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Annual Report and
Accounts 2024
Helping households
save
money
MONY Group is a
tech-led
savings platform,
with the clear
purpose of helping
households save
money.
At MONY Group, our job is to help households
save money.
We were founded 30 years ago to make it easy
for people to compare prices across hundreds of
providers for their household bills. As our Group
has expanded, we’ve added more ways to save.
Today, MONY Group unites powerful, trusted
consumer brands.
We enable consumers to save money, along
with connecting our providers with consumers,
helping them to grow. This is all powered
through our leading data and technology
platform.
Lookout for QR codes throughout this report to
access further content online at monygroup.com
Strategic report
2 Highlights
4 At a Glance
6 Investment Case
8 Chair’s Statement
12 Chief Executive Officer’s Review
16 Our Markets and Trends
18 Our Business Model
20 Our Strategy
25 Technology and AI
26 Section 172 of the Companies Act 2006
– Stakeholder Engagement
34 Sustainability
41 Climate Risk Disclosures
46 Non-Financial and Sustainability
Information
48 Financial Review
54 Risk Management
58 Principal Risks and Uncertainties
60 Viability Statement
Governance
62 Chair’s Introduction to Governance
65 Governance at a Glance
66 Board of Directors
68 Corporate Governance Statement
82 Employee Champion Report
84 Nomination Committee Report
88 Audit Committee Report
94 Risk and Sustainability
CommitteeReport
97 Remuneration Committee Report
116 Directors’ Report
121 Statement of Directors’ Responsibilities
in Respect of the Annual Report
andtheFinancialStatements
Financial statements
122 Independent Auditor’s Report
130 Consolidated Statement of
Comprehensive Income
131 Consolidated Statement of
FinancialPosition
132 Consolidated Statement of Changes
inEquity
134 Consolidated Statement of Cash Flows
135 Changes in Liabilities from
FinancingActivities
136 Notes to the Consolidated
FinancialStatements
162 Company Balance Sheet
163 Company Statement of Changes
inEquity
164 Notes to the Company
FinancialStatements
167 Glossary
168 Shareholder Information
MONY Group PLC Annual Report and Accounts 2024 – 1Financial statementsGovernanceStrategic report
Highlights
Insurance Money Home
services
Travel Cashback
Our product segments
Please see page 51 for definitions of Strategic KPIs
Strategic KPIs
MSM and Quidco activeusers
13.8m
MSM
2
and Quidco revenueperactive user
£18.54
MSM cross-channelenquiry
25%
14.2
13.0
17.82
16.24
24
23
Estimated Group customersavings
£2.9bn
Group marketing margin
58%
MSM and MSE
1
netpromoterscore
72
70
72
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2.7
1.8
2.9
2024
58
57
58
2024
72
2024
13.8
2024
18.54
2024
25
2024
1 MoneySavingExpert(MSE).
2 MoneySuperMarket (MSM).
MONY Group PLC Annual Report and Accounts 2024 – 2Financial statementsGovernanceStrategic report
2024 overview
Headline performance
Revenue
1
(£m)
£439.2m
432.1
387.6
316.7
344.9
2023
2022
2021
2020
439.2
2024
Profit before tax (£m)
£108.7m
92.1
85.2
70.2
87.8
2023
2022
2021
2020
108.7
2024
Adjusted EBITDA
2
(£m)
£141.8m
132.9
115.5
100.5
107.8
2023
2022
2021
2020
141.8
2024
Basic EPS (p)
15.0p
13.5
12.7
9.8
12.9
2023
2022
2021
2020
15.0
2024
Adjusted basic EPS
3
(p)
17.1p
16.0
14.4
11.9
13.1
2023
2022
2021
2020
17.1
2024
Total dividendpershare (p)
12.5p
12.1
11.7
11.7
11.7
2023
2022
2021
2020
12.5
2024
Revenue by product segment
1
220
172
2023
2022
Insurance
£236m
236
2024
100
103
2023
2022
Money
£98m
98
2024
39
40
2023
2022
Home services
£36m
362024
21
16
2023
2022
Travel
£20m
202024
60
60
2023
2022
Cashback
£61m
612024
Highlights continued
1 Group revenue of £439m is presented net of inter-vertical eliminations of £10.7m (2023: £7.5m).
2 Use of alternative performance measures (‘APMs’) is detailed in the Financial Review on page 52 and APMs are defined in the Glossary on page 167.
3 Adjusted basic earnings per share for the year ended 31 December 2023 has been updated from 16.0p to 16.2p to reflect the classification of costs
to adjusting items, see page 51 for further information.
MONY Group PLC Annual Report and Accounts 2024 – 3Financial statementsGovernanceStrategic report
At a Glance
Our financial products comparison
siteMoneySuperMarket is the most
recommended price comparison
website and makes it easy to find great
deals. Customers can use it to save
money on household bills and financial
products, from car, pet, travel and
home insurance tocredit cards, loans,
savings, pensions, mortgages, bank
accounts, broadband and TV packages.
When acustomer visits our site they
answer asetofquestions and then,
inseconds, they can find the best
dealfrom a range ofhundreds of
leading brands.
MoneySuperMarket launcheda
rewardsand loyalty programme in
2023, the SuperSaveClub. On joining
the club (bybuying a qualifying
product), customers earn 12 months
offree days out withthousands of
destinations nationwide, as well as cash
rewards every time they saveon more
household bills.
MoneySuperMarket is so committed
tohelping households save money that
weguarantee not to be beaten on price,
with the SuperSave Price Promise.
MoneySavingExpert was ranked second
most recommended brand in the UK by
YouGov in 2024, and one of the UK’s top
10 best brands. The MSE website and app
are packed full of money saving tips and
tools and information to help people take
control of their finances. Over 9.3 million
people receive the MoneySavingExpert
Tip email each week. MoneySavingExpert
speaks up for consumers, and our
national campaigns help households
across the UK.
At MONY Group our job is to help households save money.
We were founded 30 years ago to make it easy for people
tocompare prices across hundreds ofproviders for all their
household bills. As our Group has expanded, we’ve added
more ways to save.
MONY Group unites powerful, trusted consumer brands, and we attract our
customers by marketing, advertising and publishing, as well as via external brands
to whom we offer comparison services. Our technology platform is scalable and
abarrier to competition.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 4
Quidco is one of the top cashback sites
inthe UK. Quidco customers earn free
cashback from over 5,000 online retailers
including household brand names in
travel, fashion, DIY and health and beauty.
Quidconow has comparison services
powered byGroup technology, helping
customers save on their car, home and
otherinsuranceneeds.
Our travel comparison sites
TravelSupermarket and Icelolly help
people save on their holidays. We filter
through a huge range of travel deals
from the UK’s leading travel companies
and find customers the deal that suits
them. We compare prices on a broad
range of holiday options including
thousands of individual package holidays,
hotels, low-cost and charter airlines and
car hire providers.
We’re a highly effective andflexible
wayfor providers to find and convert
customers, and we show their products
to millions across the UK.
At a Glance continued
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 5
Investment Case
Our fundamentals
1:
Clear social
purpose
Our purpose is to help households save
money. All our brands support users to make
significant savings on their household bills
and purchases, with additional consumer
benefits from our member-based services.
MoneySavingExpert is a highly trusted
consumer champion that provides personal
finance tips and tools to millions of readers
across the UK every year through its app,
website and weekly email.
2:
Scalable tech
platform
We have a scalable tech-led savings platform
serving customers and providers. Our Group
comprises a price comparison site, cashback,
a consumer finance content-led brand and
specialist services for our partner providers.
We have two sides to our business, matching
consumers to providers in an efficient way.
New and existing customers can come to a
single site, answer a simple question set and
let us do the work of providing them with a
wide choice of deals to compare and switch
to. For providers, it is a cost-efficient and
flexible way to access millions of customers.
Our comparison platform is scalable to
support our own sites and apps and leading
third-party brands. Our B2B proposition
extends both our reach and market share,
leveraging our technology investment and
increasing our customer base as we scale to
power comparison technology and market
insights for the industry.
3:
Power of
our data
Our data creates links between the wealth
ofdata that customers provide, which we
useto help get them the best deals.
We are improving the customers experience
of comparison through our proprietary
“Dialogue” platform, designed to shorten and
simplify the information requested from the
user across different products, helping make
journeys as simple as possible forcustomers.
Not only this, but our data is centralised,
enabling customer-facing innovation and the
launch of our membership models which have
a growing active member base, spanning
MoneySuperMarket (the SuperSaveClub),
MoneySavingExpert (the MoneySavingExpert
App) and Quidco.
Consolidating our data has given us a
singlesource of rich, real-time data and
improved our efficiency. This data is available
operationally to drive growth and increase
marketing efficiency.
The quality of our referral leads and first-
partydata put us in a strong position to
deliver valuable services to our providers
including Tenancy and data services such
asMarket Boost.
Why
invest in
MONY
Group?
We are a tech business
with a purpose: helping
households save money.
We have leading consumer
finance brands powered by
our proprietary tech-led
savings platform.
When combined with our data-rich
environment, we offer more ways
tosave for providers and consumers.
The business model is highly
profitable,cash generative and
asset-light, with opportunities
forgrowth across the breadth
ofourmarkets.
Discover more about
our membership
propositions online
MONY Group PLC Annual Report and Accounts 2024 – 6Financial statementsStrategic report Governance
Source:
1 Press Gazette.
1 Use of alternative performance measures (‘APMs’) is detailed in the Financial Review on page 52 and APMs are defined
inthe Glossary on page 167.
* Inorganic revenue growth in 2022 was 22% including the acquisition of Quidco.
4:
Leading and
trustedbrands
We have a Group net promoter score of 72, a
customer loyalty and satisfaction measurement
indicating the likelihood of customers to
recommend our brand services to others.
MoneySuperMarket is a trusted “go-to”
brandfor price comparison and the most
recommended price comparison website
inthe UK.
The MSE App has been named as the fourth
most popular
1
news app in the UK with
1.8million app downloads and 460,000
monthly active users, and over 9.3 million
people receive the weekly tip email.
MSE provides unique money saving guides,
tips, tools and techniques, alongside giving
users access to their credit scores and
providing information on topics such as
mortgage affordability, different types of
lending and household budgeting.
Quidco is one of the UK’s leading cashback
sites, offering an increasingly personalised
user experience which is key to driving
repeatengagement, customer loyalty
andenhanced conversion.
5:
Strength in
breadth
MONY has an unmatched breadth of products
and services from insurance, money, home
services, travel comparison and cashback; we
have strength in our breadth. This breadth
means we have more ways to help households
save more money and provide an attractive
marketplace for providers to acquire new
customers in a cost-effective way.
We have launched membership-based
customer propositions which puts us on a
path to shift from mainly transactional based
interactions towards something more akin to
amembership model.
We are expanding our provider data services
including tenancy, which enables providers
topromote their brands in designated
advertising spots on our sites. We have
launched ‘Market Boost’ which uses our data
platform to launch an innovative data insight
product to partners.
We have a growing B2B business, which allows
leading brands in our industry to utilise our
Group platform to provide switching services
to third-party brands, extending our reach.
Investment Case continued
Our fundamentals continued
The result
Highly profitable
growth
A track record of profitable growth and
high Adjusted EBITDA margins across
theGroup.
Adjusted EBITDA¹ growth (%)
Adjusted EBITDA¹ margin (%)
14
2024
2023
7
152022
31
2024
2023
32
30
2022
102.2
2024
2023
115.6
104.42022
Strong operating cash
flow with efficient
capital allocation
Our financial model is highly profitable,
strongly cash generative and capital light.
In 2024 we delivered a 13% increase in
operating cash flow and increased our
ordinary dividend by 3%. We announced
ashare buyback programme of up to
£30m at our FY24 results.
Operating cash flow (£m)
11
2024
2023
2
8*2022
Growth from core
andnew markets
We operate in markets with headroom for
growth. Our strategy, combined with the
strength and resilience of our business
model and the work we have done and the
investments we have made so far position
us well for future growth.
Organic revenue growth (%)
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 7
Chair’s Statement
Executing
ourstrategy
I am delighted to be writing to you for
thefirst time as Chair of MONY Group
having been formally appointed as Chair
on 1January 2025, after joining the Board
in Summer 2024 as Chair Designate.
First, I would like to extend my gratitude
to my predecessor Robin Freestone for his
unwavering commitment and exceptional
service to MONY Group over the last
nineyears, and for his leadership and
support which was greatly appreciated by
all who worked with him. Iwould also like
to extend my thanks to the Board and the
Executive Team for their warm welcome
and support, and to all colleagues across
the Group for their hard work and
dedication during the year.
Since joining the Group I have been
encouraged to find that that MONY Group’s
purpose – to help households save money –
isso deeply embedded within its culture.
Never has this purpose been as important
asin today’s environment, and I am proud to
report that we have saved households an
estimated £2.9bn in 2024 (2023: £2.7bn).
The past year has been one of progress
andinnovation for MONY Group as we
successfully executed our strategy; building
out our membership propositions, enhancing
our provider services, and re-platforming our
technology. This has contributed to the
achievement of record results leading to
enhanced shareholder returns, despite
achallenging economic backdrop. This
performance is testament to the strength
ofmanagement and the dedication of our
brilliant teams, and to the strength and
resilience of our business model.
2024 was another year
of strong progress for
MONY Group as we
executed our strategy,
helping customers
save more than ever.
Jonathan Bewes
Chair
Revenue (£m)
£439.2m
Up 2%
(2023: £432.1m)
Adjusted EBITDA¹ (£m)
£141.8m
Up 7%
(2023: £132.9m)
Profit Before Tax (£m)
£108.7m
Up 18%
(2023: £92.1m)
Adjusted Earnings Per Share
17.1p
Up 5%
(2023: 16.2p)
Total Dividend Per Share
12.5p
Up 3%
(2023: 12.1p)
Watch our Chair
interview online
1 Use of alternative performance measures (‘APMs’)
is detailed in the Financial Review on page 52 and
APMs are defined in the Glossary on page 167
2 Calculated as Operating Cash Flow over Adjusted
Operating Profit
3 Source: Ipsos
MONY Group PLC Annual Report and Accounts 2024 – 8Financial statementsGovernanceStrategic report
At our heart remains our purpose of helping
households save money, which in turn helps
the Group to grow. The foundations we
havelaid in bringing together our data and
technology onto a common platform are
enabling us to continue to transform the user
experience as we execute on our strategy,
positioning us well for future growth.
Delivering value for
shareholders
2024 was another year of strong progress for
MONY Group.
Group Revenue increased by 2% to £439.2m,
Adjusted EBITDA increased by 7% to £141.8m,
Profit Before Tax increased by 18% to £108.7m
and Adjusted Earnings Per Share increased 5%
to 17.1p. We generated good cash flow, with
operating cash flow up 13% to £115.6m (2023:
£102.2m), representing cash conversion
of>90%
2
.
Our strategy is focused on growing a two-sided
marketplace where consumers come to us
directly to find the best prices on household
bills, financial contracts and everyday spending,
and providers can more cost effectively reach
the customers they want.
Our member-based propositions are
flourishing, and building a community of loyal,
engaged members.
· Following the introduction of
MoneySuperMarket’s SuperSaveClub in
September 2023, we have now surpassed a
milestone 1 million members. This model is
changing the consumer experience –
increasing engagement and rewarding
customer loyalty; the more customers save,
the more they earn.
· MoneySavingExpert was named as the
fourth most popular news app in the UK
in2024
3
. Two years since the launch of the
MSE App almost 2 million people have
downloaded the app, and more than
9.3million consumers now receive the
weekly MSE tip email. During the year we
launched the new and improved MSE Credit
Club and Home Compare Plus – driven by
linking MSE’s trusted content with a suite
ofpersonalised tools to help users save
even more money.
· Quidco, our cashback offering where
customers can earn rewards for their
shopping across thousands of brands, has
delivered membership momentum as we
continued to improve the user experience.
Thanks to the work to bring Quidco on to the
Group’s common data and tech platform,
customers now see greater personalisation,
helping to promote the most relevant
content to maximise conversion.
Chair’s Statement continued
On the other side of our marketplace, our
enhanced provider services are also
performing well.
· Our B2B partnerships enable us to extend
the reach of the Group through offering our
unique price comparison technology.
During the year we continued to attract
household brand names, such as
Rightmove and AutoTrader, as well as
scaling our existing partnerships.
· Market Boost, launched in 2023, uses
MONY Group’s data to help providers
better understand how they perform on
our platform, providing insight into how
customers interact with their offers so that
they can make adjustments to maximise
conversion, which ultimately benefits
theGroup.
· Our Tenancy offering enables our partners
to promote their products through the
provision of advertising to targeted
customer cohorts. As we further enhance
our personalisation the impact of Tenancy
continues to improve, delivering a greater
experience for customers.
Read more about our business performance
inthe CEO Review on pages12 to 15
Our colleagues and culture
Our Group purpose is powered by the energy
and dedication of our colleagues, under the
expert leadership of our Executive Team with
oversight and support from the Board. During
my first few months with the Group I have
been impressed by how colleagues work
together and support each other in pursuing
our strategic goals. Working with our users
and providers, they have generated value for
our shareholders, while at the same time
making a positive difference to our people,
the wider community and the environment.
We want our colleagues not only to live
ourpurpose of helping households save
money, but also to have confidence in us as a
responsible and fair employer. To do that we
invest in their wellbeing and in the communities
where we are based, building a broader social
impact through our charitable activities.
We are committed to fostering a high-
performing, purpose-driven, and inclusive
culture and are proud that 44% of our Board
and Executive are women. We were also
delighted to hold our position as #1 for
Women on Boards in the Technology sector
inthe 2024 FTSE Women Leaders Review.
MONY Group PLC Annual Report and Accounts 2024 – 9Financial statementsGovernanceStrategic report
Sustainability and society
MONY Group’s sustainability strategy
encompasses environmental, social and
governance priorities. The Group is
committed to minimising its environmental
impact, with our goal of achieving Operational
Net Zero by 2030. This target includes a 90%
reduction in Scope 1 and Scope 2 emissions,
as well as remaining a ‘Carbon Neutral’
business by offsetting 100% of our carbon
emissions. Our environmental impact is
disclosed through the Carbon Disclosure
Project, and we proudly maintained our C
score for 2024.
This year, we will publish our Climate
Transition Plan, detailing our performance
against targets and our future plans.
As a signatory of the United Nations Global
Compact, we embrace its principles and
commit to aligning our operations and
strategies with ten universally accepted
principles in the areas of human rights,
labour, environment, and anti-corruption
MONY Group’s current charity partnership is
with the suicide prevention charity Campaign
Against Living Miserably (CALM). The
partnership has seen MONY Group donate
over £264,000 in the past two years which will
fund 21,656 lifesaving calls to CALM’s helpline.
This partnership has inspired remarkable
staff engagement and in 2024, we donated
over £127,000 to the charity.
Board and Governance
The Board receives regular updates from the
Executive Team on the Group’s performance,
operations, colleagues, customers, providers,
investors and communities, as well as the
risks and opportunities we face as a
business.We regularly consider and monitor
the real and potential risks and impacts of
macroeconomic and other disruption to our
end markets, along with mitigating actions.
We remain dedicated to maintaining the
highest standards of corporate governance
and ethical conduct. Our Board is committed
to transparency, accountability, and fostering
a culture of integrity. Our Board collectively
possesses a broad range of experience, skills
and knowledge from various backgrounds
which supports the strategic and operational
direction of the Group.
Succession planning continued to be an
areaof focus for the Board in 2024 as I was
recruited and inducted as a Non-Executive
Director and Chair Designate. The Board
remained stable save for my appointment
andI have been pleased to note both the
engagement of our Directors and the passion
they all share for the purpose of the Group.
We maintained the diversity of our Board,
exceeding the recommendations of the
Hampton Alexander Review and meeting
therequirements of the Parker Review.
On behalf of MONY Group, I would like to
thank Robin Freestone for his dedication and
diligence during his nine-year tenure with the
business, for his leadership of the Board, and
for all his support to me during our six-month
handover. I wish him all the best for the future.
Read more about our Governance Report
onpage 62.
Shareholder returns and
capitalallocation
The Group’s Capital Allocation Policy
reflectsits high cash generation and strong
balance sheet, and has enabled us to invest
organically in the business, to pay dividends
to our shareholders, and to fund acquisition
activity. The Board is recommending a final
dividend of 9.2p per ordinary share, an increase
of 3%, making a total dividend for the year of
12.5p per ordinary share, an increase of 3%
on 2023. If approved by shareholders atthe
forthcoming Annual General Meeting, the
finaldividend will be paid on 16 May, 2025 to
shareholders on the register on 11 April, 2025.
The strength of our balance sheet and the
cash generated in the year, have now put us
ina position to consider returning surplus
capital to shareholders. Accordingly, we have
announced a share buyback programme of
up to £30m, to be executed during the
current year. This reflects our commitment
todeliver returns to shareholders through a
combination of earnings per share growth
and cash distributions, and preserves our
ability to create further value through
strategically aligned acquisitions.
Looking ahead
This has been a strong year for the
Group,with continued good progress on
re-platforming our data and technology. Our
strategy and the investments we have made
to date, coupled with our differentiated
operating model, continue to position the
Group well for sustainable growth for the
benefit of all our stakeholders.
As we look to 2025, the performance and
actions taken this year underpin my
confidence in the future prospects of
MONYGroup.
Jonathan Bewes
Chair
14 February 2025
Our strategy and the investments we have
made to date, coupled with our differentiated
operating model, continue to position the
Group well for sustainable growth forthe
benefit of all ourstakeholders.
Chair’s Statement continued
MONY Group PLC Annual Report and Accounts 2024 – 10Financial statementsGovernanceStrategic report
MoneySuperMarket’s SuperSaveClub now has over
1 million
members
MONY Group PLC Annual Report and Accounts 2024 – 11Financial statementsGovernanceStrategic report
I am pleased to say that 2024 was
another strong year for the Group,
helping households save money and
achieving both financial and strategic
milestones. Having built the platform
and centralised our data capabilities,
weare now using this platform to
deliverour strategy to grow our
two-sided marketplace.
We have centralised our data and made it
available to colleagues across the Group in
real time and have adopted best-in-class
marketing technology. We have introduced
innovations to help people save more money
and to support our providers more effectively.
Our strategy is to leverage the platform we
have built to drive efficient acquisition,
retention and growth, and expand our
proposition while using our centralised
dataand re-platformed tech stack to launch
innovative new membership-based propositions
and expand our services for providers.
During 2024 we generated momentum
acrossour member-based propositions;
MoneySuperMarket SuperSaveClub,
MoneySavingExpert App & Quidco, and are
particularly encouraged by the performance
of SuperSaveClub which now has over
1million members.
Our provider services – which include B2B,
Market Boost & Tenancy – also performed
well. In B2B, we added six more brands to our
platform, taking us to 35 brands live, including
household names like Rightmove, AutoTrader
and the National Union of Students.
  Read more about Our Strategy on
pages 20 to 24
Chief Executive Officer’s Review
Delivering on our
strategy to grow
our two-sided
marketplace
The strength in
breadth of our
diversified model
provides us with
resilience and further
opportunities to grow.
Peter Duffy
Chief Executive Officer
Watch our CEO
interviewonline
MONY Group PLC Annual Report and Accounts 2024 – 12Financial statementsGovernanceStrategic report
Revenue by segment – FY24 Revenue: £439m*
* Group revenue of £439m is presented net of inter-vertical eliminations of £10.7m (2023: £7.5m).
Insurance
£236m
(2023: £220m)
Households are able to save
money on a number of different
insurance products including:
car,travel, life, home and pet.
Growth was underpinned by strong
switching in car and home insurance,
particularly in H1.
Whilst premium price inflation
continued to normalise during the year,
we continued to see record switching
volumes for car and home insurance.
This is supported by a greater number
of products available to consumers in
the market, and as a result of sustained
high absolute pricing for policies. For
context, the average car insurance
quote is now 48% higher than it was
before the implementation of General
Insurance Pricing Regulation in 2021.
Other insurance products performed
well, including travel insurance, which
saw an uplift in performance during H2,
after a trend towards a lower tier of
coverage seen in H1 eased, and life
insurance which also saw strong growth
during Q4.
Money
£98m
(2023: £100m)
Users are able to compare
awiderange of credit cards,
loans,savings, current accounts
and mortgage products. Our
websites and apps provide users
with access to their credit scores
and information ontopics such
as mortgage affordability, the
different types of lending and
householdbudgeting.
Revenue was down on 2023 due mainly
to fewer attractive current account
products in the period. Within our
banking product lines, we saw providers
begin to focus on profitability and as a
result there were fewer attractive current
account products available.
Borrowing saw growth in the year, driven
by increased demand in credit cards.
While sustained higher interest rates
continued to impact affordability for
loans products, we did see an improving
profile of performance during H2.
We also made good strategic progress,
improving the experience for customers
on our sites. As an example, consumers
can now easily see what credit limits and
APRs they are eligible for as part of their
user journey, rather than simply being
shown an average estimate.
Home Services
£36m
(2023: £39m)
Customers are able to save
money on a broad range of
products including broadband,
energy, landline and
mobilephones.
Revenue was down primarily as a
resultof continued softer trading in
broadband and mobile. Whilst traffic
levels remained reasonably robust,
conversion was impacted by continued
actions from providers on customer
retention and acquisition.
Energy switching levels and revenue
remained immaterial in the year, but
wedid see year-over-year growth, albeit
comparing to subdued performance
in2023.
Travel
£20m
(2023: £21m)
TravelSupermarket and
icelolly.com help people to
savemoney on their holiday.
Revenue in Travel reduced in 2024 as a
result of conditions becoming increasingly
competitive through the year.
Package holiday performance remained
solid throughout the year but the market
became increasingly competitive,
resulting in higher marketing costs
across the sector. For the majority of
the year, we took action to adjust our
marketing spend and manage margins
which impacted growth. In the second
half we began trialling a change in our
marketing mix out of PPC and into social
with initial good results.
Car hire was a headwind with reduced
daily rates in the industry impacting use
of comparison sites.
We have now completed the migration
of our marketing tech stack, enabling
expansion into new products to drive
growth. As an example, in late 2024,
welaunched a new cruise offering.
Cashback
£61m
(2023: £60m)
Quidco is one of the UK’s leading
cashback services and helps
users earn cashback on their
online spending with thousands
of brands.
Revenue growth was driven by the
insurance vertical, powered by MSM
B2B capability performing well in
heightened switching markets.
This offset softer trading in retail which
continued to be impacted by weaker
consumer confidence and difficult
economic conditions.
Cashback saw good strategic progress
in the year, with us increasing the levels
of personalisation to our customers and
deepening the customer proposition
with the launch of new features, notably
Quidco stories.
Chief Executive Officer’s Review continued
MONY Group PLC Annual Report and Accounts 2024 – 13Financial statementsGovernanceStrategic report
Chief Executive Officer’s Review continued
Strong business performance
The Group generated record revenue and we
saved households an estimated £2.9bn, up
from £2.7bn in 2023, which in turn drove an
increase in revenue, up 2%, and our highest
ever Adjusted EBITDA
1
, up 7%, underpinned
by strong cost control. Profit Before Tax grew
by 18% as we remain focused on delivering
profitable growth.
Revenue growth was primarily driven by good
performance in Insurance in the first half, where
we continued to see record high switching
volumes, and in Cashback, which delivered good
growth despite the softer retail environment.
The strength in our breadth of our model
continues to provide us with resilience, as
different markets move through their cycles.
All of this translates to a highly effective,
resilient and profitable business, with strong
operating cash flow and efficient capital
allocation, that is well positioned to deliver
sustained and consistent growth.
Our platform
As a leading tech company, our single,
common platform powers our ability to help
users save money. Over the last few years we
have transformed the tech stack from siloed
connections in each product area to one
platform across our leading brands. The
power of the platform has enabled us to share
the capabilities of MoneySuperMarket across
our brands.
Data is critical to deepen our relationship with
our customers. Our consolidated data view
across the broad range of products thatwe
offer enables us to improve the
userexperience.
Real-time and centralised data enables our
user experience to be more personalised,
target our marketing more effectively and
deliver more value for our providers.
Our brands
We enjoy leading positions in growing markets
where there is significant room to grow. Our
brands are firmly trusted by customers.
Our price comparison brand,
MoneySuperMarket (‘MSM’) and
MoneySavingExpert (MSE), our content-led
brand saw their net promoter score
increaseto 72 in 2024.
We continued to support the MSM brand by
building on our MoneySuperSeven marketing
campaign, which is focused clearly around
“saving money”. Central to the MSM customer
proposition is SuperSaveClub, which following
its launch in late 2023, has now surpassed the
1 million members milestone. SuperSaveClub
rewards loyal, engaged members through
offering a cash reward for every purchase,
guaranteeing best price and making it easy
forcustomers to save again and again.
We now have a growing cohort of customers
who have passed their one-year anniversary
and the early data shows the SuperSaveClub is
achieving what we hoped. We can see that
more customers are coming to us directly for
their second purchase, that they have a much
higher propensity to engage with us directly,
and that they are buying more from us. It is
clear to see that the club is encouraging
customer loyalty and retention whilst reducing
our reliance on paid marketing. In 2025 we will
seek to grow the club further, and as part of
this we are trialling a ‘first purchase reward’.
MoneySavingExpert is greatly trusted and
provides valuable tips and tools to millions
ofusers. We’ve seen strong uptake with MSE
App downloads up 93% to 1.8 million, and
9.3million people receive Martin Lewis’s
weekly tip email. We have further improved
the MSE App in the year, increasing
personalisation, offering a suite of tools
thathelp users gain greater control of their
finances, including the launch of an improved
and highly differentiated Credit Club.
1 Use of alternative performance measures (‘APMs’) is detailed in the Financial Review on page 52 and APMs are defined intheGlossary on page 167.
Our people drive the
success of our business.
Our strong company
culture is the foundation
to our strategy.
MONY Group PLC Annual Report and Accounts 2024 – 14Financial statementsGovernanceStrategic report
Chief Executive Officer’s Review continued
We are a leading
tech company, with
strong brands, leading
marketing tools and a
culture that embraces
innovation. We are
transforming the user
experience, building out
membership models
to enable customers to
save even more money.
Our brands continued
Quidco is one of the largest cashback brands
in the UK which we acquired in 2021. Thanks
to the work we’ve done to replatform our data
and tech, customers are now enjoying an
improved and increasingly personalised user
experience, which is key to driving revenue
per user, repeat engagement, customer
loyalty and enhanced conversion.
  Read more about our tech platform
andconsolidated dataview on page 25
Culture
This great progress would not be possible
without our hard-working teams. We are
committed to embracing and promoting
diversity, inclusion and equal opportunities.
Our people drive our business and our
success. Our strong company culture is the
foundation to our strategy.
We were proud to hold our positions as first
in the Technology sector on the FTSE Women
Leaders Review report and and fifth in the
Inclusive Top 50 UK Employers List.
In 2024 we were accredited as a Real Living
Hours employer to sit alongside our Real
Living Wage certification and we increased
our employer pension contributions by 1%
inApril.
Our culture of inclusion, innovation and
delivery at pace is part of the core of what
wedo. We promote an environment where
allof our employees can grow and develop.
We have a culture of inclusion where all
perspectives are valued and champion
diversity. Our culture promotes an agile,
entrepreneurial, fast-paced learning
organisation to deliver greater innovation
forour users.
  For information on these and on people and culture
more widely, please see page 39
Social impact
As well as helping households save money,
weaim to make a positive difference to our
people, the wider community and the
environment. To do that we invest in our
employees wellbeing and the communities we
are based in, whilst building a broader social
impact inspired by our charitable activities.
MONY Group’s current charity partnership is
with the suicide prevention charity Campaign
Against Living Miserably (CALM). The
partnership has seen MONY Group donate
over £264,000 in just two years which will
fund 21,656 lifesaving calls to CALM’s helpline.
This partnership has inspired remarkable
staff engagement and in 2024. We exceeded
our target contributions by almost 18%. Given
the positive impact and the success of our
collaboration, we extended the partnership
from two years to three.
We are committed to minimising our
environmental impact, with our goal of
achieving Operational Net Zero by 2030. This
target includes a 90% reduction in Scope 1
and Scope 2 emissions, as well as remaining
as a ‘Carbon Neutral’ business by offsetting
100% of our carbon emissions.
  Read more about our sustainability strategy
on pages 34 to 40
Outlook
Our recent trading performance, coupled with
momentum in our strategic execution gives
the Board confidence that we will deliver
Adjusted EBITDA for 2025 broadly within our
current published consensus.
Despite headwinds in the car insurance
switching market, we continue to see other
opportunities for growth across the business.
We anticipate operating cost inflation
(excluding depreciation and amortisation)
tobe largely mitigated through our ongoing
focus on cost efficiency.
We remain well positioned to continue to
deliver sustainable, profitable growth.
Peter Duffy
Chief Executive Officer
14 February 2025
MONY Group PLC Annual Report and Accounts 2024 – 15Financial statementsGovernanceStrategic report
Our Markets and Trends
Strategic priorities
 Loyal engaged members
 Best provider proposition
 Leading tech and data
Trends
in our
chosen
markets
Our leading data and
technology positions
us well to grow in the
markets we operate in,
helping customers to
save even more
Price comparison (overall market)
Link to strategy:
 
Price comparison: Regulatory focus
Brands affected:
         
Trend
Continued strong focus
from governmental and
regulatory bodies on
empowering customers.
Impact
Regulation continues to play an
increasingly important role in
the price comparison sector.
Opportunities
Regulation focused on driving transparent pricing and
empowering customers to save money is fully aligned with our
purpose of helping households save money.
Price comparison: Artificial intelligence
Brands affected:
         
Trend
Artificial intelligence (AI)
has advanced substantially
and continues to offer
newand improved
capabilities.
Impact
AI could reshape parts of the
price comparison value chain
and experience.
Opportunities
AI has the potential to automate activities like software
development and digital marketing. We are already using AI to
increase the scale of our digital marketing efforts and make
software engineering more efficient. We are also using AI to offer
the customers an enhanced experience, increasing the appeal of
our products.
Insurance: Pricing regulation
Brands affected:
     
Trend
FCA investigation into
premium finance & fair
value for consumers.
Impact
Providers may take a more
cautious approach to premium
pricing.
Opportunities
We are well placed to help ensure consumers can scrutinise and
compare offers and pricing to obtain fair value. During 2024, we
had 174 insurance products available on our sites, making our
comparison services all the more important in helping consumers
navigate their options and find the best deal. The ongoing
development of our new AI-powered tools will only further
expand this capability for our customers.
Insurance: Premium inflation
Brands affected:
     
Trend
2024 saw stabilising levels
of insurance premium
growth following high
premium inflation during
2023. A government task
force was instated to
investigate factors behind
premium inflation.
Impact
Switching volumes may reduce
as customers opt to accept
renewal quotes from their
existing providers.
Opportunities
Sustained elevated premium levels in a tough ongoing cost-of-
living environment, as well as the high volume of overall insurance
products in the market, will continue to provide support to price
comparison services. By offering our customers more than just a
price comparison journey with our tools that enable them to find
the best price whilst also earning rewards we are well positioned
to grow in this market despite the declining growth rate of
premium inflation.
Our brands
 MoneySuperMarket
 MoneySavingExpert
 Quidco
 TravelSupermarket
 Icelolly.com
MONY Group PLC Annual Report and Accounts 2024 – 16Financial statementsGovernanceStrategic report
Our Markets and Trends continued
Helping millions of
customers save money.
Strategic priorities
 Loyal engaged members
 Best provider proposition
 Leading tech and data
Price comparison (overall market)
continued
Link to strategy:
 
Money: High interest rates
Brands affected:
     
Trend
Interest rates in major
economies remain
elevated after years of
historical lows.
Impact
High interest rates make
creditand loans less affordable
for consumers.
Opportunities
Sustained high interest rates make credit cards, loans and
mortgages more expensive which may impact demand. If rates
continue to fall, as forecast, we could begin to see an uptick in
demand, especially in loans and mortgages which have been
more heavily impacted by high interest rates.
Home services: BAT (Energy)
Brands affected:
     
Trend
The Ban on Acquisition
only Tariffs (BAT) has
been extended to
31March 2026.
Impact
The BAT continues to play a
major role in inhibiting the
return of a material energy
switching market.
Opportunities
We continue to work with partners to offer deals to customers
when they become available, securing exclusive products for
theGroup from multiple partners. MSE editorial is uniquely
positioned to guide consumers and continues to provide
supportto consumers on energy via it’s Cheap Energy Club.
Cashback: Online spending demand
Brands affected:
 
Trend
High inflation & interest
rates put pressure
ondiscretionary
consumer spending.
Impact
Households could cut back
onspending.
Opportunities
Cashback presents a way for consumers to save money on
everyday purchases amid the rising cost of living. Greater
pressure on consumer budgets increases the appeal of cashback
sites, such as Quidco, and brings the potential for wider, more
frequent engagement which we are well placed to capitalise on.
Travel: Package holiday growth
Brands affected:
   
Trend
Economic uncertainty
could weaken travel
demand. However,
consumers are expected
to prioritise their main
holiday which tends to be
booked as a package
holiday more frequently.
Impact
As the largest discretionary
spend area for many
households, demand for
travelmay soften under
macroeconomic pressures.
However, packaged holidays
can offer a way to control costs
on the main holiday of the year.
Opportunities
Ice Travel Group continues to focus on building leading
comparison services to help consumers find the best deal for
their holiday which is especially more relevant during tough
economic times.
Our brands
 MoneySuperMarket
 MoneySavingExpert
 Quidco
 TravelSupermarket
 Icelolly.com
MONY Group PLC Annual Report and Accounts 2024 – 17Financial statementsGovernanceStrategic report
Our Business Model
Underpinned by our responsible approach
  Read more on pages 34 to 40
· Minimising our environmental impact
· Our social responsibility
· Robust governance and ethics
Our key strengths
andresources
Technology
Our offer is underpinned by our scalable
andflexible technology solutions that are
increasingly able to support multiple in-house
and external brands from a common platform.
Data
Our strong analytical capabilities
andupgraded infrastructure allow us to
personalise the customer experience, generate
real-time performance information, and
provide relevant, useful data and insights
toproviders.
Relationships
Our strong relationships with our providers
and B2B brands allow us to offer exclusive
and market-leading deals.
People
Our talented people ensure we provide
customers with the best experience.
  Read more about how we support our
employees onpage 39
Leading brands
We operate well-known brands which
aretrusted by our customers.
  Read about our brands on pages4 and 5
Marketing platforms
We have leading marketing platforms
integrated with our centralised data,
improving our customer acquisition efficiency.
  Read more about the effectiveness of our
marketing on page 21
Our value cycle
We provide products and services to help users make meaningful savings across
their household finances. At the same time we help providers to acquire new
customers in an efficient and cost-effective way.
Our purpose: Helping households save money
Our brand strength, marketing,
high-quality content, clubs and tools
attract users and providers to our
well-established platform
Efficient switching journeys help
users easily switch and save
Providers target and pay for high-quality
marketing leads accessed via our platform
at scale and benefit from advanced insight
from our data propositions
We remind users when it is time to
re-switch; we use data to prioritise and
market further switching opportunities
We generate insights from users
and providers to optimise our
propositions and identify
growthopportunities
We expand into new markets
andadditional services
MONY Group PLC Annual Report and Accounts 2024 – 18Financial statementsGovernanceStrategic report
Underpinned by our responsible approach
  Read more on pages 34 to 40
Our tech-led savings platform
andmembermodel
How we share value with our stakeholders
Our customers
Savings through readily accessible,
personalised information
In 2024 our customers are
estimated to have saved
£2.9bn
(2023: £2.7bn)
Our providers
Cost-effective customer acquisition via
accessto millions of informed customers
Number of providers
andmerchants
5,000+
(2023: 5,000+)
Our people
An inclusive place to work where
employeesfeel that they belong
Employee diversity and
inclusionscore
1
78%
(2023: 76%)
Our communities
Positive impact through work experience,
charitable donations and volunteering
Donated to charitable causes in 2024
£0.3m
(2023: £0.2m)
Our shareholders
Full year dividend up 3%
Cash return to shareholders (2024)
£67m
(2023: £65m)
Share buyback programme
£30m
Announced on 17 Feb 2025
1 SEM: search engine marketing.
2 SEO: search engine optimisation.
3 CRM: customer relationship management.
Risk management framework
The Group operates in a complex business
environment and there are risks to the
delivery of our strategic goals and the
sustainability of our business model. We
haveidentified the principal risks through
ourrisk management framework and we
haveconsidered them as part of our viability
assessment. Our risk management framework
also provides the tools to manage and
continually review our risks. It seeks to drive
accountability across the Group and create
the insight required for the Board to monitor
our risks. Our risk management framework
also allows management and the Board
toadapt the strategy to ensure that we are
not taking unnecessary risks and that the
underlying risks in the strategy are being
appropriately mitigated.
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Our Business Model continued
MONY Group PLC Annual Report and Accounts 2024 – 19Financial statementsGovernanceStrategic report
1 Measured as part of our employee engagement survey.
Weuse this score as an indication of our colleagues
satisfaction with the Group’s diversity & inclusion strategies.
