These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Global Insurance Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor West, Bourn, 1 Manor House Drive, Coventry CV1 2FX.

The company's current year reporting period is 12 month period, ended 31 March 2025 and previous reporting period has changed to a 15-month period, ended on 31 March 2024, to align with the year end of the new ultimate parent company, Roadzen Inc.

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 modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Roadzen Inc., the ultimate parent company. These consolidated financial statements are available from its registered office, 111 Anza Blvd., Suite 109 Burlingame CA 94010.

The company has incurred a loss of £2,597,903 (£823,984 for the 15 months period ended March 2024). As at the balance sheet date, the company has negative operating cashflows. Additionally, in February 2024, the Financial Conduct Authority (FCA) paused the sale of Guaranteed Asset Protection (GAP) policies, which previously accounted for more than 90% of the company's business. This regulatory intervention has significantly impacted the future revenue and operational performance of the company.

The actual cashflows, cashflow forecast and budgets prepared by the company indicate that the revenue has decreased significantly, and the net losses as well as the net current liability position has increased.

The company acknowledges that the ongoing regulatory challenges and the success of securing new business opportunities introduce a degree of material uncertainty that may cast doubt on the company's ability to continue as a going concern, however the company has adopted and implemented the following action plan to mitigate the uncertainty.

To ensure long-term sustainability, the company has initiated a restructuring program focused on cost reduction and operational efficiency. This includes transferring IT and Reporting operational functions to India and sourcing additional claims processing staff via India or South Africa. This strategic move will allow the company to scale the capacity to serve clients in various time zones and languages globally. Ultimately, this will lower costs, enhance competitiveness in non-English markets, and improve both customer satisfaction and productivity.

The company is actively pursuing and negotiating new profitable contracts to diversify its revenue streams and stabilise its financial position.

The company has offered its IT office in Droitwich for sale which will help generate additional cashflow and reduce running costs further.

Although the ultimate parent company, Roadzen Inc., which is listed on NASDAQ (RDZN) is going through a downturn and has been incurring operating losses and negative cashflows, the ultimate parent company has mitigating plans to raise additional funding or new credit facilities. Additionally, Roadzen Inc. has reaffirmed its commitment to supporting the company's ongoing operational and financial requirements through a financial support letter. This includes providing necessary funding and ensuring the settlement of outstanding payables. The Directors have obtained confirmation from the ultimate parent company regarding this financial support, which is expected to remain in place for the foreseeable future.

Based on these factors, the Directors believe that the company has sufficient resources to continue operating for at least 12 months from the date these financial statements are signed and consequently these financial statements have been prepared on a going concern basis.

The company recognises revenue from the following major sources:

• underwriting and pricing;

• insurance support services (claim processing, premium collection, and other related services);

• service plan administration.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

The company recognises revenue when it is probable that future economic benefits will flow to the company, specific criteria has been met for each of the company's activities and when revenue can be reliably measured.

Underwriting and pricing:

The company enters into contract with insurance companies for the purpose of underwriting insurance products for the automotive segment including its pricing on behalf of the insurer. The risk of underwriting the insurance contract is covered by the insurer and thus the company is considered as an agent for the purpose of recognising revenue. The company's contractual obligation under the contract is to underwrite and price the policies. The company generates commission fees termed as Managing General Agent fee (MGA fee) on provision of those services. The commission fee determined as a percentage of net insurance premium payable to the insurer - net of all commission, royalties and administration fees. Revenue from underwriting and pricing is recognised upfront based on point in time i.e., at the time the policy is issued to the customer.

Insurance support services:

The company enters into a contract with insurance companies to provide insurance support services which includes premium collection, policy administration, claims handling and processing, customer service, updating customer files etc. to the policyholders/subscribers. Revenue is recognised over time as the services are provided through effort expended to research, investigate, evaluate, document and processing the claim and control of these services transferred to customer. The company's obligation to manage and process the claims under insurance support services can range from one to seven years. The company receives administration fees from its customers at inception of the contract prior to

completion of transferring the services to the customer.

The company's contractual obligation under these contracts is to provide insurance support services. The obligation to provide insurance services lies with the insurer and the company has no interest other than the commission/management fee retained. The company provides the above services on behalf of the insurance companies and accordingly is considered as agent for the purpose of recognising revenue.

Service plan administration:

The company enters into a contract with OEM's (Original Equipment Manufacturer) primarily to administer the service plans/ extended warranty schemes launched by OEM's. The company performs services of scheme administration under the contract. The company acts on behalf of the OEM's and accordingly is considered as agent for the purpose of recognising revenue as the primary obligation to fulfil the extended warranty schemes is of the OEM's. The administration fees received from provision of service plan administration is recorded ratably over the tenure of contract which usually ranges from one year to seven years.

Commission from Distribution:

The company enters into a contract with insurance companies to sell the insurance policies to the end customer/subscriber. The company sells and distributes policies through dealers, brokers and insurance intermediaries. The company earns distribution fee which is recognised upfront based on point in time i.e. at the time of policy is issued to the customer.

Internally generated software is stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

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.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

The company classifies its right to consideration in exchange for deliverables as trade debtors. A trade debtor is a right to consideration that is unconditional (i.e., only the passage of time is required before payment is due). The payment terms are generally 30 to 90 days from the invoice date. Trade debtors are stated net of provisions for impairment. The company reviews outstanding trade debtors periodically, and provision for impairment are provided for the estimated amount of trade debtors that may not be collected. Trade Debtors, less provisions for impairment, reflect the net realizable value of debtors and approximate fair value. In establishing the required provision, management considers customers' financial conditions, the amount of debtors in dispute, historical experience and the current aging profile of receivables', which are reviewed periodically and as needed. Impairment losses are recognised profit or loss. Account balances are charged off against the provision after all means of collection have been exhausted and the potential for recovery is considered remote. The company does not have any off-balance-sheet credit exposure related to its trade debtors.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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.

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 foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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.

The company enters into a contract with OEM's (Original Equipment Manufacturer) primarily to administer the service plans/ extended warranty schemes launched by OEM's. The company performs services of scheme administration under the contract. The company acts on behalf of the OEM's and accordingly is considered as agent for the purpose of recognising revenue as the primary obligation to fulfil the extended warranty schemes is of the OEM's. The administration fees received from provision of service plan administration is recorded ratably over the tenure of contract which usually ranges from one year to seven years.

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

The investment in subsidiaries relates to the investments in A1 Guarantee Limited.

Details of the company's subsidiaries at 31 March 2025 are as follows:

Amounts owed by related parties includes loan receivable from Roadzen Holdings (UK) Limited. During the year ended 31 March 2025, the company entered into a loan agreement with Roadzen Holdings (UK) Limited amounting to £2,600,000. (2024 - £1,200,000)

The balance of the amount owed by related parties as at the year-end amounts to £2,435,891 (2024 - £967,398), on which interest is charged at 5.42% per annum. Interest receivable on the loan amounts to £ 86,761 (2024 - £42,427). The balance of amounts is unsecured and repayable on demand.

Included in other creditors is the amount due to the insurer of £1,243,693 (2024 - £7,047,552) which represents the net amounts of premium due to insurer based on the respective contract with each insurer. The net amount due is equal to the gross written premium less the company's commission for policies that have reached their effective date.

The balance of the amount owed to group undertaking as at the year-end amounts to £337,902 (2024 - £0), on which is interest free and repayable on demand.

In the current period, instances where receivables and payables of a similar nature but involving different counterparties had previously been offset were identified and corrected. The necessary reclassifications have also been made in the prior year figures to ensure compliance and consistency in presentation.

The following are the major deferred tax liabilities and assets recognised by the company:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2025 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.

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:

Subsequent to the reporting date, the Company and AXA agreed revised settlement terms in respect of amounts payable relating to profit share arrangements existing at 31 March 2025. Under the revised arrangement, settlement will be made in instalments through an alternative payment structure supported by a personal guarantee provided by a director of the Company and a related overseas entity.

The Directors have assessed this matter as a non-adjusting event arising after the reporting date and therefore no adjustment has been made to the financial statements for the year ended 31 March 2025.

The company's ultimate parent company is Roadzen Inc., incorporated in British Virgin Islands.

These financial statements are available upon request from 111 Anza Blvd., Suite 109 Burlingame CA 94010.

The company's immediate parent company is Roadzen Holdings (UK) Limited, incorporated in the United Kingdom.

These financial statements are available upon request from 5th Floor Bourn, 1 Manor House Drive, Coventry, England, CV1 2FX.

The following are the parents of the largest and smallest groups in which this company's results are consolidated: