0.4) (0.8)
        662.9 337.2
    Earnings per share      
    Basic 12 216.6p 111.2p
    Diluted 12 216.6p 110.8p
           
    Dividends declared and paid (total) 12 369.8 307.1
    Dividends declared and paid (per share) 12 123.0p 103.0p

    1 The Consolidated Income Statement for the year ended 31 December 2023 has been re-presented to show the breakdown of Investment return between effective interest rate and investment return relating to other transactions, this having been provided within note 6a to the 2023 financial statements. For further detail, see note 6a to the financial statements.

    Consolidated Statement of Comprehensive Income
    For the year ended 31 December 2024

      Year ended
      31 December
    2024
    £m    		 31 December
    2023
    £m1
    Profit for the period 662.9 337.2
    Other comprehensive income    
    Items that are or may be reclassified to profit or loss    
    Movements in fair value reserve 11.3 98.1
    Deferred tax charge in relation to movement in fair value reserve 2.4 (5.7)
    Movements in insurance finance reserve – insurance contracts 7.9 (128.1)
    Deferred tax in relation to movement in insurance finance reserve – insurance contracts (5.1) 14.5
    Movements in insurance finance reserve – reinsurance contracts 3.3 49.2
    Deferred tax in relation to movement in insurance finance reserve – reinsurance contracts 1.3 (4.8)
    Exchange differences on translation of foreign operations (4.2) 3.7
    Movement in hedging reserve (4.1) (18.1)
    Deferred tax charge in relation to movement in hedging reserve 1.0 4.5
    Other comprehensive income for the period, net of income tax 13.8 13.3
    Total comprehensive income for the period 676.7 350.5
    Total comprehensive income for the period attributable to:    
    Equity holders of the parent 677.1 351.3
    Non-controlling interests (0.4) (0.8)
      676.7 350.5

    1Represented: see note 1 to the financial statements.

    Consolidated Statement of Financial Position

    As at 31 December 2024

        As at
      Note 31 December
    2024
    £m    		 31 December
    2023
    £m
    ASSETS      
    Property and equipment 11 87.8 90.1
    Intangible assets 11 321.0 242.9
    Deferred tax asset 10 19.8 46.1
    Corporation tax asset   18.1 20.4
    Reinsurance contract assets 5 988.6 1,191.9
    Loans and advances to customers 7 1,106.9 879.4
    Other receivables 6 225.2 409.9
    Financial investments 6 4,863.2 3,862.4
    Cash and cash equivalents 6 313.6 353.1
    Total assets   7,944.2 7,096.2
    EQUITY      
    Share capital 12 0.3 0.3
    Share premium account   13.1 13.1
    Other reserves 12 (26.7) (40.5)
    Retained earnings   1,383.4 1,018.9
    Total equity attributable to equity holders of the parent   1,370.1 991.8
    Non-controlling interests   0.6 1.0
    Total equity   1,370.7 992.8
    LIABILITIES      
    Lease liabilities 6 79.6 81.2
    Subordinated and other financial liabilities 6 1,322.2 1,129.8
    Corporation tax liabilities   35.0 4.9
    Insurance contracts liabilities 5 4,961.4 4,581.7
    Trade and other payables 6, 11 175.3 305.8
    Total liabilities   6,573.5 6,103.4
    Total equity and total liabilities   7,944.2 7,096.2

    The accompanying notes form part of these financial statements. These financial statements were approved by the Board of Directors on 5 March 2025 and were signed on its behalf by:

    Geraint Jones

    Chief Financial Officer

    Admiral Group plc

    Company Number: 03849958

    Consolidated Cashflow Statement
    For the year ended 31 December 2024

        Year ended
      Note 31 December
    2024
    £m    		 31 December
    2023
    £m1
    Profit after tax   662.9 337.2
    Adjustments for non-cash items:      
    – Depreciation of property, plant and equipment and right-of-use assets   18.8 18.2
    – Impairment/ disposal of property, plant and equipment and right-of-use assets   9.1 (4.0)
    – Amortisation and impairment of intangible assets 11 66.7 40.5
    – Movement in expected credit loss provision   10.3 15.7
    – Share scheme charges   67.8 63.3
    – Interest expense on funding for loans and advances to customers   32.3 26.2
    – Investment return 6 (177.4) (119.3)
    – Profit on disposal of Insurify share option 9 (12.5) –
    – Finance costs, including unwinding of discounts on lease liabilities 6 27.7 20.5
    – Taxation expense 10 176.3 105.6
    Change in gross insurance contract liabilities 5 421.6 451.3
    Change in reinsurance assets 5 184.9 (141.8)
    Change in insurance and other receivables 6 182.4 (94.7)
    Change in gross loans and advances to customers 7 (231.4) (73.6)
    Change in trade and other payables, including tax and social security 11 (136.1) 52.4
    Cash flows from operating activities, before movements in investments   1,303.4 697.5
    Purchases of financial instruments   (8,083.3) (3,538.4)
    Proceeds on disposal/ maturity of financial instruments   7,182.4 3,176.1
    Interest and investment income received   90.6 76.8
    Cash flows from operating activities, net of movements in investments   493.1 412.0
    Taxation payments   (124.1) (133.0)
    Net cash flow from operating activities   369.0 279.0
    Cash flows from investing activities:      
    Purchases of property, equipment and software   (61.7) (75.9)
    Intangible assets acquired through business combinations   (82.5) –
    Net cash used in investing activities   (144.2) (75.9)
    Cash flows from financing activities:      
    Proceeds on issue of loan backed securities   372.2 291.7
    Repayment of loan backed securities   (194.1) (246.8)
    Proceeds from other financial liabilities   177.7 428.4
    Repayment of other financial liabilities   (170.1) (292.2)
    Finance costs paid, including interest expense paid on funding for loans   (76.7) (52.8)
    Proceeds/(repayments) on hedging derivatives   15.6 17.7
    Repayment of lease liabilities   (12.7) (10.7)
    Equity dividends paid 12 (369.8) (307.1)
    Net cash used in financing activities   (257.9) (171.8)
    Net increase in cash and cash equivalents   (33.1) 31.3
    Cash and cash equivalents at 1 January   353.1 297.0
    Effects of changes in foreign exchange rates   (6.4) 24.8
    Cash and cash equivalents at 31 December   313.6 353.1

    1. Represented: see note 1 to the financial statements.

    Consolidated Statement of Changes in Equity
    For the year ended 31 December 2024

      Attributable to the owners of the Company
     

    Note

    		 Share
    Capital
    £m    		 Share premium account
    £m    		 Fair value reserve £m Hedging reserve
    £m    		 Foreign exchange reserve
    £m    		 Insurance finance reserve
    £m    		 Retained profit
    and loss
    £m    		 Total
    £m    		 Non-controlling interests
    £m    		 Total equity
    £m
    At 1 January 2023   0.3 13.1 (205.9) 21.1 0.1 134.5 922.6 885.8 1.2 887.0
    Profit/(loss) for the period   — — — — — — 338.0 338.0 (0.8) 337.2
    Other comprehensive income   — — 92.4 (13.6) 3.7 (69.2) — 13.3 — 13.3
    Total comprehensive income for the period — — 92.4 (13.6) 3.7 (69.2) 338.0 351.3 (0.8) 350.5
    Transactions with equity holders                      
    Dividends 12 — — — — — — (307.1) (307.1) — (307.1)
    Share scheme credit   — — — — — — 63.3 63.3 — 63.3
    Deferred tax on share scheme credit   — — — — — — 2.1 2.1 — 2.1
    Transfer to loss on disposal of assets held for sale   — — — — (3.6) — — (3.6) 0.6 (3.0)
    Total transactions with equity holders — — — — (3.6) — (241.7) (245.3) 0.6 (244.7)
    As at 31 December 2023   0.3 13.1 (113.5) 7.5 0.2 65.3 1,018.9 991.8 1.0 992.8

    Consolidated Statement of Changes in Equity (continued)

      Attributable to the owners of the Company
     

    Note

    		 Share
    Capital
    £m    		 Share premium account
    £m    		 Fair value reserve £m Hedging reserve
    £m    		 Foreign exchange reserve
    £m    		 Insurance finance reserve
    £m    		 Retained profit
    and loss
    £m    		 Total
    £m    		 Non-controlling interests
    £m    		 Total equity
    £m
    At 1 January 2024   0.3 13.1 (113.5) 7.5 0.2 65.3 1,018.9 991.8 1.0 992.8
    Profit/(loss) for the period   — — — — — — 663.3 663.3 (0.4) 662.9
    Other comprehensive income   — — 13.7 (3.1) (4.2) 7.4 — 13.8 — 13.8
    Total comprehensive income for the period — — 13.7 (3.1) (4.2) 7.4 663.3 677.1 (0.4) 676.7
    Transactions with equity holders                      
    Dividends 12 — — — — — — (369.8) (369.8) — (369.8)
    Share scheme credit   — — — — — — 67.8 67.8 — 67.8
    Deferred tax on share scheme credit   — — — — — — 3.2 3.2 — 3.2
    Transfer to loss on disposal of assets held for sale   — — — — — — — — — —
    Total transactions with equity holders — — — — — — (298.8) (298.8) — (298.8)
    As at 31 December 2024   0.3 13.1 (99.8) 4.4 (4.0) 72.7 1,383.4 1,370.1 0.6 1,370.7

    Notes to the consolidated financial statements

    General information

    Admiral Group plc is a public limited Company incorporated in England and Wales. Its registered office is at Tŷ Admiral, David Street, Cardiff, CF10 2EH and its shares are listed on the London Stock Exchange.

    The consolidated financial statements have been prepared and approved by the Directors in accordance with United Kingdom adopted international accounting standards in conformity with the requirements of the Companies Act 2006.

    The financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (‘IFRS’) as adopted by the UK. The financial information set out in this preliminary results announcement does not constitute the statutory accounts for the year ended 31 December 2024. The financial information is derived from the statutory accounts, which comply with IFRS, within the Group’s Annual Report & Accounts 2024. These accounts were signed on 5 March 2025 and are expected to be published in March 2025 and delivered to the Registrar of Companies following the Annual General Meeting to be held on 9 May 2025. The independent Auditor’s report on the Group accounts for the year ended 31 December 2024 was signed on 5 March 2025, is unqualified, does not draw attention to any matters by way of emphasis and does not include a statement under S498(2) or (3) of the Companies Act 2006. This audit opinion excludes disclosures surrounding capital adequacy calculated under the Solvency II regime as these are outside of the audit scope.

    1. Basis of preparation

    The consolidated financial statements have been prepared on a going concern basis. In considering this requirement, the Directors have taken into account the following:

    • The Group’s profit projections, including:
      • Changes in premium rates and projected policy volumes across the Group’s insurance businesses
      • Projected cost of settling claims across all of the Group’s insurance businesses, including the impact of continuing, albeit reducing, high levels of inflation
      • Projected trends in motor claims frequency
      • Projected trends in other revenue generated by the Group’s insurance business from fees and the sale of ancillary products
      • Projected contributions to profit from businesses other than the UK Motor insurance business
      • Expected trends in unemployment in the context of credit risks and the growth of the Group’s consumer lending business
      • The impact of the More Than acquisition, which completed in the first half of 2024, with renewals starting in the second half of 2024.
    • The Group’s solvency position, which continues to be closely monitored. The Group continues to maintain a strong solvency position above target levels
    • The adequacy of the Group’s liquidity position after considering all the factors noted above
    • The results of business plan scenarios and stress tests on the projected profitability, solvency and liquidity positions including the impact of severe downside scenarios that assume severe adverse economic, credit and trading stresses
    • The regulatory environment, focusing on regulatory guidance issued by the FCA and the PRA in the UK and regular communications between management and regulators
    • A review of the Company’s principal risks and uncertainties and the assessment of emerging risks, including climate-related risks.

    The accounting policies set out in the notes to the financial statements have, unless otherwise stated, been applied consistently to all periods presented in these Group financial statements. The financial statements are prepared on the historical cost basis, except for the revaluation of financial assets classified as fair value through profit or loss or as fair value through other comprehensive income, and insurance and reinsurance contract assets and liabilities which are measured at their fulfilment value in accordance with IFRS 17 Insurance Contracts.

    The Group and Company financial statements are presented in pounds sterling, rounded to the nearest £0.1 million.

    Adoption of new and revised standards

    The Group has adopted the following IFRSs and interpretations during the year, which have been issued and endorsed:

    • Amendments to IAS 7 Statement of Cashflows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (effective 1 January 2024)
    • Amendments to IAS 1 Presentation of Financial Statements: Classification of liabilities as Current or Non-current (effective 1 January 2024)
    • Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (effective 1 January 2024).

    The application of the amendments listed above has not had a material impact on the Group’s results, financial position and cashflows.

    Representation of Consolidated Cashflow Statement

    The 2023 Consolidated Cashflow Statement has been re-presented to reflect the gross cashflows relating to the subordinated loan note, loan backed securities and other borrowings which were previously all presented on a net basis within the financial statement line items ‘proceeds from other financial liabilities’ and ‘proceeds on issue of loan backed securities’. This has resulted in £292.2 million additional cash outflows within ‘repayment of other financial liabilities’ and the same inflow within ‘proceeds from other financial liabilities’ and £246.8 million additional cash outflows within ‘repayment of loan backed securities’ and the same inflow within ‘proceeds on issue of loan backed securities’. There is no overall impact on resulting cash, or the Consolidated Statement of Financial Position, Consolidated Income Statement or the Earnings per share calculations within.

    Representation of Consolidated Statement of Comprehensive Income

    The 2023 Consolidated Statement of Comprehensive Income has been re-presented to show the breakdown of the movements in the insurance finance reserve between that attributed to insurance contracts and that attributed to reinsurance contracts. The resulting deferred tax movement has also been re-presented. The movements in the insurance finance reserve are included within the Insurance finance reserve within the Statement of Changes in Equity. For the breakdown of the insurance finance reserve between insurance contracts and reinsurance contracts, see note 5e to the financial statements.

    2. Critical accounting judgements and estimates

    In applying the Group’s accounting policies as described in the notes to the financial statements, the Directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.

    The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources.

    The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is reviewed. To the extent that a change in an accounting estimate gives rise to changes in assets and liabilities, the movement is recognised by adjusting the carrying amount of the related asset or liability in the period in which the change occurs.

    3. Financial risk

    3a. Insurance risk sensitivity analysis

    The following sensitivity analysis shows the impact on profit for reasonably possible movements in key assumptions with all other assumptions held constant. The correlation of assumptions will have a significant effect in determining the ultimate impacts, but to demonstrate the impact due to changes in each assumption, assumptions have been changed on an individual basis. It should be noted that movements in these assumptions are non-linear.

    The sensitivities are shown for UK motor only, being the line of business where such sensitivities could have a material impact at a Group level. The sensitivities are shown on a gross and net of quota share reinsurance basis to illustrate the impacts on shareholder profit and equity before and after risk mitigation from quota share reinsurance. The sensitivities (both gross and net) include the impacts of movements in co-insurance profit commission, given that underwriting year loss ratios including risk adjustment, are a direct input to the calculation of profit commission. Refer to note 8 to these financial statements for the accounting policy for co-insurance profit commission.

    Risk adjustment

    The sensitivities reflect the impact on profit before tax in 2024 and equity as at the end of 2024 for changes in the selection of the UK motor risk adjustment confidence level at 31 December 2024, with all other assumptions remaining unchanged.

            2024
    £m Impact on profit before tax gross of reinsurance Impact on profit before tax net of reinsurance Impact on equity gross of reinsurance Impact on equity net
    of reinsurance
    Risk adjustment decrease to 90th percentile 123.5 112.2 100.8 91.4
    Risk adjustment decrease to 85th percentile 199.3 180.8 162.5 147.2

    Undiscounted loss ratios, including risk adjustment

    The sensitivities reflect the impact on profit before tax in 2024 and equity as at the end of 2024, of a change in in the booked loss ratios for individual underwriting years (UWY) as at 31 December 2024, with all other assumptions remaining unchanged.   

    £m UWY 2021 impact on: UWY 2022 impact on: UWY 2023 impact on: UWY 2024 impact on:
      PBT Equity PBT Equity PBT Equity PBT Equity
                     
    Increase of 1%: gross of reinsurance (14.8) (11.2) (15.8) (13.1) (21.0) (17.8) (16.4) (13.8)
    Increase of 5%: gross of reinsurance (67.5) (51.2) (72.4) (60.2) (98.5) (83.8) (75.4) (63.9)
    Increase of 10%: gross of reinsurance (133.3) (101.1) (143.2) (119.2) (195.3) (166.3) (149.2) (126.6)
                     
    Decrease of 1%: gross of reinsurance 16.7 12.7 16.1 13.3 22.5 18.9 16.8 14.0
    Decrease of 5%: gross of reinsurance 76.7 58.1 85.7 70.2 118.7 98.9 88.8 73.9
    Decrease of 10%: gross of reinsurance 164.5 124.5 171.8 140.7 232.3 194.1 180.9 150.3
                     
    Increase of 1%: net of reinsurance (11.7) (8.8) (9.0) (7.2) (21.0) (17.8) (16.4) (13.8)
    Increase of 5%: net of reinsurance (51.9) (38.8) (37.6) (30.8) (79.8) (67.7) (69.8) (59.0)
    Increase of 10%: net of reinsurance (102.1) (76.3) (73.5) (60.3) (124.7) (105.4) (111.7) (94.2)
                     
    Decrease of 1%: net of reinsurance 13.6 10.2 9.1 7.3 22.5 18.9 16.8 14.0
    Decrease of 5%: net of reinsurance 63.1 47.2 54.0 43.4 118.7 98.9 88.8 73.9
    Decrease of 10%: net of reinsurance 148.3 111.6 118.0 95.2 232.3 194.1 180.9 150.3

    ‘Booked’ loss ratios are undiscounted underwriting year loss ratios, including risk adjustment.

    3b. Financial risk: Interest rate sensitivity analysis

    The impact on profit (before tax) and equity arising from the impact of 100 basis point and 200 basis point increases and decreases in interest rates on insurance contract liabilities and reinsurance contract assets as at 31 December 2024, is as follows:

      31 December 2024
    £m Impact on profit before tax gross of reinsurance Impact on profit before tax net of reinsurance Impact on equity gross of reinsurance Impact on equity net of reinsurance
    Increase of 100 basis points — — 60.8 58.3
    Decrease of 100 basis points — — (69.7) (67.1)
    Increase of 200 basis points — — 115.1 110.3
    Decrease of 200 basis points — — (152.2) (146.9)

    The impact on profit (before tax) and equity arising from the impact of 100 basis point and 200 basis point increases and decreases in interest rates on investments and cash as at 31 December 2024, is as follows:

        31 December 2024
    £m Impact on profit before tax Impact on equity
    Increase of 100 basis points — (83.4)
    Decrease of 100 basis points — 90.4
    Increase of 200 basis points — (161.0)
    Decrease of 200 basis points — 189.2

    Refer to Appendix 2 for the impact on profit before tax arising from the impact of 100 bps and 200 basis point increases and decreases in interest rates during 2024.

    4. Operating segments

    The Group has four reportable segments, as described below. These segments represent the principal split of business that is regularly reported to the Group’s Board of Directors, which is considered to be the Group’s chief operating decision maker in line with IFRS 8 Operating Segments.

    UK Insurance

    The segment consists of the underwriting of Motor, Household, Pet and Travel insurance and other products that supplement these insurance policies within the UK. It also includes the generation of revenue from additional products and fees from underwriting insurance in the UK. The Directors consider the results of these activities to be reportable as one segment as the activities carried out in generating the revenue are not independent of each other and are performed as one business. This mirrors the approach taken in management reporting.

    International Insurance

    The segment consists of the underwriting of car and home insurance and the generation of revenue from additional products and fees from underwriting car insurance outside of the UK. It specifically covers the Group operations Admiral Seguros in Spain, ConTe in Italy, L’olivier Assurance in France and Elephant Auto in the US. None of these operations are reportable on an individual basis, based on the threshold requirements in IFRS 8.

    Admiral Money

    The segment relates to the Admiral Money business launched in 2017, which provides consumer finance and car finance products in the UK, through the comparison channel, credit scoring applications and direct channels including car dealers and brokers.

    Other

    The ‘Other’ segment is designed to be comprised of all other operating segments that are not separately reported to the Group’s Board of Directors and do not meet the threshold requirements for individual reporting. It includes the results of Admiral Pioneer.

    Taxes are not allocated across the segments and, as with the corporate activities, are included in the reconciliation to the Consolidated Income Statement and Consolidated Statement of Financial Position.

    An analysis of the Group’s revenue and results for the year ended 31 December 2024, by reportable segment, is shown below. The accounting policies of the reportable segments are materially consistent with those presented in the notes to the financial statements for the Group.

        Year ended 31 December 2024
      UK
    Insurance
    £m    		 International
    Insurance
    £m    		 Admiral
    Money
    £m    		 Other
    £m    		 Eliminations3
    £m    		 Total
    £m
    Turnover1 5,108.5 840.0 108.3 89.9 — 6,146.7
    Insurance revenue 3,873.4 829.5 – 73.3 – 4,776.2
    Insurance revenue net of XoL 3,751.1 794.2 – 65.8 – 4,611.1
    Insurance services expenses (745.7) (236.5) – (33.7) – (1,015.9)
    Insurance claims net of XoL (1,952.1) (564.5) – (39.0) – (2,555.6)
    Quota share reinsurance result (290.0) (4.1) – – – (294.1)
    Net movement in onerous loss component 1.1 0.4 – – – 1.5
    Underwriting result 764.4 (10.5) – (6.9) – 747.0
    Net investment income2 70.5 6.1 0.3 0.7 (7.9) 69.7
    Net interest income from financial services – – 69.3 0.9 6.1 76.3
    Net other revenue and operating expenses 141.8 (0.9) (56.6) (12.1) – 72.2
    Segment profit/(loss) before tax4 976.7 (5.3) 13.0 (17.4) (1.8) 965.2
    Other central revenue and expenses, including share scheme charges   (115.0)
    Investment and interest income       13.5
    Finance costs           (24.5)
    Consolidated profit before tax           839.2
    Taxation expense           (176.3)
    Consolidated profit after tax         662.9

    Revenue and results for the corresponding reportable segments for the year ended 31 December 2023 are shown below.

        Year ended 31 December 2023
      UK
    Insurance
    £m    		 International
    Insurance
    £m    		 Admiral
    Money
    £m    		 Other
    £m    		 Eliminations3
    £m    		 Total
    £m
    Turnover1 3,776.0 894.9 92.1 48.5 – 4,811.5
    Insurance revenue 2,596.8 842.6 – 46.7 – 3,486.1
    Insurance revenue net of XoL 2,517.3 811.8 – 44.4 – 3,373.5
    Insurance services expenses (559.6) (249.4) – (27.9) – (836.9)
    Insurance claims net of XoL (1,560.2) (565.2) – (33.1) – (2,158.5)
    Quota share reinsurance result (18.4) (22.1) – 0.1 – (40.4)
    Net movement in onerous loss component 4.3 0.6 – – – 4.9
    Underwriting result 383.4 (24.3) – (16.5) – 342.6
    Net investment income2 55.2 4.3 – 0.3 (3.2) 56.6
    Net interest income from financial services – – 66.4 0.2 1.5 68.1
    Net other revenue and operating expenses 157.9 2.0 (56.2) (12.4) – 91.3
    Segment profit/(loss) before tax4 596.5 (18.0) 10.2 (28.4) (1.7) 558.6
    Other central revenue and expenses, including share scheme charges     (101.8)
    Investment and interest income       4.6
    Finance costs           (18.6)
    Consolidated profit before tax           442.8
    Taxation expense           (105.6)
    Consolidated profit after tax         337.2

    1 Turnover is an Alternative Performance Measure presented before intra-group eliminations. Refer to the glossary and note 14 for further information.

    2 Net Investment income is reported net of impairment of financial assets, in line with management reporting.

    3 Eliminations are in respect of the intra-group interest charges related to the UK Insurance and Admiral Money segment.

    4 Segment results exclude gross share scheme charges, and any quota share reinsurance recoveries; these net share scheme charges are presented within ‘Other central revenue and expenses, including share scheme charges’ in line with internal management reporting.

    5. Insurance Service result

    5a. Accounting policies

    The full accounting policies will be provided in the Group’s 2024 Annual Report.

    Discount rates

    A bottom-up approach has been applied in the determination of discount rates. Under this approach, the discount rate is determined as the risk-free yield adjusted for differences in liquidity characteristics between the financial assets used to derive the risk-free yield and the relevant liability cashflows (known as an illiquidity premium).

    The following weighted average rates, based on the yield curves derived using the above methodology, were used to discount the liability for incurred claims at the end of the current and prior periods:

      31 December 2024 31 December 2023
      1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years
    UK Insurance 5.0% 4.7% 4.5% 4.6% 5.4% 4.3% 4.0% 3.9%
    International (European motor) 2.7% 2.6% 2.6% 2.8% 4.0% 3.1% 3.0% 3.0%

    5b. Insurance revenue

    Insurance revenue for the corresponding reportable segments for the period ended 31 December 2024 are shown below.

      31 December 2024
      UK Motor
    £m    		 UK Non-motor
    £m    		 Int. Insurance
    £m    		 Other
    £m    		 Total Group
    £m
    Insurance revenue related movement in liability for remaining coverage 3,369.5 503.9 829.5 73.3 4,776.2

    Insurance revenue for the corresponding reportable segments for the period ended 31 December 2023 are shown below.

      31 December 2023
      UK Motor
    £m    		 UK Non-motor
    £m    		 Int. Insurance
    £m    		 Other
    £m    		 Total Group
    £m
    Insurance revenue related movement in liability for remaining coverage 2,250.2 346.6 842.6 46.7 3,486.1

    The Group’s share of its insurance business was underwritten by Admiral Insurance (Gibraltar) Limited, Admiral Insurance Company Limited, Admiral Europe Compañia Seguros (‘AECS’) and Elephant Insurance Company. The majority of contracts are short term in duration, lasting for between 6 and 12 months.

    5c. Insurance service expenses

    Insurance service expenses for the corresponding reportable segments for the period ended 31 December 2024 are shown below.

      31 December 2024
      UK Motor
    £m    		 UK Non-motor
    £m    		 Int. Insurance
    £m    		 Other
    £m    		 Total Group
    £m
    Incurred claims          
    Claims incurred in the period 2,107.2 298.2 583.7 48.9 3,038.0
    Changes to liabilities for incurred claims (496.1) (51.4) (11.1) (1.3) (559.9)
    Total incurred claims 1,611.1 246.8 572.6 47.6 2,478.1
    Movement in onerous contracts (5.1) 0.1 (0.1) — (5.1)
    Directly attributable expenses          
    Administration expenses 461.5 113.7 175.2 18.7 769.1
    Acquisition expenses 125.3 45.2 61.3 15.0 246.8
    Insurance expenses 586.8 158.9 236.5 33.7 1,015.9
    Share scheme expenses 40.7 5.4 11.1 1.4 58.6
    Total insurance expenses including share scheme expenses 627.5 164.3 247.6 35.1 1,074.5
    Total Insurance service expenses 2,233.5 411.2 820.1 82.7 3,547.5

    Insurance service expenses for the corresponding reportable segments for the period ended 31 December 2023 are shown below.

      31 December 2023
      UK Motor
    £m    		 UK Non-motor
    £m    		 Int. Insurance
    £m    		 Other
    £m    		 Total Group
    £m
    Incurred claims          
    Claims incurred in the period 1,755.5 255.0 618.2 36.4 2,665.1
    Changes to liabilities for incurred claims (406.9) (9.1) (21.3) (3.3) (440.6)
    Total incurred claims 1,348.6 245.9 596.9 33.1 2,224.5
    Movement in onerous contracts (18.6) (2.4) (2.4) — (23.4)
    Directly attributable expenses          
    Administration expenses 377.8 73.5 184.0 19.0 654.3
    Acquisition expenses 73.4 34.8 65.4 8.9 182.5
    Insurance expenses 451.2 108.3 249.4 27.9 836.8
    Share scheme expenses 43.2 2.4 8.9 0.8 55.3
    Total insurance expenses including share scheme expenses 494.4 110.7 258.3 28.7 892.1
    Total Insurance service expenses 1,824.4 354.2 852.8 61.8 3,093.2

    5d. Net expenses from reinsurance contracts held

    Net expenses from reinsurance contracts held for the corresponding reportable segments for the period ended 31 December 2024 are shown below.

      31 December 2024
      UK Motor
    £m    		 UK Non-motor
    £m    		 Int. Insurance
    £m    		 Other
    £m    		 Total Group
    £m
    Allocation of reinsurance premiums 145.8 45.8 153.9 7.6 353.1
    Amounts recoverable from reinsurers for incurred insurance service expenses          
    Incurred claims (29.2) 3.1 (275.9) (8.5) (310.5)
    Changes to liabilities for incurred claims 291.6 34.3 146.3 — 472.2
    Net expense from reinsurance contracts excluding movement in onerous loss component 408.2 83.2 24.3 (0.9) 514.8
    Other reinsurance recoveries including movement in onerous loss component 4.0 (0.1) (0.3) — 3.6
    Net expenses/(income) from reinsurance contracts held 412.2 83.1 24.0 (0.9) 518.4

    Net expenses from reinsurance contracts held for the corresponding reportable segments for the period ended 31 December 2023 are shown below.

      31 December 2023
      UK Motor
    £m    		 UK Non-motor
    £m    		 Int. Insurance
    £m    		 Other
    £m    		 Total Group
    £m
    Allocation of reinsurance premiums 93.6 49.5 190.0 2.2 335.3
    Amounts recoverable from reinsurers for incurred insurance service expenses          
    Incurred claims (173.8) (52.0) (270.3) — (496.1)
    Changes to liabilities for incurred claims 135.1 (1.4) 95.9 (0.1) 229.5
    Net expense from reinsurance contracts excluding movement in onerous loss component 54.9 (3.9) 15.6 2.1 68.7
    Other reinsurance recoveries including movement in loss recovery component 14.5 2.2 1.7 — 18.4
    Net expenses/(income) from reinsurance contracts held 69.4 (1.7) 17.3 2.1 87.1

    5e. Finance expenses/(income) from insurance contracts held and reinsurance contracts issued

    £m 2024 2023
    Amounts recognised through the income statement    
    Insurance finance expenses from insurance contracts issued 128.4 94.5
    Insurance finance income from reinsurance contracts held (35.9) (28.9)
    Net finance expense from insurance / reinsurance contracts issued 92.5 65.6
         
    £m 2024 2023
    Insurance finance reserve    
    Insurance finance reserve – insurance contracts 119.0 111.1
    Deferred tax in relation to insurance finance reserve – insurance contracts (18.6) (13.5)
    Insurance finance reserve – reinsurance contracts (32.4) (35.7)
    Deferred tax in relation to insurance finance reserve – reinsurance contracts 4.7 3.4
    Total insurance finance reserve 72.7 65.3

    5f. Insurance Liabilities and Reinsurance assets

    (i). Analysis of recognised amounts

      Year ended 31 December 2024 Year ended 31 December 2023
    £m Liability for remaining coverage Liability for incurred claims Total Liability for remaining coverage Liability for incurred claims Total
    Insurance contracts issued          
    UK Motor 883.3 2,691.1 3,574.4 769.0 2,546.7 3,315.7
    UK Non-motor 195.3 214.7 410.0 136.2 217.5 353.7
    International Motor 201.4 690.2 891.6 221.0 641.5 862.5
    Other 8.6 76.8 85.4 3.5 46.3 49.8
    Total insurance contracts issued 1,288.6 3,672.8 4,961.4 1,129.7 3,452.0 4,581.7
                 
      Asset/(liability) for remaining coverage Asset for incurred claims Total Asset/(liability) for remaining coverage Asset for incurred claims Total
    Reinsurance contracts held          
    UK Motor 34.0 236.5 270.5 23.1 496.8 519.9
    UK Non-Motor 11.2 173.5 184.7 21.4 170.2 191.6
    International Motor 43.1 481.5 524.6 (21.0) 502.8 481.8
    Other (0.1) 8.9 8.8 (1.4) — (1.4)
    Total reinsurance contracts held 88.2 900.4 988.6 22.1 1,169.8 1,191.9
                 
      Liability/(asset) for remaining coverage Liability/(asset) for incurred claims Total Liability/(asset) for remaining coverage Liability/(asset) for incurred claims Total
    Net            
    UK Motor 849.3 2,454.6 3,303.9 745.9 2,049.9 2,795.8
    UK Non-Motor 184.1 41.2 225.3 114.8 47.3 162.1
    International Motor 158.3 208.7 367.0 242.0 138.7 380.7
    Other 8.7 67.9 76.6 4.9 46.3 51.2
    Total insurance contracts issued 1,200.4 2,772.4 3,972.8 1,107.6 2,282.2 3,389.8

    (ii) Roll-forward of net asset or liability for insurance contracts issued

    UK Motor

    The following tables reconcile the opening and closing balances of the LRC and LIC for UK Motor.

    2024 Liability for remaining coverage Liability for incurred claims Total
    £m Excluding loss component Loss component Total Present value of future cashflows Risk adj. for non-financial risk Total Total
    Opening assets — — — — — — —
    Opening liabilities (766.0) (3.0) (769.0) (2,202.8) (343.9) (2,546.7) (3,315.7)
    Net opening balance (766.0) (3.0) (769.0) (2,202.8) (343.9) (2,546.7) (3,315.7)
    Insurance revenue 3,369.5 — 3,369.5 — — — 3,369.5
    Insurance service expenses              
    Incurred claims and insurance service expenses — — — (2,548.7) (186.0) (2,734.7) (2,734.7)
    Changes to liabilities for
    incurred claims    		 — — — 343.4 152.7 496.1 496.1
    Losses and reversals of losses on onerous contracts — 5.1 5.1 — — — 5.1
    Insurance service result 3,369.5 5.1 3,374.6 (2,205.3) (33.3) (2,238.6) 1,136.0
    Insurance finance income/(expense) recognised in
    profit or loss    		 — (2.4) (2.4) (86.5) (15.3) (101.8) (104.2)
    Insurance finance income/(expense) recognised in OCI — 0.3 0.3 16.2 2.2 18.4 18.7
    Total changes in comprehensive income 3,369.5 3.0 3,372.5 (2,275.6) (46.4) (2,322.0) 1,050.5
    Other changes 35.9 — 35.9 79.3 — 79.3 115.2
    Cashflows              
    Premiums received (3,522.7) — (3,522.7) — — — (3,522.7)
    Claims and other insurance service expenses paid — — — 2,098.3 — 2,098.3 2,098.3
    Other movements — — — — — — —
    Total cashflows (3,522.7) — (3,522.7) 2,098.3 — 2,098.3 (1,424.4)
    Net closing balance (883.3) — (883.3) (2,300.8) (390.3) (2,691.1) (3,574.4)
    Closing assets — — — — — — —
    Closing liabilities (883.3) — (883.3) (2,300.8) (390.3) (2,691.1) (3,574.4)
    2023 Liability for remaining coverage Liability for incurred claims Total
    £m Excluding loss component Loss component Total Present value of future cashflows Risk adj. for non-financial risk Total Total
    Opening assets — — — — — — —
    Opening liabilities (534.1) (8.1) (542.2) (1,984.5) (426.6) (2,411.1) (2,953.3)
    Net opening balance (534.1) (8.1) (542.2) (1,984.5) (426.6) (2,411.1) (2,953.3)
    Insurance revenue 2,250.2 — 2,250.2 — — — 2,250.2
    Insurance service expenses              
    Incurred claims and insurance service expenses — — — (2,105.1) (144.8) (2,249.9) (2,249.9)
    Changes to liabilities for
    incurred claims    		 — — — 140.1 266.8 406.9 406.9
    Losses and reversals of losses on onerous contracts — 18.6 18.6 — — — 18.6
    Insurance service result 2,250.2 18.6 2,268.8 (1,965.0) 122.0 (1,843.0) 425.8
    Insurance finance income/(expense) recognised in
    profit or loss    		 — (4.1) (4.1) (59.0) (12.3) (71.3) (75.4)
    Insurance finance income/(expense) recognised in OCI — (9.4) (9.4) (60.5) (27.0) (87.5) (96.9)
    Total changes in comprehensive income 2,250.2 5.1 2,255.3 (2,084.5) 82.7 (2,001.8) 253.5
    Other changes1   — — 64.0 — 64.0 64.0
    Cashflows              
    Premiums received (2,482.1) — (2,482.1) — — — (2,482.1)
    Claims and other insurance service expenses paid1 — — — 1,802.2 — 1,802.2 1,802.2
    Other movements — — — — — — —
    Total cashflows (2,482.1) — (2,482.1) 1,802.2 — 1,802.2 (679.9)
    Net closing balance (766.0) (3.0) (769.0) (2,202.8) (343.9) (2,546.7) (3,315.7)
    Closing assets — — — — — — —
    Closing liabilities (766.0) (3.0) (769.0) (2,202.8) (343.9) (2,546.7) (3,315.7)

    1 Claims paid and other changes have been re-presented to separately present the transfer of non-cash insurance service expenses, (primarily depreciation, amortisation and IFRS 2 equity-settled share based payments), out of the LIC. There is no impact on the closing balance.

    (iii) Roll-forward of net asset or liability for reinsurance contracts issued

    UK Motor

    The following tables reconcile the opening and closing balances of the ARC and AIC for UK Motor.

    2024 Asset for remaining coverage Asset for incurred claims Total
    £m Excluding loss component Loss-recovery component Total Present value of future cashflows Risk adj. for non-financial risk Total Total
    Opening assets 20.8 2.3 23.1 313.2 183.6 496.8 519.9
    Opening liabilities — — — — — — —
    Net opening balance 20.8 2.3 23.1 313.2 183.6 496.8 519.9
    Allocation of reinsurance premiums (145.8) — (145.8) — — — (145.8)
    Amounts recoverable from reinsurers for incurred claims              
    Incurred claims — — — 22.2 7.0 29.2 29.2
    Changes to liabilities for
    incurred claims    		 — — — (158.6) (133.0) (291.6) (291.6)
    Changes in the loss
    recovery component    		 — (4.0) (4.0) — — — (4.0)
    Net income/ (expense) from reinsurance contracts held (145.8) (4.0) (149.8) (136.4) (126.0) (262.4) (412.2)
    Reinsurance finance income/(expense) recognised in
    profit or loss    		 — 1.8 1.8 11.1 7.9 19.0 20.8
    Reinsurance finance income/(expense) recognised in OCI — (0.1) (0.1) (2.8) (1.5) (4.3) (4.4)
    Total changes in comprehensive income (145.8) (2.3) (148.1) (128.1) (119.6) (247.7) (395.8)
    Cashflows              
    Premiums paid 159.0 — 159.0 — — — 159.0
    Claims recoveries — — — (0.9) — (0.9) (0.9)
    Recoveries as a result of commutations — — — (11.7) — (11.7) (11.7)
    Total cashflows 159.0 — 159.0 (12.6) — (12.6) 146.4
    Net closing balance 34.0 — 34.0 172.5 64.0 236.5 270.5
    Closing assets 34.0 — 34.0 172.5 64.0 236.5 270.5
    Closing liabilities — — — — — — —
    2023 Asset for remaining coverage Asset for incurred claims Total
    £m Excluding loss component Loss-recovery component Total Present value of future cashflows Risk adj. for non-financial risk Total Total
    Opening assets 20.2 6.3 26.5 255.4 175.6 431.0 457.5
    Opening liabilities — — — — — — —
    Net opening balance 20.2 6.3 26.5 255.4 175.6 431.0 457.5
    Allocation of reinsurance premiums (93.6) — (93.6) — — — (93.6)
    Amounts recoverable from reinsurers for incurred claims — — — — — — —
    Incurred claims — — — 96.7 77.1 173.8 173.8
    Changes to liabilities for
    incurred claims    		 — — — (43.1) (92.0) (135.1) (135.1)
    Changes in the loss
    recovery component    		 — (14.5) (14.5) — — — (14.5)
    Net income/ (expense) from reinsurance contracts held (93.6) (14.5) (108.1) 53.6 (14.9) 38.7 (69.4)
    Reinsurance finance income/(expense) recognised in
    profit or loss    		 — 3.2 3.2 9.4 7.5 16.9 20.1
    Reinsurance finance income/(expense) recognised in OCI — 7.3 7.3 12.5 15.4 27.9 35.2
    Total changes in comprehensive income (93.6) (4.0) (97.6) 75.5 8.0 83.5 (14.1)
    Cashflows — — — — — — —
    Premiums paid 94.2 — 94.2 — — — 94.2
    Claims recoveries — — — (2.2) — (2.2) (2.2)
    Recoveries as a result of commutations — — — (15.5) — (15.5) (15.5)
    Total cashflows 94.2 — 94.2 (17.7) — (17.7) 76.5
    Net closing balance 20.8 2.3 23.1 313.2 183.6 496.8 519.9
    Closing assets 20.8 2.3 23.1 313.2 183.6 496.8 519.9
    Closing liabilities — — — — — — —

    (iv) Claims development

    The tables below illustrate how estimates of cumulative claims for UK Motor have developed over time on a gross and net of reinsurance basis, for each underwriting year, and reconciles the cumulative claims to the amount included in the Statement of Financial Position.

    Gross claims development

    Financial year ended 31 December 2024
    Underwriting year 2014 & prior 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
      £m £m £m £m £m £m £m £m £m £m £m £m
    UK Motor (core)                        
    At end of year one   394 436 552 686 701 552 688 845 973 1,241  
    At end of year two   701 829 1,144 1,175 1,067 985 1,326 1,584 1,812    
    At end of year three   707 788 994 1,109 1,010 954 1,294 1,544      
    At end of year four   680 727 947 1,064 996 921 1,270        
    At end of year five   636 713 912 1,008 981 910          
    At end of year six   619 690 890 1,000 938            
    At end of year seven   606 656 865 959              
    At end of year eight   594 652 849                
    At end of year nine   585 657                  
    Ten years later   583                    
    Gross best estimates of undiscounted claims 3,803 583 657 849 959 938 910 1,270 1,544 1,812 1,241 14,566
    Cumulative gross claims paid (3,666) (568) (618) (782) (906) (822) (733) (924) (1,104) (1,105) (561) (11,789)
    Gross undiscounted best estimate liabilities 137 15 39 67 53 116 177 346 440 707 680 2,777
    Risk adjustment (undiscounted)                       480
    Effect of discounting                       (673)
    Gross claims liabilities                       2,584
    Ancillary claims and expense liabilities                       107
    UK Motor Gross liabilities for incurred claims                       2,691

    Claims development net of XoL reinsurance

    Financial year ended 31 December 2024
    Underwriting year 2014 & prior 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
      £m £m £m £m £m £m £m £m £m £m £m £m
    UK Motor (core)                        
    At end of year one   378 427 510 646 675 520 661 825 951 1,220  
    At end of year two   682 783 1,053 1,123 1,033 949 1,292 1,550 1,776    
    At end of year three   667 743 917 1,053 986 927 1,257 1,517      
    At end of year four   637 692 883 1,024 969 892 1,240        
    At end of year five   607 677 860 974 950 886          
    At end of year six   599 663 840 978 925            
    At end of year seven   586 640 820 946              
    At end of year eight   579 635 825                
    At end of year nine   577 644                  
    Ten years later   580                    
    Net of XoL best estimates of undiscounted claims 3,773 580 644 825 946 925 886 1,240 1,517 1,776 1,220 14,332
    Cumulative
    claims paid    		 (3,666) (568) (618) (782) (906) (822) (733) (924) (1,104) (1,105) (561) (11,789)
    Net of XoL undiscounted best estimate liabilities 107 12 26 43 40 103 153 316 413 671 659 2,543
    Risk adjustment (undiscounted)                       428
    Effect of discounting                       (543)
    Net of XoL
    claims liabilities    		                       2,428
    Ancillary claims and expense liabilities                       107
    UK Motor Net of XoL liabilities for incurred claims                       2,535

    Claims development net of reinsurance

    Financial year ended 31 December 2024
    Underwriting year 2014 & prior 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
      £m £m £m £m £m £m £m £m £m £m £m £m
    UK Motor (core)                        
    At end of year one   378 427 493 625 626 520 657 762 939 1,220  
    At end of year two   682 783 1,016 1,086 1,033 949 1,259 1,442 1,776    
    At end of year three   667 743 886 1,018 986 927 1,239 1,470      
    At end of year four   637 692 853 990 969 892 1,236        
    At end of year five   607 677 830 957 950 886          
    At end of year six   599 663 811 944 925            
    At end of year seven   586 640 793 913              
    At end of year eight   579 635 798                
    At end of year nine   577 644                  
    Ten years later   580                    
    Net best estimates of undiscounted claims 3,773 580 644 798 913 925 886 1,236 1,470 1,776 1,220 14,221
    Cumulative net
    claims paid    		 (3,666) (568) (618) (755) (874) (822) (733) (924) (1,104) (1,105) (561) (11,730)
    Net undiscounted best
    estimate liabilities    		 107 12 26 43 39 103 153 312 366 671 659 2,491
    Risk adjustment (undiscounted)                       419
    Effect of discounting                       (528)
    Net claims liabilities                       2,382
    Ancillary claims and
    expense liabilities    		                       72
    UK Motor Net liabilities for
    incurred claims    		                       2,454

    (v) UK Motor Loss ratios and Changes to liabilities for incurred claims

    The table below shows the development of UK Motor Insurance loss ratios for the past three financial periods, presented on an underwriting year basis, both using undiscounted amounts (i.e. cashflows) and discounted amounts.

      31 December
    UK Motor Insurance loss ratio development – undiscounted*, net of excess of loss reinsurance 2021 2022 2023 2024
    Underwriting year        
    2019 73% 71% 67% 64%
    2020 68% 65% 58% 57%
    2021 95% 91% 86% 82%
    2022 —% 104% 96% 91%
    2023 —% —% 94% 80%
    2024 —% —% —% 77%

    * Booked undiscounted loss ratios presented from the transition date of IFRS 17 (1 January 2022) onwards.

      31 December
    UK Motor Insurance loss ratio development – discounted*, net of excess of loss reinsurance 2021 2022 2023 2024
    Underwriting year        
    2019 71% 69% 65% 63%
    2020 67% 63% 57% 55%
    2021 92% 86% 81% 77%
    2022 —% 97% 88% 83%
    2023 —% —% 86% 72%
    2024 —% —% —% 71%

    * Loss ratios using discounted locked-in curves, excluding finance expenses are presented from the transition date of IFRS 17 (1 January 2022) onwards.

    The following table analyses the impact of movements in changes to liabilities from incurred claims by underwriting year on a gross and net of excess of loss reinsurance basis for UK Motor.

      31 December 2024
    £m    		 31 December 2023
    £m
    Gross    
    Underwriting year    
    2019 & prior 173.7 152.9
    2020 41.8 98.2
    2021 87.0 76.4
    2022 107.1 79.4
    2023 83.8 0.0
    2024 0.0 0.0
    Total UK Motor gross changes to liabilities for incurred claims 493.4 406.9
    Net    
    Underwriting year    
    2019 & prior 99.6 145.6
    2020 30.5 97.7
    2021 70.6 80.1
    2022 94.5 69.4
    2023 76.7 0.0
    2024 0.0 0.0
    Total UK Motor net of excess of loss changes to liabilities for incurred claims 371.9 392.8

    6. Investment income and finance costs

    6a. Investment return

      31 December 2024
    £m    		 31 December 2023
    £m
      At EIR Other Total At EIR Other Total
    Investment return            
    On assets classified as FVTPL — 67.1 67.1 — 43.3 43.3
    On assets classified as FVOCI1 3 100.4 5.2 105.6 77.0 (3.6) 73.4
    On assets classified as amortised cost1 5.9 — 5.9 4.1 — 4.1
                 
    Net unrealised losses            
    Unrealised (loss) / gain on forward contracts — (0.2) (0.2) — (0.2) (0.2)
    Share of associate profit/ loss — (1.0) (1.0) — (1.3) (1.3)
    Interest income on cash and cash equivalents1 — 5.5 5.5 — 5.4 5.4
    Investment fees — (2.0) (2.0) — (1.8) (1.8)
    Total investment and interest income2 106.3 74.6 180.9 81.1 41.8 122.9

    1 Interest received during the year was £90.6 million (2023: £76.8 million).

    2 Total investment return excludes £7.9 million of intra-group interest (2023: £3.2 million).

    3 Realised losses on sales of debt securities classified as FVOCI are £4.5 million (2023: £0.9 million).

    6b. Finance costs

      31 December 2024
    £m    		 31 December 2023
    £m
    Interest expense on subordinated loan notes and other credit facilities1 2 24.5 18.5
    Interest expense on lease liabilities 2.6 2.0
    Interest recoverable from co-insurers (0.6) (0.4)
    Total finance costs 26.5 20.1

    1 Interest paid during the year was £27.0 million (2023: £20.5 million).

    2 See note 7 for details of credit facilities.

    Finance costs represent interest payable on the £250.0 million (2023: £305.1 million) subordinated notes and other financial liabilities.

    Interest expense on lease liabilities represents the unwinding of the discount on lease liabilities under IFRS 16.

    6c. Expected credit losses

      31 December 2024
    £m    		 31 December 2023
    £m
    Expected credit (gains)/losses on financial investments 6.3 (2.5)
    Expected credit losses on loans and advances to customers1 28.3 33.5
    Total expense for expected credit losses 34.6 31.0

    1 Includes £26.1 million (2023: £15.0 million) of write-offs, with total movement in the expected credit loss provision being £28.3 million (2023: £33.5 million).

    6d. Financial assets and liabilities

    The Group’s financial assets and liabilities can be analysed as follows:

      31 December 2024
    £m    		 31 December 2023
    £m
    Financial investments measured at FVTPL    
    Money market funds 902.6 587.5
    Other funds1 473.9 301.3
    Derivative financial instruments 5.8 17.6
    Equity investments (designated FVTPL) 46.9 12.4
      1,429.2 918.8
    Financial investments classified as FVOCI    
    Corporate debt securities 2,410.9 2,040.6
    Government debt securities2 772.2 519.6
    Private debt securities 152.3 242.7
      3,335.4 2,802.9
    Equity investments (designated FVOCI) — 23.0
      3,335.4 2,825.9
    Financial assets measured at amortised cost    
    Deposits with credit institutions 91.7 116.7
    Other    
    Investment in Associate — 1.0
    Investment Property 6.9 —
    Total financial investments 4,863.2 3,862.4
         
    Other financial assets (measured at amortised cost)    
    Insurance related receivables 51.1 272.7
    Trade and other receivables 110.4 75.0
    Insurance related and other receivables 161.5 347.7
    Loans and advances to customers (note 7) 1,106.9 879.4
    Cash and cash equivalents 313.6 353.1
    Total financial assets 6,445.2 5,442.6
    Financial liabilities    
    Subordinated notes 258.9 315.2
    Loan backed securities 937.7 759.6
    Other borrowings 117.4 55.0
    Derivative financial instruments 8.2 —
    Subordinated and other financial liabilities 1,322.2 1,129.8
    Trade and other payables3 175.3 305.8
    Lease liabilities 79.6 81.2
    Total financial liabilities 1,577.1 1,516.8

    1Other funds include funds which primarily invest in fixed income securities are recognised as fair value through profit and loss
    2Government debt securities include £0.6 million of short term UK government bonds held for collateral against foreign exchange hedging derivatives

    3Trade and other payables include deferred income, accruals and other tax and social security.

    The table below shows how the financial assets and liabilities held at fair value have been measured using the fair value hierarchy:

      31 December 2024 31 December 2023
      FVTPL
    £m    		 FVOCI
    £m    		 FVTPL
    £m    		 FVOCI
    £m
    Level one (quoted prices in active markets) 1,221.2 3,183.1 888.8 2,560.1
    Level two (use of observable inputs) (2.4) — 17.6 —
    Level three (use of significant unobservable inputs) 202.2 152.3 12.4 265.8
    Total 1,421.0 3,335.4 918.8 2,825.9

    Level three investments consist of debt investments and equity investments.

    Debt investments are comprised primarily of investments in funds which invest in debt securities, these are valued at the proportion of the Group’s holding of the Net Asset Value (NAV) reported by the investment vehicle. These include funds that invest in corporate direct lending, residential and commercial mortgages, infrastructure debt and other private debt. In addition, there is a small allocation of privately placed bonds which do not trade on active markets, these are valued using discounted cash-flow models designed to appropriately reflect the credit and illiquidity of these instruments; these valuations are performed by the external fund managers. The key unobservable input across private debt securities is the discount rate which is based on the credit performance of the assets. A deterioration of the credit performance or expected future performance will result in higher discount rates and lower values.

    As these debt investments are held within investment funds where appropriate the Group elects to treat these investments as equity through OCI. Debt investments in which the funds are closed ended are classified as FVTPL within Other funds (2024: £154.8 million).

    Equity securities are primarily comprised of investments in Private Equity and Infrastructure Equity funds, which are valued at the proportion of the Group’s holding of the NAV reported by the investment vehicle. These are based on several unobservable inputs including market multiples and cashflow forecasts. These are held at FVTPL, with realised and unrealised gains/losses flowing through the P&L.

    There were no significant inter-relationships between unobservable inputs that materially affect fair values.

    The table below presents the movement in the period relating to financial instruments valued using a level three valuation:

    31 December 2024
    £m
    Level Three Investments Equity Investments Debt Investments Total
    Balance as at 1 January 2024 35.5 242.7 278.2
    Gains/(losses) recognised in the Income Statement (4.5) 9.6 5.1
    Gains/(losses) recognised in Other Comprehensive Income — (2.8) (2.8)
    Purchases 16.1 94.9 111.0
    Disposals (0.2) (36.8) (37.0)
    Balance as at 31 December 2024 46.9 307.6 354.5
    31 December 2023
    £m
    Level Three Investments Equity Investments Debt Investments Total
    Balance as at 1 January 2023 31.6 166.6 198.2
    Gains/(losses) recognised in the Income Statement (0.1) 10.0 9.9
    Gains/(losses) recognised in Other Comprehensive Income (1.0) 0.8 (0.2)
    Purchases 6.1 89.6 95.7
    Disposals (1.1) (24.3) (25.4)
    Balance as at 31 December 2023 35.5 242.7 278.2

    7. Loans and Advances to Customers

      31 December 2024
    £m    		 31 December 2023
    £m
    Loans and advances to customers – gross carrying amount 1,174.0 956.8
    Loans and advances to customers – provision (84.3) (81.7)
    Total loans and advances to customers – Admiral Money 1,089.7 875.1
    Total loans and advances to customers – Other 17.2 4.3
    Total loans and advances to customers 1,106.9 879.4

    Loans and advances to customers are comprised of the following:

      31 December 2024
    £m    		 31 December 2023
    £m
    Unsecured personal loans 1,155.6 937.7
    Finance leases 18.4 19.1
    Other 18.6 4.4
    Total loans and advances to customers, gross 1,192.6 961.2

    Forward-looking information

    Under IFRS 9 the provision must reflect an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes. The means by which the Group has determined this is to run scenario analysis.

    Management judgment has been used to define the weighting and severity of the different scenarios based on available data.

    As at December 2024 there are three key economic drivers of credit losses factored into the scenarios, as follows:

    • UK Unsecured Debt to Income (‘DTI’)
    • UK Employment Hazard Rates
    • Annual UK GDP % Change

    The variables are combined using a statistical model which will estimate the relative change in the PD of an account for each scenario over the life of the loan. The Group has moved from a single variable model as at December 2023 (Unemployment) to model containing three drivers in recognition of the fact that there are multiple macroeconomic drivers which can influence the direction of default rates.

    The scenario weighting assumptions used are detailed below, along with the annual peak for each economic driver assumed in each scenario at 31 December 2024.

      For the Forecast Year Ended
    At 31 December 2024 2025 2026 2027 2028 2029
      % % % % %
    Base – 50%          
    Gross domestic product 1.6 1.6 1.6 1.7 1.7
    Unemployment rate 4.4 4.3 4.1 4.1 4.1
    UK Household Unsecured Debt to Income 13.2 13.7 14.1 14.4 14.5
    Upside – 10%          
    Gross domestic product 2.7 3.0 1.8 1.6 1.8
    Unemployment rate 4.2 3.8 3.8 3.8 3.8
    UK Household Unsecured Debt to Income 12.6 12.3 11.9 12.2 12.3
    Downside – 30%          
    Gross domestic product 0.9 0.1 3.0 3.0 2.7
    Unemployment rate 5.6 6.0 5.6 4.9 4.6
    UK Household Unsecured Debt to Income 13.4 14.5 15.0 15.1 15.1
    Severe – 10%          
    Gross domestic product 0.8         (1.1) 2.6 3.4 3.1
    Unemployment rate 6.6 8.0 7.9 6.8 6.1
    UK Household Unsecured Debt to Income 13.6 15.0 15.7 15.9 16.1
    Probability-weighted          
    Gross domestic product 1.4 1.0 2.1 2.3 2.1
    Unemployment rate 5.0 5.1 4.9 4.6 4.4
    UK Household Unsecured Debt to Income 13.2 13.9 14.3 14.5 14.6
      For the Forecast Year Ended
    At 31 December 2023 2025 2026 2027 2028 2029
      % % % % %
    Base – 50%          
    Gross domestic product 1.5 1.6 1.6 1.8 1.9
    Unemployment rate 4.7 4.2 4.1 4.1 4.1
    UK Household Unsecured Debt to Income 13.8 14.2 14.4 14.5 14.5
    Upside – 10%          
    Gross domestic product 2.7 2.4 2.1 1.6 1.4
    Unemployment rate 3.6 3.7 3.8 3.9 3.9
    UK Household Unsecured Debt to Income 12.5 12.4 12.5 12.5 12.4
    Downside – 30%          
    Gross domestic product 0.1 3.0 3.0 3.0 2.3
    Unemployment rate 6.0 5.7 4.9 4.6 4.5
    UK Household Unsecured Debt to Income 14.5 14.8 15.0 15.2 15.2
    Severe – 10%          
    Gross domestic product         (1.8) 3.0 3.9 3.9 3.0
    Unemployment rate 8.0 8.0 6.7 5.9 5.4
    UK Household Unsecured Debt to Income 15.1 15.7 15.9 16.1 16.2
    Probability-weighted          
    Gross domestic product 0.8 2.2 2.3 2.3 2.1
    Unemployment rate 5.3 4.9 4.6 4.4 4.3
    UK Household Unsecured Debt to Income 14.0 14.4 14.6 14.7 14.7

    The economic scenarios and forecasts have been updated in conjunction with a third party economics provider. The probability weightings reflect the view that there is a probability of 40% attached to recessionary outcomes. 

