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Insurance
 12 Months Ended
Dec. 31, 2025
Insurances [Abstract]  
Insurance 20. Insurance
2025
2024
$m
$m
At 1 January
39
37
Insurance expenses
32
28
Claims and other amounts paid
(24)
(23)
Impact of discounting and other changes
(2)
(3)
At 31 December
45
39
Analysed as:
Current
16
14
Non-current
29
25
45
39
Incurred but not reported claimsa
24
18
Reported but not settled claims
21
21
45
39
a.Includes unallocated loss expenses.
Of the total reserves, $19m (2024: $15m) relates to international general liability and $20m (2024: $17m) relates to workers’
compensation. The utilisation of IBNR reserves is dependent on the timing of claims being reported and ultimately being settled;
based on historical experience the majority are expected to be settled within five years (2024: five years). The maximum liabilities
of the last five policy years is $77m (2024: $71m). Actual claims have not significantly differed from estimates in the last five years.
2025
2024
$m
$m
Revenue from insurance activities
27
23
Insurance expenses (inclusive of overhead costs)
(36)
(29)
Insurance result
(9)
(6)