Syndicate Accounts

Accounts disclaimer

Important information about Syndicate Reports and Accounts

Access to this document is restricted to persons who have given the certification set forth below. If this document has been forwarded to you and you have not been asked to give the certification, please be aware that you are only permitted to access it if you are able to give the certification. The syndicate reports and accounts set forth in this section of the Lloyd’s website, which have been filed with Lloyd’s in accordance with the Syndicate Accounting Byelaw (No. 8 of 2005), are being provided for informational purposes only. The syndicate reports and accounts have not been prepared by Lloyd’s, and Lloyd’s has no responsibility for their accuracy or content. Access to the syndicate reports and accounts is not being provided for the purposes of soliciting membership in Lloyd’s or membership on any syndicate of Lloyd’s, and no offer to join Lloyd’s or any syndicate is being made hereby. Members of Lloyd’s are reminded that past performance of a syndicate in any syndicate year is not predictive of the related syndicate’s performance in any subsequent syndicate year. You acknowledge and agree to the foregoing as a condition of your accessing the syndicate reports and accounts. You also agree that you will not provide any person with a copy of any syndicate report and accounts without also providing them with a copy of this acknowledgment and agreement, by which they will also be bound.

Syndicate 1971

Annual report and accounts

For the year ended 31 December 2025

A white background with blue and grey lines

AI-generated content may be incorrect.

Key performance indicators

Highlights:

•Apollo’s Syndicate 1971, an innovator and leader in the digital and sharing economy space has reported top and bottom-line growth in 2025;

•The profit of $68.1m in 2025 reflects the positive contribution of earned profit from all years of account;

•2023 year of account closed with a profit of 13.8% of capacity. The forecast range for the 2024 year of account result is a profit of between 6.5% and 16.5% of capacity;

•The business has continued to grow in 2025 through organic expansion of existing accounts, including participation on different layers of those accounts together with new business initiatives, including exploring potential new partnerships and the use of new distribution channels; and

•The Apollo ibott 1971 portfolio has benefited from a positive rating environment in 2025, which is expected to continue into 2026.

“Growth is expected to continue in 2026 with the syndicate deploying enhanced data driven pricing accuracy and capability, resulting in forecast rate increases. The ibott segment’s unique client-centric partnership approach sets the basis for deep, lasting client relationships and high retention. Going forward, growth efforts will focus on diversifying with additional large accounts and refining risk assessments within the existing client base. These actions support the syndicate´s competitive advantage as a market leader to satisfy the unique needs of its client base.”

David Ibeson, CEO

2025

2024

Annual basis

$’m

Change

Gross premium written

614.8

410.8

50%

Net premium written

306.8

183.7

67%

Net premium earned

257.5

173.1

49%

Profit for the financial year

68.1

37.1

83%

Claims ratio

65%

72%

(7)%

Expense ratio

19%

14%

Combined ratio

84%

86%

(2)%

Contents

Directors and administration...................................................................................................................2

Syndicate financial statements for the year ended 31 December 2025.................................................2

Report of the directors of the managing agent.......................................................................................3

Statement of managing agent’s responsibilities...................................................................................13

Independent auditor’s report to the members of Syndicate 1971.........................................................14

Statement of profit or loss and other comprehensive income...............................................................19

Balance sheet – Assets........................................................................................................................21

Balance sheet (continued) – Liabilities.................................................................................................22

Statement of changes in members’ balances.......................................................................................23

Statement of cash flows........................................................................................................................24

Notes to the financial statements..........................................................................................................25

Syndicate underwriting year accounts for the 2023 year of account....................................................57

Report of the directors of the managing agent.....................................................................................58

Statement of managing agent’s responsibilities...................................................................................61

Independent auditors report to the members of Syndicate 1971 – 2023 closed year of account.........62

Statement of profit or loss and other comprehensive income...............................................................66

Balance sheet – Assets........................................................................................................................68

Balance sheet (continued) – Liabilities.................................................................................................69

Statement of changes in members’ balances.......................................................................................70

Statement of cash flows........................................................................................................................71

Notes to the underwriting year accounts..............................................................................................72

Five year summary of underwriting results...........................................................................................81

2 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Directors and administration

Managing agent

Apollo Syndicate Management Limited

Registered office

One Bishopsgate

London

EC2N 3AQ

Company registration number

09181578

Company secretary

PC Bowden

Directors

AC Winther(Non-Executive Chair)

FA Buckley(Non-Executive Director)

M Cramér Manhem(Non-Executive Director)

SE Hill(Non-Executive Director)

MCS Krefta(Non-Executive Director)

RD Littlemore(Non-Executive Director)

DCB Ibeson(Chief Executive Officer)

TL McHarg

VVV Mistry

JR Slaughter

Active underwriter

JR Slaughter

Bankers

Citibank

NatWest

Royal Bank of Canada

Registered auditor

Deloitte LLP

Registered auditor

2 New Street Square

London

EC4A 3BZ

Syndicate financial statements for the year ended 31 December 2025

3 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Report of the directors of the managing agent

The directors of the managing agent (together, “the Board”) present their annual report and audited financial statements, which incorporate the strategic review, for Syndicate 1971 (“the syndicate”) for the year ended 31 December 2025.

The financial statements are prepared using the annual basis of accounting as required by Statutory Instrument No. 1950 of 2008, The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 (“Lloyd’s Regulations 2008”) and applicable accounting standards in the United Kingdom and Republic of Ireland including Financial Reporting Standard 102 (“FRS102”) and Financial Reporting Standard 103 (“FRS103”) in relation to Insurance Contracts, and the Lloyd’s Syndicate Accounts Instructions Version 3.1 as modified by the Frequently Asked Questions Version 1.1 issued by Lloyd’s.

Underwriting year accounts for the closed 2023 year of account of Syndicate 1971 are included in this document following these financial statements.

Principal activity

This report covers the business of Syndicate 1971 which was established for the 2019 year of account and trades as Apollo ibott (Insuring Businesses of Tomorrow, Today). The principal activity of the syndicate is writing automotive casualty risks relating to the sharing economy in respect of its ibott Rover class of business. The syndicate maintains a significant quota share reinsurance placement with a panel of highly rated reinsurers on all years of account.

The syndicate traded as a Special Purpose Arrangement (“SPA”) for the 2019 to 2021 years of account. Business was written for these years by Syndicate 1969 and then ceded as a quota share to Syndicate 1971. Under this arrangement all transactions were undertaken by Syndicate 1969 on behalf of the syndicate, until closure of the year, when the declared result was remitted to members. In November 2021 the syndicate received approval from Lloyd’s to operate on a stand-alone basis with effect from the 2022 year of account.

Syndicate 1971 established its own SPA, Syndicate 1925, for the 2024 year of account. Syndicate 1925 underwrites Cyber Reinsurance business and was developed through a strategic partnership with Envelop Risk.

Syndicate 1971 trades through the Society of Lloyd’s (‘’Lloyd’s'’) worldwide licences and has the benefit of the Lloyd’s brand and rating. Lloyd’s has an A+ (Superior) rating from A.M. Best, AA- (Very Strong) from Standard & Poor’s and AA- (Very Strong) from Fitch.

The syndicate’s capacity for the 2025 year of account was £430m ($541.8m at the Lloyd’s planning rate of $1.26) of which £50m ($63.0m) related to SPA Syndicate 1925. Stamp capacity for the 2026 year of account remained at £430m ($589.1m at the Lloyd’s planning rate of $1.37) of which £70m ($95.9m) relates to SPA Syndicate 1925.

Apollo Syndicate Management Limited (“ASML”) is approved as a managing agency at Lloyd’s and is authorised by the Prudential Regulation Authority (‘’PRA’’). ASML is regulated by the Financial Conduct Authority (‘’FCA’’) and the PRA.

Review of the business

ibott is a global leader in the digital and sharing economy and a core growth class for the Apollo Group. In 2025, the syndicate achieved premium growth of 50% to $614.8m (2024: $410.8m) and achieved risk adjusted rate increases on renewals of 7% (2024: 10%).

4 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Results

Annual basis

2025

$’m

2024

$’m

Change

Gross premium written

614.8

410.8

50%

Net premium written

306.8

183.7

67%

Net premium earned

257.5

173.1

49%

Profit for the financial year

68.1

37.1

83%

Claims ratio

65%

72%

(7)%

Expense ratio

19%

14%

Combined ratio

84%

86%

(2)%

Notes:

The claims ratio is the ratio of net claims incurred to net premiums earned.

The expense ratio is the ratio of net operating expenses to net premiums earned.

The combined ratio is the sum of the claims and expense ratios.

The expense and combined ratios exclude investment return and foreign exchange gains and losses.

ASML uses the key performance indicators shown in the table above to measure the performance of the syndicate against its objectives and overall strategy. These indicators are assessed against plan and prior year outcomes and are subject to regular review. The syndicate predominantly writes business denominated in US Dollars and therefore reports in that currency.

2025 calendar year result

The result for the 2025 calendar year is a profit of $68.1m (2024: profit of $37.1m) with a combined ratio of 83.5% (2024: 86.3%). The 2025 calendar year result aggregates the performance during the year of all open years of account (2023, 2024 and 2025) and movements from the 2019 - 2022 closed years of account.

The profit for the calendar year is split between a profit on the 2025 year of account of $14.7m and a profit on the 2024 and prior years of account of $53.4m. The 2025 calendar year underwriting result is consistent with expectations in the plan for the year. Overall, the account has been managed within risk appetite and without major deviations from management tolerance. In 2025 we continue to observe the refreshed market and client strategy that was developed in 2024 putting service and innovation at the core of the syndicate product offering. This approach has supported the resilience of the syndicate with a strong pipeline of business opportunities, strengthening the capability of the syndicate to meet its plan.

Notified claims experience in the calendar year for the 2025, 2024 and 2023 years of account has been within expectations. However, we recognise that a range of outcomes is possible for the ultimate result for the syndicate and have therefore made a provision within claims that have been incurred at the reporting date but have not yet been reported (“IBNR”) in the calendar year to allow for this reserving uncertainty. In particular, the assumptions underlying our reserving methodology reflect additional information obtained from pricing current and prospective business. The implications of this analysis have been incorporated into our reserving approach for all years of account which includes a loading for inflation and a margin added over and above actuarial best estimates set with reference to the margin policy.

In December 2025, the syndicate purchased a retrospective quota share reinsurance arrangement with Syndicate 1994. This arrangement substantially replaces previous contracts with one reinsurer, who commuted its reinsurance contracts for the 2022 and prior years of account.

5 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Investment performance

The investment objective is to invest the premium trust funds in a manner designed primarily to preserve capital values and provide liquidity.

The syndicate produced an investment return of $25.4m in the year (2024: $12.8m), having benefited from mark-to-market gains and larger investment holdings. At the balance sheet date, the fixed income portfolio holdings totalled $294.0m (2024: $173.6m).

The syndicate’s investment portfolio is expected to remain broadly consistent with the position at the balance sheet date.

Capital

For Syndicate 1971, ASML assesses the syndicate’s capital requirements through a rigorous process of risk identification and quantification using an internal capital model at a 1:200 year confidence level. The model is based on Solvency II regulatory requirements and has been approved by Lloyd’s. The ultimate Solvency Capital Requirement (“SCR”) is subject to an uplift determined by Lloyd’s based on its assessment of the economic capital requirements for the Lloyd’s market in total. The SCR, together with the Lloyd’s uplift, is referred to as the Economic Capital Assessment (“ECA”). The ECA for the 2025 underwriting year was set at 62% of capacity and for the 2026 underwriting year is 72% of capacity.

Lloyd’s unique capital structure provides excellent financial security to policyholders and capital efficiency for members. The Lloyd’s chain of security underlies the financial strength that ultimately backs insurance policies written at Lloyd’s and has three links:

1.All premiums received by syndicates are held in trust as the first resource for settling policyholders’ claims;

2.Every member is required to hold capital in trust funds at Lloyd’s which are known as Funds at Lloyd’s (“FAL”). FAL is intended primarily to cover circumstances where syndicate assets are insufficient to meet participating members’ underwriting liabilities. FAL is set with reference to the ECAs of the syndicates that the member participates on. Since member FAL is not under the control of the managing agent, it is not shown in the syndicate accounts. The managing agent is, however, able to make a call on members’ FAL to meet liquidity requirements or to settle underwriting losses if required; and

3.Lloyd’s central assets are available at the discretion of the Council of Lloyd’s to meet any valid claim that cannot be met through the resources of any member further up the chain. Lloyd’s also retains the right to request a callable contribution equal to 5% of members’ capacity on the syndicate.

Solvency UK became fully effective on 31 December 2024, replacing the Solvency II framework

inherited when the UK left the European Union.

Principal risks and uncertainties

ASML has an established Enterprise Risk Management (“ERM”) function for the syndicate with clear terms of reference from the ASML Board and its committees as part of a three lines of defence model. The ERM function works with the syndicate to identify any potential risks to the delivery of the syndicate plans. The ASML Board and its committees review and approve the risk management policies and meet regularly to approve any commercial, regulatory and organisational requirements of these policies.

The syndicate’s risk appetites are set annually as part of the syndicate business planning and solvency capital requirement setting process, within the context of the agreed agency-level appetites. The ERM function also supports management with the syndicate’s Own Risk and Solvency Assessment (“ORSA”) processes and provides regular updates to the ASML Board. The syndicate ORSA report is approved by the ASML Board annually.

6 Apollo Syndicate 1971 | Annual Report and Accounts 2025

ASML recognises that the syndicate’s business is to accept risk which is appropriate to enable it to meet its objectives and that it is not realistic or possible in all cases to eliminate risk entirely. The principal risks and uncertainties facing the syndicate have been identified as strategic risk, insurance risk, regulatory risk, operational risk, and financial risk (comprising credit risk, liquidity risk and market risk). A risk owner has been assigned responsibility for each risk, and it is the responsibility of that individual periodically to assess the impact of the risk and to ensure appropriate risk mitigation procedures and controls are in place and operating effectively. External factors facing the business and the internal controls in place are routinely reassessed and changes made when necessary. The overarching risk framework is overseen by the ASML Risk Committee on behalf of the ASML Board. The risk culture of the business is Board led, with new initiatives requiring an objective risk assessment and opinion prior to approval.

Strategic risk is the risk that inadequate, ineffective, or inappropriate business decisions result in negative impacts on the ability to execute the syndicate’s business’ objectives/strategy, and hence on the profitability of the syndicate. The ASML Board has ultimate responsibility for overseeing the execution of the approved strategy and consequently the associated strategic risk. All areas of the business are encouraged to identify areas of potential uncertainty that could impact plan execution and to identify emerging risks.

Insurance risk refers to fluctuations in the timing, frequency and severity of insured events, relative to expectations at the time of underwriting. It comprises premium risk and reserving risk. The ASML Underwriting Committee oversees the management of premium risk and the implementation of a disciplined Underwriting Strategy with a robust control and governance framework that is focused on writing quality business at an acceptable price, and the purchase of a comprehensive outwards reinsurance programme. The ASML Board sets limits on the syndicate’s exposure to underwriting risk and accumulation events both on a gross and net of reinsurance basis and adherence to these limits is reported monthly to the ASML Underwriting Committee. The ASML Reserving Committee oversees the overall management of reserving risk. Reserving risk is managed using proprietary and standardised modelling techniques, internal and external benchmarking, review of claims development and the ongoing oversight from an independent external reserving process. An independent Statement of Actuarial Opinion is commissioned each year in line with Lloyd’s Valuation of Liabilities requirements. The reserving process is overseen by and reports through the ASML Audit Committee.

Syndicate 1971 has a markedly different risk profile to Lloyd’s market competitors, with few readily available market and industry comparators. Several of the syndicate’s larger clients have grown rapidly over the period in which they have been insured by the syndicate, for which the syndicate has detailed underwriting and claims information to inform risk selection and performance assessment. A risk does present for smaller clients for whom available data is sparse, due to these clients being start-ups or being involved in a new industry segment. Several of the risks written are genuinely new to the Lloyd’s market. Consequently, traditional approaches to pricing and reserving may not always be appropriate in setting the price charged to clients. There are few benchmarks available for setting best estimate reserves. Syndicate 1971 seeks to mitigate this risk by intensive analysis of the data available to develop sophisticated pricing and reserving models and by seeking to cultivate trust and long-term mutually sustainable relationships with clients in the segments that are defined within the syndicate’s risk appetite.

Regulatory risk is the financial loss or inability to conduct normal business activities owing to a breach of regulatory requirements or failure to respond to regulatory change. ASML is a regulated entity and therefore is required to comply with the requirements of the PRA, FCA and Lloyd’s. Lloyd’s requirements include those imposed on the Lloyd’s market by overseas regulators. ASML ensures that there is an appropriate level of skilled resources in place to meet its regulatory obligations, including compliance, risk management and internal audit functions.

7 Apollo Syndicate 1971 | Annual Report and Accounts 2025

A group has been formed to review ‘contentious risks’ comprising ASML’s Chief Underwriting Officer, Chief Risk Officer, Chief Reinsurance Officer, Chief Engagement Officer, and Environmental, Social, and Governance (“ESG”) Analyst. This group reviews risks that are presented to underwriters which, while not explicitly excluded by ASML’s policies, could lead to an adverse reputational impact for ASML. Before the underwriter can proceed, approval must be granted by at least three members of this contentious risks group.

All contentious risk referrals, and the reasonings for approval or denial, are maintained on a contentious risk log to help develop learning and ensure consistency of approach. This log is reviewed quarterly by ASML’s ESG Committee, and if they identify any inconsistencies they revert to the contentious risks group or, as appropriate, escalate to the ASML Board Risk Committee or to the ASML Board. The contentious risk process is also used to consider instances where a risk might be excluded by existing appetites but could have a significant social benefit, allowing the team to approve on that basis.

Operational risk is the risk of a loss resulting from inadequate or failed internal processes, people and systems or from external events. The syndicate is constantly exposed to operational risk as this covers the uncertainties and hazards of undertaking day-to-day business. Controls have been put in place and documented to try to ensure that these risks are managed on a proportionate basis and within risk appetite. As operational risks apply across the entire business, all committees have some level of oversight for operational risk. The ASML Board Risk Committee has oversight of any risk events which require escalation.