    Sensitivities to key areas of estimation uncertainty

    The key areas of estimation uncertainty identified, as per note 2 to the financial statements, are in the probability of default (‘PD’) and the forward-looking scenarios.

      31 December 2024
    Weighting    		 31 December 2024
    Sensitivity    		 31 December 2023
    Weighting    		 31 December 2023
    Sensitivity
    Base 50% (1.7) 50% (1.1)
    Upturn 30% (3.3) 10% (5.2)
    Downturn 10% 2.9 30% 2.5
    Severe 10% 6.3 10% 8.2

    The sensitivities in the above tables show the variance to expected credit loss (‘ECL’) that would be expected if the given scenario unfolded rather than the weighted position the provision is based on. At 31 December 2024 the implied weighted peak unemployment rate is 5.0%: the table shows that in a downturn scenario with a 5.6% peak unemployment rate the provision would increase by £2.9 million, whilst the upturn would reduce the provision by £3.3 million, base case reduce by £1.7 million and severe increase the provision by £6.3 million.

    Stage 1 assets represent 86.6% of the total loan assets; 0.1% increase in the stage 1 PD, i.e. from 2.3% to 2.4% would result in a £0.8 million increase in ECL.

    Judgements required – Post Model Adjustments (‘PMA’s)

    As at 31 December 2024, the expected credit loss allowance included PMAs totalling £4.6 million (2023: £9.2 million).

    Post Model Adjustments 31 December 2024
    £m    		 31 December 2023
    £m
    Model performance 1.5 2.0
    Cost of Living 1.3 6.5
    Economic scenarios 1.8 0.7
      4.6 9.2

    PMAs are calculated using management judgement and analysis. The key categories of PMAs are as follows:

    Model performance

    The Loss Given Default (‘LGD’) model considers long run recoveries over a period of up to five years post default. A potential shortfall has been identified for customers that roll straight through the arrears buckets up the point of write off. Although this shortfall is immaterial, an adjustment has been made to ensure it is accounted for in our expected credit loss.

    Cost of Living

    This PMA captures the risk of customers falling into a negative affordability position, whereby customers are no longer able to meet their credit commitments due to higher expenditure driven by increased mortgage payments, when their standard variable or fixed term rate comes to an end. A PMA is held to acknowledge this, using both external and internal data.

    Economic scenarios

    A new econometric model has been implemented to derive our forward-looking view of ECL’s. The model is sensitive to the timing of forecasted peaks in, for example, unemployment rates. Given increased uncertainty driven by geo-political events, management has made an adjustment equivalent to a six-month advancement in the peak point of each scenario.

    Write off policy

    Loans are written off where there is no reasonable expectation of recovery. The Group considers there to be no reasonable expectation of recovery where an extensive set of collections processes has been completed, the debt is statute barred, the debtor cannot be traced or is deceased, or in situations involving significant financial hardship. The Group’s policy is to write down balances to their estimated net realisable value. Write offs are actioned on a case-by-case basis taking into account the operational position and the collections strategy.

    Credit grade information

            31 December 2024 31 December 2023
      Stage 1 
    12 month ECL 
    £m     		 Stage 2 
    Lifetime ECL 
    £m    		 Stage 3  
    Lifetime ECL 
    £m    		 Total 
    £m    		 Total 
    £m
    Credit Grade1          
    Higher 786.5 67.6 — 854.1 649.3
    Medium 171.2 21.3 — 192.5 186.6
    Lower 53.9 9.1 — 63.0 65.4
    Credit impaired — — 64.4 64.4 55.5
    Gross carrying amount 1,011.6 98.0 64.4 1,174.0 956.8
    Expected credit loss allowance (15.5) (19.8) (48.5) (83.8) (81.1)
    Other loss allowance2 (0.5) — — (0.5) (0.6)
    Carrying amount – Admiral Money 995.6 78.2 15.9 1,089.7 875.1
    Carrying amount – Other 16.8 0.3 0.1 17.2 4.3
    Carrying amount 1,012.4 78.5 16.0 1,106.9 879.4

    1Credit grade is the internal credit banding given to a customer at origination. This is based on external credit rating information.

    2Other loss allowance covers losses due to a reduction in current or future vehicle value or costs associated with recovery and sale of vehicles and those as a result of changes in the performance of the EIR asset.

    8. Other revenue and co-insurer profit commission

      31 December 2024
      UK Insurance
    £m    		 International Insurance
    £m    		 Admiral Money
    £m    		 Other
    £m    		 Total Group
    £m
    Major products/service line        
    Fee and commission revenue 119.5 0.1 0.2 0.2 120.0
    Revenue from law firm 16.3 — — — 16.3
    Comparison income — — — — —
    Total other revenue 135.8 0.1 0.2 0.2 136.3
    Profit commission from co-insurers 53.3 — — — 53.3
    Total other revenue and co-insurer profit commission 189.1 0.1 0.2 0.2 189.6
               
    Timing of revenue recognition          
    Point in time 139.0 0.1 0.2 0.2 139.5
    Over time 50.1 — — — 50.1
      189.1 0.1 0.2 0.2 189.6
      31 December 2023
      UK Insurance
    £m    		 International Insurance
    £m    		 Admiral Money
    £m    		 Other
    £m    		 Total Group
    £m
    Major products/service line        
    Fee and commission revenue 107.2 — 0.1 — 107.3
    Revenue from law firm 18.3 — — — 18.3
    Comparison income — — — 1.6 1.6
    Total other revenue 125.5 — 0.1 1.6 127.2
    Profit commission from co-insurers 76.5 2.0 — — 78.5
    Total other revenue and co-insurer profit commission 202.0 2.0 0.1 1.6 205.7
               
    Timing of revenue recognition          
    Point in time 160.4 2.0 0.1 1.6 164.1
    Over time 41.6 — — — 41.6
      202.0 2.0 0.1 1.6 205.7

    Profit commission

    The cumulative profit commission recognised at each point in time is calculated in aggregate across the contract, in line with contract terms, based on a number of detailed inputs for each individual underwriting year, the most material of which are as follows:

    • Premiums, defined as gross premiums ceded including any instalment income, less reinsurance premium (for excess of loss reinsurance).
    • Insurance expenses incurred.
    • Claims costs incurred.
      • The Group uses the expected value method for the initial calculation of profit commission revenue, based on known premiums and expenses, and the best estimate of claims costs.
      • The variable revenue estimated using the expected value method above is constrained through the inclusion of the risk adjustment within the claims cost element of the calculation, with the profit commission recognised aligned to the IFRS 17 booked loss ratios, discounted at locked-in rates, and inclusive of finance expense. The inclusion of the risk adjustment constrains the cumulative profit commission revenue recognised to a level where there is a high probability of no significant reversal.

    The key methods, inputs and assumptions used to estimate the variable consideration of profit commission are therefore in line with those used for the calculation of claims liabilities, as set out in note 3 to the financial statements, with further detail also included in note 5. There are no further critical accounting estimates or judgements in relation to the recognition of profit commission.

      31 December 2024
    £m    		 31 December 2023
    £m
    Underwriting year    
    2020 & prior 51.7 76.5
    2021 — —
    2022 — —
    2023 — —
    2024 1.6 —
    Total UK motor profit commission 53.3 76.5

    9. Directly attributable and other expenses

      31 December 2024
      Directly attributable expenses
    £m    		 Other operating expenses
    £m    		 Total expenses
    £m
    Administration and acquisition expenses 1,015.9 121.3 1,137.2
    Expenses relating to additional products and fees — 46.2 46.2
    Share scheme expenses 58.6 35.3 93.9
    Loan expenses (excluding movement on ECL provision) — 29.9 29.9
    Movement in expected credit loss provision — 34.6 34.6
    Profit on disposal of Insurify share option — (12.5) (12.5)
    Other1 — 73.4 73.4
    Total 1,074.5 328.2 1,402.7
      31 December 2023
      Directly attributable expenses
    £m    		 Other operating expenses
    £m    		 Total expenses
    £m
    Administration and acquisition expenses 836.8 100.8 937.6
    Expenses relating to additional products and fees — 41.4 41.4
    Share scheme expenses 55.3 28.5 83.8
    Loan expenses (excluding movement on ECL provision) — 23.0 23.0
    Movement in expected credit loss provision — 31.0 31.0
    Other1 — 57.1 57.1
    Total 892.1 281.8 1,173.9

    1 Other includes centralised costs primarily for employees and projects (2024: £49.9 million, 2023: £34.5 million), business development costs (2024: £19.9 million, 2023: £15.3 million) and other costs (2024: £3.6 million, 2023: £7.3 million).

    10. Taxation

      31 December 2024
    £m    		 31 December 2023
    £m
    Current tax    
    Corporation tax on profits for the year 139.3 91.6
    Under provision relating to prior periods 1.8 21.3
    Pillar Two income taxes 15.4 —
    Current tax charge 156.5 112.9
    Deferred tax    
    Current period deferred taxation movement 16.4 0.7
    Under/(over) provision relating to prior periods 3.4 (8.0)
    Total tax charge per Consolidated Income Statement 176.3 105.6

    Factors affecting the total tax charge are:

      31 December 2024
    £m    		 31 December 2023
    £m
    Profit before tax 839.2 442.8
    Corporation tax thereon at effective UK corporation tax rate of 25% (2023: 23.5%) 209.8 104.1
    Expenses and provisions not deductible for tax purposes 4.1 3.0
    Non-taxable income (21.3) (13.4)
    Impact of change in UK tax rate on deferred tax balances — (0.4)
    Adjustments relating to prior periods 5.2 13.5
    Impact of Pillar Two income taxes 15.4 —
    Impact of different overseas tax rates (45.5) (8.9)
    Unrecognised deferred tax 8.6 7.7
    Total tax charge for the period as above 176.3 105.6

    Corporation tax assets as at 31 December 2024 totaled £18.1 million, with corporation tax liabilities of £35.0 million (2023: £20.4 million asset and £4.9 million liabilities). Corporation tax liabilities includes £15.4 million (2023: £nil) relating to Pillar Two income taxes.

    The UK corporation tax rate for 2024 is 25% (2023: 23.5%).

    The Group are within the scope of the OECD Pillar Two model rules which aims to ensure that large, multinational corporations pay their fair share of tax in the countries in which they operate by introducing a new global minimum corporate income tax rate of 15%. Under the new rules, top-up taxes can be payable either by the UK ultimate parent company or by an overseas entity if a jurisdiction has an effective tax rate of less than 15%, as calculated under the rules. Legislation has been enacted in various countries (including the United Kingdom), with the rules first coming into effect for the Group from 1 January 2024.

    A current tax expense of £15.4 million has been included in the total tax charge for the year ended 31 December 2024, which relates to estimated top-up taxes payable by a subsidiary undertaking in Gibraltar, where the statutory corporate tax rate applicable for the year ended 31 December 2024 is 13.8% (due to a change in the rate from 12.5% to 15% from 1 July 2024). No top-up taxes for the year ended 31 December 2024 are expected to arise in relation to operations in other countries. The Pillar Two rules are complex and the Group continues to monitor ongoing developments in legislation and guidance to assess the impact.

    The Group has applied the temporary mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.

    11. Other Assets and Other Liabilities

    11a. Intangible assets

    Renewal Rights (included within Customer contracts, relationships and brand)

    Renewal rights are recognised as an intangible asset and amortised using the reducing balance method over an expected useful life determined as ranging between nine and fourteen years. Renewal rights on initial recognition have been recognised at fair value arising through an acquisition.

    The carrying value of renewal rights is reviewed every six months for evidence of impairment, with the value being written down if any impairment exists. Impairment may be reversed if conditions subsequently improve.

    Brand (included within Customer contracts, relationships and brand)

    Brand rights are recognised as an intangible asset and amortised using the straight line method over an expected useful life of fifteen years. Brand rights on initial recognition have been recognised at its fair value arising through an acquisition.

    The carrying value of brand rights is reviewed every six months for evidence of impairment, with the value being written down if any impairment exists. Impairment may be reversed if conditions subsequently improve.

    Goodwill

    All business combinations are accounted for using the acquisition method. Goodwill has been recognised on acquisitions of trade and assets representing a business and/or acquisition of subsidiaries and represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired.

    Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units (CGUs) according to business segment and is reviewed every six months for evidence of impairment and tested annually for impairment.

      Goodwill
    £m    		 Customer contracts, relationships and brand
    £m    		 Software – Internally generated
    £m    		 Software – Other
    £m    		 Total
    £m
    At 1 January 2023 62.3 — 136.4 18.9 217.6
    Additions — 7.9 51.1 7.7 66.7
    Amortisation charge — — (34.8) (5.5) (40.3)
    Disposals — — (0.1) — (0.1)
    Impairment — — (0.2) — (0.2)
    Foreign exchange movement & other movements — — (0.4) (0.4) (0.8)
    At 31 December 2023 62.3 7.9 152.0 20.7 242.9
    Additions 49.8 44.5 48.8 3.1 146.2
    Amortisation charge — (2.8) (54.5) (4.3) (61.6)
    Disposals — — (0.3) (0.4) (0.7)
    Impairment — — (3.5) (0.9) (4.4)
    Transfers — — 6.2 (6.2) —
    Foreign exchange movement & other movements — (0.3) (0.6) (0.5) (1.4)
    At 31 December 2024 112.1 49.3 148.1 11.5 321.0

    Customer contracts, relationships and brand includes Home and Pet renewal rights which has a net carrying value of £34.5 million as at 31 December 2024 and an amortisation period of 9 years for Home renewal rights and 14 years for Pet renewal rights. See note 13 for further information. Internally generated software includes a new claims system implemented within the UK business in the year which has a carrying amount of £33.2 million as at 31 December 2024 and a remaining amortisation period of 2.8 years.

    Goodwill relates to the acquisition of Group subsidiary EUI Limited (formerly Admiral Insurance Services Limited) in November 1999, and on the purchase of the direct Home and Pet renewal rights from the RSA Insurance Group Limited (‘RSA’) in April 2024. The carrying amount of goodwill as at 31 December 2024 is £112.1 million (2023: £62.3 million).

    11b. Trade and other payables

      31 December 2024
    £m    		 31 December 2023
    £m
    Trade payables 52.4 42.3
    Other tax and social security 12.5 11.9
    Amounts owed to co-insurers — 156.9
    Other payables 34.0 42.5
    Accruals and deferred income 76.4 52.2
    Total trade and other payables 175.3 305.8
         
    Analysis of accruals and deferred income    
    Accruals 48.2 28.3
    Deferred income 28.2 23.9
    Total accruals and deferred income as above 76.4 52.2

    11c. Contingent liabilities

    The Group’s legal entities operate in numerous tax jurisdictions and on a regular basis are subject to review and enquiry by the relevant tax authority.

    One of the Group’s previously owned subsidiaries was subject to a Spanish Tax Audit which concluded with the Tax Authority denying the application of the VAT exemption relating to insurance intermediary services. The Company has appealed this decision via the Spanish Courts and is confident in defending its position which is, in its view, in line with the EU Directive and is also consistent with the way similar supplies are treated throughout Europe. Whilst the Company is no longer part of the Admiral Group, the contingent liability which the Company is exposed to has been indemnified by the Admiral Group up to a cap of €24 million.

    No material provisions have been made in these financial statements in relation to the matters noted above. 

    The Group notes the ongoing Court of Appeal ruling relating to non-disclosure of commission to dealers in relation to motor finance. Prior to the Group’s re-launch of motor finance lending, all lending was through price comparison websites. The Group had no lending through dealers and no discretionary commission structures in place. Accordingly the Group does not have an ongoing exposure to commission arrangements of this nature and therefore has not recognised any contingent liability in relation to the case.

    The Group continues to monitor regulatory developments, including the Supreme Court decision which is expected later in 2025, ensuring the customer acquisition practices remain fully aligned with legal and regulatory requirements and industry best practices.

    The Group is, from time to time, subject to threatened or actual litigation and/or legal and/or regulatory disputes, investigations or similar actions both in the UK and overseas. All potentially material matters are assessed, with the assistance of external advisors if appropriate, and in cases where it is concluded that it is more likely than not that a payment will be made, a provision is established to reflect the best estimate of the liability. In some cases it will not be possible to form a view, for example if the facts are unclear or because further time is needed to properly assess the merits of the case or form a reliable estimate of its financial effect. In these circumstances, specific disclosure of a contingent liability and an estimate of its financial effect will be made where material, unless it is not practicable to do so.

    The Directors do not consider that the final outcome of any such current case will have a material adverse effect on the Group’s financial position, operations or cashflows, and as such, no material provisions are currently held in relation to such matters.

    A number of the Group’s contractual arrangements with reinsurers include features that, in certain scenarios, allow for reinsurers to recover losses incurred to date. The overall impact of such scenarios would not lead to an overall net economic outflow from the Group.

    12. Dividends, Earnings and Related Parties

    12a. Dividends

    Dividends were proposed, approved and paid as follows:

      31 December 2024
    £m    		 31 December 2023
    £m
    Proposed March 2023 (52.0 pence per share, approved April 2023 and paid June 2023) — 154.9
    Declared August 2023 (51.0 pence per share, paid October 2023) — 152.2
    Proposed March 2024 (52.0 pence per share, approved April 2024 and paid May 2024) 156.2 —
    Declared August 2024 (71.0 pence per share, paid October 2024) 213.6 —
    Total dividends 369.8 307.1

    The dividends proposed in March (approved in April) represent the final dividends paid in respect of the 2022 and 2023 financial years. The dividends declared in August are interim distributions in respect of 2023 and 2024.

    A 2024 final dividend of 121.0 pence per share (approximately £366.6 million) has been proposed. Refer to the financial narrative for further detail.

    12b. Earnings per share

      31 December 2024
    £m    		 31 December 2023
    £m
    Profit for the financial year after taxation attributable to equity shareholders 663.3 338.0
    Weighted average number of shares – basic 306,304,676 303,989,170
    Unadjusted earnings per share – basic 216.6p 111.2p
    Weighted average number of shares – diluted 306,304,676 305,052,941
    Unadjusted earnings per share – diluted 216.6p 110.8p

    The difference between the basic and diluted number of shares at the end of 2024 (being nil; 2023: 1,063,771) relates to awards committed, but not yet issued under the Group’s share schemes. Refer to note 9 for further detail.

    12c. Share capital

      31 December 2024
    £m    		 31 December 2023
    £m
    Authorised    
    500,000,00 ordinary shares of 0.1 pence 0.5 0.5
    Issued, called up and fully paid    
    306,304,676 ordinary shares of 0.1 pence 0.3 0.3

    12d. Related party transactions

    The Board considers that only the Executive and Non-Executive Directors of Admiral Group plc are key management personnel.

    Further detail on the remuneration and shareholdings of key management personnel will be set out in the Directors’ Remuneration Report in the Group’s 2024 Annual Report.

    12e. Post balance sheet events

    During February 2025, the Group entered into an agreement with a third party which resulted in the sale of back book loans with a total carrying value of around £150 million. This agreement, signed after the reporting date, provides for the transfer of these loans to the counterparty in accordance with the agreed terms. Accordingly, no adjustment has been made to the financial statements for the year ended 31 December 2024.

