Category: Science

MIL-OSI Africa: US trade wars with China – and how they play out in Africa

Source: The Conversation – Africa – By Lauren Johnston, Associate Professor, China Studies Centre, University of Sydney

Since taking office, US president Donald Trump has implemented policies that have been notably hostile towards China. They include trade restrictions. Most recently, a 20% tariff was added to all imports from China and new technological restrictions were imposed under the America First Investment Policy. This isn’t the first time US-China tensions have flared. Throughout history the relationship has been fraught by economic, military and ideological conflicts.

China-Africa scholar and economist Lauren Johnston provides insights into how these dynamics may also shape relations between Africa and China.

How has China responded to hostile US policies?

First, China tends to have a defiant official response. It expresses disappointment, then states that the US policy position is not helpful to any country or the world economy.

Second, China makes moves domestically to prioritise the interests of key, affected industries.

Third, China will sometimes impose retaliatory sanctions.

In 2018, for instance, China imposed a 25% tariff on US soybeans, a critical animal feed source. The US Department of Agriculture had to compensate US soybean farmers for their lost income.

Another example is how, following US tech sanctions, China took a more independent technology path. It has channelled billions into tech funds. The goal is to make financing available for Chinese entrepreneurs and to push technological boundaries in areas of US sanction, such as semiconductors. These efforts are backed up by subsidies and tax reductions. In some cases, the Chinese state will invest directly in tech companies.

More recently, China retaliated to the US trade war by announcing tariffs on 80 US products. China is set to place 15% tariffs on certain energy exports, including coal, natural gas and petroleum. An additional 10% tariffs will be placed on 72 manufactured products including trucks, motor homes and agricultural machinery.

Agricultural trade has been hard hit. The day the US announced a 10% tariff on Chinese imports, China announced “an additional 15% tariff on imported chicken, wheat, corn and cotton originating from the US”. Also, “sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables and dairy products will be subject to an additional 10% tariff”.

How have these Chinese responses affected Africa?

We can’t say for certain that China’s response to US trade tensions has explicitly affected its Africa policy, but there are some notable coincidences.

Less than one month after Trump’s return to the White House in 2025, and soon after the first tariffs were slapped on China’s exports to the US, China announced new measures to foster China-Africa trade efforts. The policy package aims to “strengthen economic and trade exchanges between China and Africa.”

This is the latest in a series of Chinese actions.

In January 2018 trade hostilities began to escalate after Trump imposed a first round of tariffs on all imported washing machines and solar panels. These had an impact on China’s exports to the US.

Later the same year, China imposed 25% tariffs on US soy bean imports and took steps to reduce dependence on US agricultural products. China also took steps to expand trade with Africa, agricultural trade in particular.

In September 2018, Beijing hosted the Forum on China and Africa Cooperation summit, a triennial head of state gathering. It was announced that China would set up a China-Africa trade expo and foster deeper agricultural cooperation. In the days after the summit, China’s Ministry of Agriculture and Rural Affairs was already acting on this. A gathering of African agricultural ministers took place in Changsha, Hunan province.

Hunan province has since taken centre stage in China-Africa relations. It’s now the host of a permanent China-Africa trade exhibition hall and a larger biennial China-Africa economic and trade exhibition (known as CAETE).

Hunan also hosts the pilot zone for In-Depth China-Africa Economic and Trade Cooperation. The zone has numerous initiatives designed to overcome obstacles to China-Africa trade and investment, like support in areas of law, technology and currency, and vocational training.

Finally, the zone is located in a bigger free-trade zone that is better connected to Africa by air, water and land corridors. African agricultural exports to China pass through Hunan, where local industry either uses these imports or distributes them across the country to retailers.

Companies in Hunan are well placed to play a key role in supporting China-Africa trade, capitalising on the opportunities left by China-US hostilities.

Hunan’s agritech giant Longping High-Tech, for instance, is investing in Tanzanian soybean farmers.

Hunan is also home to China’s construction manufacturing and electronic transportation frontier. This includes global construction giant Sany, which produces heavy industry machinery for the construction, mining and energy sectors. China’s global electronic vehicle manufacturing BYD and its electronic railway industry are also in Hunan. They have deep and increasing interests in Africa and can also support China’s key minerals and tech race with the US.

As US-China hostility enters a new era, what are the implications for China-Africa relations?

As my new working paper sets out, African countries are, for example, responding to the new opportunities from China.

At the end of 2024, while the world waited for Trump’s second coming, various African countries made moves to strengthen economic ties with China, Hunan province especially.

In December 2024, Tanzania became the first African country to open an official investment promotion office in the China-Africa Cooperation Pilot Zone in Changaha.

In November 2024, both the China-Africa Economic and Trade Expo in Africa and the China Engineering Technology Exhibition were held in Abuja, Nigeria. Equivalent events were hosted in Kenya.

Early in 2025 in Niamey, Niger, a joint pilot cooperation zone was inaugurated , and which is direct partner of the China-Africa Pilot zone in Hunan.

As China moves away from US agricultural produce, for instance, African agricultural producers can benefit. Substitute African products and potential exports will enjoy a price boost, and elevated Chinese support.

China’s newly elevated interest in African development and market potential will bring major prospects. The question will be whether African countries are ready to grasp them, and to use that potential to foster an independent development path of their own.

– US trade wars with China – and how they play out in Africa
– https://theconversation.com/us-trade-wars-with-china-and-how-they-play-out-in-africa-249609

MIL OSI Africa –

March 6, 2025
MIL-OSI Russia: Polytechnic University and the Institute of the Human Brain Signed a Cooperation Agreement

Translartion. Region: Russians Fedetion –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

On March 5, the Peter the Great St. Petersburg Polytechnic University was visited by the director of the N. P. Bekhtereva Institute of the Human Brain of the Russian Academy of Sciences (IHBR RAS), Doctor of Medical Sciences, Professor Mikhail Didur.

At a meeting with the rector of SPbPU, academician of the Russian Academy of Sciences Andrey Rudskoy, an agreement on cooperation between the two organizations was solemnly signed, aimed at interaction in scientific research and educational activities. On the part of SPbPU, cooperation will be carried out on the basis of the Institute of Biomedical Systems and Biotechnology (IBSiB).

The agreement provides for the organization of joint scientific research and development in such areas of science as the study of the structure and mechanisms of brain functioning in normal and pathological conditions, nuclear medicine and the development of radiopharmaceuticals, and targeted drug delivery.

An important aspect of the interaction between SPbPU and the IMC RAS is the training of highly qualified personnel in the field of biomedicine and bioengineering, including the organization of scientific internships for students and postgraduates of the IMC RAS in the laboratories of the IMC RAS.

The Institute of the Human Brain was created to develop the world-famous scientific works of the outstanding Russian scientist, Academician Natalia Petrovna Bekhtereva. The uniqueness of the work of the IMC RAS lies in the conduct of comprehensive fundamental studies of the organization of the human brain and its higher mental functions, as well as the presence of a clinic equipped with the latest technology, on the basis of which high-tech medical care is provided to patients. The Polytechnic also conducts scientific research in the field of neurosciences aimed at studying the mechanisms of development of neurodegenerative diseases. I am confident that joint research will allow us to achieve new fundamental and applied scientific results, – noted Andrey Rudskoy.

Mikhail Didur emphasized that the conclusion of such an agreement is a systematic continuation of the work of the founder of the Human Brain Institute, Natalia Bekhtereva, who, throughout all the years of her active scientific work, developed interdisciplinary research, involving employees of the physical, technical fields, mathematicians and chemists in the work.

Following the vector set by Natalya Petrovna, we believe that interaction with such a powerful university as the Polytechnic University can become as productive as possible for science in the Leningrad Region. We also set ourselves the task of developing this cooperation as much as possible. Three areas are a priority: joint scientific work, creation of an educational base and platform for university graduates, training of personnel to work on modern high-tech and rather rare equipment. I think that our scientists will be able to complement each other and educate excellent young specialists. This, of course, is the main task of such cooperation between educational and scientific institutions, – concluded Mikhail Dmitrievich.

Strengthening ties with scientific organizations of St. Petersburg is very important for the development of our institute. This not only gives us new opportunities to conduct scientific research and development, but also allows our students to undergo scientific internships and complete their diploma theses at leading Russian scientific centers, such as the Institute of Biological and Biological Problems of the Russian Academy of Sciences, commented Director of the Institute of Biological and Biological Problems Andrey Vasin.

The Bekhtereva Institute of the Human Brain of the Russian Academy of Sciences is one of the leading Russian scientific organizations that conduct fundamental research into the organization of the human brain and its complex mental functions. The Institute’s tasks also include optimization of diagnostics and search for methods of treating brain diseases. The Institute was created as an institution focused on studying the human brain, the mechanisms that ensure the performance of higher mental functions, their “breakdowns” that lead to the development of pathologies, and the creation of high-tech diagnostic and therapeutic methods on this basis. The main component of the Institute’s success is its team, which continues to develop the ideas of the Bekhtereva school, develop new research areas and improve treatment methods, as well as being equipped with the latest research and medical equipment.

Photo archive

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

March 6, 2025
MIL-OSI Global: US trade wars with China – and how they play out in Africa

Source: The Conversation – Africa – By Lauren Johnston, Associate Professor, China Studies Centre, University of Sydney

Since taking office, US president Donald Trump has implemented policies that have been notably hostile towards China. They include trade restrictions. Most recently, a 20% tariff was added to all imports from China and new technological restrictions were imposed under the America First Investment Policy. This isn’t the first time US-China tensions have flared. Throughout history the relationship has been fraught by economic, military and ideological conflicts.

China-Africa scholar and economist Lauren Johnston provides insights into how these dynamics may also shape relations between Africa and China.

How has China responded to hostile US policies?

First, China tends to have a defiant official response. It expresses disappointment, then states that the US policy position is not helpful to any country or the world economy.

Second, China makes moves domestically to prioritise the interests of key, affected industries.

Third, China will sometimes impose retaliatory sanctions.

In 2018, for instance, China imposed a 25% tariff on US soybeans, a critical animal feed source. The US Department of Agriculture had to compensate US soybean farmers for their lost income.

Another example is how, following US tech sanctions, China took a more independent technology path. It has channelled billions into tech funds. The goal is to make financing available for Chinese entrepreneurs and to push technological boundaries in areas of US sanction, such as semiconductors. These efforts are backed up by subsidies and tax reductions. In some cases, the Chinese state will invest directly in tech companies.

More recently, China retaliated to the US trade war by
announcing tariffs on 80 US products. China is set to place 15% tariffs on certain energy exports, including coal, natural gas and petroleum. An additional 10% tariffs will be placed on 72 manufactured products including trucks, motor homes and agricultural machinery.

Agricultural trade has been hard hit. The day the US announced a 10% tariff on Chinese imports, China announced “an additional 15% tariff on imported chicken, wheat, corn and cotton originating from the US”. Also, “sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables and dairy products will be subject to an additional 10% tariff”.

How have these Chinese responses affected Africa?

We can’t say for certain that China’s response to US trade tensions has explicitly affected its Africa policy, but there are some notable coincidences.

Less than one month after Trump’s return to the White House in 2025, and soon after the first tariffs were slapped on China’s exports to the US, China announced new measures to foster China-Africa trade efforts. The policy package aims to “strengthen economic and trade exchanges between China and Africa.”

This is the latest in a series of Chinese actions.

In January 2018 trade hostilities began to escalate after Trump imposed a first round of tariffs on all imported washing machines and solar panels. These had an impact on China’s exports to the US.

Later the same year, China imposed 25% tariffs on US soy bean imports and took steps to reduce dependence on US agricultural products. China also took steps to expand trade with Africa, agricultural trade in particular.

In September 2018, Beijing hosted the Forum on China and Africa Cooperation summit, a triennial head of state gathering. It was announced that China would set up a China-Africa trade expo and foster deeper agricultural cooperation. In the days after the summit, China’s Ministry of Agriculture and Rural Affairs was already acting on this. A gathering of African agricultural ministers took place in Changsha, Hunan province.

Hunan province has since taken centre stage in China-Africa relations. It’s now the host of a permanent China-Africa trade exhibition hall and a larger biennial China-Africa economic and trade exhibition (known as CAETE).

Hunan also hosts the pilot zone for In-Depth China-Africa Economic and Trade Cooperation. The zone has numerous initiatives designed to overcome obstacles to China-Africa trade and investment, like support in areas of law, technology and currency, and vocational training.

Finally, the zone is located in a bigger free-trade zone that is better connected to Africa by air, water and land corridors. African agricultural exports to China pass through Hunan, where local industry either uses these imports or distributes them across the country to retailers.

Companies in Hunan are well placed to play a key role in supporting China-Africa trade, capitalising on the opportunities left by China-US hostilities.

Hunan’s agritech giant Longping High-Tech, for instance, is investing in Tanzanian soybean farmers.

Hunan is also home to China’s construction manufacturing and electronic transportation frontier. This includes global construction giant Sany, which produces heavy industry machinery for the construction, mining and energy sectors. China’s global electronic vehicle manufacturing BYD and its electronic railway industry are also in Hunan. They have deep and increasing interests in Africa and can also support China’s key minerals and tech race with the US.

As US-China hostility enters a new era, what are the implications for China-Africa relations?

As my new working paper sets out, African countries are, for example, responding to the new opportunities from China.

At the end of 2024, while the world waited for Trump’s second coming, various African countries made moves to strengthen economic ties with China, Hunan province especially.

In December 2024, Tanzania became the first African country to open an official investment promotion office in the China-Africa Cooperation Pilot Zone in Changaha.

In November 2024, both the China-Africa Economic and Trade Expo in Africa and the China Engineering Technology Exhibition were held in Abuja, Nigeria. Equivalent events were hosted in Kenya.

Early in 2025 in Niamey, Niger, a joint pilot cooperation zone was inaugurated , and which is direct partner of the China-Africa Pilot zone in Hunan.

As China moves away from US agricultural produce, for instance, African agricultural producers can benefit. Substitute African products and potential exports will enjoy a price boost, and elevated Chinese support.

China’s newly elevated interest in African development and market potential will bring major prospects. The question will be whether African countries are ready to grasp them, and to use that potential to foster an independent development path of their own.

Lauren Johnston 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. US trade wars with China – and how they play out in Africa – https://theconversation.com/us-trade-wars-with-china-and-how-they-play-out-in-africa-249609

MIL OSI – Global Reports –

March 6, 2025
MIL-OSI Russia: Designing Dumplings: Food Engineering Competition Held at Polytechnic University

Translartion. Region: Russians Fedetion –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

The Higher School of Biotechnology and Food Production of the Institute of Biomedical Systems and Biotechnology of SPbPU held the competition “Food Engineering”. Students from schools and colleges from St. Petersburg, Leningrad Region, Penza and Podolsk took part in it.

The competition program consisted of online and offline events, which included theoretical interactive sessions and practical cases for students.

This year the educational intensive was dedicated to school nutrition.

In a remote format, the competition participants listened to lectures on the topic “Tasty Science: How Nutrition Shapes the Future” (Associate Professor Svetlana Eliseeva) and “Meat Quality Control from Farm to Plate” (Associate Professor Alexander Moskvichev).

After that, the in-person stage began — solving cases. Students in grades 9–11 completed tasks on the topic of “Designing Dumplings.” They learned about the types of dumplings, the beneficial properties of raw materials, the range and quality indicators of products, mastered the technology of preparation and the rules of serving.

College students solved the case “Designing a healthy burger”. The guys mastered the technology of cooking healthy burgers, acquired skills in working in a food quality control laboratory, where they determined the organoleptic and physicochemical indicators of product quality.

The final stage was the presentation of the results of all completed tasks.

In the “Designing Pelmeni” case, the winners were Sofia Badanova and Natalie Karapetyan from Gymnasium No. 587.

The top three were determined among college students.

First place — Irina Murtazina and Ivan Voronin (Institute of Secondary Vocational Education SPbPU). Second place — Maria Dubrovina and Sofia Basova (College of Business and Technology). Third place — Angelina Ermoolenkova and Evelina Royanova (College of Culinary Arts).

First-year student of the St. Petersburg State Budgetary Professional Educational Institution “College of Culinary Arts” Angelina Ermoolenkova participated in such a competition for the first time, so she was very pleased with the third place: We will take into account the mistakes and next time we will definitely do everything for the maximum points. I really liked the work in the laboratory, the teachers and student volunteers helped and supported! I was very impressed by the Polytechnic University, I am seriously thinking about entering your university.

First of all, I want to say thank you for the opportunity to participate in such an event. There was nothing complicated in the preparation, the process was exciting. Thanks to the competition, I learned not to be afraid to combine different textures, tastes and ingredients with each other, – said first-year student of the RANEPA SPb Sofia Balabanova.

The Food Engineering competition is very popular among schoolchildren and college students. Its goal is career guidance and attracting talented applicants to the Polytechnic University. Participants acquire scientific skills in the food quality control laboratory, design healthy food products and implement their project in the Food Technologies laboratory. Many contestants eventually become Polytechnicians, – noted Associate Professor of the Higher School of Business and Food Engineering Valeria Bychenkova.

Based on the results of testing, all competition participants received personalized electronic certificates.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

March 6, 2025
MIL-OSI United Kingdom: British businesses continue optimistic views about Taiwan economy
Source: United Kingdom – Government Statements
World news story

British businesses continue optimistic views about Taiwan economy

English

繁體中文

According to the latest survey results, optimism towards Taiwan’s economy was solid among respondents, consistent with previous results.
Ruth Bradley-Jones, Representative at the British Office Taipei, and Martin Kent, His Majesty’s Trade Commissioner for Asia Pacific currently visiting Taiwan, announced the latest 2024-25 British Business Survey results at an event hosted by the British Chamber of Commerce in Taipei. Representatives from the Taiwanese authorities, including Deputy Trade Representative Huai-Shing YEN from Office of Trade Negotiation, Secretary General Amelia W.J. DAY from International Trade Administration and Director General Emile M. P. CHANG from Department of Investment Promotion of Ministry of Economic Affairs, also attended the event.

According to the latest survey results, optimism towards Taiwan’s economy was solid among respondents, consistent with previous results. It is significant that despite a series of global economic fluctuations over the past few years, Taiwan has been a stable and growing market for most British businesses. The respondents also identified new opportunities across various sectors – notably ICT beyond semiconductors – as well as healthcare, financial services, and renewable energy. In this positive environment, 64% of respondents anticipated business revenue to grow in 2025.

Martin Kent, His Majesty’s Trade Commissioner for Asia Pacific (Right) was exchanging opinions with UK businesses.

Respondents also expected the UK-Taiwan Enhanced Trade Partnership (ETP) Arrangement to benefit their operations by facilitating business between the UK and Taiwan and reducing bureaucratic ‘red tape.’

British businesses’ hope for the next round of UK-Taiwan trade talks largely aligned with their wish lists for the UK’s updated industrial and trade strategies. In particular, they emphasised strengthening the UK-Taiwan relationship in ICT and healthcare.

The results of the latest survey showed that most of the uncertainties come from external, international sources. There are signs that geopolitical factors are impacting operations. Businesses expressed concern about attracting and retaining foreign talent due to cross-Strait tensions. Over one third of respondents stated some impact to their business operation following President Trump’s re-election.

Looking domestically at areas for improvement, local protectionism is seen as a growing challenge for British businesses hoping to compete on a level playing field in Taiwan.

These concerns are reflected in respondents’ ranking for policy priorities in Taiwan. Energy supply and security was the top priority, followed by efforts to stabilise cross-Strait relations, and continuation of efforts to diversify Taiwan’s international trading network. Additionally, respondents expressed a desire to see greater efforts to attract foreign investment, international companies, and foreign talent.

Ruth Bradley-Jones, Representative at the British Office Taipei, was giving remarks in the event.

Ruth Bradley-Jones, Representative at the British Office Taipei, said she recognised potential business uncertainty coming from the external space, but noted,

I believe that the UK and Taiwan are committed to a responsive trading environment for businesses, and this is demonstrated through the ETP, bilateral Trade Talks, and many more collaborations in science, energy, and digital. I am confident that UK-Taiwan bilateral economic relations will continue to prosper, encouraging British businesses to keep their commitments to the Taiwanese market.

A total of 38 British businesses responses were collected, most of which have set up offices in Taiwan, representing a wide range of sectors, from consulting businesses (24%), advanced engineering (21%), aerospace, energy, financial and professional services, to semiconductors (18% each).

The comprehensive results of the latest British business survey will be published on the UK Government’s GOV.UK Taiwan page in due course and will be included in the future UK-Taiwan bilateral discussions.

Note to editors:

The British Business Survey, which started in 2017, is an annual initiative that seeks to gain insights into British business sentiment about Taiwan’s economy and business environment. This latest edition of the British Business Survey was conducted by the British Office Taipei between December 2024 to January 2025, in collaboration with the British Chamber of Commerce in Taipei.

The 2023-2024 British Business Survey results can be found HERE.

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Published 6 March 2025
MIL OSI United Kingdom –
March 6, 2025

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 ratio^{1 2}	+55.4%	+63.9%	-9pts
Reported Group expense ratio^{1 2}	+22.0%	+24.8%	-3pts
Reported Group combined ratio^{1 2}	+77.4%	+88.7%	-11pts
Reported Group combined ratio (Ogden -0.25%)	+79.7%	+88.7%	-9pts
Insurance service margin^{1 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
Turnover^{1 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 written^{1 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 XoL^{2 4}	3,271.4	2,188.6
Insurance expenses^{1 2 3}	(586.8)	(451.2)
Insurance claims incurred net of XoL^{2 4}	(2,078.1)	(1,729.0)
Insurance claims releases net of XoL^{2 4}	374.6	392.8
Quota share reinsurance result^{2 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 ratio^{1 2 5}	52.1%	61.1%
Reported Motor expense ratio^{1 2 5}	17.9%	20.6%
Reported Motor combined ratio^{1 2 5}	70.0%	81.7%
Reported Motor combined ratio (Ogden -0.25%)¹	73.2%	81.7%
Reported Motor Insurance service margin^{1 2 5}	23.0%	17.7%
Core motor loss ratio before releases^{1 2 6}	69.2%	87.0%
Core motor claims releases^{1 2 6}	(12.7)%	(20.2)%
Core motor loss ratio^{1 2 6}	56.5%	66.8%
Core motor expense ratio^{1 2 6}	18.2%	21.4%
Core motor combined ratio^{1 6}	74.7%	88.2%
Core motor written expense ratio^{1 2 7}	16.8%	17.8%
Vehicles insured at period end^{1 2}	5.69m	4.94m
Other revenue per vehicle^{2 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 ratio^{1 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 result^{1 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 ratio^{1 2}	50.1%	70.2%
Reported Household expense ratio^{1 2}	27.3%	29.4%
Reported Household combined ratio^{1 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 result^{1 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 tax^{1 4}	(5.3)	(18.0)

Segment performance indicators

£m	2024	2023
Loss ratio^{1 2}	71.1%	69.6%
Expense ratio^{1 2}	29.8%	30.7%
Combined ratio¹	100.9%	100.3%
Insurance service margin^{1 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 FVOCI^{1 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 facilities^{1 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.

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 result^{2 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 result^{2 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 –

March 6, 2025

MIL-OSI China: Tech revolution led by AI brings major opportunities: China’s education minister

Source: People’s Republic of China – State Council News

BEIJING, March 5 — Technological revolution led by artificial intelligence (AI) brings major opportunities for education, China’s Minister of Education Huai Jinpeng said Wednesday.

Huai made the remarks in response to a query from Xinhua about DeepSeek and humanoid robots during an interview on the sidelines of the annual session of the national legislature, which opened Wednesday in Beijing.

Every major technological revolution and industrial transformation places significant demands on society, especially on education, while bringing major opportunities for reform and development, said Huai.

In the face of the changes, China will advance comprehensive reforms in higher education, said Huai.

For example, the country will strengthen the development of core courses, key faculty, and essential textbooks in mathematics and computer science — the basic disciplines that square with national strategies.

China will also cultivate more talent in emerging and interdisciplinary fields and pursue deeper integration between industry, science and education, according to the minister.

China has about 4 million postgraduate students and 39 million undergraduates in universities and colleges.

In terms of basic education, the minister revealed that China will release a white paper on AI education in 2025, as part of efforts to equip students with enhanced literacy and skills for the digital and AI era.

MIL OSI China News –

March 6, 2025
MIL-OSI China: Bayer doubles down on commitment to China pharmacare

Source: China State Council Information Office

Germany-based life sciences giant Bayer unveiled Bayer E-Town Open Innovation Center in Beijing on Monday, adding another tier to the company’s long-term commitment to Chinese healthcare.

“This is another significant milestone for Bayer Pharmaceuticals in China and further strengthens our strategic presence in Beijing,” said Sebastian Guth, chief operating officer of Bayer Pharmaceuticals.

The center, which broke ground in 2023 in the Beijing Economic-Technological Development Area — aka Beijing E-Town — is the first of its kind in China. Its aim is to foster collaboration among industry, academia and research to expedite advancements in cutting-edge sectors of the biopharmaceutical industry.

“We’ve been in China for 143 years and in the E-Town for 30 years. With the opening of our Bayer E-Town Open Innovation Center, we’ve established what we describe as ‘dual innovation engines’ in China, aiming to drive innovation at every stage of our biopharmaceutical value chain,” Guth said.

Bayer Co. Lab, which was put into operation in China in 2024, has become an innovation force focusing on fostering early innovation and biotech startups in life sciences. As for the newly opened center, Guth noted its “unique focus on open innovation with an emphasis on medicines that are in clinical development and digital innovation to facilitate the commercial success of products that we bring to the Chinese market.”

The COO underscored that the establishment of the innovation center and Co. Lab represents Bayer’s commitment to “doubling down on local innovation”, saying that “local innovation partnerships will play a key role in our development in China”.

Featuring artificial intelligence-powered and data-driven operation models, the innovation center will also be used to improve healthcare providers’ engagement on the ground. “The innovation center gives us a platform for showcasing local commercial innovation, for example with our women’s health campus and digital clinical service center,” said Guth. “We already have strong pharmaceutical commercial operation capabilities in China, and this center helps us to take it to the next level. We’re excited to co-develop this with Chinese partners right here in Beijing.”

Long-term dedication

As one of the first multinational enterprises to enter the Chinese market, Bayer stands out as the only foreign pharmaceutical company to establish both a product supply center and a research and development center in Beijing. In 1995, the company built the first pharmaceutical production and packaging site in Beijing E-Town and expanded it following a capital expenditure of approximately 100 million euros ($104.83 million) in 2016. The facility is now Bayer’s largest pharmaceutical packaging site.

“The biopharmaceutical industry in China is undergoing a remarkable transformation. Ten, 20 or 30 years ago, we saw ‘me-too’ products that were developed in China but today we are seeing the emergence of first-in-class innovative medicines originating here,” Guth said, adding that the country is the second most important innovation hub in the global biopharmaceutical industry.

As China develops new quality productive forces as innovative engines that drive high-quality development, Guth said: “We appreciate China’s commitment to innovation, as it ultimately benefits patients. This new strategy is set to further strengthen the life sciences industry as a vibrant engine, especially in cutting-edge technologies. It mirrors our own commitment to innovation as a pharma company.”

In a vision of “Treat the untreatable. Cure disease. Offer hope to patients”, Bayer has been committed to practicing its dedication to innovation and excellence in healthcare. According to the company, it has brought more than 30 innovative drugs and new indications to China over the past five years.

“China has become a rising innovation hub with rapidly growing innovative drug approvals. We’re looking at the country as one of the world’s largest contributors to medical advancements and drug pipelines, with a leading position in cutting-edge technologies and modalities like cell and gene therapies,” said Guth. “We want to leverage the vibrant innovation ecosystem to bring innovative medicines to the many patients in China.”

In 2009, Bayer established its global prescription medicine R&D center in Beijing, and 19 innovative drugs and 36 new drugs or new indications have since been approved in China. Earlier this year, the company filed two new indications, which are expected to be approved soon.

To advance fundamental scientific research in drug development, Bayer has fostered communication and collaboration with local academic institutions. In 2009 and 2014, the company established long-term research partnerships with Tsinghua University and Peking University, respectively. So far, they have conducted over 100 joint research projects in various areas, including new target discovery, disease mechanism studies, drug screening, and innovative chemical synthesis, setting a benchmark for integrated development and innovation in China’s pharmaceutical sector.

“We’re proud to be a trusted partner for innovators and industry leaders in the local innovation ecosystem across the country. There are still many unmet medical needs in China, and we continue to bring innovative products to the market to meet the needs of Chinese patients,” said Guth.

Increasing prospect

Last month, China issued an action plan on stabilizing foreign investment in 2025, highlighting expanding pilot openings in sectors such as telecommunications, healthcare and education. It calls for facilitating the orderly opening of the biopharmaceutical sector, supporting eligible foreign enterprises in participating in pilot programs for segmented production of biologics, accelerating the process of bringing innovative drugs to market, optimizing volume-based drug procurement and enhancing the predictability of medical device product procurement.

“It’s heartening to see China’s commitment to openness, and these policies create favorable conditions for foreign companies to innovate, invest and grow,” said Guth.

“For global pharmaceutical companies like Bayer, this creates positive market expectations and will further accelerate innovative drugs coming to market for Chinese patients.

“These policies encourage local collaboration, and facilitate domestic and foreign companies working together to expand the innovation ecosystem. More Chinese patients will benefit as a result,” he added.

MIL OSI China News –

March 6, 2025
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 –

March 6, 2025
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 –
March 6, 2025
MIL-OSI Economics: Sony Corporation Exhibits at the International Conference on Accessibility “CSUN Assistive Technology Conference 2025”
Source: Sony

March 6, 2025

Showcasing a variety of products and initiatives incorporating inclusive design.
Sony Corporation (“Sony”) will participate in the 40th CSUN Assistive Technology Conference, taking place Monday, March 10 to Friday, March 14 in Anaheim, California.

Sony aims to contribute to an inclusive society by developing technology and products geared towards creating a more accessible and enjoyable experience for everyone, under the theme of “Delivering innovation for an accessible future.”

The exhibit will showcase accessible products and various inclusive design initiatives, including 4K Mini LED/OLED BRAVIA TVs with new features such as a menu timeout function that allows users to keep menus on the screen longer as well as color inversion and grayscale modes. The LinkBuds Open truly wireless earbuds, which have an open ring design that keeps users connected to their surroundings, will also be on display.

For more information, visit: CSUN 2025

Main Exhibits

4K Mini LED/OLED BRAVIA TVs

BRAVIA TVs offer a variety of accessibility features, implemented based on feedback from people with disabilities who want to use the TV more independently, including the TalkBack screen reader for initial settings, a menu timeout function that allows users to keep menus on the screen longer, as well as color inversion and grayscale modes for people with low vision or visual sensitivities. Additionally, the tactile dots on the HDMI and S-CENTER terminals of BRAVIA TVs match those found on the BRAVIA Theater products to simplify the process of locating and connecting ports for a smooth setup experience.

BRAVIA Theater Bar 9/8

To help people with visual disabilities set up BRAVIA Theater home audio products, a raised square frame on the package indicates a QR code*1 for the BRAVIA Connect app*2, which offers screen reader support. Tactile dots on the back panel of BRAVIA Theater Bar 9 and 8 indicate the eARC HDMI terminal for connecting to a TV.

LinkBuds Open Truly Wireless Earbuds

LinkBuds Open have a unique open-ring design that keeps users connected to the outside world while enjoying their favorite tunes. The Fitting Supporters have a tail that is soft and hollow to reduce ear contact and therefore pressure, while the point of attachment is hooked and hard, to prevent accidental dislodging. As a part of efforts to enhance the accessibility of our products and services, the earbuds and the case are designed with non-slip materials and designs, incorporating feedback from people who are blind or partially sighted. In addition, LinkBuds Open work with Eye Navi, a walking support application for people with visual disabilities, developed by Computer Science Institute, for intuitive voice navigation (for customers in Japan only).
Furthermore, Sony’s audio products have introduced “Guide for QR” to make it easier for users to recognize a QR code on the packaging, allowing them to access information on how to use the product. At CSUN, the packaging of LinkBuds Open with Guide for QR will be on display and handouts will be distributed with semicircular notches and tactile frames to make it easier to find a QR Code.

For more information, visit: Guide for QR | Sony USA

Self-fitting Over-the-Counter (OTC) Hearing Aids (only in the U.S. market)

Self-fitting OTC hearing aids*3 have been available in the U.S. market were developed in collaboration with WS Audiology after listening to users’ opinions through interviews prior to development. Both the Bluetooth ®-compatible CRE-E10*4, with streaming music playback capability, and the virtually invisible CRE-C20 are supported with the Hearing Control smartphone app*5. The Hearing Control app’s self-fitting process customizes a hearing profile for each ear and users can also use the app to manually adjust a variety of sound settings as well. In addition, both the CRE-C20 and CRE-E10 are rechargeable and can be used comfortably for up to 26-28 hours with a single charge.

Digital Cameras

Sony will introduce a Screen Reader Function*6 and Enlarge Screen Function*7 incorporated in a selection of Sony’s digital cameras. Users can navigate menus and operation screens audibly instead of visually and can change the magnification of the screen display with the simple press of a button. These features were developed in collaboration with a Sony employee who is blind and has a passion for photography.

Retina Projection Camera Kit

Another unique and innovative development is the Retina Projection Camera Kit (DSC-HX99 RNV kit) with a laser retinal projection technology that is less affected by eye’s focusing ability. By combining the Cyber-shot® “DSC-HX99” and QD Laser Co., Ltd.’s “RETISSA NEOVIEWER” viewfinder*8, a digital image from the camera is directly projected to the retina, allowing people with difficulty using a conventional viewfinder to view and photograph the world.

Accessible Retail Displays

Sony will showcase a retail display with Braille and audio product description capabilities, created in cooperation with the Braille Institute, a nonprofit organization that supports the lives of people with visual disabilities. The retail displays with audio description capabilities have been installed in 925 Best Buy stores in the U.S.

In addition to the exhibits above, Sony will hold a session on March 12 to showcase a selection of accessibility initiatives.

Driving Innovation for an Inclusive Tomorrow

Kazuo Kii, Executive Deputy President of Sony Corporation, and Neal Manowitz, President and COO of Sony Electronics in North America, will share video messages regarding accessibility at Sony. Additionally, Mike Nejat, Head of Accessibility of Sony Electronics North America, will introduce Sony’s ongoing accessibility initiatives, such as collaboration with organizations for people with disabilities and the latest accessible products.

“Sony,” “SONY” logo and any other product names, service names or logo marks used in this website are registered trademarks or trademarks of Sony Group Corporation or its affiliates. Other product names, service names, company names or logo marks are trademarked and copyrighted properties of their respective owners and/or licensors.

*1:QR Code is a registered trademark of DENSO WAVE INCORPORATED in Japan and in other countries/regions.

*2:BRAVIA Connect app must be installed on a smartphone. The smartphone and the product must be connected to the same home network.

*3:FDA cleared as OTC self-fitting hearing aid intended to amplify sound for individuals 18 years of age or older with perceived mild to moderate hearing loss.

*4:Compatible with iOS devices only.

*5:Sony | Hearing control app – Use app on smartphone to personalize settings. Download app at Google Play and the App Store. Network services, content, and operating system and software subject to terms and conditions and may be changed, interrupted or discontinued at any time and may require registration.

*6:Currently available on Alpha 7C II, Alpha 7CR, Alpha 7R V, Alpha 7 IV, Alpha 9 III, Alpha 1 II, Alpha 6700, ILX-LR1, FX30, PXW-Z200, HXR-NX800 and Vlog camera ZV-1F, ZV-E1, ZV-1 II, ZV-E10 II sold in North America. Supported languages vary depending on models and regions/countries where sold.

*7:Available on Alpha 7C II, Alpha 7CR, Alpha 9 III, Alpha 1 II, ILX-LR1, PXW-Z200, HXR-NX800 and Vlog camera ZV-E10 II.

*8:The RETISSA NEOVIEWER is not medical equipment. It is not approved by The Food and Drug Administration (FDA) to diagnose, treat, cure or prevent any specific condition. It may be difficult to recognize images depending on the part and degree of impairment (such as when the function of the retina is degraded). RETISSA and NEOVIEWER are registered trademarks or trademarks of QD Laser. More information here: RETISSA NEOVIEWER – RETISSA
MIL OSI Economics –
March 6, 2025
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 –

March 6, 2025
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 –

March 6, 2025
MIL-Evening Report: Robert F. Kennedy Jr says vitamin A protects you from deadly measles. Here’s what the study he cites actually says

Source: The Conversation (Au and NZ) – By Evangeline Mantzioris, Program Director of Nutrition and Food Sciences, Accredited Practising Dietitian, University of South Australia

RobsPhoto/Shutterstock

Robert F. Kennedy Jr, who oversees the health of more than 340 million Americans, says vitamin A can prevent the worst effects of measles rather than urging more people to get vaccinated.

In an opinion piece for Fox News, the US health secretary said he was “deeply concerned” about the current measles outbreak in Texas. However, he said the decision to vaccinate was a “personal one” and something for parents to discuss with their health-care provider.

Kennedy mentioned updated advice from the Centers for Disease Control (CDC) to treat measles with vitamin A. He also cited a study he said shows vitamin A can reduce the risk of dying from measles.

Here’s what the vitamin A study actually says and why public health officials are so concerned about Kennedy’s latest statement.

Why is a measles outbreak so worrying?

Measles is a highly contagious disease caused by a virus. It spreads easily including when an infected person breathes, coughs or sneezes.

Measles initially infects the respiratory tract and then the virus spreads throughout the body. Symptoms include a high fever, cough, red eyes, runny nose and a rash all over the body.

Measles can also be severe, can cause complications including blindness and swelling of the brain, and can be fatal. Measles can affect anyone but is most common in children.

The Texan health department has confirmed 150-plus cases of measles and one death of an unvaccinated child during the current outbreak. While this is by far the largest measles outbreak in the US in 2025, the CDC has reported smaller outbreaks in several other states so far this year.

Why vitamin A?

Vitamin A is essential for our overall health. It has many roles in the body, from supporting our growth and reproduction, to making sure we have healthy vision, skin and immune function.

Foods rich in vitamin A or related molecules include orange, yellow and red coloured fruits and vegetables, green leafy vegetables, as well as dairy, egg, fish and meat. You can take it as a supplement.

Vitamin A can also be used therapeutically. In other words, doctors may prescribe vitamin A to treat a deficiency. Vitamin A deficiency has long been associated with more severe cases of infectious disease, including measles. Vitamin A boosts immune cells and strengthens the respiratory tract lining, which is the body’s first defence against infections.

Because of this, the CDC has recently said vitamin A can also be prescribed as part of treatment for children with severe measles – such as those in hospital – under doctor supervision.

One key message from the CDC’s advice is that people are already sick enough with measles to be in hospital. They’re not taking vitamin A to prevent catching measles in the first place.

The other key message is vitamin A is taken under medical supervision, under specific circumstances, where patients can be closely monitored to prevent toxicity from high doses.

Vitamin A toxicity can cause birth defects and increase the risk of fractures in elderly people. Vitamin A and beta-carotene (which the body turns into vitamin A) from supplements may also increase your risk of cancer, especially if you smoke.

Taking too much vitamin A can lead to toxicity and cause birth defects.
ChameleonsEye/Shutterstock

How about the study Kennedy cites?

Kennedy cites and links to a 2010 study, a type known as a systematic review and meta-analysis. Researchers reviewed and analysed existing studies, which included ones that looked at the effectiveness of vitamin A in preventing measles deaths.

They found three studies that looked at vitamin A treatment by specific dose. There were different doses depending on the age of the children, measured in IU (international units). Having two doses of vitamin A (200,000IU for children over one year of age or 100,000IU for infants below one year) reduced mortality by 62% compared to children who did not have vitamin A.

The 2010 study did not show vitamin A reduced your risk of getting measles from another infected person. To my knowledge no study has shown this.

To be fair, Kennedy did not say that vitamin A stops you from catching measles from another infected person. Instead, he used the following vague statement:

Studies have found that vitamin A can dramatically reduce measles mortality.

It’s easy to see how a reader could misinterpret this as “take vitamin A if you want to avoid dying from measles”.

We know what works – vaccines

The World Health Organization recommends all children receive two doses of measles vaccine.

The CDC states two doses of the measles vaccine (measles-mumps-rubella or MMR vaccine) is 97% effective against getting measles. This means out of every 100 people who are vaccinated only three will get it, and this will be a milder form.

But these facts were missing from Kennedy’s statement. Should we be surprised? Kennedy is well known for his vaccine sceptism and for undermining vaccination efforts, including for the measles vaccine.

As Sue Kressly, president of the American Academy of Pediatrics, told the Washington Post:

relying on vitamin A instead of the vaccine is not only dangerous and ineffective […] it puts children at serious risk.

Evangeline Mantzioris is affiliated with Alliance for Research in Nutrition, Exercise and Activity (ARENA) at the University of South Australia. Evangeline Mantzioris has received funding from the National Health and Medical Research Council, and has been appointed to the National Health and Medical Research Council Dietary Guideline Expert Committee.

– ref. Robert F. Kennedy Jr says vitamin A protects you from deadly measles. Here’s what the study he cites actually says – https://theconversation.com/robert-f-kennedy-jr-says-vitamin-a-protects-you-from-deadly-measles-heres-what-the-study-he-cites-actually-says-251465

MIL OSI Analysis – EveningReport.nz –

March 6, 2025
MIL-Evening Report: Woolly mice are cute and impressive – but they won’t bring back mammoths or save endangered species

Source: The Conversation (Au and NZ) – By Emily Roycroft, Research Group Leader & ARC DECRA Fellow, Monash University

Colossal Biosciences

US company Colossal Biosciences has announced the creation of a “woolly mouse” — a laboratory mouse with a series of genetic modifications that lead to a woolly coat. The company claims this is the first step toward “de-extincting” the woolly mammoth.

The successful genetic modification of a laboratory mouse is a testament to the progress science has made in understanding gene function, developmental biology and genome editing. But does a woolly mouse really teach us anything about the woolly mammoth?

What has been genetically modified?

Woolly mammoths were cold-adapted members of the elephant family, which disappeared from mainland Siberia at the end of the last Ice Age around 10,000 years ago. The last surviving population, on Wrangel Island in the Arctic Ocean, went extinct about 4,000 years ago.

The house mouse (Mus musculus) is a far more familiar creature, which most of us know as a kitchen pest. It is also one of the most studied organisms in biology and medical research. We know more about this laboratory mouse than perhaps any other mammal besides humans.

Colossal details its new research in a pre-print paper, which has not yet been peer-reviewed. According to the paper, the researchers disrupted the normal function of seven different genes in laboratory mice via gene editing.

By tinkering with different genes, researchers produced mice with different kinds of fur.
Colossal Biosciences

Six of these genes were targeted because a large body of existing research on the mouse model had already demonstrated their roles in hair-related traits, such as coat colour, texture and thickness.

The modifications in a seventh gene — FABP2 — was based on evidence from the woolly mammoth genome. The gene is involved in the transport of fats in the body.

Woolly mammoths had a slightly shorter version of the gene, which the researchers believe may have contributed to its adaptation to life in cold climates. However, the “woolly mice” with the mammoth-style variant of FABP2 did not show significant differences in body mass compared to regular lab mice.

What would it mean to de-extinct a species?

This work shows the promise of targeted editing of genes of known function in mice. After further testing, this technology may have a future place in conservation efforts. But it’s a long way from holding promise for de-extinction.

