The directors present the strategic report for the year ended 31 December 2024.

Inshur UK Ltd (the “Company”) is a managing general agent, a specialised type of insurance agent/broker that, unlike traditional agents/brokers, is vested with underwriting authority from an insurer with the principal activities of the group continuing to be selling insurance policies, mainly to the “gig economy” drivers.

The Company’s Board of Directors (the “Directors”) considered the results for the year and the financial position at the year-end to be satisfactory, reflecting the successful execution of a strategic pivot in 2024. This pivot prioritised prudent risk management and margin improvement over top-line growth.

• Strategic Initiatives and Performance: In 2024, underwriting and pricing disciplines were implemented, resulting in lower gross written premiums (“GWP”) compared to prior years. This action led to an improvement in core insurance profitability with the Company’s loss ratio improving to 61% in 2024 from 81% in 2023. Furthermore, the Company commenced in 2024 and completed in 2025, a corporate restructure (the “UK Restructure”) that established an optimised capital structure and a strong and sustainable solvency position.

• Revenue and Investment: Adverse loss share development was significantly reduced to circa £1.1 million in 2024 versus £3.8 million in 2023. Favourable non-commission income helped offset the lower business volumes. The Company continues to invest significantly in technology development to build new and enhance its digital platform features that will allow the business to scale even further.

• Future Focus: The business remains in its growth stage, and planned losses continue as it scales. These losses are backed by funding from Inshur Holdings Corp., the Company’s ultimate parent (the “Parent”). The Parent secured further funding of $35 million post year-end to meet growth, product development and liquidity requirements going forward. The Directors’ focus is on the growth of revenue and continuous improvement of margins as they seek to move the Company into profitability. Until that time, the Parent will continue to support the Company and provide necessary cash requirements.

The Company is not yet profitable as it continues to invest in technology and people resources. The Company has experienced good turnover and expects improved results in 2025 and a positive forecast for 2026 and beyond. The Directors do not consider that there are any appropriate non-financial key performance indicators necessary to understand the development, performance, or position of the company.

• GWP: The Company’s GWP was lower in 2024 (£40 million versus £90 million). This substantial reduction was a direct and intended consequence of the underwriting and pricing disciplines introduced in 2024. This strategic action was necessary to effectively manage the high loss ratios that were incurred in 2023, shifting the focus from top-line volume to profitable portfolio composition.

• Revenue: Revenue was lower in 2024 at £10.5 million versus £12.8 million in 2023. While the implementation of prudent underwriting standards resulted in lower top-line volume and a reduction in commission income, this was fully offset by strategic gains. The mitigating factors included higher non-commission income and a significant reduction in unfavourable loss share development (which dropped from circa £3.8 million in 2023 to circa £1.1 million in 2024). This outcome confirms the success of the strategy to prioritise profitable growth over volume growth.

• Gross Profit: Gross Profit decreased to £9.2 million in 2024 from £11.4 million in 2023. This was consequential to the Company now writing more profitable business. The underwriting and pricing disciplines introduced in 2024 successfully improved the profit margins on the portfolio albeit at smaller volumes.

• Net Loss: The Company’s Net Loss decreased by 10% to £6.5 million in 2024 versus £7.3 million in 2023. The benefits of higher gross profits were strategically reinvested and consequently were somewhat offset by operating expenses related to the Company’s ongoing technology development and necessary people investments to facilitate future scaling.

• Number of policies: The reduction in the number of policies bound (down to 86,680 from 102,948) is a direct result of the underwriting and pricing disciplines introduced in 2024. This aligns with the strategic pivot to focus on quality and profitability over high-volume policy issuance.

• Loss Ratio: The Company’s Loss Ratio improved significantly to 61% in 2024 versus 81% in 2023. This is the most critical measure of the strategic shift, confirming the success of the underwriting and pricing disciplines implemented during the year. The marked improvement demonstrates that the Company is effectively managing risk and has successfully repositioned the underlying profitability of its insurance portfolio.

Principal Risks and Uncertainties

General Economic and Currency Risk

The principal risk to the company is a potential fall in consumer demand because of the UK economic climate, and the US Dollar to Pound Sterling exchange rate. This risk is mitigated by the established Parent, which can provide support where necessary and is the main protection against this risk.

