Quilter plc - Full Year 2024 Results - Part 2 | Company Announcement

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Consolidated statement of comprehensive income
For the year ended 31 December 2024
			£m
		Year ended	Year ended
	Notes	31 December 2024	31 December 2023
Income
Fee income and other income from service activities		544	542
Investment return		4,877	4,075
Other income		28	9
Total income		5,449	4,626
Expenses
Change in investment contract liabilities	15	(4,065)	(3,313)
Fee and commission expenses and other acquisition costs		(49)	(49)
Change in third-party interests in consolidated funds		(587)	(579)
Other operating and administrative expenses		(691)	(575)
Finance costs		(21)	(22)
Total expenses		(5,413)	(4,538)
Impairment of investments in associates		(1)	-
Profit before tax		35	88
Income tax expense attributable to policyholder returns	7(a)	(95)	(76)
(Loss)/profit before tax attributable to shareholder returns		(60)	12
Income tax expense	7(a)	(69)	(46)
Less: income tax expense attributable to policyholder returns		95	76
Income tax credit attributable to shareholder returns	7(a)	26	30
(Loss)/profit after tax attributable to the owners of the Company		(34)	42

Other comprehensive expense
Exchange losses on translation of foreign operations		(1)	-
Total comprehensive income		(35)	42

Earnings per Ordinary Share
Basic earnings per Ordinary Share (pence)	8	(2.5)	3.1
Diluted earnings per Ordinary Share (pence)	8	(2.5)	3.1

Consolidated statement of financial position
At 31 December 2024

			£m
	Notes	31 December 2024	31 December 2023
Assets
Goodwill and intangible assets	9	339	372
Property, plant and equipment		91	91
Investment property		9	10
Investments in associates		16	2
Contract costs		24	16
Loans and advances		56	38
Financial investments	10	59,360	50,329
Deferred tax assets		115	91
Current tax receivable		45	33
Trade, other receivables and other assets		418	447
Derivative assets		26	57
Cash and cash equivalents	13	1,949	1,859
Total assets		62,448	53,345

Equity and liabilities
Equity
Ordinary Share capital	14	115	115
Ordinary Share premium reserve		58	58
Capital redemption reserve		346	346
Share-based payments reserve		42	42
Other reserves		(1)	-
Retained earnings		863	958
Total equity		1,423	1,519
Liabilities
Investment contract liabilities	15	51,758	43,396
Third-party interests in consolidated funds		8,225	7,444
Provisions	16	111	46
Deferred tax liabilities		96	64
Current tax payable		1	2
Borrowings and lease liabilities		275	279
Trade, other payables and other liabilities		506	570
Derivative liabilities		53	25
Total liabilities		61,025	51,826
Total equity and liabilities		62,448	53,345

Consolidated statement of changes in equity
For the year ended 31 December 2024


							£m
Year ended 31 December 2024	Ordinary Share capital	Ordinary Share premium reserve	Capital redemption reserve	Share-based payments reserve	Other reserves	Retained earnings	Total share- holders' equity
Balance at 1 January 2024	115	58	346	42	-	958	1,519
Loss after tax attributable to the owners of the Company	-	-	-	-	-	(34)	(34)
Other comprehensive expense	-	-	-	-	(1)	-	(1)
Total comprehensive income	-	-	-	-	(1)	(34)	(35)
Dividends	-	-	-	-	-	(73)	(73)
Exchange rate movements (ZAR/GBP)¹	-	-	-	-	-	(1)	(1)
Movement in own shares	-	-	-	-	-	(6)	(6)
Equity-settled share-based payment transactions	-	-	-	(4)	-	18	14
Aggregate tax effects of items recognised directly in equity	-	-	-	4	-	1	5
Total transactions with the owners of the Company	-	-	-	-	-	(61)	(61)
Balance at 31 December 2024	115	58	346	42	(1)	863	1,423