Colossal Biosciences claims it is on track to produce a genetically modified “mammoth-like” elephant by 2028, but what makes a mammoth unique is more than skin-deep.

De-extinction would need to go beyond modifying an existing species to show superficial traits from an extinct relative. Many aspects of an extinct species’ biology remain unknown. A woolly coat is one thing. Recreating the entire suite of adaptations, including genetic, epigenetic and behavioural traits that allowed mammoths to thrive in ice age environments, is another.

Prehistoric drawings of an ibex (left) and a mammoth (right) found at Rouffignac cave in France.
Cave Painter / Wikimedia

Unlike the thylacine (or Tasmanian tiger) — another species Colossal aims to resurrect — the mammoth has a close living relative in the modern Asian elephant. The closer connections between the genomes of these two species may make mammoth de-extinction more technically feasible than that of the thylacine.

But whether or not a woolly mouse brings us any closer to that prospect, this story forces us to consider some important ethical questions. Even if we could bring back the woolly mammoth, should we? Is the motivation behind this effort conservation, or entertainment? Is it ethical to bring a species back into an environment that may no longer sustain it?

Focus on conserving what remains

In Australia alone, we’ve lost at least 100 species to extinction since European colonisation in 1788, largely due the introduction of feral predators and land clearing.

The idea of reversing extinction is understandably appealing. We might like to think we could undo the past.

According to Colossal’s website,

Extinction is a colossal problem facing the world. And Colossal is the company that’s going to fix it.

It’s hard to argue with the first part of that. But focusing on bringing back extinct species distracts from a more urgent reality: species are going extinct right now, and we are not doing enough to save them.

We should first focus on promises to save surviving species, rather than promises to bring back the dead.

With more investment in threatened species monitoring, new pest control methods, and conservation genetic management, we can turn the tide of extinction and secure the future for species that remain.

There’s a long list of threatened species that are still alive now. With the right funding and conservation attention, we can do something to save them before it’s too late.

Emily Roycroft receives funding from the Australian Research Council, the L’Oréal-UNESCO For Women in Science Programme, and the Australian Academy of Science.

– ref. Woolly mice are cute and impressive – but they won’t bring back mammoths or save endangered species – https://theconversation.com/woolly-mice-are-cute-and-impressive-but-they-wont-bring-back-mammoths-or-save-endangered-species-251595

MIL OSI Analysis – EveningReport.nz –

March 6, 2025
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

March 6, 2025

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 –

March 6, 2025
MIL-OSI USA: Tuberville Speaks with NIH Nominee, Calls for Radical Transparency at the NIH

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)

WASHINGTON – Today,U.S. Senator Tommy Tuberville (R-AL) spoke with Dr. Jayanta Bhattacharya, President Trump’s nominee to lead the National Institutes of Health (NIH) during his confirmation hearing before the Senate Health, Education, Labor, and Pensions (HELP) Committee. During his remarks, Bhattacharya explained his plan to root out waste within the NIH and how he will earn back the trust of the American people by ensuring transparency.

Read Sen. Tuberville’s remarks below or on YouTube or Rumble.

TUBERVILLE: “Thank you doctor for being here. It’s always good to run into somebody that’s name’s harder to say than mine and mispronounced more.

You’ve got a hard job in front of you, but I share the ideas and desire that the President has to root out waste and the fraud that we have in this country. Because if we don’t, we’re not gonna have a country left. It’s gonna be gone. And he’s doing the right thing. You’re gonna have a tough job. You’re gonna have to put your team together and do the same thing. We have got to make sure we use American taxpayers’ money the right way.

So, kind of give me your plan of how you’re gonna do this—when you come into office and are confirmed how you’re gonna put your team together?”

BHATTACHARYA: “Thanks Senator, I should say this: I have a background as an economist as well as being a doctor. And to me, that background, what it leads me to do is understand that every dollar wasted on a frivolous study is a dollar not spent—every dollar wasted on administrative costs that are not needed—is a dollar not spent on research. The team I’m gonna put together is gonna be hyper-focused to make sure that the portfolio grants that the NIH funds is devoted to the chronic disease problems of this country. It’s gonna be devoted to making sure we have not just incremental progress, but research projects that have the capacity to make huge advances in treatment for cancer, for diabetes, for obesity. That’s how I’m going to decide what the team is.

And the NIH […], I’m blessed in some ways because it already has so many excellent scientists there to advise me on the on the areas I don’t know about. And I wanna tap [into] that resource. I wanna make sure I talk to every single person who who’s already a leader at the NIH to understand where those opportunities are.”

TUBERVILLE: “Yeah. Well, thank you.

You know, for the past four years, I’ve been on this Committee, and we’ve obviously gone through COVID [which was] devastating to not just our country, but the world.

Transparency and trust is gonna have to be earned again from a lot of people. Most people across this country don’t know what the hell NIH stands for. Okay? But now they do because of COVID. You said that science has to be reliable, exactly. But people also have to trust, you know, we’re finding out now we have biolabs in Ukraine—where a war is going on, and we’re funding them.

I mean, and so you’ve got to be on top of that, and the American people have to trust you that you will say, ‘Listen, we’re gonna keep an eye on, you know, the biolabs in North Carolina,’ or wherever we have them. Because it scares me to death of what’s going on.

What’s your plan there of getting trust back in this country?”

BHATTACHARYA: “Senator first of all […], I want to work with Congress to make sure that there’s appropriate regulation of any risky research. The NIH […] I don’t think should be doing any research that has the potential to cause a pandemic. And I want to work with Congress to make sure that happens.

As far as trust, I think the key thing is we have to be utterly open, if I’m confirmed, I’ll be at the head of an organization that’s a scientific organization. As a citizen, I would often look for FOIA responses from the NIH Freedom Information Act request, and they’d be fully redacted during the pandemic.

You can’t have trust unless you are transparent. And if I’m confirmed as an NIH Director, I fully commit to making sure that the American people can see all of the activities of the NIH openly, with limited sort of obfuscation. [The NIH has been characterized this way], I think unfortunately, [because of the] way that they’ve interacted with American people.”

TUBERVILLE: “And I think that starts with being very visual on television, telling people, you know, the truth. Don’t hide anything because we’ve been hiding things for years and that that doesn’t work. We found that out.

You know, Chairman Cassidy and I led a letter to the NIH under the last administration asking questions about a grant that the NIH funded focused on children transitioning genders. The study followed all these children—two of them committed suicide. Devastating.

So, how can we ensure the NIH doesn’t grant funds to things like this?”

BHATTACHARYA: “Well, first of all, I think it’s if you have a negative result and it’s politically inconvenient to you, usually, you have an obligation to scientists to report it. Right?

So, the NIH funds a study that shows that the gender transition doesn’t reduce suicide rate among, you know, adolescents. That researcher has an obligation to report it even though she may think it’s politically inconvenient. So, I wanna make sure that NIH research is required to report even negative results. And there’s ways to do that we can talk about.

But I think as far as, like, the prioritization of studies, as I was telling Senator Paul, I think we wanna make sure that the studies are focused on the diseases that really are hurting Americans—obesity—a lot of the research that, you know, it’s so easy to come up with, examples of this. One of a shrimp on a treadmill for instance, that was once funded. It’s not that I’m necessarily against research like that, but the American taxpayer should be focused on the needs of American taxpayers. And the research should be focused on those needs, the health needs of Americans. And I want to make sure that the NIH, if confirmed, focuses on exactly that.”

TUBERVILLE: “Thank you. Good luck.”

BHATTACHARYA: “Thank you so much.”

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Dr. Rand Paul Reintroduces Bipartisan Risky Research Review Act to Oversee Gain-of-Function Research
US Senate News:
Source: United States Senator for Kentucky Rand Paul

FOR IMMEDIATE RELEASE:

March 5, 2025

Contact: Press_Paul@paul.senate.gov, 202-224-4343

WASHINGTON, D.C. – Today, U.S. Senator Rand Paul (R-KY), Chairman of the Senate Homeland Security and Governmental Affairs Committee, reintroduced the bipartisan Risky Research Review Act, a first-of-its-kind proposal to establish a Life Sciences Research Security Board within the Executive Branch. This independent board will oversee the funding of gain-of-function research and other high-risk life sciences research that potentially poses a threat to public health, safety, or national security.

“We must demand accountability for the grave oversights that were revealed by the COVID-19 pandemic. The safety of our nation and the trust in its institutions depend on it. My bill not only strengthens transparency but also ensures that public health decisions are made in the best interest of the American people, free from financial motives and prioritizing national security,” said Dr. Paul.

U.S. Senator Gary Peters (D-MI), Ranking Member of the Senate Homeland Security and Governmental Affairs Committee, is an original cosponsor of the legislation in the Senate.

“Life science research can yield breakthroughs that help protect the health of Americans, but it must be done with proper safeguards in place,” said Sen. Peters. “By creating an independent oversight agency, this bill will help maintain control of high-risk research, to ensure it’s effective, innovative, and safe.”

U.S. Representative Morgan Griffith (R-VA-09), Chairman of the Energy and Commerce Committee’s Subcommittee on Environment, introduced the bill in the U.S. House of Representatives.

“Gain-of-function research is reported to be a potential target of a future President Trump Executive Order. As someone who has extensively investigated COVID-19 origins and biosafety concerns in foreign labs, it is clear to me that greater oversight measures are needed to review gain-of-function research of concern and risky experiments that involve virus transmission in humans. The National Institutes of Health has proven they are not capable of properly reviewing risky research applications, as in the case of EcoHealth Alliance. I believe the Risky Research Review Act establishes crucial oversight measures to alleviate the legitimate and significant concerns of the American people, thus reestablishing trust in our public health agencies,” said Rep. Griffith.

The Life Sciences Research Security Board will serve as an independent body responsible for thoroughly evaluating gain-of-function research and other potentially harmful studies involving high-consequence pathogens. Currently, the funding and study of life sciences research lack sufficient government oversight, allowing American taxpayer dollars to be spent without proper safeguards. Dr. Paul’s legislation establishes a much-needed stringent review process for the board to assess high-risk research and decide whether tax dollars should support specific research proposals, ensuring accountability and strengthening transparency.

The Risky Research Review Act will:
1. Establish an Independent Oversight Board: Form a Life Sciences Research Security Board dedicated to protecting public health, safety, and national security by evaluating and issuing binding determinations on high-risk life sciences research proposals seeking federal funding.
2. Define High-Risk Research: Specify high-risk life sciences research as studies with potential dangerous uses, or dual-use research of concern involving a high-consequence pathogen, or gain-of-function research.
3. Ensure Board Independence: Position the board as an independent agency within the Executive Branch, consisting of one executive director, five non-governmental scientists, two national security experts, and one non-governmental biosafety expert, each serving up to two four-year terms.
4. Restrict Funding Without Approval: Prohibit federal agencies from awarding funding for high-risk life sciences research without board approval.
5. Mandate Majority Vote: Require a majority vote of board members to approve high-risk life sciences research.
6. Empower the Board: Authorize the board to compel agencies to turn over necessary information and records, including classified information.
7. Demand Full Disclosure: Require life sciences research grant applicants to declare if their research falls under high-risk life sciences categories or involves select agents or toxins.
8. Automatic Referral: Mandate that all positive attestations are automatically referred to the board.
9. Continuous Subcontract Disclosure: Require grant recipients to continuously disclose subcontracts or subawards to agencies, with agencies required to submit these disclosures to the board.
10. Annual Reporting: The board will submit an annual report to the appropriate congressional committees and publish it online, summarizing determinations, findings, and information about entities and sub-awardees involved in high-risk life sciences research.
You can read the Risky Research Review Act HERE.
MIL OSI USA News –
March 6, 2025
MIL-OSI USA: Capito Statement on Commerce Secretary Announcement on BEAD Funding

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito
WASHINGTON, D.C. – U.S. Senator Shelley Moore Capito (R-W.Va.), a member of the Senate Commerce, Science, and Transportation Committee, released the below statement following Commerce Secretary Howard Lutnick’s statement that the department will be pausing and reviewing the BEAD program. The purpose of the pause is to make it more efficient and easier to deploy broadband.
“I appreciate Secretary Lutnick wanting to improve the BEAD program after learning the Biden administration added many unnecessary mandates that led to delays in getting broadband deployed in West Virginia. It has been nearly three and a half years since BEAD was signed into law and it hasn’t connected a single person in my state,” Senator Capito said. “West Virginia has jumped through every hoop to deploy the $1.2 billion in broadband funding, which is sure to be a game changer for our state’s connectivity goals. While I am all for improving the program, I do not want to see West Virginia wait longer than is necessary or have to redo their proposals and application. I will continue to push to get the more than 97,000 unserved locations and nearly 15,000 underserved locations across West Virginia connected through the BEAD program as quickly as possible.”

MIL OSI USA News –

March 6, 2025
MIL-OSI Australia: NSW Women of the Year 2025 award recipients honoured
Source: New South Wales Government 2

Headline: NSW Women of the Year 2025 award recipients honoured

The NSW Women of the Year Awards are the centrepiece of NSW Women’s Week, which runs from Sunday 2 March and concludes on International Women’s Day on Saturday 8 March.

The five 2025 Award recipients are:

Dr Jessica Luyue Teoh (Hornsby), NSW Young Woman of the Year

Dr Jessica Luyue Teoh is a domestic violence advocate and 2023 Churchill Fellow – one of only two women under 30 in Australia to receive this honour.

Sandy Rogers (Tweed), NSW Community Hero

Sandy Rogers has dedicated 40 years to improving the lives of children with intellectual and physical disability and their families.

Dr Vanessa Pirotta (Canada Bay), Premier’s NSW Woman of Excellence

Dr Vanessa Pirotta is a wildlife scientist renowned for her impact on marine conservation and science communication.

Kirsty Evans (Orange), NSW Regional Woman of the Year

Kirsty Evans has led efforts to provide pro bono legal advice to the community of Molong, affected by severe flooding in 2022.

Marjorie Anderson (Georges River), NSW Aboriginal Woman of the Year

Marjorie Anderson is a dedicated leader who has been pivotal in the success of 13YARN – the first national crisis support service for Aboriginal & Torres Strait Islander people in crisis, since its inception.

The Ones to Watch (girls aged 7-15 years)
- Aish Khurram (The Hills Shire)
- Ashleen Khela (The Hills Shire)
- Aurora Iler (Campbelltown)
- Chloe Croker (Goulburn Mulwaree)
- Emilia Trustum (Richmond Valley)
- Hayley Paterson (Hornsby)
- Jiayi Fang (Ku-ring-gai)
- Kat Mulcair (Yass Valley)
- Lydia Tofaeono (Strathfield)
- Waniya Syed (Camden)
This year, a special In Memoriam was added to the Awards ceremony for Maddy Suy, a vibrant girl whose love for life inspired many. Diagnosed with a brain tumour at age six, Maddy faced the challenge with bravery and positivity. Maddy advocated for those who could not. She wanted to leave a legacy and to inspire others to contribute through the Maddy & Co hubs.