    The financial impact of the sale, including any gain arising from the transaction, will be recognised in the Group’s financial statements for the year ending 31 December 2025.

    In early March 2025, Admiral entered into a memorandum of understanding with a counterparty with a view to signing a purchase agreement to sell Elephant. The agreement, if signed, would be subject to regulatory approval.

    No further events have occurred since the reporting date that materially impact these financial statements.

    13. Business combinations

    As at 2nd April 2024, Admiral successfully completed the purchase of the direct Home and Pet renewal rights from the RSA Insurance Group Limited (‘RSA’), a general insurer based in the UK. The transaction includes the renewal rights, the “More Than” brand and the transfer of more than 280 people but does not include liabilities relating to existing policies which will remain with RSA. The acquisition is closely aligned to Admiral’s strategy to diversify its product offering and build multi-product customer relationships in its core markets. It will strengthen Admiral’s home business and accelerate its direct pet proposition launched in 2022.

    The consideration included an initial cash payment of £82.5 million with contingent consideration of £32.5 million. The contingent consideration has a range of £nil to a maximum of £32.5 million dependent on the number of policies successfully migrated to Admiral. The fair value of the contingent consideration has a value of £2.7 million and is based on a probability weighted scenario including an element of discounting relating to the timing of payments.

    The amounts recognised in respect of the identifiable assets acquired at at the acquisition date are as set out in the table below:

      £m
    Total consideration  
    Amount settled in cash 82.5
    Fair value of contingent consideration 2.7
    Total consideration 85.2
       
    Identifiable assets acquired  
    Renewal Rights 36.4
    Brand 8.1
    Total identifiable assets acquired 44.5
       
    Purchase price recognised as Goodwill 40.7
    Additional Goodwill recognised on Deferred Tax Liability 9.1
    Total Goodwill recognised on acquisition 49.8

    A deferred tax liability has been recognised of £9.1million based upon a tax base cost of £36.4 million representing the fair value of the renewal rights. A corresponding increase in goodwill of £9.1 million is recognised as a result. The goodwill and brand are not considered deductible for tax purposes. The deferred tax liability will unwind in line with the amortisation of the renewal rights acquired.

    The recognition of goodwill reflects the synergies arising through the transaction including operational, capital, pricing and risk synergies, as well as the attributable value to the workforce in place.

    The policies in relation to the acquisition started renewing in July 2024. As at 31 December 2024, transaction costs of £6.5 million have been recognised within operating expenses, along with integration costs of £11.9 million within insurance expenses. The impact of the acquisition if it had happened as at the start of the reporting period is impractical for disclosure given the nature of the trade and assets acquired for integration.

    The acquisition contributed £42.3 million of total premiums written and £9.9 million of insurance revenue, and £3.8 million of expenses for the period between the date of acquisition and the reporting date. Due to the acquired renewal rights being fully integrated into the existing business lines, it is impracticable to separately identify the specific profit contributions.

    14. Reconciliation of turnover to reported insurance premium and other revenue as per the financial statements

    The following table reconciles turnover, a significant Key Performance Indicators (KPIs) and non-GAAP measure presented within the Strategic Report, to insurance revenue, as presented in note 4 to the financial statements.

      Consolidated Financial Statement Note 31 December 2024
    £m    		 31 December 2023
    £m
    Insurance revenue related movement in liability for remaining coverage 5b 4,776.2 3,486.1
    Less other insurance revenue   (281.7) (202.8)
    Insurance premium revenue   4,494.5 3,283.3
    Movement in unearned premium and cancellations   346.7 528.3
    Premiums written after coinsurance   4,841.2 3,811.6
    Co-insurer share of written premiums   778.4 577.8
    Total premiums written   5,619.6 4,389.4
    Other insurance revenue 5b 281.7 202.8
    Other revenue 8 136.3 127.2
    Interest income on loans to customers   109.1 92.1
    Turnover as per note 4 of financial statements   6,146.7 4,811.5

    APPENDIX 1 TO THE GROUP FINANCIAL STATEMENTS (unaudited)

    1a: Reconciliation of reported loss and expense ratios: Group

            31 December 2024
    £m Consolidated Financial Statement Note Core product Ancillary income Total gross Total, net of XoL reinsurance
    Insurance premium revenue   4,329.9 164.6 4,494.5 4,329.4
    Administration fees, instalment income and non-separable ancillary commission   — 281.7 281.7 281.7
    Insurance revenue (A) 5b/5d 4,329.9 446.3 4,776.2 4,611.1
    Insurance expenses (B) 5c (951.4) (64.5) (1,015.9) (1,015.9)
    Claims incurred (C) 5c/5d (2,976.9) (61.1) (3,038.0) (2,980.7)
    Claims releases (D) 5c/5d 556.8 3.2 559.9 425.1
    Claims incurred and releases excluding Ogden1 (E)         (2,661.7)
    Quota share reinsurance result2 4         (294.1)
    Onerous loss component movement3         1.5
    Underwriting result (F)         747.0
    Net share scheme costs4         (36.7)
    Insurance service result         710.3
    Reported loss ratio ((C+D)/A)         55.4%
    Reported loss ratio excluding Ogden1(E/A)         57.7%
    Reported expense ratio (B/A)         22.0%
    Insurance service margin (F/A)         16.2%
            31 December 2023
    £m Consolidated Financial Statement Note Core product Ancillary income Total gross Total, net of XoL reinsurance
    Insurance premium revenue   3,152.3 131.0 3,283.3 3,170.6
    Administration fees, instalment income and non-separable ancillary commission   — 202.8 202.8 202.8
    Insurance revenue (A) 5b/5d 3,152.3 333.8 3,486.1 3,373.4
    Insurance expenses (B) 5c (795.2) (41.6) (836.8) (836.8)
    Claims incurred (C) 5c/5d (2,624.6) (40.5) (2,665.1) (2,605.8)
    Claims releases (D) 5c/5d 440.6 — 440.6 447.3
    Quota share reinsurance result2 4         (40.4)
    Onerous loss component movement3         4.9
    Underwriting result (E)         342.6
    Net share scheme costs4         (36.8)
    Insurance service result         305.8
    Reported loss ratio ((C+D)/A)         63.9%
    Reported expense ratio (B/A)         24.8%
    Insurance service margin (E/A)         10.2%

    1 Excludes benefit from the Ogden discount rate change
    2 Quota share reinsurance result excludes quota share reinsurers’ share of share scheme costs and movement in onerous loss-recovery component
    3 Onerous loss component movement is shown net of all reinsurance
    4 Net share scheme costs of £36.7 million (2023: £36.8 million), being gross costs of £58.6 million (2023: £55.3 million, see note 5c) less reinsurers’ share of share scheme costs of £21.9 million (2023: £18.5 million) are excluded from the underwriting result.

    1b. Reconciliation of reported loss and expense ratios: UK Motor

              31 December 2024
    £m Consolidated Financial Statement Note Core product Ancillary income1 Total gross Total, net of XoL reinsurance Core product, net of XoL
    Total premiums written   4,006.6 151.1 4,157.7 4,033.3 3,882.2
    Gross premiums written   3,234.1 151.1 3,385.2 3,284.7 3,133.6
    Insurance premium revenue   3,020.7 139.8 3,160.5 3,062.4 2,922.5
    Instalment income   — 155.9 155.9 155.9 —
    Administration fees & non-separable ancillary commission   — 53.1 53.1 53.1 —
    Insurance revenue (A) 5b/5d 3,020.7 348.8 3,369.5 3,271.4 2,922.5
    Insurance expenses (B) 5c (530.9) (55.9) (586.8) (586.8) (530.9)
    Claims incurred (C) 5c/5d (2,051.5) (55.6) (2,107.2) (2,078.1) (2,022.5)
    Claims incurred excluding Ogden (D)   (2,078.5) (55.6) (2,134.1) (2,105.1) (2,049.5)
    Claims releases (E) 5c/5d 493.4 2.7 496.1 374.6 371.9
    Claims releases excluding Ogden (F)   414.2 2.7 416.9 295.4 292.7
    Insurance service result, gross of quota share reinsurance   931.7 240.0 1,171.7 981.1 741.0
    Quota share reinsurance result2         (228.8) (228.8)
    Onerous loss component movement         1.1 1.1
    Underwriting result (G)         753.4 513.3
    Current period loss ratio (C/A)         63.5% 69.2%
    Claims releases (E/A)         (11.4)% (12.7)%
    Reported loss ratio ((C+E)/A)         52.1% 56.5%
    Reported expense ratio (B/A)         17.9% 18.2%
    Insurance service margin (G/A)         23.0% 17.6%
    Current period loss ratio excluding
    Ogden (D/A)    		         64.3% 70.1%
    Claims releases excluding Ogden (F/A)         (9.0)% (10.0)%
    Reported loss ratio excluding
    Ogden ((D+F)/A)    		         55.3% 60.1%
              31 December 2023
    £m Consolidated Financial Statement Note Core product Ancillary income1 Total gross Total, net of XoL reinsurance Core product, net of XoL
    Total premiums written   3,004.3 113.9 3,118.2 3,016.8 2,903.0
    Gross premiums written   2,453.9 113.9 2,567.8 2,485.0 2,371.1
    Insurance premium revenue   2,007.6 107.8 2,115.4 2,053.8 1,946.0
    Instalment income   — 99.0 99.0 99.0 —
    Administration fees non-separable ancillary commission   — 35.8 35.8 35.8 —
    Insurance revenue (A) 5b/5d 2,007.6 242.6 2,250.2 2,188.6 1,946.0
    Insurance expenses (B) 5c (416.8) (34.4) (451.2) (451.2) (416.8)
    Claims incurred (C) 5c/5d (1,719.9) (35.6) (1,755.5) (1,729.0) (1,693.4)
    Claims releases (D) 5c/5d 406.9 — 406.9 392.8 392.8
    Insurance service result, gross of quota share reinsurance   277.8 172.6 450.4 401.2 228.6
    Quota share reinsurance result2         (16.8) (16.8)
    Onerous loss component movement         4.1 4.1
    Underwriting result (E)         388.5 215.9
    Current period loss ratio (C/A)         79.0% 87.0%
    Claims releases (D/A)         (17.9)% (20.2)%
    Reported loss ratio ((C+D)/A)         61.1% 66.8%
    Reported expense ratio (B/A)         20.6% 21.4%
    Insurance service margin (E/A)         17.8% 11.1%

    1 Ancillary income combined with other net income is presented as part of UK motor insurance other revenue in reporting “Other revenue per vehicle”. Total other revenue was £321.8 million (2023: £247.3 million).

    2 Net share scheme costs of £29.6 million (2023: £32.1 million), being gross costs of £40.7 million (2023: £43.2 million, see note 5c) less reinsurers’ share of share scheme costs of £11.1 million (2023: £11.1 million) are excluded from the underwriting result.

    1c. Reconciliation of reported loss and expense ratios: UK Non-Motor

      31 December 2024
    £m Consolidated Financial Statement Note UK Household UK Travel & Pet UK Non-Motor UK Household, net of XoL reinsurance
    Insurance revenue (A) 5b/5d 399.6 104.3 503.9 376.4
    Insurance expenses (B) 5c (102.9) (56.0) (158.9) (102.9)
    Claims incurred in the period (C) 5c/5d (233.7) (64.5) (298.2) (225.7)
    Changes in liabilities for incurred claims (releases) (D) 5c/5d 46.3 5.1 51.4 37.0
    Insurance service result, gross of quota share reinsurance   109.3 (11.1) 98.2 84.8
    Quota share reinsurance result1         (61.2)
    Onerous loss component movement         —
    Underwriting result (E)         23.6
    Current period loss ratio (C/A)         60.0%
    Claims releases (D/A)         (9.9)%
    Reported loss ratio ((C+D)/A)         50.1%
    Reported expense ratio (B/A)         27.3%
    Insurance service margin (E/A)         6.3%
      31 December 2023
    £m Consolidated Financial Statement Note UK Household UK Travel & Pet UK Non-Motor UK Household, net of XoL reinsurance
    Insurance revenue (A) 5b/5d 292.8 53.8 346.6 275.3
    Insurance expenses (B) 5c (80.9) (27.4) (108.3) (80.9)
    Claims incurred in the period (C) 5c/5d (223.5) (31.4) (254.9) (199.8)
    Changes in liabilities for incurred claims (releases) (D) 5c/5d 8.3 0.8 9.1 6.4
    Insurance service result, gross of quota share reinsurance   (3.3) (4.2) (7.5) 1.0
    Quota share reinsurance result1         (1.4)
    Onerous loss component movement         —
    Underwriting result (E)         (0.4)
    Current period loss ratio (C/A)         72.6%
    Claims releases (D/A)         (2.4)%
    Reported loss ratio ((C+D)/A)         70.2%
    Reported expense ratio (B/A)         29.4%
    Insurance service margin (E/A)         (0.1)%

    1Net share scheme costs of £1.6 million (2023: £0.7 million), being gross costs of £5.4 million (2023: £2.4 million, see note 5c) less reinsurers’ share of share scheme costs of £3.8 million (2023: £1.7 million) are excluded from the underwriting result.

    1d. Reconciliation of reported loss and expense ratios: International

      31 December 2024
    £m Consolidated Financial Statement Note Total gross Total, net of XoL reinsurance
    Insurance revenue (A) 5b/5d 829.5 794.2
    Insurance expenses (B) 5c (236.5) (236.5)
    Claims incurred in the period less changes in liabilities for incurred claims (C) 5c/5d (572.6) (564.5)
    Insurance service result, gross of quota share reinsurance   20.4 (6.8)
    Quota share reinsurance result1     (4.1)
    Onerous loss component movement     0.4
    Underwriting result (D)     (10.5)
    Reported loss ratio (C/A)     71.1%
    Reported expense ratio (B/A)     29.8%
    Insurance service margin (D/A)     (1.3)%
      31 December 2023
    £m Consolidated Financial Statement Note Total gross Total, net of XoL reinsurance
    Insurance revenue (A) 5b/5d 842.6 811.8
    Insurance expenses (B) 5c (249.4) (249.4)
    Claims incurred in the period less changes in liabilities for incurred claims (C) 5c/5d (596.9) (565.2)
    Insurance service result, gross of quota share reinsurance   (3.7) (2.8)
    Quota share reinsurance result1     (22.1)
    Onerous loss component movement     0.6
    Underwriting result (D)     (24.3)
    Reported loss ratio (C/A)     69.6%
    Reported expense ratio (B/A)     30.7%
    Insurance service margin (D/A)     (3.0)%

    1 Net share scheme costs of £4.3 million (2023: £3.2 million), being gross costs of £11.1 million (2023: £8.9 million, see note 5c) less reinsurers’ share of share scheme costs of £6.8 million (2023: £5.7 million) are excluded from the underwriting result.

    APPENDIX 2 TO THE GROUP FINANCIAL STATEMENTS (unaudited)

    The following table of non-GAAP measures illustrates the sensitivity of profit and loss (before tax) arising from the impact of 100 and 200 basis point increases and decreases in interest rates over the financial year 2024.

    2a. Additional sensitivities to interest rate risk

      31 December 2024
      Insurance contract liabilities and reinsurance contract assets Cash and investments
    £m Impact on profit before tax gross of reinsurance Impact on profit before tax net of reinsurance Impact on profit before tax
    Increase of 100 basis points 25.9 25.9 19.9
    Decrease of 100 basis points (28.5) (28.5) (19.9)
    Increase of 200 basis points 49.8 49.8 39.8
    Decrease of 200 basis points (60.6) (60.6) (39.8)

    Changes impact profit before tax as follows:

    • Interest revenue and other finance costs on floating-rate financial instruments (assuming that interest rates had varied by 100 basis points during the year)
    • Interest revenue and other finance costs on floating-rate financial instruments (assuming that interest rates had varied by 100 basis points during the year)
    • Changes in the discounted fulfilment cashflows of onerous contracts
    • Insurance claims expenses, reinsurance claims recoveries and finance income or expenses recognised in profit or loss, as a result of discounting future cashflows at a revised locked-in rate for the current period (i.e. assuming that interest rates had varied by 100 basis points during the year).

    Glossary

    Alternative Performance Measures

    Throughout this report, the Group uses a number of Alternative Performance Measures (APMs); measures that are not required or commonly reported under International Financial Reporting Standards, the Generally Accepted Accounting Principles (GAAP) under which the Group prepares its financial statements.

    These APMs are used by the Group, alongside GAAP measures, for both internal performance analysis and to help shareholders and other users of the Annual Report and financial statements to better understand the Group’s performance in the period in comparison to previous periods and the Group’s competitors.

    The table below defines and explains the primary APMs used in this report. Financial APMs are usually derived from financial statement items and are calculated using consistent accounting policies to those applied in the financial statements, unless otherwise stated. Non-financial KPIs incorporate information that cannot be derived from the financial statements but provide further insight into the performance and financial position of the Group.

    APMs may not necessarily be defined in a consistent manner to similar APMs used by the Group’s competitors. They should be considered as a supplement rather than a substitute for GAAP measures.