							£m
Year ended 31 December 2023	Ordinary Share capital	Ordinary Share premium reserve	Capital redemption reserve	Share-based payments reserve	Other reserves	Retained earnings	Total share- holders' equity
Balance at 1 January 2023	115	58	346	41	(1)	989	1,548
Total comprehensive income²	-	-	-	-	-	42	42
Dividends	-	-	-	-	-	(65)	(65)
Exchange rate movements (ZAR/GBP)¹	-	-	-	-	-	2	2
Acquisition of own shares³	-	-	-	-	-	(14)	(14)
Movement in own shares	-	-	-	-	-	(13)	(13)
Equity-settled share-based payment transactions	-	-	-	-	-	18	18
Aggregate tax effects of items recognised directly in equity	-	-	-	1	-	-	1
Total transactions with the owners of the Company	-	-	-	1	-	(72)	(71)
Transfer to retained earnings	-	-	-	-	1	(1)	-
Balance at 31 December 2023	115	58	346	42	-	958	1,519

			£m
	Notes	Year ended 31 December 2024	Year ended 31 December 2023
Cash flows from operating activities
Cash flows from operating activities		4,654	2,137
Taxation paid		(69)	(26)
Total net cash flows from operating activities	13(b)	4,585	2,111
Cash flows from investing activities
Net purchases and sales of financial investments		(4,360)	(1,908)
Purchase of property, plant and equipment		(8)	(1)
Proceeds from sale of property, plant and equipment held for sale		-	1
Acquisition of subsidiary		(6)	-
Acquisition of shares in associates		(14)	(1)
Total net cash flows from investing activities		(4,388)	(1,909)
Cash flows from financing activities
Dividends paid to the owners of the Company		(73)	(65)
Exchange rate movements passed to shareholders¹		(1)	2
Finance costs on borrowings²		(18)	(18)
Payment of interest on lease liabilities²		(2)	(3)
Payment of principal of lease liabilities		(8)	(9)
Quilter plc shares acquired under the Odd-lot Offer³		-	(14)
Quilter plc shares acquired for use within the Group's employee share scheme		(6)	(15)
Proceeds from the issue of subordinated debt		-	199
Subordinated debt repaid		-	(200)
Total net cash flows from financing activities	13(c)	(108)	(123)
Net increase in cash and cash equivalents		89	79
Cash and cash equivalents at the beginning of the year		1,859	1,782
Effect of exchange rate changes on cash and cash equivalents		1	(2)
Cash and cash equivalents at the end of the year	13(a)	1,949	1,859

Adopted by the Group from	Amendments to standards
1 January 2024	Amendments to IAS 1 Presentation of Financial Statements - classification of liabilities as current and non-current
1 January 2024	Amendments to IAS 1 Presentation of Financial Statements - non-current liabilities with covenants
1 January 2024	Amendments to IFRS 16 Leases - Sale and leaseback transactions
1 January 2024	Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures - Supplier Finance Arrangements

Quilter plc - Full Year 2024 Results - Part 2

Statement of Directors' responsibilities

5(b)(ii): Business transformation costs

5(b)(iii): Skilled Person Review

5(b)(iv): Customer remediation exercise

5(b)(v): Other customer remediation

5(b)(vi): Exchange rate movements (ZAR/GBP)

5(b)(vii): Policyholder tax adjustments

5(b)(viii): Other adjusting items

5(b)(ix): Finance costs

8: Earnings per share

8(a): Weighted average number of Ordinary Shares

The table below summarises the calculation of the weighted average number of Ordinary Shares for the purposes of calculating basic and diluted earnings per share for each profit measure (IFRS, adjusted profit and Headline earnings).

8(b): Basic and diluted EPS (IFRS and adjusted profit)

12: Fair value methodology

12(d): Financial assets and liabilities measured at fair value, classified according to the fair value hierarchy

12(e): Level 3 fair value hierarchy disclosure

15: Investment contract liabilities

Tax

Complaints, disputes and regulations

Ongoing Advice Review

18: Capital and financial risk management

18(a): Capital management

18(a)(i): Regulatory capital (unaudited)

18(b): Credit risk

Overall exposure to credit risk

Maximum exposure to credit risk

19: Related party transactions

20: Events after the reporting date

Companies

UK 100

Latest directors dealings

		£m
	Year ended 31 December 2024	Year ended 31 December 2023
Amortisation of acquired intangible assets	38	38
Impairment of acquired intangible assets¹	-	1
Amortisation of acquired adviser schemes	2	-
Total impact of acquisition and disposal-related accounting	40	39