Liquidity Risk

The Directors review ongoing liquidity risks regularly and as part of the planning process and considers short-term requirements against available sources of funding considering cash flows. The Directors actively manage short- and long-term cash flows and the Company has access to a sufficient and approved facility to meet its payment obligations, as needed.

Credit Risk

The Company is not exposed to material credit risk. All policies are either paid fully upfront or in installments which require a deposit. That deposit is expected to be sufficient to cover the period where a customer could default before the Company cancels the policy.

Regulatory Oversight and Capital Risk

In the second half of 2024, the Company was in a significant capital deficit position. In response, a formal remediation plan was developed and implemented in conjunction with the Financial Conduct Authority (FCA) to rectify this shortfall. The remediation plan included:

• Capital infusions from the Parent.

• Implementation of the UK Restructure to remove capital-intensive activities from the Company to affiliate UK entities.

• Rationalisation/implementation of operating expense reduction strategies.

Upon the successful implementation of the remediation plan, the Company has been in a capital surplus position since Q1 2025 and is projected to remain so through the long-term forecast horizon.

Conclusion and Basis of Preparation

The financial statements for the year ended 31 December 2024 have been prepared on the going concern basis of accounting. This conclusion reflects the directors’ thorough assessment of the company’s financial position and future prospects.

The Company experienced a net loss of £6.8 million in the year ended 31 December 2024 and was in a £2.3 million capital deficit at 31 December 2024. In response to these challenges, management has developed and has implemented a strategic plan aimed at improving the company’s financial and solvency positions. This plan includes the following key initiatives:

• Debt Financing Secured: In July 2025, the Parent successfully closed a $35 million debt facility and has drawn $25 million of the facility, to date which provides increased stability and enhances its ability to support the Company.

• UK Restructure: In 2024/2025, the Company received capital injections from its ultimate parent and has implemented a capital efficient structure to establish and maintain a solvency surplus position.

• New Revenue Initiatives: new revenue initiatives presented in 2025 are leading to 25% year on year expected growth in Revenue and it is expected that this trend will continue into 2026.

The Company is dependent on the continued financial support of its Parent to meet its current and future liabilities as they fall due. The Parent has formally confirmed that it will not withdraw support for a period of at least twelve months from the signing of the financial statements.

The financial statements are prepared reflecting such business resilience and ongoing operational capability. Based on this continued support, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting.

The management team believes that the company retains the ability to react quickly and maximise strategic advantage from any change in market dynamics, and in so doing, both ensure and underpin the future sustainability of the company. No amendments have been made to these financial statements representing a change to the going concern basis.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company continued to be that of insurance brokerage.

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Please see the strategic report for comments relating to future developments of the company.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Inshur UK Ltd (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. 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).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including 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

We draw attention to note 1.2 in the financial statements, which indicates that the company incurred a net loss before tax of £6,917,081, during the year ended 31 December 2024 and, as of that date, whilst the company’s total assets exceeded its current liabilities by £4,613,027 it had net liabilities of £26,712,633. As stated in note 1.2, these events or conditions, along with other matters as set forth in note 1.2 may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the 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 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 in the financial statements 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.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

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

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the 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 financial statements.

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• through discussions with the directors and other management and from our commercial knowledge and experience of the manufacturing sector, we identified the laws and regulations applicable to the company; and

• focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates detailed in the accounting policies were indicative of potential bias; and

• investigated the rationale behind significant or unusual bank transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation; and

• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company'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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Inshur UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 1 Jubilee Street, Brighton, BN1 1GE.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Inshur UK continues to invest in the research and development of its app and gaining market share in the sector. This has led to a net loss before tax of £6,917,081 during the year ended 31 December 2024 and, as of that date, whilst the company’s total assets exceeded its current liabilities by £4,613,027, it had net liabilities of £26,712,633. This has been funded via a loan from the parent company, Inshur Holding Corp.. Therefore, the company is dependent on the continued support of the parent company, Inshur Holding Corp., for its current and future liabilities, as they fall due. true

The parent company, Inshur Holding Corp., has secured further funding post year end. It has drawn down on this facility and has further funds available. This funding is sufficient for Inshur Holding Corp. to support Inshur UK to meet its liabilities as they fall due. No amendments have been made to these financial statements representing a change to the going concern basis.

The parent company has confirmed, it will not withdraw support for a period of at least twelve months from the signing of the financial statements, based on the further funding from investors, as detailed above.