Our Strategy
Our purpose
Our purpose is helping households across
thecountry to save money on their bills,
which fundamentally drives our business
andculture.
Our strategy
Our strategy is focused around growing our
two-sided marketplace. On one side of the
marketplace, we have the services we offer to
our customers and on the other, the services
we offer to our providers and third-party
brands. In focusing on this two-sided
marketplace, we rely less on paid traffic, and
grow revenue per user by improving cross-
purchasing, repeat purchasing and customer
loyalty with our already trusted brands. Both
strategies will ultimately help households
across the country save more money with us.
Our leading marketing tools, centralised data
and single tech platform mean we can now
acquire traffic to our sites more effectively,
talk to our users more effectively, and,
because of this, have an opportunity to
retainand grow these customers more
effectivelytoo.
Leading
growth
partner
One tech
platform
Efficient
customer
acquisition
More value
from data
Best
experiences
Increased
member
engagement
Compelling
member
propositions
Tenancy
& data
champion
L
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MONY Group PLC Annual Report and Accounts 2024 – 20Financial statementsGovernanceStrategic report
Our Strategy continued
Loyal engaged members
On the customer side, we are focused on developing and
growing membership-based customer propositions to drive
customer loyalty. We are using our reach of our existing
brands to extend our marketplace, grow a loyal customer base
whilst driving down our marketing investment.
The customer strategy is built on growing on our
member-based offers; MoneySuperMarket SuperSaveClub,
MoneySavingExpert App and Quidco. These member-based
propositions are focused on growing customer loyalty,
engagement, repeat purchasing and retention, as well as
driving consumer traffic direct to our sites. In time, this should
result ina reduced reliance on paid-for marketing.
SuperSaveClub
members
1m
MSM and Quidco active users
13.8m
MSE weekly newsletter subscribers
9.3m
Best provider proposition
On the other side of our marketplace, we have the services we
offer providers. We are expanding our ‘best provider
proposition’ to grow the strength and breadth of our offering.
Investment in our platform and in our data means we now
have a more enhanced provider offering than ever before.
Our advertising (tenancy) offering, switching platform coupled
with our data insights is compelling for our B2B partners
brands who can utilise our single platform to provide switching
services, extending our reach and market share. By moving
everything onto one platform we can onboard providers more
quickly, and across all our brands simultaneously, making it
much more commercially attractive to them.
80
providers benefitting
from Market Boost
B2B providers on
our platform
35
Leading data and tech
As a leading tech company, our single common platform
powers our ability to help users save money. Over the last few
years we have transformed our tech stack to one platform
across our leading brands.
Data is critical to deepen our relationship with customers. Our
consolidated data view across the broad range of products we
offer enables us to improve the user experience.
Our aim is to become a one-stop-shop for digital businesses
looking to offer comparison services. Byusing our platform to
enable comparison journeys for other brands, we have the
opportunity to become the technology platform of choice to
power the entireindustry.
Re-platforming supporting
cost efficiencies
3%
reduction in admin expenses
1
1 Excluding depreciation, amortisation and adjusting items.
MONY Group PLC Annual Report and Accounts 2024 – 21Financial statementsGovernanceStrategic report
Our Strategy continued
Loyal engaged members
Growing our
member‑based offers
SuperSaveClub
The SuperSaveClub (‘SSC’) is aligned to our
mission of helping households save money,
and rewards customers every time they save
money on their household bills, all with the
confidence that our price promise provides.
When customers buy an eligible product
through MoneySuperMarket they can join
SuperSaveClub and get access to 12 months
of free days out at thousands of leading
attractions nationwide available through
theMoneySuperMarket app. Then, as a
member of the SuperSaveClub, every time
they purchase an eligible product, they
earna reward: £15 cash for every car, home
insurance or broadband purchase, £10 for
purchasing pet insurance, and £5 for signing
up to Credit Monitor, purchasing an annual
travel policy or a mobile phone deal.
Rewardsare available via a member’s
MoneySuperMarket account and can be
withdrawn at any time, as a pre-paid
MasterCard, or vouchers at leading retailers.
The SuperSaveClub is set up to encourage
users to come directly to us and incentivises
cross-buy and re-buy rates through rewards
and ease of use.
Launched in September 2023, we have
added additional products, enabling
customers to save even more. We now
haveover 1 million members. We have a
solid cohort of customers who have passed
their first anniversary, providing us with data
to illustrate that the SSC is achieving what
wehoped. We can see that these members
have much stronger engagement, are more
likely to come to us directly, and also buy
more products.
We are still early on this journey, but it is
clear that the club is growing customer
loyalty and retention and reducing our
reliance on paid marketing.
MoneySavingExpert App
MoneySavingExpert (‘MSE’) helps millions of
consumers with information, tips and tools
tosave money. The MoneySavingExpert App
is our member-based offer for MSE and
wehave again seen good momentum in
theyear.
Eighteen months after launch, the MSE App
has been named as the fourth most popular
news app in the UK, with 1.8m downloads
and average monthly active users reaching
460k over the year. The 9.3 million people
who receive Martin Lewis’s weekly tip email,
can also now open this directly on the
MSEApp.
This year, we launched a new and improved
MSE Credit Club, which includes a unique
eligibility rating. This new tool tells
consumers not just if they could get credit
but provides an affordability score to show
whether they should take out credit based
on their real-world credit power.
By linking MSE’s helpful and trusted content
with a suite of more personalised tools, we
support users to gain greater control of their
finances and potentially save more money.
We will continue to expand the range of tools
available to help users keep informed and
save more money.
MONY Group PLC Annual Report and Accounts 2024 – 22Financial statementsGovernanceStrategic report
Our Strategy continued
Loyal engaged members continued
Quidco
Quidco, one of the UK’s leading cashback
sites keeps helping customers save across
retail and services such as insurance,
broadband and mobile.
Using a network of over 5,000 merchants,
members can make purchases and save
money at the same time. We saw good
momentum in the year as a result of
actionswe have taken to improve the user
experience and deliver a more personalised,
targeted CRM strategy. This was made
possible because of our investment in data
and our platform, as well as our leading-edge
CRM which means we can target specific
cohorts of customers with tailored offers and
discounts rather than using a one size fits all
approach. Our progress on personalisation is
proving effective in attracting users who are
increasingly engaged.
Tenancy
Tenancy is tailored advertising whereby
providers promote their brands or
products in designated spots on our
sitesclearly listed as ‘sponsored’, driven
bydata insights from our platform.
In the year, we have rolled out tenancy
slots to MSM’s SuperSaveClub, kicking
offwith a pilot campaign for broadband.
Tenancy spots are now available across
allcore product lines.
Market Boost
Market Boost uses our first-party data
toshow providers how their products
perform across our platform, which can
help providers to offer even better deals.
This enables our partners to grow their
business while helping households save
money. They can then use these insights
to improve their approach and offer even
better or more relevant deals to customers.
We can offer this to existing providers who
join our platform, or sell it to third-party
brands for their own channels. Launched
in 2023, Market Boost was initially
available on our Money products and over
2024 we have rolled it out into Insurance
and Broadband with c.80 providers now
benefitting from this service.
B2B
Our white label B2B proposition uses the
Group platform to power comparison
services for third-party brands. We have
grown our B2B offer over the last 12
months and now have 35 partners across
car insurance, home insurance, travel
insurance, pet insurance, broadband,
mobile, mortgages and energy, including
well-known brands like Rightmove, Auto
Trader, ClearScore and the National Union
of Students.
The B2B business generates revenue for
the Group at limited incremental cost by
leveraging the investment we have made
in our technology platform. It enhances
our ability to reach new customers,
increasing our market share which, in turn,
makes our proposition more valuable to
providers who want to access a large,
relevant audience.
Best provider proposition
Developing best
provider propositions
GovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 23Financial statements
Our Strategy continued
What we have done in 2024
· Generated momentum across our member-based
propositions, reaching a milestone 1 million
SuperSaveClub members
· Added more products to the SuperSaveClub,
nowcovering the majority of products
· Launched additional compare journeys on Quidco
powered by the MoneySuperMarket platform
· Launched an improved and highly differentiated
MoneySavingExpert Credit Club alongside home
andmotor compare products
Our future
· Enhance and expand the user experience to drive further
customer engagement through improved personalisation
across our brands
· Increase SuperSaveClub membership, including trialling
first-purchase rewards
· Launch new brand campaigns, building on the success
ofour existing MoneySuperSeven creative
What we have done in 2024
· Scaled existing B2B partnerships and added six more
brands to our platform, bringing the total to 35 brands live
· Expanded our B2B proposition which now covers car,
home, broadband, mobile and energy
· Used our first-party data to help more providers
understand how they perform across our platform
through Market Boost
· Rolled out Tenancy across all of our product lines,
andbegan trialling in SuperSaveClub
Our future
· Continue to grow our B2B partnerships
· Increase our provider services, including Tenancy
andMarket Boost across our brands
What we have done in 2024
· Continued our extensive technology re-platforming,
which is now largely complete
· Advanced the capability of our central bespoke question
set experience ‘Dialogue’, which now enables customers
to generate a quote within three clicks
· Rolled out and utilised AI solutions across customer
operations, including ‘Agent I’ to guide customers
throughtheir price comparison journey with ease
· Increased personalisation across our brands using
ourimproved data capabilities
Our future
· Increase AI utilisation to further improve efficiency and
the customer experience
· Expand our advanced Dialogue functionality across more
product lines enabling more customers to obtain a quote
within three clicks
· Optimise shared data and tech learnings across
theplatform
Link to principal risks:
1
2
3
4
6
7
Link to brands:
Link to KPIs:
1
2
3
4
5
6
Link to principal risks:
1
2
3
4
5
6
7
Link to brands:
Link to KPIs:
1
2
3
4
6
Link to principal risks:
1
2
3
4
5
7
Link to brands:
Link to KPIs:
1
2
3
4
5
6
Loyal engaged members
Best provider proposition Leading tech and data
Progress against our strategic priorities
Growing our two-sided marketplace
Our brands
 MoneySuperMarket
 MoneySavingExpert
 Quidco
 TravelSupermarket
 Icelolly.com
MONY Group PLC Annual Report and Accounts 2024 – 24Financial statementsGovernanceStrategic report
Technology and AI
Leading Data & Tech Platform
In 2024, we completed our transition away
from vertical-led data to a true unilateral
platform, where data can be shared seamlessly
across the business. This significantly advances
our ability to personalise our interactions with
customers driving enhanced engagement and
conversion, as well as improving the quality
and output of our B2B products.
During 2024 we advanced the capability of
our central bespoke question set experience,
which we call Dialogue, which now enables
customers to generate a quote within three
clicks. In delivering this new experience,
customers can now use and accurately
replaytheir data without needing to
navigatethrough a question set, offering
asignificantly improved streamlined
experience. This not only fosters greater
efficiency, it alsoreduces friction for
consumers and increases our opportunity
forcross selling additional products.
In Quidco, we have been able to significantly
increase customer value through careful
planning and upgrading of our technology.
Customers now benefit from an improved
onboarding experience, as well as offers
within Quidco that are not only more tailored
and personalised but that are also updated
more frequently. These advancements not
only assist new member growth, they help
toscale average revenue per member.
During the year, we also greatly improved
ourdeveloper and cloud enablement, which
together deliver a more secure, scalable, and
efficient environment for deploying cloud
resources and applications. In particular, this
ensures a more optimal and cost-effective way
of working directly with Amazon Web Services.
Overall, we are enabling our teams to work in
a much more efficient and standardised way
across the Group, with teams able to move
seamlessly between our different products.
Priming the business
forthefuture
We are increasingly utilising AI across the
Group. Internally, we have leveraged AI to
drive enhanced efficiencies; particularly in
ourcontent generation and in our customer
service operations where we have seen
improving customer outcomes, as well as
significant savings in time and resources.
Asan example, during the year, we launched
an AI powered chatbot which generated a
58% reduction in customer services contact.
However, it is the external opportunity to
improve the customer experience which is
most exciting. We will seek to use AI across
our brands to assist customers through their
buying process, offering insights and support
wherever and whenever it is needed to ensure
that when a customer leaves our website, they
are fully confident in the financial decision
they have made.
During the year, we launched several new
AI-powered features on our sites, including:
· Job-title matching. This feature reduces
friction in the customer journey leading to a
strong reduction in the drop-out rate,
targeting a direct uplift in conversion.
Job-title matching is currently live within
loans and home insurance with plans to roll
this feature out in other products during
2025.
· Improved content generation. By utilising
AI, we can not only generate more content
more quickly, but we can also generate
content focused on the interests and
demographics of specific cohorts of
customers targeting improved engagement
and conversion. In addition, we are using
AIto generate short videos summarising
our guide pages. This keeps customers
onthe page for longer, helping to
improveconversion.
· Agent I. This is our new financially powered
agent which guides customers through our
price comparison website with confidence
and ease. For example, Agent I could review
acustomer’s credit report and offer insights
on how they could optimise their interest
payments. It could also simultaneously review
credit card offers, showing the customer how
they could source a better deal.
Whilst the implementation is ongoing in some
cases, the results are encouraging, and we will
continue to roll out these advancements
across our products over the near term.
Going forward
In recent years, we have made significant
progress in reinventing our platforms, laying
astrong foundation for the future. This
re-platforming has enabled us to deliver key
elements of our strategy by creating a more
robust, scalable, and adaptable technology
stack and significantly enhancing our ability
toutilise our data.
Our efforts and business priorities are
alignedwith the needs of our customer and
our company purpose of saving households
money. With this same focus in mind, we
willcontinue launching new solutions and
enhanced platform capabilities that will lay
the groundwork for continued growth in
thefuture.
Technology meets intelligence
MONY Group PLC Annual Report and Accounts 2024 – 25Financial statementsGovernanceStrategic report
Section 172 of the Companies Act 2006 – Stakeholder Engagement
Who are the Group’s
keystakeholders?
Regular engagement with our
stakeholders ensures that we
operate in a balanced and
responsible way, both in the
short and longer-term.
We are committed to maintaining effective
and positive relationships with all our
stakeholders, recognising their importance
toboth the success and sustainability of
ourbusiness.
The Group works with a significant number
and variety of stakeholders and considers
those key to our business to be those
individuals or groups who have a significant
interest in, or are affected by our activities.
The table below outlines how the Directors
have performed their duties in relation to
section 172 of the Companies Act 2006,
incorporating stakeholder feedback into
decision making.
For further details on our key stakeholders,
their primary interests and the importance of
engaging with them, please visit our website.
Long-term decision making
For the Board’s activities during the year,
please refer to pages 71 to 73.
Reputation for high standards
ofbusiness conduct
The Board oversees the cultivation of a
corporate culture, fostering integrity and
transparency throughout the Group. It has
established a comprehensive corporate
governance framework, approving policies
and procedures that champion corporate
responsibility and ethical conduct.
For details regarding how the Board manages
the culture of the business, refer to page 72.
Details on risk management can be found on
pages 54 to 57, and for Consumer Duty, see
pages 31 to 32.
Customers
How we
engage
· We have established an efficient
framework of regular research, testing and
analysis to build our understanding of
consumer needs and the experiences they
have with our brands.
· Our user testing team deploy a range of
tools to efficiently and effectively evaluate
usability of new and existing functionality
– a key part of the product life cycle and a
fundamental component in our Consumer
Duty responsibilities.
· Quidco, MSM and MSE have a dedicated
customer service team who interact
with customers via chatbots, email and
social media channels in relation to
FAQs, complaints and data protection
queries. We can also outbound call
customers on request.
How the
Board
engages
Direct engagement:
· The Board reviewed and approved the
Consumer Duty Annual Report which set
out the processes and controls in place
tomonitor and ensure good customer
outcomes, confirming the Group’s
compliance with the Duty and assuring
ourbusiness strategy complies with the
Duty obligations.
Indirect engagement:
· Consumer Duty Dashboard results
arepresented to the Board on a
monthly basis.
· The Board received monthly updates
onthe key insights gained from
quantitative and qualitative customer
research used to inform our strategy,
constructively challenging management
on the contents as appropriate. An
annual customer insight deep dive
waspresented by the Chief Marketing
Officer to the Board in September,
providing an efficient understanding
ofcustomer needs, perception of and
experience with our brands, which
strengthened our understanding of
thecustomer experience.
Significant
feedback
· For Moneysupermarket.com, ‘best prices/
deals’ is a key driver of customer
satisfaction and has increased in
importance over the last year, linked
tothepremium prices in the market.
‘Usefulness’ remains an important driver
and an opportunity to differentiate.
· The MSE App has 89,000 user ratings, with
an average 4.9 out of 5 on Apple and 4.8
out of 5 on Android.
· Customer satisfaction amongst
SuperSaveClub members is 9% higher
than the general customer base and
has increased since launch.
· Our Quidco members have raised
theimportance of efficient payment
ofcashback and an increase in
communications to keep them
updatedduring this process.
Further details regarding who we
consider our key stakeholders to be
and why we engage with them can be
found online
MONY Group PLC Annual Report and Accounts 2024 – 26Financial statementsGovernanceStrategic report
Section 172 of the Companies Act 2006 – Stakeholder Engagement continued
Customers continued
Outcomes
· We continually iterate and improve our
MSM and Quidco Help Centres and AI
chatbots to ensure we are providing
customers with the support they
need,promoting efficiency through
one-contact resolution.
· We have effectively used pretesting
research of our MoneySuperSeven
advertising to improve engagement and
comprehension and driven improvements
in brand consideration amongst those
adaware.
· MSE App users can now seamlessly access
all of the features of Credit Club in a new
personalised dashboard within the app,
using the same credentials to log in,
alongside personalised tips and bill tracking.
They also receive push notifications when
their scores are updated.
· MSE relaunched its Cheap Energy Club,
providing users with an innovative way
to compare energy tariffs in a
significantly more complex energy
market. The Club uniquely compares
energy tariffs against the Energy Price
Cap and future predictions, helping
users understand potential savings by
switching to fixed tariffs. Further
information can be found at https://
clubs.moneysavingexpert.com/
cheapenergyclub.
· MSE also relaunched its Credit Club,
migrating existing members to a new
credit reference agency and introducing
the unique Credit Eligibility Rating, a
tool which helps users understand their
credit power for various financial
products. Credit Club also offers free
access to credit reports, credit scores,
affordability scores and various
eligibility calculators.
· Quidco has enhanced its user
experience onsite, through the app
andvia CRM by providing greater
visibility on available offers and easier
access to member favourites.
· We launched a ‘Customer Forum’, an
internal network of marketing, finance,
product and tech teams. This forum
ofstakeholders will drive increasing
customer engagement across
theGroup.
· We have made strides in making the
MoneySuperMarket experience easier
for customers, replaying answers to key
questions in the form of a quote
summary, allowing customers to sense
check before they proceed.
Employees
How we
engage
· Our CEO used a variety of face-to-face,
virtual, and hybrid methods to stay
connected with employees across our
locations, including fortnightly all-
employee ‘company updates’ to inform
colleagues on business developments,
providing an opportunity to ask our
Executive Team questions. We also
incorporated a live feedback survey tool,
making it easier for employees to provide
real-time feedback.
· We have seven active Employee Resource
Groups (‘ERGs’), including ERGs for mental
health and inclusion of under-represented
groups, which we engage with to help
ensure our people can thrive. Each of our
ERGs have Executive sponsors with our
designated NED Employee Champion.
· We conducted an employee engagement
survey which incorporated questions
relating to diversity and inclusion, and a
‘pulse’ survey, the results of which are
reported to the Board.
· We ran The Big Mony Workshop in May, an
initiative which gave colleagues a working
day to live our purpose under the banner
“Helping YOU save money”. Talks and
webinars ran in-office and online and
interactive sessions were hosted by
providers and MSE colleagues, providing
guides and tips on how to save money.
· Our Female Leadership Forum
launched in April with a gala event and
delivered two further sets of online
workshops, one on ‘internal saboteurs’
and a Women’s Health Webinar Series,
which was open to all colleagues.
Ourfinal event of the year was an
in-person external expert led
sessionon Resilience.
· We rolled out our mandatory Mental
Health training workshop for Managers
with Start Within. We ran Mental Health
Awareness Week in May in conjunction
with the Thrive ERG and our “Respect in
the Workplace” eLearning module
completed with 100% participation.
· We undertake exit interviews when our
employees leave to gain feedback which
can be escalated to relevant senior
leaders, as appropriate.
· Following external announcements,
internal Group-wide updates were
heldto gain an understanding of the
reaction of employees to the trading
updates, and respond to any queries
orconcerns.
· We commenced the rollout of a new
internal learning platform (MONY
Learning) through which we aim to
provide more learning experiences
forcolleagues, both through
improvedmandatory training
andnewoptional courses.
MONY Group PLC Annual Report and Accounts 2024 – 27Financial statementsGovernanceStrategic report
Section 172 of the Companies Act 2006 – Stakeholder Engagement continued
Employees continued
How the
Board
engages
Direct engagement:
· Our Non-Executive Directors held informal,
confidential sessions with employees to
understand what it feels like to work at
MONY Group. The Board held meetings
inMarch, July and October, offering
employees the opportunity to provide
feedback on key topics which included
career development and insights from our
TechApprentices.
· The Board appointed Mary Beth Christie as
the Group’s NED Employee Champion – a
role responsible for championing the
interests of employees by bringing their
views to the Boardroom.
· Our Executive Team and key members of
senior management presented updates to
the Board on their respective areas, to
provide feedback and to invite the Board
to provide challenge.
· All female members of the Board
supported the Female Leadership Forum
and took part in one of two Q&A panel
events and all members of the Board were
invited to attend the Wellbeing Series run
as part of the Forum.
· Members of the Board volunteered for
mentoring conversations as part of the
Female Leadership Forum and also to
theExecutive Team.
Indirect engagement:
· The Board conducted a thorough
review of executive and senior
management succession planning,
constructively challenging management
on plans for key talent across the
Group, aligning short-term and
long-term interests between all
stakeholder groups and the Company’s
values and culture.
· The Board received the results of
theemployee engagement and
pulsesurveys.
· The Board received reports relating
toour independent whistleblowing
helpline which allows all staff to raise
concerns confidentially.
· As part of its regular functional
updates, the Board received regular
updates on our diversity and
inclusionprogress.
Significant
feedback
· Our annual employee survey saw the
highest participation rate to date – 87%
ofall eligible employees took part in the
survey. The engagement survey covered
arange of topics such as leadership,
communication, ‘My manager’ and
commitment. ‘I would recommend us
asagreat place to work’ was rated 74%
favourable. Our highest scoring overall
question was ‘I know how my work
contributes to overall business success’
at87%.
· The question ‘Our hybrid model helps
me succeed’ was rated 80% favourable
in our annual engagement survey.
Outcomes
· We answered employee questions or
concerns raised during our regular
company update sessions and any
agreedactions were followed up by the
Executive Team.
· We were shortlisted for the 2024 Chartered
Institute of Personnel and Developments
(‘CIPD’) National Award for our work on
Inclusive Hiring. For further details, please
refer to page 39.
· We were winners of the 2024 CIPD Award
for Best ESG Initiative for our work with our
suicide prevention charity partner, CALM.
· Based on feedback received regarding
ourhybrid working model, we revised
ouroffice guidelines, maintaining a two
day hybrid model, enhanced tracking of
in-office days and implemented ‘anchor
days’ whereby all members of teams
attended the office together to
fostercohesion.
· Our second Big Mony Workshop saved
employees over £18,600.
· We continued to work on Inclusive
communication updated training with
Pearn Kandola and are working with
them in response to a module on race
and immigration.
· We were voted number 22 on this year’s
Inclusive Top 50 UK Employers List,
recognising organisations who are
brave and innovative and see diversity
and inclusion as a smart way to grow
their business.
· We have continued to embed LinkedIn
Learning. For further details, please see
page 39.
· We updated our Menopause Guidance
to provide more practical support
andadvice for all colleagues. As part
ofour goal to better help those
withhidden disabilities, we have
introduced portable hearing loops
inallour locations.
MONY Group PLC Annual Report and Accounts 2024 – 28Financial statementsGovernanceStrategic report
Section 172 of the Companies Act 2006 – Stakeholder Engagement continued
Shareholders
How we
engage
· We aim to have an ongoing, constructive
dialogue with our shareholders through
results presentations, question and
answer sessions and investor calls and
meetings with the CEO, CFO and Investor
Relations team throughout the year.
· Our programme of engagement during
2024 included UK, European and North
American roadshows and conferences.
· We held an informal dinner for our analysts
to meet our Executive Team and gain a
greater understanding of our strategy and
different areas of our business operations.
· Our corporate website was redeveloped
and has a detailed investor section.
· We have held and attended hybrid and
in-person shareholders meetings and
investor conferences to provide a greater
level of engagement. We hold twice
yearly virtual results presentations.
· Our investor engagement is supported
by our corporate brokers Barclays and
Morgan Stanley.
How the
Board
engages
Direct engagement:
· The Board attended our AGM, providing
shareholders with the opportunity to
engage and raise questions about the
Group’s performance, governance
andstrategy.
· Our Chair met with several large investors
whilst in his capacity as Chair Designate to
introduce himself and seek their opinions
on the performance of the business.
Indirect engagement:
· Feedback from shareholders and
potential investors gathered at results
roadshows and investor conferences
was presented to the Board.
· The Board received updates from the
Group’s Investor Relations Team during
specific consultation exercises and
upon the publication of trading results
and updates and analyst reports.
· Investor associations’ voting
recommendations and commentary
onour general meeting resolutions
andAnnual Report and Accounts are
brought to the Board’s attention ahead
of our Annual General Meeting.
Significant
feedback
· Following engagement with investors
post-MONY Group’s financial results
investors have been seeking to understand
the Group’s capital allocation framework.
· After streamlining our Annual Report
and Accounts to clearly and concisely
present the company’s strategy,
business model and value proposition,
MONY Group was recognised by the
FRC, who included an excerpt in their
Review of Corporate Governance
Reporting as an example of
goodpractice.
Outcomes
· All resolutions at the 2024 AGM
wereapproved.
· In order to enhance our shareholder
engagement and following the rebranding
of the Group during the year, the corporate
website was updated and has improved
the way we communicate to existing and
potential shareholders.
· The Board remains confident of the
future prospects of the Group and
recognised the importance placed on
the dividend by our shareholders – in
2024 £65.6m was paid in dividends
during the year.
MONY Group PLC Annual Report and Accounts 2024 – 29Financial statementsGovernanceStrategic report
Suppliers and Providers
How we
engage
· Our Commercial Team provides a crucial
link with our providers, actively managing
the provider relationships to ensure best
value outcomes.
· We continue to work collaboratively with
our top tiers of partners to agree joint
business plans, increasing engagement
and with a positive impact on our trading.
· We have further increased face-to-face
time with providers to build stronger
relationships and better understand their
needs to maximise their efficacy on the
MONY Group commercial platform.
· We undertook a provider satisfaction
survey to gain feedback on our account
management efficacy onboarding
processes and data provision to identify
any areas for improvement and to inform
our strategic choices for 2024 and
into2025.
· Partners have been heavily involved in the
development of our new data product,
Market Boost, through interviews and
feedback sessions to make sure the
product provides them with valuable data,
in a way that meets their needs. Once live,
we hold regular feedback sessions.
· Quidco has a constant review process
with its commercial partners aligned to
each individual campaign as well as
structured quarterly reviews with
keypartners.
· As part of our Science Based Targets
Initiative (‘SBTi’) submission we directly
engaged our top 100 suppliers to
understand their levels of maturity
andgathered their emissions data
tosupport this submission.
· We actively collaborated with new
partners to develop an alternative
lending solution, supporting customers
who were ineligible for products
through our existing panel. This
initiative has enhanced our ability to
provide financial support to a broader
range of customers.
How the
Board
engages
Direct engagement:
· The Board oversaw an update to the
supplier onboarding process along with a
revised approach to supplier relationship
management. This included procurement
engagement with senior management,
incorporating procurement into the
Group’s strategy, Scope 3 supplier
emissions strategy and the incorporation
of AI on the procurement functions.
Indirect engagement:
· The Board received supplier oversight
updates to understand the level of
supplier engagement and any arising
risks in the Group’s supply chain or
supplier management activities.
· The Board received training on
Insurance Pricing including detail on
how the Group balances the pricing
ecosystem for both the customer and
the Group’s commercial gain and were
provided with an overview of the
application of pricing tools.
Section 172 of the Companies Act 2006 – Stakeholder Engagement continued
Significant
feedback
· We reviewed feedback from our providers
that they would welcome continued
strengthening of our data propositions.
· Our management teams reported a
significant improvement in our process for
onboarding suppliers and we continue to
work internally to enhance our governance,
risk and compliance tool.
· Through interviews and feedback
sessions, our partners were heavily
involved in the development of new
channels within our data product,
Market Boost, ensuring the product
provided them with valuable data in
away which meets their needs.
Outcomes
· We are implementing ‘Hubspot’ across
ourCommercial team to improve the
effectiveness of our team and to build
onthe high approval rating of our
relationship management.
· We have invested in a range of training
tosupport our provider-facing team to
continue to strengthen relationships.
· We have increased investment in data
solutions to bolster our current offering
and to aid informed decisioning-making
byour providers and the partner
relationship team.
· We have expanded our new data
product, Market Boost. It is now
available in two Money channels
(Cardsand Loans) and we have
migrated our Car and Home product
in-house. Early 2025 will see us launch
in Travel and Pet Insurance, as partners
here have told us there is a strong
demand for rich data they can use to
tailor their customer acquisition and
pricing strategies.
· During 2024 the procurement team
continued to proactively engage with
the business to drive value through
supplier iteration.
· We are encouraging our partners to
work with us on a more robust sales
data process, helping to drive marketing
efficiencies and allow more customers
to benefit from our reward scheme.
MONY Group PLC Annual Report and Accounts 2024 – 30Financial statementsGovernanceStrategic report
Communities and Environment
For further information, please refer to our Sustainability Report on pages 34 to 40.
How we
engage
· We actively support a variety of community
projects, both within our organisation and
externally, For more detailed information,
please refer to pages 38 and 39 of our
Sustainability Report.
· Our Sustainability Steering Committee
meets quarterly to discuss key
sustainability matters including Climate
Risk Disclosures, collaboration with our
ERG Green Team, Scope 3 supplier
reporting and effective communication of
the sustainability framework to employees
across the group.
· We have been actively working with
oursustainability consultants to
understand what measures we
cantaketo achieve our target of
becoming net zero by 2050.
How the
Board
engages
Direct engagement:
· The Board received regular updates on the
Group’s sustainability and ESG activities.
· The Board approved our first stages
Climate Change Transition Plan, outlining
how we intend to meet our long-term
sustainability goals, including emissions
reduction and climate resilience, while
ensuring alignment with global climate
goals and business growth opportunities.
· The Board reviewed the methodology and
actions taking in capturing and reducing
our supplier Scope 3 emissions.
Indirect engagement:
· The Board received an annual update
on the Social Governance pillars of our
Sustainability Framework from the
Chief People Officer and Deputy
Company Secretary, detailing activities
undertaken and planned for our
charities and communities initiatives,
including robust Governance
frameworks and processes.
· Throughout the year the Board
receivedupdates on the sustainability
framework, enhancing awareness and
understanding of crucial environmental,
social and governance (ESG) principles.
Section 172 of the Companies Act 2006 – Stakeholder Engagement continued
Significant
feedback
· Our partnership with CALM won a CPID
People Management Award in the category
of Best CSR/ESG initiative. The judges
highlighted the strong collaboration
between the partnership manager and
CALM representative, the integration of
charity partnership management, the clear
demonstration of ESG as a core element of
the Group’s people strategy and the
authenticity of the partnership.
Outcomes
· We have worked with Climate Impact
inrelation to procuring three carbon
offsetting projects which offset all of our
GHG emissions for 2023. These projects
are a combination of reforestation,
conservation and clean cooking projects
that will help both the environment and
local communities.
· To encourage our colleagues to support
their community, a charity, or initiatives
aligned with our Group’s purpose of
helping households save money, we
provide paid time off to volunteer.
· As a result of our carbon reduction
strategy, we have continued to monitor our
greenhouse gas emissions and have been
consistently working on sourcing
renewable energy for more of our offices.
· The Green Team have been running
more awareness sessions for
colleagues on carbon reduction and
wehave part of a pilot Carbon Literacy
Training within the Tech sector.
· In 2024 we donated £127,278 to CALM
via fundraising initiatives, including a
trek in the Peak District. This equates to
10,432 life-saving calls to CALM’s
helpline. As a result of significant
colleague engagement with our charity
partner, CALM, we extended the
partnership by an additional year and
revised our donation target to £225,000
across the full three-year partnership.
· Our Money Talks Campaign with
CALMand UM London won ‘Best
SocialImpact Campaign’ at the
Newsworks Awards.
MONY Group PLC Annual Report and Accounts 2024 – 31Financial statementsGovernanceStrategic report
Section 172 of the Companies Act 2006 – Stakeholder Engagement continued
Regulators/Government
How we
engage
· We provide the FCA with quarterly,
half-yearly and annual reporting that
includes financial information, complaints
and regulatory capital. This reporting is
one of the FCA’s supervisory tools.
· We maintain regular and ongoing dialogue
with key regulatory bodies, including the
FCA and Ofgem and, where appropriate,
the ICO, CMA, ASA and Ofcom.
· We have monitored and responded to new
and emerging regulatory developments,
including the new FRC Corporate
Governance Code 2024, FCA PCW
Roundtable, the review of FCA
requirements following the introduction of
Consumer Duty, FCA premium finance
market study, FCA thematic review of
appointed representatives and energy
market reform.
· The MSE Campaigns Team engaged with
the current and previous Governments
on key consumer issues such as energy
bills and competition, energy standing
charges and smart meters, Buy Now/
Pay Later Regulation, Lifetime ISAs,
Carer’s Allowance, Child Benefit,
Pension Credit and Student Finance.
· MSE responded to regulators’ key
consultations around energy standing
charges, the future of the energy price
cap and tackling scams under the
Online Safety Regime.
How the
Board
engages
Indirect engagement:
· Following the FRC’s publication on
Corporate Governance Code 2024, the
Board oversaw and approved
management’s approach to enhancing the
Group’s key in-scope material controls.
· The Board oversaw the Group’s approach
to regulatory engagement, the pipeline of
regulatory changes and responses to
regulatory consultations. The Board
additionally oversaw compliance with key
regulatory requirements including the
Consumer Duty and the Appointed
Representatives Regime.
· The Board receives a monthly
Consumer Duty scorecard of metrics to
monitor customer outcomes and
regular reporting on compliance,
regulatory change and management’s
engagement with regulators.
Significant
feedback
· The FCA arranged a supervisory
roundtable with key price comparison
websites covering market developments
and its regulatory expectations of firms.
· MSE invested in its political relations
pre-election, establishing key, direct
contact with significant players on all sides
of the House. Advisers to new ministers
have reported strong engagement and
have ‘stress-tested’ policies with the team.
· The FCA reported a strengthened
relationship with MSE on key
investigations including vulnerable
customer treatment, the role of
Consumer Duty and consumer
information around motor finance
mis-selling, on which MSE has become
the leading free resource.
Outcomes
· Child Benefit and Carer’s Allowance
thresholds were lifted as a result of MSE’s
campaigning and Pension Credit claims
routes are being assessed with MSE’s
feedback in mind.
MONY Group PLC Annual Report and Accounts 2024 – 32Financial statementsGovernanceStrategic report
9.3m
people receive the
MoneySavingExpert weekly
tip email which contains deals
and money-saving advice
MONY Group PLC Annual Report and Accounts 2024 – 33Financial statementsGovernanceStrategic report
A Sustainable
Future
We recognise that
sustainability is a
long-term journey,
andwe are committed
to making continuous
improvements
eachyear.
Shazadi Stinton
General Counsel and Company Secretary
Introduction
At MONY Group we recognise the challenges
and complexities involved in making
meaningful progress towards a more
sustainable future. Over the past year, we
have focused on reducing our environmental
footprint, enhancing resource efficiency,
promoting social responsibility and ensuring
we continue to have a robust governance
framework in place. Our company continues
to also be a signatory to the UN Global
Compact, affirming our commitment to
sustainable and responsible business
practices. Our journey is ongoing, and while
we have made significant strides, we are
aware that there is still more work to be done.
Our primary goal is to help households save
money while remaining committed to
sustainable practices. At the beginning of
2024, we received our SBTi accreditation for
our environmental targets, along with a
commendation for our ambitious goals,
affirming our alignment with the 1.5°C
trajectory. This year, we also launched our
Climate Transition Plan, which was reviewed
and approved by the Board in December 2024.
A copy of this plan can be found on our website.
We understand that sustainability is a
long-term commitment, and we are dedicated
to making incremental improvements that
collectively contribute to a larger impact.
Ourapproach is grounded in transparency,
accountability, and a genuine desire to make
apositive difference. We are proud of the
hard work and collaboration that has brought
us this far, and we remain steadfast in our
commitment to building a more sustainable
future for all.
Sustainability
Framework
Our Sustainability Framework outlines our
Environmental, Social, and Governance
(ESG)ambitions.
We continue to strive to minimise our
environmental impact. In 2024 we obtained
accreditation of our science-based targets,
the publication of our Climate Transition Plan,
and the collection of data from our suppliers
to explore ways to reduce our Scope 3 carbon
emissions. Our report details our Greenhouse
Gas (GHG) emissions, our Streamlined Energy
and Carbon Report, and our UK Climate-
related Financial Disclosure Regulations 2022.
Additionally, we provide information on our
social responsibility efforts towards our
communities and employees.
We maintain a robust governance framework
supported by our Code of Conduct, which
applies to all employees. This Code
emphasises ethical behaviour, compliance
with relevant laws and regulations, and
making the right decisions. It also reaffirms
our commitment to globally recognised
human rights principles as outlined in the
International Labour Organisation’s
Declaration on Fundamental Principles
andRights at Work and the United Nations’
Universal Declaration of Human Rights.
In2024, we conducted a thorough review of
all Group Policies to ensure their continued
relevance and applicability. Key policies
reinforcing our Code of Conduct include
ourAnti-Slavery and Human Trafficking
Policy,Anti-Bribery and Corruption Policy,
Competition Law Policy, and
WhistleblowingPolicy.
Sustainability
Further information about our
Sustainability Framework and
our external environmental
targets can be found online
MONY Group PLC Annual Report and Accounts 2024 – 34Financial statementsGovernanceStrategic report
Sustainability continued
Environmental
Greenhouse gas (‘GHG’) emissions
This section includes our mandatory reporting on GHG emissions and global energy use
pursuant to the Companies Act 2006 (‘Strategic Report and Directors’ Report’) Regulations 2013
and the Streamlined Energy and Carbon Reporting (‘SECR’) under the Companies (Directors’
Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. Our
emissions calculations are based on the GHG Protocol Corporate Standard and correspond with
our financial year. Below, we present our annual carbon intensity in tCO
2
e per £m revenue.
We disclose our emissions specifically against Scope 1, Scope 2 and Scope 3 (employee mileage
only) as required under SECR, using emissions factors from UK Government GHG conversion
factors for company reporting. Our carbon reduction plans are based on 2019, the year of our
baseline GHG assessment.
The chosen intensity ratios are:
· Total gross emissions in metric tonnes CO
2
e per full-time equivalent employee (‘FTE’).
Theaverage FTEs for the 2024 reporting period was 668.
· Total gross kilowatt hours (kWh) usage against floor area. An average floor area for Dean Street
has been calculated considering the third floor was sublet from October 2024 onwards. The
average floor area for all offices in the 2024 reporting period was 108,377.51 sq ft.
· Total gross emissions in metric tonnes CO
2
e per £1,000,000 revenue. The revenue for the
2024 reporting period was £439.2m.
Streamlined Energy and Carbon Report
Set out below is out Scope 1, Scope 2 and Scope 3 (employee mileage) emissions as required
under SECR. Our full Scope 3 emissions data for previous years is available in our CDP report.
Dual reporting update
For the first time, MONY Group has reported location-based emissions and market-based
emissions for Scope 2. This dual reporting approach is encouraged by the SECR guidelines and
the GHG Protocol. The Scope 2 (market-based) emission calculations have been carried out in
line with the GHG Protocol’s Scope 2 Guidance . Evidence of all renewable energy procurement
has been obtained and verified by MONY Group.
MONY Group’s total (market-based) carbon emissions decreased by 38% between 2023 and
2024, to a total of 74.4 tCO
2
e from 120.8 tCO
2
e. This is predominantly due to the decrease in
Scope 1 emissions.
MONY Group’s total energy consumption for the reporting period 1 January 2024 to
31December 2024 was 974,574.90 kWh, which equates to total gross emissions of 198 tCO
2
e
(location-based) and 74 tCO
2
e (market-based). This is a reduction of 15% from 2023.
We measure the intensity ration of kgCO
2
e per employee, which includes emissions from all
Scopes, whereas the floor area carbon intensity ration only includes Scope 1 and 2 emissions
related to building activity. MONY Group’s total carbon intensity ratio (market based) has
reduced by 39% in 2024 from 2023.