    Turnover Turnover is defined as total premiums written (as below), Other insurance revenue, Other revenue and interest income from Admiral Money. It is reconciled to financial statement line items in note 14 to the financial statements.
    This measure has been presented by the Group in every Annual Report since it became a listed Group in 2004. It reflects the total value of the revenue generated by the Group and analysis of this measure over time provides a clear indication of the size and growth of the Group.
    The measure was developed as a result of the Group’s business model. The UK Car insurance business has historically shared a significant proportion of the risks with Munich Re, a third party reinsurance Group, through a co-insurance arrangement, with the arrangement subsequently being replicated in some of the Group’s international insurance operations. Premiums and claims accruing to the external co-insurer are not reflected in the Group’s income statement and therefore presentation of this metric enables users of the Annual Report to see the scale of the Group’s insurance operations in a way not possible from taking the income statement in isolation.
    Total Premiums Written Total premiums written are the total forecast premiums, net of forecast cancellations written in the underwriting year within the Group, including co-insurance. It is reconciled to financial statement line items in note 14 to the financial statements.
    This measure has been presented by the Group in every Annual Report since it became a listed Group in 2004. It reflects the total premiums written by the Group’s insurance intermediaries and analysis of this measure over time provides a clear indication of the growth in premiums, irrespective of how co-insurance agreements have changed over time.
    The reasons for presenting this measure are consistent with that for the Turnover APM noted above.
    Underwriting result (profit or loss) For each insurance business an underwriting result is presented. This shows the insurance segment result before tax excluding investment income, finance expenses, co-insurer profit commission and other net income. It excludes both gross share scheme costs and any assumed quota share reinsurance recoveries on those share scheme costs.
    The calculations and compositions of the underwriting result are presented within Appendix 1 to these financial statements.
    Loss Ratio Loss ratios are reported as follows:
    Reported loss ratios are expressed as a percentage, of claims incurred, on a gross basis net of XoL reinsurance, divided by insurance revenue net of XoL reinsurance premiums ceded.
    The reported loss ratios use the total claims, and earned premium and related income (instalment income, administration fees and ancillary income where it is highly correlated to the core product). It is understood that this is consistent with the approach taken by peers, and it is considered to reflect the true profitability of products sold.
    Core product loss ratios use the total claims and earned premiums for the core product only (insurance premiums excluding instalment income, administration fees & ancillary income). This measure is more consistent with that used previously, and are reflective of the performance of the core product in a line of business.
    The calculations and compositions of the loss ratios are presented within Appendix 1 to these financial statements.
    Expense Ratio Expense ratios are reported as follows:
    Reported expense ratios are expressed as a percentage, of expenses incurred, on a gross basis excluding share scheme costs, divided by insurance revenue net of XoL reinsurance premiums ceded.The reported expense ratios use the total expenses (excluding share scheme costs), and earned premium and related income (instalment income, administration fees and ancillary income where it is highly correlated to the core product). It is understood that this is consistent with the approach taken by peers, and it is considered to reflect the true profitability of products sold.
    Core product expense ratios use the total expenses (excluding share scheme costs) and earned premiums for the core product only (insurance premiums excluding instalment income, administration fees & ancillary income). This measure is more consistent with that used previously, and are reflective of the performance of the core product in a line of business.
    Written expense ratios are calculated using total expenses (excluding share scheme costs) and written premiums, net of cancellation provision, for the core product only.
    The calculations of the reported expense ratios are presented within Appendix 1 to the financial statements.
    Combined Ratio Combined ratios are the sum of the loss and expense ratios as defined above. Explanation of these figures is noted above.
    Insurance service margin This is the reported insurance segment underwriting result, divided by insurance revenue net of excess of loss premiums ceded. Reconciliation of the calculations are provided in Appendix 1.
    Quota share result The total result (ceded premiums minus ceded recoveries) from contractual quota share arrangements, excluding the quota share reinsurer’s share of share scheme expenses, finance expenses and onerous loss component. Reconciliation of the calculations are provided in Appendix 1.
    Segment result The profit or loss before tax reported for individual business segments, which exclude net share scheme costs and other central expenses.
    Return on Equity Return on equity is calculated as profit after tax for the period attributable to equity holders of the Group divided by the average total equity attributable to equity holders of the Group in the year. This average is determined by dividing the opening and closing positions for the year by two. It excludes the impact of discontinued operations.
    Group Customers Group customer numbers reflect the total number of cars, vans, households and pets on cover at the end of the year, across the Group, and the total number of travel insurance, Admiral Money and Admiral Business customers.
    This measure has been presented by the Group in every Annual Report since it became a listed Group in 2004. It reflects the size of the Group’s customer base and analysis of this measure over time provides a clear indication of the growth. It is also a useful indicator of the growing significance to the Group of the different lines of business and geographic regions.
    The measure has been restated from 2022 onwards to exclude Veygo policies, given the significant fluctuations that can arise at a point in time as a result of the short-term nature of the product.
    Solvency Ratio The Solvency UK regulatory framework requires insurers to hold funds in excess of the Solvency Capital Requirement (SCR). Own funds are available capital resources determined under Solvency UK. The SCR is calculated at a Group level using the standard formula, to reflect the cost of mitigating the risk of insolvency to a 99.5% confidence level over a one-year time horizon – equivalent to a 1 in 200 year event – against financial and non-financial shocks.

    Additional Terminology

    There are many other terms used in this report that are specific to the Group or the markets in which it operates. These are defined as follows:

    Accident year The year in which an accident occurs. Claims incurred may be presented on an accident year basis or an underwriting year basis, the latter sees the claims attach to the year in which the insurance policy incepted.
    Actuarial best estimate The probability-weighted average of all future claims and cost scenarios calculated using historical data, actuarial methods and judgement.
    ASHE ‘Annual Survey of Hours and Earnings’ – a statistical index that is typically used for calculating the inflation of annual payment amounts under Periodic Payment Order (PPO) claims settlements.
    Claims reserves A monetary amount set aside for the future payment of incurred claims that have not yet been settled, thus representing a balance sheet liability.
    Co-insurance An arrangement in which two or more insurance companies agree to underwrite insurance business on a specified portfolio in specified proportions. Each co-insurer is directly liable to the policyholder for their proportional share.
    Commutation An agreement between a ceding insurer and the reinsurer that provides for the valuation, payment, and complete discharge of all obligations between the parties under a particular reinsurance contract.
    The Group typically commutes UK motor insurance quota share contracts after 24-36 months from the start of an underwriting year where it makes economic sense to do so.
    Earnings per share Earnings per share represents the profit after tax attributable to equity shareholders, divided by the weighted average number of basic shares.
    Effective Tax Rate Effective tax rate is defined as the approximate tax rate derived from dividing the tax charge going through the income statement by the Group’s profit before tax. It is a measure historically presented by the Group and enables users to see how the tax cost incurred by the Group compares over time and to current corporation tax rates.
    EIOPA European Insurance and Occupational Pensions Authority: EIOPA is the European supervisory authority for occupational pensions and insurance.
    Expected credit loss (ECL) Expected Credit Loss (ECL) is the probability-weighted estimate of credit losses over the expected life of a Financial Instrument.
    Insurance market cycle The tendency for the insurance market to swing between highs and lows of profitability over time, with the potential to influence premium rates (also known as the “underwriting cycle”).
    Claims net of XoL reinsurance The cost of claims incurred in the period, less any claims costs recovered via salvage and subrogation arrangements or under XoL reinsurance contracts. It includes both claims payments and movements in claims reserves.
    Excess of Loss (‘XoL’) reinsurance Contractual arrangements whereby the Group transfers part or all of the insurance risk accepted to another insurer on an excess of loss (‘XoL’) basis (full reinsurance for claims over an agreed value).
    Insurance premium revenue Insurance premium revenue reflects the expected premium receipts allocated to the period based on the passage of time, adjusted for seasonality if required. It excludes “Other insurance revenue” as defined below.
    Insurance premium revenue net of XoL Insurance premium revenue less the ceded XoL reinsurance earned in the period.
    Other Insurance revenue Insurance revenue minus insurance premium revenue as defined above. Other insurance revenue is comprised of revenue that is considered non-separable from the core insurance product sold and therefore under IFRS 17 is reported within insurance revenue. For the Group, this is typically the instalment income, administration fees and any other non-separable income related to the Group’s retained share of the underwritten products.
    Net promotor score NPS is currently measured based on a subset of customer responding to a single question: On a scale of 0-10 (10 being the best score), how likely would you recommend our Company to a friend, family or colleague through phone, online or email. Answers are then placed in 3 groups; Detractors: scores ranging from 0 to 6; Passives/neutrals: scores ranging from 7 to 8; Promoters: scores ranging from 9 to 10 and the final NPS score is : % of promoters – % of detractors
    Ogden discount rate The discount rate used in calculation of personal injury claims settlements in the UK.
    Periodic Payment Order (PPO) A compensation award as part of a claims settlement that involves making a series of annual payments to a claimant over their remaining life to cover the costs of the care they will require.
    Premium A series of payments are made by the policyholder, typically monthly or annually, for part of or all of the duration of the contract. Written premium refers to the total amount the policyholder has contracted for, whereas earned premium refers to the recognition of this premium over the life of the contract.
    Profit commission A clause found in some reinsurance and co-insurance agreements that provides for profit sharing. Co-insurer profit commission is presented separately on the income statement whilst reinsurer profit commissions are presented within the reinsurance result, as a part of any recovery for incurred claims.
    Quota share reinsurance result Admiral’s quota share (QS) reinsurance result reflects the net movement on ceded premiums, reinsurer margins and expected recoveries (claims and expenses, excluding share scheme charges) for underwriting years on which quota share reinsurance is in place.
    Regulatory Solvency Capital Requirement (‘SCR’) The Group’s Regulatory Solvency Capital Requirement (SCR) is an amount of capital that it should hold in addition to its liabilities in order to provide a cushion against unexpected events. In line with the rulebook of the Group’s regulator, the PRA, the Group’s SCR is calculated using the Solvency II Standard Formula, and includes a fixed capital add-on to reflect limitations in the Standard Formula with respect to Admiral’s risk profile (predominately in respect of co-and reinsurance profit commission arrangements and risks relating to Periodic Payment Orders (PPOs). The Group’s current fixed capital add-on of £24 million was approved by the PRA during 2023.
    The Group is required to maintain eligible Own Funds ( Solvency II capital) equal to at least 100% of the Group SCR. Both eligible Own Funds and the Group SCR are reported to the PRA on a quarterly basis and reported publicly on an annual basis in the Group’s Solvency and Financial Condition Report.
    Admiral separately calculates a ‘dynamic’ capital add-on and has used this this to report a solvency capital requirement and solvency ratio at the date of this report. A reconciliation between the regulatory solvency ratio and that calculated on a dynamic basis is included in note 3 to the Group financial statements.
    Reinsurance Contractual arrangements whereby the Group transfers part or all of the insurance risk accepted to another insurer. This can be on a quota share basis (a percentage share of premiums, claims and expenses) or an excess of loss (‘XoL’) basis (full reinsurance for claims over an agreed value).
    Scaled Agile Scaled Agile is a framework that uses a set of organisational and workflow patterns for implementing agile practices at an enterprise scale. Scaled agile at Admiral represents the ability to drive agile at the team level whilst applying the same sustainable principles of the group.
    Securitisation A process by which a group of assets, usually loans, is aggregated into a pool, which is used to back the issuance of new securities. A Company transfer assets to a special purpose entity (SPE) which then issues securities backed by the assets.
    Solvency ratio A ratio of an entity’s Solvency II capital (referred to as Own Funds) to Solvency Capital Requirement. Unless otherwise stated, Group solvency ratios include a reduction to Own Funds for a foreseeable dividend (i.e. dividends relating to the relevant financial period that will be paid after the balance sheet date)
    Special Purpose Entity (SPE) An entity that is created to accomplish a narrow and well-defined objective. There are specific restrictions or limited around ongoing activities. The Group uses an SPE set up under a securitisation programme.
    Ultimate loss ratio A projected actuarial best estimate loss ratio for a particular accident year or underwriting year.
    Underwriting year The year in which an insurance policy was incepted.
    Underwriting year basis Also referred to as the written basis. Claims incurred are allocated to the calendar year in which the policy was underwritten. Underwriting year basis results are calculated on the whole account (including co-insurance and reinsurance shares) and include all premiums, claims, expenses incurred and other revenue (for example instalment income and commission income relating to the sale of products that are ancillary to the main insurance policy) relating to policies incepting in the relevant underwriting year.
    Written/Earned basis An insurance policy can be written in one calendar year but earned over a subsequent calendar year.

    The MIL Network –

  • MIL-OSI Australia: Volunteers playing an important role as the NSW Government responds to Tropical Cyclone Alfred

    Source: New South Wales Government 2

    Headline: Volunteers playing an important role as the NSW Government responds to Tropical Cyclone Alfred

    Published: 6 March 2025

    Released by: Minister for Emergency Services, Minister for the North Coast

    As the NSW Government continues to prepare for the impact of Tropical Cyclone Alfred in Northern NSW, we want to thank all the volunteers who are supporting communities.

    More than 2,000 NSW State Emergency Service (SES) volunteers are in the field and working with other NSW Government emergency service agencies to prepare and assist communities in the Northern Rivers and on the Mid North Coast. 

    NSW Minister for Emergency Services Jihad Dib has signed a protection order for volunteers involved in responding to Tropical Cyclone Alfred to ensure their employment will not be affected while they assist in the response. 

    As this situation continues to unfold, the ongoing support of volunteers will be crucial over the coming days and weeks. 

    If you are an individual or part of a group who is planning to or is ready and willing to help, consider partnering with the NSW SES, local authorities and endorsed community groups. 

    Your support could be invaluable for urgent tasks such as sandbagging, sharing information, and participating in clean-up activities. 

    The NSW Government encourages communities to monitor the NSW SES social media pages for information about volunteering as the situation evolves and community needs are identified. 

    People who want to help are urged not to drop off goods or send donations into impacted regions as unrequested donations can disrupt recovery efforts.

    If you want to help, please go to GIVIT.org.au to find out exactly what is needed. GIVIT has been contracted by the NSW Government to manage donations of essential goods and services for people impacted by disasters. 

    Community members who want to volunteer with the NSW SES can find more information on the Spontaneous volunteers webpage.

    Minister for Emergency Services Jihad Dib said: 

    “We’re grateful for our dedicated volunteers and emergency services crews as they work to support the communities facing the impacts of Tropical Cyclone Alfred. 

    “If it’s safe and you’re willing and able to help, please consider supporting friends, family and neighbours. 

    “I’d also encourage people who are able to look for opportunities to partner with local authorities and community groups for tasks like sandbagging and clean-up activities. 

    “If you are elsewhere in NSW, please consider donating to help communities in need through GIVIT. They will ensure people get exactly what they need, when they need it. 

    “If we all work together, Northern NSW communities will get the right help at the right time.” 

    Minister for the North Coast Rose Jackson said: 

    “As the North Coast braces for impact, we acknowledge the tireless efforts of SES volunteers, emergency workers and residents stepping up to protect their communities. 
     
    “The days ahead will be tough, but you are not alone. The NSW Government is here, working alongside emergency services and community groups to deliver immediate support and recovery assistance. 
     
    “If you’re in a safe position to help, please consider volunteering with the SES, partnering with local groups and if you’re not on the ground – donating through GIVIT to make sure aid reaches those who need it most. 
     
    “This region is strong and resilient, with a long history of coming together in tough times. Just a few hours of sandbagging, cleaning up or checking in on a neighbour can make a real difference.” 

    MIL OSI News –

  • MIL-Evening Report: The morning after: here’s what to do once Cyclone Alfred has passed

    Source: The Conversation (Au and NZ) – By Yetta Gurtner, Adjunct Senior Lecturer, Centre for Disaster Studies, James Cook University

    Cyclone Alfred is due to cross the coast of southeast Queensland and northern New South Wales late on Friday night or early Saturday morning. Millions of people may wake to a giant mess, if they get any sleep at all.

    So how do you stay safe while you begin the clean up and recovery? It can be helpful to have a plan of action ready, before the time comes.

    First, be prepared to stay inside for a day or so, even after the wild weather has passed. You may have to manage without essential services for a while. And there are several important steps to take before venturing outside.

    I have 20 years’ experience in disaster studies, including how communities can recover. Here’s what you need to know about surviving the morning after Cyclone Alfred.

    Before you leave your safe room

    Say you’ve chosen to “shelter in place”, in the safest room in the house. That’s the smallest room with the fewest windows – usually a bathroom, in a hall or a room under the stairs.

    Do not leave this room until you have been told it’s safe to do so by authorities. Even after the storm has passed, the wind gusts can be very unpredictable. Depending on your location, floodwater may still be a threat.

    If you still have access to the internet, check the digital disaster dashboard online. In Queensland, every council has their own disaster dashboard. New South Wales has the Hazards Near Me app.

    Tune into your local ABC radio station for official emergency updates, warnings and advice. Make sure you have
    spare batteries and even a backup AM-FM radio. Try to minimise use of your mobile phone to conserve battery power and network capacity. SMS/text messages are more likely to get through than phone calls.

    While you wait for normal services to resume

    After the cyclone there may be no power, internet, mobile telephone reception or water supply to your home. This may persist for some time.

    Ahead of the cyclone, try to store enough drinking water to provide three litres per person for several days (don’t forget water for your pets). Store water in bottles in the freezer – it keeps it cool if the power goes out and can be drinking water when it melts. You also need extra water for hygiene, cleaning up and toileting. Fill your bathtub or top-loading washing machine with water before the storm approaches.

    During a flood, sewage may come up through the toilet and the drains of dwellings on the ground level. Before the cyclone, cover your drains with plastic sheeting with a sandbag on top for weight. Place a plastic bag full of sand inside the toilet to form a plug and close the seat. Consider a bucket as a short-term option for toileting.

    Wait for flood waters to recede before unsealing the toilet. When the storm has passed, check local council advice on whether the sewage system is functioning before attempting to flush the toilet again.

    If the power has been out your fridge can remain cool, however food inside may no longer be safe to eat. If items in your freezer have started to defrost, either cook immediately or dispose of them. Some medicines requiring refrigeration will also have to be thrown out.

    Don’t use electric appliances if they are wet and check for any potential gas leaks from gas appliances before use.

    Severe Weather Update 6 March 2025: Tropical Cyclone Alfred moving more slowly towards the coast.

    Contact your insurance provider immediately

    If you are likely to make an insurance claim, contact your insurer straight away for advice.

    The insurance company will probably ask for your policy number. Try to have it (and other important documents) on hand – perhaps in a waterproof wallet, or as photos on your phone.

    Don’t go straight into clean up and recovery mode until you have checked their requirements. Ripping up wet carpets and throwing out your belongings may not be consistent with your insurance policy. Disposing of proof of damage may cause your claim to be rejected.

    Approaches vary between insurance companies. They may require photographs or a written inventory of damaged items. For instance, floodwater will often leave a high-water mark on the walls. Take a photo with a ruler or bottle for reference. The more you can document, the less the insurance company can dispute.

    Before you head outside

    Don’t leave your house until officials say it is safe to do so.

    If you have it, put on protective clothing and equipment including fully covered shoes, gloves, glasses, and an N95 mask. Wear a hat, long pants and long sleeves.

    Keep your children and pets secure inside for as long as you can, until you know the area is safe and clear.

    Switch off your electricity, gas and solar system prior to severe weather. Before switching everything back on, check your house and appliances for any obvious damage. Then check with your utility service provider that all is in order.

    Even if your house is without power, downed power lines may be live. Do not touch them, even if only wanting to move them. Call 000 if it is life threatening, or contact your local energy provider.

    Check for obvious structural damage to the house such as broken windows, water leaks or damaged roofs (such as missing tiles or screws). Beware of fallen or windswept debris and broken glass.

    Look out for wildlife and pests, including venomous snakes and spiders. Don’t poke anything to check if it’s alive.

    Before you start cleaning up

    Wear protective gear when dealing with water-damaged goods and mud. Don’t touch your face at all and if you can, wear a protective N95 mask.

    The mud and dirty water may be contaminated, so be sure to disinfect and wash your hands thoroughly.

    If you have cuts and scrapes, disinfect and cover them immediately, because there’s a high chance of infection.

    Following floods in Northern Queensland this year, 16 people died after being infected with melioidosis, a bacterium found in mud. The bug is more prevalent after heavy rainfall. If you feel unwell, seeking medical advice.

    Mould is another big issue after heavy rain and flooding. Open your windows to ventilate.

    Before you venture further afield

    Resist the urge to go sightseeing. Check on your neighbours and vulnerable community members neighbours instead.

    Talk to friends, family, neighbours and contacts about how you’re feeling. Be honest. It’s perfectly normal to feel anxious and upset after a disaster event.

    If you need extra assistance, seek help. Community recovery hubs will be set up and they will have a list of telephone numbers for support. Use the services available.

    Check your local disaster dashboard or app for up-to-date information on road closures, evacuation centres, and other emergency details.

    Yetta Gurtner has received funding in the past from the Bureau of Meteorology. She is a community engagement officer with the Queensland State Emergency Services.

    – ref. The morning after: here’s what to do once Cyclone Alfred has passed – https://theconversation.com/the-morning-after-heres-what-to-do-once-cyclone-alfred-has-passed-251602

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Cyclone Alfred is slowing – and that could make it more destructive. Here’s how climate change might have influenced it

    Source: The Conversation (Au and NZ) – By Liz Ritchie-Tyo, Professor of Atmospheric Sciences, Monash University

    Cyclone Alfred has now been delayed, as the slow-moving system stalls in warm seas off southeast Queensland. Unfortunately, the expected slow pace of the cyclone will bring even more rain to affected communities.

    This is because it will linger for longer over the same location, dumping more rain before it moves on. Alfred’s slowing means the huge waves triggered by the cyclone will last longer too, likely making coastal erosion and flooding worse.

    Cyclone Alfred is unusual – the first cyclone in half a century to come this far south and make expected landfall.

