Admiral Group Cash Flow Statement

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

Millions GBP. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	826.9	663.3	338	286.5	997.9	528.8
Depreciation & Amortization	22.5	21.6	18.2	18.2	23.6	23.6
Other Amortization	61.7	58.8	40.3	23.7	19.3	19.2
Gain (Loss) on Sale of Investments	6.3	6.3	-2.5	-1.8	2.6	-
Stock-Based Compensation	69.7	67.8	63.3	57.3	64.8	54
Change in Accounts Receivable	186	182.4	-94.7	75.1	-9.2	25.1
Reinsurance Recoverable	-2.2	184.9	-141.8	-124.2	-92.9	-11.5
Change in Accounts Payable	-217.5	-136.1	52.4	-96.3	-56.1	40.2
Change in Insurance Reserves / Liabilities	378.9	421.6	451.3	372.8	133.7	106.3
Change in Other Net Operating Assets	-488.9	-231.4	-73.6	-280.6	-205.2	77.3
Other Operating Activities	-730	-887.7	-386.3	133.9	-292.1	-283.1
Operating Cash Flow	349.7	369	279	476.9	244.6	608.8
Operating Cash Flow Growth	-18.20%	32.26%	-41.50%	94.97%	-59.82%	157.31%
Capital Expenditures	-61.4	-61.7	-75.9	-98.6	-10.6	-18.2
Purchase / Sale of Intangible Assets	-	-	-	-	-58.6	-24.8
Cash Acquisitions	2.7	-82.5	-	-	-	-
Investment in Securities	-	-	-	-2.4	-	-
Other Investing Activities	-	-	-	-	457	-0.1
Investing Cash Flow	-58.7	-144.2	-75.9	-101	387.8	-43.1
Long-Term Debt Issued	-	549.9	720.1	267.8	185.9	0.1
Total Debt Repaid	-537.6	-376.9	-549.7	-9.2	-9.6	-55.7
Net Debt Issued (Repaid)	294.4	173	170.4	258.6	176.3	-55.6
Common Dividends Paid	-530.3	-320	-257.65	-525.55	-720.9	-322.28
Other Financing Activities	-67.5	-61.1	-35.1	-25.3	-20.2	-16.8
Financing Cash Flow	-353.2	-257.9	-171.8	-425	-564.8	-498.1
Foreign Exchange Rate Adjustments	17.8	-6.4	24.8	-26.6	-5.3	2.4
Miscellaneous Cash Flow Adjustments	-	-	-	-	-41.3	-
Net Cash Flow	-44.4	-39.5	56.1	-75.7	21	70
Free Cash Flow	288.3	307.3	203.1	378.3	234	590.6
Free Cash Flow Growth	-20.91%	51.30%	-46.31%	61.67%	-60.38%	168.46%
Free Cash Flow Margin	5.50%	6.39%	5.78%	12.51%	15.06%	45.27%
Free Cash Flow Per Share	0.94	1.00	0.67	1.25	0.78	2.00
Cash Interest Paid	77.4	76.7	52.8	25.3	20.2	19.2
Cash Income Tax Paid	166.9	124.1	133	91.2	126.7	175
Levered Free Cash Flow	635.9	950.73	4,593	-1,178	846.61	295.08
Unlevered Free Cash Flow	680.84	990.91	4,622	-1,162	858.99	308.51
Change in Working Capital	-143.7	421.4	193.6	-53.2	-229.7	237.4

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.