Local Woman of the Year 2025 recipients, who were nominated by their local MP also attended the Awards ceremony today and received certificates for exemplary service to their communities. The Local Woman Honour Roll will be published on the Women of the Year Awards webpage.

The NSW Women of the Year Awards have been running since 2012, recognising and celebrating the New South Wales’s revolutionary thinkers, everyday heroes, social advocates and innovative role models.

More details about the NSW Women of the Year Awards program and recorded livestream of 2025 ceremony are available on the Women of the Year Awards webpage.

Premier Chris Minns said:

“I’m delighted to congratulate NSW’s most remarkable women and girls, for breaking barriers and achieving the highest success in their respective fields.”

“You are the future of NSW, inspiring everyone right across the state with your dedication, passion and lasting impacts in the community.”

Minister for Women Jodie Harrison said:

“Congratulations to the recipients of the NSW Women of the Year Awards. You are truly deserving of the recognition you received today. The New South Wales Government is proud to celebrate your incredible success and highlight your role in inspiring other women and girls across the state.

“You can’t be what you can’t see, and you all are paving the way forward for women and girls with your strength, resilience and achievements.

“The program also recognises women at the core of communities and families, with our Local Women of the Year recognition.

“I also look forward to following the journeys of our incredible young recipients. You are all already hitting goals and making waves in your communities, so I’m sure you have bright futures ahead.”

NSW Young Woman of the Year 2025 recipient Jessica Teoh said:

“To stand alongside such a diverse and passionate group of women, each making impactful contributions to their communities and fields, is truly inspiring. This recognition highlights the collective strength of women driving change, and I am grateful to be part of this incredible journey.”

NSW Community Hero 2025 recipient Sandy Rogers said:

“I have been fortunate enough to be given great opportunities to help many in our community. Being able to support those needing a ‘little helping hand’ when times and money are tough, make me feel good and I know it means a lot to those we support.”

Premier’s NSW Woman of Excellence 2025 recipient Dr Vanessa Pirotta said:

“This recognition is so powerful and means a lot to me as an early career researcher in science and as a mum. So much of my work is intergenerational and community based, which enables me to ask questions to help equip future generations with important information now about our marine environment. This recognition will help make waves – pardon the pun – across the state to encourage communities to connect with the sea, regardless of whether they live in Bondi, Forbes or where I grew up in Murrumbateman.”

NSW Regional Woman of the Year 2025 recipient Kirsty Evans said:

“It’s a privilege to be acknowledged among such inspiring women who are making a meaningful impact across our state. This recognition is not just a personal milestone but also a reflection of the incredible support I’ve received from my community, my colleagues and family.”

NSW Aboriginal Woman of the Year 2025 recipient, Marjorie Anderson said:

“I am passionate about having healthy, sustainable and safe Aboriginal communities. This award reflects my important work in the community and delivery of a world first national crisis line for Indigenous people. Women need to be recognised for the outstanding work they do and supported to continue to achieve greatness.”

MIL OSI News –
March 6, 2025
MIL-OSI China: China unveils resilient growth target with strong policy support

Source: China State Council Information Office 2

China has set an economic growth target of around 5 percent for 2025, reflecting a sound economic outlook despite increasing global uncertainties, as policymakers are determined to secure steady recovery through decisive and effective measures.
Premier Li Qiang on Wednesday announced the goal when delivering the government work report to the annual session of the National People’s Congress for deliberation. The report outlines an array of other key development goals for this year, including a surveyed urban unemployment rate of around 5.5 percent, over 12 million new urban jobs, and an around 2 percent increase in the consumer price index.

This photo shows the booth of Contemporary Amperex Technology Co., Limited at the 22nd Guangzhou International Automobile Exhibition at the China Import and Export Fair Complex in Guangzhou, south China’s Guangdong Province, Nov. 15, 2024. (Xinhua/Deng Hua)
The country achieved economic growth of 5 percent in 2024 as an impactful policy package, along with other pro-growth measures, helped fuel strong economic momentum.
As 2025 marks the final year of China’s 14th Five-Year Plan (2021-2025) period and is crucial for crafting the next five-year blueprint, observers believe that the government policies will not only drive sustained growth this year but also lay the groundwork for the country’s modernization drive in the long run.
REASONABLE, ACHIEVABLE GOAL
Why has the Chinese government maintained the growth target at around 5 percent?
The premier explained that the goal, backed by growth potential and favorable conditions, meets the need to stabilize employment, prevent risks and improve the people’s wellbeing, while also being well aligned with the country’s mid- and long-term objectives.

An aerial drone photo taken on Jan. 6, 2025 shows a view of the Shichengzi photovoltaic power station in Hami City, northwest China’s Xinjiang Uygur Autonomous Region. (Photo by Feng Yang/Xinhua)
Huang Qunhui, a national political advisor from the Institute of Economics of the Chinese Academy of Social Sciences, described this year’s economic growth target as scientifically grounded and realistic.
“In the face of a challenging global environment, the proactive and resilient goal suggests that China is braving uncertainties with a clear, determined approach to growth,” he said.
On a global scale, an around 5-percent growth rate places China among the world’s fastest-growing major economies, with the economic increment equating to the annual output of a mid-sized nation.
“Achieving this year’s targets will not be easy, and we must make arduous efforts to meet them,” the premier said, citing challenges from an increasingly complex and severe external environment, including rising unilateralism and protectionism, and domestic difficulties, such as insufficient effective demand.
The premier called for facing difficulties head-on with stronger confidence in development.
According to the report, China will adopt a more proactive fiscal policy and a moderately loose monetary policy.

This photo taken on Nov. 13, 2024 shows exhibits related to low-altitude economy at Airshow China in Zhuhai, south China’s Guangdong Province. (Xinhua/Liang Xu)
Specific measures include a new government debt increase to enable a notably higher level of spending, with 5.66 trillion yuan (about 790 billion U.S. dollars) of government deficit, up 1.6 trillion yuan from a year ago, and the issuance of 4.4 trillion yuan of local government special-purpose bonds, an increase of 500 billion yuan over last year.
The monetary policy will ensure adequate liquidity by making timely cuts to required reserve ratios and interest rates, and offering more support for innovation, green development, consumption, private businesses and small firms, as well as the real estate and stock markets.
The policy mix will play a crucial role in ensuring that the strong economic momentum seen in the fourth quarter of 2024 will be sustained this year, said Tian Xuan, a national lawmaker and president of the National Institute of Financial Research of Tsinghua University.
Recently, the International Monetary Fund, Nomura, and other global institutions raised their growth forecasts for China.

A person uses DeepSeek app on a mobile phone on Feb. 17, 2025. (Xinhua/Huang Zongzhi)
Lu Ting, chief China economist at Nomura, said the forecast upgrade was due to the better-than-expected economic performance in the fourth quarter of 2024, growing investment in emerging sectors from AI to cloud computing, a stock market rally, and the improving real estate market.
China’s mid-March economic data will show a solid start for 2025, a Citi Research report said, highlighting a rebound in consumer confidence.
MORE DYNAMIC, SUSTAINABLE
Fostering high-quality development is a key focus on this year’s government agenda, with priorities ranging from stimulating domestic demand to developing new quality productive forces.
“We will take a people-centered approach and place a stronger economic policy focus on improving living standards and boosting consumer spending,” the premier said.

Consumers learn about relevant policies during a consumer goods trade-in event in Qingdao City, east China’s Shandong Province, May 17, 2024. (Xinhua/Li Ziheng)
Domestic demand will be made the main engine and anchor of economic growth, the report said. Ultra-long special treasury bonds totaling 300 billion yuan will be issued to support consumer goods trade-in programs.
New quality productive forces will be nurtured in line with local conditions, according to the report. China aims to foster emerging and future industries, such as quantum technology and the low-altitude economy, accelerate the upgrading of traditional industries, and combine digital technologies such as AI with manufacturing and market strengths.
The pursuit of new momentum has led to renewed vitality in the Chinese economy since the start of the year, with a vibrant consumer market mirrored by Chinese animated blockbuster “Ne Zha 2” and major breakthroughs in cutting-edge technology, including the rise of DeepSeek.
Analysts highlighted the resilience of China’s tech industry amid a complex international landscape and the vast potential of the domestic market.

People watch “Ne Zha 2” in 4D at a cinema in Dongcheng District in Beijing, capital of China, Feb. 16, 2025. (Xinhua/Chen Yehua)
The new economic trend is also creating fresh opportunities for foreign investors and businesses.
Reaffirming China’s commitment to opening up, the report laid out a series of initiatives, including expanding trials to open telecom, medical services, and education, supporting foreign enterprises in joining industrial chain collaboration, and ensuring national treatment in fields such as government procurement.
Foreign-funded businesses actively embraced these measures.
The report sent a strong signal that the country will continue to expand opening up and improve its business environment, said Nancy Liu, president of luxury travel retailer DFS China.
China’s opening up has created enormous opportunities for the company, which has made its largest single investment in 60 years in the country’s southern Hainan Province, Liu said. “We are fully confident in the long-term development of the Chinese market.”

MIL OSI China News –

March 6, 2025
MIL-OSI United Kingdom: NHS patients receive first home-grown blood plasma treatments
Source: United Kingdom – Executive Government & Departments

Press release

NHS patients receive first home-grown blood plasma treatments

The first NHS patients in a generation have started to receive life saving plasma from the blood of UK donors.
Treatments will help save 17,000 NHS patients’ lives every year

Move will deliver government’s Plan for Change by building domestic medical supply chains, reducing reliance on imports and with savings between £5 million to £10 million a year

The first NHS patients in a generation have started to receive life-saving plasma from the blood of UK donors, thanks to a partnership between NHS Blood and Transplant and NHS England.

Since a longstanding ban on UK plasma was lifted in 2021, the UK has been building its own supply of plasma medicines amid a global shortage. This will reduce reliance on imports, saving the NHS between £5 million to £10 million per year and strengthening the UK as a powerhouse for life sciences under the government’s Plan for Change.
Around 17,000 NHS patients with immune deficiencies and rare diseases rely on vital human-donated plasma to save or improve their lives. It is also used in emergency medicine for childbirth and trauma care.

Health Minister Baroness Gillian Merron said:

This is a significant milestone for the NHS as we take a step toward UK self-sufficiency in these vital medicines.

As part of our Plan for Change, we are improving access to life-saving treatments for thousands of NHS patients and strengthening healthcare security.

By sourcing our own medicine, we are building a more resilient and domestic medical supply chain and boosting economic growth.

Sir Stephen Powis, National Medical Director NHS England, said:

This landmark moment ensures patients relying on crucial plasma-derived medicines will always have access to the treatment they need.

Thanks to NHS efforts, new plasma-derived products, owned from start to finish by the UK, will reduce our reliance on imported stock and boost the fortitude of hospital supplies.

Thousands of people with serious and potentially life-threatening conditions, including immunodeficiencies and neurological conditions rely on these products, and strengthening the supply chain of plasma-derived treatments through UK donations will help NHS clinicians ensure these vital medicines are available for all who need them.

Jill Jones made history by becoming the first patient to be given UK-sourced plasma at John Radcliffe Hospital in Oxford. She has received treatments every three weeks following a diagnosis of Non-Hodgkin lymphoma 20 years ago, and described the infusions as “life-changing”.

The initiative will also build UK capacity in the global plasma medicines industry, which was valued at over $30 billion in 2023 and is projected to reach $45 billion by 2027. It will help establish the NHS as an engine of economic growth to drive investment in public services and raise living standards for everyone.

NHS Blood and Transplant (NHSBT) has collected 250,000 litres of plasma from donors in England since 2021. From this, two vital medicines are being produced: immunoglobulins, which treat autoimmune conditions, and albumin, which is essential for surgery and treating liver conditions.

The NHS plans to reach 25% self-sufficiency in immunoglobulin by the end of 2025, rising to 30-35% in 2031, and 80% self-sufficiency in albumin by next year.

Global medical supply issues worsened during the COVID-19 pandemic. In July 2024, a national patient safety alert was issued due to critically low blood stocks, demonstrating the importance of building self-sufficiency in the UK.

Dr Jo Farrar, Chief Executive of NHS Blood and Transplant said:

Thanks to the incredible generosity of our donors, NHS patients are now receiving life-saving medicines made from UK plasma for the first time in a generation.

Plasma makes up 55 per cent of our blood and contains antibodies which strengthen or stabilise the immune system. It is used to save lives during childbirth and trauma and is used to treat thousands of patients with life limiting illnesses such as immune deficiencies.

These lifesaving medicines can only be made from our blood. We need more donors to help save more lives. Please go to blood.co.uk to become a donor.

Jill Jones from Oxford, the first patient to receive UK-sourced plasma medicine, said:

Coming to the Immunology ward is like catching up with friends. The staff are delightful and you get to know staff and patients really well. You have a cup of coffee and chat. Today I was talking about knitting and kittens as I was being transfused!

Infusions have been life-changing for me in keeping me well. Before I started on them, I was regularly in hospital with infections – which just doesn’t happen now. It’s made a huge and positive difference to my life and my family’s life.

I felt really privileged today to be the first patient in the UK to be receiving Immunoglobin that was made from UK plasma for the first time in a very long time.

Previously, the NHS relied solely on imported plasma medicines due to a long-standing ban on using UK plasma.

The ban was introduced in 1998 as a precautionary measure against Variant Creutzfeldt–Jakob Disease (vCJD), linked to mad cow disease.

In 2021 following rigorous scientific reviews, the Medicines and Healthcare products Regulatory Agency (MHRA) confirmed plasma from UK donors is safe, supported by robust safety measures.

Decades of rigorous research showed no confirmed cases of vCJD transmission through plasma-derived medicines.

Plasma comes from blood donations. The plasma in blood contains antibodies that strengthen or stabilise the immune system. The antibodies are separated out and made into immunoglobin medicines that treat people with life-limiting conditions such as immune deficiencies, bleeding disorders, as well as severe burns.

Notes to editors:

Blood donations can be given at one of 27 donor centres across the country.

First UK-sourced plasma medicines will come from English donations, with Scotland, Wales and Northern Ireland to follow.

Donors can book an appointment at a dedicated Plasma Donor Centres in Birmingham, Reading or Twickenham.  Visit www.blood.co.uk to find out how you can become a donor today.