								£m
Year ended 31 December 2024	Net mgmt. fees¹	Other revenue¹	Investment revenue¹	Total net revenue¹	Operating expenses¹	Adjusted profit before tax	Consol. of funds²	Total
Income
Fee income and other income from service activities	541	87	-	628	-	628	(84)	544
Investment return³	57	4,037	78	4,172	-	4,172	705	4,877
Other income	-	3	-	3	21	24	4	28
Total income	598	4,127	78	4,803	21	4,824	625	5,449
Expenses
Change in investment contract liabilities³	(26)	(4,032)	(7)	(4,065)	-	(4,065)	-	(4,065)
Fee and commission expenses and other acquisition costs	(50)	3	-	(47)	(1)	(48)	(1)	(49)
Change in third-party interests in consolidated funds	-	-	-	-	-	-	(587)	(587)
Other operating and administrative expenses	(15)	-	-	(15)	(639)	(654)	(37)	(691)
Finance costs	-	-	-	-	(21)	(21)	-	(21)
Total expenses	(91)	(4,029)	(7)	(4,127)	(661)	(4,788)	(625)	(5,413)
Impairment of investments in associates	-	-	-	-	(1)	(1)	-	(1)
Profit before tax	507	98	71	676	(641)	35	-	35
Income tax expense attributable to policyholder returns	(95)	-	-	(95)	-	(95)	-	(95)
Loss before tax attributable to shareholder returns	412	98	71	581	(641)	(60)	-	(60)
Adjusting items:
Impact of acquisition and disposal-related accounting	-	-	-	-	40	40
Business transformation costs	-	-	-	-	26	26
Skilled Person Review	-	-	-	-	10	10
Customer remediation exercise	-	-	-	-	76	76
Other customer remediation	-	-	-	-	(3)	(3)
Exchange rate movements (ZAR/GBP)	-	(1)	-	(1)	-	(1)
Policyholder tax adjustments	90	-	-	90	-	90
Finance costs	-	-	-	-	18	18
Adjusting items	90	(1)	-	89	167	256
Adjusted profit before tax	502	97	71	670	(474)	196

						£m
		Operating segments
Year ended 31 December 2024	Notes	Affluent	High Net Worth	Head Office	Consolidation adjustments¹	Total
Income
Premium-based fees		70	19	-	-	89
Fund-based fees		343	184	-	(83)	444
Fixed fees		1	-	-	-	1
Other fee and commission income		10	-	-	-	10
Fee income and other income from service activities		424	203	-	(83)	544
Investment return²		4,131	21	31	694	4,877
Other income		98	2	1	(73)	28
Segment income		4,653	226	32	538	5,449
Expenses
Change in investment contract liabilities²		(4,065)	-	-	-	(4,065)
Fee and commission expenses and other acquisition costs		(49)	-	-	-	(49)
Change in third-party interests in consolidated funds		-	-	-	(587)	(587)
Other operating and administrative expenses		(484)	(217)	(29)	39	(691)
Finance costs		(2)	-	(29)	10	(21)
Segment expenses		(4,600)	(217)	(58)	(538)	(5,413)
Impairment of investments in associates		-	-	(1)	-	(1)
Profit/(loss) before tax		53	9	(27)	-	35
Income tax expense attributable to policyholder returns		(95)	-	-	-	(95)
(Loss)/profit before tax attributable to shareholder returns		(42)	9	(27)	-	(60)
Adjusting items:
Impact of acquisition and disposal-related accounting	5(b)(i)	9	31	-	-	40
Business transformation costs	5(b)(ii)	8	8	10	-	26
Skilled Person Review	5(b)(iii)	10	-	-	-	10
Customer remediation exercise	5(b)(iv)	76	-	-	-	76
Other customer remediation	5(b)(v)	(3)	-	-	-	(3)
Exchange rate movements (ZAR/GBP)	5(b)(vi)	-	-	(1)	-	(1)
Policyholder tax adjustments	5(b)(vii)	90	-	-	-	90
Finance costs	5(b)(ix)	-	-	18	-	18
Adjusting items before tax		190	39	27	-	256
Adjusted profit before tax		148	48	-	-	196