Table 1 presents a breakdown of MONY Group’s energy consumption, Table 2 presents the
resultant GHG emissions, and Table 3 presents the chosen intensity rations. All tables provide
comparison to the previous years (2023) results.
Table 1 – Energy SECR Summary*
kWh
Energy from:
Total
(1 January 2024 –
31 December 2024)
Total
(1 January 2023 –
31 December 2023) % change
Scope 1: heating fuels 260,634.3 451,073.0 -42%
Scope 2: purchased electricity 628,679.9 610,018.0 +3%
Scope 3: employee mileage 85,260.6 81,199.0 +5%
Total energy 974,574.90 1,142,290.0 -15%
* Due to rounding, the numbers presented in Table 1 may not add up precisely to the totals provided and the percentages may not
precisely reflect the absolute figures.
1 Greenhouse Gas Protocol (GHG Protocol) (2015) GHG Protocol Scope 2 Guidance. Available at: Scope 2 Guidance | GHG Protocol.
MONY Group PLC Annual Report and Accounts 2024 – 35Financial statementsGovernanceStrategic report
Sustainability continued
Environmental continued
Dual reporting update continued
Table 2 – Carbon SECR Summary*
Reporting Area Reporting Parameter (tCO
2
e)
Total
(1 January 2024 –
31 December 2024)
Total
(1 January 2023 –
31 December 2023) % change
Scope 1 (direct) Natural gas 47.7 91.4 -48%
Scope 2 (indirect)
Purchased electricity
(location-based) 130.2 126.3 +3%
Purchased electricity
(market-based) 6.2 9.8 -36%
Scope 3 (indirect) Employee mileage 20.5 19.6 +5%
Summary
Total gross emissions
(Scope 1, Scope 2,
location-based, Scope 3) 198.4 237.3 -16%
Total gross emissions
(Scope 1, Scope 2,
market-based, Scope 3) 74.4 120.8 -38%
* Due to rounding, the numbers presented in Table 2 may not add up precisely to the totals provided and the percentages may not
precisely reflect the absolute figures.
Table 3 – Intensity ratios SECR Summary*
Intensity ratio
Total
(1 January 2024 –
31 December 2024)
Total
(1 January 2023 –
31 December 2023) % change
Floor area: kWh/sq ft/year 8.99 8.61 +4%
Employees: tCO
2
e/employee/year (marketbased) 0.11 0.21 -47%
Employees: tCO
2
e/employee/year (locationbased) 0.30 N/A N/A
Revenue: tCO
2
e/£m/year (market-based) 0.17 0.28 -39%
Revenue: tCO
2
e/£m/year (location-based) 0.45 N/A N/A
* Due to rounding, the numbers presented in Table 2 may not add up precisely to the totals provided and the percentages may not
precisely reflect the absolute figures.
Scope 1 Renewable Energy Procurement
In 2024, MONY Group procured Renewable Gas Guarantees of Origin (‘RGGOs’) at two sites:
Manchester and Dean Street (London). These RGGOs certify that MONY Group is purchasing
biogas (green gas) during the specified period.
Currently, RGGO’s and associated ‘market-based’ Scope 1 emissions reporting are not officially
recognised in the Greenhouse Gas Protocol. However, MONY Group have calculated the
potential impact of the RGGOs on the GHG footprint, to provide a clear and transparent account
of their efforts to procure and use renewable energy sources.
The emission factor provided on the RGGO certificates represents a life cycle emission factor,
which may include certain emissions more appropriately allocated to Scope 3. However, to
adopt a conservative approach, and given that Scope 1 market-based reporting is not widely
accepted under the GHG Protocol, this factor has been utilised.
When the RGGO’s are considered in the GHG footprint, Scope 1 emissions decrease by 6%
from48 tCO
2
e to 43 tCO
2
e. The total market-based emissions decrease by 6%, from 74 tCO
2
e
to70 tCO
2
e.
MONY Group PLC Annual Report and Accounts 2024 – 36Financial statementsGovernanceStrategic report
Sustainability continued
Environmental continued
Acre Amazonian REDD+
Portfolio, Brazil
Forest
conservation
This project aims to prevent
deforestation across 105,000 hectares
of pristine rainforest in the Amazon
basin, protecting some of the world’s
most biodiverse habitats. Without
sustainable alternatives, local
communities often resort to clearing
land for agriculture which contributes
significantly to global deforestation.
This project works with local
communities to secure formal land
rights and provide training in
conservation-based agriculture. This
safeguards biodiversity and improves
the quality of life for local residents.
The reliable stream of carbon revenue
has enabled the construction of
essential infrastructure like bathrooms
and health clinics, as well as regular
visits from healthcare professionals.
Reforestation and
Community
Development,Ghana
Reforestation
The project is restoring degraded
forest reserves in Ghana with teak,
indigenous trees and natural forest
inriparian buffer zones. The areas
have been degraded due to
overexploitation, bush fires and
conversion to agriculture. This project
engages local farmers to plant trees
and grow crops, via intercropping,
ondegraded lands. In addition to
delivering emission removals, over
1,000 jobs have been created (40% of
which are filled by women), and more
than 6,000 hectares of project land is
available to local farmers for
intercropping.
In 2023 the Group’s carbon
footprint came in at 2703 tCO
2
e.
Through our partnership with
Climate Impact Partners, we
have worked to offset these
emissions by providing support
to three verified emissions
reduction projects that are
working to cut carbon and
deliver sustainable development
impacts around the world.
Eachof the projects we have
supported have been
independently verified by
organisations such as the
Climate, Community, and
Biodiversity Standard, Gold
Standard, and the Verified
Carbon Standard.
Bondhu Chula Stoves,
Bangladesh
Clean
cooking
Less than 20% of the 35 million
Bangladeshi households have access
to clean cooking. Traditionally, cooking
is done over an open firepit, releasing
smoke and particulate pollutants.
Weare supporting the Bondhu Chula
Stoves Foundation, to distribute high
efficiency cookstoves that cut carbon
emissions by 50% while reducing
harmful indoor air pollution. This
project also helps to train individuals
in stove production, sales and
marketing. Carbon finance is used to
subsidise 50% of the cost of the stove
installation making it more affordable
for the local community. This project
has been very successful as over five
million stoves have been installed
todate.
MONY Group PLC Annual Report and Accounts 2024 – 37Financial statementsGovernanceStrategic report
Sustainability continued
Social
As we live our purpose
to ‘Help Households
save Money’ we invest
in our employees
wellbeing and the
communities we are
based in, whilst
building a broader
social impact inspired
by our charitable
activities.
Benefitting our
communities:
Now in its second year, our partnership with
Campaign Against Living Miserably, a suicide
prevention charity, has been multi-award
winning. Winning both the CIPD award for
Best ESG Initiative and the Newsworks award
for Best Social Impact Campaign for Money
Talks. Colleague engagement with CALM
remained phenomenal with fundraising
events in 2024 leading to a donation of
£127,278 to the charity, taking us to an overall
figure of £264,214 or 21,656 life-saving calls.
A highlight to the partnership in 2024 was the
Money Talks campaign. This initiative aims
to break the stigma around discussing money
worries. Our research showed that financial
stress is a major cause of suicide, and many
people have never spoken about their money
worries. The campaign includes engaging
videos, guides on starting conversations
about money, and a comprehensive
MoneyTalks report. These resources
areopen source and available on the
MoneySuperMarket and CALM websites.
Our community fund, set up to support small
scale grass roots local charities, has donated
to 37 causes this year, totalling £31,243 in
donations. Through the community fund, we
empower colleagues to make a real difference
in their communities by actively connecting
with charity groups. In 2024 we were able to
support Christmas food boxes for local
families through the “Big Christmas Share”
initiative, supporting homeless and family
services near our offices, donating to
schoolsfor equipment, books, and trips,
andproviding funding for food banks and
community groups.
MoneySavingExpert continued to donate
funds to the MSE Charity, donating £110,000.
The charity offers grants of up to £10,000 to
support non-profit organisations, such as a
social enterprise or a registered charity,
withspecific money education projects.
Fulldetails of the recipients can be found
atwww.msecharity.com.
Our tech apprenticeship scheme continues
itssuccess into our second cohort, and we
now have eight apprentice developers, from
diverse and low socioeconomic backgrounds.
The scheme has benefitted the cohort, as
wellas the team members supporting them.
This year our Women in Tech ERG continued
their partnership with InnovateHer which
focuses on getting girls ready for the tech
industry and the tech industry ready for girls,
and the Group are expected to feature in its
2024 Social impact Report.
Since joining the
MONY group as a
Software Developer
Apprentice back in
April 2023, it feels
like winning the
‘junior developer’
lottery with all the
support and learning
opportunities
provided to help
me succeed in
mystudies.
Vienna Borowska
Apprentice Software Developer
MONY Group PLC Annual Report and Accounts 2024 – 38Financial statementsGovernanceStrategic report
Sustainability continued
Social continued
Looking after our
employees:
Our purpose at MONY Group is to help
households save money, and this mission
extends to our employees as well.
At MONY Group, we believe that thriving
talent leads to a thriving business. Financial
wellbeing is a key part of this equation. Whilst
we are an accredited Living Hours and Real
Living Wage employer and increased our
employer pension contributions by 1% in
April, to a potential 6%, we believe financial
wellbeing is about creating an environment
where our employees feel secure and
supported in all aspects of their financial lives.
Our BIG MONY Workshop, now in its second
year, is one of our standout initiatives. This is
adedicated day where employees can focus
entirely on their finances. Whether it’s
meeting with a mortgage adviser, switching
insurance, or simply banking that coin jar, the
day is theirs to use as they see fit. Colleagues
reported saving £18,632 on the day.
Beyond financial wellbeing we supported our
people to learn and develop by launching
initiatives focused on empowering individuals
to own their learning and build their skills.
Our“Drive Your Development” campaign
encouraged colleagues to own their own
learning, including leveraging LinkedIn
Learning resources to create their own
learning pathways. Additionally, through our
“learning pot” we provided a dedicated fund
for functional learning to support skill
development across various departments.
In terms of building teams and community,
weupskilled our managers on mental health,
held reskill sessions for our Mental Health
First Aiders and extended membership of
Headspace, enabling employees’ families to
access meditation, sleep aids, and stress
management tools.
We worked with teams on short, targeted
sessions to help our people develop relevant
job-related skills and knowledge through
ourBitesize initiative, as well as delivering
one-to-one online coaching to 39 colleagues
via the specialist external consultancy EZRA.
We re-branded our extended leadership
teamas the Senior Leadership Community
and supported them to lead with confidence
through expert-led in-person leadership
development and networking opportunities
throughout the year and self-serve toolkits
tosupport managers in fostering
inclusiveteams.
We continued to develop our wider workforce
through our mentoring programme and tech
apprenticeships, designed to support career
growth, develop specific skills, and expand
networks ensuring a pipeline of skilled
professionals for the future.
Being a fair and socially
inclusive employer:
We want our colleagues to not only live
our purpose but have confidence in us
asa responsible and fairemployer.
The Diversity, Inclusion, Equity and Belonging
(‘DIEB’) initiatives at MONY Group in 2024
have been extensive and impactful, focusing
on various aspects such as female leadership,
ERG advocacy, and DIEB in the tech industry.
Our DIEB metrics are reported monthly with
average gender distribution in 2024 sitting at
44% female, 56% male. Our gender split in tech
at September 2024 was 24.1% female, 73.6%
male, up from 18.5% female in 2022. We were
recognised in the 2024 FTSE Women Leaders
Review as #1 for Women on Boards in the
Technology sector and listed in the FTSE 250
top ten best performers for the fifth year as
well as being named in the Inclusive Top 50 UK
Employers List in 2024.
Our combined Board and Executive Committee
is 44% (7 of 16) female as of 31 December
2024, and 12.5% (2 of 16) are from ethnic
minority groups.
We continue to monitor and report on our
Gender and Ethnicity pay gaps, which were
publishedin October, and have a multi-year
strategy to continue to address challenges.
Actionplans centrearound development,
hiring and allyship and progress against these
isregularly reported to the Board.
In 2024, MONY Group launched the Female
Leadership Forum, a new initiative aimed at
empowering senior female talent through
mentorship, networking, and specialised
training. Sponsored by female Executive and
Non-Executive Board members, the forum
included workshops on overcoming internal
saboteurs, a month-long Women’s Health
Webinar Series, andan event on resilience.
Our Employee Resource Groups, ERGs, played
a significant role in promoting inclusivity and
support through:
· Intersectionality Fireside Chat (Represent
ERG): discussions on LGBTQ+ issues, race
intersectionality, and challenges faced by
interracial couples.
· Mental Health Awareness Week (Thrive
ERG): featuring daily webinars, resources,
and practical tips aimed at promoting
mental health.
· Neurodiversity at Work Webinar (Represent
ERG): insights into neurodiversity in the
workplace.
· Pride Month (Represent ERG): celebratory
events including a quiz, donations to
LGBTQ+ charities, and rainbow-themed
cocktails.
Additional activities focused on allyship and
support for carers, with Carer’s Right Day,
sponsorship of Black Inclusion Week and a
series of podcasts as part of our allyship
towards diverse female entrepreneurs.
Our efforts reflect the Group’s commitment
to diversity, equity, inclusion, and belonging,
and set a strong foundation for continued
progress in the future.
MONY Group PLC Annual Report and Accounts 2024 – 39Financial statementsGovernanceStrategic report
MONY Group’s
partnershipwith CALM and
theMoney Talks campaign
How our
charity
partnership
is making a
difference
At MONY Group, we’re incredibly proud of
our charity partnership with CALM and what
we have achieved by aligning our values with
CALM’s mission to end suicide. We’ve gone
beyond raising funds and getting employees
involved, to tackling the critical issue of
financial hardship and its link to suicide.
Injust 24 months, we’ve exceeded our
three-year fundraising target of £225,000.
What has made our partnership with CALM
so impactful is our shared focus on financial
hardship and mental health. With financial
worries being a key risk factor in suicidal
ideation MoneySuperMarket joined with
UMand CALM to launch Money Talks – a
campaign to help break the stigma that
stops people talking about financial worries
and provide support to those in need.
The Money Talks campaign marked MONY
Group’s first external communications
campaign with a charity. Over 200 people
attended the launch event, including our
partners and three Labour MPs with a
special interest in mental health.
The launch set the stage for the campaign
to reach a diverse audience and encourage
open conversations about money and
mental health.
A key part of the Money Talks campaign
wasthe research we did to understand
howcommon money worries are and
theirimpact. We surveyed 2,000
peoplenationwide and found some
eye-opening stats:
· 80% of people worry about money.
· 26% worry about it more than once a day.
· 75% have never talked to anyone about
their money worries.
The research also uncovered some of the
reasons why talking about money is such a
taboo, such as shame and not wanting to
burden others. People also told us that
seeing other people talking about their
money worries and having easily accessible
information about money and mental health
would help.
To tackle these challenges, CALM and
MoneySuperMarket created a series of
videos featuring CALM ambassadors
sharing their personal stories about
financial stress and mental health. The
videos were shared on social media to help
normalise conversations about money
worries and provide a sense of community
and support.
Understanding the need for practical advice
and support, CALM and MoneySuperMarket
set up Money Talks hubs on their websites.
These hubs are filled with resources,
including tips for managing money and
strategies for dealing with the mental health
effects of financial stress.
Money Talks has received national media
coverage; however, the impact of campaign
is best expressed by those who have
benefitted from it. One testimonial
poignantly stated, “I am touched that
someone somewhere in your organisation
has thought about what life is like for the
neuro spicy. So, it isn’t only the content, it’s
the care and compassion behind it.”
Our efforts this year have also been
recognised on a national level. We received
the award for Best Applications of Research
at the MRS Awards, with the judges
commending the Money Talks campaign
forleading to a “sea-change in the way
people talk about money”.
We also received the award for Best
CSR/ESG Initiative at the CIPD People
Management Awards and the Best Social
Impact Campaign award for Money Talks at
the Newsworks Awards – inspiring us to
continue making a meaningful difference.
Sustainability continued
Social continued
For more information regarding
our partnership with CALM please
visit their website
MONY Group PLC Annual Report and Accounts 2024 – 40Financial statementsGovernanceStrategic report
Climate Risk Disclosures
Board statement on its
commitment to becoming
operational net zero
The Board of MONY Group PLC acknowledges
the substantial risks associated with climate
change and the imperative role we must
undertake to alleviate its impacts on both the
broader world and our own business. We are
committed to diminishing our environmental
footprint by actively reducing carbon
emissions, minimising waste production, and
engaging in responsible sourcing practices.
These climate-related disclosures,
complemented by our AnnualReport and
Accounts, articulates ourapproach to
overseeing and governing climate-related
risks and opportunities.
Our comprehensive net zero plan strategically
addresses the most material aspects of our
business. As a testament to our commitment
toenvironmental responsibility, we proudly
operate as a Carbon Neutral business. Together
with this, we also have our Science Based
Targets which were accredited by the Science
Based Target initiative in January 2024, our
science-based emissions reduction targets
across all scopes, in line with 1.5°C emissions
circumstances. We have now also published
out Climate Transition Plan on our website.
We take pride in the progress we’ve
achievedso far, but we acknowledge that
ourjourney towards sustainability is an
ongoing commitment. Looking ahead to
2025,we are actively collaborating with our
supply chain partners to comprehensively
understand their emissions footprint and
strategise on effective measures to reduce
these emissions, ensuring alignment with
ouroverarching targets.
1:
Governance
arrangements
Board oversight of climate-
related risks and opportunities
The Board takes overall accountability for the
oversight of the Group’s risks and opportunities,
which includes climate change. The Board
receives regular updates from management
as well as the Risk and Sustainability
Committee on environmental and climate-
related matters and considers the risks and
opportunities arising from climate-related
change at least three times a year.
This year, the Board considered climate risks
and opportunities across the Group, and
discussed whether there had been any
increase from climate risk to the business.
Theoutcome of these discussions is set out in
section 2 of these climate-related disclosures.
The Board considered and approved our
Climate Transition Plan targets.
Reporting to the Executive Risk and
Sustainability Committee is our Sustainability
Steering Committee, chaired by the Group
General Counsel and Company Secretary
andcomposed of Executives and senior
management who have responsibility for
delivery of the Sustainability Framework
across the Group. This Committee oversees
communications, Board engagement and the
education of colleagues across the Group.
The governance diagram on the following
page illustrates how our sustainability
governance is structured.
We acknowledge the distinct
challenge of mitigating the impact of
climate change and recognise the
prevailing scientific consensus that
the window to address it is rapidly
closing. Our commitment lies in
assisting households to save money
while being mindful of the climate
challenge we face.
We consider this section of the Annual
Report to be consistent with the
requirements of UK Climate-related
Financial Disclosure Regulations 2022.
MONY Group PLC Annual Report and Accounts 2024 – 41Financial statementsGovernanceStrategic report
Climate Risk Disclosures continued
1:
Governance
arrangements continued
Board oversight of climate-
related risks and opportunities
continued
Assurance of climate-related
measurement and reporting
We continue to operate the internal processes
we introduced in 2022, to include the peer
review of data submitted to our external
partner which helps us to produce our carbon
footprint to ensure its accuracy, traceability
and completeness.
Management’s role in assessing and
managing climate-related risks and
opportunities
The Group General Counsel and Company
Secretary holds a pivotal role in steering
ourclimate change agenda, ensuring the
communication of our environmental
ambitions and commitments throughout the
organisation. This includes working with the
Green Team and other Executives, senior
management and the Board, to consider
waysto reduce waste, reduce our carbon
footprint or increase awareness of the
risksand opportunities of climate change
onthe business.
Simultaneously, the Chief Risk Officer is
tasked with overseeing our comprehensive
risk management framework and approach.
This responsibility extends to the evaluation
and management of climate-related risks,
underscoring our commitment to addressing
environmental challenges within our risk
management strategy. Together, these key
roles contribute to a unified and strategic
approach to sustainability, ensuring that our
organisational practices align with our climate
change goals.
Externally, a consultant specialising in GHG
reporting assists the Group, while industry
updates ensure awareness of broader trends.
Both the General Counsel and the Chief Risk
Officer actively participate in Risk and
Sustainability Committee meetings, reporting
on sustainability and risk matters throughout
the year. The insights garnered from these
meetings are shared with the Board, providing
a comprehensive overview of the Company’s
stance on sustainability and risk management.
The operational management of our climate-
related risks and opportunities continues to
be embedded within our business strategy
and operations, as detailed in section 2 below.
Sustainability Governance Overview
Group Green
Team
Employee led
group to identify
and put
intoaction
environmental
initiatives on a
day to day basis
Environment
Minimising our
impact on the
environment
General Counsel
&Company
Secretary
Social
Our social
purpose Chief
People Officer
Governance
Robust
governance
andethics
General Counsel
&Company
Secretary
MONY PLC Board
Oversight of Company strategy and ensuring the long-term success of the Group
Risk and
Sustainability
Board
Committee
Provides guidance
and direction to the
Group’s
sustainability
strategy and
framework
Advises the Board
on Group Risk
Framework and
riskappetite
Executive Risk
and
Sustainability
Committee
Meetings to discuss
how the Group is
managing its risks
as well as how
internal and
external
sustainability
targets are
achieved
Sustainability
Steering
Committee
Group General
Counsel
responsible for
delivery of the
Sustainability
Framework across
the Group, with
functional
representatives
MONY Group PLC Annual Report and Accounts 2024 – 42Financial statementsGovernanceStrategic report
Climate Risk Disclosures continued
2:
Identifying, assessing
and managing climate-
related risks and
opportunities
Climate-related risks and
opportunities identified
overthe short, medium and
longterm
The processes used to identify the material
climate-related risks and opportunities
include several scenario analyses (below) and
detailed risk assessments, in consultation
with relevant stakeholders across our
business. Risks are classified, assessed and
managed in accordance with our Group risk
management framework described on pages
54 to 57. In considering this risk assessment,
we defined the following timescales:
· Short Term (up to three years) reflecting the
period over which we prepare financial
projections which are used to manage
performance and expectations;
· Medium Term (three to seven years)
including the period over which we
committed to achieve operational net
zero(2030); and
· Long Term (beyond seven years) reflecting
the period over which longer term climate,
consumer and structural trends will
takeplace.
In assessing the potential impact of climate
change scenarios, we have considered the
following risks:
Physical risks – risks from the direct impacts
of climate-related and environmental hazards
with human and natural systems, such as
droughts, floods and storms. These impose
direct costs on the business, and indirect
costs by disruption of supply chains. These
can either be acute or chronic.
Transition risks – those that arise from
transitioning to a lower carbon economy
which entail extensive policy, legal, technology
and market changes to address mitigation
and adaptation requirements related to
climate change.
3:
Climate-related risks
and opportunities to
the Group
Physical risks – As a UK based, low-carbon
intensity business, we do not operate in the
most immediately susceptible areas and so
we consider that the Group has limited
exposure to potential direct physical climate-
related risks. Not all direct physical risks are
relevant to the Group and therefore our
analysis has focused on the risk of increased
damage from floods in the UK (potentially
impacting our offices), the risk of loss of
productivity in employees and risk of
increased one-off operational events. Our
analysis shows that the direct physical risks
tothe Group under each scenario are low.
Transition risks – We consider that there
isthe potential for transition risk to impact
theGroup over the medium to long term.
Wehave considered four categories of
transition risk in our assessments:
· Risks from developments in climate policy,
legislation and regulation – the Group has
committed to net zero by 2050 which
means that it is already exposed to high
levels of policy, legislation and compliance
risks envisaged under the scenarios.
Currently these costs are not projected to
result in additional costs to the Group over
the medium to long term.
· Risks from new, lower carbon technologies
that substitute for existing products and
services – this should not significantly
impact the Group as we are not producing
products and services which could be
beaten by lower carbon intensive products
and services.
· Risks from changing consumer behaviour
and investor sentiment – we anticipate that
such risks may arise in response to
consumer behaviour changes within our
Insurance and Travel sectors, in particular
changes in insurance requirements, car
ownership and international travel.
· Reputational risks – These risks arise from
changing consumer perceptions of the
Group or the industry it operates.
Reputational risks to the Group are low
under all scenarios, especially as the Group
is already committed to Net Zero by 2050.
Impact of climate-related risks
and opportunities on our Group
To understand the impact on the Group, we
look through the lens of both the physical
impacts and potential socioeconomic
developments. Under each of our scenario
analyses, we anticipate that our providers
would likely seek to evolve their products,
e.g.insurance policies and energy tariffs,
inresponse to climate-related risks and
opportunities. We expect consumers would
still seek to engage with switching sites and
seek to compare products across additional
criteria, rather than purely in relation to price.
As a Group we are well placed to deliver the
tools consumers would need to understand
which products provide good value.
Having undertaken our risk and opportunities
assessment, we do not anticipate any specific
opportunities for the business in the short
term. As green products become more
available (and potentially more desirable,
particularly if regulatory change leads to an
increase in demand in certain products) over
the medium term, we will act to identify these
to our users and provide guidance as to the
pros and cons of such products. We have also
considered whether to help users of other
Group sites better understand their carbon
footprint, for example as it relates tocar
mileage or travel, and have also considered
specific commercial initiatives relating to
carbon change. At this point, we donot
expect that climate-related matters willhave a
material impact on areas of financial planning
over the short term. Wewillcontinue to
assess consumer demandfor such products
to prioritise suchinitiatives in the future.
Our strategic aims to develop “compelling
member propositions” and “Leading growth
partner” give us opportunity to broaden
theGroup’s offering and should provide
additional diversification, enabling us to
takeadvantage of emerging climate-related
opportunities and reduce the impact of
climate-related changes from any area of
theGroup.
MONY Group PLC Annual Report and Accounts 2024 – 43Financial statementsGovernanceStrategic report
Climate Risk Disclosures continued
4:
Analysis of the
resilience of our Group
strategy, taking into
consideration different
climate-related
scenarios (including a
2°C or lower scenario)
In 2024, we have continued to build and
enhance our resilience assessment. Our
climate scenarios were based on the Network
for Greening the Financial System (‘NGFS’) for
our risk assessments. These scenarios were
developed by NGFS with an expert group of
climate scientists and economists and provide
a common and up-to-date reference point for
understanding how climate change, climate
policy and technology could evolve in the
future. The NGFS scenarios were chosen as
our scenarios as they provide a standardised
set of scenarios; the NGFS scenarios are used
by the financial services sector. As a tech-
based comparison business operating
primarily operating in the financial services
industry, these were considered the most
relevant. There are six scenarios grouped into
three representative categories: Orderly
(where climate policies are introduced early
and become more stringent over time),
Disorderly (where implementation of policies
are delayed or divergent) and Hot House
World (where some policies are introduced
but global efforts are insufficient to halt
significant global warming), comprising:
1. Orderly: net zero 2050 – an ambitious
scenario that limits global warming to
1.5°C through stringent climate policies
and innovation, reaching net-zero CO₂
emissions around 2050. Physical risks are
low and transition risks are medium.
2. Orderly: below 2°C – assumes that climate
policies are more stringent in the building
and transport sectors, but less so in other
sectors. Physical risks are higher and
transition risks are lower than in
scenario1.
3. Orderly: Low Demand – assumes that
significant behavioural changes, reducing
energy demand, mitigate the pressure on
the economic system to reach global net
zero CO
2
emissions around 2050.
4. Disorderly: delayed transition – Global
annual emissions do not decrease until
2030, and rapid climate action is then
needed to limit warming to below 2°C.
This leads to higher physical risks and
lower transition risks compared to
scenario 3.: divergent net zero – climate
policies are not co-ordinated giving a
67%change of limiting global warming
tobelow 2°C.
5. Hot house world: Nationally Determined
Contributions (‘NDCs’) – assumes that
current (moderate) levels of climate action
continue, so emissions decline but only to
limit warming to 2.5°C. Physical risks are
high but transition risks are relatively low.
6. Hot house world: current policies – only
currently implemented policies are
preserved, leading to high physical risks.
Emissions increase until 2080 and lead to
3°C of global warming. Physical risks are
very high and transition risks are low.
7. Too little, too late: Fragmented World
– scenario assumes delayed and divergent
climate policy ambition globally, leading to
elevated transition risks in some countries
and high physical risks everywhere due to
the overall ineffectiveness of the transition.
Based on our current analysis, under all
scenarios described above, we expect the
Group strategy to be resilient to any physical
risks which may materialise. We expect the
potential impact of transition risks to be
higher (which are greatest under the
disorderly scenarios); however, our analysis
indicates our Group business model and
strategy will be sufficiently resilient to not be
materially impacted by transition risks and
flexible enough to allow the Group to
capitalise on climate-related opportunities.
5:
Integration into
the Group risk
management
framework
Our processes for identifying
and assessing climate-related
risks and integrating climate-
related risks within our overall
risk management framework
Our approach to the identification and
assessment of climate-related risks fits into
our already established risk management
framework. These risks are identified,
classified and assessed alongside the other
risks which the Group faces. See pages 54 to
57 on risk management in the Group. Climate
change risks and, where applicable,
opportunities are reported to the Executive
Team and the Board (see section 1 on
Governance above for detail).
Climate-related risks have been assessed in
accordance with our Group Risk Framework
and we have continued to consider climate
change as an emerging risk to our business,
rather than a principal risk.
We monitor existing and emerging regulatory
requirements related to climate change to
understand the potential impact and
opportunities for our business and
stakeholders, recognising that climate change
regulations could require us to make changes
to our processes or operations, but also that
changes in climate change regulations could
present opportunities if they result in an
increase in the demand for energy efficiency
products or services.
Processes for identifying,
assessing and managing
climate-related risks into the
Group’s risk management
framework
Our approach to assessing and managing the
climate-related risks is consistent with our
approach to other risks which the Group faces
and is described as part of our Group risk
management framework on page 56. At this
point, we consider the potential impact of
climate change includes strengthening our
operational resilience to climate-related
risksby reducing our emissions across
ouractivities.
MONY Group PLC Annual Report and Accounts 2024 – 44Financial statementsGovernanceStrategic report
Climate Risk Disclosures continued
6:
Group metrics to assess
climate-related risks
and opportunities in
line with our strategy
and risk management
processes
We are committed to achieving operational
net zero emissions by 2030 and overall net
zero by 2050, in line with our pledge to limit
our carbon footprint and keep global warming
below 1.5ºC.
We report on various GHG emissions and
intensity metrics to evaluate our impacts and
performance. Detailed information on our
Scope 1, 2, and 3 GHG emissions and intensity
ratios is available on page 36.
Currently, we only use GHG emissions metrics
to assess and manage risks and opportunities
due to their limited nature. However, we
continuously review this approach and will
update our position in future Climate Risk
Disclosures reports.
7:
Group targets to
manage climate-related
risks and opportunities
and performance
against targets
As a Group, we are dedicated to having a
positive environmental impact. We aim to
achieve operational net zero emissions by
2030, targeting a 90% reduction in Scope 1
and 2 emissions, aligned with the SBTi
(1.5ºCpathway).
For our long-term goals, we aspire to reach
net zero by 2050. Following a 2022 review of
our Scope 3 net zero targets, we have set
ambitious plans to reduce emissions across
Scope 1, 2, and 3 by 90% by 2050.
We actively work to minimise emissions. Our
London, Manchester, and Ewloe offices now
operate on 100% renewable electricity tariffs,
and we no longer occupy energy-intensive
data centres. Further details are on page 36.
In December 2023, we submitted our SBTs
forScopes 1, 2, and 3 emissions, achieving
accreditation from the Science Based Target
initiative on 10 January 2024. Our emissions
modelling aligns with the GHG Protocol, using
the baseline year 2019.
Engaging with third-party suppliers is crucial
to achieving our targets. Over the next year,
we will focus on reviewing the supplier
information we have collated and working
with our suppliers to consider how we can
reduce our supplier Scope 3 emissions.
GHG emissions and the
relatedrisks
Our GHG emissions are detailed on page 36
of this Annual Report. In addition to reporting
Scope 1 and Scope 2 emissions, we have also
publicly disclosed our Scope 3 employee
mileage GHG emissions. We provide a
description of the methodologies used for
calculating or estimating these metrics. For
emissions we have not yet eliminated. Our full
Scope 3 emissions data is available in our CDP
report. We offset 100% through investment in
verified carbon offset projects. Please refer to
page 37 for further details.
MONY Group PLC Annual Report and Accounts 2024 – 45Financial statementsGovernanceStrategic report
Non-Financial and Sustainability Information
We comply with the non-financial reporting requirements contained
in sections 414CA and 414CB of the Companies Act 2006.
The below table outlines our position on non-financial matters and provides signposts to where these issues are addressed in the report.
Reporting
requirement
Policies and standards which
govern our approach
Additional information
and risk management
Stakeholders
Section 172 Statement
pages 26 to 32
Board activities pages 71 to 73
Sustainability disclosures
pages 34 to 40
Employee Champion Report
pages 82 and 83
Corporate Governance Statement
pages 68 to 81
Audit Committee Report
pages 88 to 93
Environmental
Environmental Policy
Sustainability Framework
Sustainability disclosure
pages 34 to 40
Employees
Code of Conduct
Equal Opportunities
&DiversityPolicy
Flexible Working – “Work
YourWay”Policy
Whistleblowing Policy
andFramework
Health and Safety Policy Statement
Sustainability disclosure
pages 34 to 40
Employee Champion Report
pages 82 and 83
Human rights
Anti-Slavery & Human
TraffickingPolicy
Code of Conduct
Corporate Governance Statement
pages 68 to 81
Social matters
Anti-Slavery & Human
TraffickingPolicy
Volunteering Guide (Time-Off Policy)
Sustainability disclosures
pages 34 to 40
Directors’ Report
pages 116 to 120
Reporting
requirement
Policies and standards which
govern our approach
Additional information
and risk management
Anti-corruption
andbribery
Anti-Bribery & Corruption Policy
andProcedure
Competition Law Policy
Conflicts of Interest Policy
andProcedure
Hospitality & Gifts Policy
andProcedure
Fraud Investigation Policy
Share Dealing Policy and Code
How to Buy Guidelines
Directors’ Report
pages 116 to 120
Principal risks
andimpact
on thebusiness
Risk Management Framework
Risk Appetite Framework Statement
Conduct Risk Policy
Compliance Risk Group Policy
Operational Risk Policy
Data Risk Group Policy
Strategic Risk Group Policy
Risk management
pages 54 to 57
Principal risks
pages 58 and 59
Business model
pages 18 and 19
Risk Committee Report
pages 94 to 96
Description of
businessmodel
Business model
pages 18 and 19
Sections 414CA
and414CB of the
Companies Act 2006
Task Force on Climate-Related
Financial Disclosures, Sustainability
Disclosures pages 41 to 45
MONY Group PLC Annual Report and Accounts 2024 – 46Financial statementsGovernanceStrategic report
Non-Financial and Sustainability Information continued
People
At MONY Group, we understand that our
behaviour, our operations and how we treat
our employees all have an impact on the
environment and society. We recognise the
importance of health and safety and the
positive benefits to the Group. The Group has
a Health and Safety Policy which is
communicated to all employees through a
health and safety handbook, which is regularly
reviewed and updated. Behaving ethically is
an essential part of working for our Group,
fundamental to how we do business and
vitally important to the reputation and
success of our Group. Our Code of Conduct
applies to all employees and sets out our
commitment to:
· behave ethically;
· comply with relevant laws and regulations;
and
· do the right thing.
Human rights
Our Code of Conduct also confirms that we
respect and uphold internationally proclaimed
human rights principles as specified in the
International Labour Organization’s
Declaration on Fundamental Principles and
Rights at Work (‘ILO Convention’) and the
United Nations’ Universal Declaration of
Human Rights. In addition, we have an
Anti-Slavery and Human Trafficking Policy for
suppliers and a separate one for employees.
Training is provided to all employees on issues
of modern slavery in conjunction with the
Code of Conduct e-learning module. We have
a zero-tolerance approach to modern slavery,
and are committed to acting ethically and with
integrity in all our business dealings and
relationships, and to implementing and
enforcing effective systems and controls to
ensure modern slavery is not taking place
anywhere in our own business or in any of
oursupply chains. We publish our Modern
Slavery Act Transparency Statement annually
and this, together with previous statements,
can be viewed on our website at
https://www.monygroup.com/.
Anti-corruption and anti-bribery
We also have Anti-Bribery and Anti-Corruption
and Competition Law Policies that incorporate
the Group’s key principles and standards,
governing business conduct towards our key
stakeholder groups.
We believe we should treat all of these groups
with honesty and integrity. Our Anti-Bribery
Policy is supported by clear guidelines and
processes for giving and accepting gifts and
hospitality from third parties.
Whistleblowing
Our Whistleblowing Policy is supported by an
external, confidential reporting hotline which
enables employees of the Group to raise
concerns in confidence. Any reported issues
will be reported to the Audit Committee and,
where appropriate, remedial actions taken.
Tax Policy
Our Group is guided by our purpose to help
households save money. We believe that our
business makes a valuable contribution to UK
society and we are proud that MSM and
Quidco have helped 13.8m active users, as
defined on page 51, to save an estimated
£2.9bn on their household bills in 2024 by
finding a better deal on their insurance,
energy and banking products.
Alongside this, we want to make our
contributions to the communities that our
customers live in by paying the right amount
of tax, at the right time. In 2024, we paid
£30.4m in corporation tax (see page 142) and
over £37.1m in other taxes (including VAT and
employer’s National Insurance). This does not
include taxes collected on behalf of
individuals in the form of PAYE and employees
NI. We are committed to acting with integrity
and transparency in all tax matters. We will
not support proposals to reduce our tax cost
through implementing artificial structures,
but we will seek to structure commercial
transactions in an efficient and legitimate way.
A copy of our tax strategy is available at
https://www.monygroup.com/.
Dividend Policy
In determining the level of dividend in any
year in accordance with the policy, the Board
also considers a number of other factors that
influence the proposed dividend through its
annual and strategic planning processes and
the scenario planning described below in our
viability review section, which includes: the
level of available distributable reserves in the
Parent Company; future cash commitments
and investment needs to sustain the long-
term growth prospects of the business;
potential strategic opportunities; a prudent
buffer; and the level of dividend cover.
MONY Group PLC, the Parent Company of the
Group, is a non-trading investment holding
company, which derives its distributable
reserves from dividends paid by subsidiary
companies. The Board reviews the level of
distributable reserves in the Parent Company
biannually, to align with the proposed interim
and final dividend payments. The
distributable reserves of the Parent Company
approximate to the balance on the profit and
loss account reserve, which at 31 December
2024 amounted to £110.0m (2023: £117.7m)
(as disclosed in the Company balance sheet
on page 162). The total external dividends
relating to the year ended 31 December 2024
amount to £65.5m (2023: £63.4m).
The Group is well positioned to continue to
fund its dividend, which is suitably covered by
cash generated by the business. The
distributable reserves are sufficient to pay
dividends for a number of years as, when
required, the Parent Company can receive
dividends from its subsidiaries to increase its
distributable reserves. Details on the Group’s
continuing viability and going concern can be
found on pages 63 to 64 and 53.
The ability of the Board to maintain a future
dividend policy will be influenced by a number
of the principal risks identified on pages 58
and 59 that could adversely impact the
performance of the Group.
The Strategic Report on pages 2 to 61 was
approved by the Board of Directors and
signed on its behalf by:
Peter Duffy
Chief Executive Officer
14 February 2025
MONY Group PLC Annual Report and Accounts 2024 – 47Financial statementsGovernanceStrategic report
MONY Group PLC Annual Report and Accounts 2024 – 48Financial statementsGovernanceStrategic report
Financial Review
Year ended 31 December
2024
£m
2023
£m
Growth
%
Group revenue 439.2 432.1 2
Adjusted EBITDA
1
141.8 132.9 7
Profit after tax 80.2 72.3 11
Adjusted basic EPS
2
17.1p 16.2p 5
Basic EPS 15.0p 13.5p 11
Operating cash flow 115.6 102.2 13
Net cash/(debt)
3
8.4 (19.8) n.m.
Dividend per share 12.5p 12.1p 3
Notes:
1 Adjusted EBITDA is operating profit before depreciation and amortisation and adjusted for other non-underlying costs as
detailed on page 51. This is consistent with how business performance is measured internally. For comparability and consistency,
adjusting items for the year ended 31 December 2023 have been updated to include £1m of costs that were recognised within
EBITDA but were not presented as adjusting items because they were not material.
2 Adjusted basic earnings per share is profit before tax adjusted for amortisation of acquisition related intangible assets and other
non-underlying costs as described on page 51. A tax rate of 25.0% (2023: 23.5%) is applied to calculate adjusted profit after tax. This
is divided by the number of weighted average shares. A reconciliation of adjusted basic earnings per share to the financial
statements is included in note 4. Adjusted basic earnings per share for the year ended 31December 2023 has been updated from
16.0p to 16.2p to reflect the reclassification of costs to adjusting items noted above.
3 Net cash/(debt) is cash and cash equivalents of £22.4m (2023: £16.6m) less borrowings of £12.0m (2023: £34.5m) and loan notes
payable to Podium’s non-controlling interest of £2.0m (2023: £1.9m). It does not include lease liabilities.
Continued strong
strategic and
financial progress
We have expanded
Group profitability by
7% this year, delivering
our highest ever
adjusted EBITDA.