Plasma is the liquid component of blood that carries vital proteins, antibodies, and clotting factors. It is essential for creating plasma-derived medicines, which treat life-threatening conditions such as immune deficiencies, bleeding disorders, and severe burns. Plasma donation saves thousands of lives each year and is a critical part of modern healthcare.

Two types of medicines are being made – immunoglobulins (used to treat autoimmune conditions and week immune systems) and albumin (used in surgery and to treat burns and liver conditions). This puts the NHS on track to supply 25% of its immunoglobulin needs by the end of 2025, with plans to increase this to 30-35% by 2031 and 80% of albumin by next year.

In 1998, the UK imposed a ban on using domestically collected plasma for fractionation, the process of separating plasma into its components. This followed concerns about a potentially increased risk of plasma recipients acquiring the brain disease variant Creutzfeldt-Jakob Disease (vCJD) due to UK plasma donors being exposed to Bovine spongiform encephalopathy (BSE, sometimes referred as Mad Cow Disease) prions from infected cattle.

As a result, the UK relied solely on plasma imports, primarily from the United States which increased dependence on international supply chains for plasma-derived medicines.

Rising demand for plasma globally placed additional pressure on supply.

In February 2021, the UK government lifted the ban on using UK-donated plasma for fractionation. This decision followed scientific reviews confirming the safety of plasma collection and manufacturing processes.

Advanced donor screening, pathogen testing, and fractionation techniques now ensure the highest safety standards.

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Published 6 March 2025
MIL OSI United Kingdom –
March 6, 2025
MIL-OSI USA: AI pioneers Andrew Barto and Richard Sutton win 2025 Turing Award for groundbreaking contributions to reinforcement learning
Source: US Government research organizations

NSF funded Barto’s research journey from basic science to pioneering breakthroughs in artificial intelligence
The computing world is celebrating a major milestone as Andrew Barto, professor emeritus at the University of Massachusetts Amherst, and Richard Sutton, professor of computer science at the University of Alberta, Canada, have been awarded the 2024 Association for Computing Machinery A.M. Turing Award — often called the “Nobel Prize of computing” — for “developing the conceptual and algorithmic foundations of reinforcement learning.”

The legacy in reinforcement learning

Barto and Sutton are widely recognized as pioneers of the modern computational reinforcement learning (RL), a field that addresses the challenge of learning how to act based on evaluative feedback. Their work has laid the conceptual and algorithmic foundations of RL, shaping the future of artificial intelligence and decision-making systems.

The influence of RL extends across multiple disciplines, including computer science (machine learning), engineering (optimal control), mathematics (operations research), neuroscience (optimal decision-making), psychology (classical and operant conditioning) and economics (rational choice theory). Researchers in these fields continue to be profoundly shaped by the contributions of Sutton and Barto.

From NSF Grants to AI Breakthroughs

Barto’s contributions were made possible through a series of U.S. National Science Foundation-funded projects that sustained AI research long before its recent boom. His research was supported through grants from NSF programs including the National Robotics Initiative, Robust Intelligence, Collaborative Research in Computation Neuroscience, Human-Centered Computing, Biological Information Technology and Systems, Artificial Intelligence and Cognitive Science, which have driven the long-term, fundamental advances in machine learning that we see today.

“Barto’s research exemplifies the power of foundational computational research that has not only advanced state-of-the-art decision-making machines and intelligent systems but has also provided critical insights into understanding intelligence itself,” said Greg Hager, NSF assistant director for Computer and Information Science and Engineering.

“Andy Barto’s work laid the foundation for modern reinforcement learning, influencing generations of researchers, including myself. His insights with Rich Sutton into how agents can learn and adapt in complex environments form the backbone of how automated behavior is generated in the field of artificial intelligence. Without his pioneering research, many of today’s — and tomorrow’s — AI breakthroughs wouldn’t be possible,” said Michael Littman, director for the NSF Division of Information and Intelligent Systems.

The impact of Barto and Sutton’s work

For decades, NSF has supported fundamental research in AI, with Barto’s work being among the most influential. Barto and Sutton formalized RL concepts through decades of research, beginning with Sutton’s time as Barto’s first doctoral student. Their collaboration continued as Sutton later joined Barto at the UMass Amherst as a senior research scientist from 1995 to 1998 and beyond, producing many of the foundational RL approaches that remain in use today.

Reinforcement learning methods built on Sutton and Barto’s work today underpin:
- Chatbots: Conversational AI agents learn to answer questions helpfully and accurately with the help of a technique called reinforcement learning from human feedback, as deployed in ChatGPT and other leading bots.
- Games: From Jeopardy to Go to video games, RL algorithms have made it possible for computer players to achieve world-class performance and have even influenced the strategies of the best human players.
- Robot motor skill learning: RL enables robots to learn autonomously through trial and error how to carry out intricate tasks.
- Microprocessor layout and circuit design: RL systems make decisions for composing components that make up computer chips
- Personalized recommendations: Online services like Netflix and YouTube rely on RL techniques to tailor recommendations.
- Autonomous vehicles: RL models help self-driving cars learn how to navigate complex traffic environments.
- Supply chain optimization: RL-enabled systems learn what items need to be stored where so that customers can receive goods quickly and cheaply.
- Algorithm design: Researchers have broken new ground and solved long-standing problems with the help of RL systems.
Breakthroughs in RL have fueled a multibillion-dollar industry, with major companies like DeepMind and OpenAI relying on RL as a core technology. Additionally, many major tech firms now have dedicated RL research teams. It is also recognized as a core topic of study. For example, RL was added to the Computer Science Standards of Learning for Virginia Public Schools earlier this year.

Bridging AI and neuroscience

The influence of Barto and Sutton’s work extends far beyond computer science and AI, forging crucial connections between RL and brain sciences, including cognitive science, psychology and neuroscience. Their research has provided groundbreaking insights into how learning can occur, both in machines and in the human brain.

One of their earliest breakthroughs came in 1981 when they showed that temporal difference (TD) learning could explain certain learning behaviors that the existing Rescorla-Wagner model couldn’t. This discovery opened the door to a new way of understanding how learning happens. Building on this idea, a 1995 study found a connection between the TD algorithm and how dopamine neurons in the brain behave. This insight laid the groundwork for later experiments that confirmed that TD learning accurately describes how dopamine influences reward-based learning.

With the 2025 A.M. Turing Award recognizing Barto and Sutton’s lifetime achievements, their legacy underscores the importance of sustained federal investment in basic research — the kind of support that has fueled AI’s breakthroughs over the last four decades.

For more details on this year’s award, please visit https://amturing.acm.org/
MIL OSI USA News –
March 6, 2025
MIL-OSI USA: Cornyn, Markey Reintroduce Legislation to Fund Sea Turtle Research and Rescue Assistance

US Senate News:

Source: United States Senator for Texas John Cornyn

Senators John Cornyn (R-TX) and Edward J. Markey (D-MA) reintroduced their bipartisan and bicameral Sea Turtle Rescue Assistance and Rehabilitation Act, legislation to establish funding at the Department of Commerce for the rescue, recovery and research of sea turtles in Texas and across the United States. Text of the bill can be found, here.

“Sea turtle strandings are rising at an alarming rate along the Texas Gulf Coast,” said Sen. Cornyn. “This bill would help identify the causes of these strandings and invest in rescue and recovery efforts to better protect Texas’ endangered and storied sea turtle population.”

“Sea turtles are the canaries in the coal mine. Right now, every known species of sea turtles found in US waters is either threatened or endangered and faces extinction and environmental wipeout due to the human-caused climate crisis. We have the responsibility to act,” said Sen. Markey. “I am reintroducing the Sea Turtle Rescue Assistance Act to financially support ongoing rescue and rehabilitation efforts of our shelled friends.”

The legislation is co-sponsored by Senators Chris Van Hollen (D-MD), Lindsey Graham (R-SC), Cory Booker (D-NJ, and Tom Tillis (R-NC). In January, Representative Bill Keating (MA-09) introduced companion legislation in the House of Representatives.

Background:

In 2000, fewer than 50 sea turtles were found stranded on the beaches of Cape Cod; by 2022, that number had skyrocketed to 866. During the 2021 cold snap in Texas, more than 12,100 turtles were cold-stunned, and rescue organizations were able to save and return only 4,000 of the stranded turtles to the wild. Rescue efforts are predominantly volunteer led and underfunded despite sea turtles facing increasing environmental and human-caused threats that make strandings more likely, including rapid temperature changes, red tide events, and entanglement in marine debris. This bill would provide stability and support to efforts that rehabilitate and aid in the recovery of sea turtles along the coastal US. Specifically, the Sea Turtle Rescue Assistance Act would create a new grant program to fund rescue, recovery, and research of sea turtles in the U.S., and authorize $5 million annually for awarding of grants to further that purpose from 2025 through 2030.

The Sea Turtle Rescue Assistance and Rehabilitation Act is endorsed by the Association of Zoos and Aquariums, the New England Aquarium, the National Aquarium, ABQ BioPark, Acadia Institute of Oceanography, Adventure Aquarium, Allied Whale – College of the Atlantic, Assateague Coastal Trust, Atlantic Marine Conservation Society, Aquarium of the Pacific, Arizona-Sonora Desert Museum, Audubon Nature Institute, Bird River Beach Community Association, Blank Park Zoo, Brevard Zoo / East Coast Zoological Park, Brookfield Zoo Chicago, Buttonwood Park Zoo, Central Florida Zoo & Botanical Gardens, Chattanooga Zoo at Warner Park, Cincinnati Zoo & Botanical Garden, Citizens Campaign for the Environment, Clearwater Marine Aquarium, Cleveland Metroparks Zoo, Coastal Research and Education Society of Long Island, Columbus Zoo and Aquarium, Connecticut’s Beardsley Zoo, Conservation Council For Hawaii, El Paso Zoo and Botanical Garden, Fort Wayne Children’s Zoo, Georgia Aquarium, Georgia Sea Turtle Center / Jekyll Island Authority, Georgia Wildlife Federation, Gladys Porter Zoo, Gulf World Marine Institute, Healthy Ocean Coalition, Houston Zoo, International Fund for Animal Welfare (IFAW), Jenkinson’s Aquarium, John Ball Zoo, John G. Shedd Aquarium, Kansas City Zoo, Karen Beasley Sea Turtle Rescue & Rehabilitation Center, Loggerhead Marinelife Center, Louisiana Wildlife Federation, Marine Education – Research & Rehabilitation Institute, Inc. (MERR), Marine Conservation Institute, Marine Mammal Alliance Nantucket, Maryland Zoo in Baltimore, Mass Audubon, Maui Ocean Center Marine Institute, Monterey Bay Aquarium, Mystic Aquarium, National Marine Life Center, National Wildlife Federation, Natural Resources Defense Council, Newport Aquarium, New York Marine Rescue Center, North Carolina Aquariums, North Carolina Wildlife Federation, OdySea Aquarium, Oregon Coast Aquarium, Pittsburgh Zoo & Aquarium, Racine Zoo, Roger Williams Park Zoo, Saint Louis Zoo, SEA LIFE Aquariums, Sea Turtle Recovery, Inc., Seattle Aquarium, Seatuck Environmental Association, SeaWorld Parks, Sociedad Ornitologica Puertorriquena Inc., South Carolina Aquarium, South Carolina Wildlife Federation, Sunset Zoo, Surfrider Foundation, Texas Conservation Alliance, Texas Sealife Center, Texas State Aquarium, The Florida Aquarium, The Institute for Marine Mammal Studies, The Living Desert Zoo and Gardens, The Maritime Aquarium at Norwalk, The Ocean Project, The Turtle Hospital, Upwell Turtles, Vancouver Aquarium, Virgin Islands Conservation Society, Virginia Aquarium & Marine Science Center, Whitney Lab for Marine Bioscience at University of Florida, WIDECAST: Wider Caribbean Sea Turtle Conservation Network, Wildlife Restoration Foundation, and Woodland Park Zoo.

“We are grateful for Sen. Markey’s continued partnership as he reintroduces the Sea Turtle Rescue Assistance and Rehabilitation Act of 2025 in the U.S. Senate. Each year, the New England Aquarium rescues and rehabilitates hundreds of cold-stunned sea turtles that wash onto the beaches of Cape Cod Bay. This bill would help fill a critical gap in sea turtle conservation efforts by providing much-needed financial support to organizations across the country like ours that help return these endangered animals to the ocean,” said Vikki N. Spruill, President and CEO of the New England Aquarium.

“The National Aquarium applauds the reintroduction of the bicameral, bipartisan Sea Turtle Rescue Assistance and Rehabilitation Act. We are proud to be part of the nationwide network of organizations engaged in sea turtle conservation and in educating the public on the challenges facing these threatened and endangered species. Sea turtle strandings are on the rise, as are the expenses related to rescuing, rehabilitating and releasing them back to their ocean home. The level of voluntary contribution from stranding network partners is not sustainable. We thank the champions in the House and Senate for their leadership in creating a much-needed federal grant program to support this important work,” said John Racanelli, President & CEO of the National Aquarium.

“Each year, aquariums, zoos and other organizations selflessly rescue and rehabilitate thousands of stranded and injured sea turtles with little to no federal support. They do it because it is the right thing to do,” said Dan Ashe, President and CEO of the Association of Zoos and Aquariums. “This bipartisan Sea Turtle Rescue Assistance and Rehabilitation Act would help to fill a critical gap in support for these federally protected sea turtles.”

MIL OSI USA News –

March 6, 2025
MIL-OSI Australia: Innovative technology installed in Menindee to restore native fish passages

Source: New South Wales Ministerial News

Published: 6 March 2025

Released by: Minister for Agriculture, Minister for Water

The Minns Labor Government is trialling Fishheart; a state-of-the-art temporary fish passage technology in the Lower Darling-Baaka River near Menindee, western NSW.

The goal of this initiative is to test options to connect the Northern and Southern Basin and reduce the accumulation of fish, as part of the Government’s response to the Office of the NSW Chief Scientist and Engineer (OCSE) independent review into the March 2023 mass fish kill.

The NSW Government continues to make good progress in addressing the recommendations identified in the OSCE report, with 10 of the 26 actions we’ve committed to now complete and the remaining 16 underway funded under the $25 million Restoring the Darling-Baaka River Program.

One of the key actions the NSW Government has committed to is a $6.52 million trial of new temporary fish passage technology at Menindee.

Australian native fish need to migrate to feed, breed and seek new habitat but due to the introduction of barriers to fish passage, like dams and weirs, fish migration pathways have been impacted.

Currently in the Lower Darling-Baaka, fish can only migrate upstream as far as Lake Wetherell and Menindee Main Weir. The Fishheart unit is a floating hydraulic fishway system designed to assist fish moving over existing barriers. Construction commenced to install the Fishheart unit to the Lake Wetherell outlet regulator in December 2024.

Work continued over the summer, with the technology being lowered into the Lower Darling-Baaka River in late January 2025. Calibration and testing of the Fishheart is currently underway.

The Fishheart unit works by attracting fish into the fishway and then using Artificial Intelligence (AI) to detect and collect fish in the chambers, counting fish, gathering data before moving fish up and over barriers like the Lake Wetherell outlet regulator.

This is the first time that this innovative technology will be trialled at this scale on Australian inland freshwater fish and builds on Fishheart’s work in Europe and the USA that has shown plenty of promise.

The aim of the project is to test options to connect sections of the river, thereby helping move some fish out of the Menindee town weir pool to complete their life cycle and reducing the biomass and associated risks for water quality and fish kills.

Fisheries Scientists from the Department of Primary Industries and Regional Development (DPIRD) Fisheries will conduct the monitoring program, using underwater sonar and video capture technology, plus trapping activities under appropriate permits.

For more information about the project visit the Menindee Lower Darling-Baaka Temporary Tube Fishway Trial webpage.

To read the NSW Government’s six-month Darling-Baaka progress report, visit the Restoring the Darling-Baaka program webpage.

Minister for Agriculture and Regional NSW, Tara Moriarty said:

“This is the first time that this fishway technology will be trialled under Australian conditions at this scale and on native inland freshwater fish and it demonstrates the commitment of the Minns Labor Government to address environmental issues using innovative approaches, especially in western NSW.

“While there is no one size fits all solution to restore fish passage in the Lower Darling-Baaka River or the Menindee Lakes system, this project aims to use innovative science, data and infrastructure as we promised to do.

“Construction has been progressing through very hot days out at Menindee and we are grateful to all the personnel for their efforts in ensuring the fishway can get operational as soon as possible.

“The Fishheart will be trialled for three breeding seasons, to measure its effectiveness in Menindee. But overseas experiences provide strong indicators for success, for moving fish through the fishway safely and hopefully reduce the risks of future fish kills in the Lower Darling-Baaka.”

Minister for Water Rose Jackson said:

“It’s fantastic to see the fish passage being trialled in Menindee which is one of the innovative infrastructure solutions proposed to prevent future fish deaths.

“We pledged to take decisive action on water quality in the Darling-Baaka to improve fish health and we are delivering on this promise, with a six-month progress report now available to show the community where we are up to.

“So far, we have developed new water quality triggers, overhauled our emergency response plans, continued to upgrade monitoring and added additional resources while also exploring state-of-the-art infrastructure solutions such as the tube fishway and microbubble technology.

“I’m encouraged by the progress in a short space of time, which the Chief Scientist himself has acknowledged publicly, but there is still a lot of work to be done.

“The reality is this is an incredibly complex river system with significant challenges that won’t go away overnight, but we are in a much stronger position to respond to changing conditions than ever before, and we are undoubtedly moving in the right direction.”

MIL OSI News –

March 6, 2025
MIL-OSI United Kingdom: Security and growth at the centre of the UK-Ireland Summit
Source: United Kingdom – Executive Government & Departments

Press release

Security and growth at the centre of the UK-Ireland Summit

National security, growth and energy security will be top of the agenda at the first annual UK-Ireland Summit tomorrow as the Prime Minister underscores the importance of delivering for the people of the UK.
Ensuring peace, prosperity and security in Europe and around the world will be at the heart of discussions with Taoiseach Micheál Martin at the UK-Ireland Summit

Comes as new UK-Irish cooperation cuts red tape for offshore energy developers in the Irish and Celtic Seas – delivering greater economic security for the hardworking British people

New Irish investments, worth £185.5 million, set to see thousands of jobs created across the country

National security, growth and energy security will be top of the agenda at the first annual UK-Ireland Summit tomorrow as the Prime Minister underscores the importance of delivering for the people of the UK.

The meeting comes after the Prime Minister hosted 18 leaders in London on Sunday where he reiterated the UK’s unwavering support for Ukraine and European security. As part of that commitment, tomorrow the two leaders will announce closer collaboration on energy security to harness the full potential of the Irish and Celtic seas.

Through a new data sharing arrangement, the UK and Irish governments will lay the groundwork for commercial developers to increase offshore energy by cutting red tape and minimising the burden of maritime and environmental consent processes for developers.

This will speed up developments and mobilise investments in offshore energy infrastructure.

This new collaboration will increase renewable energy production and enhance the UK’s energy security, delivering on this Government’s Plan for Change.

Prime Minister Keir Starmer said:

Energy security and national security are two sides of the same coin, that is why we must work with our allies and partners across the world to protect the hardworking British people from external factors driving up household bills.

As our closest neighbour our partnership with Ireland is testament to the importance of working with international partners to deliver for people at home.

Now more than ever we must work with likeminded partners in the pursuit of global peace, prosperity and security.

Tomorrow, the Prime Minister and Taoiseach will host a joint business roundtable with industry leaders and businesses across tech, finance, clean energy, manufacturing and construction from the UK and Ireland. The discussion will focus on potential opportunities for growth and investment, and how the UK and Ireland can work together to build an even more resilient and successful trading relationship. They will also discuss how both countries can work closer together on renewable energy, tech, AI and security.

As part of tomorrow’s summit, the UK has welcomed new Irish investments worth £185.5 million creating 2,540 jobs across the country from Version 1, Applegreen, Omniplex, Galvia, Buymedia, Uniquely, Walsh Mushrooms and PM Group. From Evesham to Edinburgh, new investments show confidence in the UK as an attractive place to invest and delivers on the government’s Plan for Change to kickstart economic growth.

The UK will also announce that W.H. Davis, part of Buckland Group, has won a £100 million contract with Irish Rail supporting their investment in railway infrastructure in Ireland.

Ireland is the UK’s 6th largest trading partner with the trading relationship worth nearly £80 billion last year across sectors including renewable energy, life sciences, creative industries and tech.

Tomorrow’s events follow a cultural reception hosted by the Prime Minister and Taoiseach this evening, with representatives from both the UK and Ireland showcasing the world-class talent on both sides of the Irish sea.

After the summit, the Prime Minister will travel to a defence company to meet employees and apprentices working in the national security sector.

Visit comes after the Prime Minister’s landmark announcement made last week on increasing defence spending to 2.5% of GDP by April 2027.

In 2023-24, defence spending supported over 430,000 jobs across the UK, the equivalent to one in every 60, with 16,900 in the North West.

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Published 5 March 2025
MIL OSI United Kingdom –
March 6, 2025
MIL-OSI Russia: Government meeting (2025, No. 7)

Translartion. Region: Russians Fedetion –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

1. On the draft federal law “On ratification of the Agreement between the Government of the Russian Federation, the Central Bank of the Russian Federation and the Government of the Republic of Belarus, the National Bank of the Republic of Belarus on cooperation and exchange of information, including confidential information, in the field of supervision and (or) control over the financial market”

The bill aims to ratify the agreement signed in Moscow on August 6, 2024.

2. On amendments to certain acts of the Government of the Russian Federation (in terms of amendments to the Regulation on the Government Commission for the Development of Housing Construction and the Assessment of the Efficiency of the Use of Land Plots Owned by the Russian Federation)

The draft act is aimed at granting the commission the authority to make decisions on the transfer of federal property to another level of public ownership.

On Amendments to Certain Acts of the Government of the Russian Federation (in terms of amendments to the Regulation on the Government Commission for the Development of Housing Construction and the Assessment of the Efficiency of the Use of Land Plots Owned by the Russian Federation)

The draft act is aimed at granting the commission the authority to make decisions on the transfer of federal property to another level of public ownership.

3. On the draft federal law “On Amendments to Certain Legislative Acts of the Russian Federation” (in terms of improving the submission of reports by non-profit organizations)

The bill is aimed at simplifying the procedure for submitting reports by non-profit organizations, including charitable, volunteer and socially oriented NPOs.

4. On Amendments to the Resolution of the Government of the Russian Federation of July 28, 2018 No. 885 (in terms of amending the Regulation on the Federal Service for Supervision in Education and Science)

The draft resolution is aimed at empowering Rosobrnadzor to determine the minimum number of points confirming successful completion of testing in a state or municipal general education organization by foreign citizens and stateless persons on knowledge of the Russian language, sufficient for mastering educational programs of primary general, basic general and secondary general education.

Moscow, March 5, 2025

The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

March 6, 2025
MIL-OSI Russia: Five best articles in Russian for 05.03.2025
MIL Analysis: Here are the top five Russian language articles published today. The analysis includes five key articles prioritized at the moment.

Long-term bank deposits are relevant in today’s analysis, but inflation is still high.

Social infrastructure is productive. The Moscow Metro is improving every year, and it is again celebrating its results for the last two years on the Great Ring Line. In addition, there is a new function on the portal “Recognize Moscow” to facilitate information about the city of Moscow.

Moscow is preparing for International Women’s Day, and you can already see decorations around the city in the form of posters and exhibitions dedicated to the women of Russia.

From March 1 to May 31, 2025, applications are accepted for the All-Russian contest called “Golden Names of Higher Education”. The contest is open to faculty members.

Below you can read one of the entries.

1. Term matters – Russians are shifting their savings to long deposits.

How did the bank deposit market change at the beginning of 2025?

Russians’ demand for long deposits started to grow in January 2025 – customers are trying to lock in a high rate for a long term. According to the data of the platform “Finuservices” for the first two months of the year:
- the share of deposits for 6 months decreased by 1.5 p.p., amounting to 54% of total deposits – the term is still the most popular;
- the share of deposits for 3 months decreased by 1.3 p.p. to 25.2%;
- the share of deposits for 3 months decreased by 1.5 p.p. to 25.2%. – to 25.2%;
- the share of 1-month deposits also decreased by 1.3 p.p. to 3.1%;
- the share of deposits for one year, on the contrary, increased by 3 p.p. to 13.7%;
- deposits with maturity over one year also show insignificant growth.
2. We invite GUU teachers to participate in the All-Russian contest “Golden Names of Higher Education”.

From March 1 to May 31, 2025 applications are accepted for participation in the All-Russian Contest “Golden Names of Higher School”. We invite the professorial and pedagogical staff of the State University of Management to participate in the Contest.

The contest “Golden Names of Higher School” is held by the Interregional Public Organization “League of Higher School Teachers” with the support of the Ministry of Science and Higher Education of the Russian Federation since 2017. It is aimed at identifying and supporting talented teachers and scientists who have made a significant contribution to the development of Russian higher education and science. Over 7 thousand teachers have participated in the Contest throughout its history.

3. Moscow Metro celebrates two years of through traffic on the Great Ring Line, having served more than 740 million passengers.

The Moscow Metro celebrates the second anniversary of the launch of through traffic on the Great Ring Line (BCL), a monumental achievement in the city’s transportation infrastructure. Since its full launch two years ago, the BCL has served more than 740 million passengers, changing the way Muscovites travel around the city.

4. Everything about your capital city: how the personal account of the “Learn Moscow” portal has been updated.

A new function has appeared in the user’s personal cabinet on the “Learn Moscow” portal. Now in the “Favorites” section you can create your own selections of online routes, articles about museums, monuments and buildings, as well as materials about people who have left their mark on the culture and history of the capital. This will make it easier for users to systematize information about the places they want to visit and find the content they like faster.

5. “Such different girls, girls, women”: Glavarkhiv invites to the exhibition for March 8.

The exhibition “Such Different Girls, Girls, Women” dedicated to International Women’s Day opened on Chistoprudny Boulevard and in Ekaterininsky Park. The exhibition includes photographs from the funds of the Moscow Glavarkhiv from the 1900s to the 1980s. The photos depict girls of different professions. The exhibition can be viewed until April 4.

Learn more about MIL’s content and data services by visiting milnz.co.nz.

Regards MIL!
MIL OSI Russia News –
March 6, 2025
MIL-OSI New Zealand: ‘Need not race’ approach to bowel cancer screening will save lives

Source: ACT Party

“The move to reduce the eligibility age for free bowel cancer screening to 58 is ‘need, not race’ in action, and will save lives,” says ACT Leader David Seymour.

“ACT campaigned against targeting services based on race, because this practice was unfair, inefficient, and led to perverse outcomes.

“Bowel cancer screening was a classic example. In 2022, Labour set a lower eligibility age for Māori/Pacific people accessing the National Bowel Screening Programme.

“However, bowel cancer does not discriminate on race. Māori and Pacific peoples have a similar risk of developing bowel cancer compared to other population groups at a given age.

“It was true that a higher proportion of bowel cancers occur in Māori and Pacific peoples at a younger age, but that is because the overall demographics of those groups are younger. It has always been age that determines bowel cancer risk, not race.

“Today, the Government has repurposed Labour’s funding to deliver an eligibility age of 58 for all population groups, down from the previous default of 60.

“This is ‘need, not race’ in action. ACT campaigned on it, we secured it in our coalition agreement, the Minister of Health pushed officials, and the result was (after having to go overseas for the advice) that we can have good things and deliver wider health benefits to all New Zealanders.

“It shows, when you use real science and real statistics you don’t have to be racist. The previous government got the science and statistics wrong, and practiced racism. We abhor racial discrimination and we’re proud to be part of seeing the back of it.”

MIL OSI New Zealand News –

March 6, 2025

MIL-OSI: Rigetti Computing Reports Fourth Quarter and Full-Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

BERKELEY, Calif., March 05, 2025 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced its financial results for the fourth quarter and year ended December 31, 2024.

Fourth Quarter and Full-Year 2024 Financial Highlights

Revenues for the three months ended December 31, 2024 were $2.3 million
Operating expenses for the three months ended December 31, 2024 were $19.5 million
Operating loss for the three months ended December 31, 2024 was $18.5 million
Net loss for the three months ended December 31, 2024 was $153.0 million, including $135.1 million of non-cash charges for the fair value change in the earn-out and derivative warrant liabilities
For the year ended December 31, 2024, revenues were $10.8 million, operating expenses were $74.2 million, operating loss was $68.5 million and net loss was $201.0 million, including $133.9 million of non-cash charges for the fair value change in the earn-out and derivative warrant liabilities
As of December 31, 2024 cash, cash equivalents and available-for-sale securities totaled $217.2 million
Received net proceeds of $153.3 million during the three months ended December 31, 2024 from the sale of 88.1 million shares of common stock through a registered direct offering and completion of our at-the-market equity offering
Prepaid in full all remaining amounts owed under our loan agreement with Trinity Capital, Inc.

Business & Strategic Collaboration Updates

New strategic collaboration with Quanta Computer
Rigetti has entered into a strategic collaboration agreement with Quanta Computer, Inc. (“Quanta”), a Taiwan-based Global Fortune 500 company and the global leader of computer server manufacturing, with the goal of accelerating the development and commercialization of superconducting quantum computing. The companies have committed to investing more than $100 million each over the next five years pursuant to the collaboration agreement, with both sides focusing on their complementary strengths to develop superconducting quantum computing technologies. In addition, pursuant to a securities purchase agreement, Quanta will invest $35 million to purchase shares of Rigetti common stock, subject to regulatory clearance. The agreements were signed on February 27, 2025.

“Quanta’s collaboration with Rigetti is designed to strengthen our position in this flourishing market. Our companies’ complementary strengths — Rigetti as a pioneer in superconducting quantum technology, with open, modular architecture enabling integration of innovative solutions across the stack, and Quanta as the world’s leading notebook/server manufacturer with $43 billion in annual sales — will support us in our goal to be at the forefront of the quantum computing industry,” says Dr. Subodh Kulkarni, Rigetti CEO.

Montana State University purchases a Novera QPU
Rigetti sold a Novera QPU to Montana State University (MSU) in December 2024, which was the Company’s first QPU sale to an academic institution. The Novera will be located at MSU’s QCORE to educate and train scientists and engineers on quantum computing technologies, in addition to being used to create a testbed for quantum computing R&D. MSU’s QCORE is a new center of excellence for quantum enabling technologies established to accelerate workforce development and the regional quantum innovation ecosystem.

Technology Milestones

84-qubit Ankaa-3 system launches with record high fidelity
Rigetti launched its 84-qubit Ankaa™-3 system in December 2024. Ankaa-3 features an extensive hardware redesign that enables superior performance. Rigetti achieved major two-qubit gate fidelity milestones with Ankaa-3: successfully halving error rates in 2024 to achieve a 99.0% median iSWAP gate fidelity and demonstrating 99.5% median fidelity with fSim gates. Rigetti’s newest flagship quantum computer continues to feature Rigetti’s scalable, industry-leading chip architecture with 3D signal delivery while incorporating major enhancements to key technologies.

Ankaa-3 is available to Rigetti’s partners via the Rigetti Quantum Cloud Services platform (QCS^®) and to the general public via Microsoft Azure and Amazon Braket.

“We believe that superconducting qubits are the winning modality for quantum computers given their fast gate speeds and scalability. We’ve developed critical IP to scale our systems and remain confident in our plans to scale to 100+ qubits by the end of the year with a targeted 2x reduction in error rates from the error rates we achieved at the end of 2024. We believe our leadership in superconducting quantum computing continues to be reinforced as we push the boundaries of our system performance, as evidenced by the success of Ankaa-3,” says Dr. Kulkarni.

Successful AI-powered calibration of a Rigetti QPU
AI-powered tools from Quantum Elements and Qruise remotely automated the calibration of a Rigetti QPU integrated with Quantum Machines’ control system. This work was part of the “AI for Quantum Calibration Challenge” (the “Challenge”) hosted at the Israeli Quantum Computing Center. The two companies participating in the Challenge, Quantum Elements and Qruise, automated the calibration of a 9-qubit Rigetti Novera™ QPU integrated with Quantum Machines’ advanced OPX1000 control system and NVIDIA DGX Quantum, a unified system for quantum-classical computing that NVIDIA built with Quantum Machines. This achievement showcases the potential of AI in quantum computer calibration and also highlights the growing collaboration within the quantum computing ecosystem.

Quantum Elements, Cruise, and Quantum Machines are members of Rigetti’s Novera QPU Partner Program — an ecosystem of quantum computing hardware, software, and service providers who build and offer integral components of a functional quantum computing system.

“We believe that another advantage we leverage is our modular approach to developing our technology. By enabling our partners to integrate their technology with ours, we can explore and advance creative and flexible ways to improve quantum computing capabilities,” says Dr. Kulkarni.

Research demonstrating optical reading technique published in Nature Physics
Joint research with QphoX and Qblox demonstrating the ability to readout superconducting qubits with an optical transducer was recently published in Nature Physics. This approach to qubit signal processing could have benefits in building scalable quantum computers as it could be a more compact, modular approach for measuring qubit performance in quantum computing systems that rely on microwave amplification. Current qubit readout techniques used by superconducting quantum computer systems in cryogenic environments can be resource intensive from a thermal and power usage perspective. A potential solution to this problem may be to replace coaxial cables and other cryogenic components with optical fibers, which have a considerably smaller footprint and negligible thermal conductivity. To demonstrate the potential of this technology, QphoX, Rigetti and Qblox connected a transducer to a superconducting qubit, with the goal of measuring its state using light transmitted through an optical fiber. It was discovered that the transducer is capable of converting the signal that reads out the qubit and the qubit can also be sufficiently protected from decoherence introduced by thermal noise or stray optical photons from the transducer during operation.

Conference Call and Webcast
Rigetti will host a conference call later today, March 5, 2025, at 5:00 pm ET, or 2:00 pm PT, to discuss its fourth quarter and full-year 2024 financial results.

You can listen to a live audio webcast of the conference call at https://edge.media-server.com/mmc/p/5jaikwa8/ or the “Events & Presentations” section of the Company’s Investor Relations website at https://investors.rigetti.com/. A replay of the conference call will be available at the same locations following the conclusion of the call for one year.

To participate in the live call, you must register using the following link: https://register.vevent.com/register/BIc3642ee5e70e4bea9d3311a88c4e128a. Once registered, you will receive dial-in numbers and a unique PIN number. When you dial in, you will input your PIN and be routed into the call. If you register and forget your PIN, or lose the registration confirmation email, simply re-register to receive a new PIN.

About Rigetti
Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti’s 9-qubit Novera QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at https://www.rigetti.com/.

Contacts

Rigetti Computing Investor Contact:
IR@Rigetti.com

Rigetti Computing Media Contact:
press@rigetti.com

Cautionary Language Concerning Forward-Looking Statements
Certain statements in this communication may be considered “forward-looking statements” within the meaning of the federal securities laws, including statements with respect to the Company’s future success and performance, including expectations with respect to future revenues and the timing, availability and impact of government programs relating to quantum information science; expectations regarding the advantages and impact of the strategic collaboration agreement with Quanta Computer on our operations, technology roadmap, milestones, and our position in the industry; the expectation that Rigetti and Quanta will each invest more than $100 million over the next five years; expectations regarding Quanta’s anticipated $35 million investment in Rigetti through a purchase of Rigetti’s common stock; anticipated regulatory clearance; expectations related to the Company’s ability to achieve milestones including the development of future generations of hardware, including any future generations developed to achieve our targeted fidelities and qubit counts, or to demonstrate narrow quantum advantage or broad quantum advantage, each of which is an important anticipated milestone for our technology roadmap and commercialization of our quantum computers; expectations with respect to scaling to create larger qubit systems without sacrificing gate performance using the Company’s modular chip architecture, including expectations with respect to the Company’s anticipated systems and targeted error rate reduction; expectations with respect to future sales or leases of the Novera QPU, customer adoption of the Ankaa-3 systems and Novera QPU; the possibility that reading out superconducting qubits with an optical transducer could have benefits in building scalable quantum computers; the possibility that replacing coaxial cables and other cryogenic components with optical fibers could result in less thermal and power usage; expectations with respect to the Company’s partners and customers and the quantum computing plans and activities thereof; and expectations with respect to the anticipated stages of quantum technology maturation, including the Company’s ability to develop a quantum computer that is able to solve practical, operationally relevant problems significantly better, faster, or cheaper than a current classical solution and achieve quantum advantage on the anticipated timing or at all. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the Company’s ability to achieve milestones, technological advancements, including with respect to its technology roadmap; the ability of the Company to obtain government contracts successfully and in a timely manner and the availability of government funding; the potential of quantum computing; the ability of the Company to expand its QPU sales and the Novera QPU Partnership Program; the success of the Company’s partnerships and collaborations, including the strategic collaboration with Quanta Computer; the Company’s ability to accelerate its development of multiple generations of quantum processors; the outcome of any legal proceedings that may be instituted against the Company or others; the ability to maintain relationships with customers and suppliers and attract and retain management and key employees; costs related to operating as a public company; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, or competitive factors; the Company’s estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives and expansion plans; the expected use of proceeds from the Company’s past and future financings or other capital; the sufficiency of the Company’s cash resources; unfavorable conditions in the Company’s industry, the global economy or global supply chain, including rising inflation and interest rates, deteriorating international trade relations, political turmoil, natural catastrophes, warfare and terrorist attacks; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its expectations.

RIGETTI COMPUTING, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except number of shares and par value)

	December 31,			December 31,
	2024			2023
Assets
Current assets:
Cash and cash equivalents	$	67,674		$	21,392
Available-for-sale investments – short-term		124,420			78,537
Accounts receivable		2,427			5,029
Prepaid expenses		3,156			1,938
Other current assets		9,081			771
Total current assets		206,758			107,667
Available-for-sale investments – long-term		25,068			—
Property and equipment, net		44,643			44,483
Operating lease right-of-use assets		7,993			7,634
Other assets		325			129
Total assets	$	284,787		$	159,913

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	1,590		$	5,772
Accrued expenses and other current liabilities		8,005			8,563
Current portion of deferred revenue		113			343
Current portion of debt		—			12,164
Current portion of operating lease liabilities		2,159			2,210
Total current liabilities		11,867			29,052
Debt, less current portion		—			9,894
Deferred revenue, less current portion		698			—
Operating lease liabilities, less current portion		6,641			6,297
Derivative warrant liabilities		93,095			2,927
Earn-out liabilities		45,897			2,155
Total liabilities		158,198			50,325
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, none outstanding		—			—
Common stock, par value $0.0001 per share, 1,000,000,000 shares authorized, 283,546,871 shares issued and outstanding at December 31, 2024 and 147,066,336 shares issued and outstanding at December 31, 2023		29			14
Additional paid-in capital		681,202			463,089
Accumulated other comprehensive income		105			244
Accumulated deficit		(554,747	)		(353,759	)
Total stockholders’ equity		126,589			109,588
Total liabilities and stockholders’ equity	$	284,787		$	159,913

RIGETTI COMPUTING, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)


	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Revenue	$	2,274		$	3,376		$	10,790		$	12,008
Cost of revenue		1,271			860			5,093			2,800
Total gross profit		1,003			2,516			5,697			9,208
Operating expenses:
Research and development		13,657			12,787			49,750			52,768
Selling, general and administrative		5,840			6,936			24,457			27,744
Restructuring		—			—			—			991
Total operating expenses		19,497			19,723			74,207			81,503
Loss from operations		(18,494	)		(17,207	)		(68,510	)		(72,295	)
Other income (expense), net
Interest expense		(446	)		(1,268	)		(3,255	)		(5,779	)
Interest income		1,546			1,330			5,113			5,076
Change in fair value of derivative warrant liabilities		(90,885	)		3,160			(90,168	)		(1,160	)
Change in fair value of earn-out liabilities		(44,256	)		1,413			(43,742	)		(949	)
Loss on extinguishment of debt		(426	)		—			(426	)		—
Total other expense, net		(134,467	)		4,635			(132,478	)		(2,812	)
Net loss before provision for income taxes		(152,961	)		(12,572	)		(200,988	)		(75,107	)
Provision for income taxes		—			—			—			—
Net loss	$	(152,961	)	$	(12,572	)	$	(200,988	)	$	(75,107	)
Net loss per share attributable to common stockholders – basic and diluted	$	(0.68	)	$	(0.09	)	$	(1.09	)	$	(0.57	)
Weighted average shares used in computing net loss per share attributable to common stockholders – basic and diluted		226,364			140,537			184,666			131,977

RIGETTI COMPUTING INC.
CONSOLIDATED STATEMENTS OF CASH FLOW
(in thousands)

	Year Ended December 31,
	2024			2023
Cash flows from operating activities:
Net loss	$	(200,988	)	$	(75,107	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		6,906			7,426
Stock-based compensation		13,069			12,409
Change in fair value of earn-out liabilities		43,742			949
Change in fair value of derivative warrant liabilities		90,168			1,160
Change in fair value of forward contract		—			2,229
Impairment of deferred offering costs		—			836
Accretion of available-for-sale securities		(3,622	)		(3,121	)
Loss on extinguishment of debt		426			—
Amortization of debt issuance costs, commitment fees and accretion of final payment fees		844			1,453
Non-cash lease expense		1,909			1,682
Changes in operating assets and liabilities:
Accounts receivable		2,602			1,206
Prepaid expenses, other current assets and other assets		(2,434	)		(259	)
Deferred revenue		468			(618	)
Accounts payable		(1,036	)		895
Accrued expenses and operating lease liabilities		(2,681	)		(1,719	)
Net cash used in operating activities		(50,627	)		(50,579	)
Cash flows from investing activities:
Purchases of property and equipment		(11,098	)		(9,059	)
Purchases of available-for-sale securities		(224,764	)		(109,252	)
Maturities of available-for-sale securities		157,500			119,084
Net cash (used in) provided by investing activities		(78,362	)		773
Cash flows from financing activities:
Principal repayments and prepayment and final payment fees of notes payable		(23,328	)		(8,333	)
Net payments of tax withholdings on sell-to-cover equity award transactions		(6,272	)		—
Proceeds from sale of common stock through Common Stock Purchase Agreement		12,838			20,544
Proceeds from sale of common stock through At-The-Market (ATM) Offering		97,500			—
Proceeds from sale of common stock through registered direct offering		96,000			—
Payments of offering costs		(1,833	)		(107	)
Proceeds from issuance of common stock upon exercise of stock options and warrants		554			1,126
Net cash provided by financing activities		175,459			13,230
Effects of exchange rate changes on cash and cash equivalents		(188	)		80
Net increase (decrease) in cash and cash equivalents		46,282			(36,496	)
Cash and cash equivalents – beginning of period		21,392			57,888
Cash and cash equivalents – end of period	$	67,674		$	21,392
Supplemental disclosures of other cash flow information:
Cash paid for interest	$	2,350		$	4,340
Non-cash investing and financing activities:
Capitalization of deferred costs to equity upon share issuance		—			13
Purchases of property and equipment recorded in accounts payable		466			3,612
Purchases of property and equipment recorded in accrued expenses		150			1,019
Non-cash addition to operating lease right-of-use assets and lease liability		2,268			—
Unrealized gain on short term investments		66			325

The MIL Network –

March 6, 2025

Category: Science

How has China responded to hostile US policies?

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How has China responded to hostile US policies?

How have these Chinese responses affected Africa?

As US-China hostility enters a new era, what are the implications for China-Africa relations?

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Notes to editors:

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Security and growth at the centre of the UK-Ireland Summit

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