		£m
	Year ended 31 December 2024	Year ended 31 December 2023
Current tax
United Kingdom	67	2
Overseas tax	1	-
Adjustments to current tax in respect of prior periods	(10)	-
Total current tax charge	58	2
Deferred tax
Origination and reversal of temporary differences	3	52
Effect on deferred tax of changes in tax rates	-	(3)
Adjustments to deferred tax in respect of prior periods	8	(5)
Total deferred tax charge	11	44
Total tax charged	69	46

Attributable to policyholder returns	95	76
Attributable to shareholder returns	(26)	(30)
Total tax charged	69	46

			£m
	Note	Year ended 31 December 2024	Year ended 31 December 2023
Income tax expense¹		69	46
Tax on adjusting items
Impact of acquisition and disposal-related accounting		10	9
Business transformation costs		7	7
Skilled Person Review		2	-
Customer remediation exercise		19	-
Other customer remediation		(1)	1
Finance costs		4	4
Exchange rate movements (ZAR/GBP)		-	1
Tax adjusting items
Policyholder tax adjustments	5(b)(vii)	(90)	(62)
Other shareholder tax adjustments²		33	46
Tax on adjusting items		(16)	6
Less: tax attributable to policyholder returns within adjusted profit³		(5)	(14)
Tax charged on total adjusted profit		48	38

		Million
	Year ended 31 December 2024	Year ended 31 December 2023
Weighted average number of Ordinary Shares	1,404	1,404
Own shares including those held in consolidated funds and employee benefit trusts	(60)	(54)
Basic weighted average number of Ordinary Shares	1,344	1,350
Adjustment for dilutive share awards and options	48	24
Diluted weighted average number of Ordinary Shares	1,392	1,374

			Pence
	Post-tax profit measure used	Year ended 31 December 2024	Year ended 31 December 2023
Basic EPS	IFRS profit	(2.5)	3.1
Diluted EPS¹	IFRS profit	(2.5)	3.1
Adjusted basic EPS	Adjusted profit	11.0	9.6
Adjusted diluted EPS	Adjusted profit	10.6	9.4

	+	+		£m
	Year ended 31 December 2024		Year ended 31 December 2023
	Gross	Net of tax	Gross	Net of tax
(Loss)/profit		(34)		42
Adjusted for:
- add back of impairment of investments in associates	1	1	-	-
- add back of impairment loss on intangible assets	-	-	1	1
Headline earnings		(33)		43
Headline basic EPS (pence)		(2.5)		3.2
Headline diluted EPS (pence)¹		(2.5)		3.1

				£m
	Goodwill	Other intangible assets	Software	Total
Gross amount
1 January 2023	306	425	30	761
Disposals	-	-	(21)	(21)
31 December 2023	306	425	9	740
Acquisitions through business combinations¹	1	-	7	8
31 December 2024	307	425	16	748

Accumulated amortisation and impairment losses
1 January 2023	-	(324)	(24)	(348)
Amortisation charge for the year	-	(38)	(2)	(40)
Disposals	-	-	21	21
Impairment of other intangibles	-	(1)	-	(1)
31 December 2023	-	(363)	(5)	(368)
Acquisitions through business combinations¹	-	-	(1)	(1)
Amortisation charge for the year	-	(38)	(2)	(40)
31 December 2024	-	(401)	(8)	(409)

Carrying amount
31 December 2023	306	62	4	372
31 December 2024	307	24	8	339

	31 December 2024	31 December 2023	Average estimated useful life	Average period remaining
	£m	£m
Net carrying value
Other intangible assets
Distribution channels - Quilter Financial Planning	1	2	8 years	< 1 year
Customer relationships
Quilter Cheviot	4	32	10 years	< 1 year
Quilter Financial Planning	12	17	8 years	2 years
Quilter Cheviot Financial Planning	7	10	8 years	2 years
Other	-	1	7 years	-
	24	62
Software
NuWealth	6	-	5 years	5 years
Quilter Financial Planning	2	4	5 years	1 year
	8	4
Total other intangible assets and software	32	66

	Affluent	High Net Worth
Reduction in forecast cash flows	65%	81%
Percentage point increase in the discount rate	42%	48%