Financial risk for the syndicate covers all risks related to financial investment and the ability to pay creditors, and includes credit risk, liquidity risk and market risk. In relation to assets held, an investment mandate reflecting the syndicate’s risk appetite is in place and has been approved by the ASML Board. Compliance with this is controlled through the investment manager’s systems and monitored through the ASML Investment and Treasury Oversight Group.

Credit risk is the risk of financial loss to the syndicate if a counterparty to a financial instrument or a reinsurance agreement fails to discharge a contractual obligation. ASML manages credit risk by placing limits on exposure to a single counterparty by reference to the credit rating of the counterparty. On a quarterly basis the ASML Finance Committee reviews credit exposures, reinsurer security and counterparty limits, with further oversight provided by the ASML Board and Audit Committee.

Liquidity risk is the risk that the syndicate’s assets are insufficient to fund the obligations arising from its insurance contracts and financial liabilities as they fall due, or that they can only be met by incurring additional costs. ASML’s approach to managing liquidity risk includes use of daily liquidity monitoring, quarterly cash flow forecasts and management of asset duration. Contingency funding plans are in place to ensure that adequate liquid financial resources are available to meet obligations as they fall due in the event of reasonably foreseeable abnormal circumstances.

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, excluding those that are caused by credit downgrades which are included under credit risk. Market risk comprises three key components: interest rate risk, currency risk and investment risk. For each of the major components of market risk the syndicate has policies and procedures in place which detail how each risk should be managed and monitored. Investment management is outsourced and an investment mandate reflecting the syndicate’s risk appetite is in place and has been approved by the ASML Board. Compliance with this is controlled through the investment manager’s systems and monitored through the monthly and quarterly reporting process.

The use of financial derivatives is governed by ASML’s risk management policies and ASML does not use such instruments for speculative purposes. The ASML Board has agreed key risk indicators and approved the corresponding risk appetite for each measure.

8 Apollo Syndicate 1971 | Annual Report and Accounts 2025

A quantitative analysis of the risks set out above is included in note 4 to the financial statements. A traffic light indicator is used for monitoring current levels of risk based upon agreed thresholds and tolerances.

Emerging risks

An emerging risk is defined as a risk that is new, unforeseen, or unfamiliar. It may result from new or increased exposure that could pose both as an opportunity or threat to the existing business risk appetite or tolerance.

The Emerging Risk Working Group is a cross-agency forum, that enables a diverse set of practitioners to review thematic risk considerations. The results of these reviews can lead to further deep dive assessments that in turn are reported through the governance structures to the ASML Board Risk Committee. Examples of deep dive reviews conducted during 2025 include:

Artificial Intelligence (“AI”) regulation

An assessment of the possible implications of new regulations on operations, including the EU AI Act and potential congressional changes in the US. This is important as business operations (internal and external) continue to seek opportunities to adopt AI related technology.

ASML has implemented several controls in relation to appropriate use of AI within the business. These controls will continue to be reviewed and developed as ASML develops a better understanding of how to utilise AI in the future.

Recession scenario analysis

This scenario coordinated between ERM, Finance, and Underwriting colleagues, assessed the potential qualitative impacts of a global recession caused by uncertainty resulting from the trade tariff regime. Consideration was given to a contraction in US gross domestic product causing global impacts, supply-chain volatility, and inflationary pressures. The impacts were investigated for several lines of business covered within the syndicate as well as implications for reserving, capital assessments, and reinsurance.

Trade tariffs

Following political changes in the US and the introduction of the widespread trade tariff policy earlier in 2025 the potential impacts to the syndicate were assessed. This focused on potential financial risks, including foreign exchange and inflationary pressures, underwriting landscape changes, supply-chain effects, and secondary geopolitical impacts. The increased volatility and uncertainty due to the tariff regime effects have been subject to regular monitoring by both first and second lines of defence. Additionally, policy implications upon surplus lines were investigated and determined not to be a material risk for syndicate business in-flows.

Corporate governance

The ASML Board is chaired by Angus Winther who is, as at the time of signing, supported by five further non-executive directors all of whom are independent. Martin Hudson and Stuart Davies stepped down on 28 February 2025 and 1 January 2026 respectively. Robert Littlemore was appointed as a Non-Executive Director on 28 February 2025. Michael Krefta was appointed as a Non-Executive Director on 17 March 2025. David Ibeson is the Chief Executive Officer and there were three further executive directors as at 31 December 2025.

Defined operational and management structures are in place and terms of reference exist for the ASML Board and all Board and Management Committees.

The ASML Board meets at least four times a year and more frequently when business needs require. The ASML Board has a schedule of matters reserved for its decision and is supported by the Audit Committee, the Risk Committee and the Remuneration and Nominations Committee.

9 Apollo Syndicate 1971 | Annual Report and Accounts 2025

These supporting board committees are comprised of non-executive directors. At the date of this document, all members of the Audit Committee, Risk Committee and Remuneration and Nominations Committee are independent. Stuart Davies, who was not independent, was a member of the Audit Committee until he stepped down from the Board on 1 January 2026.

Section 172 statement

The directors adopt the responsibilities to promote the success of the syndicate as if Section 172 of the Companies Act 2006 were applicable and have acted in accordance with these responsibilities during the year. The ASML Board has identified the following key stakeholders: capital providers to the managed syndicates, employees, the shareholder of ASML, Lloyd’s, regulators, policyholders and brokers.

Throughout the year the ASML Board considered the wider impact of strategic and operational decisions on its stakeholders. Examples include the development and execution of the business plans for the syndicate; the assessment and raising of capital; communications with capital providers; and changes to Board composition. The ASML Board considers that the interests of all stakeholders were aligned for these decisions.

The support and engagement of capital providers of the syndicate is imperative to the future success of our business. There are regular meetings with capital providers and members’ agents throughout the year to discuss the performance and future prospects for the syndicate. Feedback received during these meetings enables the ASML Board to factor the views of these key stakeholders into the development of business plans for future years.

Developing and maintaining relationships with brokers and policyholders is central to the success of the syndicate. Underwriters travel widely with our broking partners to visit clients and attend industry events to promote the syndicates and the Lloyd’s brand and to ensure we continue to provide an excellent service to our policyholders. In developing insurance propositions, marketing them with our broking partners, and in settling claims, we always seek to ensure fair customer outcomes and provide products that deliver value.

ASML maintains open and transparent relationships with our regulators and Lloyd’s, with these relationships being managed through our compliance team. Regular meetings are held with representatives of Lloyd’s and the PRA and significant regulatory engagements are reported to the ASML Board.

Apollo’s stated purpose is “Enabling a resilient and sustainable world”. Through 2025 we continued our work to develop and document our ESG principles and standards and assess our current business model against these standards. There is a defined referral process for underwriting risks to adhere to our ESG appetite and manage potential reputational risk. ESG considerations are integrated into the design of the investment strategy and asset allocation, and ongoing attention is given to staff engagement, particularly around Diversity, Equity & Inclusion (‘’DEI’’). Further work on ESG activities will continue through 2026.

ASML manages the risks and opportunities associated with the effects of climate change within its existing Enterprise Risk Management (ERM) framework and across all four risk pillars; Strategic, Insurance, Finance and Operational. Whilst the Chief Risk Officer retains overall accountability for coordinating the approach to managing this risk within ASML, the responsibility is allocated to relevant managers of each business area and specific risks and controls are reviewed with relevant owners on a quarterly basis. Climate Risk is considered across multiple potential future pathways and stress and scenario assessment covers Physical, Transition and Liability Risks. ASML meets the majority of the requirements outlined in PRA Supervisory Statement 5/25 and has designed an action plan for how it will meet the remaining requirements. The majority of those enhancements will be completed before the end of 2026, but the management of climate risk is likely to be a continued area of enhancement beyond that as the risk continues to evolve.

10 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Staff matters

Our business is built on the talent and dedication of our people. Attracting, retaining, and nurturing talent is essential to our success. We are committed to creating a work environment where employees feel engaged through communication, acknowledgment and ongoing growth opportunities. We promote diversity, equity, inclusion, and mental health and wellbeing so all staff feel valued, supported, and able to perform at their best.

We live our values by fostering collaboration, innovation, and ethical behaviour throughout. The Behaviours Framework embeds clear expectations for employees, managers, and leaders, ensuring alignment with our values in daily actions. The employee-led DEI Committee drives various initiatives which focused in 2025 on ethnicity and neurodiversity, alongside broader efforts to promote inclusion through awareness campaigns and employee discussions. Through hybrid working, regular engagement surveys, and open forums like town halls, we promote flexibility while maintaining strong connections across teams. This approach supports an inclusive culture built on trust, respect, and shared accountability.

ASML’s people practices remain highly competitive in the London insurance market, providing compensation, benefits, and terms designed to attract and retain diverse talent. A key focus is on ensuring our employees perform at their best with opportunities to enhance their skills, to develop capabilities and advance their careers within ASML. This is fundamental to our culture and business strategy.

Business operations

ASML continues to strive to maintain a lean and efficient operating model by leveraging advanced technology and strategic outsourcing arrangements, ensuring flexibility and scalability to meet evolving business demands. In 2025, we welcomed a new Chief Information Officer to our executive team, further strengthening our leadership in driving innovation and operational excellence.

We have prioritised enhancements across claims, pricing, and underwriting, streamlining processes to boost efficiency and effectiveness while upholding the exceptional standards of service our stakeholders expect. Our hybrid working environment continued to thrive in 2025. Employees remain highly productive with seamless access to business systems both remotely and in-office.

Aligned with the FCA’s and PRA’s Operational Resilience policies, ASML has maintained its disciplined approach to ensuring robust plans are in place to prevent, respond to, and recover from operational disruptions. In 2025, we placed particular emphasis on enhancing cybersecurity measures as part of our broader commitment to protecting customers’ interests and safeguarding business integrity. In addition to improving network security, a dedicated Information Security Manager has been recruited. Work has also commenced to align to ISO27001 and the National Institute of Standards and Technology. This is due to be completed during 2026.

Environmental, Social and Governance

ASML’s Board-approved ESG strategy was reviewed in September 2025. The ASML Board drives the strategy, which is aligned with our vision, “Enabling a resilient and sustainable world”.

ASML’s ESG Committee reports directly to the Executive Committee and coordinates ESG-related activities within ASML. The ESG Committee’s mandate is set out within ASML’s ESG policy, but at a high-level seeks to identify areas of improvement and to ensure progress against the ESG strategy approved by the ASML Board.

ASML is committed to a long-term sustainable approach to protecting the environment, balancing environmental considerations and social responsibility within our overall business goals. ASML’s underwriting and investment practices are governed by ESG risk appetites that were originally implemented in 2022 and are reviewed at least annually. ASML is also working to identify new opportunities that support the transition to a low carbon sustainable economy.

11 Apollo Syndicate 1971 | Annual Report and Accounts 2025

The ESG strategy is reviewed by the ASML Board annually. During 2025, ASML’s key achievements have included:

•evolving ASML’s approach to managing ESG risks in the underwriting process through enhancements to the Contentious Risks Procedure,

•calculating ASML’s baseline insurance-associated emissions through partnership for carbon accounting financials,

•setting up a commuting survey to increase the accuracy of our Greenhouse Gas (“GHG”) emission calculations,

•submitting our first energy savings opportunity scheme report and action plan, and

•continuing to ensure we avoid underwriting or investing in sectors that do not align with our ESG risk appetites.

At Apollo our people are at the heart of everything we do. We operate a zero-tolerance policy to bullying, harassment, and discrimination. This applies not only to the protected characteristics set out in the Equality Act of 2010, but also to neurodiversity, parental and caring responsibilities, socio-economic status, and working patterns.

ASML is dedicated to fostering a diverse, equitable, and inclusive workplace, with a focus on inclusive hiring practices. We are proud sponsors and supporters of Lloyd’s market inclusion networks. We have implemented inclusion initiatives and have a comprehensive DEI strategy in place. Employees have access to mental health and wellbeing resources through independent partners, as well as additional support through private medical services.

ASML monitors gender and racial diversity metrics, employee satisfaction, and governance related metrics. This information is used by the ASML Board to track progress against the ESG strategy. From an environmental perspective, the Apollo Group Holdings Limited (“AGHL”) carbon footprint is monitored across different types of emissions sources and we have separately aligned with GHG emissions protocol scopes 1 and 2 and several scope 3 categories (which cover purchased goods and services, fuel and energy-related activities, waste generated in operations, employee commuting, and upstream leased assets). Our Scope 1 and 2 GHG emissions are reported to UK Companies House under the Streamline Energy and Carbon Reporting framework in the Group’s Annual Reporting and Consolidated Financial Statements.

Directors

The directors who held office at the date of signing this report are shown on page 2.

Annual general meeting

The directors do not propose to hold an annual general meeting for the syndicate. If any members’ agent or direct corporate supporter of the syndicate wishes to meet with them the directors are happy to do so.

Disclosure of information to the auditor

Each person who is a director of the managing agent at the date of approving this report confirms that:

•so far as the director is aware, there is no relevant audit information of which the syndicate's auditor is unaware; and

•each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the syndicate's auditor is aware of that information.

12 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Auditor

Deloitte LLP has indicated its willingness to continue in office as the syndicate’s auditor. The managing agent hereby gives formal notification of a proposal to re-appoint Deloitte LLP as auditor of Syndicate 1971 for a further year.

Events after the balance sheet date

The ASML Board has considered events after the balance sheet date which, by their nature, are material to the syndicate. The 2023 year of account profit balance will be distributed to members in 2026.

Future developments

On 2 September 2025, AGHL announced its acquisition by Skyward Specialty Insurance Group (“Skyward”). The transaction completed on 1 January 2026, having received regulatory approval in late 2025.

Growth is expected to continue in 2026 with the syndicate deploying enhanced data driven pricing accuracy and capability, resulting in forecast rate increases. The ibott segment’s unique client-centric partnership approach sets the basis for deep, lasting client relationships and high retention. Going forward, growth efforts will focus on diversifying with additional large accounts and refining risk assessments within the existing client base. These actions support the syndicate´s competitive advantage as a market leader to satisfy its unique client base needs. The plan will continue to be supported by a significant quota share outwards reinsurance programme for 2026. This is provided by a panel of well rated reinsurers.

In addition to Apollo’s aligned support to the syndicate, Apollo has also received positive support from a committed base of capital providers. A strong, diversified and knowledgeable capital base gives significant competitive advantage and maintaining this will remain a focus. I thank them for their support.

I would like to take this opportunity to thank our staff for their hard work and commitment to the business during the last year.

Approved by the Board.

DCB Ibeson

Chief Executive Officer

19 February 2026

13 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Statement of managing agent’s responsibilities

The Managing Agent is responsible for preparing the syndicate annual accounts in accordance with applicable law and regulations.

The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 require the managing agent to prepare syndicate annual accounts as at 31 December each year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The syndicate annual accounts are required by law to give a true and fair view of the state of affairs of the syndicate as at that date and of its profit or loss for that year.

In preparing the syndicate annual accounts, the managing agent is required to:

•select suitable accounting policies and then apply them consistently;

•make judgements and estimates that are reasonable and prudent;

•state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the notes to the syndicate annual accounts; and

•prepare the syndicate annual accounts on the basis that the syndicate will continue to write future business unless it is inappropriate to presume that the syndicate will do so.

The Managing Agent is responsible for the preparation and review of the iXBRL tagging that has been applied to the Syndicate Accounts in accordance with the instructions issued by Lloyd’s, including designing, implementing, and maintaining systems, processes and internal controls to result in tagging that is free from material non-compliance with the instructions issued by Lloyd’s, whether due to fraud or error.

The Managing Agent is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the syndicate and enable it to ensure that the syndicate annual accounts comply with the 2008 Regulations. It is also responsible for safeguarding the assets of the syndicate and hence for taking reasonable steps for prevention and detection of fraud and other irregularities.

Legislation in the UK governing the preparation and dissemination of annual accounts may differ from legislation in other jurisdictions.

We confirm that to the best of our knowledge the syndicate accounts, including the iXBRL tagging applied to these accounts, comply with the requirements of the Lloyd’s Syndicate Accounts Instructions version 3.1 as modified by the Frequently Asked Questions version 1.1 issued by Lloyd’s.

DCB Ibeson

Chief Executive Officer

19 February 2026

14 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Independent auditor’s report to the members of Syndicate 1971

Report on the audit of the syndicate annual financial statements

Opinion

In our opinion the syndicate annual financial statements of Syndicate 1971 (the ‘syndicate’):

•give a true and fair view of the state of the syndicate’s affairs as at 31 December 2025 and of its profit for the year then ended;

•have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and

•have been prepared in accordance with the requirements of The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and sections 1 and 5 of the Syndicate Accounts Instructions Version 3.1 as modified by the Frequently Asked Questions Version 1.1 issued by Lloyd’s (the “Lloyd’s Syndicate Accounts Instructions”).

We have audited the syndicate annual financial statements which comprise:

•the statement of profit or loss and other comprehensive income;

•the balance sheet;

•the statement of changes in members’ balances;

•the statement of cash flows; and

•the related notes 1 to 26.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)), applicable law and the Lloyd’s Syndicate Accounts Instructions. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the syndicate annual financial statements section of our report.

We are independent of the syndicate in accordance with the ethical requirements that are relevant to our audit of the syndicate annual financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the managing agent’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the syndicate’s ability to continue in operations for a period of at least twelve months from when the syndicate financial statements are authorised for issue.

Our responsibilities and the responsibilities of the managing agent with respect to going concern are described in the relevant sections of this report.

15 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Other information

The other information comprises the information included in the annual report and accounts, other than the syndicate annual financial statements and our auditor’s report thereon. The managing agent is responsible for the other information contained within the annual report and accounts. Our opinion on the syndicate annual financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the syndicate annual financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of managing agent

As explained more fully in the managing agent’s responsibilities statement, the managing agent is responsible for the preparation of the syndicate annual financial statements and for being satisfied that they give a true and fair view, and for such internal control as the managing agent determines is necessary to enable the preparation of syndicate annual financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the syndicate annual financial statements, the managing agent is responsible for assessing the syndicate’s ability to continue in operation, disclosing, as applicable, matters related to the syndicate’s ability to continue in operation and to use the going concern basis of accounting unless the managing agent intends to cease the syndicate’s operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the syndicate annual financial statements

Our objectives are to obtain reasonable assurance about whether the syndicate annual financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these syndicate annual financial statements.

