Admiral Group Cash Flow Statement

Financials in millions GBP. Fiscal year is January - December.

Millions GBP. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	742.6	663.3	338	286.5	997.9
Depreciation & Amortization	23.4	21.6	18.2	18.2	23.6
Other Amortization	51.7	58.8	40.3	23.7	19.3
Gain (Loss) on Sale of Investments	-	-	-	-1.8	2.6
Stock-Based Compensation	75	67.8	63.3	57.3	64.8
Change in Accounts Receivable	-15.8	182.4	-94.7	75.1	-9.2
Reinsurance Recoverable	-122.7	184.9	-141.8	-124.2	-92.9
Change in Accounts Payable	44.9	-136.1	52.4	-96.3	-56.1
Change in Insurance Reserves / Liabilities	502.2	421.6	451.3	372.8	133.7
Change in Other Net Operating Assets	-689.1	-231.4	-73.6	-280.6	-205.2
Other Operating Activities	-366.4	-887.7	-386.3	133.9	-292.1
Operating Cash Flow	436.5	369	279	476.9	244.6
Operating Cash Flow Growth	18.29%	32.26%	-41.50%	94.97%	-59.82%
Capital Expenditures	-74.3	-61.7	-75.9	-98.6	-10.6
Purchase / Sale of Intangible Assets	-	-	-	-	-58.6
Cash Acquisitions	-	-82.5	-	-	-
Investment in Securities	-	-	-	-2.4	-
Other Investing Activities	-20.9	-	-	-	457
Investing Cash Flow	-95.2	-144.2	-75.9	-101	387.8
Long-Term Debt Issued	976.1	549.9	720.1	267.8	185.9
Total Debt Repaid	-487.9	-376.9	-549.7	-9.2	-9.6
Net Debt Issued (Repaid)	488.2	173	170.4	258.6	176.3
Repurchases of Common Stock	-35.3	-	-	-	-
Common Dividends Paid	-625.74	-320	-257.65	-525.55	-720.9
Other Financing Activities	-70.7	-61.1	-35.1	-25.3	-20.2
Financing Cash Flow	-333.2	-257.9	-171.8	-425	-564.8
Foreign Exchange Rate Adjustments	-20.6	-6.4	24.8	-26.6	-5.3
Miscellaneous Cash Flow Adjustments	-	-	-	-	-41.3
Net Cash Flow	-12.5	-39.5	56.1	-75.7	21
Free Cash Flow	362.2	307.3	203.1	378.3	234
Free Cash Flow Growth	17.87%	51.30%	-46.31%	61.67%	-60.38%
Free Cash Flow Margin	7.22%	6.66%	5.78%	12.51%	15.06%
Free Cash Flow Per Share	1.18	1.00	0.67	1.25	0.78
Cash Interest Paid	76	76.7	52.8	25.3	20.2
Cash Income Tax Paid	192.1	124.1	133	91.2	126.7
Levered Free Cash Flow	983.24	940.29	4,593	-1,178	846.61
Unlevered Free Cash Flow	1,035	980.41	4,622	-1,162	858.99
Change in Working Capital	-280.5	421.4	193.6	-53.2	-229.7

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.