Niall McBride
Chief Financial Officer
Highlights
· Record revenue of £439.2m, up 2%, driven by good performance in Insurance
particularly in the first half, as well as growth in Cashback
· Highest ever adjusted EBITDA, up 7% to £141.8m with adjusted EBITDA margin
expanded by 1%pt to 32% demonstrating continued robust cost management
· Profit after tax of £80.2m, up 11%
· Adjusted basic EPS of 17.1p, up 5%
· Operating cash flow of £115.6m, up 13%
· Return to net cash after paying down the term loan for the Quidco acquisition
MONY Group PLC Annual Report and Accounts 2024 – 49Financial statementsGovernanceStrategic report
Financial Review continued
Financial review
Group revenue increased 2% to £439.2m (2023: £432.1m) with profit after tax increasing 11%
to£80.2m (2023: £72.3m). When reviewing performance, the Board reviews several adjusted
measures, including adjusted EBITDA, which increased 7% to £141.8m (2023: £132.9m), and
adjusted basic EPS, which increased 5% to 17.1p (2023: 16.2p), as shown in the table below.
Adjusting items include a provision made for VAT and related costs of £3m (explained on page
51). This is due to ongoing discussions with HMRC regarding the method we use to recover VAT,
aPartial Exemption Special Method (‘PESM’). For comparability and consistency, adjusting items
for the year ended 31 December 2023 have been updated to include £1m of provisions that
were recognised within EBITDA but were not presented as adjusting items because they were
not material. Last year’s adjusted basic EPS has also been updated accordingly. More
information on the nature of these costs is included in the adjusting items section on page 51.
Extract from the Consolidated Statement of Comprehensive Income
for the year ended 31 December
2024
£m
2023
£m
Growth
%
Revenue 439.2 432.1 2
Cost of sales (148.6) (139.7) 6
Gross profit 290.6 292.4 (1)
Operating costs (177.3) (195.1) (9)
Operating profit 113.3 97.3 16
Amortisation and depreciation 25.5 34.6 (26)
EBITDA 138.8 131.9 5
Profit after tax 80.2 72.3 11
Earnings per share:
– basic (p) 15.0 13.5 11
– diluted (p) 14.9 13.5 11
Reconciliation to adjusted EBITDA:
2024
£m
2023
£m
Growth
%
EBITDA 138.8 131.9 5
Irrecoverable VAT provision and related costs 3.0 1.0 200
Adjusted EBITDA 141.8 132.9 7
Adjusted earnings per share
1
:
– basic (p) 17.1 16.2 5
– diluted (p) 17.0 16.2 5
1 A reconciliation to adjusted EPS is included within the adjusting items on page 51.
Revenue
for the year ended 31 December
2024
£m
2023
£m
Growth
%
Insurance 235.6 220.0 7
Money 97.8 100.2 (2)
Home Services 36.1 39.0 (7)
Travel 19.6 20.6 (5)
Cashback 60.8 59.8 2
Inter-vertical eliminations (10.7) ( 7.5) 44
Total 439.2 432.1 2
Revenue grew 2% to £439.2m. Trading was led by strong Insurance performance offset by more
challenging trading conditions in other verticals.
Insurance
Revenue in Insurance grew 7% to £235.6m. Growth was underpinned by strong switching in car
and home insurance, particularly in H1.
Premium price inflation continued to normalise during the year, exiting the year at +2% in car
and +16% in Home. Despite the easing levels of premium inflation, we continued to see record
switching volumes for car and home insurance. This is supported by a greater number of
products available to consumers in the market, and as a result of sustained high absolute
pricing for policies. For context, the average car insurance quote is now 48% higher than it was
before the implementation of General Insurance Pricing Regulation in 2021.
Other insurance products performed well, including travel insurance, which saw an uplift in
performance during H2, after a trend towards a lower tier of coverage seen in H1 eased, and life
insurance which also saw strong growth during Q4.
Money
Revenue in Money was £97.8m, down 2% on 2023 due mainly to fewer attractive current
account products in the period. Within our banking product lines, we saw providers begin to
focus on profitability and as a result there were fewer attractive current account products
available.
Borrowing saw growth in the year, driven by increased demand in credit cards. Despite
sustained higher interest rates continuing to impact affordability and conversion for loans and
mortgages, we saw an improving profile of performance during H2.
We also made good strategic progress, improving the experience for customers on our sites.
Asan example, consumers can now easily see what credit limits and APRs they are eligible for
aspart of their user journey, rather than simply being shown an average estimate.
MONY Group PLC Annual Report and Accounts 2024 – 50Financial statementsGovernanceStrategic report
Financial Review continued
Revenue continued
Home Services
Home Services revenue was £36.1m, down 7%, as a result of continued softer trading in
broadband and mobile.
Traffic levels in broadband and mobiles remained reasonably robust but conversion was
impacted by continued actions from providers on customer retention and acquisition.
Energy switching levels and revenue remained immaterial in the year in line with previous
guidance but we did see year-over-year growth, albeit comparing to subdued performance
in2023.
Travel
Revenue in Travel fell 5% to £19.6m with conditions becoming increasingly competitive through
the year after a very strong Q1.
Package holiday performance remained solid throughout the year but the market became
increasingly competitive, resulting in higher marketing costs across the sector. For the majority
ofthe year, we took action to adjust our marketing spend and manage margins which impacted
growth. In the second half we began trialling a change in our marketing mix out of PPC and into
social with initial good results.
Car hire was a headwind with reduced daily rates in the industry impacting use of comparison sites.
We have now completed the migration of our marketing tech stack, enabling expansion into new
products to drive growth. As an example, in late 2024, we launched a new cruise offering.
Cashback
Revenue in Cashback grew 2% to £60.8m with the insurance vertical, powered by MSM B2B
capability performing well in heightened switching markets. During the year we deepened our
relationship with key strategic partners in the travel area, working collaboratively to launch new
campaigns which delivered strong results. This offset softer trading in retail which continued to
be impacted by weaker consumer confidence and difficult economic conditions.
Cashback saw good strategic progress in the year, with us increasing the levels of
personalisation to our customers and deepening the customer proposition with the launch of
new features, notably Quidco stories.
Gross profit
Gross profit was down 1% to £290.6m, while gross margin decreased to 66.2% (2023: 67.7%).
The margin was impacted in the second half by increased PPC costs caused by particularly
competitive markets through the year, as well as the growth of B2B which has structurally
lowermargins.
Operating costs
for the year ended 31 December
2024
£m
2023
£m
Growth
%
Distribution expenses 34.4 41.8 (18)
Administrative expenses 142.9 153.3 (7)
Operating costs 177.3 195.1 (9)
Within administration expenses
Amortisation of technology related intangible assets 10.3 9.3 11
Amortisation of acquisition related intangible assets 10.8 21.1 (49)
Depreciation 4.4 4.2 3
Amortisation and depreciation 25.5 34.6 (26)
Operating costs reduced by 9% year on year, in part due to lower distribution expenses and
people cost efficiency gains, and in part due to the decrease in amortisation of acquired
intangible assets.
Distribution expenses were down 18%, primarily due to lower production costs from TV
advertising materials created in late 2023, which were designed to be efficiently adapted
throughout the year, preventing the need to create entirely new materials.
Administrative expenses decreased by 7%. This included a reduction in amortisation of
acquired intangible assets following the prior year reassessment of their useful economic life,
which brought forward phasing of amortisation costs from future periods.
Excluding depreciation, amortisation and adjusting items, underlying administrative expenses
decreased by 3%. This follows continued development of our platform strategy which enabled
further automation and helped unlock targeted cost savings to offset inflation. The Group delivered
efficiency gains on people costs of 4% and further savings on other administration costs.
Included within operating costs are £3.0m of provisions relating to irrecoverable VAT and
related legal and professional fees which have been presented as adjusting items.
MONY Group PLC Annual Report and Accounts 2024 – 51Financial statementsGovernanceStrategic report
Financial Review continued
Adjusting items
1
for the year ended 31 December
2024
£m
2023
£m
Growth
%
Amortisation of acquisition related intangible assets 10.8 21.1 (49)
Irrecoverable VAT provision and related costs 3.0 1.0 200
Adjusting items included in operating profit 13.8 22.1 (38)
1 Amortisation of acquisition related intangible assets is not included in EBITDA and therefore is only an adjusting item in the
adjusted EPS calculation. Irrecoverable VAT provision and related costs are adjusting items in both the adjusted EBITDA and
adjusted EPS calculations. This amount was recognised within EBITDA last year but was not presented as an adjusting item
because it was not material.
Amortisation of acquisition related intangible assets relates to technology, brands and member
relationships arising on the acquisitions of Decision Tech, CYTI, Quidco and Podium, as well as
the combination of TravelSupermarket and icelolly.com, in prior years. The charge was higher
last year following a reduction in the amortisation period of the brands and member
relationships assets from ten to five years. This was to reflect a change in the period of
economic benefit that is expected to be generated by these assets, which becomes more
diluted as they are integrated into the Group.
The Group is in discussions with HMRC regarding its partial exemption special method (‘PESM’)
which it uses to recover VAT on expenditure. Provisions for irrecoverable VAT and related legal
and professional fees incurred during the year have been presented as adjusting items in order
to enable like-for-like comparison of the Group’s financial performance between reporting
periods. Since 2016 we have been in discussions with HMRC in respect of an update to the PESM
which was originally agreed in 2012. During the current year, HMRC concluded that it no longer
agreed with the principles of the PESM that it approved in 2012 and it subsequently issued a
Special Method Override Notice. Consequently, at the year end the Group no longer had an
agreed basis for operation of a PESM with HMRC. We disagree with HMRC’s position and we are
progressing multiple paths to remediation with positive engagement from HMRC. The Group
isexpecting an assessment from HMRC in the quarter ending 30 June 2025 following the
completion of the 2024-5 tax year and in accordance with accounting standards the Group is
obliged to recognise a provision in respect of this. Although we do not view this assessment
asappropriate and we are aiming to reach a resolution promptly, this process is expected
tocontinue throughout 2025. While discussions with HMRC are ongoing, the amounts
recognised remain estimates of uncertain timing and amount. Until the outcome of this matter
is determined and while the amounts recognised remain uncertain, we are presenting the
charges as adjusting items.
Key performance indicators
The Board reviews key performance indicators (‘KPIs’) to assess the performance of the
business against the Group’s strategy. We measure six key strategic KPIs: estimated customer
savings, net promoter score, active users, revenue per active user, marketing margin and
cross-channel enquiry.
31 December
2024
31 December
2023
Estimated Group customer savings £2.9bn £2.7bn
Group marketing margin
1
58% 58%
MSM and MSE net promoter score 72 70
MSM and Quidco active users 13.8m 14.2m
MSM and Quidco revenue per active user £18.54 £17.82
MSM cross-channel enquiry 25% 24%
1 Marketing spend for the year is £183.0m (2023: £181.5m).
KPI definitions reflect the parts of the Group most relevant for assessing its performance and
where data is available: NPS includes our two biggest consumer brands. Active users is most
relevant for MSM and Quidco where user accounts are identified as a key part of the transactional
journey. Cross-channel enquiry relates only to MSM as this metric is aligned to our aim of
offering more products to users as part of our retain and grow strategy.
Estimated Group
customer savings
This is calculated by multiplying sales volume by the market average
price per product based on external data compared to the cheapest
deal in the results table for core channels. Savings for non-core
channels are estimated by applying the savings for core channels
proportionally to non-core revenue. The cashback earned by Quidco
members is included in this KPI.
Group marketing
margin
The inverse relationship between Group revenue and total marketing
spend represented as a percentage. Total marketing spend is the
direct cost of sales plus distribution expenses.
MSM and MSE net
promoter score
The 12 monthly rolling average NPS (1 Jan 2024–31 Dec 2024 inclusive)
measured by YouGov Brand Index service Recommend Score
weighted by revenue for MSM and MSE to create a combined NPS.
MSM and Quidco
activeusers
The number of unique MSM accounts running enquiries on MSM
(carinsurance, home insurance, life insurance, travel insurance, pet
insurance, van insurance, credit cards, loans and energy channels)
inthe last 12-month period, plus the number of unique Quidco
members making a purchase in the last 12-month period.
MSM and Quidco
revenue per
activeuser
The revenue for MSM channels (car insurance, home insurance, life
insurance, travel insurance, pet insurance, van insurance, credit cards,
loans and energy channels) plus Quidco revenue net of member
commission divided by the number of MSM and Quidco active users
for the last 12 months.
MSM cross-channel
enquiry
The proportion of MSM active users that enquire in more than
onechannel (car insurance, home insurance, life insurance, travel
insurance, pet insurance, van insurance, credit cards, loans and
energy channels) within a 12-month period.
MONY Group PLC Annual Report and Accounts 2024 – 52Financial statementsGovernanceStrategic report
Financial Review continued
Key performance indicators continued
We estimate that the Group saved customers £2.9bn in 2024. The increase from 2023 was
driven by growth in both sales volumes and average savings per sale across our car, home and
travel insurance and cards channels.
NPS rose to 72 demonstrating that trust and satisfaction in both brands remains high. MSE
scored extremely well and MSM finished the year ahead of other price comparison sites.
MSM and Quidco active users declined by 0.3m to 13.8m, driven by a decline in energy enquiries
with fewer users looking for deals with the switching market remaining subdued.
Revenue per active user grew by 72p to £18.54 following a mix into car and home insurance
along with higher multi-channel activity, offsetting the reduction in active users.
Marketing margin remained flat at 58% as we actively balanced direct marketing spend with
margin performance at PPC auctions.
During the year the MSM cross-channel enquiry rate improved by 1% to 25%, supported by the
growth of SuperSaveClub members.
Alternative performance measures
We use a number of alternative (non-Generally Accepted Accounting Practice (‘non-GAAP’))
financial measures which are not defined within IFRS. The Board reviews EBITDA and adjusted
EPS alongside GAAP measures when reviewing the performance of the Group. Executive
management bonus targets include an EBITDA measure and the Long Term Incentive Plans
include an adjusted basic EPS measure.
The adjustments are separately disclosed and are usually items that are non-underlying to
trading activities and that are significant in size. Alternative performance measures used within
these statements are accompanied with a reference to the relevant GAAP measure and the
adjustments made. These measures should be considered alongside the IFRS measures.
Dividends
The Board has recommended a final dividend of 9.2 pence per share (2023: 8.9p), making the
proposed full year dividend 12.5 pence per share (2023: 12.1p).
The final dividend will be paid on 16 May 2025 to shareholders on the register on 11 April 2025,
subject to approval by shareholders at the Annual General Meeting to be held on 8 May 2025.
Tax
The effective tax rate of 26.2% (2023: 21.5%) is higher (2023: less) than the UK standard rate of
25.0% (2023: 25.0%) primarily due to timing differences in our estimation of share-based
payments which have increased the tax charge. The lower rate last year was due to the change
in tax rate in April 2023, which resulted in a blended rate for the year of 23.5%. The effective tax
rate was lower than this blended rate due to an adjustment in respect of a prior period which
reduced the tax charge.
Earnings per share
Basic reported earnings per share increased by 11% to 15.0p (2023: 13.5p). Growth was higher
than the growth in adjusted EBITDA primarily due to the lower amortisation of acquired
intangibles partially offset by the higher tax charge compared to last year.
Adjusted earnings per share is based on profit before tax after adding back the adjusting items
detailed above. A tax rate of 25.0% (2023: 23.5%) is applied to calculate adjusted profit after tax.
Adjusted basic earnings per share increased by 5% to 17.1p per share (2023: 16.2p), which is
lower than the growth in adjusted EBITDA due to the increase in the rate of corporation tax.
Adjusted earnings per share for last year has been updated to reflect the reclassification of
irrecoverable VAT provisions and related costs to adjusting items.
Capital expenditure
Capital expenditure was £14.1m (2023: £11.0m), including technology investment of £13.3m
(2023: £10.5m).
The amortisation charge for technology assets has increased slightly from £9.3m to £10.3m as a
result of the higher spend this year.
Cash flow and balance sheet
Operating cash flows increased to £115.6m (2023: £102.2m) driven by the growth in adjusted
EBITDA as well as the timing of working capital movements compared to last year.
The Group returned to a net cash position at year end of £8.4m (2023: £19.8m net debt). Net
Cash/(Debt) is cash and cash equivalents of £24.4m (2023: £16.6m) less borrowings of £12.0m
(2023: £34.5m) and loan notes payable to Podium’s non-controlling interest of £2.0m (2023: £1.9m).
Cash outflows on investing activities of £13.8m include £14.1m of cash capital expenditure
partially offset by £0.3m of bank interest received.
Capital allocation
MONY Group has an established and disciplined capital allocation policy, focused on the
creation of long-term sustainable shareholder value, through organic and inorganic growth and
shareholder returns.
In 2024, we increased our operational cash generation by 13% to £115.6m, turned net cash
positive after repaying the Quidco term loan and increased our cash conversion
1
to 91%.
Our robust balance sheet and strong cash generation underpins the Board’s decision to
recommend a final dividend of 9.2p per share, representing a total dividend of 12.5p per share,
an increase of 3% in 2024, in line with our progressive policy.
The strength of our balance sheet and cash flow conversion also now gives us the flexibility
tocommence enhanced distributions to shareholders and today we are announcing a share
buyback programme of up to £30m which will be funded by our expected cash generation
in2025.
MONY Group PLC Annual Report and Accounts 2024 – 53Financial statementsGovernanceStrategic report
Financial Review continued
Capital allocation continued
This buyback reflects our ongoing commitment to sustainable shareholder returns, in addition
to investment in organic and acquisitive growth, as a path to creating long-term, sustainable
shareholder value.
Going concern
The Directors have prepared the financial statements on a going concern basis for the
followingreasons.
As at 31 December 2024, the Group’s external debt comprised a revolving credit facility (‘RCF’),
(of which £12m of the £125m available was drawn down). During the year, the RCF term was
extended from three to four years, which means the current RCF is due for renewal in June 2028.
Since the year end, £9m has been repaid and no further amounts have been drawn down.
Theoperations of the business have been impacted by macroeconomic uncertainty including
dampened consumer confidence and continued high interest rates, as well as restrictions on
the energy switching market. However, the Group remains profitable, cash generative and
compliant with the covenants of its borrowings.
The Directors have prepared cash flow forecasts for the Group, including its cash position, for a
period of at least 12 months from the date of approval of the financial statements. The Directors
note the Group’s net current liability position and have also considered the effect of potential
trading headwinds, and recession and competition such as new entrants upon the Group’s
business, financial position, and liquidity in severe, but plausible, downside scenarios. The
scenarios modelled take into account the potential downside trading impacts from recession,
consumer confidence, competitive pressures and any one-off cash impacts (e.g a fine) on top of
a base scenario derived from the Group’s latest forecasts. The severe, but plausible, downside
scenarios modelled, under a detailed exercise at a channel level, included minimal recovery of
energy over the period of the cash flow forecasts and in the most severe scenarios reflected
some of the possible cost mitigations that could be taken. The impact these scenarios have on
the financial resources, including the extent of utilisation of the available debt arrangements
and impact on covenant calculations has been modelled. The possible mitigating circumstances
and actions in the event of such scenarios occurring that were considered by the Directors
included cost mitigations such as a reduction in the ordinary dividend payment, a reduction in
operating expenses or the slowdown of capital expenditure. A reverse stress test has also been
performed, which assumes the maximum available drawdown of borrowings, whilst maintaining
covenant compliance.
The scenarios modelled and the reverse stress test showed that the Group and the Parent
Company will be able to operate at adequate levels of liquidity for at least the next 12 months
from the date of signing the financial statements. The Directors, therefore, consider that the
Group and Parent Company have adequate resources to continue in operational existence for at
least 12 months from the date of approval of the financial statements and have prepared them
on a going concern basis.
1 Cash conversion is calculated as operating cash flow over adjusted operating profit.
Consideration of climate change
In preparing the financial statements, the Directors have considered the impact of climate
change and there has been no material impact identified in the reporting period on the financial
reporting judgements and estimates. The Directors considered the risks with respect to going
concern and viability, as well as the cash flow forecasts used in the impairment assessment,
andnoted no material risks. Whilst there is no material financial impact to the Group expected
from climate change within the reporting and forecast period of the Group, the Directors will
assess these risks regularly against the judgements and estimates used in preparation of the
financial statements.
Niall McBride
Chief Financial Officer
14 February 2025
MONY Group PLC Annual Report and Accounts 2024 – 54Financial statementsGovernanceStrategic report
Risk ManagementRisk Management
Strategic delivery
enabled through
effective risk
management
Risk
management
process
Risk
reporting
Identify
risks
Risk
register
Risk
categorisation
Monitoring
and risk
acceptance
Assess
inherent
risk
Managing risks
allows us to make
better more
effectivedecisions.
Matt Whittle
Chief Risk Officer
Assess
residual risk
and risk
appetite
Risk
mitigation
Governance & policies
· Risk framework
· Risk appetite
· Risk policies
· Three lines of defence
Risk culture
· Values & behaviours
· Training & awareness
· Embedding in decisions
· Continuous improvement
MONY Group PLC Annual Report and Accounts 2024 – 55Financial statementsGovernanceStrategic report
Risk management approach
Understanding and managing the risks faced
by the Group is fundamental to our ongoing
success. We seek to operate by only taking on
risks which we understand and where the
rewards are commensurate with the risks
being taken. The Group’s risk management
framework and system of internal control
provide the Board with assurance that risks
are properly identified, categorised, assessed
and managed according to the Group’s
riskappetite.
Governance and oversight
Our governance and oversight structure
forrisk management is well-defined and
comprehensive, with clearly defined lines of
responsibility, accountability and delegation
of authority.
The Board is ultimately responsible for the
effectiveness of risk management and
delegates to Executive Management the
day-to-day responsibility for ensuring the
Group manages risk effectively. The Risk and
Sustainability Committee supports the Board
by overseeing Executive Management.
The Risk and Sustainability Committee’s
agenda is flexible to consider and address
emerging risks as they are identified. Horizon
scanning is conducted by the Legal and Risk
and Compliance teams to identify potential
emerging risks.
The Board carries out a robust assessment of
emerging and principal risks that could impact
the business model, performance, solvency
orliquidity. Our principal risks and their
management strategies are detailed on
pages58 and 59.
The Board performs an assessment of
theeffectiveness of the risk management
framework and system of internal controls
annually, covering financial, operational, and
compliance controls. This includes:
· considering whether the risk management
framework appropriately defines risk
appetite;
· assessing the operation of the risk
management framework and the system
ofinternal control;
· the integration of risk management with
strategic and business planning;
· changes in nature, likelihood and impact
ofprincipal risks and the Group’s ability
torespond;
· reviewing the quality and frequency of risk
management reporting;
· assessing how risks and issues identified
during the year, including internal control
weaknesses, have been managed or
mitigated; and
· evaluating the effectiveness of financial
reporting processes.
This structured approach ensures that
risksare managed effectively, supporting
theGroup’s strategic objectives and
long-termstability.
Role Responsibilities
Board · Approval of Group Risk Framework, risk appetite and
principalrisks.
· Carry out an assessment (at least annually) of principal risks and
effectiveness of risk management framework and system of
internal controls, and report to shareholders on such matters.
Risk and Sustainability
Committee
· Advise the Board on Group Risk Framework and risk appetite.
Review and oversight of key risk themes and metrics.
· Oversight of Executive management in management of risks.
· Review of emerging risks and regulatory change.
Management
(First Line of Defence)
· Ensure risk management is an integral part of implementing the
business strategy.
· Operate the business within set risk appetite and risk thresholds.
· Responsibility for managing risks and implementing
effectivecontrols.
Risk and Compliance
(Second Line of Defence)
· Implementation of Group Risk Framework and Risk Appetite.
Implement and manage the Group’s system of internal controls.
· Develop and implement risk management policies and tools, and
lead communication and training.
· Monitor progress of the key risk themes.
· Co-ordinate appropriate and timely delivery of risk management
information to Executive Management and the Risk and
Sustainability Committee.
· Advise and challenge management on risk management and
internal control processes.
Internal Audit
(Third Line of Defence)
· Monitor effectiveness of risk management processes.
· Perform tests of internal controls effectiveness.
· Identify and agree corrective actions with management.
· Liaise with Risk and Compliance function, including in relation to
mapping of assurance activities to the Group’s significant risks.
· Report to the Audit Committee.
Risk Management continued
MONY Group PLC Annual Report and Accounts 2024 – 56Financial statementsGovernanceStrategic report
Risk Management continued
Risk management framework
During 2024, we have monitored the risks
associated with the Group’s strategic
priorities, overseen the Group’s management
of risks associated with strategic initiatives
and strengthened controls in respect of cyber,
operational resilience and data protection
processes and controls. We have also
continued to evolve the Group’s risk
management framework to reflect regulatory
change including Consumer Duty and
Appointed Representative oversight.
Risk appetite
“Risk appetite” defines the level and type of
risk the Group is able and willing to accept
inorder to achieve its strategic objectives.
The Group’s risk appetite influences the
Group’s culture and operating decisions
andis reflected in the way risk is managed.
The Group Risk Appetite Statement is
reviewed at least annually, in line with the
strategic direction of the Group, recent
experience, the regulatory environment
andissubject to Board approval.
There are certain risk areas where we have a
very low or no appetite. In such areas, we take
actions to avoid or eliminate this risk as far as
possible. In other areas, such as strategy, we
recognise the importance of managed
risk-taking in order to achieve business
objectives and goals.
Risk identification and
assessment
The Group adopts formal risk identification
and management processes which are
designed to ensure that risks are properly
identified and evaluated, in line with risk
appetite. The identification of significant risks
is informed using a bottom-up and top-down
approach with each business area identifying
new risks as well as reassessing those already
being monitored. To aid in the identification of
risks and development of associated
mitigating actions, risks are categorised into
strategic, financial, operational, regulatory,
conduct and data risks. Our regular and
ongoing risk oversight includes risk and
control assessments across all areas of the
business, in order to understand the strength
and performance of the controls in place, and
potential gaps and weaknesses.
Management reporting
Reporting enables management to have clear
visibility of the most relevant risks; to identify
areas of concern and/or priority; to have
access to detailed information to enable root
cause analysis and identification of underlying
trends; and to identify, escalate and potentially
mitigate the impact of new operational risk
concerns in a timely manner.
Should risk exposures be identified as being
outside the Group’s risk appetite, this is
escalated and reported to the Risk and
Sustainability Committee, alongside clear
action plans to bring the risk within tolerance,
with appropriate timescales. The type and
extent of any mitigating actions will be
determined by the level and nature of the
riskand the Group’s risk appetite.
Future developments
We will continue to ensure that risk
management is part of everyday business
decision making across the Group. We will
enhance our management information
making use of GRC tooling and ensure that
specialist risk and compliance knowledge is
readily available across the Group to support
the taking of risk-based decisions, whilst
providing an effective level of risk and
compliance oversight for the Group.
We will continue to enhance our risk
management framework in specific areas
offocus, including cyber risks, business
continuity and product governance, as well as
enabling the identification and mitigation of
emerging risks including ensuring appropriate
internal controls over our AI capabilities.
The Group recognises that regulation, in
particular the activities of the FCA, the ICO,
Ofgem, Ofcom and the CMA will continue to
be a feature of both the price comparison
market and the consumer markets in which
we operate. In 2025, we will implement
therequirements of Ofcom regulatory
requirements in response to the Online
SafetyAct 2023, respond to the FCA Premium
Finance Market Study and manage likely
changes in regulation of energy markets.
Forward looking
riskmanagement
tocreate value.
Matt Whittle
Chief Risk Officer
MONY Group PLC Annual Report and Accounts 2024 – 57Financial statementsGovernanceStrategic report
Risk Management continued
Our principal risks
(as at 31 December 2024)
Outlined here are the Group’s most significant risks that
may affect our future. We assess the probability of the risk
materialising and the impact of the risk on a residual basis
(taking into account the benefit of mitigating controls).
Likelihood
Impact
2
71
5
4
6
3
1
Competitive environment and consumer demands
2
Brand strength and reputation
3
4
5
6
7
Data processing and protection
Data security and cyber risk
Relevance to partners
Economic conditions
Regulation
Risk overview
Principal risk heat map – reflecting residual risk ratings
MONY Group PLC Annual Report and Accounts 2024 – 58Financial statementsGovernanceStrategic report
Principal Risks and Uncertainties
The table below summarises the Board’s view of the material strategic, financial and operational/conduct risks to the Group and how the Group seeks to mitigate them.
1
Competitive environment and consumer demands (strategic risk)
Link to strategy:
 
Description
The Group operates in a dynamic and highly
competitive marketplace with new competitors
entering the market. We must continually innovate
tokeep ahead of competitors and changing
consumerbehaviours.
Mitigating activities
Continuous innovation of new services and ongoing
evolution of existing propositions.
Regular engagement with consumers to understand changes
in how they use our services.
Investment in our technology platforms to improve customer
experience and make comparing products easier.
Annual strategic planning process defines the Group’s
strategic priorities and ensures identified opportunities
aretaken to drive sustainable growth.
Developments in 2024
MoneySuperMarket’s SuperSaveClub has now over 1 million
members. The range of products has grown and cashback
deals have been added for members.
The MSE App has been downloaded by almost 2 million
people and more than 9.3 million consumers now receive
theweekly MSE tip email.
We launched the new and improved MSE Credit Club and
Home Compare Plus – driven by linking MSE’s trusted
contentwith a suite of personalised tools.
Quidco has been brought on to the Group’s common data
and tech platform, customers now see greater personalisation,
helping to promote the most relevant content.
Risk movement
2
Brand strength and reputation (strategic risk)
Link to strategy:
 
Description
The Group must maintain consumer awareness
ofandengagement with its key brands.
Mitigating activities
Investment in marketing across a range of media to maintain
the Group’s brands in consumers’ minds.
Our strong relationships with our providers allow us to offer
exclusive and market-leading deals.
Developments in 2024
We continued to support the MSM brand by building on our
MoneySuperSeven marketing campaign, which is focused
clearly around “saving money”.
MoneySuperMarket and MoneySavingExpert saw their net
promoter score increase to 72 in 2024.
MoneySavingExpert was named as the fourth most popular
news app in the UK in 2024.
Risk movement
3
Data processing and protection (operational/conduct risk)
Link to strategy:
Description
The Group must appropriately process and govern the
data our customers share.
As a leading website operator, the Group may experience
operational issues which result in incorrect or
incomplete data being transferred to or from partners.
Mitigating activities
Understanding and assessment of the data we collect from
our customers and how we use it.
Specialist data protection knowledge within our Risk and
Compliance, Technology and Legal teams. Annual data
protection training for all employees.
Controls and monitoring of internal processes. Regular
ongoing quality assurance procedures.
Developments in 2024
We advanced the capability of our central bespoke question
set experience, Dialogue, enabling customers to generate a
quote within three clicks.
Transition of Quidco on to the Group’s common data and
tech platform, bringing inherent data control benefits.
Enhanced personal data mapping across core operational
processes strengthening data controls and governance.
Risk movement
Strategic priorities:   Loyal engaged customers   Best provider proposition   Leading tech and data Risk movement:   Increasing   Decreasing   No change
MONY Group PLC Annual Report and Accounts 2024 – 59Financial statementsGovernanceStrategic report
Principal Risks and Uncertainties continued
4
Data security and cyber risk (operational/conduct risk)
Link to strategy:
Description
The Group must protect itself from security breaches
or successful cyber attacks which could impact our
ability to operate our websites and services.
Mitigating activities
The Information Security Management System (ISMS) Framework
encompasses a comprehensive set of controls designed to
collectively safeguard the Group’s information assets. These
controls address risks by ensuring the confidentiality, integrity,
and availability of information through robust governance, risk
management, and operational practices.
Developments in 2024
Continued our extensive technology re-platforming tosimplify
our technology landscape, which is now largelycomplete.
Through the ISMS, continually and consistently driving
forwardour services, tooling and capabilities to improve
ourcyber maturity.
Risk movement
5
Relevance to partners (strategic risk)
Link to strategy:
Description
The Group relies on its partners to access competitive
products and technological integration to provide a
seamless customer experience.
Mitigating activities
Working closely with partners to ensure high-quality and
appropriate products and to maximise the opportunities for
partners to acquire customers in a cost-effective manner.
Developments in 2024
Scaled existing B2B partnerships and added six more brands
toour platform, bringing the total to 35 brands live.
Expanded our B2B proposition which now covers car, home,
broadband, mobile and energy.
Used our first-party data to help more providers understand
how they perform across our platform through Market Boost.
Rolled out Tenancy across all of our product lines and began
trialling in SuperSaveClub.
Risk movement
6
Economic conditions (strategic risk)
Link to strategy:
 
Description
Weaknesses in the UK economy, including ongoing
increased cost of living and very high energy costs,
have led to more challenging conditions in one or
more markets in which we operate.
Mitigating activities
Maintaining a diversified business across a range of products.
Regular monitoring of market conditions and environment.
Focusing on maintaining control of our cost base.
The continued diversity of the Group across a portfolio of
brands and channels offers the Group protection from
cyclical economic changes.
Developments in 2024
Macroeconomic conditions are reviewed and updated as part
of the quarterly forecasting processes.
The Group has ensured it has flexibility in resources to
givestrategic focus and resource prioritisation toward
products which have the greatest opportunities arising
frommarket conditions.
Risk movement
7
Regulation (strategic risk)
Link to strategy:
 
Description
The Group must understand and respond to the
effects of regulatory intervention in the markets in
which we operate.
The Group must comply with existing and new
regulatory requirements which directly apply to
itsactivities.
Mitigating activities
We maintain regular and ongoing dialogue with key
regulatory bodies.
Emerging regulatory change is identified through horizon
scanning and assessed for potential impact to the Group.
This enables timely oversight and informed decision-making.
Our Risk and Compliance team works across the Group to
ensure it remains compliant with new and existing regulations.
Developments in 2024
The Group has successfully implemented and embedded
regulatory change throughout the year.
Regulation focused on driving transparent pricing and
empowering customers to save money is fully aligned
withourpurpose of helping households save money.
The Group has monitored and responded to new and
emerging regulatory developments. We have proactively
engaged with regulators, on topics including the Premium
Finance market study and energy market reform.
Risk movement
MONY Group PLC Annual Report and Accounts 2024 – 60Financial statementsGovernanceStrategic report
Viability Statement
As required by Provision 31 of the 2018 UK
Corporate Governance Code, the Directors
have assessed the prospects of the Group
over a three-year period to December 2027.
Inmaking this assessment, the Directors took
account of the business model and principal
risks set out on pages 18 and 19 and pages 58
to 59 of the Strategic Report.
Business model
Our business model is focused on matching
customers with the right providers and
products for them. Our price comparison
services help customers to compare a wide
range of products in one place and make an
informed choice when taking out the product
most suited to their needs; and our Cashback
business provides users with cashback
offerings on their online purchases. All of our
brands supply providers and merchants with
valuable marketing leads.
For our providers and merchants it offers an
efficient and cost-effective way to reach a
large volume of informed customers who are
actively looking for a product. This business
model operates along the following principles:
· the Group relies on lead referrals and
customer transactions for its revenue and
does not have long-term contracted
revenue streams;
· the Group makes money from lead referrals
by helping customers find the product they
want, switch to it and save themselves
money;
· customers will continue to see value in
shopping around for products and services
and will aim to save money by doing so; and
· providers will have strategies of new
customer acquisition and develop products
and services to fulfil that strategy.
The Group’s strategy is to grow our two sided
marketplace, creating compelling member
based propositions for consumers driving
retention and cross-sell, and providing
enhanced services to our providers, making
us a compelling partner for their growth. All of
this is underpinned by a leading data and
technology platform.
The Strategic Report sets out the Group’s
performance on the main KPIs which the
Board monitored for the year ended
31December 2024. The Board monitors and
reviews progress against three time horizons:
quarterly to review and reforecast
performance against the Annual Plan and
Budget; annually to establish a clear Annual
Plan and Budget that will deliver against the
Strategic Plan; and a three-year Strategic Plan
reassessed annually, to determine the
strategy of the Group.
The Board noted the commentaries issued by
the Financial Reporting Council suggesting
that Viability Statements should be extended
beyond a period of three years; however, due
to the nature of our economic, technological
and regulatory environment, the Board did
not consider it appropriate to alter its current
time frame due to the following reasons:
· the expected life cycle of the Group’s
technology is three years, and this reflects
the frequent changes in the way that
consumers choose to use technology;
· it is difficult to forecast revenue and costs
beyond three years given that the Group’s
revenue and costs are not materially
covered by long-term contracts; and
· within three years costs could be
substantially restructured to compensate
for a major fall in revenue. As such, the
Board proposes to keep the time frame
asthree years rather than extending
beyond this.
Risk management
As part of the review of the strategic priorities,
the Board identified the Group’s principal
risks around delivering these priorities which
represent a risk or combination of risks in
severe but reasonable scenarios that can
seriously affect the future prospects or
reputation of the Group through threatening
its business model, future performance,
solvency or liquidity. These include
competitive environment and consumer
demands, brand strength and reputation,
data processing and protection, data security
and cyber and relevance to partners. In
addition, the Directors believe that the Group
faces risks around regulatory change and
economic conditions (including the impact of
a deep recession, increased cost-of-living
impacts and no or limited recovery of energy
market switching) especially as that may
influence the availability of attractive products
for customers. Our principal risks and
uncertainties (including mitigating activities)
are on pages 58 and 59.
We have prepared cash flow forecasts for the
Group and have considered the impact of the
economic conditions mentioned above upon
the Group’s business, financial position and
liquidity in severe, but plausible, downside
scenarios, using stress testing and scenario
analysis techniques. The scenarios use a base
scenario derived from the Group’s latest
forecasts and factor in existing borrowings,
including debt repayments and covenant
compliance as well as member creditor
commitments. Our £125m RCF facility term
has been extended and is due for renewal
inJune 2028.
MONY Group PLC Annual Report and Accounts 2024 – 61Financial statementsGovernanceStrategic report
Viability Statement continued
Risk management continued
The assessment consisted of scenario (stress)
testing including one combined scenario for
those with impacts of medium or higher
likelihood and moderate or higher residual
risk. These stress tests involved estimating
the impact on revenue, EBITDA and net cash/
debt, together with reverse stress testing to
identify the theoretical sensitivity that the
Group could absorb. The possible mitigating
circumstances and actions in the event of
such scenarios occurring that were
considered by the Directors included cost
mitigations such as a reduction in the
ordinary dividend payment, a reduction in
operating expenses or the slowdown of
capital expenditure.
The Board manages risks across the
Groupthrough a formal risk management
framework, designed to ensure that risks are
properly identified, prioritised, evaluated and
mitigated to the extent possible. Key aspects
of this framework include:
· a Risk Appetite Statement expressing the
amount and type of risk the Board is willing
to accept to achieve its strategic objectives;
· regular assessments of current and
emerging risks being faced by the Group
including internal control effectiveness and
mitigating actions;
· risk metrics and thresholds which are
monitored as potential indicators of risk;
· scenario planning based on the principal
risks; and
· oversight from Risk & Compliance and
Internal Audit functions.
The Board has also considered the risks
fromclimate change and concluded that
thereis no material impact with respect to
viability and going concern over the Group’s
planning period.
Viability assessment
In making its assessment of viability, the
Board has considered the resilience of the
Group using scenario planning based on the
principal risks to test the Group’s planned
earnings, cash flows and viability over the
three-year period. Using its judgement on
thelikelihood of the principal risks and the
probability of them being inter-related, the
Board assessed the risks separately and in
certain combinations of stressed scenarios.
Inarriving at its conclusion, the Board is
making the assumption that the key aspects
of customer and provider behaviour set out
above which underpin the business model will
continue. It is also assuming that customers
and providers will continue to want to
transact online.
Based on the Company’s current position
andprincipal risks, together with the results
of this robust assessment and the Company’s
ongoing risk management processes, the
Directors have a reasonable expectation that
the Group and the Company will be able to
continue in operation and meet their liabilities
as they fall due over the three-year period of
their assessment.
The Board manages risks across the
Groupthrough a formal risk management
framework, designed to ensure that risks
areproperly identified, prioritised, evaluated
and mitigated to the extent possible.
The Board regularly considers and monitors the real
and potential risks and impacts of macroeconomic
and other disruption to our end markets, along with
mitigating actions.
Chair’s Introduction to Governance
Leadership
and Governance
I’m delighted to be
joining the Board at
such an exciting time
for the Group and
I’m energised by our
purpose of helping
households save
money.
Jonathan Bewes
Chair
Dear fellow shareholder
I am pleased to present the Group’s
Corporate Governance Statement for 2024.
Having assumed the role of Chair on 1 January
2025, I would like to start by thanking Robin
Freestone for his significant contribution to
the Group over his nine year tenure, and for
his leadership of the Board. He leaves behind
a strong Board, and a Company with a fine
purpose, a clear strategy, and an integrated
technology and data platform, led by a strong
management team. Together with strong cash
generation and a robust financial position,
these qualities provide the Company with the
strong foundations needed to face the
challenges of the future, as we seek to fulfil
the Company’s purpose to help households
save money and to build on our improving
financial performance, so that we can benefit
all our stakeholders.
Board focus areas in 2024:
· my recruitment and appointment as Chair,
followed by a comprehensive induction
process – further details are provided on
page 77;
· regular and robust evaluation of the
Group’s strategy and performance,
including the growth of SuperSaveClub –
further details are provided on page 14;
· reviewing and monitoring the Group’s
principal and emerging risks – further
details are provided on page 71;
· approval of the Group’s Climate transition
plan, and monitoring our performance
against it – further details are provided on
page 34;
· oversight of continued progress against the
Group’s diversity and inclusion strategy –
further details are provided on page 86;
· oversight of preparation for compliance
with the 2024 Corporate Governance Code,
which came into effect on 1 January 2025;
· consideration of the Group’s capital
allocation policy, which demonstrated the
strength of our balance sheet and cash flow
conversion and gave us the flexibility to
commence enhanced distributions to
shareholders, resulting in the
announcement on 17 February 2025 of a
share buyback of up to £30m which will be
funded by our expected cash generation in
2025. This buyback reflects our ongoing
commitment to sustainable shareholder
returns, in addition to investment in organic
and acquisitive growth, as a path to creating
long-term, sustainable shareholder value;
and
· an internal Board Effectiveness Review was
carried out by Robin Freestone, as Board
Chair, and was reported to the Board in
December 2024. In February 2025, I led
aBoard discussion on the findings of the
review, as a result of which the Board
agreed certain actions – further details
areprovided on pages 78 and 79.
As a Board, we aim to maintain a governance
structure which provides effective control and
oversight of the Group, whilst promoting the
entrepreneurial spirit which has been central
to the Group’s sustained success in helping
households save money. In this report we
describe how our purpose, values and
strategy are aligned with our culture and
behaviours, and how we consider all our
stakeholders in key decisions.
MONY Group PLC Annual Report and Accounts 2024 – 62Financial statementsGovernanceStrategic report
Chair’s Introduction to Governance continued
Governance developments
during 2024:
· Initiated a re-tender for our External and
Internal Audit partners, including regular
reporting at the Audit Committee and the
forming of a Audit Re-Tender Steering
Group and Subcommittee to ensure this
process is conducted in-line with the FRC’s
Audit Committees and the External Audit:
Minimum Standard. Further details can be
found on page 92;
· Reviewed the Group’s first Consumer Duty
Annual Report in May 2024;
· Approval and regular tracking of our
Consumer Duty Scorecard ensured that
thecustomer was at the forefront of the
Board’s decision making;
· Embedded the actions from the external
Board Performance Review, including a
comprehensive training schedule, as
outlined on pages 80 and 81;
· A robust and detailed handover between
Robin and me during my induction, further
details of which are contained on page 78;
and
· Review of our Codes and Policies in the light
of increasing use of Artificial Intelligence
within the Group, including guidelines for its
utilisation within our Code of Conduct.
Purpose and culture
The cultural tone of the business begins in
theBoardroom. Our purpose of helping
households save money is enabled by the
behaviours that are embedded into our
business and is aligned with our strategy.
Together, these help to create a culture
whichoptimises performance and delivers
long-term results.
The Board endeavours to promote integrity
and diversity of thought at all levels of the
Group. We are committed to developing
adiverse workforce and an inclusive
workingenvironment. This commitment is
demonstrated in the implementation of our
diversity and inclusion initiatives, including
our LGBTQ+ Guidelines (see page 39 for more
information) and our ranking 22nd in the
2024/25 Inclusive Top 50 UK Employers List.
Further details on our culture, purpose and
values can be found in our Strategic Report
on pages 2 to 61.
Compliance with the 2018 UK
Corporate Governance Code
(the‘Code’)
During the year ended 31 December 2024,
wehave applied the principles and complied
with all the provisions contained in the Code.
A full explanation of how we complied with
Provision 19 despite Robin Freestone
remaining in role for longer than nine years
iscontained on page 78.
This report explains how we as a Board lead
the Group and discharge our governance
duties and outlines the governance initiatives
we have undertaken during the year. The
Corporate Governance Statement also
explains compliance with the FCA’s Disclosure
and Transparency Sourcebook. In reviewing
our Board’s effectiveness, we have taken into
account the Financial Reporting Council’s
(‘FRC’) 2018 Guidance on Board Effectiveness
and applied its guidance where appropriate.
The FRC is responsible for the publication
andperiodic review of the UK Corporate
Governance Code, and this can be found
onthe FRC’s website, www.frc.org.uk.
The Board also reviewed its governance
framework to ensure it remains fit for
purpose and continues to be compliant
withthe Senior Managers and Certification
Regime (‘SMCR’).
Board changes
The Board has remained largely unchanged
this year, with the exception of my
appointment as Non-Executive Director and
Chair Designate on 1 July 2024 and Robin
Freestone stepping down with effect from
31December 2024. Full details of the formal
and rigorous process undertaken by Caroline
Britton, our Senior Independent Director, to
appoint me, together with a description of my
comprehensive induction, are contained on
pages 77 and 78, and page 85.
Dividend
I am delighted to report that the Board has
proposed a final dividend of 9.2p per share
toshareholders in respect of 2024.
Looking forward
During my first year as Chair I aim to maintain
our high standards of corporate governance
across the Group, to support the Group’s
execution of its long term strategy.
Jonathan Bewes
Chair
14 February 2025
MONY Group PLC Annual Report and Accounts 2024 – 63Financial statementsGovernanceStrategic report
The table below shows where shareholders can evaluate how the Company has applied the principles of the Code and where key content can be found in this report.
Section Further information
Board leadership and Company purpose
The cultural tone of the business begins in the Boardroom. The Board has established a clear purpose, set of
values and strategy, taking into account the interests of our wider stakeholders. The right resources, structures
and processes are in place to ensure that these are implemented throughout the Group.
Business model – pages 18 and 19
Board activities – pages 71 to 73
Risk management – pages 54 to 57
Shareholder engagement – page 29
Section 172 Statement – pages 26 to 33
Sustainability Report – pages 34 to 40
Workforce engagement – pages 27 and 28, pages 82 and 83
Division and responsibilities
The respective roles and responsibilities of the Executive and Non-Executive Directors are clear and consistently
applied, providing for effective and constructive dialogue and clear accountability.
Board of Directors – pages 66 and 67
Division of responsibilities – pages 74 to 78
Nomination Committee Report – pages 84 to 87
Composition, succession and evaluation
The Group has a strong Board with a balance of skills, experience, knowledge and diversity. The appointment
process is rigorous and carefully applied, with annual evaluation keeping the effectiveness of the Board and its
Committees under regular review.
Nomination Committee Report – pages 84 to 87
Board skills and experience – page 65
Board Performance Review – pages 78 to 81
Audit, risk and internal control
The Board has established clear processes and procedures to ensure that risks are carefully identified, monitored
and mitigated against and then reported externally in an open and transparent manner. This helps ensure that the
Company’s financial statements are fair, balanced and understandable. Effective risk management is critical to
achieving our strategy.
Risk management – pages 54 to 57
Audit Committee Report – pages 88 to 93
Risk and Sustainability Committee Report – pages 94 to 96
Board activities – pages 71 to 73
Remuneration
Remuneration supports the Company’s strategy and is appropriate to the size, nature, complexity and ambitions
of the business. The Board aims to report in a clear manner, demonstrating that pay, performance and wider
interests are aligned.
Business model – pages 18 and 19
Remuneration Committee Report – pages 97 to 115
Chair’s Introduction to Governance continued
MONY Group PLC Annual Report and Accounts 2024 – 64Financial statementsGovernanceStrategic report
Board Skills Matrix
Peter
Duffy
Niall
McBride
Robin
Freestone**
Jonathan
Bewes*
Caroline
Britton
Rakesh
Sharma
Sarah
Warby
Lesley
Jones
Mary Beth
Christie
Banking/insurance industry experience
Digital/customer experience (front office)
Finance and accounting
International experience
Governance
Risk and regulation
Technology (back office)
Marketing
Strategy
Tenure (MM/YY) 09/20 02/23 08/15 07/24 09/19 10/22 06/18 09/21 07/23
* Jonathan joined the Board on 1 July 2024.
** Robin Freestone cycled off the Board on 31 December 2024.
Gender diversity % as at 31 December 2024 Board diversity % as at 31 December 2024
Group employees who are women
 Female – 44.1%
 Male – 55.9%
Women in Group Senior leadership
 Female – 41.2%
 Male – 58.8%
Male/female gender split
 Female – 44%
 Male – 56%
Ethnic minority background split–
combined Board and ExecutiveCommittee
 Ethnic minority background – 12.5%
 White – 62.5%
 Undisclosed – 25%
MONY Group PLC Annual Report and Accounts 2024 – 65Financial statementsGovernanceStrategic report
Governance at a Glance
Board of Directors
1 – Robin Freestone
Chair of the Board
(until31December 2024)
Committees:
N
Term of office: Appointed as
Non-Executive August 2015 and
asChairMay 2019. Resigned from
theBoard with effect from
31December2024.
Robin’s contribution to the Board,
keystrengths and skills: Robin brought
to the Board extensive transformation
and diversification experience from
leading global and digital businesses.
Hewas Chief Financial Officer of
Pearson PLC from 2006 to 2015, and
Deputy Chief Financial Officer prior to
that. Robin has extensive global and
digital business leadership experience
and has an in-depth understanding of
governance requirements having served
as both an Executive and Non-Executive
Director of a number of listed companies.
Throughout his tenure as Chair Robin
brought financial insight as well as an
understanding of how to attract and
retain talent as Chair of the Board and
Nomination Committee.
External appointments: Robin is Lead
Director of Capri Holdings (formerly
Michael Kors Holdings Limited) and
Non-Executive Director and Chair of
theAudit and Risk Committee of Aston
Martin Lagonda Global Holdings plc.
2 – Jonathan Bewes
Chair of the Board
Committees:
N
Term of office: Appointed as
Non-Executive Chair Designate in July
2024 and as Chair on 1 January 2025.
Jonathan’s contribution to the Board,
key strengths, skills and reasons
forelection: A chartered accountant,
Jonathan brings to the Board 25 years
ofinvestment banking experience,
acting as adviser to Boards of large,
predominantly UK public companies,
before becoming Vice Chairman of
Corporate and Institutional Banking at
Standard Chartered Bank. His roles at
SAGE plc and NEXT plc further mean
that hebrings both strategic and
commercialacumen.
External appointments: Jonathan is the
Audit and Risk Committee Chair at both
SAGE plc and NEXT plc, the Senior
Independent Director at Next plc and
also Chairs the Audit and Risk
Committee at the Court of the Bank of
England.
3 – Peter Duffy
Chief Executive Officer
Term of office: Appointed
September2020.
Peter’s contribution to the Board,
keystrengths, skills and reasons for
re-election: Peter’s key contributions
tothe Board are extensive experience
indigital businesses and a dynamic
leadership style. He was previously
CEOof Just Eat and before that was
Chief Commercial Officer at easyJet and
Marketing Director of Audi UK. Peter
started his career in banking, holding
positions with Barclays, Yorkshire Bank
and TSB. Peter has an excellent overall
track record, as well as very relevant
experience in driving digital revenues
and in all aspects of marketing. He is
wellrounded from a sector perspective
having worked in financial services,
airlines, automotive and consumer
internet. This mix has given him plenty
ofexposure to operating within a
regulated environment.
External appointments: Peter is
currently President of ISBA – the UK
trade body for leading British advertisers.
4 – Sarah Warby
Independent Non-Executive
Director and Non-Executive
Director Consumer Champion
Committees:
A
N
RS
RE
Term of office: Appointed June 2018.
Sarah’s contribution to the Board,
keystrengths, skills and reasons for
re-election: Sarah has experience of
building valuable brands across
consumer sectors. She was previously
Chief Executive Officer of Lovehoney
and, before that, Chief Growth Officer
ofHyperJar Ltd. Prior to that, Sarah was
Chief Marketing Officer at J Sainsbury plc
and Marketing Director of Heineken UK.
She is a fellow of the Marketing Society
and Marketing Academy. A proven
leader, with strong people and
communications skills, Sarah brings
valuable experience to her role as
Non-Executive Director and
ConsumerChampion.
External appointments: Sarah is Chief
Customer Officer at Nando’s UK&I.
5 – Caroline Britton
Senior Independent Director
Committees:
A
N
RS
RE
Term of office: Appointed
September 2019.
Caroline’s contribution to the Board,
key strengths, skills and reasons for
re-election: Caroline has a strong
financial background, retiring as Audit
Partner at Deloitte LLP after 30 years of
service (2000 to 2018 as Audit Partner).
Caroline is an FCA of the Institute of
Chartered Accountants in England and
Wales and holds an MA in Economics
from Cambridge University. Caroline’s
strong financial background and
regulatory experience make her
ideallyskilled to chair the Audit
Committee and she brings to the
Boardvaluable governance and risk
management expertise.
External appointments: Caroline is a
Non-Executive Director of Sirius Real
Estate Limited where she is Chair of the
Audit Committee and a member of the
Nomination Committee. Caroline is also
a Non-Executive Director of Revolut
Limited where she is Chair of the Audit
Committee and a member of the Risk
and Remuneration Committees and of
the Supervisory Council of Revolut Bank
UAB; a member of the Audit, Finance,
Risk and Investment Committee of
Make-A-Wish International; and a
Trustee of the Royal Opera House.
MONY Group PLC Annual Report and Accounts 2024 – 66Financial statementsGovernanceStrategic report
6 – Mary Beth Christie
Independent Non-Executive
Director and Non-Executive
Director Employee Champion
Committees:
A
N
RS
RE
Term of office: Appointed July 2023.
Mary Beth’s contribution to the Board,
key strengths, skills and reasons for
election: Mary Beth (‘MB’), a former
Chief Product Officer and Chief
Operating Officer, brings to the Board
over 25 years of experience in digital
product, tech, data and operations
across several sectors, including
insurance, media, travel, property
ande-commerce.
External appointments: MB is a
Non-Executive Director of Open
BankingLimited.
7 – Rakesh Sharma
Independent
Non-Executive Director
Committees:
A
N
RS
RE
Term of office: Appointed
October 2022.
Rakesh’s contribution to the Board,
key strengths, skills and reasons for
re-election: Rakesh is a former Chief
Executive Officer and brings to the
Board over 30 years’ broad experience
from the tech and cyber industries.
Having successfully overseen
remuneration policy updates when he
was at PayPoint plc, he brings valuable
experience to the Board as Chair
oftheRemuneration Committee.
External appointments: Rakesh is
currently the Senior Independent
Director at PayPoint plc and Chairman
ofAIM-listed Kromek Group plc.
8 – Lesley Jones
Independent
Non‑ExecutiveDirector
Committees:
A
N
RS
Term of office: Appointed
September 2021.
Lesley’s contribution to the Board,
keystrengths, skills and reasons for
re-election: Lesley was previously a
Non-Executive Director of N Brown
Group plc, ReAssure Group plc (where
she chaired the Risk Committee),
Northern Bank Limited, Close Brothers
Group plc (where she also chaired the
Risk Committee) and an Independent
Member of Moody’s Investor Services
Ltd. Lesley started her career at
Citigroup Inc. where she held a number
of senior roles in relationship and risk
management over a period of 30 years.
She then spent over five years at RBS
Group plc as Group Chief Credit Officer
where she rebalanced the Group’s credit
risk appetite, established a market-
leading credit function and led its credit
quality assurance function. Lesley’s
extensive experience as a global credit
risk manager operating at both
executive and board level means that
she is well placed to chair the Risk and
Sustainability Committee and brings her
broader financial services expertise to
the Audit and Nomination Committees.
External appointments: Chair of
Sainsbury’s Bank.
9 – Shazadi Stinton
General Counsel and
CompanySecretary
Term of office: Appointed April 2022.
Shazadi’s contribution to the Board,
key strengths and skills: Shazadi
hasover 20 years’ legal experience,
having been Head of Legal Counsel
atSevern Trent and a solicitor at
Eversheds Sutherland. Shazadi’s key
contribution over and above her legal
acumen is her extensive understanding
of environmental and sustainability
issues and requirements, which she
hasutilised to enhance the Group’s
frameworks, governance and
externalreporting.
External appointments: None.
10 – Niall McBride
Chief Financial Officer
Term of office: Appointed
20 February 2023.
Niall’s contribution to the Board, key
strengths, skills and reasons for
re-election: A chartered accountant,
Niall brings strong digital, consumer and
corporate finance experience to the
Board. Niall was previously Chief
Financial Officer at Ocado Retail Limited
and prior to this he was a Managing
Director at Rothschild & Co, having
commenced his career at PwC.
External appointments: None.
Committees:
A
Audit Committee
N
Nomination Committee
RS
Risk and Sustainability Committee
RE
Remuneration Committee
Chair
  Read more about employee
engagement onpages 82 and 83
  Read more about key Board
activities on pages71to 73
Board of Directors continued
Experience andfocus
Selection process:
We welcomed Jonathan Bewes to the
Board on 1 July 2024. The Company
has a formal, rigorous and transparent
selection process for the appointment
of new Directors. The Nomination
Committee is responsible for
identifying and nominating all Board
candidates and, before any
appointment is made, evaluates the
mix of skills, experience, knowledge
and diversity to ensure the correct
balance is maintained. Full details
ofJonathan’s recruitment and
appointment can be found on
pages77 and 78, and page 85.
Induction and onboarding
On joining the Board, it is the
responsibility of the Chair and
Company Secretary to ensure that all
newly appointed Directors receive a full
and formal induction, which is tailored
to their individual needs. The induction
programme includes a comprehensive
overview of the Group and dedicated
time with the Directors and senior
management, as well as guidance on
the duties, responsibilities and
liabilities as a Director of a listed
company.
MONY Group PLC Annual Report and Accounts 2024 – 67Financial statementsGovernanceStrategic report
Risk and Sustainability Committee
The Risk and Sustainability Committee
isresponsible for overseeing the Group’s
risk management and sustainability
frameworks. The Committee ensures that
risks are appropriately identified, managed
and mitigated, advising the Board on risk
appetite, structure and culture, and
monitors the embedding of the
Sustainability Framework, monitoring
related KPIs and external reporting.
Remuneration Committee
The Remuneration Committee’s key
responsibility is to determine and apply the
shareholder approved Remuneration
Policy to ensure that it promotes the
delivery of our strategy and the long-term
sustainable success of the Group.
Nomination Committee
The Nomination Committee is
responsiblefor reviewing the Board’s
size,structure and composition, including
the recommendation of appointments
tothe Board, succession planning and
development plans for the Board and
overseeing the Group’s diversity plans.
Corporate Governance Statement
Governance framework
The Board
The Board is responsible for the long-term sustainable
success of the Group, with the overall aim of delivering
shareholder value. Principally, we achieve this through:
· setting and monitoring strategy and ensuring the
necessary resources are in place;
· providing entrepreneurial leadership within an
effectiverisk management framework and internal
controlsystem; and
· reviewing management’s performance.
 Read more about the Board on pages 66 and 67
  Read more about key Board activities on pages 71 to 73
 Read more about division of responsibilities on pages 74 to 78
Audit Committee
The Audit Committee is responsible for
ensuring appropriate challenge and
governance of accounting treatment and
the internal control environment, and
ensuring that the Annual Report as a whole
is fair, balanced and understandable.
Audit Committee Report
 Pages 88 to 93
Risk and Sustainability Committee Report
 Pages 94 to 96
Remuneration Committee Report
 Pages 97 to 115
Nomination Committee Report
 Pages 84 to 87
CEO and Executive Team
Responsibility for the development and implementation of the Group’s strategy and overall commercial
objectives rests with the CEO, supported by the Executive Team and Senior Leadership Team. The
Executive Team is responsible for day-to-day operations, for delivering results and for driving growth,
ensuring this is done in a sustainable and ethical manner.
Information and reporting
Each Committee has an annual forward agenda planner based upon the duties and responsibilities
documented within its Terms of Reference and presented at each meeting for consideration. Company
Secretariat conducted a detailed review of the Terms of Reference during the year, with updated
versions being approved by the Board in December 2024. Papers are circulated to the Board seven days
before meetings take place to ensure that members have adequate time to review and digest.
MONY Group PLC Annual Report and Accounts 2024 – 68Financial statementsGovernanceStrategic report
2024 key shareholder events
Strategy
The Board is responsible for setting and
monitoring progress against the Group’s
strategy, ensuring this is aligned with the
Group’s purpose of helping households save
money and delivers value for shareholders.
High standards of corporate governance
underpin this by ensuring that the Board,
supported by the Executive Team, can
execute effective decision making and create
sustainable long-term value for the benefit of
all of our stakeholders. Further information
on the delivery of our strategy is on pages 20
to 24. Responsibility for the development and
implementation of the strategy and overall
strategic initiatives sits with the CEO who is
supported by senior management.
The Board undertook a review of the Group’s
strategy at a number of meetings during the
year, attended by senior management, where
it received presentations on the strategies for
the business and functional areas, as well as a
review of the overall strategy. These
culminated in an annual one-day strategy
offsite meeting in October 2024 whereby the
future year’s strategy was reviewed, with
agreed initiatives being incorporated within
operational and budgetary plans to enable
tracking throughout 2025.
Stakeholder engagement
The success of the Group’s strategy is reliant
on stakeholder engagement. The Board is
focused on driving long-term sustainable
performance for the benefit of our customers,
shareholders and wider stakeholders. The
Board does not seek to balance the interests
of the Company and those of its stakeholders.
Instead, it considers all the relevant factors
and chooses the course of action which is
most likely to lead to the Group’s long-term
success. Further information on how the
Group engages with its stakeholders and the
Group’s Section 172 Statement can be found
on pages 26 to 33.
Shareholder engagement
The Board actively seeks and encourages
engagement with major institutional
shareholders and other stakeholders. The
CEO and CFO regularly meet with analysts
and institutional shareholders to keep them
informed of significant developments and to
develop an understanding of their views
which are then discussed with the Board.
During 2024 the Investor Relations team
conducted over 58 meetings with potential
and current investors, and attended six
investor conferences, meeting a broad range
of investors in a mixture of group and
one-to-one contexts.
Formal presentations are given to analysts
and shareholders covering the full-year and
half-year results, and briefings are also given
on quarterly trading. Virtual roadshows were
attended by the CEO and CFO during the year
to meet with our material and prospective UK,
European and US investors. The Group also
seeks to maintain a dialogue with various
bodies which monitor the Company’s
governance policies and procedures. TheHead
of Investor Relations generally dealswith ad
hoc queries from individual shareholders.
The Chair initiates contact with major
shareholders after the Annual Report and
Accounts is published to invite them to
engage prior to the Annual General Meeting
(‘AGM’). It is also an opportunity to discuss
important matters such as our strategy. The
Remuneration Committee Chair also engages
in discussion with shareholders on significant
matters relating to Executive remuneration, in
particular any amendments or material
changes to our Remuneration Policy.
Our Senior Independent Non-Executive
Director is available to shareholders if they
have concerns which contact through the
normal channels of the Chair, the CEO or the
CFO has failed to resolve, or for which such
contact is inappropriate.
All Directors receive formal reports
andbriefings during the year about the
Company’s Investor Relations programme.
Directors also receive detailed feedback
obtained by the Company’s brokers after
meetings, allowing them to develop an
understanding of the views of major
shareholders. External analysts’ reports
onthe Group are circulated to Directors
onaregular basis. The Directors also
receiveinvestor feedback reports on
quarterly results.
Annual General Meeting (‘AGM’)
Our 2024 AGM was held on 2 May 2024 at
which shareholders representing c.76% of
theCompany’s issued share capital voted and
we received in excess of 85% votes in favour
for all of our resolutions. Our 2024 AGM was
conducted at Exchange House, London, and
shareholders were given the opportunity
tosubmit questions to the Board ahead
oftheAGM.
2024
2025
19 February 2024
2023 full-year results
16 April 2024
Q1 2024 trading update
2 May 2024
Annual General Meeting
10 May 2024
Payment of 2023 finaldividend
22 July 2024
H1 2024 interim results
16 October 2024
Q3 2024 trading update
17 February 2025
2024 full-year results
Corporate Governance Statement continued
MONY Group PLC Annual Report and Accounts 2024 – 69Financial statementsGovernanceStrategic report
2024 Board attendance
Board member Board Additional
Nomination
Committee
Remuneration
Committee
Audit
Committee
Risk and
Sustainability
Committee
Total number of meetings 8 3 3 3 4 3
Robin Freestone 8 3/3 3/3 — — —
Jonathan Bewes
1
4/8 3/3 1/3 2/3 2/4 1/3
Niall McBride 8/8 3/3 — — — —
Caroline Britton 8/8 3/3 3/3 3/3 4/4 3/3
Sarah Warby 7/8 3/3 2/3 3/3 4/4 3/3
Mary Beth Christie 8/8 3/3 3/3 3/3 4/4 3/3
Lesley Jones 8/8 3/3 3/3 — 4/4 3/3
Peter Duffy 8/8 3/3 — — — —
Rakesh Sharma 8/8 2/3 3/3 3/3 4/4 3/3
1 Jonathan Bewes joined the Board on 1 July 2024.
Corporate Governance Statement continued
During 2024 the Board oversaw the evolving of the
Group’sstrategy, ensuring that our significant strides
intechnological enhancement and agility were achieved
inawell‑governed manner.
Shazadi Stinton
General Counsel and Company Secretary
MONY Group PLC Annual Report and Accounts 2024 – 70Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Our activities during the year
Activities Links
Strategy:
· undertook a review of the Group’s strategy at a number of meetings
attended by the Board and senior management, including a one-day
strategy meeting at which we reviewed and discussed:
– the strategic landscape in which the Group operates;
– the Group’s financial outlook and Long Term Plan;
– compelling customer propositions;
– the Group’s approach to its capital allocation; and
– expanding the Group’s offer;
· reviewed the Group’s plans against the Board’s risk appetite to ensure
that our ambitions for the business are aligned with our ability to
manage risk;
· considered alternative ownership options and defence strategies;
· held “deep dives” at our Board meetings into various aspects of the
business including our data infrastructure, cyber security, third-party
risk management and strategic priorities;
· tracked management’s progress against the Group’s SBTi targets and
climate transition plan; and
· considered the risks and opportunities faced by the Group in
response to climate change.
Link to strategy:
Link to principal risks:
1
2
5
6
Strategic priorities   Loyal engaged customers   Best provider proposition   Leading data and tech
Activities Links
Governance, risk management and regulatory:
· reviewed and revised our annual programme of business for the
Board and each of the Committees, tailoring the deep dives to reflect
our strategic priorities;
· progressed the actions from the 2023 Board Performance Review,
details of which are on page 80;
· undertook an internal Board Performance Review – see pages 78 to 81
for further details;
· reviewed our governance framework to ensure it remains fit for
purpose and compliant with SM&CR;
· considered the output of the Group’s first Consumer Duty Annual
review and regularly reviewed the associated scorecard of metrics;
· considered whistleblowing processes throughout the Group and
received regular whistleblowing updates;
· oversaw the implementation of digital enhancements, including those
pertaining to our cyber and data security capabilities;
· reviewed our application and compliance of the Code including
receiving a stakeholder engagement update and reviewing our wider
engagement mechanisms;
· commenced an External Audit Tender and a Tender for the provision
of the Group’s Internal Audit Co-Source provider (further details are
available on page 92);
· agreed the Group’s principal risks and uncertainties, and identifying
emerging risks which could impact the Group, such as those arising
from artificial intelligence and changes to the Group’s end markets;
· reviewed the effectiveness of our internal control and risk
management processes; and
· ensured compliance with the requirements of the Climate Risk
Disclosures, receiving regular updates throughout the year and
approving the Climate Risk Disclosures Report as detailed on pages 41
to 45.
Link to strategy:
Link to principal risks:
3
4
7
MONY Group PLC Annual Report and Accounts 2024 – 71Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Our activities during the year continued
Strategic priorities   Best provider proposition   Best provider proposition   Leading data and tech
Activities Links
Leadership, employees and culture:
· appointed Mary Beth Christie as our Non-Executive Director Employee
Champion and approved her programme of engagement activities
with employees;
· re-appointed Sarah Warby as the FCA Consumer Duty Champion in
September 2024;
· appointed Jonathan Bewes as Non-Executive Director Chair Designate
in July 2024;
· received “Employee Voice Updates” as a regular Board agenda item;
· reviewed and approved the Group’s Modern Slavery Act Statement;
· received updates on the Group’s Whistleblowing Policy, procedures
and reporting, enabling employees to raise concerns confidentially;
· assessed progress against the Group’s diversity and inclusion strategy,
including the implementation of the Group’s commitment to the Race
at Work Charter; and
· received updates on the Group’s people and culture, organisational
structure, diversity, talent management and employee engagement
including reviewing results of employee surveys and feedback from
the various employee focus groups (diversity and inclusion, mental
health awareness and environmental matters).
Link to strategy:
Link to principal risks:
1
2
4
5
6
7
Activities Links
Budget, financing and investor relations:
· approved the annual budget and long-term plan;
· approved a new External Reporting Framework, comprising four key
market touchpoints and evolving to provide a qualitative review rather
than numerical, and with Q1 and Q3 reports becoming an AGM
statement and pre-close trading statement, respectively;
· approved audited financial statements for the year ended
31December 2023, confirming the Group’s going concern
statementand the longer-term viability;
· received reports and updates at each meeting on investor relations
activities; and
· reviewed capital allocation options including approving the interim
dividend and recommending the final dividend to shareholders.
Link to strategy:
Link to principal risks:
6
7
Business performance:
· reviewed the strategic and operational performance of each of our
businesses;
· reviewed market and trading updates and considered the Group’s
financial performance against budget and forecast, including the
market guidance provided within Trading Statements; and
· agreed Group KPIs for 2025 onwards which are aligned with the
Group’s strategic priorities.
Link to strategy:
Link to principal risks:
1
2
5
6
MONY Group PLC Annual Report and Accounts 2024 – 72Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Activities Links
Looking forward to 2025:
· the delivery of the Group’s 2025 strategic initiatives;
· continuing to review and evolve the Group’s strategy in response to
market developments, harnessing the agility we have built through our
leading edge technology platform;
· ensuring rigour and good governance around the enhancement of our
customer facing propositions via the use of data, AI and our unique
proposition, SuperSaveClub, increasing ease of use and customer
retention;
· the embedding of Jonathan Bewes as our new Chair of the Board;
· the completion of a share buyback programme with the aim
ofreturning capital to the Group’s shareholders, further details
ofwhich are contained on page 117;
· continuing to track progress against our SBTi and targets and Climate
Transition Plan.
Link to strategy:
Link to principal risks:
1
2
3
4
5
6
7
Our activities during the year continued
Strategic priorities   Loyal engaged customers   Best provider proposition   Leading data and tech
Activities Links
Section 172: how we bring the stakeholder voice
intotheBoardroom:
· our Board reporting templates include reference to section 172 and
require paper providers to consider the Group’s stakeholders during
proposal drafting and the Board to factor this into its decision making;
· the Board receives biannual updates from the Chief People Officer on
people, culture, diversity, talent and engagement;
· “Employee Voice Update” is a regular agenda item and our NED
Employee Champion, Mary Beth Christie, provides feedback on
engagement sessions for further discussion by the Board;
· received regular updates from the Group’s FCA Consumer Duty
Champion, Sarah Warby, considering consumer perceptions of our
brands, their user experiences and satisfaction scores, and the
usability of our services, ensuring that the Group’s customers are
considered in our decision making;
· at the annual strategy meeting between the Board and Executive
Team, potential impacts to stakeholders are discussed and
considered, when deciding and agreeing on strategic initiatives;
· members of the Board and the Executive Team meet with major
shareholders and feedback is shared with the wider Board;
· provider feedback is received through business updates given to the
Board during the year;
· customer and user updates are provided to the Board by the senior
management team on a regular basis;
· key advisers attend and contribute to Board and Committee
meetings;and
· regulatory updates are provided to the Risk and Sustainability
Committee and, where appropriate, to the whole Board, including
direct interaction with the FCA and other regulatory bodies.
For further information please see our Section 172 Statement on pages
26 to 33.
Link to strategy:
Link to principal risks:
1
2
5
7
MONY Group PLC Annual Report and Accounts 2024 – 73Financial statementsGovernanceStrategic report
Division of
responsibilities
Roles and responsibilities
Board members have clearly defined roles
and responsibilities, as set out in the table
below. As set out in their biographies on
pages 66 and 67, each member of the
Boardhas a range of skills and experience
that is relevant to the successful operation
ofthe Group.
Independence of
Non-Executive Directors
The Nomination Committee reviews the
independence of the Non-Executive Directors
annually and has confirmed to the Board
thatit considers each of the Chair and the
Non-Executive Directors to be independent
inaccordance with the Code.
Time commitment
All Non-Executive Directors are required to
devote sufficient time to meet their Board
responsibilities and demonstrate commitment
to their role. During the year, the Nomination
Committee considered the time commitment
of all the Directors and agreed that the
required time commitment from them
remained appropriate. See page 87 of
theNomination Committee Report for
furtherdetails.
External appointments
In accordance with the Code, full Board
approval is sought prior to a Director
accepting an external appointment. Prior to
the approval of any external appointments,
the Board considers the time commitment
required by Directors to perform their duties
effectively. As part of the selection process for
any new Board candidates, any significant
time commitments are considered before an
appointment is agreed.
Access to advice
Should any Director judge it necessary to
seekindependent legal advice about the
performance of their duties with the
Company, they are entitled to do so at the
Company’s expense. No such advice was
sought during 2024. All Directors also have
access to the advice and services of the
General Counsel and Company Secretary.
Our key roles and responsibilities
Role Name Responsibility
Chair Jonathan Bewes
(from 1 January
2025)
(Robin Freestone
until 31December
2024)
· leading the Board with integrity and ensuring its
effectiveness in all aspects of its role;
· promoting the highest standards of corporate
governance;
· promoting diversity and inclusion;
· facilitating effective contribution of Non-Executive
Directors and encouraging active engagement by all
Directors, with the appropriate level of challenge by
all Directors;
· ensuring the Board receives accurate, timely and
clear information and is consulted on all matters
important to it;
· ensuring the Board considers the interests of
stakeholders and reviews mechanisms for
engagement with stakeholders; and
· ensuring the Company maintains effective
communication with shareholders and
communicating their views to the Board.
CEO Peter Duffy · leading the performance and management of the
Group;
· proposing strategies, business plans and policies
tothe Board;
· ensuring effective implementation of the Board’s
decisions;
· maintaining an effective framework of internal
controls and risk management; and
· leading, motivating and monitoring performance
ofthe Company’s Executive management, and
focusing on succession planning for the
Executivemanagement.
Corporate Governance Statement continued
MONY Group PLC Annual Report and Accounts 2024 – 74Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Division of responsibilities continued
Role Name Responsibility
Non-Executive
Director
Employee
Champion
Mary Beth
Christie
(appointed
12September
2024)
Rakesh Sharma
from 1 January
2024 –
11September
2024
· helping the Board to establish what channels of
engagement are appropriate, in order to gather and
bring the views and experiences of the workforce
into the Boardroom;
· working with the Board to take appropriate steps to
evaluate, and where possible mitigate, the impact
that the Board’s proposals and decisions may have
on the workforce;
· challenging the Executive Directors, when required,
as to the way in which workforce engagement is
undertaken and the steps to be taken to address
workforce concerns arising out of business-as-usual
activities; and
· giving feedback to employees, where appropriate,
on steps taken to address their concerns or explain
why particular steps have not been taken.
Non-Executive
Consumer
Champion
Sarah Warby
· ensuring that the Consumer Duty is discussed
inameaningful way regularly and raised in all
relevant discussions;
· representing the interests of consumers in Board
discussions and decision making, challenging as
appropriate; and
· working with the Board to take appropriate steps to
evaluate, and where possible mitigate, the impact
that the Board’s proposals and decisions may have
on consumers.
General
Counsel and
Company
Secretary
Shazadi Stinton
· providing comprehensive legal support to the
Board and individual Directors;
· managing the provision of timely, accurate and
considered information to the Board;
· recommending corporate governance policies and
practices to the Chair and CEO; and
· advising the Board and its Committees on
corporate governance and compliance within the
Group and appropriate procedures for the
management of their meetings and duties.
Role Name Responsibility
CFO Niall McBride · supporting the CEO in developing and
implementing strategy;
· overseeing the day-to-day financial activities
oftheGroup;
· deputising for the CEO as required; and
· together with the CEO, ensuring that policies and
practices set by the Board are adopted at all levels
of the Group.
Senior
Independent
Director
Caroline Britton · meeting with the Company’s shareholders and
representative bodies when requested and, if
necessary, discussing matters with them where
itwould be inappropriate for those discussions
totake place with either the Chair or the CEO;
· acting as a sounding board for the Chair and as
anintermediary for the other Directors when
necessary; and
· leading the annual appraisal and review of the
Chair’s performance.
Non-Executive
Directors
Caroline Britton
Lesley Jones
Mary Beth
Christie
Sarah Warby
Rakesh Sharma
Jonathan Bewes
from 1 July 2024
until
31December
2024
· bringing external perspective, independent
judgement and objectivity to the Board’s
deliberations and decision making;
· constructively challenging the Executive Directors
and senior management team and helping develop
proposals on strategy; and
· chairing Committees in their area of expertise
asappropriate.
Our key roles and responsibilities continued
MONY Group PLC Annual Report and Accounts 2024 – 75Financial statementsGovernanceStrategic report
Risk management and
internalcontrol
The Board has overall responsibility for
setting the risk appetite of the Group,
maintaining the Group’s risk management
framework and system of internal control
andreviewing their effectiveness. We have
anongoing process for identifying, evaluating
and managing the principal risks faced by
theGroup which has been in place for the
year under review and up to the date of
approval of the Annual Report. The Risk
andSustainability Committee and the
AuditCommittee assist us in discharging
these duties.
A description of the process for managing
risk, together with a description of the
emerging and principal risks and strategies to
mitigate those risks, is provided on pages 54
to 59.
The main features of the Group’s internal
controls in respect of financial reporting and
the preparation of accounts are:
· a comprehensive annual business planning
and budgeting process, requiring Board
approval, through which risks are identified
and appraised;
· a comprehensive financial reporting
system, regularly enhanced, within which
actual and forecast results are compared
with approved budgets and the previous
year’s figures on a monthly basis and
reviewed by the Board;
· a review of Group policies relating to the
maintenance of accounting records,
transaction reporting and key financial
control procedures;
· an investment evaluation procedure to
ensure an appropriate level of approval
forall capital expenditure and other
capitalised costs;
· monthly finance team meetings which
include reviews of internal financial reporting
and financial control monitoring; and
· ongoing training and development of
financial reporting employees.
Other controls in place to manage our
business in accordance with our Group Risk
Framework include:
· an annual strategy meeting to discuss and
approve the Group’s strategic direction,
plans and objectives and the challenges to
achieving them;
· a schedule of matters reserved for approval
by the Board to ensure it maintains control
over appropriate strategic, financial,
organisational, compliance and capital
investment issues;
· an organisational governance structure
with clearly defined lines of responsibility
and delegation of authority;
· a formal risk management framework with
supporting policies and procedure manuals;
· regular reviews of the principal risks
facingthe Group to ensure they are
beingidentified, evaluated and
appropriately managed;
· a process for regular assessment of the
effectiveness of key internal controls across
the Group;
· a Risk and Compliance function responsible
for overseeing the implementation of the
Group Risk Framework;
· an Internal Audit function providing
assurance over key risks, processes and
controls; and
· a whistleblowing hotline which employees
can use to report any instances of
suspected wrongdoing.
Our internal control effectiveness is assessed
through the performance of regular checks,
which in 2024 included the following areas:
· reviewing and testing the Group’s financial
reporting processes;
· completion of the Group’s Internal
Auditplan;
· performing risk oversight and monitoring
activities including financial promotion
reviews and complaints handling;
· assessment of the identification and
management of risks connected to the
Group’s capital investment programme;
· assessment of the Group’s processes for
identifying and mitigating potential conflicts
of interest;
· assessment of the identification and
management of technology risks across the
Group, including cyber risk, data security
and change management; and
· monitoring the completion of the Group’s
mandatory “Introduction to Regulation”,
data protection, cyber security and Code of
Conduct training for new starters and
refresher training for all employees.
Risk review and assessment
The Group’s systems and procedures are
designed to identify and manage and, where
practicable, reduce and mitigate the risk of
failing to achieve the Group’s objectives. They
are not designed to eliminate such risk, but
the Group seeks to understand its key risks
and manage them within our risk appetite.
The Group’s principal risks and the Group Risk
Framework and Risk Appetite Statement are
reviewed by the Board. During these reviews,
the Board takes account of the significance of
any environmental, social and governance
matters to the business of the Group,
ensuring any related risks and associated
mitigation have been identified.
The risk register is a key element in our risk
management framework and is used in the
assessment and reporting of key risks being
managed by the Group. Senior management
works alongside the Risk and Compliance
function to ensure the risk register
incorporates any new risks and movements in
risks. The risk register is managed by the Risk
and Compliance function; risks and internal
controls are owned by a member of the
Executive Team who is responsible for the
ongoing effectiveness assessment and the
delivery of mitigating actions. Robust risk and
control assessments are regularly carried out
across all areas of the business, in order to
understand the strength and performance of
the controls in place, and potential gaps and
weaknesses. The results of risk register
assessments, together with risks identified
through other tools within our risk
management framework, including findings
from Internal Audit and Risk and Compliance
monitoring, are reviewed on a regular basis by
the Risk and Sustainability Committee.
The Risk and Compliance function provides
challenge to the Executive Team in its
assessment and management of risks with
particular focus on the actions being taken to
reduce risk. Reporting to the Executive Team
and Risk and Sustainability Committee
provides clear visibility of the most significant
risks, identifies areas of concern and/or
priority, analyses root cause and identifies
underlying trends. Reporting to the Risk and
Sustainability Committee enables the
Directors to have clear visibility of the most
significant risks; identify areas of concern and/
or priority; and ensure actions to potentially
mitigate the impact of new risks are taken in a
timely manner.
Corporate Governance Statement continued
Division of responsibilities continued
MONY Group PLC Annual Report and Accounts 2024 – 76Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Division of responsibilities continued
Risk review and assessment
continued
Process for review of effectiveness
The Risk and Sustainability Committee is
responsible for reviewing the effectiveness
ofthe systems of internal controls. The steps
it takes in relation to the review are set out
onpage 105. The Risk and Sustainability
Committee makes a recommendation to the
Board on effectiveness, which the Board
considers in forming its own view on the
effectiveness of the risk management and
internal control systems.
A review of the effectiveness of the Group’s
risk management and internal control systems
was undertaken in 2024. We confirm that the
processes outlined on page 95 have been in
place for the year under review and up to the
date of approval of this Annual Report, and
that these processes accord with the Code
and the FRC Guidance on Risk Management,
Internal Control and Related Financial and
Business Reporting (September 2016 version).
We have strengthened and expect to continue
to embed enhanced controls in respect of
cyber security and data privacy. A summary of
actions we have taken in 2024 is set out in the
Risk and Sustainability Committee Report on
pages 94 to 96. The Board has carried out a
robust assessment of the emerging and
principal risks facing the Group, including
those that would threaten its business model,
future performance, solvency or liquidity and
these, together with how they are managed or
mitigated, are set out on pages 58 and 59.
Composition, succession
andevaluation
Board composition and appointments
Our Board comprises the Chair (who was
independent on appointment), five
Independent Non-Executive Directors and
two Executive Directors. The details of their
career background, relevant skills, Committee
membership, tenure and external
appointments are set out on pages 66 and 67.
Further details on the role of the Chair and
members of the Board can be found on pages
74 and 75. The Chair, Senior Independent
Director and Non-Executive Directors are
appointed for a three-year term, subject to
annual re-election by shareholders following
consideration of the annual Board
effectiveness evaluation. The composition of
our Board continued to be an area of focus
this year for the Nomination Committee to
ensure that it retains the necessary balance
ofskills, experience and independence, in
accordance with the Board Diversity Policy,
the statement for which is detailed in the
Nomination Committee Report. Any new
appointments to the Board result from a
formal, rigorous and transparent procedure,
responsibility for which is delegated to the
Nomination Committee, although decisions
on appointment are a matter reserved for the
Board. Further information on the work of the
Nomination Committee is on pages 84 to 87.
During 2024, the Board and Nomination
Committee have fully considered Board
succession to ensure that the Board has the
right mix of skills and experience, as well as
the capability to provide constructive
challenge and promote diversity. Additional
detail can be found within the Nomination
Committee Report on pages 84 to 87.
Board induction and training
We develop a detailed, tailored induction
foreach new Non-Executive Director. This
includes one-to-one meetings with the
Chairand each of the existing Non-Executive
Directors. They have one-to-one meetings
with the CEO, the CFO and the Company
Secretary along with other members of senior
management. New appointees to the Board
would meet with members of the operational
team and visit our three offices in London,
Manchester and Ewloe as part of the annual
Board meeting cycle. New Directors receive a
briefing on the key duties of being a Director
of a listed company. We regularly review the
induction programme, building in feedback
from new appointees and the internal and
external Board effectiveness evaluations.
Whilst our induction plans can take up to a
year to complete, Jonathan joined the Board
on 1 July 2024 and executed his tailored plan
and handover with Robin Freestone in good
order, meeting with senior management
promptly, attending Board and Committee
meetings and introducing himself to several
key shareholders by 31 December 2024.
Directors are continually updated on the
Group’s business, the markets in which
weoperate and changes to the competitive
and regulatory environments through
presentations and briefings to the Board from
Executive Directors and senior management.
The Company Secretary also maintains a
record of the Board’s collective training plan,
the 2025 plan having been approved by the
Board on 10 December 2024. The Board
received the following training during 2024:
Topic Provided by Purpose and outcomes
Insurance pricing Internal
management
An overview of the Group’s pricing ecosystem and
how the application of pricing tools are used for
customer and commercial gain.
‘Contentful’ Internal
management
An overview of the Group’s content management
system that is used to populate content on the
customer facing websites.
‘Braze’ / ‘Tableau’ Internal
management
An overview of the Group’s Braze data architecture,
including the application of data through Tableau.
Neurodiversity Internal
management
An overview with reference to case studies of how
the Group adapts its recruitment, on-boarding and
HR policies to create an environment where everyone
can thrive.
Economic Outlook Morgan Stanley A detailed summary of the UK markets, including
projected growth in the short, medium and long term
and key developments on the London Stock Market.
MONY Group PLC Annual Report and Accounts 2024 – 77Financial statementsGovernanceStrategic report
Composition, succession
andevaluation continued
Board induction and training continued
Directors received briefings from the General
Counsel and Company Secretary during 2024
on governance and compliance matters and
relevant legislative changes. The Board was
also provided with training materials on the
external market and regulatory and
competition law developments for UK-based
providers and operators. Training was also
provided on environmental regulations and
diversity and inclusion. In addition, individual
Directors receive tailored training where
beneficial or required in order for them to
adequately discharge their duties.
To ensure that Directors are able to fully
acquaint themselves with current trading
andmatters requiring discussions and
decisions, comprehensive Board papers
andCommittee papers are circulated
electronically approximately one week
priortoscheduled meetings.
The Directors also have available to them
aregularly updated electronic “Resource
Centre” acting as a Board manual which
includes extensive information including
financial and analyst reports, current and
historical regulatory publications, Group
codes and policies, organisational structure
documentation, and information on
Directors’duties.
Directors’ skills and experience
An effective Board requires the right mix of
skills and experience. Our Board is a diverse
and effective team focused on promoting the
long-term success of the Group. The Board
Skills Matrix on page 65 details some of the
key skills and experience that our Board has
identified as particularly valuable to the
effective oversight of the Company and
execution of our strategy. For further details
on our Board Skills Matrix and process, please
see our Nomination Committee Report on
pages 84 to 87.
Incumbent Chair Handover and the Code
The Board considered that, given that the
Chairmanship at the Group would be
Jonathan Bewes’ first such appointment,
itwould be helpful for him to undergo a
detailed handover with the incumbent and
tospend six months’ understanding the
business and meeting with shareholders
before he was appointed Chair. As such it
wasagreed that a deviation from Code
Provision 19 would be appropriate in that
Robin Freestone remain in post from the
endof his nine-year tenure in August 2024
until 31 December 2024.
During this period Robin retained all the
powers conferred upon him in his role as
Chair of the Company and Jonathan became
NED and Chair Designate. Jonathan was a
member of the Committees during this time,
and participated in Board meetings as a NED
and on 1 January 2025 he became an
attendee of the Committees in line with the
Code (with the exception of the Nomination
Committee which he Chairs).
The Board considers that this period of
handover was in the best interests of the
Company and as such the Company was in
compliance with Code Provision 19.
Board Performance Review
The annual Board Performance Review
provides the Board and its Committees
withan opportunity to consider and
reflectonthe quality and effectiveness of
itsdecision making, and the range and level
ofdiscussions, and for each member to
consider their own contribution and
performance. For further information,
pleasesee our Nomination Committee
Reporton pages 84 to 87.
The Group’s 2024 Board and Committee
Performance Review was internally facilitated
by the Group’s Company Secretariat.
Corporate Governance Statement continued
Division of responsibilities continued
2022
Internal effectiveness evaluation
conducted by the Chair and General
Counsel and Company Secretary.
2024
Internal Board Performance
Review conducted by the Chair
andGeneral Counsel and
Company Secretary.
2023
Externally facilitated
evaluation process
conducted by
Independent Audit.
Board, Committee
and Directors’
Performance
Review cycle
MONY Group PLC Annual Report and Accounts 2024 – 78Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Division of responsibilities continued
2024 Approach and
methodology
In undertaking the Board performance review:
· Board members were asked to complete
detailed questionnaires about the
performance of the Board, its Committees
and the Chair;
· The Chair met with all Board members to
evaluate their performance during the year;
· Members of the Executive Team and regular
attendees of Board and Committee
meetings were also asked to complete
detailed questionnaires regarding their
experiences of the Board and directors;
· The SID prepared a report based on the
feedback of the Chair in the year. This was
light touch as Robin Freestone was cycling
off the Board on 31 December 2024;
· The preparation of a report by Company
Secretariat, which was discussed with the
Chair and presented at the December
Board meeting; and
· A schedule of actions was agreed between
the Chair and General Counsel and Company
Secretary before being presented to the
Board for approval in February 2025. This
included the 2025 Board Training Plan,
following which the Board’s forward agenda
planner was updated accordingly.
2024 Board performance review:
outcome and action
The performance review assessed the Board
as having many strengths as follows:
· Robin Freestone was highly regarded and
NEDs thanked him for his inclusive style and
for remaining in post to provide Jonathan
Bewes with a handover. It was considered
that the transition to a new Chair in 2025
was a key priority, ensuring Jonathan was
supported during his first year;
· The balance of skills and experience was
rated positively; however, it was suggested
that the Board continue to expand the
range of colleagues from whom it receives
reports to broaden its thinking;
· The Board’s strategic oversight was
positively viewed overall and the short-term
strategy was understood. Further clarity
regarding the Group’s longer term strategy
and underpinning capital allocation
approach would be welcomed however,
together with timely and effective updates
on growth opportunities which may
develop between formal meetings;
· The Board is well supported by a strong
Company Secretarial team, headed by the
General Counsel and Company Secretary;
· Respondents felt that Board cohesion had
benefitted from increased informal contact
and wished for this to continue once in
2025. It was considered that there was good
rapport between Board members without
the risk of Group Think; and
· There was consensus that it would be
useful to have a clearer vision of what the
Group needed to do to achieve its climate-
related targets, especially those in relation
to Scope 3 emissions, but understood that
this would only be possible in time as
market practice became clearer.
The Board discussed the priority areas and
agreed the following focus areas for
enhancement during 2025:
· Executing strategy and looking ahead
– Talent and Succession – it was agreed
that the Nomination Committee would
consider further Committee Chair
succession and emergency cover
planning following updates to Board
membership during 2025.
– Investments and Strategic
Initiatives – it was requested that an
insight as to the potential investment
pipeline information should be provided
on a more regular basis to the Board.
· Shareholder Engagement and
Reporting – the Board agreed that there
was good information from management as
to shareholder feedback, and there was a
request that this is further supplemented
by an enhanced report from Investor
Relations on shareholder interactions
throughout the year.
· Presentations to the Board – the Board
considered that management’s papers were
of good quality, and these could be further
enhanced through the Co Sec team working
with presenters as to what input they would
like the Board to provide.
MONY Group PLC Annual Report and Accounts 2024 – 79Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Division of responsibilities continued
2024 Approach and methodology continued
Progress against the 2023 evaluation action plan
The Board also reviewed its progress against actions identified in the externally facilitated 2023
Board Performance Review.
An update on progress against these actions during 2024 is set out below:
Action item Our progress
Executive Reward –
Remuneration Committee
Role
To increase the Board’s visibility
of key stakeholder groups and
their feedback and to develop
amore proactive approach
toengagement.
The development and
implementation of a stakeholder
engagement strategy to ensure
the appropriate type, level and
frequency of engagement with
each stakeholder
At the 7 February 2024 Remuneration Committee (‘Rem Co’)
meeting, the Rem Co considered the remuneration for the
Executive to ensure targets were stretching. It was agreed
by the Rem Co that the EBITDA for 2024 threshold would
be set in line with the budget for threshold and that FY23
actual achievement stretch would be increased from 5% to
6% above target. The Rem Co noted that achieving stretch
would be a challenging 11.7 % year-on-year growth, taking
the company beyond pre pandemic record highs, without
the benefit of the energy business and would be above
the top of the current consensus range. In terms of
revenue, the Rem Co agreed that the ranges between
threshold and stretch are maintained at 4%, with target set
at Budget. Again, performance at this level would be above
the top of the current consensus range. The Rem Co was
satisfied that the targets provided sufficient stretch for
management whilst also being motivating.
Strategy – Short & Long
Term Definition & Planning
The Board should define what it
means by “long-term” in relation
to its strategy and have open
conversations regarding matters
such as: the NEDs’ appetite for
expansion opportunities; the
deployment of artificial
intelligence within the Group;
thebalance between short-term
and long-term strategic thinking;
and deciding when and how
theBoard should discuss
strategic initiatives.
The Board discussed the strategy, including short and
long term at the Board meeting held on 8 February.
TheBoard debated members’ strategic preference
regarding priorities for the Group, noting that
opportunities are available on both sides of the
marketplace, including the merits of faster, closer term
growth versus longer term strategic value. It was agreed
that the Board would focus on acquisitions which closely
fitted the current strategy. Itwas agreed that strategic
initiatives would be discussed by the Board on a quarterly
basis, with a new Strategic & Milestones Update to be
provided to the Board by management.
Chair Succession
Whilst the process for the
recruitment of a new Chair had
been open and transparent, no
final candidate had been
sourced at the time of writing
and it was recommended that,
given the importance of the role,
especially at this point in the
Group’s development, the Board
consider taking the Chair up on
his offer to remain in post whilst
the right person to lead the
Board is found.
The new Non-Executive Chair Designate was appointed to
the Group on 1 July 2024 and became Chair on 1 January
2025. Between 1 July 2024 and 1 January 2025 Jonathan
Bewes undertook a tailored and detailed induction and
Robin Freestone remained in post during this period to
ensure an effective handover of responsibilities.
Board Dynamics
It was noted that the Board had
undergone significant change
over the previous few years and
Board members were still
getting to know each other. It
was therefore recommended
that the NEDs spend more time
together without the Executives
present and with the aim of
deepening relationships and
enhancing cohesion. This could
occur in the form of formal
NED-only sessions at the start of
Board meetings and informal
NED-only dinners.
The General Counsel and Company Secretary and Chair
met to discuss this in more detail. It was agreed that the
NED only sessions at the end of the Board and Committee
meetings, together with the Board dinners gave enough
time for the NEDs to have discussions. The incumbent
Chair agreed that the new Chair may want toconsider this
further when he starts in the role in January 2025.
MONY Group PLC Annual Report and Accounts 2024 – 80Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Division of responsibilities continued
2024 Approach and methodology continued
Progress against the 2022 evaluation action plan
Action item Our progress
Stakeholder engagement
To increase the Board’s visibility
of key stakeholder groups and
their feedback and to develop a
more proactive approach to
engagement.
The development and
implementation of a stakeholder
engagement strategy to ensure
the appropriate type, level and
frequency of engagement with
each stakeholder.
The Board ensures that the stakeholders are considered
in all of its decision making via the use of its reporting
templates where contributors are required to consider
theimpact of decisions upon stakeholders and advise
theBoard which stakeholders they have engaged with.
It was considered during 2024 that a formal stakeholder
engagement plan was not required in the medium term
given the breadth and depth of activities already
undertaken by the Board.
Training
A more structured and detailed
Board training plan to be
implemented, with dedicated
sessions at least four times
during 2023.
Detailed and structured training plans have been in
operation since 2023. These are developed in conjunction
with the Non-Executive Directors and presented to the
Board for approval at the start of each year.
Talent and succession
planning
The establishment of a Board
Sponsorship Programme
whereby members mentor/
sponsor individuals within
theSenior Leadership Team
intheir development.
The Board has participated in Senior Leadership
eventsthroughout the year and colleagues can request
mentoring from Board members and are able to attend
Board meetings to present on their areas of expertise as
appropriate. In addition, during 2024 the Group incepted
the Women in Leadership programme for senior leaders
which met three times during 2024 with a combination of
external speakers and female Board members in
attendance to share their expertise and experience.
Please see page 81 for further details.
Outcome of the Chairman
effectiveness review
The review carried out by the Board and
coordinated by the Senior Independent
Director included consideration of the Chair’s
effectiveness. The assessment identified that
the Chair was very capable, with an open and
inclusive chairing style, excellent relationship
with the CEO and significant City experience.
Following discussion by Board members
(excluding the Chair), it was concluded that
the Chair was performing his role of leading
the Board effectively. Independent Audit did
not identify any areas of development for
theChair and it was acknowledged that he
would be greatly missed when he cycled off
the Board.
Outcome of the individual
Director effectiveness review
and reappointment
Individual Director performance and
contribution were assessed with individual
performance and development discussions
held with the Chair. The Nomination Committee
conducted its annual review of Board and
Committee composition in October 2024
andconcluded that the Directors had the
requisite skills, experience, knowledge,
independence and time to successfully fulfil
their responsibilities to the Company. The
Nomination Committee and Board considered
that each Director in role at the time of its
review continued to be committed to their
roles and contributed effectively agreeing
that, with the exception of Robin Freestone,
who cycled off the Board on 31 December
2024, all Directors stand for election or
re-election at the 2025 AGM.
MONY Group PLC Annual Report and Accounts 2024 – 81Financial statementsGovernanceStrategic report
Employee Champion Report
Listening to
our colleagues
Investors call our
people “human
capital,” we call
them colleagues.
Their perspectives,
interests and needs
are critical to the
success of MONY.
Investment in our
people is as important
as investment in our
products and our
systems.
Mary Beth Christie
NED Employee Champion
As Employee Champion I am pleased to
report on the progress that we have made
this year in the engagement with our people.
However, first I would like to thank Rakesh
Sharma, from whom I took over in September
2024, for his diligent work whilst in the role.
As a Group, we recognise the benefits that
Board engagement with our people can bring.
It is vital, when discussing strategy and
culture, to hear their views.
Role of the Employee Champion
I was appointed the designated NED
Employee Champion in September of 2024
with a remit to draw on my experience of
cultural change and Company communication.
Although I have only been in the role for a
short time, I have quickly formed the
relationships necessary to successfully
discharge my duties and become a trusted
person to whom people can speak openly
andtransparently, without fear of recrimination.
Supporting this is the fact that all reports, and
verbatim comments contained therein, are
anonymised before issue.
In 2024 it was decided that providing
summarised and anonymous colleague
feedback to the Executive was better done
outside of the Boardroom, with key themes
discussed as part of the CEO’s update at
eachmeeting as appropriate. This enables
theCEO to address such feedback in advance
of meetings and then to report back to the
Board on any actions undertaken as a
consequence. If any immediate concerns
wereto be raised they would of course be
discussed at the next opportunity.
At MONY, we believe that all our Board
members should hear directly from our
colleagues, rather than just relying on
employee survey results or filtered feedback
from the employee champion. We recognise
that data can tell us “what” is happening, but
sometimes cannot explain “why.” We
developed a series of activities where we
break bread and share stories with our
colleagues across all our teams and locations
– London, Ewloe, and Manchester. We have a
series of small breakfasts involving all our
independent board members and up to 20
colleagues, usually divided into two groups.
They are safe spaces, where we encourage
everyone to share their honest experiences
atMONY. This year, we explored findings from
our annual employee survey, heard from our
new tech apprentices, and considered our
content operations. These sessions ensure
alignment between what is being discussed
inthe boardroom and what is happening on
the front line.
Activities in 2024
Employee engagement takes several forms,
and the Board utilises several methods to
giveus a fuller and more accurate picture.
These are:
NED breakfasts
Along with my fellow NEDs, we have held
interactive Employee/NED breakfasts
throughout the year. These are held in each
ofour core office locations to ensure that
everyone has the ability and opportunity to
be “heard”. Anyone that wants to attend is
able to do so and a calling notice is issued
ahead of time to allow people to register
theirattendance in a timely manner.
MONY Group PLC Annual Report and Accounts 2024 – 82Financial statementsGovernanceStrategic report
Employee Champion Report continued
Activities in 2024 continued
NED breakfasts continued
Where people are unable to attend, whether
for personal or work priorities, they are
encouraged to make their views known to
other colleagues who may be attending.
These breakfasts incorporate a mix of
discussion topics, often incorporating
outcomes from our employee survey which
isdiscussed later in this report. Participants
inthese meetings have commented that
theyvalue the open and transparent dialogue
that takes place and appreciate the time the
NEDs take to listen to them. It should be
noted that the Executive Directors are not
present during these breakfasts. Topics that
have been discussed include leadership,
communication channels, wellbeing, hybrid
working, development, social events,
strategy,organisational agility, cultural
change, diversity, equity and inclusion,
andsustainability.
Employee engagement surveys
These provide for regular and structured
input from our people, especially during
periods of change. These surveys are the first
step to understanding underlying colleague
sentiment and by being anonymous they
provide valuable insight. The output is
communicated to the entire organisation and
follow-up meetings are heldby the people
team to explore the answers and better help
to educate policy andculture. The outcomes
also help to setthetopics of conversation for
the employee/NED breakfasts.
Employee Resource Groups
ERGs are voluntary, colleague-led, self-
managed groups that connect those who
share common challenges, interests and
experiences. The aim of the ERGs is to act
asan open forum to meet and support
oneanother in creatively addressing our
internal inclusion challenges and champion
colleague voice.
Ad hoc engagement
Throughout the year, NEDs meet with
colleagues across the business on an
adhocbasis. They have joinedthe fortnightly
Company Updates given by the CEO, whereby
important information pertaining to the
Company’s strategy, events and culture are
shared by key members of management,
withthe opportunity to anonymously “ask
Peter Duffy anything”. Board members have
also had individual or small group meetings
toshare experience in their relevant field
(e.g.Sarah Warby meets with members of
themarketing team, Caroline Britton with
members of the finance function and
LesleyJones with the internal audit and
governance teams). In addition, the female
Board members attended and contributed to
several Women in Leadership events run by
management, sharing valuable insights with
female colleagues on their career paths.
Key outcomes
The board directly benefits from hearing
the experiences, insights and suggestions
from our colleagues across the company.
Itinforms our discussions and decisions,
helping us navigate with a richer set of
signals than we would otherwise. Our
colleagues bring more than own voices
tothe table, they also tell us perspectives
of front-line suppliers, partners, and
customers, who they work with everyday.
During 2024 some of the key themes
raisedwhere:
· Streamlining operations – our
colleagues have had to make changes
tothe way they work as we successfully
rolled out our single tech platform
across the whole business and retired
siloed systems. We heard how new
collaborative practices, including
implementing new AI tools, are working
across different teams and different
locations, which informed board
discussions on the pace of change.
· Fresh perspectives – our new
apprentice programme has not only
brought fresh faces into the
organisation, it has also stretched the
thinking of our colleagues. Our
apprentices shared how their “naive”
questions uncovered assumptions that
may no longer be relevant. We learned
that their contribution went far beyond
writing code – they broadened the
horizons of those they worked with, and
vice versa.
Focus areas for 2025
In the age of AI, the pace of change is
staggering. We must keep listening to
ourcolleagues’ dreams, hopes, fears
andchallenges to remain relevant and
competitive. Our areas of focus for this
yearwill be innovation, strategy delivery
andcommunications, exploring feedback
from the employee survey, and refreshing
ourEmployee Representative Groups.
Wewillalso make our gatherings more
accessible by having both employee
lunchesand breakfasts.
Mary Beth Christie
NED Employee Champion
14 February 2025
MONY Group PLC Annual Report and Accounts 2024 – 83Financial statementsGovernanceStrategic report
Nomination Committee Report
Diversity
strengthens
strategy
I am pleased to present the Committee’s
report for the year ended 31 December 2024.
I have set out below our role and activities in
reviewing the Board’s size, structure and
composition, including the recommendation
of appointment of a new Non-Executive
Director, reviewing succession and
development plans for the Board and
Executive management, and overseeing the
Group’s diversity and inclusion strategy.
The Committee is comprised of all
Independent Non-Executive Directors, with
the exception of me as Chair of the Board
(Iwas independent on appointment). Only
members of the Committee have the right to
attend Committee meetings. Other individuals
such as the CEO, the Chief People Officer,
senior management and external advisers
may be invited to attend meetings as and
when appropriate. The Committee
membership was refreshed in 2024, following
my appointment in July 2024. For full details of
the Committee’s membership and attendance
during 2024, please see page 70.
Role and responsibilities
The Nomination Committee plays a key role
supporting the Board within the governance
framework in reviewing the composition of
the Board and its Committees. This includes
an assessment of whether the balance of
skills, experience, knowledge and
independence of the Board is appropriate
toenable it to operate effectively. The
Committee also assisted the Board in its
consideration of conflicts of interest and
independence issues. No conflicts of interest
or independence issues were identified as a
result of this activity.
The Committee has an annual schedule
ofwork, developed from its Terms of
Reference (available on our website at
https://www.monygroup.com), with standing
items that it considers at each meeting, in
addition to any specific matters upon which
the Committee has decided to focus.
The Nomination
Committee is
responsible for
ensuring that the
Group possesses
the leadership, skills
and diversity to
successfully execute its
current strategy, whilst
also positioning it for
the future.
Jonathan Bewes
Chair of the Nomination Committee
MONY Group PLC Annual Report and Accounts 2024 – 84Financial statementsGovernanceStrategic report
includes one Non-Executive Director from an
ethnic minority background. At the same time,
the Committee will keep under review and
evaluate, on behalf of the Board, its balance to
ensure that it has the appropriate mix of skills,
experience, independence and knowledge to
ensure continued effectiveness.
All appointments to the Board will be made
on merit and against objective criteria. The
process will take into account suitability for
the role, the Board composition, its balance
and the required mix of skills, background
andexperience, including a consideration
ofall aspects of diversity. Other relevant
matters will also be taken into account,
suchas independence, subject matter
knowledge and the ability to fulfil required
time commitments. Combined, this will
formpartof the role specification for all
Board recruitment.
Prior to making any recommendations for
appointment to the Board, the Committee
willconsider suitably qualified candidates for
Non-Executive Director roles from as wide a
pool as appropriate and whose skills and
experience will add value to the Board.
The Committee only works with executive
search consultants who understand and
agree with the Group’s approach to diversity
and inclusion, including the Board’s Diversity
Statement, and will consistently apply it when
identifying and proposing suitable candidates.
Board Performance Review
An internal Board, Committee and individual
Director performance review was conducted
during the period October to December 2024,
fulldetails of which are available on pages 78
to 81.
What we have done in 2024
Completed the recruitment, appointment
andinduction of myself as Non-Executive
Director and Chair Designate (appointed
Chair 1 January 2025), led by our SID.
Continued to review talent within the Group,
with an increased focus on succession
planning and development at the level
belowExecutive management.
Reviewed the composition of the Board,
including the balance of skills, knowledge
andexperience, taking into account the
experience and understanding of our
stakeholder groups.
Reviewed progress made against the Board
Diversity Policy, including the targets of 33%
female representation and one Director from
anethnic minority background by 2024, which
weachieved.
Considered the ongoing contribution of
eachBoard Director, including their time
commitments, and recommended to the
Board the re-election of all Directors at the
2024 Annual General Meeting.
Reviewed the Group’s Conflicts of Interest
Policy and process and the Register of
Directors’ Conflicts of Interest.
Reviewed the Group’s diversity and
inclusionstrategy.
Reviewed the size, structure and composition
of the Board and its Committees.
Board composition
The Board supports the recommendations of
the FTSE Women Leaders on gender diversity
and the Parker Review on ethnic diversity.
TheBoard has achieved the minimum
recommended composition; this currently
stands at four female Directors (50%) and
Nomination Committee Report continued
Board recruitment and successionprocess – NED & Chair Designate
The Committee discussed the current composition, skills and diversity of the Board and
agreed a candidate profile, which concluded that the Group required an individual with
experience within a public limited company, however not necessarily as a chair, and
someone with a breadth of roles to include those pertaining to product or customer
facing propositions. Robin Freestone offered to remain in post for an additional six-
month handover to enable the Committee to feel confident exploring the possibility of a
first-time chair.
The Committee appointed Heidrick and Struggles to conduct the candidate search, who
provided a shortlist of candidates. The Committee reviewed CVs and agreed which of
shortlisted candidates to take to next stage.
Shortlisted candidates were invited to prepare and deliver a 30 minute presentation
tothe SID and other Non-Executive Directors on their view of the Group, its current
strategy and how they would lead the business if successful in securing the post.
Feedback following this stage was reviewed at the Committee, following which a final shortlisted
candidate was identified, and it was agreed that they meet with CEO to determine chemistry
and team fit.
Following this the Committee received feedback from the CEO and those who attended
the presentation meetings. This feedback, together with consideration of the preferred
candidate’s existing time commitments, potential conflicts of interest and independence
from the Group were considered and upon confirmation that these were in order, the
Committee approved the appointment and recommended the same to the Board. It was
agreed that Robin would remain in post for the first six months of the appointment to
provide the successful candidate with a handover.
Succession planning
The Group’s succession planning is a
continual cycle of activity and as part of this
the Committee reviewed succession plans for
our Executive and Senior Leadership Teams.
The Executive summarised its performance
and development areas, identifying whether
there was internal talent able to fulfil the role
immediately, within two years, or whether
alternative resourcing would occur.
This included information pertaining to
eachindividual’s current performance
andfuture potential.
The Committee had already begun the
process of seeking Robin Freestone’s
successor late in 2023, with discussions led
byour Senior Independent Director, Caroline
Britton, with Robin recusing himself from
alldiscussions and related decision making.
The work undertaken by the Committee
during 2024 to recruit and appoint me is
detailed in the table below.
MONY Group PLC Annual Report and Accounts 2024 – 85Financial statementsGovernanceStrategic report
Talent development
We recognise the importance of developing
our people and, as such, the talent pipeline
within our business remains a key focus for
the Committee. We’ve spent time this year
refreshing our Leadership Development
Curriculum as well as launching the LinkedIn
Learning platform to all employees to
complement our in-person training and
development opportunities. We are also
partnering with Ezra to provide dedicated
coaching to identified talent with a specific
emphasis on our female colleagues. In 2024
we also launched our Women in Leadership
Forum, which met three times in 2024 and at
which female members of the Board attended
to share their knowledge and experience with
senior female colleagues within the business.
For further information about the Women in
Leadership Forum please see page 86.
Diversity and inclusion
As described earlier in this report, the Board
and Committee continue to drive the agenda
of diversity and inclusion across the Group
and are proud of the progress made,
especially in respect of female representation
on the Board and Executive Team of 44% and
41% respectively when including Executive
Directors. A breakdown by gender of the
number of persons who were Directors of the
Company, senior managers (as defined in the
2018 Code and Companies Act 2006), and
other employees is set out on page 87. To
reflect the Group’s continued focus on this
area, Diversity, Equity, Inclusion and Belonging
and Sustainability updates, including progress
against our diversity strategy, have been
added as a standing agenda item for all
Committee meetings.
The Board’s Statement on Diversity is as
follows: The Board recognises the importance
of diversity in its broadest sense as one of the
key drivers of Board effectiveness. Diversity
encompasses diversity of perspective, insight,
experience, educational and professional
background, and personal demographics such
as gender identity, race and ethnicity, age,
disability, neurodiversity, social mobility and
sexual orientation.
Diverse membership of the Board supports
better decision making and reduces the risk of
groupthink by providing different viewpoints,
ideas and challenges.
The Committee discussed the employee
survey results in relation to diversity and
inclusion, noting that they remained strong,
with a 78% favourable score which was in line
with benchmarks within the UK technology
sector and ahead of that within the financial
services sector.
Through 2024 we have built our DEIB strategy
around the pillars of Hiring, Development
andAllyship with impact being made across
each pillar.
The Board’s diversity and inclusion objective
during 2024 was to improve our approach to
how we attract and source talent with a focus
on delivering real change in our diversity mix.
This has been achieved by:
· dramatically reducing our use of agencies
inhiring, to ensure that we influence the
fullsourcing process and focus on a wider
talent pool. 86.25% of hires in 2024 were
direct and 24.7% of all hires in the year have
come from ethnic minority groups. Our
representation from ethnic minority groups
has increased from 15.2% in 2023 to 16.7%
(with a 83.5% disclosure rate) as at the end
of December 2024;
· a Technology Apprenticeship Scheme
foryoung and underrepresented talent
resulted in four female hires, two
fromethnic minority backgrounds.
Similarly,wepartnered with We Are Black
Journos for the hiring of our intern within
MSE; and
· launching our Transgender and Gender
Non-Conforming Guidelines for both
colleagues and managers. The Executive
Team and Board also underwent training
onthis topic provided by Vessy.
Supporting racial equity
The Group has been an official signatory of
the Race at Work Charter since 2020, a public
commitment to prioritising action on race
equity, as part of the Group’s Race Equity
Plan. The Charter requires us to have in place
five things:
· an appointed executive sponsor for race;
· the capturing of our ethnicity data and
publicising of our progress;
· a Board-level commitment to zero tolerance
of bullying and harassment;
· that equity, diversity and inclusion are made
the responsibility of all our leaders and
managers; and
· actions that support Black, Asian, mixed
race and other ethnically diverse employee
career progression.
The Board has committed that all allegations
of racial bullying or harassment will be taken
seriously, and managed consistently and in
line with the Group’s Anti-Bullying and
Harassment Policy, with formal action taken
where necessary. Any material grievances are
reported to the Audit Committee via the
whistleblowing report.
We are dedicated to continuing the progress
we have made under the five principles of the
2020 Charter and are pleased to reconfirm
our commitment to these principles.
Board appointments
The Committee has a formal, rigorous and
transparent procedure for the appointment
ofnew Directors to the Board. When the need
to appoint a Director is identified, we prepare
a candidate profile indicating the skills,
knowledge and experience required,
takinginto account the Board’s existing
composition and the relevant experience
andunderstanding of our stakeholder groups.
We engage external executive search
consultants and consider the gender,
nationality, educational and professional
background of candidates, as well as
individual characteristics which will
enhancediversity of thinking on the Board.
Suitable candidates are interviewed by
Committee members.
We give careful consideration to ensure
proposed appointees have enough time
available to devote to the role and that the
balance of skills, knowledge and experience
on the Board, with regard to experience and
understanding of our stakeholder groups, is
maintained. When the Committee has
identified a suitable candidate, we then make
a recommendation to the Board with the
Board making the final decision.
We followed the procedure outlined above for
the search for me as the new Non-Executive
Director and Chair Designate during 2024,
engaging Heidrick and Struggles Associates
(‘HS’) as external executive search consultants
for the appointment. HS is a signatory to the
Voluntary Code of Conduct for Executive
Search Firms on gender diversity and best
practice and has no other connection with
theCompany or individual Directors. The
Committee briefed the search consultants
onour detailed requirements for the role,
andwe considered and interviewed a wide
and diverse range of candidates for the roles.
The full process is outlined on page 85.
Nomination Committee Report continued
MONY Group PLC Annual Report and Accounts 2024 – 86Financial statementsGovernanceStrategic report
Nomination Committee Report continued
Time commitment
The expected time commitment of the
Chairand Non-Executive Directors is detailed
within our letter of appointment, and is
assessed, together with any existing external
appointments, during the recruitment
process. Time commitment is reviewed by the
Committee on an annual basis and both the
Committee and Board continue to consider
that the Directors have sufficient time to
undertake their roles effectively.
Nomination Committee
effectiveness
In 2024, we carried out an internal evaluation
of Nomination Committee effectiveness, with
the results being analysed and presented at
the Board meeting in December 2024. The
Committee determined it continues to be
effective in fulfilling its role and remains
independent. There were no specific actions
required of the Committee from this review,
however the 2025 focus areas outlined below
summarise our priorities for the year ahead.
Overview of Committee activities for 2025
What we will focus on in 2025
Continue to support management in navigating the market challenges in addressing the Group’s
Gender Pay Gap, noting the significant ongoing work to address the ratio of men to women within
the Group’s tech teams.
Continue to engage with the Executive -1 populations to strengthen the Group’s succession plans
and foster development in the senior leadership of the Group.
This report was approved by the Board and signed on its behalf by:
Jonathan Bewes
Chair of the Nomination Committee
14 February 2025
Gender diversity % as
at31December 2024
Group employees who are women
44%
Women in Group Senior leadership
41%
Board Male/female gender split
44%
*
* The Board’s composition was 50% female following Robin
Freestone cycling off the Board on 31 December 2024.
Ethnic minority background –combined
Board and ExecutiveCommittee
12.5%
The Board’s gender balance was 44% female
as at 31 December 2024, however this
reverted to 50% female from 1 January 2025
once Robin Freestone cycled off the Board.
Director conflicts and
independence
The Committee conducted its annual review
of individual Director conflict authorisation as
recorded in the Conflicts of Interest Register
in October 2024. Additionally, the Board and
Committee consider conflicts of interest at
every meeting.
The Conflicts of Interest Register sets out
anyactual or potential conflict of interest
situations which a Director has disclosed to
the Board in line with their statutory duties.
When reviewing conflict authorisations, the
Committee considers any other appointments
held by the Director as well as the findings of
the Board effectiveness review. Following the
review, the Committee recommended to the
Board that each conflict authorisation
remained appropriate.
The independence of the Non-Executive
Directors is formally reviewed annually by
theCommittee. The Committee and Board
consider that there are no business or other
circumstances that are likely to affect the
independence of any Non-Executive Directors
and that all Non-Executive Directors continue
to demonstrate independence. In accordance
with the 2018 UK Corporate Governance
Code, all of the eligible Directors will retire
atthis year’s AGM and submit themselves
forappointment or reappointment by
shareholders. Each of the Non-Executive
Directors seeking reappointment is
considered to be independent in
judgementand character.
MONY Group PLC Annual Report and Accounts 2024 – 87Financial statementsGovernanceStrategic report
Audit Committee Report
Continuous
enhancement
of the control
environment
The Committee’s
supervision of work
to refine and test
the Group’s material
internal control
framework has
concluded, and we
have developed an
Audit and Assurance
Policy which clearly
delineates the
responsibilities of
ourRisk and Internal
Audit Teams.
Caroline Britton
Chair of the Audit Committee
On behalf of the Audit Committee, I am
pleased to share its report for the year ended
31 December 2024. In this report I will explain
the Committee’s role in overseeing the
appropriate application of accounting
treatment and its work to confirm that
Group’s internal control environment is
robust. Our roles in challenging and
supporting management in this regard
underpins the Committee’s conclusion that
the Annual Report as a whole is fair, balanced
and understandable. I look forward to
attending the AGM on 8 May 2025 to answer
any questions on the work of theCommittee.
The Committee comprises a wide range of
business and financial experience, including
competence relevant to the sector in which
the Company operates in compliance with
Code Provision 24 (Committee attendance can
be found on page 70). Lesley Jones, Risk and
Sustainability Committee Chair, works closely
with me to ensure that the efforts of both
Committees are co-ordinated, especially with
regards the monitoring of internal controls.
Role and responsibilities
The primary roles of the Audit Committee
aretomonitor the integrity of the financial
statements of the Group and other financial
information prior to publication and review
the significant reporting judgements
contained therein. We oversee the financial
reporting and audit processes and monitor
the effectiveness of the Group’s financial
internal controls by:
· monitoring the integrity of the financial
statements of the Company, and discussing
formal announcements relating to the
Company’s financial performance and
anysignificant issues and judgements
contained in them;
· review and approval of the Group’s tax
strategy and appropriateness of key tax
policies and judgements on tax matters;
· advising the Board on whether the
Committee believes this Annual Report and
the financial statements contained within it,
when taken as a whole, is fair, balanced and
understandable in accordance with the
requirements set out on page 91;
· reviewing and monitoring the external
auditor’s independence and objectivity
andthe effectiveness of the audit process,
taking into consideration relevant UK
professional regulatory requirements;
· developing and implementing a policy
onthe level, amount and pre-approval
ofnon-audit services provided by the
externalauditor;
· advising the Board on the appointment,
reappointment and removal of the external
auditor and the remuneration and terms of
engagement of the external auditor;
· monitoring the effectiveness of the Group’s
financial reporting related internal control
systems, including whistleblowing and
fraudcontrols;
· reviewing the scope, resourcing, activities
and results of the Group’s Internal
Auditfunction;
· carrying out an annual performance
evaluation exercise, noting the satisfactory
operation of the Committee and ensuring
the Committee Terms of Reference are
reviewed by the Board annually; and
· reporting to the Board on how the
Committee has discharged its
responsibilities.
The Committee has an annual schedule of
work which is linked to the Group’s financial
reporting cycle and developed from its Terms
of Reference (available on our website at
https://www.monygroup.com/), with standing
items that it considers at each meeting, in
addition to any specific matters upon which
the Committee has decided to focus.
MONY Group PLC Annual Report and Accounts 2024 – 88Financial statementsGovernanceStrategic report
Audit Committee Report continued
Financial statements andreports
The Committee is responsible for reviewing the appropriateness of the Group’s half-year reporting and annual financial statements. We do this by considering, among other things: the accounting
policies and practices adopted by the Group; the correct application of applicable reporting standards and compliance with broader governance requirements; the approach taken by management
to report the key judgemental areas of reporting; and the comments of the external auditor on management’s chosen approach.
Financial statement reporting matters
We consider these areas to be most relevant taking into account the level of materiality and degree of judgement exercised by management. We discussed the issues in detail to ensure that the
approaches taken were appropriate. This included reviewing presentations and reports from both management and the external auditor. In the current year we do not consider a reasonably
possible change in the estimate and judgement would lead to a material difference in these matters.
What we have done in 2024
Reviewed and approved the 31 December 2024 Annual Report and Financial Statements and the
half-year statement to 30 June 2024, together with reports from the external auditor, examining key
points of disclosure and presentation to ensure accuracy, clarity and completeness.
Reviewed and approved the rolling 12-month Internal Audit plan for appropriate risk coverage, including
quarterly in-year updates for any changes, and considered the different sources of assurance against the
Group’s key risks to ensure there is comprehensive risk and assurance coverage. Agreed and monitored
the balance of audit focus across strategic, operational, third-party and core assurance areas.
Reviewed and challenged management’s assessments, conclusions and disclosures in relation to the
impairment of goodwill.
Reviewed and approved the Group’s Treasury and Tax Policies and strategies.
Reviewed and approved the Internal Audit Charter. Received reports from management in relation to the Group’s anti-bribery and corruption processes,
including whistleblowing, fraud and gifts and hospitality.
Oversaw the work of our Internal Audit function, ensuring it retained the right expertise and experience
to provide effective challenge throughout the organisation and measured the effectiveness and value of
the function, including co-source arrangements, through questionnaires, metrics and assessments.
Reviewed, approved and recommended to the Board the Group’s going concern statement (see page 53)
and long-term Viability Statement and underpinning viability scenarios as contained on pages 60 and 61.
Considered management’s and Internal Audit’s assessment of the effectiveness of key controls (across
finance, operational and information security risks), in particular ongoing improvements made to the
documentation and evidence of controls.
Considered Internal Audit reports, including any unsatisfactory audit findings, root causes and
relatedactions plans, and satisfied ourselves that management had resolved or was in the process
ofresolving them.
Reviewed, considered and approved the scope and methodology of the audit work to be undertaken by
the external auditor, including the terms of engagement and fees to be paid to the external auditor for
the audit of the 2024 financial statements.
Received summary reports on the progress of the Revenue Assurance function.
Evaluated the independence, objectivity and effectiveness of the external auditor and made a
recommendation to the Board on the reappointment of KPMG as the external auditor.
Received updates from management on its programme in relation to the continuous improvement of the
Finance function, including the successful conclusion of the Group’s finance transformation project to
automate and streamline key finance processes.
Oversaw management’s approach to ongoing discussions with HMRC with regards to HMRC’s change in
position on the Group’s VAT approach with their rejection of the previously approved Partial Exemption
Special Method. Considered related judgements and disclosures, with input from external specialists.
Received updates from management and Internal Audit in relation to the Group’s Internal Controls for
Financial Reporting (‘ICFR’) project, including the finalisation of an Internal Control Framework, suite of
material controls and the approval of an Audit and Assurance Policy. Further to this, the Committee
oversaw the successful handover of the responsibility for the non-financial material controls to the Risk
and Sustainability Committee in September 2024.
Approved plans to re-tender for the Group’s External and Internal Auditors, including the inception of a
Subcommittee to make key decisions, the formation of a Steering Group to run the re-tender process and
ensuring appropriate governance in-line with the FRC’s Audit Committees and the External Audit:
Minimum Standard (the ‘Standard’).
MONY Group PLC Annual Report and Accounts 2024 – 89Financial statementsGovernanceStrategic report
Reporting matter Committee review
Goodwill and intangible assets impairment assessments, including the
recoverability of goodwill in the Cashback CGU
Last year the recoverable amount for the Cashback cash generating unit (‘CGU’) provided relatively low
headroom compared to the Group’s other CGUs because it had only been acquired by the Group in
November 2021 and there had been trading headwinds and changes to the discount rate in the year.
Asexplained in our impairment review in note 12 to the accounts, the recoverable amount for this CGU is
based on the fair value less costs of disposal (‘FVLCD’) rather than the CGU’s value in use (‘VIU’) due to the
sensitivity of the recoverable amount last year to changes in key assumptions.
The other CGUs have continued to be tested for impairment by determining their VIU.
Sensitivity modelling for all CGUs has shown that no reasonably possible change to any key assumptions could lead
to an impairment. No indicators of impairment have been identified in respect of the Group’s other intangible assets
and therefore no further impairment testing has been performed.
The Committee reviewed and challenged management’s impairment testing approach and
outcomesincluding:
· the appropriateness of inputs to the VIU and FVLCD models;
· the reasonableness of the discount rates;
· the sensitivity of key assumptions; and
· the associated disclosures (note 12) to confirm they provide adequate transparency and are fair,
balanced and understandable; and that they comply with accounting standards.
We also heard from KPMG on the procedures they have performed to test these balances (see page123).
Our conclusions upon review are aligned with management that no CGU isimpaired.
Capitalisation of software and development costs
As more fully described on page 138 of the financial statements, the Group holds intangible asset balances
arising from the capitalisation of certain software and development costs principally relating to
developments in the Group’s front-end platforms and back-office data platforms.
The judgements in relation to software and development assets largely relate to the future economic
benefits associated with the assets and confirm that capitalisation is in accordance with the relevant
accounting standards.
We assessed the operation of key financial controls relating to investment appraisal, capitalisation and
ongoing monitoring of intangible assets and we were comfortable with their integrity as reported by
management. Sample testing was also conducted by the Internal Audit team on the related controls as
part of the core assurance programme. We are also reassured by the fact that business plans in relation
to the capitalised assets receive either direct Board approval or approval via appropriate delegated
authority within pre-agreed limits.
VAT arrangements for the Group
The Group is in discussions with HMRC regarding its partial exemption special method (‘PESM’) which it uses
to recover VAT on expenditure. Since 2016, management have been in discussions with HMRC in respect of
an update to the PESM which was originally agreed in 2012. During the current year, HMRC concluded that it
no longer agreed with the principles of the PESM that it approved in 2012 and it subsequently issued a
Special Method Override Notice. Consequently, at the year end the Group no longer had an agreed basis
foroperation of a PESM with HMRC.
Management disagrees with HMRC’s position and is progressing multiple paths to remediation with positive
engagement from them. The Group is expecting an assessment from HMRC in the quarter ending 30 June 2025
following the completion of the 2024-5 tax year and in accordance with accounting standards the Group is
obliged to recognise a provision in respect of this. While discussions with HMRC are ongoing, the amounts
recognised remain estimates of uncertain timing and amount. Until the outcome of this matter is determined
and while the amounts recognised remain uncertain, the Group is presenting the charges as adjusting items.
The Committee has received regular updates from management on the progress of the ongoing
discussions with HMRC, overseeing key developments and the appropriateness of management’s
approach. This has included the views of specialist tax advisers, tax counsel and our external auditors.
The Committee has considered the financial reporting implications of the matter and whilst the situation
is uncertain in timing and impact, has concluded that the accounting treatment and related disclosures
are appropriate. The Committee considers the presentation of the provision and related charges as
appropriate within adjusting items in order to enable like-for-like comparison of the Group’s financial
performance between reporting periods. With this in mind, the Committee oversaw the re-presentation
of Adjusted EBITDA for the prior year.
Revenue recognition
Revenue is recognised when an internet lead is transferred to a provider’s website (a “click”) as this is the
point at which the Group has satisfied its performance obligations. The sales price for providing clicks
depends on the contractual terms and is often measured based on completed sales transactions between the
user and provider, sometimes including future renewals. At each period end, accrued revenue is recognised in
respect of clicks that have not yet been invoiced and is measured using an expected sales price per click.
We reviewed and challenged the judgements, assumptions and estimates made by management
regarding variable consideration under new and existing contracts. We also obtained the external
auditor’s views on the appropriateness of the approach and conclusions. The results of this review were
that we were satisfied with the conclusions reached.
Going concern and viability statements
Management has prepared sensitised forecasts to support the disclosures relating to going concern and the
Group’s viability statement.
In assessing the validity of the statements detailed on pages 53 and 60 and 61, we approved the viability
scenarios selected and management’s approach to the viability assessment. We reviewed and challenged
management’s assessment of the Group’s resilience to the principal risks under various scenarios and
gained appropriate assurance that sufficient rigour was built into the process. We also obtained the
external auditor’s views on the going concern disclosures.
Audit Committee Report continued
Financial statement reporting matters continued
MONY Group PLC Annual Report and Accounts 2024 – 90Financial statementsGovernanceStrategic report
Fair, balanced and
understandable Annual Report
and Financial Statements
One of the Committee’s key roles is to
recommend to the Board that the Annual
Report and Financial Statements, taken as a
whole, is fair, balanced and understandable
and provides the information necessary for
shareholders to assess the Group’s position
and performance, business model and
strategy. Ensuring this standard is met
requires continuous assessment of the
financial reporting issues affecting the Group,
in addition to the focused exercises which
take place during the production of the
Annual Report and Financial Statements.
These focused exercises can be summarised
as follows:
· a qualitative review of disclosures and a
review of internal consistency throughout
the Annual Report and Financial Statements;
· a review by the Committee of all material
matters, as reported elsewhere in this
Annual Report and Financial Statements;
· a risk comparison review, which assesses
the consistency of the presentation of risks,
and significant judgements throughout the
main areas of risk disclosure in this Annual
Report and Financial Statements;
· a review of the balance of good and bad
news; and
· ensuring it correctly reflects:
– the Group’s position and performance
as described on pages 48 to 53;
– the Group’s business model, as
described on pages 18 and 19; and
– the Group’s strategy, as described on
pages 20 to 24.
The Directors’ statement on a fair, balanced
and understandable Annual Report and
Financial Statements is set out on page 121.
External auditor
The Committee is responsible for making
recommendations to the Board in relation to
the appointment of the external auditor. We
also approve the terms of engagement and
fees of the external auditor, ensuring they
have appropriate audit plans in place and that
an appropriate relationship is maintained
between them and the Group.
Independence and
non‑auditservices
The Committee evaluated the independence
and objectivity of the external auditor, having
regard to: (a) a report from the external
auditor describing its arrangements to
identify, report and manage conflicts of
interest; (b) the extent and nature of
non-audit services provided by the external
auditor; and (c) the tenure of the audit
partner, who is required to rotate every
fiveyears in line with ethical standards.
There are policies and procedures in place in
relation to the provision of non-audit services
by the external auditor which are reviewed
regularly. These ensure that the Group
benefits in a cost-effective manner from
thecumulative knowledge and experience
ofits auditor, whilst also ensuring that the
auditor maintains the necessary degree of
independence and objectivity. The external
auditor is not permitted to perform any work
which it may later be required to audit, or
which might affect its objectivity and
independence or create a conflict of interest.
Key points from our internal procedure for
approval of work given to the external
auditorare:
· no non-audit work may be placed with the
external auditor without the specific
approval of the Committee;
· any approved non-audit services must be
inline with the cap limits as enforced by
theFinancial Reporting Council (‘FRC’);
· the non-audit fees are reported regularly
tothe Committee; and
· various services are prohibited, including
the provision of most types of tax services,
valuation services, appraisals or fairness
opinions, outsourcing of Internal Audit
services, management functions,
recruitment services and legal services.
During the year, the value of non-audit
services provided by the external auditor
amounted to £0.07m (2023: £0.06m). The
non-audit services during 2024 and 2023
related to the review of the Group’s half-year
reporting. No other non-audit services were
provided by the external auditor; therefore,
the Group operated within required
caplimits.
The assurance provided by the external
auditor on this item is considered by the
Group as strictly necessary in the interests
ofthe Group. The non-audit services
offeredreflect the auditor’s knowledge and
understanding of the Group. The Group has
also continued with the appointment of other
accountancy firms to provide certain non
audit services to the Group in connection
withinternal audit, tax, systems and
regulatory advice, and anticipates that
thiswillcontinue in 2025.
The external auditor was not engaged during
the year to provide any services which may
have given rise to a conflict of interest. The
Committee is satisfied that the overall levels
of audit and non-audit fees are not material,
relative to the income of the external auditor
as a whole, and therefore that the objectivity
and independence of the external auditor
were not compromised.
External audit effectiveness
The Committee considered the quality and
effectiveness of the external audit process
and worked with KPMG to understand its
judgements about materiality and considered
the way it communicated key accounting
andaudit judgements. This approach was
supplemented by members of the Committee
completing a detailed questionnaire.
Thequestionnaire evaluated the overall
effectiveness of the external auditor including
the audit partner’s and his team’s approach,
communication, independence, objectivity
and reporting. We also assessed the value for
money of the audit process, including KPMG’s
existing and proposed audit fees. The results
of the questionnaire were then reported to
and discussed by the Committee and the
findings reported to the Board as part of
ourrecommendation.
As in prior years, at the planning meetings for
the half-year review and year end audit, the
external auditor presented its assessment
ofaudit risks, by reference to the Company’s
specific circumstances and changes in the
risks and reasons for those changes.
Weexplored the auditor’s understanding of
our business and industry knowledge which
informed its approach to identifying risks.
Wealso considered the auditor’s use of
specialists in its work to support its core team.
The Committee held private meetings with
the external auditor as necessary after
Committee meetings to review key issues
within its sphere of interest and responsibility.
Following the completion of these reviews the
Committee determined that the internal auditor
was performing effectively and in line with
required standards.
Audit Committee Report continued
MONY Group PLC Annual Report and Accounts 2024 – 91Financial statementsGovernanceStrategic report
Audit Committees and the
External Audit: Minimum
Standard
The Committee has reviewed itself against the
‘Standard’ and I can confirm that the Committee
has fully complied with the requirements for
the year ended 31December 2024, and this
report serves as the Group’s reporting against
the requirement as required under point 26 of
the Standard.
Reappointment of the
externalauditor
KPMG has acted as the auditor to the Group
since 2004 and was appointed as the auditor
to the Company on its flotation in 2007. The
lead audit partner rotates every five years to
ensure independence, with the last rotation in
2023, when the lead audit partner rotated off
after three years in role. Following a formal
competitive tender exercise during 2016, in
relation to the audit for the Group for the
yearended 31 December 2017, the Board
approved the Audit Committee’s
recommendation to put a resolution to
shareholders at the 2017 Annual General
Meeting to reappoint KPMG, which
shareholders subsequently approved.
We have therefore complied with the
requirement to ensure the external audit
contract is tendered within the ten years
prescribed by EU and UK legislation and the
Code’s recommendation. We confirm we have
complied with the provisions of The Statutory
Audit Services for Large Companies Market
Investigation (Mandatory Use of Competitive
Tender Processes and Audit Committee
Responsibilities) Order 2014.
Since KPMG’s reappointment, we have
considered further the length of KPMG’s
tenure and have conducted detailed
stakeholder surveys on its performance
toassess its continued effectiveness and
independence. We continue to remain
satisfied with the work of KPMG and that it
continues to remain independent and
objective. In accordance with ISA (UK) 260
andEthical Standard 1 issued by the Financial
Reporting Council, and as a matter of best
practice, the external auditor has confirmed
its independence as auditor of the Company,
in a letter addressed to the Directors. It will
therefore be proposed at the 2025 AGM that
KPMG be reappointed as the Group’s auditor
for the financial year ended 31 December 2025.
Externaland internal audit
re-tender
In July 2024 the Committee commenced a
formal audit re-tender process with the
intention of appointing both new internal and
external auditors prior to the Group’s interim
results in 2025, with a view to proposing the
appointment of the external auditor via
resolution to shareholders at the 2026 Annual
General Meeting. I can confirm that the audit
re-tender is being conducted in-line with the
requirements of the Standard.
The Committee delegated elements of this
process to an Audit Tender Steering Committee,
comprising of myself, Jonathan Bewes, Niall
McBride and key stakeholders from within the
finance, Company Secretarial, internal audit
and information security teams Underneath
this Steering Committee an Audit Tender
Project Team was incepted comprising key
members of management to drive the project
and implement the decisions of the Steering
Committee. The outputs and decisions of
both these forums was documented and
reported back to the Audit Committee for
final decision, ensuring that the Audit
Committee retained control of the process.
Following agreement of the Audit re-tender
time-line, expression of interest documents,
for both the internal and external audit
tenders, were issued to potential suppliers
inSeptember 2024 following which the
Steering Committee approved a shortlist of
firms to take through to the RFP stage which
was ratified by the Audit Committee at its
meeting in December 2024. From these firms
lead audit partner meetings took place
between November 2024 and January 2025
and the Steering Committee oversaw the
development of a full RFP document for
circulation via a dedicated data room in
mid-February 2025. Conflict checks have
been performed and monitoring actions are
in place to ensure that participating firms
areindependent.
We have made good progress to date with the
process continuing in 2025, with site visits and
technical assessments planned for March and
April 2025 and presentations in May 2025. Full
details of the process followed, together with
the results of the successful firms for both
our internal and external auditors, will be
reported within our 2025Committee report.
Internal controls
The Committee is responsible for monitoring
and reviewing the effectiveness of the Group’s
internal control and risk management systems.
The Committee delivers on this objective by
reviewing management’s reports on internal
control effectiveness via self-assessment and
first line testing of key financial controls,
including review of any significant control
deficiencies, the monitoring of control
improvement plans and consideration of the
mitigating controls in operation. The Committee
also receives assurance reports on key financial
controls from independent testing by Internal
Audit, as well as management control points
from External Audit. Through monitoring the
effectiveness of its internal controls and risk
management, the Committee is able to
maintain a good understanding of business
performance, key judgemental areas and
management’s decision-making processes.
Weconsider the adequacy of management’s
response to mattersraised and the
implementation of recommendations made.
The Board’s statement on internal control
andrisk management can be found on pages
76 and 77.
In response to the Government’s Corporate
Governance Reform, during 2024 the
Committee has overseen management’s work
to continue to mature the Group’s material
controls framework, including overseeing
testing results (first line management and
independent internal audit testing) of in scope
material controls. The majority of these
controls were already in operation within the
Group prior to the Reform, with the work of
management bringing them together under a
common umbrella, enabling the identification
of any gaps in risk coverage and ensuring that
they are all matured to the same robust
standard. The Committee continues to
consider any further updates or evolving
practice in relation to application of the
changes to the Corporate Governance Code,
with alignment on the approach with our
auditor, to ensure that management can seek
to refine and mature the control framework
further in line with the Group’s risk appetite.
During the year, the Committee has overseen
management’s continuous improvement
programme to further automate and
optimisefinancial processes, with a major
transformation project successfully
concluding in 2024.
Audit Committee Report continued
MONY Group PLC Annual Report and Accounts 2024 – 92Financial statementsGovernanceStrategic report
Internal controls continued
The Committee oversaw handover of the
Group’s overarching Internal Controls over
Financial Reporting framework to the Risk
Committee in H2 2024 with the results of all
testing for key financial controls continuing to
be reported to Audit Committee and rolling
up into overall Risk Committee and Board
reported material controls results.
The Committee has considered the results of
several rounds of Internal Audit testing over
the design and operational effectiveness of
the Group’s material controls and noted the
continued strong progress made, whilst also
ensuring any gaps had adequate remediation
plans and were reported back to the
Committee upon closure.
Internal Audit
The Group’s Internal Audit function, in
conjunction with a co-sourcing arrangement,
delivers a risk-based Internal Audit plan that
provides independent assurance over key
risks. Throughout 2024, the Internal Audit
team leveraged the PwC co-sourcing
relationship to conduct specialised reviews.
These reviews, which were more technical
innature, included the Senior Manager
andCertification Regime, and the review
ofthe AWS Landing Zone implementation.
The AuditCommittee holds an annual
meeting with the Head of Internal Audit,
without management present, to discuss
pertinent topics. Additionally, the Head of
Internal Audit engages with the Chair of the
Committee throughout the year to discuss
Internal Audit objectives.
Internal auditor effectiveness
The Committee considered the quality and
effectiveness of the Internal Audit function
and Head of Internal Audit by way of
completing a detailed questionnaire.
In2024the questionnaire evaluated
theoverall effectiveness of the Internal
Auditfunction including the team’s
approach,communication, independence,
objectivity and reporting. The results of the
questionnaire were then reported to and
discussed by the Committee. In 2024 the
review found that Internal Audit was
recognised as a function which provided
quality challenge, was able to balance its
independence with proximity to and
understanding of the business, was flexible
enough to adapt its planned activities in the
case of new and emerging risks and had the
appropriate balance of skills, experience and
capacity to successfully execute its activities.
As in other years, the Head of Internal Audit
undertook an annual self-assessment of the
Internal Audit function against the Chartered
Institute of Internal Audit Standards and
reports the results to the Audit Committee.
The Committee approves the Internal Audit
Charter on an annual basis and reviews and
monitors progress against the annual Internal
Audit plan. The Committee further seeks
confirmation from the Head of Internal Audit
at each meeting that the Internal Audit
function has the requisite expertise and
resources to successfully fulfil its role.
Following the completion of these reviews
theCommittee determined that the external
auditor was performing effectively and in line
with required standards.
Whistleblowing
The Group has established procedures by
which all employees may, in confidence,
report any concerns. Our whistleblowing
process sets out the ethical standards
expected of everyone that works for and
withus and includes the procedures for
raising concerns in strict confidence.
Ourworkforce can raise concerns through
their manager or senior management and
through our confidential and independent
whistleblowing helpline, operated by
Safecall.All investigations are carried out
independently by the General Counsel and
Company Secretary, with findings being
reported to the Committee.
The Board, as a whole, monitors and
reviewsthe effectiveness of the Group’s
whistleblowing arrangements annually, to
ensure that it has sufficient oversight of
whistleblowing to support its work on culture,
risk and stakeholder engagement. The
Committee receives reports on investigations
and all significant whistleblowing matters are
reported directly to the Board. The Board has
reviewed the whistleblowing arrangements
and is satisfied that they are effective,
facilitate the proportionate and independent
investigation of reported matters and allow
appropriate follow-up action to take place.
Audit Committee effectiveness
In 2024, we carried out an internal evaluation
of Committee effectiveness, with the results
being analysed and presented at the
December 2024 Board meeting for discussion
(for further details see pages 78 to 80).
TheCommittee determined that it both
continues to be effective in fulfilling its role
and remains independent.
Overview of Committee
activities for 2025
The Committee’s focus areas for 2025 are
summarised below. The Committee will also
continue to consider and oversee the Group’s
response to emerging issues and topics as
they arise.
· Continue to oversee management’s
approach to HMRC discussions on the
Group’s VAT arrangements, ensuring that
appropriate financial disclosures are made.
· Complete the internal and external audit
re-tender, ensuring compliance with the
Standard and report to shareholders on
theoutcome.
This report was approved by the Board
andsigned on its behalf by:
Caroline Britton
Chair of the Audit Committee
14 February 2025
Audit Committee Report continued
MONY Group PLC Annual Report and Accounts 2024 – 93Financial statementsGovernanceStrategic report
Risk and Sustainability Committee Report
Assurance and
sustainability
This year has seen a
coordinated effort with
the Audit Committee
to review our internal
control landscape,
including defining roles
and responsibilities in
relation to the Group’s
material internal
controls and their
ongoing monitoring.
Lesley Jones
Chair of the Risk and Sustainability
Committee
I am pleased to present the Committee’s
report for the year ended 31 December 2024.
I have set out our role and activities in
overseeing the Group’s risk management
framework, ensuring risks are appropriately
identified, managed and mitigated, and
advising the Board on risk appetite,
toleranceand strategy.
The Risk and Sustainability Committee works
closely with the Audit Committee, with the
Chair of each Committee being a member
ofthe other. The cross-membership and
liaison between the Committees, on agenda
items and reports ensures effective linkage
between both Committees on matters
pertaining to internal control and financial
reporting. Further to this I, as Chair of
theRiskand Sustainability Committee,
provided assurance to the Remuneration
Committee on the performance of the
business and control functions to allow
theRemuneration Committee to satisfy
itselfon the appropriateness of its
remuneration decisions.
Role and responsibilities
The primary role of the Risk and Sustainability
Committee is to assist the Board in its
oversight of risk management and delivery
ofits sustainability strategy within the Group.
The Committee achieves this by:
· advising the Board on the overall risk
appetite, tolerance, strategy and culture;
· overseeing and advising the Board on
thecurrent risk exposures and future
riskstrategy;
· overseeing the application of the risk
management framework;
· overseeing the management of key risks,
including strategic, operational, regulatory,
conduct and data risks across the Group;
· monitoring the internal control framework,
including those financial controls identified
as ‘material’ to the functioning of the
business, including those over Entity
LevelControls;
· reviewing reports received from
management, the Risk and Compliance
function and, where appropriate, Internal
Audit or third parties on the identification,
management and mitigation of risks;
· reviewing reports from the legal team in
relation to legal matters affecting the Group;
· receiving “deep dive” updates into key risk
areas including cyber, data protection and
third-party risks;
· overseeing compliance with relevant legal
and regulatory requirements;
· overseeing and monitoring the Group’s
sustainability and environmental initiatives
and outputs of the Group Sustainability
Steering Committee; and
· considering and approving the remit of the
Risk and Compliance function and ensuring
it has adequate resources.
MONY Group PLC Annual Report and Accounts 2024 – 94Financial statementsGovernanceStrategic report
What we have done in 2024
Received reports from management on risks associated with the strategic initiatives and received
ad hoc reports relating to new or emerging risks, focusing in detail on management’s risk
assessment and mitigation methodologies.
Monitored the Group’s Consumer Duty Scorecard and related metrics, including complaints data,
ensuring there were no systemic issues.
Received updates at each meeting on the Group’s key risks, challenging management on
assessments and mitigating actions.
Approved the risk management framework and risk appetite framework and statement, receiving
reports on actions and progress against the Group’s risk acceptances, including whether these
continued to be appropriate.
Reviewed and approved the Group’s revised Supplier Management Framework and received an
update on management’s processes for the mitigation of supplier risk.
Oversaw management’s progress in relation to the Group’s continual cyber maturity programme.
Approved the Risk and Compliance plan and monitored management’s progress against the same.
Reviewed the resources and considered the effectiveness of the Risk and Compliance function.
Provided assurance to the Remuneration Committee on the performance of the business and
control functions on an annual basis to allow the Remuneration Committee to satisfy itself on the
appropriateness of its remuneration decisions. This will become an integral part of the Group’s
annual remuneration process.
Oversaw and monitored the Group’s sustainability and environmental initiatives, including the
approval of the Group’s Carbon Disclosure Project data in July 2024, the approval of the Group’s
approach to measuring and reducing supplier Scope 3 emissions, the review of the Group’s
Carbon Transition Plan in December 2024 and related reporting within the 2024 Annual Report
and Accounts.
Received a detailed review of climate-related risks and opportunities to the Group over the
short,medium and longer term in September 2024, including physical and transition risks
andscenario analysis.
Approved management’s Annual Appointed Representative Self-Assessment.
Reviewed the Group’s division of responsibilities amongst Senior Managers in accordance
withSMCR.
Received an update on the Group’s Governance Pillar of our Sustainability Framework.
The Committee held three meetings in 2024 and has an annual schedule of work, developed from
its Terms of Reference (available on our website at https://www.monygroup.com/), with standing
items that it considers at each meeting, in addition to any specific matters upon which the
Committee has decided to focus. During 2024 this schedule of work evolved to include oversight
of the Group’s internal control framework, following the completion of the Audit Committee’s work
to review, document and test our material internal controls. The Audit Committee retains oversight
of those controls deemed material from a financial reporting perspective.
Risk and Sustainability Committee Report continued
Risk and Compliance
The Group has a Risk and Compliance
function, led by the Chief Risk Officer, which
oversees the Group’s risks and controls
together with the Group’s compliance with
therequirements of the various bodies
thatregulate the Group’s activities. These
regulatory bodies include the CMA, the FCA
and the ICO as well as Ofgem and Ofcom
(which operate voluntary price comparison
codes in the energy and home
communications sectors to which brands in
the Group subscribe). The Chief Risk Officer is
a member of the Executive Team, reflecting
the importance of the risk management and
internal control processes to the Group. The
Chief Risk Officer has direct and independent
access to the Risk and Sustainability
Committee and meets non-executive
members of the Committee at the conclusion
of each Committee meeting without other
members of the Executive Team. This ensures
that the Chief Risk Officer has the opportunity
to discuss any matters of concern which may
need to be brought to the Non-Executive
Directors’ attention.
The Group has a Risk and Compliance plan,
which defines the scope of the work that the
function will undertake, including compliance
monitoring and assurance activities across
the Group. In 2024 this focused on extending
and embedding the Group risk framework
including enhancing control in respect of
dataprotection and business continuity,
delivering regulatory change across the
Groupincluding compliance with Consumer
Duty requirements, enhanced Appointed
Representative oversight and reporting
arrangements and continuing to build our
fraud and financial crime controls.
At its meeting in September 2024, the
Committee received a holistic review of the
Group’s risk register together with an
explanation of management’s scenario
analysis used within the risk management
processes which fed into the Group’s viability
and going concern assessments overseen by
the Audit Committee.
Principal and emerging risks
The Committee undertook an assessment of
the Group’s principal and emerging risks,
including those which had the potential to
impact delivery of our strategy, culture and
future performance. Details of the Group’s
principal risks and uncertainties, including
their type, link to the Group’s strategy and
trend information, are provided on pages 58
and 59.
In accordance with the 2018 UK Corporate
Governance Code Principle O and Provision 29,
following a detailed review by the Committee,
the Directors can confirm that the Group’s
keyrisks have been robustly assessed by
management and the related key controls
areeffective.
The key risks are managed by one or more
control owners across the Group and are
recorded in the Risk Register. Controls
designed to mitigate each risk have been
identified and allocated a control owner
andare documented. Reviews of controls
areconducted by control owners to confirm
their effectiveness. Control owners and the
relevant Executive member attest to the
effectiveness of their controls annually.
Anindependent annual review of internal
controls is undertaken by the Internal
Auditfunction.
MONY Group PLC Annual Report and Accounts 2024 – 95Financial statementsGovernanceStrategic report
Sustainability
During 2024 the Committee received
reporting at its meetings on each one of the
Group’s three sustainability pillars in turn and
how the relevant pillar tracked against the
Sustainability Framework metrics.
The Committee oversaw the production of the
Group’s external environmental reporting
during the year, including our net zero plans,
our Carbon Disclosure Project, our Climate
Risk Disclosures section of this Annual Report
and the submission and validation of the
Group’s science-based targets. The
Committee discussed management’s Climate
Risk Disclosures review of the Group’s
climate-related risks in the short, medium
andlong term, together with any potential
opportunities, and requested that
management expand its thinking by
conducting a brainstorming exercise.
Management utilised the Sustainability
Steering Committee for this purpose and
theoutputs were considered by the
Committee on 11 February 2025 as part of
theCommittee’s review and approval of the
final Climate Risk Disclosures section within
this Annual Report. Further details are
contained within our Sustainability Report
onpages 34 to 40.
Opportunities
Our risk management framework underpins
the strategy of the Group, as it is only by
understanding the level of risk the Board
iswilling to take that we can identify and
pursue strategic opportunities in a safe
andprofitable manner. Additionally, the Risk
and Compliance function’s monitoring and
assurance of in-flight strategic programmes
enables the early detection of execution risks.
For further details regarding the principal and
emerging risk assessment, including details of
the Board’s appetite in relation to its strategic
objectives, please see pages 54 to 59.
Additionally in September 2024, the
Committee reviewed in detail the short,
medium and longer term opportunities to the
Group from climate change, finding that whilst
there were no short term opportunities, in the
medium term, as green products become
more available (and potentially more
desirable) the Group was well positioned to
act to promote and guide users to these.
Risk and Sustainability
Committee effectiveness
In 2024, we carried out an internal evaluation
of the Risk and Sustainability Committee’s
effectiveness with the results being analysed
and presented to the Board in December
2024. The Committee determined it continues
to be effective in fulfilling its remit and
remains independent. Further details are
contained on pages 78 to 80.
Overview of Committee activities for 2025
The table below summarises the Committee’s additional focus areas for 2025. In addition to
monitoring its current risks, the Committee will also continue to consider and oversee the
Group’s response to emerging risks and opportunities as they arise. These are currently likely
toinclude:
What we will focus on in 2025
The continuous enhancement of the Group’s cyber security and related maturity, including
achieving ISO status.
Monitoring of the Group’s progress against its multi-year plan for the achievement of its SBTi targets
and Climate Transition Plan.
Reviewing and assessing the effectiveness of the Group’s Business Continuity Arrangements.
Regulatory change including that by the FCA, FRC, ICO and CMA and in the energy market.
The risks and opportunities presented by artificial intelligence to the Group, including how these are
embedded within the Risk Management Framework.
An awareness of evolving competitive threats and changes to industry business models which
challenge conventional consumers’ behaviour.
This report was approved by the Board and signed on its behalf by:
Lesley Jones
Chair of the Risk and SustainabilityCommittee
14 February 2025
Risk and Sustainability Committee Report continued
MONY Group PLC Annual Report and Accounts 2024 – 96Financial statementsGovernanceStrategic report
Remuneration Committee Report
Incentivising our
most valuable
asset
The Remuneration
Committee’s key
responsibility is to
determine and apply
the Remuneration
Policy to ensure it
promotes the delivery
of our strategy and the
long-term success of
the Group.
Rakesh Sharma
Chair of the Remuneration Committee
As a Committee
we ensure that
our remuneration
framework continues
to align with our
Groupstrategy.
How we performed
in the year
Group revenue
£439.2m
(2023: £432.1m)
Adjusted EBITDA
£141.8m
(2023: £132.9m)
1
Net promoter score
(MSMand MSE)
72
(2023: 70)
Total remuneration received by our Executive Directors in 2024
Board member Salary
Taxable
benefits Pension
Annual
bonus LTIP/other Total
Peter Duffy
CEO £640,600 £ 21,307 £36,835 £752,480 
1
£1,062,233 
2
£2,513,455
Niall McBride
CFO £452,400 £ 15,546 £26,013 £478,270 
1
— £972,229
1 One-third of annual bonus deferred into shares.
2 LTIP valued using the Q4 average share price including dividend equivalents.
1 For comparability and consistency, adjusting items
for the year ended 31 December 2023 have been
updated to include £1m of costs that were
recognised within EBITDA but were not presented
as adjusting items because they were not material.
This has no impact on 2023 bonus.
MONY Group PLC Annual Report and Accounts 2024 – 97Financial statementsGovernanceStrategic report
Dear Shareholder
I am pleased to present the Directors’
Remuneration Report for the year ended
31December 2024.
Firstly, I would like to thank shareholders for
their approval of our Directors’ Remuneration
Report, at our AGM in May 2024, which
received a vote in favour of 95%.
Wider workforce context
Our people are at the forefront of providing
customers with the best experience and we
believe that employees should share in the
success of the business. We operate both
Sharesave and Share Incentive Plan schemes
in which employees can participate and
become owners of the Group.
As disclosed last year, the overall budget
forsalary increases was 5.5% for 2024.
Inaddition, effective April 2024, we
increasedour maximum employer pension
contributions from 5% to 6% of salary for the
wider workforce, providing employees with
the opportunity to save more for their
retirement. The Group is also a Real
LivingWage employer and has been
accredited as a Real Living Hours employer.
2024 remuneration outcomes
2024 was a strong year for the Group which
delivered year-on-year increases to both
revenue and profit. This follows record
revenues and strong profit growth in 2023.
This has been driven by good performance
inInsurance, despite easing premium
inflationin H2 as well as growth in Cashback.
The operational performance of the business
is testament to the delivery of our clear strategy
and the investments made in recent years.
Adjusted EBITDA performance in the year was
strong and resulted in an outcome of 79% of
maximum under this measure in the annual
bonus. Revenue also grew year-on year
(following record levels in 2023) and resulted
in an outcome of 60% of maximum for this
element of the bonus.
Under the customer metric, MSE and MSM
were ranked one and two versus the peer
group, resulting in maximum payout under
this measure. The Committee determined that
there had been strong progress on ESG in the
year, with performance assessed relative to
our Sustainability Framework. Performance
includes strong progress on environmental
goals and D&I indicators, therefore the
outturn under this element should be 93%
ofmaximum. There was also excellent
progress against the shared strategic
objectives and the Committee determined
that the payout under this element should
be87% of maximum.
Taking into account all of the above, the overall
bonus outcome was 78% of maximum for both
Peter and Niall. The Committee considers that
this overall outcome is appropriate in the
context of the strong business performance
(both financial and strategic) and wider
stakeholder experience, therefore
determining that no discretion would be
applied. In line with the Remuneration Policy
(Policy), one-third of this award will be
deferred into shares which vest after two
years. Further details of performance
achieved is set out on pages 107 and 108.
The 2022 LTIP award was based on a
combination of stretching adjusted EPS,
revenue and comparative total shareholder
return targets over the three-year
performance period to 31 December 2024.
Performance against the EPS target was
slightly below the stretch target resulting in
vesting of 82% of maximum under this
element. Revenue was above the stretch
target, resulting in full vesting under this
metric. The Group’s TSR performance was
between median and upper quartile versus
the FTSE 250 (excluding Investment Trusts),
resulting in vesting of 85% of maximum under
this element. The overall result of this is that
88% of the maximum award is due to vest.
The Committee considers that this outcome
isappropriate in the context of the strong
business performance (both financial and
strategic) and shareholder experience
overthe three-year period, therefore
determining that no discretion would be
applied. Awards are subject to a two-year
holding period post-vesting.
Approach to remuneration
in2025
Salary, pension and benefits
Peter Duffy and Niall McBride received salary
increases of 2.5% effective 1 January 2025
(to£656,600 and £463,700 respectively).
Thisis below the average increase awarded to
the Group’s employees where a salary review
budget of 3.0% has been distributed with a
further 1.0% to be distributed through the
year. This takes the budget to 4.0 % once
in-year strategic market pay adjustments and
promotions are taken into account. Pension
and benefits will operate in line with the
Remuneration Policy.
Annual bonus
The structure of the annual bonus is broadly
unchanged for 2025, with performance
metrics and weightings consistent with 2024.
The bonus therefore continues to be based
on the following metrics for 2025: adjusted
EBITDA (50%), revenue (20%), customer (5%),
ESG (5%) and shared strategic objectives (20%).
Remuneration Committee Report continued
Annual bonus opportunity levels remain
unchanged – Peter Duffy’s maximum award is
150% of salary and Niall McBride’s maximum
award is 135% of salary.
Restricted Share Awards (‘RSAs’)
RSAs will operate in line with the approach for
2024, with award levels of 87.5% of salary for
Peter Duffy and 75% of salary for Niall McBride.
Awards will be subject to underpin conditions
– should any of the underpins not be met, the
Committee would consider whether, and to
what extent, a discretionary reduction in
thevesting of awards was required. Further
details of the operation of the underpins for
2025 are set out on pages 103 and 104.
Board changes
Following nine years with the Group, Robin
Freestone stepped down as Chair of the
Board on 31 December 2024. I would like to
thank Robin for his dedicated services and
valuable contributions during his time with
the business. Jonathan Bewes assumed the
role of Chair on 1 January 2025, following his
appointment to the Board on 1 July 2024 as
Chair Designate. Jonathan will receive a fee
inline with that paid to Robin, subject to an
increase of 2.5% in line with that awarded
tothe Executive Directors, Non-Executive
Directors and below the wider workforce.
During hisperiod as Chair Designate Jonathan
received fees in line with the other
Non-Executive Directors.
MONY Group PLC Annual Report and Accounts 2024 – 98Financial statementsGovernanceStrategic report
Alignment with shareholders
We are mindful of our shareholders’ interests and are keen to ensure a demonstrable link between reward and long-term value creation. Our Directors’ Remuneration Policy is due for renewal
atthe 2026 AGM. The Committee will undertake a thorough review of the existing Policy to ensure that it continues to align to the Group’s strategy, effectively retains, attracts and motivates our
senior leaders and is aligned to shareholder interests. This will include consideration of remuneration arrangements in the talent markets in which we compete, as well as evolving market practice
in the UK market. We remain committed to an open and continuing dialogue with our shareholders on the issue of Executive remuneration. We look forward to receiving your continued support
atthe forthcoming AGM.
Rakesh Sharma
Chair of the Remuneration Committee
14 February 2025
Remuneration Committee Report continued
Directors’ Remuneration Policy
The Directors’ Remuneration Policy was approved by shareholders at the 2023 AGM on 4 May 2023. A summary of the Policy for Executive Directors is shown below. The full Remuneration Policy
isset out on pages 101–107 of the 2022 Annual Report and Accounts.
Base salary
Purpose and link tostrategy
To provide competitive fixed remuneration to attract and retain Executive Directors of the calibre required to deliver the business strategy
forshareholders.