Based on this continued support at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised on the date of inception of the insurance policy provided to the customer by the insurance provider. Revenue recognises the brokerage commission due to the company, at the fair value of the consideration received or receivable for services provided in the normal course of business.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the company is expected to benefit. This represents a change in the accounting policy for prior years and has been adjusted as a prior period amendment, please see note 20.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

It is the company's policy to capitalise all capital items over £3,000 in cost with a useful economic life greater than one year and are a self-contained. All other items are expensed as small goods items.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 company after deducting all of its liabilities.

Basic financial liabilities, including creditors, loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Holiday is used only in the period in which the employee's services are received. Any unused holiday is lost and as such there is no unused holiday entitlement.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Trust accounts

The company holds a trust account for and on behalf of the insurance provider. This is held as a fiduciary asset of the insurance provider, with a corresponding liability for amounts due to the insurance provider for policies sold on their behalf. Once the policies are activated the proceeds are distributed from the trust account to the insurance provider.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Development expenditure undertaken by the research and development is capitalised on the balance sheet as intangible assets. The Directors are amortising this expenditure over a five year period and reviewed for impairment annually. Calculation of the amortisation requires judgement to be made as to the likely period over which the economic benefit will derive from this research and development.

Included within trade creditors is an estimate for the refunds due to drivers for policies cancelled post year end. The estimate for the cancellation rate is based on the actual monthly cancellation rates up to the end of the reporting period.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

As at 31 December 2024, there were unused tax losses carried forward against future profits of £25.5 million in respect of which no deferred tax asset has been recognised (2023: £20.9 million). There is no expiry date on timing differences, unused tax losses or tax credits.

Deferred tax assets calculated at an effective rate of 25% enacted at the balance sheet date and not recognised due to uncertainty of future profits are as follows:

The amounts due from fellow group undertakings are unsecured, non-interest bearing, and repayable on demand.

The amounts owed to the parent company are unsecured and attract interest on a rolling 12 month basis according to the prevailing LIBOR rate. Repayment of the loan is determined by certain qualifying criteria relating to the capital adequacy of the company. As such, the loan has been disclosed as repayable in greater than one year.

The company contributes to a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The options outstanding at 31 December 2024 had an exercise price ranging from $6.05 to $0.69 (2023: $3.33 to $0.69), and a remaining contractual life of 6.59 years. (2023: 7.39 years)

Inshur Holding Corp's equity incentive programmes are broadly based and intended to attract, motivate and retain talented employees as well as align shareholder and employee interests. On 21 September 2018, Inshur Holding Corp adopted the 2018 Stock plan "2018 stock plan".

Awards that may be granted under the 2018 stock plan include stock options and restricted stock units. Awards of stock options to new employees generally vest 25% upon the first anniversary with the remaining vesting on a monthly basis. Awards of stock options to existing employees generally vest over a four years. All awards granted under the 2018 stock plan have a maximum term of 10 years.

During the year, the company recognised total share-based payment expenses of £101,489 (2023: £267,119) which related to equity settled share based payment transactions.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

On 5 March 2025, the company transferred ownership of an intangible asset (computer software) to a related party for £5,235,595. The transaction occurred after the reporting date and does not relate to conditions existing at the year end. Accordingly, no adjustment has been made to the financial statements. The transaction is considered material and is disclosed here for completeness.

On 28 March 2025, Inshur UK Holdings Limited, purchased 100% of the share capital of the company becoming the immediate parent of Inshur UK Ltd. Inshur Holding Corp remains the ultimate parent undertaking.

On 10 June 2025, the ultimate parent Inshur Holding Corp secured a debt facility of $35m from Trinity Capital Inc, of which $25m has been drawn down. A joint and several cross-guarantee arrangement has been created within Inshur UK Ltd.

The ultimate parent undertaking is Inshur Holding Corp, a company incorporated in the United States of America.

The smallest and largest group in which these accounts are consolidated is that headed up by Inshur Holding Corp, company registered and incorporated in the United States.

During the year, the Company reviewed its revenue recognition policy under FRS 102 in relation to commission income. The review concluded that certain administrative activities (Driver Support Services) do not represent a separate performance obligation.

In prior years, a portion of commission income had been deferred in respect of these services. This treatment was determined to be a misapplication of FRS 102 and has been corrected as a prior period error.

The correction has been applied retrospectively, with comparative figures restated accordingly. The impact of the restatement is summarised below: