Interim Results

UNDERWRITING BUSINESS NAVIGATING HIGH LEVELS OF CLAIMS INFLATION Claims frequency returning to normal HY 2021 HY 2022 Movement in reserve margin £87.0m £75.7m HY 2021 £35.4m HY 2022 £31.1m ₤16.4m Underlying revenue Underlying Profit Before Tax (£2.2m) £16.7m (£18.4m) £31.5m Jan-22 Underlying development Basis change Reserve Jul-22 releases Underlying current-year combined ratio of 110% in H1, reflecting claims inflation of around 13% Expect similar current-year combined ratio in H2, albeit improving into 2023/24 Prior year reserve releases of £18m include one-off £10m reduction in prudent view of 2020/21 accident year Basis change now aligns best estimate reserving with expected position post IFRS 17 adoption in 2023/24; future basis changes expected to be significantly smaller than in the past 11 Interim results for the six months ended 31 July 2022 SAGA

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