Description of hierarchy	Types of instruments classified in the respective levels
Level 1 - quoted market prices: financial assets and liabilities with quoted prices for identical instruments in active markets.	Listed equity securities, government securities and other listed debt securities and similar instruments that are actively traded, actively traded pooled investments, certain quoted derivative assets and liabilities and investment contract liabilities directly linked to Level 1 financial assets.
Level 2 - valuation techniques using observable inputs: financial assets and liabilities with quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in inactive markets and financial assets and liabilities valued using models where all significant inputs are observable.	Unlisted equity and debt securities where the valuation is based on models involving no significant unobservable data. Over-the-counter derivatives, certain privately placed debt instruments and third-party interests in consolidated funds which meet the definition of Level 2 financial instruments.
Level 3 - valuation techniques using significant unobservable inputs: financial assets and liabilities valued using valuation techniques where one or more significant inputs are unobservable.	Unlisted equity and securities with significant unobservable inputs, securities where the market is not considered sufficiently active, including certain inactive pooled investments.

		£m
		31 December 2024
	Increase		Decrease
Percentage point change in proportion of population where satisfactory service evidence is unavailable of 10%	16		(16)
Percentage point change in response rate of 10%	14		(14)
Change in administrative costs of 10%	3		(3)

		£m
	31 December 2024¹	31 December 2023²
Own funds	1,566	1,540
Solvency capital requirement	715	568
UK Solvency II surplus	851	972
UK Solvency II coverage ratio	219%	271%

		£m
	31 December 2024	31 December 2023
Goodwill (net carrying amount)
Affluent	224	223
High Net Worth	83	83
Total goodwill	307	306

		£m
	31 December 2024	31 December 2023
Government and government-guaranteed securities	171	202
Other debt securities, preference shares and debentures	2,644	2,175
Equity securities	11,034	8,488
Pooled investments	45,510	39,462
Short-term funds and securities treated as investments	-	1
Other	1	1
Total financial investments	59,360	50,329

31 December 2024
					£m
Measurement basis	Fair value
	Mandatorily at FVTPL	Designated at FVTPL	Amortised cost	Non-financial assets and liabilities	Total
Assets
Loans and advances	-	-	56	-	56
Financial investments	59,359	1	-	-	59,360
Trade, other receivables and other assets	-	-	370	48	418
Derivative assets	26	-	-	-	26
Cash and cash equivalents	1,215	-	734	-	1,949
Total assets that include financial instruments	60,600	1	1,160	48	61,809
Total other non-financial assets	-	-	-	639	639
Total assets	60,600	1	1,160	687	62,448

Liabilities
Investment contract liabilities	-	51,758	-	-	51,758
Third-party interests in consolidated funds	8,225	-	-	-	8,225
Borrowings and lease liabilities	-	-	275	-	275
Trade, other payables and other liabilities	-	1	399	106	506
Derivative liabilities	53	-	-	-	53
Total liabilities that include financial instruments	8,278	51,759	674	106	60,817
Total other non-financial liabilities	-	-	-	208	208
Total liabilities	8,278	51,759	674	314	61,025

				£m
31 December 2024	Level 1	Level 2	Level 3	Total
Financial investments	49,052	10,292	16	59,360
Cash and cash equivalents	1,215	-	-	1,215
Derivative assets	-	26	-	26
Total financial assets measured at fair value through profit or loss	50,267	10,318	16	60,601

Third-party interests in consolidated funds	-	8,225	-	8,225
Derivative liabilities	-	53	-	53
Investment contract liabilities	51,745	-	13	51,758
Other liabilities	-	1	-	1
Total financial liabilities measured at fair value through profit or loss	51,745	8,279	13	60,037

				£m
31 December 2023	Level 1	Level 2	Level 3	Total
Financial investments	41,691	8,605	33	50,329
Cash and cash equivalents	1,091	-	-	1,091
Derivative assets	-	57	-	57
Total financial assets measured at fair value through profit or loss	42,782	8,662	33	51,477

Third-party interests in consolidated funds	-	7,444	-	7,444
Derivative liabilities	-	25	-	25
Investment contract liabilities	43,372	-	24	43,396
Other liabilities	-	1	-	1
Total financial liabilities measured at fair value through profit or loss	43,372	7,470	24	50,866

		£m
	2024	2023
At beginning of the year	33	29
Fair value gains/(losses) credited/(charged) to profit or loss¹	4	(1)
Sales	(17)	(1)
Transfers in	8	27
Transfers out	(12)	(21)
Total Level 3 financial assets at the end of the year	16	33
Unrealised fair value (losses)/gains recognised in profit or loss relating to assets held at the year end	(3)	2

		£m
	31 December 2024	31 December 2023
Cash at bank	369	444
Money market funds	1,215	1,091
Cash and cash equivalents in consolidated funds	365	324
Total cash and cash equivalents per statement of cash flows	1,949	1,859

		£m
	2024	2023
Carrying amount at 1 January	43,396	38,186
Fair value movements	3,153	2,528
Investment income	912	785
Movements arising from investment return	4,065	3,313
Contributions received	8,222	5,358
Withdrawals and surrenders	(3,661)	(3,212)
Claims and benefits	(260)	(245)
Other movements	(4)	(4)
Change in liability	8,362	5,210
Investment contract liabilities at end of the year	51,758	43,396

						£m
Year ended 31 December 2024	Customer remediation exercise provision	Compensation provisions	Sale of subsidiaries provision	Property provisions	Clawback and other provisions	Total
Balance at beginning of the year	-	17	3	10	16	46
Charge to profit or loss	76	10	-	-	4	90
Used during the year	-	(5)	(2)	(2)	(6)	(15)
Unused amounts reversed	-	(8)	-	(1)	(1)	(10)
Balance at 31 December 2024	76	14	1	7	13	111

						£m
Year ended 31 December 2023	Customer remediation exercise provision	Compensation provisions	Sale of subsidiaries provision	Property provisions	Clawback and other provisions	Total
Balance at beginning of the year	-	23	15	12	19	69
Charge to profit or loss	-	17	-	-	6	23
Used during the year	-	(14)	(12)	(2)	(8)	(36)
Unused amounts reversed	-	(9)	-	-	(1)	(10)
Balance at 31 December 2023	-	17	3	10	16	46

		£m
Group own funds	31 December 2024	31 December 2023
Tier 1¹	1,366	1,336
Tier 2²	200	204
Total Group UK Solvency II own funds	1,566	1,540

		£m
	31 December 2024	31 December 2023
Total external borrowings of the Company	198	198
Less: cash and cash equivalents of the Company	(135)	(110)
Total net external borrowings of the Company	63	88
Total shareholders' equity of the Group	1,423	1,519
Tier 2 bond	198	198
Total Group equity (including Tier 2 bond)	1,621	1,717
Ratio of Company net external borrowings to Group equity	0.039	0.051

														£m
		Credit rating relating to cash and cash equivalents
31 December 2024		AAA		AA		A		B		<BBB		Not rated¹		Carrying value
Cash at amortised cost, subject to 12-month ECL		-		73		296		-		-		365		734
Money market funds at FVTPL		1,215		-		-		-		-		-		1,215
Total cash and cash equivalents		1,215		73		296		-		-		365		1,949

													£m
	Credit rating relating to cash and cash equivalents
31 December 2023	AAA		AA		A		B		<BBB		Not rated¹		Carrying value
Cash at amortised cost, subject to 12-month ECL	-		63		381		-		-		324		768
Money market funds at FVTPL	1,091		-		-		-		-		-		1,091
Total cash and cash equivalents	1,091		63		381		-		-		324		1,859

Impairment allowance	£m
Balance at 1 January 2023	(1.1)
Change due to change in counterparty balance	(0.4)
Additional impairment in the year¹	(4.3)
31 December 2023	(5.8)
Change due to change in counterparty balance	(0.8)
Change due to change in counterparty credit rating	(0.1)
Additional impairment in the year	(2.4)
Write-offs	0.2
31 December 2024	(8.9)

		£m
Impact on profit after tax and net assets	31 December 2024	31 December 2023
Impact of 10% increase in equity	26	26
Impact of 10% decrease in equity	(26)	(26)