A further description of our responsibilities for the audit of the syndicate annual financial statements is located on the FRC’s website at:

www.frc.org.uk/auditorsresponsibilities

. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We considered the nature of the syndicate and its control environment, and reviewed the syndicate’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management, members of those charged with governance and internal audit about their own identification and assessment of the risks of irregularities.

16 Apollo Syndicate 1971 | Annual Report and Accounts 2025

We obtained an understanding of the legal and regulatory frameworks that the syndicate operates in, and identified the key laws and regulations that:

•had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008, the Lloyd’s Syndicate Accounting Byelaw (no. 8 of 2005), and the Lloyd’s Syndicate Accounts Instructions; and

•do not have a direct effect on the financial statements but compliance with which may be fundamental to the syndicate’s ability to operate or to avoid a material penalty. These included the requirements of Solvency UK.

We discussed among the audit engagement team including relevant internal specialists such as actuarial and IT specialists regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our procedures performed to address them are described below:

•estimation of pipeline premiums requires significant management judgement and therefore is potentially susceptible to management bias through manipulation of core assumptions. In response, we performed a detailed risk assessment, focusing on the youngest year of account and classes of business and placement types with higher risk attributes. Our audit response to the assessed risk included:

ounderstanding and testing the internal controls over the premiums cycle, including specific controls over estimation of premiums;

otesting management’s estimated premium income (“EPI”) to supporting documentation on a sample basis, challenging and assessing the premium estimates in our sample population for reasonableness;

oreviewing and challenging management’s overall review and EPI booking exercise;

oreviewing the progression of actual premium signings for the 2025 and prior years of account by class of business, investigating any classes where the conversion of estimated premium to actual signed premium was slower than expected, to give further assurance over the accuracy of management’s premium estimation.

•valuation of technical provisions, and specifically IBNR, includes assumptions and methodology requiring significant management judgement and involves complex calculations, and therefore there is potential for management bias. There is also a risk of overriding controls by making late adjustments to the technical provisions.

In response to these risks, we performed the following:

oengaged our actuarial specialists to:

ochallenge and assess the appropriateness of the methodology and assumptions used by the syndicate’s actuarial function;

omake detailed assessments of the methodologies and assumptions used, as appropriate for selected classes of business, based on size and complexity; and

operform benchmarking analysis for the development patterns for selected classes of business.

In support of the above work, we also tested the relevant controls around the data, models and assumptions used to determine the syndicate’s reserves and tested the integrity of the data used in the actuarial calculations by agreeing it to the underlying syndicate records. We additionally tested the late journal entries to technical provisions.

17 Apollo Syndicate 1971 | Annual Report and Accounts 2025

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

•reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

•performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

•enquiring of management and internal audit concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

•reading minutes of meetings of those charged with governance, reviewing internal audit reports, and reviewing correspondence with Lloyd’s, PRA and FCA.

Report on other legal and regulatory requirements

Opinions on other matters prescribed by The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and the Lloyd’s Syndicate Accounts Instructions

In our opinion, based on the work undertaken in the course of the audit:

•the information given in the report of the directors of the managing agent for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•the report of the directors of the managing agent has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the syndicate and its environment obtained in the course of the audit, we have not identified any material misstatements in the report of the directors of the managing agent.

Matters on which we are required to report by exception

Under The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 we are required to report in respect of the following matters if, in our opinion:

•the managing agent in respect of the syndicate has not kept adequate accounting records; or

•the syndicate annual financial statements are not in agreement with the accounting records; or

•we have not received all the information and explanations we require for our audit.

We have nothing to report in respect of these matters.

Use of our report

This report is made solely to the syndicate’s members, as a body, in accordance with regulation 10 of The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008. Our audit work has been undertaken so that we might state to the syndicate’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the syndicate’s members as a body, for our audit work, for this report, or for the opinions we have formed.

18 Apollo Syndicate 1971 | Annual Report and Accounts 2025

As required by the Lloyd’s Syndicate Accounts Instructions, these financial statements will form part of the Electronic Format Annual Syndicate Accounts filed with the Council of Lloyd’s and published on the Lloyd’s website. This auditors’ report provides no assurance over whether the Electronic Format Annual Syndicate Accounts have been prepared in compliance with Section 2 of the Lloyd’s Syndicate Accounts Instructions. We have been engaged to provide assurance on whether the Electronic Format Annual Syndicate Accounts has been prepared in compliance with Section 2 of the Lloyd’s Syndicate Accounts Instructions and will report privately to the directors of the managing agent and the Council of Lloyd’s on this.

Kirstie Hanley (Senior statutory auditor)

For and on behalf of Deloitte LLP

Statutory Auditor

London, United Kingdom

19 February 2026

19 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Statement of profit or loss and other comprehensive income

Technical account – general business

For the year ended

31 December 2025

Note

2025$000

2024$000

Gross premiums written

614,837

410,828

Outwards reinsurance premiums

(308,086)

(227,174)

Premiums written, net of reinsurance

306,751

183,654

Changes in unearned premium

Change in the gross provision for unearned premiums

(111,969)

(55,983)

Change in the provision for unearned premiums reinsurers’ share

62,704

45,448

Net change in provisions for unearned premiums

(49,265)

(10,535)

Earned premiums, net of reinsurance

257,486

173,119

Allocated investment return transferred from the non-technical account

25,379

12,828

Claims paid

Gross amount

(108,381)

(91,765)

Reinsurers’ share

49,584

45,532

Net claims paid

(58,797)

(46,233)

Change in the provision for claims

Gross amount

(218,186)

(146,795)

Reinsurers’ share

110,837

68,925

Net change in provisions for claims

(107,349)

(77,870)

Claims incurred, net of reinsurance

(166,146)

(124,103)

Net operating expenses

(48,944)

(25,324)

Balance on the technical account – general business

67,775

36,520

20 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Statement of profit or loss and other comprehensive income (continued)

Non-technical account – general business

For the year ended 31 December 2025

All operations relate to continuing activities.

There were no amounts recognised in other comprehensive income in the current or preceding year other than those included in the statement of profit or loss and other comprehensive income.

The accompanying notes on pages 25 to 56 form an integral part of these financial statements.

Note

2025$000

2024$000

Balance on the technical account – general business

67,775

36,520

Investment income

19,847

14,258

Realised gains on investments

595

832

Unrealised gains/(losses) on investments

5,010

(1,858)

Investment expenses and charges

(73)

(404)

Total investment return

25,379

12,828

Allocated investment return transferred to the technical account – general business

(25,379)

(12,828)

Gain on foreign exchange

289

577

Profit for the financial year

68,064

37,097

Total comprehensive income for the year

68,064

37,097

21 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Balance sheet – Assets

As at 31 December 2025

Note

2025$000

2024$000

Financial investments

4,11

504,407

301,725

Investments

504,407

301,725

Provision for unearned premiums

193,390

129,844

Claims outstanding

370,455

258,182

Reinsurers’ share of technical provisions

563,845

388,026

Debtors arising out of direct insurance operations

446,165

311,300

Debtors arising out of reinsurance operations

16,797

8,058

Other debtors

66,619

76,921

Debtors

529,581

396,279

Cash at bank and in hand

16,083

15,421

Other

2,143

1,960

Other assets

18,226

17,381

Accrued interest and rent

3,257

1,768

Deferred acquisition costs

31,904

24,995

Other prepayments and accrued income

Prepayments and accrued income

35,211

26,809

Total assets

1,651,270

1,130,220

22 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Balance sheet (continued) – Liabilities

As at 31 December 2025

Note

2025$000

2024$000

Members’ balances

98,341

73,678

Total capital and reserves

98,341

73,678

Provision for unearned premiums

345,866

233,101

Claims outstanding

786,170

565,378

Technical provisions

1,132,036

798,479

Creditors arising out of direct insurance operations

111

1,136

Creditors arising out of reinsurance operations

251,514

188,517

Other creditors including taxation and social security

98,430

14,730

Creditors

350,055

204,383

Accruals and deferred income

70,838

53,680

Total liabilities

1,552,929

1,056,542

Total liabilities, capital and reserves

1,651,270

1,130,220

The syndicate financial statements on pages 19 to 56 were approved by the Board of Apollo Syndicate Management Limited and were signed on its behalf by:

TL McHarg

Chief Financial Officer

19 February 2026

23 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Statement of changes in members’ balances

For the year ended 31 December 2025

2025$000

2024$000

Members’ balances brought forward at 1 January

73,678

50,745

Total comprehensive income for the year

68,064

37,097

Payments of profit to members’ personal reserve funds

(42,519)

(13,857)

Members’ agents’ fees

(701)

(307)

Other

(181)

Members’ balances carried forward at 31 December

98,341

73,678

Members participate on syndicates by reference to years of account and their ultimate result, assets and liabilities are assessed with reference to policies incepting in that year of account in respect of their membership of a particular year.

24 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Statement of cash flows

For the year ended 31 December 2025

Note

2025$000

2024$000

Cash flows from operating activities

Profit for the financial year

68,064

37,097

Adjustments:

Increase in gross technical provisions

333,557

201,880

Increase in reinsurers’ share of gross technical provisions

(175,819)

(114,100)

Increase in debtors

(133,302)

(2,841)

Increase in creditors

145,672

88,234

Movement in other assets/liabilities

8,573

12,227

Investment return

(25,379)

(12,828)

Foreign exchange

(27)

Net cash flows from operating activities

221,339

209,669

Cash flows from investing activities

Purchase of equity and debt instruments

(612,686)

(409,582)

Sale of equity and debt instruments

415,041

208,339

Investment income received

20,442

15,091

Other

(73)

(404)

Net cash flows from investing activities

(177,276)

(186,556)

Cash flows from financing activities

Distribution of profit

(42,519)

(13,857)

Other

(882)

(307)

Net cash flows from financing activities

(43,401)

(14,164)

Net increase in cash and cash equivalents

662

8,949

Cash and cash equivalents at the beginning of the year

15,421

6,472

Cash and cash equivalents at the end of the year

16,083

15,421

25 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Notes to the financial statements

1.Basis of preparation

Syndicate 1971 comprises a group of members of the Society of Lloyd’s that underwrites insurance business in the London Market. The address of the syndicate’s managing agent, Apollo Syndicate Management Limited, is One Bishopsgate, London EC2N 3AQ.

The financial statements have been prepared in accordance with the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and applicable accounting standards in the United Kingdom and the Republic of Ireland, including Financial Reporting Standard 102 (“FRS 102”) and Financial Reporting Standard 103 (“FRS 103”) in relation to insurance contracts, and the Lloyd’s Syndicate Accounts Instructions Version 3.1 as modified by the Frequently Asked Questions Version 1.1 issued by Lloyd’s.

The financial statements have been prepared on the historical cost basis, except for financial assets which are measured at fair value through profit or loss.

The financial statements are presented in US Dollars, which is also the syndicate’s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated.

Going concern

The syndicate has financial resources to meet its financial needs and manage its portfolio of insurance risk. The directors have continued to review the business plans, liquidity and operational resilience of the syndicate and are satisfied that the syndicate is well positioned to manage its business risks in the current economic environment. The syndicate 2026 year of account has opened, and the directors have concluded that the syndicate has a reasonable expectation that it will open a 2027 year of account. The syndicate has sufficient capital for each year of account provided by the syndicate members as FAL. There is no intention to cease underwriting or cease the operations of the syndicate.

Accordingly, the directors of the managing agent continue to adopt the going concern basis in preparing the financial statements.

2.Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors of the managing agent have made judgements, estimates and assumptions that affect the application of the syndicate’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Several of the estimates are based on actuarial assumptions underpinned by historical experience, market data, and other factors that are considered to be relevant.

Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which they are identified where the revision affects only that period, and in future periods where the revision affects both current and future periods.

Critical judgements in applying the syndicate’s accounting policies

There are no critical judgements, apart from those involving estimations (which are dealt with separately below), in the process of applying the syndicate’s accounting policies.

Key sources of estimation uncertainty

The key assumptions and other key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate principally to gross written premium and claims outstanding, in particular the provision for claims that have been incurred at the reporting date but have not yet been reported and the accrual for pipeline premium respectively.

26 Apollo Syndicate 1971 | Annual Report and Accounts 2025

2. Critical accounting judgements and key sources of estimation uncertainty (continued)

Gross written premium

Gross written premium comprises contractual amounts, underwriter estimates at a policy level reflecting guidance provided by clients and cover holders and actuarial pipeline premium estimates. These include amounts due to the syndicate not yet received or notified at a portfolio level based on historical experience.

The gross written premium payable on a policy is often variable, dependent on the volume of trading undertaken by the insured during a coverage period. Estimates of such additional premiums are included in premiums written but may have to be adjusted if economic conditions or other underlying trading factors differ from those expected. Gross premiums written are disclosed in note 5.

Claims outstanding

The measurement of the provision for claims outstanding and the related reinsurance recoveries requires assumptions to be made about the future that have a significant effect on the amounts recognised in the financial statements.

The provision for claims outstanding comprises the estimated cost of settling all claims incurred but unpaid at the balance sheet date and includes IBNR and a confidence margin. This is a complex area due to the subjectivity inherent in estimating the impact of claims events that have occurred but for which the eventual outcome remains uncertain. The estimate of IBNR is generally subject to a greater degree of uncertainty than that for reported claims.

The amount included in respect of IBNR is based on statistical techniques of estimation applied by the managing agent’s in-house actuaries. These techniques normally involve projecting based on past experience the development of claims over time, as adjusted for expected inflation, to form a view of the likely ultimate claims to be expected and, for more recent underwriting years, the use of industry benchmarks and initial expected loss ratios from business plans. Where there is limited prior experience of the specific business written considerable use is made of information obtained in the course of pricing individual risks accepted and experience of analogous business. Account is taken of variations in business accepted and the underlying terms and conditions. The provision for claims also includes amounts in respect of internal and external claims handling costs.

Accordingly, the most critical assumptions as regards to claims provisions are that the past is a reasonable indicator of the likely level of claims development, that the notified claims estimates are reasonable and that the rating, inflation and other models used for current business are based on fair reflections of the likely level of ultimate claims to be incurred. The level of uncertainty with regard to the estimations within these provisions generally decreases with the length of time elapsed since the underlying contracts were on risk. The reserving uncertainty will be greatest for liability business which is described as long-tail, reflecting the time it takes for losses to be identified by claimants and settled.

The reserve setting process is integrated into the ASML governance framework. The proposed best estimate reserves are reviewed in detail by the Reserving Committee on a quarterly basis and both general and specific management margin added to increase the probability that the reserves are sufficient to meet liabilities so far as they can reasonably be foreseen. These reserves, including margins, are then subject to further review by the Audit Committee on behalf of the Board. The directors consider that the provisions for gross claims and related reinsurance recoveries are fairly stated on the basis of the information currently available. The ultimate liability will vary as a result of subsequent information and events, which may result in significant adjustments to the amounts provided. The estimate of the provision for claims outstanding will develop over time and the estimated claims expense will continue to change until all the claims are paid. The historical development of claims incurred estimates is set out in the loss development triangles by year of account in note 17. The adjustment in the current year for the revision to the prior year estimate of the provision for claims outstanding is disclosed in note 18.

27 Apollo Syndicate 1971 | Annual Report and Accounts 2025

3.Significant accounting policies

The following significant accounting policies have been applied consistently in accounting for items which are considered material in relation to the syndicate’s financial statements.

Gross premiums written

Gross premiums written comprise premiums on contracts of insurance incepted during the financial year as well as adjustments made in the year to premiums on policies incepted in prior accounting periods. Additional or return premiums are treated as a re-measurement of the initial premium. Estimates are made for pipeline premiums, representing amounts due to the syndicate not yet received or notified.

Premiums are shown gross of brokerage payable and are exclusive of taxes and duties thereon.

Outwards reinsurance premiums

Written outwards reinsurance premiums comprise the estimated premiums payable for contracts entered into during the period. Non-proportional reinsurance contracts are recognised on the date on which the policy incepts, and proportional reinsurance is recognised when the underlying gross premium is written.

The reported outwards reinsurance premiums include adjustments for variations in cover relating to contracts incepting in prior accounting periods.

Under some policies, reinsurance premiums payable are adjusted retrospectively in the light of claims experience. Where written premiums are subject to an increase retrospectively, any potential increase is recognised as soon as there is an obligation to the reinsurer.

Provisions for unearned premiums

Written premiums are recognised as earned over the life of the policy. Unearned premiums represent the proportion of premiums written that relate to unexpired terms of policies in force at the balance sheet date, calculated on the basis of earnings patterns reflecting the risk profile of the underlying policies or time apportionment as appropriate.

Outwards reinsurance premiums are earned in the same accounting period as the premiums for the related direct or inwards business being reinsured.

Claims provisions and related reinsurance recoveries

Gross claims incurred comprise the estimated cost of all claims occurring during the year, whether reported or not, including related direct and indirect claims handling costs and adjustments to claims outstanding from previous years.

Incurred claims outstanding are reduced by anticipated salvage and other recoveries from third parties. The amount of any salvage and subrogation recoveries is separately identified and, where material, reported as a receivable.

The provision for claims outstanding is assessed on an individual case by case basis and is based on the estimated ultimate cost of all claims notified but not settled by the balance sheet date, together with the provision for related claims handling costs. The provision also includes the estimated cost of IBNR claims as well as claims incurred but not enough reported (“IBNER”) and a confidence margin above best estimate.

The reinsurers’ share of provisions for claims is based on amounts of claims outstanding and projections for IBNR, net of estimated irrecoverable amounts, having regard to the reinsurance programme in place for the class of business, the claims experience for the year and the current security rating of the reinsurance companies involved.

28 Apollo Syndicate 1971 | Annual Report and Accounts 2025

3. Significant accounting policies (continued)

Where the security rating provides an indication that the recoverable amount may be impaired a proportion of the balance will be provided for as a provision for bad debt by applying a percentage based on historical experience.

Adjustments to the amounts of claims provisions established in prior years are reflected in the financial statements for the period in which the adjustments are made. The provisions are not discounted for the investment earnings that may be expected to arise in the future on the funds retained to meet the future liabilities. The methods used, and the estimates made, are reviewed regularly.

Unexpired risks provision

A provision for unexpired risks is made where claims and related expenses likely to arise after the end of the financial period in respect of contracts concluded before that date are expected, in the normal course of events, to exceed the unearned premiums and premiums receivable under these contracts after the deduction of any acquisition costs deferred.