    When unusual disasters strike, people naturally want to know what role climate change played – a process known as “climate attribution”. Unfortunately, this process takes time if you want details on a specific event.

    We can’t yet say if Alfred’s unusual path and slow speed are linked to climate change. But climate change is driving very clear trends which can load the dice for more intense cyclones arriving in subtropical regions. These include the warm waters which fuel cyclones spreading further south, and cyclones dumping more rain than they used to.

    So, let’s unpick what’s driving Cyclone Alfred’s behaviour – including the potential role of climate change.



    Read more:
    Cyclone Alfred is bearing down. Here’s how it grew so fierce – and where it’s expected to hit

    A Bureau of Meteorology update on Cyclone Alfred dated Thursday, March 6.

    Not necessarily climate linked: Alfred’s southerly path

    Many cyclones make it as far south as Brisbane – but they’re nearly all far out at sea. Weather patterns mean most cyclones heading south are diverted to the east, where remnants can hit New Zealand as large extratropical storms.

    The fact that Alfred is set to make landfall is very unusual. But we can’t yet definitively say this is due to climate change. Cyclones are steered by winds and weather patterns, and the Coral Sea’s complex weather makes cyclone paths here very hard to predict.

    Alfred’s abrupt westward shift is due to a large region of high pressure to its south, which has pushed it directly towards heavily populated areas of southeast Queensland and northern New South Wales. These steering winds are not very strong, which is why Alfred is moving slowly.

    In 2014, researchers showed cyclones are reaching their maximum intensity in areas further south in the southern hemisphere and north in the northern hemisphere than they used to. In 2021, researchers also found cyclones were reaching their maximum intensity closer to coasts, moving about 30 km closer per decade.

    Climate link: Warmer seas

    Cyclones typically need water temperatures of 26.5°C or more to form.

    More than 90% of all extra heat trapped by greenhouse gas emissions is stored in the seas. The oceans are the hottest on record, and records keep falling. But normal seasonal variability and shifting ocean currents are still at work too, and we can get unusually warm waters without climate change as a cause.

    What we do know is that ocean temperatures around much of Australia have been unusually warm.

    The northeastern Coral Sea, where Cyclone Alfred formed, experienced the fourth-hottest temperatures on record for February and the hottest on record for January.

    In the Coral Sea, sea surface temperatures were the fourth highest on record in February 2025 and the highest on record in January 2025. This figure shows the trend over time for February.
    Bureau of Meteorology, CC BY-NC-ND

    We also know Australia’s southern waters are warming up too.

    The energy available to power tropical cyclones in subtropical regions has also increased in recent decades, due largely to rising ocean temperatures.

    Average sea surface temperatures in central and southern Queensland on Thursday March 6th. Point Danger is on the Gold Coast.
    Bureau of Meteorology, CC BY-NC-ND

    Climate link: Fewer cyclones but more likely to be intense

    In the northern hemisphere, researchers have found a trend towards fewer cyclones over time. But of those which do form, a higher proportion are more intense.

    It’s not fully clear if the same trend exists in the southern hemisphere, though we are seeing fewer cyclones forming over time.

    This summer, eight tropical cyclones have formed in Australian waters. Six were classified as severe (category 3 and up). Historically, Australia has experienced a higher proportion of category 1 and 2 cyclones, which bring weaker wind speeds.

    On average, we see about 11 cyclones form and 4-5 make landfall. There has been a downward trend in the number of cyclones forming in the Australian region in recent decades.

    Fewer cyclones, but more likely to be intense: this figure shows the number of severe (Category 3 and up) and non-severe tropical cyclones (Category 1 and 2) since 1970/71.
    Bureau of Meteorology, CC BY-NC-ND

    Climate link: Cyclones dumping more rain

    The intensity of a cyclone refers to the speed of the wind and size of the wind-affected area.

    But a cyclone’s rain field is also important. This refers to the area of heavy rain produced by storms when they’re at cyclone intensity and afterwards as they decay into tropical lows.

    The rate of rainfall brought by cyclones in Australia isn’t necessarily increasing, but more cyclones are moving slowly, such as Alfred. This means more rain per cyclone, on average.

    Rising ocean temperatures mean more water evaporates off the sea surface, meaning forming cyclones can absorb more moisture and dump more rain when it reaches land.

    Why are cyclones slowing down? This is likely because air current circulation in the tropics has weakened. This has a clear link to climate change. Wind speeds have fallen 5 to 15% in the tropics, depending on where you are in the world. It’s hard to pinpoint the change clearly in our region, because the historic record of cyclone tracks isn’t very long.

    For every degree (°C) of warming, rainfall intensity increases 7%. This is well established. But newer research is showing the rate may actually be double this or even higher, as the process of condensation releases heat which can trigger more rain.

    Clear climate link: Bigger storm surges due to sea level rise

    Sea levels are on average about 20 centimetres higher than they were before 1880.

    When a cyclone is about to make landfall, its intense winds push up a body of seawater ahead of it – the storm surge. In low lying areas, this can spill out and flood streets.

    Because climate change is causing baseline sea levels to rise, storm surges can reach further inland. Sea-level rise will also make coastal erosion more destructive.

    What should we take from this?

    We can’t say definitively that climate change is behind Cyclone Alfred’s unusual track.

    But factors such as rising sea levels, slower cyclones and warmer oceans are changing how cyclones behave and the damage they can do.

    Over time, we can expect to see cyclones arriving in regions not historically affected – and carrying more rain when they arrive.

    Liz Ritchie-Tyo receives funding from The Australian Research Council and the U.S. Office of Naval Research

    Andrew Dowdy receives funding from University of Melbourne as well as supported through the Australian Research Council.

    Hamish Ramsay receives funding from the Australian Climate Service.

    – ref. Cyclone Alfred is slowing – and that could make it more destructive. Here’s how climate change might have influenced it – https://theconversation.com/cyclone-alfred-is-slowing-and-that-could-make-it-more-destructive-heres-how-climate-change-might-have-influenced-it-251594

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: How are scientists tracking Cyclone Alfred?

    Source: The Conversation (Au and NZ) – By Sanjeev Kumar Srivastava, Associate Professor of Geospatial Analysis, University of the Sunshine Coast

    Tropical Cyclone Alfred is now expected to make landfall early on Saturday morning – later than initial estimates that suggested it would strike southeast Queensland and northern New South Wales on Friday.

    So, how do scientists track cyclones and make predictions about when and where they will hit?

    I’m a geospatial analyst who uses satellites and other remote-sensing technology for natural resources management. I study data about storms, wildfires and vegetation regrowth around the world.

    Remote-sensing satellites travel through space collecting data about Earth’s surface and atmosphere.

    When it comes to cyclones, information these satellites collect about clouds, temperatures, wind speeds and other variables is crucial. It helps scientists make accurate weather predictions – enabling communities to prepare and protect themselves.

    Geostationary satellites

    Remote sensing refers to technology that gathers information from a distance.

    Remote-sensing satellites move with the Earth. They observe the same hemisphere constantly and send real-time images back to scientists on the ground. The main ones we use in Australia are called Himawari-8 and -9, and they were launched by the Japan Meteorological Agency.

    As reported by the ABC, Himawari-9 captured images showing how Cyclone Alfred travelled down the coast of Queensland earlier this week and then headed toward Brisbane.

    Himawari satellites images show how Cyclone Alfred has moved along its path.

    Geostationary remote sensing satellites are excellent at helping us detect:

    • the centres of tropical cyclones over the ocean
    • developing thunderstorms
    • volcanic material in the atmosphere and
    • how clouds are moving.

    Himawari collects images and information from the visible and infrared spectrum. This can give us cloud temperature, which can provide more precise information about where the eye of a cyclone is (the eye tends to have a higher temperature).

    Polar-orbiting satellites

    Polar-orbiting satellites move across the Earth north to south, and pass close to the poles.

    They collect information at various intervals and send it back to Earth. Well-known polar orbiting satellites include Landsat 8-9 (run by the US Geological Survey), and the National Oceanic and Atmospheric Administration (NOAA) Joint Polar Satellite System.

    The polar-orbiting satellites give us clear images but not very often. They are just snapshots. They are more useful for providing post-cyclone damage assessments than they are for predicting the path of cyclones.

    Valuable images, and data in the visible, infrared, and microwave range

    Both geostationary and polar orbiting satellites collect data in the visible and infrared regions. There are polar satellites collecting data in the microwave range.

    This means we can look at Earth through the cloud, get cloud temperature information and wind direction.

    In addition to these satellites, the Bureau of Meteorology have their own weather watch radar sensors on the ground. These ground-based radar are set up at various locations and can detect moisture very easily, which helps us work out how moisture is moving into and through clouds.

    Cyclone Alfred is currently shaping up to be a category two cyclone. This means once it makes landfall, it would have an average wind speed of between 89 and 117 kilometres an hour, and gusts between 125 and 164 kilometres an hour.

    Wind speed is predicted using complex algorithms.

    Why do predictions sometimes change?

    Meteorology is a very complex area of science and predictions are based on many, many different data points.

    Sometimes a cyclone’s path will deviate from initial projections, but this is very normal. It’s really hard to predict the future track of a cyclone!

    This is particularly true when cyclones form over the Coral Sea, as in the case of Alfred. There, cyclones paths are among the most unpredictable in the world.

    Sometimes unexpected factors may arise. For example, a recently arrived low pressure system in the west is currently slowing down the arrival of Cyclone Alfred.

    Despite cyclone predictions being difficult, the Bureau of Meteorology is the most reliable and up-to-date source of information on Cyclone Alfred.

    Sanjeev Kumar Srivastava has received funding in the past from the Asia Pacific Network for Global Change Research, various local councils and several cooperative research centres. He is a member of Earth Observation Australia.

    – ref. How are scientists tracking Cyclone Alfred? – https://theconversation.com/how-are-scientists-tracking-cyclone-alfred-251611

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Cyclone Alfred is slowing down – and that could make it more destructive. Here’s how climate change might have influenced it

    Source: The Conversation (Au and NZ) – By Liz Ritchie-Tyo, Professor of Atmospheric Sciences, Monash University

    Cyclone Alfred has now been delayed, as the slow-moving system stalls in warm seas off southeast Queensland. Unfortunately, the expected slow pace of the cyclone will bring even more rain to affected communities.

    This is because it will linger for longer over the same location, dumping more rain before it moves on. Alfred’s slowing means the huge waves triggered by the cyclone will last longer too, likely making coastal erosion and flooding worse.

    Cyclone Alfred is unusual – the first cyclone in half a century to come this far south and make expected landfall.

    When unusual disasters strike, people naturally want to know what role climate change played – a process known as “climate attribution”. Unfortunately, this process takes time if you want details on a specific event.

    We can’t yet say if Alfred’s unusual path and slow speed are linked to climate change. But climate change is driving very clear trends which can load the dice for more intense cyclones arriving in subtropical regions. These include the warm waters which fuel cyclones spreading further south, and cyclones dumping more rain than they used to.

    So, let’s unpick what’s driving Cyclone Alfred’s behaviour – including the potential role of climate change.

    A Bureau of Meteorology update on Cyclone Alfred dated Thursday, March 6.

    Not necessarily climate linked: Alfred’s southerly path

    Many cyclones make it as far south as Brisbane – but they’re nearly all far out at sea. Weather patterns mean most cyclones heading south are diverted to the east, where remnants can hit New Zealand as large extratropical storms.

    The fact that Alfred is set to make landfall is very unusual. But we can’t yet definitively say this is due to climate change. Cyclones are steered by winds and weather patterns, and the Coral Sea’s complex weather makes cyclone paths here very hard to predict.

    Alfred’s abrupt westward shift is due to a large region of high pressure to its south, which has pushed it directly towards heavily populated areas of southeast Queensland and northern New South Wales. These steering winds are not very strong, which is why Alfred is moving slowly.

    In 2014, researchers showed cyclones are reaching their maximum intensity in areas further south in the southern hemisphere and north in the northern hemisphere than they used to. In 2021, researchers also found cyclones were reaching their maximum intensity closer to coasts, moving about 30 km closer per decade.

    Climate link: Warmer seas

    Cyclones typically need water temperatures of 26.5°C or more to form.

    More than 90% of all extra heat trapped by greenhouse gas emissions is stored in the seas. The oceans are the hottest on record, and records keep falling. But normal seasonal variability and shifting ocean currents are still at work too, and we can get unusually warm waters without climate change as a cause.

    What we do know is that ocean temperatures around much of Australia have been unusually warm.

    The northeastern Coral Sea, where Cyclone Alfred formed, experienced the fourth-hottest temperatures on record for February and the hottest on record for January.

    In the Coral Sea, sea surface temperatures were the fourth highest on record in February 2025 and the highest on record in January 2025. This figure shows the trend over time for February.
    Bureau of Meteorology, CC BY-NC-ND

    We also know Australia’s southern waters are warming up too.

    The energy available to power tropical cyclones in subtropical regions has also increased in recent decades, due largely to rising ocean temperatures.

    Average sea surface temperatures in central and southern Queensland on Thursday March 6th. Point Danger is on the Gold Coast.
    Bureau of Meteorology, CC BY-NC-ND

    Climate link: Fewer cyclones but more likely to be intense

    In the northern hemisphere, researchers have found a trend towards fewer cyclones over time. But of those which do form, a higher proportion are more intense.

    It’s not fully clear if the same trend exists in the southern hemisphere, though we are seeing fewer cyclones forming over time.

    This summer, eight tropical cyclones have formed in Australian waters. Six were classified as severe (category 3 and up). Historically, Australia has experienced a higher proportion of category 1 and 2 cyclones, which bring weaker wind speeds.

    On average, we see about 11 cyclones form and 4-5 make landfall. There has been a downward trend in the number of cyclones forming in the Australian region in recent decades.

    Fewer cyclones, but more likely to be intense: this figure shows the number of severe (Category 3 and up) and non-severe tropical cyclones (Category 1 and 2) since 1970/71.
    Bureau of Meteorology, CC BY-NC-ND

    Climate link: Cyclones dumping more rain

    The intensity of a cyclone refers to the speed of the wind and size of the wind-affected area.

    But a cyclone’s rain field is also important. This refers to the area of heavy rain produced by storms when they’re at cyclone intensity and afterwards as they decay into tropical lows.

    The rate of rainfall brought by cyclones in Australia isn’t necessarily increasing, but more cyclones are moving slowly, such as Alfred. This means more rain per cyclone, on average.

    Rising ocean temperatures mean more water evaporates off the sea surface, meaning forming cyclones can absorb more moisture and dump more rain when it reaches land.

    Why are cyclones slowing down? This is likely because air current circulation in the tropics has weakened. This has a clear link to climate change. Wind speeds have fallen 5 to 15% in the tropics, depending on where you are in the world. It’s hard to pinpoint the change clearly in our region, because the historic record of cyclone tracks isn’t very long.

    For every degree (°C) of warming, rainfall intensity increases 7%. This is well established. But newer research is showing the rate may actually be double this or even higher, as the process of condensation releases heat which can trigger more rain.

    Clear climate link: Bigger storm surges due to sea level rise

    Sea levels are on average about 20 centimetres higher than they were before 1880.

    When a cyclone is about to make landfall, its intense winds push up a body of seawater ahead of it – the storm surge. In low lying areas, this can spill out and flood streets.

    Because climate change is causing baseline sea levels to rise, storm surges can reach further inland. Sea-level rise will also make coastal erosion more destructive.

    What should we take from this?

    We can’t say definitively that climate change is behind Cyclone Alfred’s unusual track.

    But factors such as rising sea levels, slower cyclones and warmer oceans are changing how cyclones behave and the damage they can do.

    Over time, we can expect to see cyclones arriving in regions not historically affected – and carrying more rain when they arrive.

    Liz Ritchie-Tyo receives funding from The Australian Research Council and the U.S. Office of Naval Research

    Andrew Dowdy receives funding from University of Melbourne as well as supported through the Australian Research Council.

    Hamish Ramsay receives funding from the Australian Climate Service.

    – ref. Cyclone Alfred is slowing down – and that could make it more destructive. Here’s how climate change might have influenced it – https://theconversation.com/cyclone-alfred-is-slowing-down-and-that-could-make-it-more-destructive-heres-how-climate-change-might-have-influenced-it-251594

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Nations: Press Release 06 March 2025 La Niña event is expected to be short-lived

    Source: World Meteorological Organization

    Infographic on ENSO probabilities for March-May 2025

    “Seasonal forecasts for El Niño and La Niña and the associated impacts on weather and climate patterns globally are an important tool to inform early warnings and early action and are one of a wide suite of services offered by the WMO community to support decision-making,” said WMO Secretary-General Celeste Saulo.

    “These forecasts translate into millions of dollars worth in economic savings for key sectors like agriculture, energy and transport, and saved thousands of lives over the years by enabling disaster risk preparedness,” she said.

    La Niña refers to the large-scale cooling of the ocean surface temperatures in the central and eastern equatorial Pacific Ocean, coupled with changes in the tropical atmospheric circulation, including changes in winds, pressure and rainfall patterns. Typically, La Niña brings climate impacts that are the opposite of El Niño, especially in tropical regions.

    However, the impacts of naturally occurring climate events such as La Nina and El Nino on climate patterns are taking place in the broader context of human-induced climate change, which is increasing global temperatures, exacerbating extreme weather and climate, and impacting seasonal rainfall and temperature patterns.

    Thus, January 2025 was the warmest January on record, despite weak La Niña conditions being present since December 2024, when observed sea surface temperature anomalies in the equatorial Pacific crossed the La Niña threshold.

    While the El Niño-Southern Oscillation (ENSO) is a key driver of global climate patterns, it is not the only factor shaping the Earth’s climate. To provide a more comprehensive climate outlook, WMO also issues regular Global Seasonal Climate Updates (GSCU). These updates  take into account the influence of key climate variability patterns, including the North Atlantic Oscillation, the Arctic Oscillation and the Indian Ocean Dipole. The updates also monitor the status of North Tropical Atlantic (NTA) and South Tropical Atlantic (STA) Sea Surface Temperature index anomalies, as well as the global and regional anomalies of surface temperature and precipitation and their evolution over the upcoming season.

    With above-normal sea surface temperatures expected to persist across all major oceans—except for the near-equatorial eastern Pacific—the latest GSCU forecasts above-average temperatures over nearly all land areas worldwide.

    Probabilistic Multi-Model Ensemble Forecast – 2m Temperature – February 2025

    Probabilistic Multi-Model Ensemble Forecast – Precipitation – February 2025

    The World Meteorological Organization (WMO) is a specialized agency of the United Nations responsible for promoting international cooperation in atmospheric science and meteorology.

    WMO monitors weather, climate, and water resources and provides support to its Members in forecasting and disaster mitigation. The organization is committed to advancing scientific knowledge and improving public safety and well-being through its work.

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: expert reaction to Copernicus data reporting that global sea ice cover at a record low and February 2025 was third warmest on record

    Source: United Kingdom – Executive Government & Departments

    Scientists comment on Copernicus data reporting global sea ice cover is at a record low, and that February was the third warmest on record. 

    Professor Simon Josey, Professor of Oceanography at the UK’s National Oceanography Centre, said:

    “The current record low global sea ice extent revealed by the Copernicus analysis is of serious concern as it reflects major changes in both the Arctic and Antarctic. Warm ocean and atmospheric temperatures will prove critical for Antarctic sea-ice in the coming months as they may lead to an extensive failure of the ice to regrow in southern hemisphere winter. A recent study (Josey et al., 2024) has shown that this can lead to increasingly stormy conditions in the Southern Ocean and altered ocean properties with potential impacts for the wider ocean and atmospheric circulation.”

    Josey, S. A., A. J. S. Meijers, A. T. Blaker, J. P. Grist, J. Mecking and H. C. Ayres, 2024: Record-low Antarctic sea ice in 2023 increased ocean heat loss and storms, Nature, https://doi.org/10.1038/s41586-024-08368-y.

     

    Dr Robert Larter, Marine Geophysicist, British Antarctic Survey (BAS), said:

    “The results from C3S showing that global sea ice extent reached a new all-time minimum in February highlight the substantial effects climate change is having in polar regions and are a cause for serious concern. These results are consistent with independent analysis from the National Snow and Ice Data Center in the US. Sea ice has an important climate feedback effect because of its high “albedo”, reflecting a large proportion of incident solar radiation back into space. It also plays an important role in the ecology of the polar oceans and helps protect floating ice shelves in Antarctica, which buttress the ice sheet, by suppressing ocean swell. Furthermore, brine rejection during seasonal formation of sea ice is a key process in the formation of dense water masses that sink to the depths of the ocean and are critical to driving the global overturning thermohaline circulation.

    “The near-record low in Antarctic sea-ice extent follows on from extents in the previous two years that were the lowest in the period over which satellite records have been available, and extends the run of years with low minimum sea ice extents that started with a steep decline in 2016. Antarctic sea-ice extent has usually started to grow again before the end of February as the days get shorter in the Southern Ocean, but this year several days into March the data show no sign of significant new sea ice formation.”

    Prof Richard Allan, Professor of Climate Science, University of Reading, said:

    “February 2025 saw the lowest recorded coverage of sea ice globally as the Arctic reached a record low maximum extent of around 14 million square kilometres and sea ice at the fringes of Antarctica stayed near the record low minimum extent of around 2 million square kilometres, which has been reached every February since 2022. Every successive February, the Arctic has been losing on average 42 thousand square kilometres of sea ice, twice the area of Wales. Parts of the high Arctic have been up to 12 degrees Celsius above average while on the other hand the USA and Canada froze, showing that heat can temporarily shift from one place to another. But averaging over all regions, the global warming trend is clear with February 2025 more than 1.5 degrees Celsius above pre-industrial conditions, repeating a level of excess warmth experienced in all but 1 of the past 20 months, despite a weak cooling influence of La Niña conditions in the Pacific. The long term prognosis for Arctic sea ice is grim as the region continues to rapidly heat up and can only be saved with rapid and massive cuts to greenhouse gas emissions that will also limit the growing severity of weather extremes and long term sea level rise across the world.”

    Declared interests

    Dr Robert Larter: No conflicts.

    Professor Richard Allan: no conflicting interests

    For all other experts, no response to our request for DOIs was received.

    MIL OSI United Kingdom –

  • MIL-OSI Australia: ARENA welcomes new board member

    Source: Australian Renewable Energy Agency

    Overview

    • Category

      News

    • Date

      06 March 2025

    • Classification

    The Australian Renewable Energy Agency (ARENA) welcomes the announcement by the Minister for Climate Change and Energy, the Hon Chris Bowen MP, of a new appointment to the ARENA Board and the re-appointment of two existing board members.  

    Marianna O’Gorman and Stephen McIntosh have been re-appointed to the board for their second and third terms respectively. Ms O’Gorman will also step into the newly created Deputy Chair role.  

    Angela Karl is joining the ARENA Board for the first time.  

    The additional board seat and Deputy Chair position were established through amendments to the Australian Renewable Energy Act 2011.   

    Ms Karl has more than two decades of experience in investment and advisory services in the energy transition and more than a decade of merger and acquisition advisory experience at both JP Morgan and UBS, where she was the Australasian Head of Energy and Utilities Advisory.  

    Angela is currently Managing Director, Head of Energy Transition with HMC Capital and prior to that was Partner at QIC Global Infrastructure, where she held several positions, including Founding Director, Powering Australian Renewables Fund/Tilt Renewables.  

    ARENA Board Chair Justin Punch congratulated both Marianna and Stephen and welcomed Angela to the board, saying that her extensive experience in professional services and the clean energy transition will be invaluable as ARENA continues to support the global transition to net zero emissions.  

    “Australia’s shift to renewable energy, and ARENA’s role in facilitating it, requires bold and experienced leadership. Angela’s experience in investment and finance and her commitment to Australia’s net zero future make her an invaluable addition to the board,” said Mr Punch.  

    “The ongoing presence of Marianna and Stephen and new insight from Angela will help us to continue to drive innovation in renewable energy technologies, ensuring we can continue to have an impact and deliver on our investment priorities.”  

    ARENA’s Board has overall responsibility for the operations of the agency. It is a skills-based, decision-making body, responsible for recommending the agency’s annual general funding strategy to the Minister, setting investment priorities, overseeing the running of the organisation and approving project funding. 

    For more information on ARENA’s Board and structure, visit arena.gov.au. 

    ARENA media contact:

    media@arena.gov.au

    Download this media release (PDF 143KB)

    MIL OSI News –

  • MIL-OSI Australia: 3BA The Big Show, Ballarat

    Source: Australian Ministers 1

    PAUL TAYLOR [HOST]: Let’s go local, Ballarat, and I was going to speak to Lilly from Not Your Grandma’s Pantry, but unfortunately Lilly’s not answering her phone. We’ll get her on another time, though. I tell you what, her replacement though this morning has a major announcement to make, that is for sure. And the Honourable Catherine King MP, Minister for Infrastructure, Transport, Regional Development and Local Government – good morning to you, Catherine.

    CATHERINE KING [MINISTER]: Good morning, and also the most important title I have and the one I am proudest of is Federal Member of Ballarat. But I’m doing- I’m here in my ministerial capacity today.

    PAUL TAYLOR: Absolutely you are. Could we add any extra duties to your portfolio, do you think?

    CATHERINE KING: [Laughs] No, I’m pretty busy, to be honest. I’ve got some terrific junior ministers who help me out a fair bit, it’s a big portfolio and really busy. But I’m at home today, which is really lovely to actually be able to be in Ballarat. And I can smell the smoke in the air, and I hope everyone’s all right out at Buninyong Surrounds. That would’ve been a pretty scary event [indistinct] …

    PAUL TAYLOR: [Talks over] Our emergency services once again did a wonderful job in protecting our communities out Mount Clear and Mount Buninyong way.

    Speaking of which, Anthony Albanese up- is he still in Queensland at the moment, with the cyclone happening?

    CATHERINE KING: Yeah, as I understand it that’s where he is. He was certainly there yesterday with the Emergency Services Minister Jenny McAllister. She’s sort of basing herself up there at the moment, and we’ve got the National Emergency Management Agency – obviously the state of Queensland takes the lead, but we’ve got all of those national assets in place who’ve had time to prepare. But yeah, it’s pretty scary watching it. It seems unbelievable to imagine how much rain they’ve had right up the top of the state, and then to see this. And I’m sure there’s many people who know I’ve got family there, I’ve got staff there as well. I know there’s people who know- have lots of family, lots of people who- known up there, so I think our thoughts are all with them at the moment.

    PAUL TAYLOR: Catherine, a lot of pundits were saying Sunday was going to be the day that Mr Albanese would head to the GG’s office. But given Cyclone Alfred, that’s not likely to happen, do you think?

    CATHERINE KING: Well, again, the election timing’s a matter for him. But look, I think that he’s pretty focused on- you know, you’ve got such a big emergency up the top of the country. I don’t think it’s- I think we’re focused on how do we help, what do we do, what do we actually need to do to make sure people are safe. And then if there is, in the event of terrible and- you know, the sort of things we think might happen, then how do we help people recover quickly. And so I think he’s pretty focused on that at the moment. The election obviously is going to have to be held before May, but I think when you’ve got something like that happening, we’re all just like, okay what do we need to do, is really the mode we’re in at the moment, and the election sort of takes a bit of a backseat. But again, that’ll be a matter for him.

    PAUL TAYLOR: Catherine King, let’s get to the announcement at hand. If anyone’s travelled the Western Freeway, in particular around Melton and Caroline Springs, those sorts of areas, it’s a very frustrating drive, especially at peak hour. What’s going on where the Western Freeway is concerned? A lot of money to be thrown at this to make it a lot safer, Catherine King.

    CATHERINE KING: Yeah, absolutely. So the Victorian Government and the Albanese Labor Government, we put in money – about 20 million – to do a joint business case that has finished. There’s still some more work to be done on that, but in order to get the ball really rolling on the highway- it just really can’t wait, it’s at capacity or it’s about to be at capacity in the next five years or so, so we’re being told. So we’re putting in $1 billion- $1.1 billion actually, to- particularly from that Melton to Caroline Springs end to try and look at how can we make the road safer, how can we ease some of that congestion, particularly in those peak hours in the morning as people are coming out of Bacchus Marsh, out of Melton, out of Rockbank and trying to get into work- that really from 6am onwards, it’s very difficult to get through there, and the state of the road is not really keeping up with the demands of the population there. And then obviously the return peak hour, that also is really significant problem. We know that once the West Gate Tunnel is done, there’ll be some alleviation of the sort of bottleneck at the end, but really at the moment the road is just not keeping up.

    So that $1.1 billion, there’s also out of that 100 million to try and really resolve the issue that we’ve got down our end around Brewery Tap Road. It’s a really dangerous intersection there. I’ve had lots of people talking to me about really that needs to be fixed. It’s an accident waiting to happen, so we want to try and get ahead of that. It’s really awful when you’re trying to run the gambit crossing there, so we’ll do the work with the Victorian state government about what the solutions are to try and resolve that. But we’re putting 100 million in there.

    And there’s also a smaller amount of money down a bit further, which is to fix some of the bridges heading towards [indistinct], but all of the remaining money, there’s already $1 billion in the highway to do a range of other things down the other end of the highway. So that’s really what we’re announcing today. I use it- at least weekly I’m down that highway. I know lots of people use it to get to and from work, to get to and from family. It’s a really important piece of infrastructure for the whole west of the state. So we’ll be pleased to be making that announcement today.

    PAUL TAYLOR: Catherine, is that money guaranteed, even though we’ve got an election looming? If the Albanese Government is ousted, does that money stay? What’s …

    CATHERINE KING: Yeah. Well, any announcements we’re making before the election is called are obviously decisions of government. So they’re budgeted decisions that will show up in the Pre-Election Financial Outlook. The only risk, of course, is if the Liberals come in and say they want to cut things. And unfortunately, we do know that they’ve got to find money for the cuts that they do want to make, and that is always a risk when elections change. But this obviously is money that we’re making as a decision of government announced as government.

    PAUL TAYLOR: Well, good to see money being thrown at the Brewery Tap Road intersection at Warrenheip. It is a worrisome intersection and needs to be fixed as soon as possible, as does the congestion further down the Freeway towards Melton and Rockbank, Caroline Springs, those sorts of areas.

    The Honourable Catherine King, MP for Ballarat and all the other titles that you hold nowadays, thank you so much for coming on The Big Show. Few and far between nowadays with you jet setting around and looking after a whole heap of other things in your portfolio, but we appreciate your time this morning, Catherine. And take care on the roads, won’t you?

    CATHERINE KING: I will do. It’s always good to be with you, and a privilege that as the Member for Ballarat, I then get to hold these bigger roles. But it’s only because I’m the Member of Ballarat that I get to hold those bigger roles, so always an incredible privilege to be that and to hold that in the community as well. So I’m very, very appreciative for the opportunity afforded to me by the people of Ballarat, really.

    PAUL TAYLOR: Thank you so much, the Honourable Catherine King MP.

    MIL OSI News –

  • MIL-OSI Australia: Disaster support for fifteen Northern NSW LGAs ahead of TC Alfred

    Source: New South Wales Premiere

    Published: 6 March 2025

    Released by: Minister for Emergency Services

    The Albanese and Minns Governments have activated disaster assistance to communities in 15 Local Government Areas (LGAs) in Northern NSW in anticipation of the impacts of Tropical Cyclone Alfred.

    The NSW Government’s Natural Disaster Declaration applies to the LGAs of: Ballina, Bellingen, Byron, Clarence Valley, Coffs Harbour, Dungog, Kempsey, Kyogle, Lismore, Lord Howe Island, MidCoast, Nambucca Valley, Port Macquarie-Hastings, Richmond Valley and Tweed.

    Support has been made available under the joint Commonwealth-state Disaster Recovery Funding Arrangements (DRFA).

    Assistance measures that may be provided to communities include:

    • Assistance for eligible residents to help meet immediate needs like emergency accommodation and essential items generally provided from evacuation or recovery centres.
    • Grants for eligible low-income residents to replace lost essential household items to maintain basic standard of living.
    • Grants for eligible low-income residents to undertake essential structural repairs to restore their homes to a basic, safe and habitable condition.
    • Support for affected local councils to help with the costs of cleaning up and restoring damaged essential public assets.
    • Concessional interest rate loans for small businesses, primary producers, and non-profit organisations and grants to sporting and recreation clubs to repair or replace damaged or destroyed property.
    • Freight subsidies for primary producers to help transport livestock and fodder.
    • Financial support towards counter disaster activity undertaken by emergency service organisations to keep communities safe

    Federal Minister for Emergency Management Jenny McAllister said it’s a challenging time as communities are already experiencing the impacts of Tropical Cyclone Alfred.

    “We are activating a range of support to assist flood impacted residents begin their recovery as soon as possible,” Minister McAllister said.

    “As we understand the full extent of damage from this event, we will move quickly to activate appropriate support for these communities.”

    “We are working closely with Premier Minns and his government as we prepare and respond to this event.”

    “Our message to community is clear. Know your local risk, have a plan and prepare your home now.”

    NSW Minister for Emergency Services Jihad Dib said natural disaster declarations are a vital step in unlocking joint assistance so communities can begin the clean-up, rebuilding and recovery process.

    “We are rolling out support measures for communities we know are likely to be impacted by Tropical Cyclone Alfred. As the event unfolds and impacts are known, further measures will be considered in response to community need,” Minister Dib said.

    “The NSW State Emergency Service and other emergency services along with the NSW Reconstruction Authority are on the ground in Northern NSW, preparing for the impact of the cyclone and working to keep the community safe.

    “For a region already in recovery from the devastating 2022 floods, we understand this latest disaster will be difficult for many people, and we are committed to continuing to support this resilient community through these challenges.

    “We are thankful for the dedication of our emergency services – including the incredible volunteers from the local area and across the state – who are already working around the clock to support communities in Northern NSW.”

    More information on disaster assistance can be found at NSW Government and Disaster Assist websites.

    MIL OSI News –

  • MIL-OSI Australia: NAB support for customers and colleagues impacted by Tropical Cyclone Alfred

    Source: National Australia Bank

    • NAB announces assistance for customers and colleagues affected by Tropical Cyclone Alfred
    • Customers encouraged to contact bank when ready to discuss available financial assistance
    • Temporary closures of select branches to ensure customer and colleague safety

    NAB has today announced disaster relief assistance for customers and colleagues affected by Tropical Cyclone Alfred.

    NAB encourages affected customers to contact the bank when they’re ready to discuss a range of financial relief measures, including:

    • Credit card and personal loan relief
    • Waiving the establishment fee for restructuring business facilities
    • ​​​​​​​Concessional loans to customers seeking support to restructure existing facilities to assist in repairs, restocking and re-opening for business
    • Reducing and moratorium on home and personal loan repayments
    • Wellbeing support for colleagues and customers

    NAB’s Local Personal Banking Executive Tony Story said the measures provide customers with peace of mind, and access to immediate financial support.

    “We want our customers and colleagues to know we’re here to help,” Mr Story said.

    “The number one priority here is their safety. In the coming days, our teams will be on standby to support impacted customers. We are committed to providing extra care and support during these difficult times.

    “Anyone who needs assistance or advice can contact us by calling us or choosing the chat option in the app.

    “When it’s safe to reopen our branches, we’ll also be happy to welcome you back for face to face service.”

    To access financial assistance please call NAB Assist on:  

    • 1300 661 114 for personal customers
    • 1300 881 661 for business customers

    Additional help is available via:  

    • NAB messaging in the App and on Internet Banking
    • At nab.com.au/disaster
    • Agri customers who need help can contact their banker.
    • For NAB insurance claims (damaged homes, contents, and vehicles), please call Allianz on 1300 555 013

    Be aware of Frauds and Scams

    During this time, customers are reminded to stay alert to potential scams. Criminals may use events like this natural disaster as an opportunity to impersonate well-known organisations including banks, insurance or telecommuication providers and government agencies. NAB will never send customers links in unexpected text messages, or ask customers for personal information like passwords or pins.

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    Media Enquiries

    For all media enquiries, please contact the NAB Media Line on 03 7035 5015

    MIL OSI News –

  • MIL-OSI New Zealand: Weather News – Cold mornings, showers, and sunshine – MetService

    Source: MetService

    Covering period of Thursday 6th – Monday 10th March – Autumn is in full swing, and it is starting to feel like it. MetService is forecasting a chilly night for the North Island tonight (Thursday), followed by a weekend that brings a mix of sunshine and cloudier periods, with a lingering crispness in the air. While showers are expected late Friday into Saturday across many parts of the country, there will still be plenty of opportunities to take advantage of clearer weather.

    Parts of the South Island woke up to their coldest temperatures of the year so far this morning, with inland Canterbury dipping below zero and the Canterbury Plains and Christchurch recording lows around 3°C . The cooling trend continues overnight into Friday morning for the North Island, where single-digit temperatures are expected, and even frosts possible for parts of Waikato and the Central Plateau.

    MetService meteorologist Mmathapelo Makgabutlane says, “Friday morning is shaping up to be one of the chilliest starts the North Island has seen in a while, so an extra layer may come in handy!”

    Despite the cool mornings, Friday and the weekend will feature periods of sunshine, with temperatures in Auckland rebounding to the mid-20s after a chilly spell. However, a southwesterly to southeasterly wind will keep a slight nip in the air for many across Aotearoa New Zealand.

    Showers are also in the mix for parts of the South Island on Friday and Saturday, with the North Island seeing some wet weather on Saturday, particularly in the lower and eastern regions. Hawke’s Bay and Tairāwhiti/Gisborne could even see a few thunderstorms on Saturday. By Sunday and Monday, settled weather returns to most of the South Island under a ridge of high pressure, while the eastern and lower North Island continues to see a few showers. Elsewhere in the North Island, conditions are expected to remain dry.

    “It will be a mixed bag at times, so it’s worth making the most of the clear spells when they come,” Makgabutlane advises.

    Meanwhile, many of us will be thinking about our friends and whānau across the ditch as Tropical Cyclone Alfred continues its westward track, bringing severe weather to Brisbane and the Queensland coast. MetService is closely monitoring the system, but at this stage, it is not expected to have a direct impact on Aotearoa New Zealand’s weather. Updates on Alfred’s progress can be found on the Australian Bureau of Meteorology’s website.

    MIL OSI New Zealand News –

  • MIL-OSI USA: SPC – No MDs are in effect as of Thu Mar 6 00:35:02 UTC 2025

    Source: US National Oceanic and Atmospheric Administration

    Current Mesoscale DiscussionsUpdated:  Thu Mar 6 00:36:03 UTC 2025 No Mesoscale Discussions are currently in effect.

    Notice:  The responsibility for Heavy Rain Mesoscale Discussions has been transferred to the Weather Prediction Center (WPC) on April 9, 2013. Click here for the Service Change Notice.
    Archived Convective ProductsTo view convective products for a previous day, type in the date you wish to retrieve (e.g. 20040529 for May 29, 2004). Data available since January 1, 2004.

    MIL OSI USA News –