A provision for unexpired risks is calculated separately by reference to classes of business which are regarded as managed together after taking into account relevant investment return. All the classes of the syndicate are considered to be managed together.

Financial assets and liabilities

The syndicate has chosen to apply the provisions of Section 11 (Basic Financial Instruments) and Section 12 (Other Financial Instruments Issues) of FRS 102 for the treatment and disclosure of financial assets and liabilities.

Classification

The accounting classification of financial assets and liabilities determines the way in which they are measured and changes in those values are presented in the statement of profit or loss and other comprehensive income. Financial assets and liabilities are classified on their initial recognition.

The initial classification of a financial instrument takes into account contractual terms including those relating to future variations. Once the classification of a financial instrument is determined at initial recognition, re-assessment is only required when there has been a modification of contractual terms that is relevant to an assessment of the classification.

The syndicate’s investments comprise holdings of short-dated government and corporate bonds, collective investment schemes and cash and cash equivalents. The syndicate may hold derivative financial instruments for risk management purposes in line with the investment strategy. Hedge accounting is not adopted.

The syndicate does not hold any non-derivative financial assets or financial liabilities for trading purposes. When derivatives are determined to be liabilities, they are categorised as held for trading and reported within other creditors in the balance sheet.

Deposits with credit institutions, debtors, and accrued interest are classified as loans and receivables.

Recognition

Financial assets and liabilities are recognised when the syndicate becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities. The syndicate does not hold any equity instruments.

Measurements

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as held at fair value through profit or loss and so initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.

29 Apollo Syndicate 1971 | Annual Report and Accounts 2025

3. Significant accounting policies (continued)

Investments and derivative instruments are measured at fair value through the profit or loss. All other financial assets and liabilities are held at cost. The syndicate does not hold any non-current debt instruments and does not classify debt instruments as payable or receivable in more than one financial year.

Realised and unrealised gains and losses arising from changes in the fair value of investments are initially presented in the non-technical statement of profit or loss and other comprehensive income in the period in which they arise. Interest income is recognised as it accrues. Investment management and other related expenses are recognised when incurred.

Derecognition of financial assets and liabilities

Financial assets are derecognised when and only when:

•the contractual rights to the cash flows from the financial asset expire or are settled;

•the syndicate transfers to another party substantially all the risks and rewards of ownership of the financial asset; or

•the syndicate, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the company estimates the fair value by using a valuation technique.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, yield curves, credit spreads, liquidity statistics and other factors.

The use of different valuation techniques could lead to different estimates of fair value. FRS 102 section 11.27 establishes a fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). More information on the hierarchy is included in note 11.

Impairment of financial instruments measured at historic cost

For financial assets carried at historic cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at arm’s length on the reporting date.

30 Apollo Syndicate 1971 | Annual Report and Accounts 2025

3. Significant accounting policies (continued)

Where indicators exist for a reversal in impairment loss, and the reversal can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. The amount of the reversal is recognised in the statement of profit or loss and other comprehensive income.

Off-setting

Financial assets and financial liabilities are off-set, and the net amount presented in the balance sheet when, and only when, the syndicate has a legal right to set off the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors and creditors

Debtors and creditors are recognised when due. These include amounts due to and from agents, brokers and insurance contract holders which are classified as insurance debtors and creditors as they are non-derivative financial assets with fixed or determinable payments that are not quoted on an active market. Insurance debtors are measured at amortised cost less any provision for impairments. Bad debts are provided for only where specific information is available to suggest a debtor may be unable or unwilling to settle its debt to the syndicate. The provision is calculated on a case-by-case basis. Insurance creditors are stated at amortised cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits with maturities of three months or less from the acquisition date that are subject to an insignificant risk of changes in fair value and are used by the syndicate in the management of its short-term commitments.

Cash and cash equivalents are carried at amortised cost in the statement of financial position.

Bank overdrafts that are repayable on demand and form an integral part of the syndicate’s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.

Investment return

Investment return comprises investment income, realised investment gains and losses, movements in unrealised gains and losses, investment expenses and charges, interest payable and amounts attributable to the funds withheld from the SPA syndicate.

Realised gains and losses represent the difference between the net proceeds on disposal and the purchase price (net of transaction costs).

Unrealised gains and losses on investments represent the difference between the fair value at the balance sheet date and their net purchase price. Movements in unrealised investment gains and losses comprise the increase/decrease in the reporting period in the value of the investments held at the reporting date and the reversal of unrealised investment gains and losses recognised in earlier reporting periods in respect of investment disposals of the current period.

Investment return is initially recorded in the non-technical account and subsequently transferred to the technical account to reflect the investment return on funds supporting the underwriting business.

Net operating expenses

Net operating expenses include acquisition costs, administrative expenses and members’ standard personal expenses. Reinsurers’ commissions and profit participations, consortia income and expenses attributable to the SPA syndicate represent contributions towards operating expenses and are reported accordingly, in effect reducing the net operating expense.

Costs incurred by the managing agent on behalf of the syndicate are recognised on an accruals basis. No mark-up is applied.

31 Apollo Syndicate 1971 | Annual Report and Accounts 2025

3. Significant accounting policies (continued)

Acquisition costs

Acquisition costs represent costs arising from the conclusion of insurance contracts. They include both direct costs such as brokerage and commission, and indirect costs such as administrative expenses connected with the processing of proposals and the issuing of policies. Acquisition costs include fees paid to consortium leaders in return for business written on behalf of the syndicate as a consortium member.

Acquisition costs are earned in line with the earning of the gross premiums to which they relate. The deferred acquisition cost asset represents the proportion of acquisition costs which corresponds to the proportion of gross premiums written that is unearned at the balance sheet date.

Reinsurers’ commissions and profit participations

Under certain outwards reinsurance contracts the syndicate receives a contribution towards the expenses incurred. The outwards reinsurance contracts may allow the ceding of acquisition costs and in certain instances an allocation of administrative expenses. Reinsurance arrangements can also pay an overriding or profit commission.

The reinsurers’ share of expenses is included within operating expenses and earned in line with the related expense. The reinsurers’ share of deferred acquisition costs liability corresponds to the gross deferred acquisition costs at the balance sheet date.

Managing agent’s fees and profit commission

The managing agent charges a management fee of 0.9% of syndicate capacity. This expense is recognised over the 12 months following commencement of the underwriting year to which it relates.

The managing agent has agreed contractual terms with the capital providers to the syndicate for the payment of profit commission based on the performance of the individual years of account of the syndicate. Profit commission is accrued in line with the contractual terms and the development of the result of the underlying years of account at the balance sheet date.

Profit commission is charged by the managing agent at a rate of 20% of the profit on a year of account basis subject to the operation of a 2-year deficit clause. This is charged to the syndicate as incurred but does not become payable until after the appropriate year of account closes, normally at 36 months, although the managing agent may receive payments on account of anticipated profit commission if interim profits are released to members.

Foreign currencies

Transactions in foreign currencies are translated into US Dollars which is the functional and presentational currency of the syndicate. Transactions in foreign currencies are translated using the exchange rates at the date of the transaction. The syndicate’s monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the rates of exchange at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items denominated in foreign currencies that are measured at historic cost are translated to the functional currency using the exchange rate at the date of the transaction. For the purposes of foreign currency translation, unearned premiums and deferred acquisition costs are treated as monetary items.

Foreign exchange differences arising on translation of foreign currency amounts are included in the non-technical account.

Pension costs

Apollo operates a defined contribution pension scheme. Pension contributions relating to managing agency staff working on behalf of the syndicate are charged to the syndicate and included within net operating expenses.

32 Apollo Syndicate 1971 | Annual Report and Accounts 2025

3. Significant accounting policies (continued)

Taxation

Under Schedule 19 of the Finance Act 1993 managing agents are not required to deduct basic rate income tax from trading income. In addition, all UK basic rate income tax deducted from syndicate investment income is recoverable by managing agents and consequently the distribution made to members or their members’ agents is gross of tax. Capital appreciation falls within trading income and is also distributed gross of tax.

No provision has been made for any United States Federal Income Tax payable on underwriting results or investment earnings. Any payments on account made by the syndicate during the year on behalf of members have been included in the balance sheet under the heading ‘other debtors’.

No provision has been made for any other overseas tax payable by members on underwriting results.

Consortia share of expenses

Under the terms of an underwriting consortia contract participants are required to pay fees to the syndicate, as leader, in return for the business written on their behalf. These fees represent a contribution towards the expenses incurred by the syndicate underwriting for the consortia. The syndicate accrues the consortium fee income in line with the writing of the business for each consortium, calculated in accordance with the individual contractual arrangements.

In addition the consortium arrangements include an entitlement to profit commission based on the performance of the business written by the consortium leader. The syndicate accrues profit commission in accordance with the contractual terms based on the forecast performance of each consortium. Both the accrued consortium fees and accrued profit commission are included as a credit to administrative expenses.

Other prepayments and accrued income

Other prepayments are recognised as assets when the payment is made and the syndicate expects to receive economic benefit in future periods. They are initially recognised at cost and are amortised over the period in which the economic benefit is consumed.

Accrued income is recognised as assets for services received whether or not billed to the syndicate. It is initially recognised at fair value and subsequently measured at amortised cost.

Funds withheld

The underlying premiums and claims for the SPA Syndicate 1925 are settled by Syndicate 1971 with policy holders as they fall due. Within the syndicate these are accounted for as a debtor or creditor with the SPA syndicate.

On the 2021 and prior years of account, the underlying premiums and claims are settled by Syndicate 1969 with policy holders as they fall due. Within the syndicate these are accounted for on a funds withheld basis.

Reinsurance debtors and creditors arising between the syndicate and the SPA are not settled in full until the year of account has closed. Claims outstanding together with other non-technical transactions are settled when the year of account closes, including the apportioned investment return.

Cash calls made during the period are received by the syndicate and credited to the funds withheld balance. These will reduce the amount due for payment to or from the SPA syndicate on closure of a loss making year.

Classification of insurance and reinsurance contracts

Insurance and reinsurance contracts are classified as insurance contracts where they transfer significant insurance risk. If a contract does not transfer significant insurance risk it is classified as a financial instrument. All of the syndicate’s written contracts and purchased reinsurance contracts transfer significant insurance risk and therefore are classified as insurance contracts.

33 Apollo Syndicate 1971 | Annual Report and Accounts 2025

4.Risk and capital management

Introduction and overview

This note presents information about the nature and extent of insurance and financial risks to which the syndicate is exposed, the managing agent’s objectives, policies and processes for measuring and managing insurance and financial risks, and for managing the syndicate’s solvency capital.

The nature of the syndicate’s exposures to risk and its objectives and policies for managing risk have not changed significantly from the prior year.

Enterprise Risk Management framework

The ASML ERM framework has been adopted and embedded by the syndicate. The primary objective of the ERM framework is to protect the syndicate’s members from events that could impede sustainable growth and achievement of consistent financial performance, including failing to maximise opportunities through informed and appropriate risk taking. All staff providing services to the syndicate are trained to recognise the critical importance of having efficient and effective ERM systems in place.

The ASML Board has overall responsibility for the establishment and oversight of the ERM framework. The ASML Board has established an Audit Committee and a Board Risk Committee which oversee the operation of the syndicate’s ERM framework and review and monitor the management of the risks to which the syndicate is exposed.

ASML has established an ERM function, together with terms of reference for the ASML Board, its committees and the associated Executive Management Committees which identify the risk management obligations of each. The function is supported by a clear organisational structure with documented authorities and responsibilities from the Board to Executive Management Committees and senior managers using a ‘three lines of defence’ model. The framework sets out the risk appetites for the syndicate and includes controls and business conduct standards.

Under the ERM framework, ASML’s Board Risk Committee oversees the first line ownership of risk at an executive level. The management of specific risk grouping is delegated to several executive committees: the Underwriting Committee and the Reserving Committee are responsible for developing and monitoring insurance risk management policies; the management of financial risks is the responsibility of the Finance Committee and the Investment and Treasury Oversight Group. In addition, the syndicate is exposed to consumer risks and the management of these risks is the responsibility of the Underwriting Committee. Operational risk is managed across the Management Committees. Accordingly, the executive members responsible for these risks provide the Board Risk Committee with a first line view of the risk and the ERM function provides a second line challenge and oversight. ASML’s Internal Audit function provides assurance through its role as the third line of defence.

The ERM function reports quarterly to the ASML Board and Board Risk Committee on its activities and provides a forward-looking view of the upcoming assurance activities. The Reserving Committee, Underwriting Committee, Finance Committee and Investment and Treasury Oversight Group report regularly to the Executive Committee and work closely with the ERM function on their activities as well as reporting to the Board and the relevant Board committees.

Climate risk relates to the range of complex physical, transition and liability risks arising from climate change. This includes the risk of higher claims due to more frequent and more intense natural catastrophes; the financial risks which could arise from the transition to a lower-carbon economy; and the risk that those who have suffered loss from climate change might then seek to recover those losses from others who they believe may have been responsible. Climate change-related risk is not considered a standalone risk, but a cross-cutting risk with potential to amplify each existing risk type. Specific climate sub-risks are incorporated into the quarterly ERM processes to ensure they receive appropriate attention.

Insurance risk

Insurance risk refers to fluctuations in the timing, frequency and severity of insured events, relative to expectations at the time of underwriting. It is comprised of premium risk and reserving risk and is the principal risk the syndicate faces in the writing of insurance contracts.

34 Apollo Syndicate 1971 | Annual Report and Accounts 2025

4. Risk and capital management (continued)

Underwriting risk

Underwriting risk is the risk that the insurance premium will not be sufficient to cover future insurance losses and associated expenses. This includes the risks that the premium is set too low, the contract provides inappropriate levels of cover, or that the actual frequency or severity of claims events will be significantly higher than was expected during the underwriting process.

Reserve risk

Reserve risk is the risk that the reserves established in respect of insurance claims incurred are insufficient to settle the claims and associated expenses in full.

Management of insurance risk

A key component of the management of insurance risk for the syndicate is a disciplined underwriting strategy that is focused on writing quality business and not writing for premium volume. Product pricing is designed to incorporate appropriate premiums for each type of assumed risk. The underwriting strategy includes underwriting limits on the syndicate’s total exposure to specific risks together with limits on geographical and industry exposures to ensure that a well-diversified book is maintained.

Contracts can contain several features which help to manage the insurance risk such as the use of deductibles, or capping the maximum permitted loss, or number of claims (subject to local regulatory and legislative requirements).

The syndicate has very low exposure to natural catastrophe events.

The syndicate limits its exposure to large individual losses based on the syndicate’s risk appetite, principally using reinsurance with a panel of well-rated counterparties.

The Reserving Committee oversees the management of reserving risk. The use of proprietary and standardised modelling techniques, internal and external benchmarking and the review of claims development are all instrumental in mitigating reserving risk.

ASML actuaries perform a reserving analysis on a quarterly basis, liaising closely with underwriters, claims and reinsurance personnel. The aim of this exercise is to produce a probability-weighted average of the expected future cash outflows arising from the settlement of incurred claims and claims on unearned premium. These projections include an analysis of claims development compared to the previous ‘best estimate’ projections.

The Reserving Committee performs a comprehensive review of the projections, both gross and net of reinsurance. Following this review, the Reserving Committee makes recommendations to the Audit Committee and Board as to the claims provisions to be established.

In arriving at the level of claims provisions a margin is applied over and above the actuarial best estimate to increase the probability that the reserves are sufficient to meet liabilities.

The level of year end reserves is validated by external consulting actuaries through their report to management and their provision of a Statement of Actuarial Opinion to ASML and Lloyd’s on gross and net reserves by year of account as at 31 December 2025.

The claims development table in note 17 shows the actual claims incurred to previous estimates for the last seven years.

Concentration of insurance risk

The syndicate has an agreed appetite to measure and monitor against annually Board-approved risk accumulation tolerances. The individual class and/or portfolio level aggregation controls are managed under the Underwriting Committee and through the Exposure Management Working Group at a more granular level. Outputs that are monitored include aggregate exposure monitoring, that reflects that underlying syndicate risk profile and scenario testing.

35 Apollo Syndicate 1971 | Annual Report and Accounts 2025

4. Risk and capital management (continued)

The portfolio exposures are routinely tested through a combination of in-house stress tests and prescribed Lloyd’s Realistic Disaster Scenarios. The tests include a combination of fixed geographical and systemic-type scenarios, as applicable to the class(es) of business under review. The outputs of these also provide inputs to the capital model assessments to ensure consistency in approach to managing overall portfolio volatility considerations.

Sensitivity to insurance risk

The liabilities established could be significantly lower or higher than the ultimate cost of settling the claims arising. This level of uncertainty varies between the classes of business and the nature of the risk being underwritten and can arise from developments in case reserving for attritional losses, large losses, or from changes in estimates of IBNR claims.

The syndicate manages risk exposures within defined industry segments. The largest segments by premium volume are the Delivery and Rideshare accounts. These include both primary and excess business that has limited claims volumes. As such prudent assumptions have been made to account for the potential volatility in these accounts.

The following table presents the sensitivity of the value of insurance liabilities disclosed in the accounts to potential movements in the assumptions applied within the technical provisions. A five percent increase or decrease in the ultimate cost of settling claims arising from a change in actuarial assumptions is considered reasonably possible at the reporting date. A five percent increase or decrease in total earned claims liabilities due to a change in assumptions would have the following effect on profit or loss and members’ balances.

General insurance business sensitivities as at 31 December 2025

Sensitivity

+5.0%

$000

-5.0%$000

Claims outstanding – gross of reinsurance

39,309

(39,309)

Claims outstanding – net of reinsurance

20,786

(20,786)

General insurance business sensitivities as at 31 December 2024

Sensitivity

+5.0%$000

-5.0%$000

Claims outstanding – gross of reinsurance

28,269

(28,269)

Claims outstanding – net of reinsurance

15,360

(15,360)

On a net of reinsurance basis, the effects are more complex depending on the nature of the loss and its interaction with other losses already incurred. The incidence of profit commission payable to intermediaries may also affect the gross and net impact on results and members’ balances.

Financial risk

The financial risk faced by the syndicate is managed by ensuring that its financial assets are sufficient to fund the obligations arising from its insurance contracts as they fall due. The primary objective of the investment management process is to maintain capital value, which is of particular importance in volatile financial market conditions. A secondary objective is to optimise the risk-adjusted total return whilst being constrained by capital preservation and liquidity requirements. ASML currently implements a relatively low-risk investment policy and the syndicate assets have been invested in short dated fixed income government and corporate bonds and money market funds.

The investment management of the short dated fixed income bond portfolio is outsourced to a third party. An investment mandate reflecting ASML’s risk appetite is in place and has been approved by the Board. Compliance with this is controlled through the investment manager’s systems and monitored through the monthly and quarterly reporting process.

36 Apollo Syndicate 1971 | Annual Report and Accounts 2025

4. Risk and capital management (continued)

Credit risk

Credit risk is the risk of financial loss to the syndicate if a counterparty fails to discharge a contractual obligation.

The syndicate is exposed to credit risk in respect of the following:

•holdings in collective investment schemes;

•short dated fixed income government and corporate bonds;

•reinsurers’ share of insurance liabilities;

•amounts due from intermediaries;

•amounts due from reinsurers in respect of settled claims;

•cash and cash equivalents; and

•other debtors and accrued interest.

Management of credit risk

The syndicate is exposed to the credit risk associated with its investment portfolio which is invested in securities which are rated BBB or above. The bond portfolio is managed to single issuer limits set by credit rating and there is a limit to the overall exposure to BBB rated securities. ASML approves new financial institutions before using them as investment or treasury counterparties.

ASML manages reinsurer credit risk through outwards reinsurance purchase guidelines. The guidelines place limits on exposure to a single counterparty based on the credit rating of the counterparty and the counterparty’s market reputation and recent performance. The syndicate’s exposure to reinsurance counterparties is monitored by the reinsurance team as part of their credit control processes. On a quarterly basis the Finance Committee reviews the credit exposures to reinsurance counterparties.

ASML assesses the creditworthiness of all reinsurers by reviewing public rating information and by internal investigations. The impact of reinsurer default is regularly assessed and managed accordingly. Where reinsurance is transacted with unrated reinsurers, the reinsurer is required to fully collateralise its exposure through depositing funds in trust for the syndicate.

ASML reviews intermediary performance against the terms of business agreements by the compliance function. The status of intermediary debt collection is reported to the Finance Committee.

Exposure to credit risk

The carrying amount of financial and reinsurance assets represents the maximum credit risk exposure.

The following table analyses the credit rating by investment grade of financial investments, reinsurers’ share of claims outstanding, debtors arising out of direct insurance and reinsurance operations, cash and cash equivalents and other debtors and accrued interest.

37 Apollo Syndicate 1971 | Annual Report and Accounts 2025

4. Risk and capital management (continued)

Debtors arising out of direct and reinsurance operations are comprised of pipeline premiums and balances relating to outstanding receipts from Lloyd’s Central Accounting. By their nature, it is not possible to classify these balances by credit rating and therefore they are included as not rated in the following tables.

2025

AAA$000

AA$000

A$000

BBB$000

Other$000

Not rated$000

Total$000

Shares and other variable yield securities and units in unit trusts

204,440

894

5,082

210,416

Debt securities and other fixed income securities

131,215

2,800

65,674

93,126

1,176

293,991

Reinsurers’ share of claims outstanding

80,843

289,517

370,455

Debtors arising out of direct insurance operations

368,748

Debtors arising out of reinsurance operations

692

13,783

1,599

16,074

Cash at bank and in hand

16,083

Other debtors and accrued interest

69,926

Other assets

1,594

408

2,143

Total

337,344

85,271

390,547

93,201

1,176

440,297

1,347,836

2024

AAA$000

AA$000

A$000

BBB$000

Other$000

Not rated$000

Total$000

Shares and other variable yield securities and units in unit trusts

125,327

2,794

128,121

Debt securities and other fixed income securities

74,788

1,498

43,782

53,239

297

173,604

Reinsurers’ share of claims outstanding

194,766

63,327

258,182

Debtors arising out of direct insurance operations

285,898

Debtors arising out of reinsurance operations

5,257

172

5,429

Cash at bank and in hand

15,421

Other debtors and accrued interest

78,735

Other assets

1,502

228

156

1,960

Total

201,706

201,569

125,724

53,395

297

364,659

947,350

Financial assets that are past due or impaired

The syndicate has debtors arising from direct insurance and reinsurance operations that are past due but not impaired at the reporting date. These debtors have been individually assessed for impairment by considering information such as the occurrence of significant changes in the counterparty’s financial position, patterns of historical payment information, disputes and compliance with ASML terms and conditions.

38 Apollo Syndicate 1971 | Annual Report and Accounts 2025

4. Risk and capital management (continued)

An analysis of the carrying amounts of past due or impaired debtors is presented in the table below. There are no other financial assets that are considered past due or impaired.

Neither past due nor impaired assets

Past due but not impaired assets

Gross value of impaired assets

Impairment allowance

Total

2025

$000

Shares and other variable yield securities and units in unit trusts

210,416

Debt securities and other fixed income securities

293,991

Reinsurers' share of claims outstanding

370,455

6,133

(6,133)

370,455

Debtors arising out of direct insurance operations

368,748

77,417

446,165

Debtors arising out of reinsurance operations

16,074

723

(88)

16,797

Cash at bank and in hand

16,083

Other debtors and accrued interest

69,926

Other assets

2,143

Total

1,347,836

78,140

6,221

(6,221)

1,425,976

Neither past due nor impaired assets

Past due but not impaired assets

Gross value of impaired assets

Impairment allowance

Total

2024

$000

Shares and other variable yield securities and units in unit trusts

128,121

Debt securities and other fixed income securities

173,604

Reinsurers' share of claims outstanding

258,182

4,422

(4,422)

258,182

Debtors arising out of direct insurance operations

285,898

25,402

311,300

Debtors arising out of reinsurance operations

5,429

2,629

(55)

8,058

Cash at bank and in hand

15,421

Other debtors and accrued interest

78,735

Other assets

1,960

Total

947,350

28,031

4,477

(4,477)

975,381

39 Apollo Syndicate 1971 | Annual Report and Accounts 2025

4. Risk and capital management (continued)

The table below sets out the age analysis of financial assets that are past due but not impaired at the balance sheet date:

Impairment analysis

The table below sets out a reconciliation of changes in impairment allowance during the period for each class of financial asset at the balance sheet date:

1 Jan

New impairment charges added in year

Changes in impairment charges

Released to profit or loss account

Foreign exchange

Others

31 Dec

2025

$000

Reinsurers' share of claims outstanding

4,422

1,697

6,133

Debtors arising out of reinsurance operations

Total

4,477

1,725

6,221

1 Jan

New impairment charges added in year

Changes in impairment charges

Released to profit or loss account

Foreign exchange

Others

31 Dec

2024

$000

Reinsurers' share of claims outstanding

3,546

863

(2)

4,422

Debtors arising out of reinsurance operations

Total

3,546

863

(1)

4,477

Past due but not impaired

0-3 months past due

3-6 months past due

6-12 months past due

Greater than 1 year past due

Total

2025

$000

Debtors arising out of direct insurance operations

40,426

19,746

17,245

77,417

Debtors arising out of reinsurance operations

689

723

Total

41,115

19,760

17,265

78,140

Past due but not impaired

0-3 months past due

3-6 months past due

6-12 months past due

Greater than 1 year past due

Total

2024

$000

Debtors arising out of direct insurance operations

5,062

6,544

13,796

25,402

Debtors arising out of reinsurance operations

1,007

1,617

2,629

Total

6,069

8,161

13,801

28,031

40 Apollo Syndicate 1971 | Annual Report and Accounts 2025

4. Risk and capital management (continued)

Liquidity risk

Liquidity risk is the risk that the syndicate’s assets are insufficient to fund the obligations arising from its insurance contracts and financial liabilities as they fall due or can only be met by incurring additional costs. The syndicate is exposed to daily calls on its available cash resources mainly from claims arising from insurance contracts and its ongoing expenses.

The nature of the syndicate’s exposures to liquidity risk and its objectives, policies and processes for managing liquidity risk have not changed significantly from the prior year.

Management of liquidity risk

The syndicate’s approach to managing liquidity risk is to ensure, as far as is reasonable, that it will have sufficient liquidity to meet its liabilities when they fall due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the syndicate’s reputation.

ASML’s approach to managing liquidity risk is as follows:

•forecasts are prepared and revised on a regular basis to predict cash outflows from insurance contracts and overheads over the short, medium and long term;

•the syndicate purchases assets with durations not greater than its estimated insurance contract liabilities and expense outflows;

•assets purchased by the syndicate are required to satisfy specified marketability requirements;

•the syndicate maintains cash and liquid assets to meet daily outgoing payments;

•the syndicate regularly updates its contingency funding plans to ensure that adequate liquid financial resources are in place to meet obligations as they fall due in the event of reasonably foreseeable abnormal circumstances; and

•liquidity stress testing is performed for the syndicate, looking both at cash flow liquidity and shock loss scenarios.

The syndicate holds sufficient premium trust funds in money market funds to meet daily liquidity. Holdings in money market funds are well diversified, very liquid and generally low risk. There is, however, a risk that the fund does not have sufficient liquidity to meet all redemptions in extreme conditions. The fixed income short-dated government and corporate bond portfolio is relatively liquid and can be realised within a matter of days under normal market conditions.

The syndicate is able to make cash calls from the members to fund losses in the event that funds are needed ahead of closing the year of account. In extreme circumstances, ASML syndicates could also apply to utilise the Lloyd’s central fund as a last resort to pay liabilities.

41 Apollo Syndicate 1971 | Annual Report and Accounts 2025

4. Risk and capital management (continued)

Maturity analysis of syndicate liabilities

The maturity analysis presented in the table below shows the remaining contractual maturities for the syndicate’s insurance contracts and financial instruments. For insurance and reinsurance contracts, the contractual maturity is the estimated date when the gross undiscounted contractually required cash flows will occur. For financial liabilities it is the earliest date on which the gross undiscounted cash flows (including contractual interest payments) could be paid assuming conditions are consistent with those at the reporting date.

000

2025

0-1 yrs$000

1-3 yrs$000

3-5 yrs$000

>5 yrs$000

Total$000

Claims outstanding

184,442

337,613

186,925

77,190

786,170

Creditors

282,476

67,579

350,055

Other credit balances

20,330

15,814

36,144

Total

487,248

421,006

186,925

77,190

1,172,369

000

2024

0-1 yrs$000

1-3 yrs$000

3-5 yrs$000

>5 yrs$000

Total$000

Claims outstanding

110,896

281,138

124,304

49,040

565,378

Creditors

157,704

46,679

204,383

Other credit balances

10,800

13,534

24,334

Total

279,400

341,351

124,304

49,040

794,095

Market risk

The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk within the framework set by ASML’s investment policy.

Management of market risk

For each of the major components of market risk the syndicate has policies and procedures in place which detail how each risk should be managed and monitored. The management of each of these major components of market risk and the exposure of the syndicate at the reporting date to each major component are addressed below.

42 Apollo Syndicate 1971 | Annual Report and Accounts 2025

4. Risk and capital management (continued)

Interest rate risk

Interest rate risk arises primarily from the syndicate’s exposure to financial investments and overseas deposits. Exposure to significant fluctuations in market value due to changes in bond yields is managed through investment in short duration securities. Investment types include short dated fixed income bonds and money market funds.

2025Impact on results before tax$000

2025Impact on

members’

balances$000

2024Impact on results before tax$000

2024Impact on

members’

balances$000

Interest rate risk

+ 50 basis points shift in yield curves

(4,722)

(2,813)

- 50 basis points shift in yield curves

4,722

2,813

Currency risk

Currency risk is the risk that the fair value or future cash flows of the syndicate’s assets and liabilities will fluctuate because of changes in foreign exchange rates.

The syndicate writes business primarily in Sterling, Euros, US Dollars and Canadian Dollars and is therefore exposed to currency risk arising from fluctuations in the exchange rates of its functional currency (US Dollars) against these currencies.

The foreign exchange policy is to maintain assets in the currency in which the cash flows from liabilities are to be settled in order to hedge the currency risk inherent in these contracts so far as is allowed by regulatory requirements and for any profit or loss to be reflected in the net assets of the functional currency. Occasionally, the syndicate may make limited use of foreign exchange derivative instruments to manage future currency cash flow requirements.

Regulatory capital requirements and liquidity impact the ability to match in currency. Regulatory funding requirements are calculated based on gross data and as a result a net currency asset can arise. Net assets in currency are not a direct indication of the liquidity in a currency. The syndicate can undertake currency trades either to help match in currency or meet liquidity needs.

The table below summarises the carrying value of the syndicate’s assets and liabilities, at the reporting date:

Sterling

US Dollar

Euro

Canadian Dollar

Total

2025

$000

Investments

503,104

1,303

504,407

Reinsurers' share of technical provisions

11,546

542,382

9,003

914

563,845

Debtors

11,697

507,353

10,116

415

529,581

Other assets

4,516

8,974

4,015

721

18,226

Prepayments and accrued income

4,027

28,976

2,193

35,211

Total assets

31,786

1,590,789

25,327

3,368

1,651,270

Technical provisions

(31,514)

(1,088,872)

(10,567)

(1,083)

(1,132,036)

Creditors

(2,849)

(336,076)

(9,752)

(1,378)

(350,055)

Accruals and deferred income

(1,173)

(66,437)

(3,193)

(35)

(70,838)

Total liabilities

(35,536)

(1,491,385)

(23,512)

(2,496)

(1,552,929)

Total capital and reserves

3,750

(99,404)

(1,815)

(872)

(98,341)

43 Apollo Syndicate 1971 | Annual Report and Accounts 2025

4. Risk and capital management (continued)

Sterling

US Dollar

Euro

Canadian Dollar

Total

2024

$000

Investments

301,215

510

301,725

Reinsurers' share of technical provisions

8,839

374,284

4,627

276

388,026

Debtors

12,469

378,811

4,741

258

396,279

Other assets

5,759

9,149

2,164

309

17,381

Prepayments and accrued income

4,268

20,888

1,643

26,809

Total assets

31,335

1,084,347

13,175

1,363

1,130,220

Technical provisions

(26,192)

(765,658)

(6,276)

(353)

(798,479)

Creditors

(1,062)

(198,998)

(3,995)

(328)

(204,383)

Accruals and deferred income

(1,648)

(50,006)

(1,985)

(41)

(53,680)

Total liabilities

(28,902)

(1,014,662)

(12,256)

(722)

(1,056,542)

Total capital and reserves

(2,433)

(69,685)

(919)

(641)

(73,678)

Sensitivity analysis to market risks

An analysis of the syndicate’s sensitivity to currency risk is presented in the table below. The table shows the effect on profit or loss of reasonably possible changes in the relevant risk variable. The sensitivity analysis assumes that all other variables remain constant and that the exchange rate movement occurs at the end of the reporting period. The impact of exchange rate fluctuations could differ significantly over a longer period. The occurrence of a change in foreign exchange rates may lead to changes in other market factors because of correlations.

Currency risk

2025Impact on results before tax$000

2025Impact on

members’

balances$000

2024Impact on results before tax$000

2024Impact on

members’

balances$000

10 percent strengthening of GBP against USD

(417)

270

10 percent weakening of GBP against USD

341

(221)

10 percent strengthening of Euro against USD

202

102

10 percent weakening of Euro against USD

(165)

(83)

Other price risk

The syndicate investments comprise holdings in short dated fixed income government and corporate bonds, and money market funds. The bond portfolio is relatively low risk being both short dated and investment grade securities and therefore it has limited sensitivity to market movements.

The money market funds are near cash and therefore have minimal exposure to market movements.

A fair value hierarchy is provided in note 11 which categorises the syndicate according to the level of judgement exercised in valuation.

44 Apollo Syndicate 1971 | Annual Report and Accounts 2025

4. Risk and capital management (continued)

Capital management

Capital framework at Lloyd’s

Lloyd’s is a regulated undertaking and subject to supervision by the PRA under the Financial Services and Markets Act 2000, and in accordance with the Solvency UK Framework.

Within this supervisory framework, Lloyd’s applies capital requirements at member level and centrally to ensure that Lloyd’s complies with the Solvency UK requirements, and beyond that to meet its own financial strength, licence and ratings objectives.

Although, as described below, Lloyd’s capital setting processes use a capital requirement set at syndicate level as a starting point, the requirement to meet Solvency UK and Lloyd’s capital requirements apply respectively at overall and member level only, not at syndicate level. Accordingly, the capital requirement in respect of the syndicate’s members is not disclosed in these financial statements.

Lloyd’s capital setting process

To meet Lloyd’s requirements, each syndicate is required to calculate its SCR for the prospective underwriting year. This amount must be sufficient to cover a 1 in 200 year loss, reflecting uncertainty in the ultimate run-off of underwriting liabilities (SCR ‘to ultimate’). The syndicate must also calculate its SCR at the same confidence level but reflecting uncertainty over a one year time horizon (‘’one year’’ SCR) for Lloyd’s to use in meeting Solvency UK requirements. The SCRs of each syndicate are subject to review and approval by Lloyd’s.

ASML uses an internal model developed in house to calculate the SCR for the syndicate as opposed to adopting a standard formula. The SCR is reviewed and approved by the Board through the ORSA process and an independent annual internal model validation process.

A syndicate may be comprised of one or more underwriting members of Lloyd’s. Each member is liable for their own share of underwriting liabilities on the syndicates on which they participate but not for other members’ shares. Accordingly, the capital requirements that Lloyd’s sets for each member; operate on a similar basis. Each member’s SCR is based on the member’s share of the syndicate’s SCR ‘to ultimate’.

Where a member participates on more than one syndicate, Lloyd’s sums together each syndicate’s SCR but a credit for diversification is allowed to reflect the spread of risk consistent with determining an SCR which reflects the capital requirement to cover a 1 in 200 year loss ‘to ultimate’ for that member. Over and above this, Lloyd’s applies a capital uplift to the member’s capital requirement, known as the ECA. The purpose of this uplift, which is a Lloyd’s rather than a Solvency UK requirement, is to support Lloyd’s financial strength, licence and ratings objectives.

Provision of capital by members

Each member may provide capital to meet their ECA by assets held in trust by Lloyd’s specifically for that member’s FAL, or as the member’s share of the members’ balances on each syndicate on which they participate.

Accordingly, all of the assets less liabilities of the syndicate, as represented in the members’ balances reported on the balance sheet, represent resources available to meet members’ and Lloyd’s capital requirements.

45 Apollo Syndicate 1971 | Annual Report and Accounts 2025

5.Analysis of underwriting result

An analysis of the underwriting result before investment return is presented in the table below:

2025

Gross premiums written$000

Gross premiums earned$000

Gross claims incurred$000

Gross operating expenses$000

Reinsurance balance$000

Underwriting result$000

Direct insurance

Accident and health

Motor (third party liability)

254,998

214,281

(149,763)

(43,506)

1,402

22,414

Motor (other classes)

2,665

2,666

(240)

(117)

(634)

1,675

Marine, aviation, and transport

177

214

(557)

(103)

(444)

Third party liability

212,637

167,517

(107,791)

(33,661)

(23,638)

2,427

Credit and suretyship

258

455

(3,682)

(126)

(3,292)

Total direct insurance

470,735

385,133

(262,033)

(77,513)

(22,784)

22,803

Reinsurance

Reinsurance acceptances

144,102

117,735

(64,534)

(25,096)

(8,512)

19,593

Total

614,837

502,868

(326,567)

(102,609)

(31,296)

42,396

No Fire and damage to property that is Specialty or Third-party liability Energy business is written by the syndicate.

2024

Gross premiums written$000

Gross premiums earned$000

Gross claims incurred$000

Gross operating expenses$000

Reinsurance balance$000

Underwriting result$000

Direct insurance

Accident and health

(2)

(8)

(10)

Motor (third party liability)

186,413

168,434

(110,890))

(30,163)

(15,823)

11,558

Motor (other classes)

4,743

4,653

(96)

(1,082)

(318)

3,157

Marine, aviation, and transport

(479)

(58)

380

(6)

319

Third party liability

136,013

124,151

(89,619)

(20,765)

(5,088)

8,679

Credit and suretyship

(334)

(722)

212

176

(128)

(462)

Total direct insurance

326,356

296,458

(200,015))

(51,831)

(21,371)

23,241

Reinsurance

Reinsurance acceptances

84,472

58,387

(38,545)

(13,623)

(5,768)

451

Total

410,828

354,845

(238,560))

(65,454)

(27,139)

23,692

Reinsurers’ commissions and profit participations are included in the reinsurance balance and disclosed in note 6, net operating expenses.

46 Apollo Syndicate 1971 | Annual Report and Accounts 2025

5. Analysis of underwriting result (continued)

The gross premiums written for direct insurance by location (where the contracts were concluded) is presented in the table below:

2025$000

2024$000

United Kingdom

470,735

326,356

Total gross premiums written

470,735

326,356

Year of account development

The table below presents the annual results split by year of account. Movements in results for closed years of account are reflected within the results for the year into which they closed by reinsurance to close.

Results before members’ agents’ fees

2025$000

2024$000

Year of account

2022

12,778

2023

20,957

17,786

2024

32,424

6,533

2025

14,683

Calendar year result

68,064

37,097

6.Net operating expenses

2025$000

2024$000

Acquisition costs

66,672

48,015

Change in deferred acquisition costs

(7,476)

(9,881)

Gross acquisition costs

59,196

38,134

Administrative expenses

14,630

11,303

Members’ standard personal expenses

28,783

16,017

Reinsurance commissions and profit participation

(53,665)

(40,130)

Total

48,944

25,324

Total commissions for direct insurance business for the year amounted to:

2025$000

2024$000

Total commission for direct insurance business

39,288

28,700

47 Apollo Syndicate 1971 | Annual Report and Accounts 2025

6. Net operating expenses (continued)

Administrative expenses include:

2025$000

2024$000

Auditors’ remuneration

Fees payable to the syndicate’s auditor for the audit of these annual financial statements

287

238

Non-audit fees

Fees payable to the syndicate’s auditor and its associates in respect of other services pursuant to legislation

183

105

Other non-audit fees

Total

534

376

ASML incurred audit fees payable to the syndicate’s auditors of $64,000 (2024: $46,000) and other assurance services of nil (2024: $6,000).

2025$000

2024$000

Impairment losses on debtors

Arising out of reinsurance operations

7.Key management personnel compensation

For the purposes of FRS 102, the directors of ASML are deemed to be the key management personnel.

The directors of ASML received the following aggregate remuneration charged to the syndicate:

2025$000

2024$000

Directors’ emoluments

834

744

The active underwriter received the following aggregate remuneration charged to the syndicate.

2025$000

2024$000

Emoluments

8.Staff numbers and costs

All staff are employed by a related company of ASML. The average monthly number of employees employed by the managing agency or related companies but working for the syndicate during the year, analysed by category, was as follows:

Number of employees

2025

2024

Administration and finance

Underwriting

Claims

Investments

Total

During 2025 there were eight (2024: six) non-executive directors on the ASML board who allocated their time to the syndicate.

48 Apollo Syndicate 1971 | Annual Report and Accounts 2025

8.Staff numbers and costs (continued)

The following amounts were incurred by the syndicate in respect of salary costs:

2025$000

2024$000

Wages and salaries

11,243

12,234

Social security costs

1,232

1,385

Other pension costs

670

840

Total

13,145

14,459

9.Investment return

2025$000

2024$000

Interest and similar income

From financial assets designated at fair value through profit or loss

Interest and similar income

17,161

11,960

Interest on cash at bank

2,686

2,298

Other income from investments

From financial assets designated at fair value through profit or loss

Gains on the realisation of investments

604

884

Losses on the realisation of investments

(9)

(52)

Unrealised gains on investments

5,231

320

Unrealised losses on the investments

(221)

(2,178)

Investment management expenses

(73)

(404)

Total

25,379

12,828

Transferred to the technical account from the non-technical account

25,379

12,828

Impairment losses on debtors recognised in administrative expenses

(28)

(54)

The investment return was wholly allocated to the technical account.

Investment income is reported after an allocation of an investment return of $67,000 (2024: $50,000) to Syndicate 1925. Investment income is reported after an allocation of an investment return of $2,681,000 (2024: $3,671,000) from Syndicate 1969 (see note 23).

The total annual investment yield for the year was 4.1% (2024: 4.1%).

10.Distribution

The 2023 year of account profit balance of $46,137,000 (after members’ agents’ fees of $215,000) will be distributed to members in 2026. During 2025 $42,519,000 (after members’ agents’ fees of $156,000) was distributed to the members in respect of the 2022 year of account.

49 Apollo Syndicate 1971 | Annual Report and Accounts 2025

11.Financial investments

The carrying values of the syndicate’s financial assets and liabilities are summarised by category below:

Carrying value

Cost

2025$000

2024$000

2025$000

2024$000

Shares and other variable yield securities and units in unit trusts

210,416

128,121

210,416

128,121

Debt securities and other fixed income securities

293,991

173,604

288,982

174,645

Total

504,407

301,725

499,398

302,766

The table below presents an analysis of financial investments by their measurement classification:

2025$000

2024$000

Financial assets measured at fair value through profit or loss

504,407

301,725

Total

504,407

301,725

All investments are measured at fair value through profit or loss. The valuation technique used for determination of the fair value of financial instruments can be classified by the following hierarchy:

•Level 1 – Quoted prices for an identical asset in an active market. Quoted in an active market in this context means quoted prices are readily and regularly available and those prices represent actual and regularly occurring market transactions on an arm’s length basis.

•Level 2 – When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If it can be demonstrated that the last transaction price is not a good estimate of fair value (e.g. because it reflects the amount that an entity would receive or pay in a forced transaction, involuntary liquidation or distress sale), that price is adjusted.

•Level 3 – If the market for the asset is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. The objective of using a valuation technique is to estimate what the transaction price would have been on the measurement date in an arm’s length exchange motivated by normal business considerations.

The table below analyses financial instruments held at fair value in the syndicate’s balance sheet at the reporting date by its level in the fair value hierarchy.

2025

Level 1$000

Level 2$000

Level 3$000

Total$000

Shares and other variable yield securities and units in unit trusts

210,416

Debt securities and other fixed income securities

123,182

170,809

293,991

Total

123,182

381,225

504,407

2024

Level 1$000

Level 2$000

Level 3$000

Total$000

Shares and other variable yield securities and units in unit trusts

128,121

Debt securities and other fixed income securities

73,248

100,356

173,604

Total

73,248

228,477

301,725

50 Apollo Syndicate 1971 | Annual Report and Accounts 2025

11.Financial investments (continued)

Information on the methods and assumptions used to determine fair values for each major category of financial instrument measured at fair value is provided below.

Holdings in collective investment schemes are generally valued using prices provided by external pricing vendors. The categorisation of the fair value by level has been determined by looking through the funds to the underlying holdings within the collective investment schemes. Pricing vendors will often determine prices by consolidating prices of recent trades for identical or similar securities obtained from a panel of market makers into a composite price. The pricing service may make adjustments for the elapsed time from a trade date to the valuation date to take into account available market information. Where recently reported trades are not available, pricing vendors will use modelling techniques to determine a security price.

Some government and supranational securities are listed on recognised exchanges and are generally classified as level 1 in the fair value hierarchy. Those that are not listed are generally based on composite prices and are classified as level 2 in the fair value hierarchy.

Corporate bonds, including asset backed securities that are not listed on a recognised exchange or are traded in an established over-the-counter market are also mainly valued using composite prices. Where prices are based on multiple quotes and those quotes are based on actual recent transactions in the same instrument the securities are classified as level 2, otherwise they are classified as level 3 in the fair value hierarchy.

Management monitor movements in the valuation of the investment portfolio on a quarterly basis and investigation is undertaken when these are outside of expectations. The short dated fixed income portfolio valuations are provided by the fund manager and compared with alternative valuation sources.

12.Debtors arising out of direct insurance operations

2025$000

2024$000

Due within one year

446,165

311,300

Total

446,165

311,300

13.Debtors arising out of reinsurance operations

2025$000

2024$000

Due within one year

16,797

8,058

Total

16,797

8,058

14.Other debtors

2025$000

2024$000

Inter syndicate balances

65,570

76,796

Other

1,049

125

Total

66,619

76,921

Amounts due from Syndicate 1969 represent the net funds withheld balance receivable under the quota share contract. The balances attributable to each year of account are due on closure of the underlying years of account.

51 Apollo Syndicate 1971 | Annual Report and Accounts 2025

15.Deferred acquisition costs

The table below shows changes in deferred acquisition costs assets from the beginning of the period to the end of the period:

2025

2024

Gross$000

Reinsurance$000

Net$000

Gross$000

Reinsurance$000

Net$000

Balance at 1 January

24,995

(29,346)

(4,351)

15,289

(15,358)

(69)

Incurred deferred acquisition costs

66,672

(59,789)

6,883

48,015

(54,199)

(6,184)

Amortised deferred acquisition costs

(59,196))

53,665

(5,531)

(38,134)

40,130

1,996

Foreign exchange movements

(567)

776

209

(175)

(94)

Balance at 31 December

31,904

(34,694)

(2,790)

24,995

(29,346)

(4,351)

16.Other assets

Overseas deposits are advanced as a condition of conducting underwriting business in certain countries and therefore are restricted assets. The balance of the overseas deposits as at 31 December 2025 was $2,143,000 (2024: $1,960,000)

17.Claims development

The syndicate’s current exposure is predominantly US motor liability via the Delivery and Rideshare segments.

The following tables show the estimates of cumulative incurred claims, including both claims notified and IBNR for each successive underwriting year at each reporting date, together with cumulative payments to date.

As these tables are on an underwriting year basis, there is an apparent large increase from amounts reported for the end of the underwriting year to one year later as a large proportion of premiums are earned in the year of account’s second year of development.

Balances have been translated at exchange rates prevailing at 31 December 2025 in all cases.

Gross claims development as at 31 December 2025:

2019

2020

2021

2022

2023

2024

2025

Total

Pure underwriting year

$000

Estimate of gross claims:

at end of underwriting year

28,072

27,755

44,962

69,305

69,175

98,050

161,881

one year later

59,345

83,034

102,409

171,729

200,031

246,112

two years later

72,848

97,548

79,761

171,957

192,077

three years later

83,863

119,877

81,152

187,806

four years later

101,870

114,511

80,467

five years later

115,619

118,091

six years later

122,341

Estimate of gross claims reserve

122,341

118,091

80,467

187,806

192,077

246,112

161,881

1,108,775

Less gross claims paid

(106,547)

(78,875)

(34,201)

(59,993)

(27,329)

(14,543)

(1,117)

(322,605)

Gross claims reserve

15,794

39,216

46,266

127,813

164,748

231,569

160,764

786,170

52 Apollo Syndicate 1971 | Annual Report and Accounts 2025

17.Claims development (continued)

Net claims development as at 31 December 2025:

2019

2020

2021

2022

2023

2024

2025

Total

Pure underwriting year

$000

Estimate of net claims:

at end of underwriting year

11,979

14,272

23,696

35,509

37,167

46,460

73,037

one year later

26,258

43,401

54,259

98,415

111,492

138,759

two years later

34,056

50,891

43,161

110,270

110,017

three years later

36,436

62,412

43,993

136,555

four years later

42,999

59,178

41,572

five years later

47,519

60,447

six years later

50,628

Estimate of net claims reserve

50,628

60,447

41,572

136,555

110,017

138,759

73,037

611,015

Less net claims paid

(42,722)

(39,491)

(17,048)

(59,842)

(15,730)

(19,711)

(756)

(195,300)

Net claims reserve

7,906

20,956

24,524

76,713

94,287

119,048

72,281

415,715

All balances presented are in respect of premiums earned to the balance sheet date and therefore reflect the pattern of earnings and risk exposure over a number of calendar years.

18.Technical provisions

The table below shows changes in the insurance contract liabilities and assets from the beginning of the period to the end of the period.

There has been no material change to the method of reserving during the year under review.

Included within net calendar year claims incurred of $166,146,000 (2024: $124,103,000) is a deterioration of $13,750,000 in claims reserves established for losses incurred at the prior year end (2024: deterioration $9,063,000).

2025

2024

Gross provisions$000

Reinsurance

assets$000

Net$000

Gross provisions$000

Reinsurance

assets$000

Net$000

Claims outstanding

Balance at 1 January

565,378

(258,182)

307,196

419,120

(189,367)

229,753

Claims paid during the year

(108,381)

49,584

(58,797)

(91,765)

45,532

(46,233)

Expected cost of current year claims

315,400

(163,004)

152,396

222,918

(107,878)

115,040

Change in estimates of prior year provisions

11,167

2,583

13,750

15,642

(6,579)

9,063

Foreign exchange movements

2,606

(1,436)

1,170

(537)

110

(427)

Balance at 31 December

786,170

(370,455)

415,715

565,378

(258,182)

307,196

53 Apollo Syndicate 1971 | Annual Report and Accounts 2025

18.Technical provisions (continued)

2025

2024

Gross provisions$000

Reinsurance

assets$000

Net$000

Gross provisions$000

Reinsurance

assets$000

Net$000

Unearned premiums

Balance at 1 January

233,101

(129,844)

103,257

177,479

(84,559)

92,920

Premiums written during the year

614,837

(308,086)

306,751

410,828

(227,174)

183,654

Premiums earned during the year

(502,868)

245,382

(257,486)

(354,845)

181,726

(173,119)

Foreign exchange movements

796

(842)

(46)

(361)

163

(198)

Balance at 31 December

345,866

(193,390)

152,476

233,101

(129,844)

103,257

Refer to Note 4 for the sensitivity analysis performed over the value of insurance liabilities, to potential movements in the assumptions applied within the technical provisions.

19.Creditors arising out of direct insurance operations

2025$000

2024$000

Due within one year

111

1,136

Total

111

1,136

20.Creditors arising out of reinsurance operations

2025$000

2024$000

Due within one year

251,514

188,517

Total

251,514

188,517

21.Other creditors

2025$000

2024$000

Inter syndicate balances

96,377

13,503

Other related party balances (non-syndicate)

2,053

1,227

Total

98,430

14,730

The amounts due to Syndicate 1925 represents the net funds withheld balance payable under the SPA quota share contract.

22.Cash and cash equivalents

2025$000

2024$000

Cash at bank and in hand

16,083

15,421

Total

16,083

15,421

54 Apollo Syndicate 1971 | Annual Report and Accounts 2025

23.Related parties

All business with related parties is transacted on an arm’s length basis.

ASML is a wholly owned subsidiary of AGHL.

On 2 September 2025 it was announced that Skyward had agreed to purchase AGHL. The transaction received regulatory approval late in 2025 and completed on 1 January 2026. Skyward is an existing capital provider of syndicates 1969 and 1971.

AGHL has provided capacity for the 2022 and subsequent years of account through Apollo No. 16 Limited (“APL16”). APL16 is a wholly owned subsidiary of AGHL which has underwritten capacity of £91m on Syndicate 1971 for the 2025 year of account (2024 year of account: £56m).

Until 31 December 2021 Syndicate 1971 was a SPA syndicate with Syndicate 1969 as the host on the 2021 and prior years of account. A quota share reinsurance contract is in place for each year of account ceding all gross premiums and related expenses and investment income. The 2019 year of account applies an 80% quota share, with the 2020 and 2021 year of account applying a 90% quota share. On closure of these years of account the syndicate distribution was settled by Syndicate 1969. With effect from 1 January 2022, Syndicate 1971 became a stand-alone syndicate.

Syndicate 1969 has provided a quota share reinsurance contract for the run-off of the ibott Rover class 2021 and prior year of account liabilities. This has the effect of maintaining the Syndicate 1969 and Syndicate 1971 share of risk that existed under the SPA relationship.

The related party transactions and amounts outstanding at the balance sheet date are shown below:

2025

2024

Syndicate 1969

$000

Gross written premium receivable

(1,107)

Gross claims payable

(45,806)

(53,162)

Expenses payable

(52)

Allocated investment income

2,681

3,671

Other debtors

65,570

76,796

Syndicate 1925 was established for the 2024 YOA as an SPA Syndicate to provide a single 80% quota share reinsurance contract for the Cyber Reinsurance class including all related expenses and investment income for each underwriting year. Syndicate 1925 operates on a funds withheld basis and the syndicate undertakes all transactions on its behalf. On closure of a year of account the Syndicate 1925 distribution will be settled by the syndicate.

The related party transactions and amounts outstanding at the balance sheet date are shown below:

2025

2024

Syndicate 1925

$000

Reinsurance premiums payable

(75,156)

(41,717)

Reinsurance paid recoveries receivable

1,068

Expense recharge

(8,430)

(1,586)

Allocated investment return

(67)

(50)

Other creditors

(44,467)

(13,503)

55 Apollo Syndicate 1971 | Annual Report and Accounts 2025

23.Related parties (continued)

Syndicate 1994 is a Lloyd’s reinsurance to close and legacy business reinsurance syndicate managed

by ASML. On 15 December 2025 Syndicate 1971 entered into a new loss portfolio transfer reinsurance agreement with Syndicate 1994, effective from 1 October 2025. Under the contract the syndicate ceded a significant proportion of ibott Rover business written in the 2022 year of account and the run-off of the ibott rover business ceded from Syndicate 1969 on the 2021 and prior years of account liabilities to Syndicate 1994.

The related party transactions and amounts outstanding at the balance sheet date are shown below:

2025

2024

Syndicate 1994

$000

Outwards reinsurance premiums payable

(51,910)

Other creditors

(51,910)

In accordance with the Managing Agent’s Agreement, ASML accrued managing agent’s fees (0.9% of syndicate capacity) and profit commission (20% of profit). A two year deficit clause is in place which requires losses to be offset by future profits before further profit commission becomes payable.

Apollo Partners LLP (“APL”) is a wholly owned subsidiary of AGHL, which employs all Apollo group staff, including underwriters, claims and reinsurance staff. APL provides the services of these staff to ASML to enable it to function as managing agent for the syndicate. APL is an appointed representative of ASML. APL also incurs a large proportion of the expenses in respect of operating the syndicate. The cost of these services and expenses is recharged to ASML which in turn recharges these to the syndicate on a basis that reflects its usage of resources, all recharges being without any mark up on cost.

The transactions and amounts outstanding at the balance sheet date are shown below:

2025

2024

ASML

$000

Managing agent’s fee

5,742

3,632

Expense recharges

21,306

17,550

Managing agent’s profit commission

17,015

9,406

Other creditors

(2,053)

(1,227)

24.Post balance sheet events

The amounts that are proposed to be transferred to members are disclosed in note 10.

25.Foreign exchange rates

The following currency exchange rates have been used for principal foreign currency transactions (reported to 2dp):

2025

2024

Start of period rate

End of period

rate

Average

rate

Start of period rate

End of period rate

Average

rate

Sterling

0.80

0.74

0.75

0.79

0.80

0.78

Euro

0.97

0.85

0.87

0.91

0.97

0.93

US Dollar

1.00

Canadian Dollar

1.44

1.37

1.39

1.32

1.44

1.40

56 Apollo Syndicate 1971 | Annual Report and Accounts 2025

26.Funds at Lloyd’s

Every member is required to hold capital at Lloyd’s which is held in trust and known as FAL. These funds are intended primarily to cover circumstances where syndicate assets prove insufficient to meet participating members’ underwriting liabilities. The level of FAL that Lloyd’s requires a member to maintain is determined by Lloyd’s based on PRA requirements and resource criteria. The determination of FAL has regard to a number of factors including the nature and amount of risk to be underwritten by the member and the assessment of the reserving risk in respect of business that has been underwritten. Since FAL is not under the management of the managing agent, no amount has been shown in these financial statements by way of such capital resources. However, the managing agent is able to make a call on the Member’s FAL to meet liquidity requirements or to settle losses.

57 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Syndicate underwriting year of accounts for the 2023 year of account

Closed at 31 December 2025

Syndicate underwriting year accounts for the 2023 year of account

58 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Report of the directors of the managing agent

The directors of the managing agent present their report for the 2023 year of account of Syndicate 1971 for the cumulative result to 31 December 2025.

The syndicate underwriting year accounts have been prepared under The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 in accordance with the Lloyd’s Syndicate Accounting Bylaw (no. 8 of 2005) and applicable accounting standards in the United Kingdom.

Principal activity

This report covers the business of Syndicate 1971 which was established for the 2019 year of account as a Special Purpose Arrangement (“SPA”). For the 2022 year of account the syndicate graduated from an SPA to operate as a stand-alone syndicate. The syndicate maintains a significant quota share reinsurance placement with a panel of highly rated reinsurers

During 2023 Syndicate 1971 established its own SPA, Syndicate 1925, for the 2024 year of account. Syndicate 1925 underwrites Cyber Reinsurance business only and was developed through a strategic partnership with Envelop Risk.

Syndicate 1971 trades through Lloyd’s worldwide licenses and has the benefit of the Lloyd’s brand and rating. Lloyd’s has an A+ (Superior) rating from A.M. Best, AA- (Very Strong) from Standard & Poor’s and AA- (Very Strong) from Fitch.

The syndicate’s capacity for the 2023 year of account was £250.0m ($302.5m at the Lloyd’s planning rate of $1.21).

Review of the business

The syndicate had three open years of account during 2025. The 2023 year of account is closing at 36 months. 2024 and 2025 are expected to close at the end of 2026 and 2027 respectively.

2023 closed year result

The 2023 year of account has closed at a profit of $46.4m, which is 13.8% on stamp capacity of $336.5m (£250.0m). This comprises profits of $41.3m on the 2023 pure year of account and a profit of $5.1m on the development of the prior years of account during the 2025 calendar year.

The 2023 portfolio was split across several different subclasses, with much of the portfolio being either Delivery, Ride Sharing or Vehicle Leasing. Our focus has been on building long-term partnerships with our clients, which includes a range of new and established Autonomous Vehicle, Peer to Peer Car Sharing, Ridesharing and E-Scooter providers. Apollo saw further premium growth in the 2023 portfolio, which also benefited from a positive rating environment, resulting in written premium income being higher than the previous year of account.

The 2023 pure year benefitted from favourable investment return, materially more than plan assumptions. The underwriting performance has achieved the original forecast set out in the business plan. The assumptions underlying our reserving methodology reflect additional information obtained from pricing current and prospective business. The implications of this analysis have been incorporated into our reserving approach for all years of account which, together with margin added over and above actuarial best estimates, have been factored into the higher than planned profit declared on the 2023 year of account.

59 Apollo Syndicate 1971 | Annual Report and Accounts 2025

2024 year of account

The syndicate has seen further premium growth in the class in the 2024 underwriting year compared to 2023, with growth through new business, participation on different layers of existing risks and organic growth. The 2024 portfolio is split across several different subclasses, consistent with the 2023 portfolio, the largest being Delivery & Rideshare. The Cyber Reinsurance strategic partnership with Envelop Risk has written gross premium income for the year of $52m, compared to plan of $90m, 80% of which has been ceded to SPA 1925.

The 2024 portfolio benefited from a positive rating environment, which is driven by wider insurance market conditions rather than any loss experience. The syndicate achieved overall rate increases of 8.8% for the year.

We continued to be highly selective regarding the new opportunities we have underwritten for the 2024 underwriting year. We consider this is the appropriate approach and, whilst at this stage forecasting a profit for the 2024 year of account, we remain cautious about the range of outcomes possible, reflected in the use of a range of 6.5% to 16.5% of capacity.

2025 and future years

For 2025 and onwards, the ibott product line continues to be organised into ‘industry verticals’. This is to orient around the customer, to better reflect the profile of the underlying business, and to position ibott to lead in emerging industries. The class of business breakdown is Human Logistics, Human & Asset Capital, and Autonomy & Electrification.

The underlying performance of the portfolio in the 2025 year of account has been positive and has been broadly in line with the plan for the year. In 2025, the syndicate focused on consolidating its operational capabilities, setting the stage for further scalable growth. The forecast gross written premium income (net of acquisition costs) for the syndicate is expected to be $580.0m, which is consistent with the stamp capacity for this year of account. We achieved positive rate change of 7.0% across our entire renewal portfolio. The Cyber Reinsurance class has written gross premium income for the year of $101m, consistent to plan. For 2025, 80% of the Cyber Reinsurance class was ceded to SPA Syndicate 1925 under a quota share reinsurance agreement. At this early stage of development of the year of account, we are optimistic that the forecast profit for the syndicate will be satisfactory.

The approved 2026 plan for the syndicate is to underwrite $704.5m of gross written premium income, which equates to $616.4m of gross net written premium. For 2026, 80% of the Cyber Reinsurance class will be ceded to SPA Syndicate 1925 under a quota share reinsurance agreement. The approved 2026 plan for the SPA is to underwrite $120m of gross written premium income, which equates to $89m of gross net written premium, with a stamp capacity of $95.9m (£70.0m). The stamp capacity of the syndicate, excluding the SPA share of gross net written premium, has been maintained at $589.1m (£430.0m) which allows sufficient headroom should we wish to take advantage of new opportunities that may arise in 2026. We forecast to continue to see positive rate change in the ibott verticals.

Directors

The directors who held office at the date of signing this report are shown on page 2.

Disclosure of information to the auditor

Each person who is a director of the managing agent at the date of approving this report confirms that:

•so far as the director is aware, there is no relevant audit information of which the syndicate's auditor is unaware; and

60 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Auditor

Approved by the Board.

DCB Ibeson

Chief Executive Officer

19 February 2026

61 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Statement of managing agent’s responsibilities

Apollo Syndicate Management Limited, as managing agent, is responsible for preparing syndicate underwriting year accounts in accordance with applicable law and the Lloyd’s Syndicate Accounting Byelaw.

The Insurance Accounts Directive (Lloyd’s Syndicates and Aggregate Accounts) Regulation 2008 (the “Lloyd’s Regulations”) require the managing agent to prepare syndicate underwriting year accounts for each syndicate in respect of any underwriting year which is being closed by reinsurance to close as at 31 December 2025. These syndicate underwriting year accounts must give a true and fair view of the result of the closed year of account.

In preparing the syndicate underwriting year of accounts, the managing agent is required to:

•select suitable accounting policies which are applied consistently and where there are items which affect more than one year of account, ensure a treatment which is equitable as between the members of the syndicate affected. In particular, the amount charged by way of premium in respect of the reinsurance to close shall, where the reinsuring members and reinsured members are members of the same syndicate for different years of account, be equitable as between them, having regard to the nature and amount of the liabilities reinsured;

•take into account all income and charges relating to a closed year of account without regard to the date of receipt or payment;

•make judgements and estimates that are reasonable and prudent; and

•state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in these accounts.

The managing agent is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the syndicate and enable it to ensure that the syndicate underwriting year of accounts comply with the Lloyd’s Regulations and Syndicate Accounting Byelaw. It is also responsible for safeguarding the assets of the syndicate and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

62 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Independent auditors report to the members of Syndicate 1971 – 2023 closed year of account

Report on the audit of the syndicate underwriting year accounts for the 2023 closed year of account for the three years ended 31 December 2025

Opinion

In our opinion the syndicate underwriting year accounts of Syndicate 1971 (the ‘syndicate’):

•give a true and fair view of the profit for the 2023 closed year of account;

•have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and

•have been prepared in accordance with the requirements of The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and in accordance with the Lloyd’s Syndicate Accounting Byelaw (no. 8 of 2005) and sections 4 and 5 of the Syndicate Accounts Instructions Version 3.1 as modified by the Frequently Asked Questions Version 1.1 issued by Lloyd’s (the “Lloyd’s Syndicate Accounts Instructions”).

We have audited the syndicate underwriting year accounts which comprise:

•the statement of profit or loss and other comprehensive income;

•the balance sheet;

•the statement of changes in members’ balances;

•the statement of cash flows; and

•the related notes 1 to 18.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “the Financial Reporting Standard applicable in the UK and Republic of Ireland”, the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and the Lloyd’s Syndicate Accounting Byelaw (no. 8 of 2005).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law and the Syndicate Accounts Instructions. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the syndicate underwriting year accounts section of our report.

We are independent of the syndicate in accordance with the ethical requirements that are relevant to our audit of the syndicate underwriting year accounts in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

The other information comprises the information included in the syndicate underwriting year of accounts for the 2023 year of account, other than the syndicate underwriting year accounts and our auditor’s report thereon. The managing agent is responsible for the other information contained within the syndicate underwriting year of accounts for the 2023 year of account. Our opinion on the syndicate underwriting year accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

63 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the syndicate underwriting year accounts or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of managing agent

As explained more fully in the managing agent’s responsibilities statement, the managing agent is responsible for the preparation of the syndicate underwriting year accounts under the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and in accordance with the Lloyd’s Syndicate Accounting Byelaw (no. 8 of 2005), and for being satisfied that they give a true and fair view of the result, and for such internal control as the managing agent determines is necessary to enable the preparation of syndicate underwriting year accounts that are free from material misstatement, whether due to fraud or error.

In preparing the syndicate underwriting accounts, the managing agent is responsible for assessing the syndicate’s ability to realise its assets and discharge its liabilities in the normal course of business, disclosing, as applicable, any matters that impact its ability to do so.

Auditor’s responsibilities for the audit of the syndicate underwriting year accounts

Our objectives are to obtain reasonable assurance about whether the syndicate underwriting year accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these syndicate underwriting year accounts.

A further description of our responsibilities for the audit of the syndicate underwriting year accounts is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We considered the nature of the syndicate and its control environment and reviewed the syndicate’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management, members of those charged with governance and internal audit about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory frameworks that the syndicate operates in, and identified the key laws and regulations that:

•had a direct effect on the determination of material amounts and disclosures in the underwriting year accounts. These included the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008, the Lloyd’s Syndicate Accounting Byelaw (no. 8 of 2005), and the Lloyd’s Syndicate Accounts Instructions; and

•do not have a direct effect on the underwriting year accounts but compliance with which may be fundamental to the syndicate’s ability to operate or to avoid a material penalty. These included the requirements of Solvency UK.

64 Apollo Syndicate 1971 | Annual Report and Accounts 2025

As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our procedures performed to address them are described below:

In response to these risks, we performed the following:

oengaged our actuarial specialists to:

ochallenge and assess the appropriateness of the methodology and assumptions used by the syndicate’s actuarial function;

omake detailed assessments of the methodologies and assumptions used, as appropriate for selected classes of business, based on size and complexity; and

operform benchmarking analysis for the development patterns for selected classes of business.

In addition to the above, our procedures to respond to the risks identified included the following:

•reviewing underwriting year accounts disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the underwriting year accounts;

•performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

•enquiring of management and internal audit concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

•reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with Lloyd’s, PRA and FCA.

Report on other legal and regulatory requirements

Opinions on other matters prescribed by The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008

In our opinion, based on the work undertaken in the course of the audit:

•the information given in the report of the directors of the managing agent for the financial year for which the syndicate underwriting year accounts are prepared is consistent with the syndicate underwriting year accounts; and

•the report of the directors of the managing agent has been prepared in accordance with the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008.

65 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Matters on which we are required to report by exception

Under the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and Lloyd’s Syndicate Accounting Byelaw (no.8 of 2005) we are required to report in respect of the following matters if, in our opinion:

•the managing agent in respect of the syndicate has not kept adequate or proper accounting records; or

•the syndicate underwriting year accounts are not in agreement with the accounting records or

•we have not received all the information and explanations we require for our audit; or

•the syndicate underwriting year accounts are not in compliance with the requirements of paragraph 5 of Schedule 1 of the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008.

We have nothing to report in respect of these matters.

Use of our report

This report is made solely to the syndicate’s members, as a body, in accordance with regulation 6 of the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008. Our audit work has been undertaken so that we might state to the syndicate’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the syndicate’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Kirstie Hanley (Senior statutory auditor)

For and on behalf of Deloitte LLP

Statutory Auditor

London, United Kingdom

19 February 2026

66 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Statement of profit or loss and other comprehensive income

2023 year of account

For the 36 months ended 31 December 2025

Technical account – general business

Note

$000

Syndicate allocated capacity

302,500

Gross premiums written

298,448

Outward reinsurance premiums

(119,288)

Earned premiums, net of reinsurance

179,160

Reinsurance to close premium receivable, net of reinsurance

156,779

335,939

Allocated investment return transferred from the non-technical account

20,454

Claims paid

Gross amount

(105.426)

Reinsurers’ share

49,566

Net claims paid

(55,860)

Reinsurance to close premium, net of reinsurance

(224,148)

Claims incurred, net of reinsurance

(280,008)

Net operating expenses

(29,305)

Balance on the technical account - general business

47,080

67 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Statement of profit or loss and other comprehensive income (continued)

2023 year of account

For the 36 months ended 31 December 2025

Non-technical account

Note

$000

Balance on the technical account – general business

47,080

Investment income

17,443

Realised gains on investments

672

Unrealised gains on investments

2,505

Investment expenses and charges

(166)

Total investment return

20,454

Allocated investment return transferred to the technical account – general business

(20,454)

Loss on foreign exchange

(728)

Profit for the 2023 closed year of account

46,352

There are no recognised gains or losses in the accounting period other than those dealt with in the technical and non-technical accounts.

68 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Balance sheet – Assets

2023 year of account

For the 36 months ended 31 December 2025

Assets

Note

$000

Financial investments

246,036

Investments

246,036

Reinsurance recoveries anticipated on gross reinsurance to close premium

169,470

Debtors arising out of direct insurance operations

4,943

Debtors arising out of reinsurance operations

14,500

Other debtors

65,739

Debtors

85,182

Cash at bank and in hand

7,173

Other

1,434

Other assets

8,607

Accrued interest and rent

1,768

Other prepayments and accrued income

Prepayments and accrued income

1,820

Total assets

511,115

69 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Balance sheet (continued) – Liabilities

2023 year of account

For the 36 months ended 31 December 2025

Liabilities, capital and reserves

Note

$000

Amounts due to members

46,137

Total capital and reserves

46,137

Reinsurance to close premium payable to close the account – gross amount

394,115

Creditors arising out of direct insurance operations

Creditors arising out of reinsurance operations

6,176

Other creditors including taxation and social security

51,910

Creditors

58,114

Accruals and deferred income

12,749

Total liabilities

464,978

Total liabilities, capital and reserves

511,115

The syndicate underwriting year accounts on pages 66 to 80 were approved by the Board of Apollo Syndicate Management Limited and were signed on its behalf by:

TL McHarg

Chief Financial Officer

19 February 2026

70 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Statement of changes in members’ balances

2023 year of account

For the 36 months ended 31 December 2025

Note

$000

Profit for the 2023 closed year of account

46,352

Members’ agents’ fees

(215)

Amounts due to members at 31 December 2025

46,137

Members participate on syndicates by reference to years of account and their ultimate result, assets and liabilities are determined by reference to policies incepting in that year of account in respect of their membership of a particular year.

71 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Statement of cash flows

2023 year of account

For the 36 months ended 31 December 2025

$000

Cash flows from operating activities

Profit for the 2023 closed year of account

46,352

Adjustments:

Increase in gross reinsurance to close payable

394,115

Increase in reinsurers' share of reinsurance to close

(169,470)

Increase in debtors

(85,182)

Increase in creditors

58,114

Movement in other assets/liabilities

9,495

Investment return

(20,454)

Net cash flows from operating activities

232,970

Cash flows from investing activities

Purchase of equity and debt instruments

(609,888)

Sale of equity and debt instruments

366,357

Investment income received

18,115

Other

(166)

Net cash flows from investing activities

(225,582)

Cash flows from financing activities

Members' agents’ fees paid on behalf of members

(215)

Net cash flows from financing activities

(215)

Net increase in cash and cash equivalents

7,173

Cash and cash equivalents at 1 January 2023

Cash and cash equivalents at 31 December 2025

7,173

72 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Notes to the underwriting year accounts

1. Basis of preparation

These underwriting year accounts have been prepared in accordance with the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008, applicable accounting standards in the United Kingdom and Republic of Ireland, including Financial Reporting Standard 102 (“FRS 102”) and Financial Reporting Standard 103 (“FRS 103”) in relation to insurance contracts, and the Lloyd’s Syndicate Accounts Instructions Version 3.1 as modified by the Frequently Asked Questions Version 1.1 issued by Lloyd’s.

Members participate on a syndicate by reference to a year of account and each syndicate year of account is a separate annual venture. These accounts relate to the 2023 year of account which has been closed by reinsurance to close at 31 December 2025. Consequently, the balance sheet represents the assets and liabilities of the 2023 year of account at the date of closure. The statement of profit or loss and other comprehensive income and statement of cash flows reflect the transactions for that year of account during the three-year period until closure.

These underwriting year accounts cover the three years from the date of inception of the 2023 year of account to the date of closure. Accordingly, this is the only reporting period and so comparative amounts are not shown.

As a consequence of the 2023 year of account reinsuring to close into the 2024 year of account, the residual risks to the members on the closed year have been minimised. Accordingly, the members are no longer exposed to changes in the estimates and judgements made after the balance sheet date. The risk disclosure requirements of FRS 102 and FRS 103 are therefore deemed not applicable to these underwriting year accounts. However, it should be noted that a reinsurance contract does not extinguish the primary liability of the original underwriter.

The financial statements have been prepared on the historical cost basis, except for financial assets which are measured at fair value through profit or loss.

The financial statements are presented in US Dollars, which is also the syndicate’s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated.

2. Accounting policies

The accounts for each year of account are normally kept open for three years before the result on that year is determined. At the end of the three-year period, outstanding liabilities can normally be determined with sufficient accuracy to permit the year of account to be closed by payment of a reinsurance to close premium to the successor year of account.

Gross premiums written

Gross premiums are allocated to years of account based on the inception date of the policy. Premiums in respect of insurance contracts underwritten under a binding authority, lineslip or consortium arrangement are allocated to the year of account corresponding to the calendar year of inception of the arrangement.

Premiums are shown gross of brokerage payable and are exclusive of taxes and duties thereon.

Outward reinsurance premiums

Outwards reinsurance premiums are allocated to a year of account in accordance with the underlying risks being protected.

73 Apollo Syndicate 1971 | Annual Report and Accounts 2025

2. Accounting policies (continued)

Claims paid and related reinsurance recoveries

Gross claims paid include internal and external claims settlement expenses and, together with reinsurance recoveries less amounts provided for in respect of doubtful reinsurers, are attributed to the same year of account as the original premium for the underlying policy.

Reinstatement premiums payable in the event of a claim being made are charged to the same year of account as that to which the recovery is credited.

Reinsurance to close premium payable

A reinsurance to close is a contract of insurance which, in return for a premium paid by the closing year of account, transfers, normally to the following year of account, all known and unknown liabilities arising out of transactions connected with insurance business underwritten by the closing year of account. A reinsurance to close can be payable to the next year of account of the syndicate or a third party syndicate. However, it should be noted that a reinsurance contract does not extinguish the primary liability of the original underwriter.

Where the reinsurance to close is payable to the next year of account it is determined on the basis of estimated outstanding liabilities and related claims settlement costs (including claims incurred but not reported), net of estimated collectable reinsurance recoveries and net of future net premiums relating to the open year of account and all previous years of account reinsured therein. No credit is taken for investment earnings which may be expected to arise in the future on the funds representing the reinsurance to close.

The techniques used and assumptions made in determining outstanding claims reserves, both gross and net of reinsurance, are described within the “Key sources of estimation uncertainty” and in the accounting policy for “Claims provisions and related reinsurance recoveries” section of the syndicate financial statements.

The calculation of the reinsurance to close premium payable is determined by the directors on the basis of the information available to them at the time. However, it is implicit in the estimation procedure that the ultimate liabilities will be at a variance from the reinsurance to close so determined.

Where a reinsurance to close premium is payable to a third party syndicate, the net premium payable represents the amount agreed with the third party. The only judgement involved is whether or not to accept the third party’s price for taking on the underlying obligations, net of associated reinsurance. As a reinsurance to close, the contract is deemed to be effective on closure.

Investment return

Investment return comprises investment income, realised investment gains and losses, movements in unrealised gains and losses, investment expenses and charges and interest payable. The investment return arising in each calendar year is allocated to years of account in proportion to the average funds available for investment attributable to those years. Investment returns in respect of overseas deposits are allocated to the year of account which funded these deposits.

Net operating expenses

Net operating expenses include acquisition costs, administrative expenses and members’ standard personal expenses. Reinsurers’ commissions and profit participations and consortia income represent contributions towards operating expenses and are reported accordingly, in effect reducing the net operating expense.

Costs incurred by the managing agent on behalf of the syndicate are recognised on an accruals basis. No mark-up is applied.

Net operating expenses are charged to the year of account to which they relate.

74 Apollo Syndicate 1971 | Annual Report and Accounts 2025

2. Accounting policies (continued)

Acquisition costs

Reinsurers’ commissions and profit participations

The reinsurers’ share of expenses is included with operating expenses and earned in line with the related expense. The reinsurers’ share of deferred acquisition cost liability corresponds to the gross deferred acquisition costs at the balance sheet date.

Managing agent’s fees and profit commission

The managing agent charges a management fee of 0.9% of syndicate capacity. This expense is recognised over the 12 months following commencement of the underwriting year to which it relates.

The managing agent has agreed contractual terms with the capital providers to the syndicate for the payment of profit commission based on the performance of the year of account.

Profit commission is charged by the managing agent at a rate of 20% of the profit on a year of account basis subject to the operation of a 2-year deficit clause. Amounts charged to the syndicate become payable on closure of the year of account although the managing agent may receive payments on account of anticipated profit commission if interim profits are released to members.

Consortia share of expenses

75 Apollo Syndicate 1971 | Annual Report and Accounts 2025

2. Accounting policies (continued)

Foreign currencies

Transactions in foreign currencies are translated into US Dollars which is the functional and presentational currency of the syndicate. Transactions in foreign currencies are translated using the exchange rates at the date of the transactions. The syndicate’s monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the rates of exchange at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items denominated in foreign currencies that are measured at historic cost are translated to the functional currency using the exchange rate at the date of the transaction.

Foreign exchange differences arising on translation of foreign currency amounts are included in the non-technical account.

3. Segmental analysis – 2023 year of account after three years

An analysis of the balance on the technical account before investment return is set out below:

Gross

premiums written

RITC* received

claims incurred

operating expenses

Reinsurance balance

Total

2023 year of account after three years

$000

Direct insurance:

Accident and health

(106)

271

221

Motor (third party liability)

138,750

58,860

(226,515)

(18,501)

58,136

10,730

Motor (other classes)

2,605

2,536

(5,163)

(4,186)

4,033

(175)

Marine, aviation and transport

455

(225)

(82)

190

Third-party liability

124,176

64,922

(200,596)

(24,153)

31,017

(4,634)

Credit and suretyship

(72)

(13)

266,064

126,417

(432,677)

(46,935)

93,504

6,373

Reinsurance

32,384

30,362

(65,896)

(7,585)

30,988

20,253

298,448

156,779

(498,573)

(54,520)

124,492

26,626

* RITC received of $156,779,000 (net of anticipated reinsurance recoveries of $124,233,000) was received from the 2023 year of account.

The gross premiums written for direct insurance by location (where the contracts were concluded) is

presented in the table below:

$000

United Kingdom

266,064

Total

266,064

76 Apollo Syndicate 1971 | Annual Report and Accounts 2025

4. Reinsurance to close premium receivable

Reported

IBNR

Total

$000

Gross reinsurance to close premium receivable

71,213

209,799

281,012

Reinsurance recoveries anticipated

(36,395)

(87,838)

(124,233)

Reinsurance to close premium receivable, net of reinsurance

34,818

121,961

156,779

5. Reinsurance to close premium payable

Total

$000

Gross reinsurance to close premium payable

393,147

Reinsurance recoveries anticipated

(168,999)

Reinsurance to close premium, net of reinsurance (at average exchange rates)

224,148

Foreign exchange

497

Reinsurance to close premium payable, net of reinsurance (at closing exchange rates)

224,645

Reported

IBNR

Total

$000

Gross reinsurance to close premium payable

72,816

321,299

394,115

Reinsurance recoveries anticipated

(35,139)

(134,331)

(169,470)

Reinsurance to close premium payable, net of reinsurance

37,677

186,968

224,645

6. Net operating expenses

$000

Gross acquisition costs

31,550

Administrative expenses

6,603

Members’ standard personal expenses

16,367

Reinsurers’ commissions and profit participations

(25,215)

Total

29,305

77 Apollo Syndicate 1971 | Annual Report and Accounts 2025

6. Net operating expenses (continued)

Administrative expenses include:

$000

Auditors’ remuneration

Fees payable to the syndicate’s auditor for the audit of the syndicate’s annual financial statements

170

Non-audit fees

Fees payable to the syndicate’s auditor and its associates in respect of other services pursuant to legislation

133

Other non-audit fees

Total

335

7. Staff number and costs

All staff are employed by a related company of ASML. The following amounts were incurred by the syndicate in respect of salary costs:

$000

Wages and salaries

8,763

Social security costs

1,255

Other pension costs

589

Total

10,607

The average monthly number of employees employed by the managing agency or related companies but working for the syndicate each year and aggregated for the three years was as follows:

Number

Underwriting

Claims

Administration and finance

Investment

Total

There have been eight non-executive directors on the ASML board who have allocated their time to the syndicate during the period from 1 January 2023 to 31 December 2025.

8. Key management personnel compensation

For the purposes of FRS 102, the directors of ASML are deemed to be the key management personnel.

The directors received remuneration recharged to the syndicate of $901,000 for the syndicate’s 2023 year of account charged as a syndicate expense.

The remuneration amount recharged to the syndicate for the Active Underwriter is $375,000 which is charged as a syndicate expense.

78 Apollo Syndicate 1971 | Annual Report and Accounts 2025

9. Investment Income

$000

Interest and similar income

From financial assets designated at fair value through profit or loss

Interest and similar income

14,831

Interest on cash at bank

2,612

Other income from investments

From financial assets designated at fair value through profit or loss

Gains on the realisation of investments

685

Losses on the realisation of investments

(13)

Unrealised gains on investments

3,425

Unrealised losses on the investments

(920)

Investment management expenses

(166)

Total investment return

20,454

Transferred to the technical account from the non-technical account

20,454

10. Financial investments

Market value

$000

Cost

$000

Holdings in collective investment schemes

96,742

Debt securities and other fixed income securities

149,294

146,709

Total

246,036

243,451

11. Balance on technical account

2022 & prior years of account

2023 pure years of account

Total 2023

$000

Technical account balance before investment return and net operating expenses

7,151

48,780

55,931

Acquisition costs

(1,290)

(5,045)

(6,335)

5,861

43,735

49,596

Allocated investment return transferred from the non-technical account

20,454

Net operating expenses other than acquisition costs

(22,970)

Loss on foreign exchange

(728)

Profit for the 2023 closed year of account

46,352

Members’ agents’ fees

(215)

Amounts due to members at 31 December 2025

46,137

The 2023 year of account profit balance will be distributed to members in 2026.

79 Apollo Syndicate 1971 | Annual Report and Accounts 2025

12. Debtors arising out of direct operations

$000

Due within one year

4,943

13. Debtors arising out of reinsurance operations

$000

Due within one year

14,500

14. Other debtors

$000

Amounts due from Syndicate 1969

65,573

Other

166

Total

65,739

15. Other assets

Overseas deposits are advanced as a condition of conducting underwriting business in certain countries and therefore are restricted assets. The balance of the overseas deposits is $1,434,000.

16. Creditors arising out of direct insurance operations

$000

Due within one year

17. Creditors arising out of reinsurance operations

$000

Due within one year

6,176

18. Other creditors

$000

Inter syndicate balances 51,910

19. Related parties

All business with related parties is transacted on an arm’s length basis.

ASML is a wholly owned subsidiary of AGHL.

AGHL provided capacity for the 2023 year of account through Apollo No. 16 Limited (“APL16”). APL16 is a wholly owned subsidiary of AGHL which has underwritten capacity of £54m on Syndicate 1971 for the 2023 year of account.

80 Apollo Syndicate 1971 | Annual Report and Accounts 2025

18. Related parties (continued)

Until 31 December 2021 the syndicate was a SPA with Syndicate 1969 as the host for the 2019 to 2021 years of account. A quota share reinsurance contract was in place for each year of account ceding all gross premiums and related expenses and investment income on the ibott Rover class. The quota share

was 80% on the 2019 year of account and 90% on the 2020 and 2021 year of account. The syndicate operated on a funds withheld basis and Syndicate 1969 undertook all transactions on its behalf.

The syndicate has provided a quota share reinsurance contract for the run-off of the ibott Rover class 2022 and prior year of account liabilities. This has the effect of maintaining the Syndicate 1969 and Syndicate 1971 share of risk that existed under the SPA relationship.

The related party transactions and amounts outstanding at the balance sheet date are shown below:

Syndicate 1969

$000

Gross written premium receivable

(1,107)

Gross claims payable

(45,806)

Expenses payable

(52)

Allocated investment return

2,681

Other debtors

65,573

Syndicate 1994 is a Lloyd’s reinsurance to close and legacy business reinsurance syndicate managed

The related party transactions and amounts outstanding at the balance sheet date are shown below:

Syndicate 1994

$000

Outwards reinsurance premiums payable

(51,910)

Other creditors

(51,910)

In accordance with the Managing Agent’s Agreement, ASML accrued managing agent’s fees (0.9% of syndicate capacity) and profit commission (20% of profit). A two-year deficit clause is in place which requires losses to be offset by future profits before further profit commission becomes payable.

APL is a wholly owned subsidiary of AGHL which employs all Apollo group staff, including underwriters, claims and reinsurance staff. APL provides the services of these staff to ASML to enable it to function as managing agent for the syndicate. APL is an appointed representative of ASML. APL also incurs a large proportion of the expenses in respect of operating the syndicate. The cost of these services and expenses are recharged to ASML which in turn recharges these to the syndicate on a basis that reflects its usage of resources, all recharges being without any mark up on cost.

The transactions and amounts outstanding at the balance sheet date are shown below:

ASML

$000

Managing agent’s fee

2,794

Expense recharges

14,091

Managing agent’s profit commission

11,588

Other debtor/(creditor)

81 Apollo Syndicate 1971 | Annual Report and Accounts 2025

Five year summary of underwriting results

As at 31 December 2025 (unaudited)

2019

2020

2021

2022

2023

Syndicate allocated capacity (£000)

130,000

115,000

200,000

250,000

Syndicate allocated capacity ($000)

(note 2)

175,959

139,157

146,407

250,418

336,291

Number of underwriting members

Aggregate net premiums ($000)

40,833

56,429

73,203

147,282

179,160

Result for a name with an illustrative share of £10,000

Gross premiums

7,433

9,987

13,032

13,444

11,938

Net premiums

3,141

4,907

6,365

7,364

7,166

Premium for reinsurance to close an earlier year of account

2,465

5,605

4,814

6,272

Net claims

(439)

(1,471)

(2,556)

(2,041)

(2,234)

Reinsurance to close the year of account

(2,177)

(5,623)

(8,365)

(7,835)

(8,966)

Syndicate operating expenses

(85)

205

(169)

(518)

Profit/(Loss) on exchange

(22)

(29)

Balance on technical account

418

340

1,313

2,169

1,691

Investment return

(77)

393

709

818

Profit before personal expenses

478

263

1,706

2,878

2,509

Illustrative personal expenses (note 3)

(231)

(229)

(510)

(743)

(655)

Profit after illustrative personal expenses

247

1,196

2,135

1,854

Capacity utilised (note 4)

49.3%

77.0%

97.2%

101.2%

82.4%

Net capacity utilised (note 5)

17.6%

35.0%

44.8%

52.7%

47.0%

Underwriting profit ratio (note 6)

5.6%

3.4%

10.1%

16.1%

14.2%

Result as a percentage of stamp capacity

1.8%

0.3%

9.4%

17.0%

13.8%

Notes to the summary:

1.The summary has been prepared from the audited accounts of the syndicate.

2.Syndicate allocated capacity is expressed in US Dollars at the foreign exchange rate at the date the year of account was closed.

3.Illustrative personal expenses comprise the managing agent’s fee, contributions to the central fund, Lloyd’s Annual Subscription incurred by a Name writing the illustrative share, irrespective of any minimum charge applicable to the managing agent’s fee, and profit commission payable to the managing agent. This amount excludes members’ agents’ fees.

4.Capacity utilised represents gross premium written net of acquisition costs expressed as a percentage of allocated capacity using business planning foreign exchange rates.

5.Net capacity utilised represents written premium net of acquisition costs net of reinsurance expressed as a percentage of allocated capacity using business planning foreign exchange rates.

6.The underwriting profit ratio represents the balance on technical account expressed as a percentage of gross premiums written.