Operation
The base salary for Executive Directors will normally be reviewed annually by the Committee. Individual salary adjustments may take into account
each Executive Director’s performance and experience in role, changes in role or responsibility, the Group’s financial performance and external
market data.
Maximum
There is no prescribed maximum base salary or maximum salary increase.
Salary increases are ordinarily in line with the broader employee population but increases may be above this level in certain circumstances, for
example, an increase in the scale, scope or responsibility of the role, an increase in the size and complexity of the Company, developments in the
wider competitive market or significant change in market practice and other exceptional circumstances.
Performance targets
No specific targets although the Committee will take into account individual performance when considering salary increases.
Pension
Purpose and link tostrategy
To provide an appropriate retirement benefit that is competitive in the relevant market.
Operation
Executive Directors may participate in the Company’s defined contribution pension scheme and/or receive salary supplements, or such other
allowance as the Committee considers appropriate.
Maximum
Maximum contribution or cash supplement in line with that available to the majority of the wider workforce (6% of base salary).
Performance targets
Not applicable.
MONY Group PLC Annual Report and Accounts 2024 – 99Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Benefits
Purpose and link tostrategy
To provide market competitive benefits.
Operation
Current benefit provision includes a car allowance, life insurance and private medical insurance. Other benefits may be provided where appropriate
including, for example, one-off or continuing relocation benefits, travel expenses and reimbursed business expenses (including any associated tax
liability) incurred when travelling in performance of duties.
Maximum
There is no prescribed maximum monetary value for benefit provision. Benefits are set at a level which the Committee determines is reasonable and
appropriate, and the value may vary depending on the benefit provided and the market cost of the benefit given the individual’s personal circumstances.
Performance targets
Not applicable.
Annual bonus
Purpose and link tostrategy
Incentivises the delivery of stretching financial, operational and strategic performance. Deferral into MONY Group PLC shares increases long-term
alignment with shareholders.
Operation
The annual bonus is based on performance against targets set by the Committee.
A proportion of any annual bonus earned (at least one-third) will normally be deferred into an award of MONY Group PLC shares under the terms
ofthe Deferred Bonus Plan (‘DBP’). DBP awards will normally vest at least two years after grant. The remainder will be paid in cash following the
yearend.
Malus and clawback provisions apply for a period of two years following the payment of a cash bonus and the grant of any DBP award.
Maximum
The maximum annual bonus opportunities in respect of a financial year will be:
· CEO: 150% of base salary; and
· CFO: 135% of base salary.
Where considered appropriate in exceptional circumstances, the Committee may determine that the maximum annual bonus opportunity in respect
of a particular financial year is up to 200% of base salary.
Directors’ Remuneration Policy continued
MONY Group PLC Annual Report and Accounts 2024 – 100Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Directors’ Remuneration Policy continued
Annual bonus continued
Performance targets
Payment is determined by reference to performance assessed over a financial year. The Committee shall determine performance measures for the
bonus each year which the Committee considers to be aligned to the strategy and the creation of shareholder value. These may include financial
measures and other metrics linked to the delivery of the business strategy, operations or personal performance targets.
The Committee determines the weightings of the performance measures each year. The overall framework will normally be weighted towards
financial measures of performance. The performance measures and weightings for the 2025 financial year are shown on page 103. The Committee
retains discretion to use different or additional measures or weightings in future years to ensure that the bonus framework appropriately supports
the business strategy and objectives for the relevant year.
Performance targets are set each year by the Committee by reference to factors such as the budget and strategic objectives for the year and market
expectations. Payout will be based on a scaled performance target schedule, with the level of payout in aggregate for threshold performance being
no higher than 15% of the maximum. The target schedule will normally be disclosed retrospectively in the Annual Remuneration Report.
The Committee has the discretion to adjust performance targets for any exceptional events that may occur during the year.
In addition, the Committee may determine that it is appropriate to adjust the bonus payout outcome if, for example, outcomes are not considered to
be reflective of underlying performance of the business or the performance of the individual, where performance targets are no longer considered
appropriate or where the outcome is not considered appropriate in the context of the experience of shareholders or other stakeholders.
Restricted Share Awards
Purpose and link tostrategy
To reward our Executive Directors for driving the sustainable long-term growth of the Company and shareholder value and to encourage and enable
substantial long-term share ownership.
Operation
Awards will normally vest at the end of a three-year period, subject to continued employment and assessment of the underpin.
Following vesting, an additional two-year holding period will normally apply, such that vested shares are normally released five years from grant.
Malus and clawback provisions apply until two years from the date of vesting.
Maximum
Under normal circumstances, the maximum award levels granted in respect of a financial year will be:
· CEO: 87.5% of base salary; and
· CFO: 75% of base salary.
Under exceptional circumstances (as determined by the Committee), the maximum award level that may be granted in respect of a financial year will
be 100% of base salary.
Performance targets
No specific performance conditions are required for the vesting of RSAs, although the awards will normally be subject to one or more underpin
conditions over the vesting period. Should any of the underpins not be met, the Committee would consider whether a discretionary reduction in the
vesting of awards was required. The underpins applying to each award will be determined by the Committee each year but may include measures
related to key financial, strategic, governance, ESG or share price metrics.
In addition, the Committee may determine that it is appropriate to reduce the vesting outcome if, for example, outcomes are not considered to be
reflective of underlying performance of the business or the performance of the individual, where underpins are no longer considered appropriate or
where the outcome is not considered appropriate in the context of the experience of shareholders or other stakeholders.
MONY Group PLC Annual Report and Accounts 2024 – 101Financial statementsGovernanceStrategic report
All-employee share plans
Purpose and link tostrategy
To encourage wider employee share ownership and thereby increase alignment with shareholders.
Operation
Executive Directors are eligible to participate in all employee share plans, which are offered on similar terms to all employees, such as HMRC-
approved Sharesave plans and Share Incentive Plans.
Maximum
The maximum which applies to all employees, which includes the limits for any HMRC approved plans, are as defined by HMRC from time to time.
Performance targets
Not applicable.
Share ownership guidelines
Purpose and link tostrategy
To increase long-term alignment between Executives and shareholders, including after they have stepped down from the Board.
Operation In employment
Executive Directors are normally expected to build up and maintain a substantial holding of MONY Group PLC shares of 200% of base salary.
To achieve this, Executive Directors are normally expected to retain 50% of the net of tax vested legacy LTIP shares and RSA shares until the
guideline is met. Unvested deferred bonus shares, unvested RSAs subject to an underpin and vested RSA shares or legacy LTIP shares subject to
aholding period will count towards the guideline (on a net of tax basis).
Post-employment
Following stepping down from the Board, Executive Directors will normally be expected to maintain a minimum shareholding of 200% of salary
(ortheir actual shareholding on cessation if lower) for two years. The Committee retains discretion to waive this guideline if it is not considered to
beappropriate in the specific circumstance.
Maximum
Not applicable.
Performance targets
Not applicable.
Remuneration Committee Report continued
Directors’ Remuneration Policy continued
MONY Group PLC Annual Report and Accounts 2024 – 102Financial statementsGovernanceStrategic report
Implementation of the Remuneration Policy fortheyear ending
31December 2025
A summary of how the Remuneration Policy will be applied during the year ending 31 December
2025 is set out below.
Base salary
The Remuneration Committee has determined that base salaries for the Executive Directors will
increase by 2.5% with effect from 1 January 2025. This is below the average increase awarded to
the Group’s employees where a salary review budget of 3.0% has been distributed with a
further 1.0% to be distributed through the year. This takes the budget to 4.0% once in-year
strategic market pay adjustments and promotions are taken into account.
Board member
2025
£
2024
£ % increase
Peter Duffy 656,600 640,600 2.5%
Niall McBride 463,700 452,400 2.5%
Pension
No change has also been applied to the Executive Directors for 2025.
Annual bonus
For the year ending 31 December 2025, the maximum annual bonus opportunities will be in line
with the Policy, as shown in the following table.
% of salary
Peter Duffy 150%
Niall McBride 135%
The bonus structure is broadly unchanged – awards will be determined based on a balanced
combination of financial and non-financial performance, directly aligned to our KPIs and
strategic objectives. For 2025, the Board will continue to focus on adjusted EBITDA and revenue
growth as key financial metrics for our strategic delivery. The customer metric is unchanged with
NPS for MSM and MSE being measured compared to key competitors, whilst the ESG measure
remains from 2024. The shared strategic objectives for 2025 will focus on delivering against the
strategy to help households save money; delivering against our best provider proposition,
leading data and tech strategies, and leadership of an effective and engaged organisation.
Theweightings of the individual metrics are set out in the following table.
Weighting
(% of bonus)
Adjusted EBITDA 50%
Revenue 20%
Customer 5%
ESG 5%
Shared strategic objectives 20%
The maximum bonus will only be payable when performance has significantly exceeded
expectations. The Committee believes that the underlying targets are commercially sensitive
and cannot be disclosed at this stage. To the extent that they are no longer commercially
sensitive, they will be disclosed in next year’s report.
Restricted Share Awards (‘RSAs’)
RSAs will be in line with the Policy, as shown in the following table:
% of salary
Peter Duffy 87.5%
Niall McBride 75%
Awards will be subject to a three-year vesting period followed by a two-year holding period.
No specific performance conditions are required for the vesting of RSAs, although the awards
will be subject to underpin conditions. Should any of the underpins not be met, the Committee
would consider whether, and to what extent, a discretionary reduction in the vesting of awards
was required. The underpins for 2025 are as follows:
· Performance against the Group’s key strategic priorities (including our ESG objectives) over
the vesting period.
· Whether there is a material weakness in the underlying financial health or sustainability of the
business. Factors such as, but not limited to, long-term revenue, profitability, cash generation
and dividend cash cover would be considered.
· Whether there has been a materially serious conduct or reputational or regulatory event
which could have been reasonably foreseen.
In addition, the Committee may determine that it is appropriate to reduce the vesting outcome
if, for example, outcomes are not considered to be reflective of underlying financial or non-
financial performance of the business or the performance of the individual, or where the
outcome is not considered appropriate in the context of the experience of shareholders or
other stakeholders. When considering this, the Committee will also take into account whether
management has been considered to benefit from any “windfall gains” during the vesting period
which misalign its remuneration outcomes with the experience of the wider shareholder base.
Remuneration Committee Report continued
MONY Group PLC Annual Report and Accounts 2024 – 103Financial statementsGovernanceStrategic report
Restricted Share Awards (‘RSAs’) continued
The Committee has selected the three underpins outlined above to reflect a good overall
balance and safeguard the financial stability of the business whilst providing sufficient focus
onour strategic priorities, ESG performance and regulatory compliance.
When assessing whether the strategic underpin has been met, the Committee may consider
whether appropriate progress has been made against a wide range of key strategic priorities
and initiatives of the Group over the three-year period (including those which are developed
during this period) including:
· Loyal engaged members – efficient customer acquisition, increased member engagement
and compelling member propositions.
· Best provider proposition – leading growth partner, tenancy and data champion.
· Leading data and tech – best experiences, more value from data, one tech platform.
· Climate – the Group’s commitment to become a net zero emitter by 2030 and to remain
Carbon Neutral.
· Diversity and inclusion – initiatives to improve D&I in the business, as well as employee
engagement, work-life balance and employee wellbeing.
Similarly with the financial health underpin, the Committee may consider a range of factors such
as, but not limited to, long-term revenue, profitability, cash generation and dividend cash cover
throughout the vesting period. The Committee has not set specific thresholds for these metrics
below which RSAs would be scaled back, as it considers that it is important that we continue to
retain flexibility to assess performance in the round, taking into account the market
circumstances and all other relevant factors.
The Committee takes the role of the underpin (to act as a safeguard against payment for
underperformance) seriously and would actively use it to scale back awards where it did not
consider that the full vesting of the RSAs was appropriate.
Non-Executive Directors
The fees for the Non-Executive Directors for 2025 will be increased in line with the increase
given to the Executive Directors. This is below the average increases for the wider workforce.
Board member
2025 *
£
2024
£ % increase
Chair 286,620 279,630 2.5%
Base fee 69,420 67,730 2.5%
Additional fees: 2.5%
Senior Independent Director 17,130 16,710 2.5%
Committee Chair fee 12,560 12,250 2.5%
Committee membership fee per Committee 1,710 1,670 2.5%
Employee Champion fee 8,570 8,360 2.5%
Consumer Champion fee 8,570 8,360 2.5%
* Fees rounded.
Remuneration Committee Report continued
MONY Group PLC Annual Report and Accounts 2024 – 104Financial statementsGovernanceStrategic report
Remuneration received by Directors for the year ended 31 December 2024 (audited)
Directors’ remuneration for the year ended 31 December 2024 was as follows:
Salary/fees
(£)
Taxable
benefits 
1
(£)
Pension 
2
(£)
Total fixed
(£)
Annual
bonus 
3
(£)
Vesting
LTIPs 
4
(£)
Total
variable
(£)
Total
(£)
Peter Duffy
2024 640,600 21,307 36,835 698,742 752,480 1,062,233 1,814,713 2,513,455
2023 615,992 20,628 30,800 667,420 890,108 575,846 1,465,954 2,133,374
Niall McBride
5
2024 452,400 15,546 26,013 493,959 478,270 — 478,270 972,229
2023 398,750 13,737 19,938 432,424 518,574 — 518,574 950,998
Robin Freestone
2024 279,630 — — 279,630 — — — 279,630
2023 268,871 — — 268,871 — — — 268,871
Sarah Warby
2024 82,770 — — 82,770 — — — 82,770
2023 80,439 — — 80,439 — — — 80,439
Caroline Britton
2024 101,700 — — 101,700 — — — 101,700
2023 97,801 — — 97,801 — — — 97,801
Lesley Jones
2024 83,320 — — 83,320 — — — 83,320
2023 80,126 — — 80,126 — — — 80,126
Remuneration Committee Report continued
MONY Group PLC Annual Report and Accounts 2024 – 105Financial statementsGovernanceStrategic report
Salary/fees
(£)
Taxable
benefits 
1
(£)
Pension 
2
(£)
Total fixed
(£)
Annual
bonus 
3
(£)
Vesting
LTIPs 
4
(£)
Total
variable
(£)
Total
(£)
Rakesh Sharma
2024 90,563 — — 90,563 — — — 90,563
2023 87,759 — — 87,759 — — — 87,759
Mary Beth Christie
2024 77,197 — — 7 7,197 — — — 77,197
2023 33,223 — — 33,223 — — — 33,223
Jonathan Bewes
6
2024 37,205 — — 37,205 — — — 37,205
2023 — — — — — — — —
Total
2024 1,845,385 36,853 62,848 1,945,086 1,230,751 1,062,233 2,292,984 4,238,070
2023 1,662,961 34,365 50,738 1,748,063 1,408,682 575,846 1,984,528 3,732,591
1 Taxable benefits for the Executive Directors incorporate all benefits and expense allowances arising from employment and relate to the provision of a car allowance and health insurance.
2 Pension payments reflect defined contribution and/or salary supplement arrangements. The Company provided salary supplements for our Executive Directors during 2024.
3 Annual bonus – the amounts shown in the table above represent the full value of the annual bonus earned in respect of the year. One-third of any amount shown is deferred into shares for two years.
4 The values shown for the LTIP relate to the 2021 and 2022 awards. For the 2022 award this was calculated using the three-month average share price to 31 December 2024 of £1.9649. None of the value disclosed in respect of the 2022 LTIP relates to the change in share
price from the date of the award. This amount includes an additional amount of £160,691 related to dividend equivalents. The value for the 2021 award has been restated based on the closing share price on vesting of £2.1980. None of the value disclosed in respect of the
2021 LTIP relates to the increase in share price from the date of the award. This amount includes an additional amount of £82,243 related to dividend equivalents.
5 Niall McBride was appointed as a Director and joined the Board on 1 February 2023 and therefore remuneration shown above is from this date.
6 Jonathan Bewes was appointed to the Board as Chair Designate on 1 July 2024.
Remuneration Committee Report continued
Remuneration received by Directors for the year ended 31 December 2024 (audited) continued
MONY Group PLC Annual Report and Accounts 2024 – 106Financial statementsGovernanceStrategic report
Annual bonus (audited)
Maximum bonus entitlement for the year ended 31 December 2024 as a percentage of base salary was 150% for Peter Duffy and 135% for Niall McBride for the achievement of stretching targets
specific to growth in revenue, adjusted EBITDA, diversity and inclusion, and customer satisfaction (YouGov Brand Index) as well as shared strategic objectives.
The performance targets, weightings, and actual performance against those targets for Peter Duffy and Niall McBride are set out below.
Performance targets Payout (% of maximum) Peter Duffy Niall McBride
Group
revenue
£423.3m 0% Weighting (% of bonus)
Payout (% of maximum)
20%
59.9%
20%
59.9%
£432.2m 33%
£441.0m 67%
£458.6m 100%
£439.2m Actual
Adjusted
EBITDA
£131.9m 17% Weighting (% of bonus)
Payout (% of maximum)
50%
78.7%
50%
78.7%
£135.3m 42%
£138.8m 67%
£147.1m 100%
£141.8m Actual
Customer
satisfaction
Measured by ranking NPS results (from the YouGov Brand Index survey) with MSE and MSM as standalone brands,
vs the peer group.
Achievement of stretch as both brands reached 1 and 2 positions for NPS against the peer group. Actual
Weighting (% of bonus)
Payout (% of maximum)
5%
100%
5%
100%
ESG
Outcome based on an overall assessment of ESG performance in the year by the Remuneration Committee. The Committee, considering
all relevant factors, used its judgement to determine an appropriate outturn, based on performance and progress made during the year.
Achievements include improving the diversity of talent at all levels, further developing an inclusive, fair and equitable environment and
providing education and awareness activities (some highlights below).
· We are on track to achieve our target of operational net zero by 2030. We have reduced our SBTi Scope 1 and Scope 2 emissions by
72% vsatarget of 91% by 2030. We have reduced our SBTi Scope 3 emissions by 25% vs a target of 58.8% by 2033, putting us circa
twoyears ahead oftarget.
· Our partnership with CALM (Campaign Against Living Miserably), a suicide prevention charity has been multi-award winning, winning
both the CIPD award for Best CSR/ESG Initiative and the Newsworks Media award for best social impact campaign.
· The DEIB (Diversity, Equity, Inclusion, and Belonging) initiatives at MONY Group in 2024 have been extensive and impactful, focusing
onvarious aspects such as female leadership, ERG advocacy, and DEIB in the tech industry.
· Flexa Careers – reverified in 2024 with an increased Flexscore of 78 vs 76 in 2023.
· We were recognised in the 2024 FTSE Women Leaders Review as #1 for women on boards in the technology sector and listed in the
FTSE 250 top ten best performers for the fifth year as well as being named in the Inclusive Top 50 UK Employers List in 2024.
· Increased our Group ethnicity representation to 16.2% (from 15.8% average in 2023). Increased our ethnicity disclosure rate from 82.1%
in 2023 to 83.7%.
· Engagement survey score for Diversity and Inclusion scores increased 2% to 78%.
· Our ethnicity hiring rate for 2024 is 24.7%. Our female hiring rate in 2024 is 59.7%, increasing from 48% in 2023.
Weighting (% of bonus)
Payout (% of maximum)
5%
93.3%
5%
93.3%
Remuneration Committee Report continued
MONY Group PLC Annual Report and Accounts 2024 – 107Financial statementsGovernanceStrategic report
Performance targets Peter Duffy Niall McBride
Shared
strategic
objectives
Deliver against our strategy to help households save money: The Group delivered further progress in line with our purpose of
saving households money. In 2024, we saved households an estimated £2.9bn, up from £2.7bn in 2023. SuperSaveClub now has more
than 1million members. Those who have passed the first 12 months as members show that SSC members have stronger engagement,
are more likely tocome to us directly, and buy more products with us than non-members. All core products are now live in the club. Just
two years from launch, 1.8 million people have downloaded the MSE App. 9.3 million consumers now receive the weekly MSE tip email.
MoneySavingExpert was named as the fourth most popular news app in the UK. Quidco has delivered growth as we continued to improve
the user experience. Features launched in 2024 are delivering enhanced engagement and efficiency for example, Home Compare in the
MSE App and enhanced personalisation in Quidco.
Deliver against our ‘best provider proposition’ and ‘leading data and tech’ strategies: In 2024, we completed our transition away
from vertical-led data environments to a true unilateral data platform, where data can be shared seamlessly across the business. This has
facilitated the rollout of new data products both internally and externally, facilitating further revenue and cost optimisation. Market boost
is an example of an external data product – it is now available to c.80 providers across Money, Insurance and Broadband. Across our
broader tech estate, we have upgraded to the latest version of cloud native technology, moving the business onto AWS Managed Services.
We have rolled out best-in-class developer tooling, decommissioned legacy infrastructure, consolidated all key systems onto Group
platforms, and upgraded our control environment. We have advanced the capability of our single question set and profile platform, rolling
it out across multiple product lines, enabling simpler product journeys. During the year, we launched several new AI-powered features on
our sites. The Group continues to mature its cyber security posture, with the Cyber Programme increasing compliance to the Group Cyber
Mandatory Standards to 90% for all in-scope systems in 2024. Entity-wide ISMS controls operated effectively, achieving a strong
performance. Our B2B partnerships enable us to extend the reach of the Group. During the year we continued to attract household
brand names, such as Rightmove and AutoTrader, as well as scaling our existing partnerships. 35 B2B partners are live. We have seen an
expansion of Tenancy which is now live on the SSC.
Leadership of an effective and engaged organisation: During the year we drove efficiencies across the organisation to maintain robust
cost management with reduced headcount and increased use of AI tools. We saw an increased participation rate in our engagement survey
in September 24, with 87% completion up from 79% in 2023. In 2024 we focused on the manager role and saw scores increase 6% to 82%.
Voluntary attrition rates were significantly reduced versus 2023.
Weighting (% of bonus)
Payout (% of maximum)
20%
86.7%
20%
86.7%
Total
Payout (% of maximum)
Payout (% of salary)
78.3%
117.5%
78.3%
105.7%
The Committee considers that the overall outcome is appropriate in the context of the strong business performance (both financial and strategic) and wider stakeholder experience, therefore
determining that no discretion would be applied to the formulaic outcome.
In line with the Directors’ Remuneration Policy, one-third of Peter Duffy and Niall McBride’s bonus award was deferred into shares for two years, subject to malus and clawback conditions.
Thebalance was paid in cash.
Remuneration Committee Report continued
Annual bonus (audited) continued
MONY Group PLC Annual Report and Accounts 2024 – 108Financial statementsGovernanceStrategic report
Vesting of LTIP awards (audited)
The LTIP award granted on 31 March 2022 was based on performance to the year ended 31 December 2024. The performance targets for this award, and actual performance against those targets,
was as follows:
Metric Weighting Performance condition Threshold Maximum Actual
Vesting
(% of
maximum)
Vesting 20% 100%
Compound annual growth in
adjusted earnings per share
50% Compound annual growth in adjusted earnings per share from 1 January 2022 to 31 December 2024. 5% 15% 12.8% 82%
Compound annual growth in
Group revenue
30% Compound annual growth in Group revenue from 1 January 2022 to 31 December 2024. 4% 9% 11.5% 100%
Comparative total shareholder
return
20% Comparative total shareholder return against the constituents of the FTSE 250 Index (excluding Investment
Trusts) from 1 January 2022 to 31 December 2024. Comparative total shareholder return measured with a
three-month average at the start and end of the performance period.
Median Upper
quartile
Ranked 47
out of 156
companies
85%
Total vesting 88%
Note:  Vesting is determined on a straight-line basis between threshold and maximum.
The Committee considers that this outcome is appropriate in the context of the strong performance (both financial and strategic) and shareholder experience over the three-year period, therefore
determining that no discretion will be applied.
RSAs awarded during the year (audited)
During the year, the following share awards were made to the Executive Directors:
Executive Director Type of award Basis of award granted
Face value of award 
1
£
Vesting/performance
underpin period Holding period Release date
Peter Duffy 2024 RSA 87.5% of salary £560,524 Three financial years to 31 December 2026 2 years 31 March 2029
Niall McBride 2024 RSA 75.0% of salary £339,299 Three financial years to 31 December 2026 2 years 31 March 2029
1 Face value for the RSA awards was determined using the average share price over the preceding five trading days prior to the date of grant. The grant date was 2 April 2024 with an average share price of £2.2632.
RSA awards fully align with established best practice guidance in the UK-listed market. Awards will be:
· earned over a vesting period of three years, followed by a further two-year post-vesting holding period; and
· subject to robust underpins to provide an appropriate safeguard for our shareholders. Should any of the underpins not be met, the Committee would consider whether, and to what extent, a
discretionary reduction in the vesting of awards was required (Committee discretion can be used only to reduce the vesting outcome). The underpins for 2024 are the same as for 2025 awards
– details are set out on pages 103 and 104.
Payments to past Directors (audited)
There were no payments to past Directors during the year.
Payments for loss of office (audited)
There were no payments for loss of office during the year.
Remuneration Committee Report continued
MONY Group PLC Annual Report and Accounts 2024 – 109Financial statementsGovernanceStrategic report
Statement of Directors’ shareholdings and share interests (audited)
Director
Beneficially
owned at
31 December
2024
Outstanding LTIP
awards
Outstanding
RSP
awards
Outstanding
share awards
under
all-employee
share plans
Unvested
deferred bonus
shares
Total
interest
in shares
Beneficial shares
(inc. DBP and RSP
net of tax) owned as
a % of base salary
at 31 December
2024
 1,2
Peter Duffy 333,030 521,390 4 47,296 10,480 234,302 1,546,498 211.21%
Niall McBride — — 270,753 — 76,377 347,130 79.13%
Robin Freestone 209,403 — — — — 209,403 n/a
Rakesh Sharma 10,689 — — — — 10,689 n/a
Caroline Britton — — — — — — n/a
Sarah Warby — — — — — — n/a
Lesley Jones — — — — — — n/a
Mary Beth Christie — — — — — — n/a
Jonathan Bewes 20,000 — — — — 20,000 n/a
1 Includes the value of deferred bonus shares and RSP shares on a net of tax basis.
2 Valued based upon share price for the entirety of December 2024.
Outstanding LTIP/RSP awards remain subject to performance conditions/underpins respectively. No other awards are subject to performance.
In line with the Remuneration Policy, Executive Directors are required to hold shares in the Company worth 200% of base salary. They are normally expected to retain 50% of the net of tax value
ofany vested LTIP shares or RSAs until the guideline is met.
In the period from 31 December 2024 to the date of this report, Peter Duffy received a total of 156 shares which were purchased under the Group’s Share Incentive Plan.
Remuneration Committee Report continued
MONY Group PLC Annual Report and Accounts 2024 – 110Financial statementsGovernanceStrategic report
Outstanding share awards
The table below sets out details of outstanding share awards held by the Executive Directors.
Executive
Director Scheme Grant date
Exercise
price
No. of
shares at
1 January
2024
Granted
during
the year
Vested
during
the year
Lapsed
during
the year
No. of
shares at
31 December
2024
End of
performance/
vesting
period
Vesting/
exercise
date
Peter Duffy LTIP 31/03/2021 £nil 378,062 — 224,569 153,493 224,569 31/12/2023 31/03/2024
LTIP 31/03/2022 £nil 521,390 — — — 521,390 31/12/2024 31/03/2025
RSP 12/05/2023 £nil 199,627 — — — 199,627 31/12/2025 31/03/2026
RSP 02/04/2024 £nil — 247,669 — — 247,669 31/12/2026 31/03/2027
DBP 31/03/2022 £nil — — 27,19 4 — 27,194 — 31/03/2024
DBP 31/03/2023 £nil 103,204 — — — 103,204 — 31/03/2025
DBP 31/03/2024 £nil — 131,098 — — 131,098 — 31/03/2026
Niall McBride RSP 12/05/2023 £nil 120,833 — — — 120,833 31/12/2025 31/03/2026
RSP 02/04/2024 £nil — 149,920 — — 149,920 31/12/2026 31/03/2027
DBP 31/03/2024 £nil — 76,377 — — 76,377 — 31/03/2026
Performance graph
The following graph shows the cumulative total shareholder return of the Company over the last ten financial years relative to the FTSE 250 Index (excluding Investment Trusts). The Remuneration
Committee considers the FTSE 250 Index (excluding Investment Trusts) to be an appropriate index for total shareholder return and comparison disclosure as it represents a broad equity market
index in which the Company is a constituent member.
This graph shows the value, by 31 December 2024, of £100 invested in MONY Group PLC on 31 December 2014 compared with the value of £100 invested in the FTSE 250 Index
(excludingInvestment Trusts) on the same date, assuming the reinvestment of dividends. The other points plotted are the values at intervening financial year ends.
Remuneration Committee Report continued
0
50
 MONY GROUP PLC
 FTSE 250 INDEX (EXCLUDING INVESTMENT TRUSTS)
DEC-14 DEC-15 DEC-16 DEC-17 DEC-18 DEC-19 DEC-20 DEC-21 DEC-22 DEC-23 DEC-24
100
200
150
£100 invested
250
MONY Group PLC Annual Report and Accounts 2024 – 111Financial statementsGovernanceStrategic report
Total remuneration for Chief Executive Officer
The total remuneration figures for the Chief Executive Officer during each of the last ten financial years are shown in the table below. The total remuneration figure includes the annual bonus
based on that year’s performance and LTIP awards based on three-year performance periods ending in the relevant year. The annual bonus payout and LTIP vesting level as a percentage of the
maximum opportunity are also shown for each of these years.
Year ended 31 December
2015 2016 2017 2017 2018 2019 2020 2020 2021 2022 2023 2024
CEO
Peter
Plumb
Peter
Plumb
Peter
Plumb
Mark
Lewis
Mark
Lewis
Mark
Lewis
Mark
Lewis
Peter
Duffy
Peter
Duffy
Peter
Duffy
Peter
Duffy
Peter
Duffy
Total remuneration (£)
2,715,342 2,391,627 1,064,634 841,030 1,156,842 1,244,266 459,651 206,546 784,642 1,416,659 2,133,374 2,513,455
Annual bonus (% of maximum)
95% 72% 60% 47% 61% 55.8% n/a n/a 18.8% 86.8% 96.4% 78.3%
LTIP vesting (% of maximum)
85% 81% 68% n/a n/a 9.6% n/a n/a n/a 0% 59.4% 88.0%
Pay ratio
The table below discloses the ratio of CEO pay for 2024, using the single total figure of remuneration (‘STFR’) of the CEO (as disclosed on page 105) to the comparable earnings of the rest of the
employees in the Group, at a number of prescribed data points (25th, 50th and 75th percentiles).
Year Method
25th percentile
(P25) pay ratio
Median (P50)
pay ratio
75th percentile
(P75) pay ratio
2024 Option A 54:1 36:1 28:1
2023 Option A 49:1 33:1 25:1
2022 Option A 37:1 24:1 18:1
2021 Option A 20:1 14:1 11:1
2020 Option A 19:1 14:1 10:1
2019 Option A 35:1 25:1 18:1
Note: The ratios are calculated using option A in the disclosure regulations. The employees at the lower quartile, median and upper quartile (P25, P50 and P75 respectively) were determined based on total remuneration for 2024 using a valuation methodology consistent
with that used for the CEO in the single figure table. This option was selected on the basis that it provided the most accurate means of identifying the median and lower and upper quartile employees. The calculation is undertaken on a full-time equivalent basis. The total
remuneration in respect of 2024 for the employees identified at P25, P50 and P75 is £47,033, £70,492, and £92,488 respectively. The base salary in respect of 2024 for the employees identified at P25, P50 and P75 is £44,956, £64,890, and £85,690 respectively.
Remuneration Committee Report continued
MONY Group PLC Annual Report and Accounts 2024 – 112Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Pay ratio continued
The Committee considers pay ratios as one of many reference points when considering remuneration. Throughout the Company, pay is positioned to be fair and market competitive in the context
of the relevant talent market, fairly reflecting market data and other relevant benchmarks for the role. The Committee notes the limited comparability of pay ratios across companies and sectors,
given the diverse range of business models and employee population profiles which exist across the market. A significant proportion (over 70%) of the CEO’s total remuneration is delivered in
variable remuneration, and particularly via long-term share awards under the DBP and LTIP/RSP. In order to drive alignment with investors, the value ultimately received is linked to long-term share
price movement and in the case of LTIP awards also stretching performance conditions. As a result, the pay ratio is likely to be driven largely by the CEO’s LTIP outcome and may therefore fluctuate
significantly on a year-to-year basis.
We note that the ratio for 2024 was higher than in previous years. This is driven by annual bonus and LTIP payouts in respect of 2024. Since a larger proportion of the CEO’s maximum package is
based on variable pay, this has led to an increase in the pay ratio.
Percentage change in the Directors’ remuneration
The table below shows the percentage change in the Executive Directors’ and Non-Executive Directors’ salary/fees, benefits and annual bonus compared to that of the average percentage change
for MONY Group Financial Limited employees of the Group for each of these elements of pay, in respect of the relevant financial year. Whilst the reporting regulations require that the employee
group used is employees of the Parent Company only, MONY Group PLC itself has no employees; therefore, we are disclosing the data for MONY Group Financial Limited employees on a voluntary
basis in order to provide an appropriate comparison.
2024 2023 2022 2021 2020
Salary/
fees
%
Taxable
benefits
%
Annual
bonus
%
Salary
%
Taxable
benefits
%
Annual
bonus
%
Salary
%
Taxable
benefits
%
Annual
bonus
%
Salary
%
Taxable
benefits
%
Annual
bonus
%
Salary
%
Taxable
benefits
%
Annual
bonus
%
Peter Duffy 4 3 (15) 4 (12) 15 3 25 376 0 5 100 2 0 (100)
Niall McBride
2
13 13 (8) — — — — — — — — — — — —
Robin Freestone 4 — — 4 — — 3 — — 0 — — 2 — —
Rakesh Sharma 3 — — 349 — — — — — — — — — — —
Sarah Warby 3 — — (2) — — 16 — — — — — 0 — —
Caroline Britton 4 — — 11 — — 26 — — 0 — — 1 — —
Lesley Jones 4 — — 9 — — 18 — — — — — — — —
Mary Beth Christie
3
132 — — — — — — — — — — — — — —
Jonathan Bewes
4
100 — — — — — — — — — — — — — —
Other employees 6 16 (5) 10 
1
44 
1
58 
1
10 22 70 3 3 100 3 2 (100)
1 2023 Numbers have been restated following review to show an FTE employee year-over-year change.
2 Niall McBride was appointed as a Director and joined the Board on 1 February 2023 and therefore we are comparing a full year in 2024 against the 2023 part year.
3 Mary Beth Christie was appointed as a Director and joined the Board on 14 July 2023 and therefore we are comparing a full year in 2024 against the 2023 part year.
4 Jonathan Bewes was appointed to the Board as Chair Designate on 1 July 2024 and fees are shown as 100% as there was no comparator for 2023.
Employee engagement
The Remuneration Committee reviews workforce remuneration and related policies and the alignment of incentives and rewards with culture, taking these into account when setting the policy for
Executive Director remuneration.
MONY Group PLC Annual Report and Accounts 2024 – 113Financial statementsGovernanceStrategic report
Relative importance of spend on pay
The following table shows the Company’s actual spend on pay (for all employees) relative to
dividends, tax and retained profits:
2023 2024 Change %
Staff costs (£m) 68.6 67.3 (2)%
Dividends (£m) 63.4 65.5 3%
Tax (£m) 19.8 28.5 44%
Profit after tax (£m) 72.3 80.2 11%
Consideration by the Directors of matters relating
toDirectors’remuneration
During 2024 the following Independent Non-Executive Directors were members of the
Remuneration Committee: Rakesh Sharma, Chair of the Committee; Sarah Warby; Caroline
Britton; Mary Beth Christie; and Jonathan Bewes from 1 July 2024. Biographies of the current
members of the Remuneration Committee are set out on pages 66 and 67.
The Remuneration Committee’s duties include:
· determining the policy for the remuneration of the Chair, Executive Directors and
Executivemanagement;
· determining the remuneration package of the Chair, Executive Directors and Executive
management, including, where appropriate, bonuses, incentive payments and pension
arrangements within the terms of the agreed framework and policy;
· ensuring the remuneration practices and policies for the wider workforce are aligned to
ourstrategy and culture; and
· determining awards under the Company’s share-based incentive schemes.
Only members of the Committee have the right to attend Committee meetings. Other individuals
may be invited to attend meetings as and when appropriate, including the Chair of the Board,
the CEO, the CFO, the Chief People Officer, the Head of Reward, the Deputy Company Secretary
and the external remuneration adviser.
In 2024, we carried out the annual evaluation of the Remuneration Committee’s effectiveness as
part of an internally facilitated Board Performance Review process. The outcome of the review
determined that it continues to be effective in fulfilling its role and that actions implemented in
response to previous reviews had been successfully implemented. For further information
regarding the Board Performance Review please see pages 78 to 81.
During 2024, the Remuneration Committee and the Company received advice from Deloitte LLP,
which is an independent remuneration consultant, in connection with remuneration matters
including the Group’s performance-related Remuneration Policy. Deloitte LLP is a member of
the Remuneration Consultants Group and is committed to that group’s voluntary code of
practice for remuneration consultants in the UK. During 2024, Deloitte LLP also provided
services to the Group in respect of corporate tax and VAT advice and risk advisory work. The
fees paid to Deloitte LLP for providing advice which materially assisted the Committee in relation
to Executive remuneration over the financial year under review was £44,150.
Outside appointments
Executive Directors are permitted to accept outside appointments on external boards so long
as these are not deemed to interfere with the business of the Group.
Statement of voting at general meeting
The following votes were received from shareholders in respect of the Directors’ Remuneration
Report at the 2024 Annual General Meeting, as well as the Directors’ Remuneration Policy at the
2023 AGM:
Remuneration Report (2024 AGM)
Votes %
Votes cast in favour
1
384,667,903 95.43
Votes cast against 18,410,707 4.57
Total votes cast 403,078,610 100
Abstentions
2
7,714,989
Remuneration Policy (2023 AGM)
Votes %
Votes cast in favour
1
395,549,425 87.25
Votes cast against 57,819,493 12.75
Total votes cast 453,368,918 100
Abstentions
2
3,223,573
1 Includes Chair’s discretionary votes.
2 A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes validly cast.
Remuneration Committee Report continued
MONY Group PLC Annual Report and Accounts 2024 – 114Financial statementsGovernanceStrategic report
Service contracts
Each of the Executive Directors has a service contract, which will be available for inspection at
the Annual General Meeting or at the Company’s registered office. These contracts provide for
12 months’ notice from the Directors and 12 months’ notice from the Company. They do not
specify any particular level of compensation in the event of termination or change of control.
Details of the Group’s policy in respect of loss of office are provided in the Directors’
Remuneration Policy.
The dates Executive Directors’ service contracts were entered into are as follows:
Peter Duffy – 1 September 2020
Niall McBride – 1 February 2023
Non-Executive Directors do not have a service contract, but each has received a letter of
appointment which will be available for inspection at the Annual General Meeting or at the
Company’s registered office.
These appointments expire on the following dates:
Caroline Britton 31 August 2025
Lesley Jones 31 August 2027
Rakesh Sharma 30 September 2025
Sarah Warby 31 May 2027
Mary Beth Christie 13 July 2026
Jonathan Bewes 1 July 2027
In accordance with best practice, the Non-Executive Directors stand for re-election every year.
No compensation is payable on termination of the employment of Non-Executive Directors
which may be with or without notice.
This report was approved by the Board and signed on its behalf by:
Rakesh Sharma
Chair of the Remuneration Committee
14 February 2025
Remuneration Committee Report continued
MONY Group PLC Annual Report and Accounts 2024 – 115Financial statementsGovernanceStrategic report
Our additional
statutory
information
This section sets out
the remainder of our
mandatory disclosures.
Shazadi Stinton
General Counsel and Company Secretary
Directors’ Report
Annual General Meeting
The Annual General Meeting (‘AGM’) of MONY Group PLC (the ‘Company’) will be held at
Exchange House, Primrose Street, London EC2A 2EG on Thursday 8 May 2025 at 10.00am.
Thenotice convening the meeting, with details of the business to be transacted at the meeting
and explanatory notes, is set out in a separate AGM circular which will be issued to all
shareholders on 3 March 2025.
Dividend
The Directors recommend a final dividend of 9.2p (2023: 8.9p) per ordinary share in respect
ofthe year ended 31 December 2024. If approved by shareholders at the forthcoming AGM,
thiswill be paid on 16 May 2025 to shareholders on the register at close of business on
11April2025. The final dividend and the interim dividend of 3.3p per ordinary share paid on
9September 2024, give a total dividend for the year of 12.5p (2023: 12.1p) per ordinary share.
Issued share capital and control
As at 31 December 2024, the issued share capital of the Company was £107,483 comprising
537,415,395 ordinary shares of 0.02p each. Full details of the share capital of the Company
andchanges to share capital during the year are set out in note 19 to the Group financial
statements on page 151.
The information in note 9 is incorporated by reference and forms part of this Directors’ Report.
At the 2024 AGM, shareholders authorised the Directors to allot up to 357,603,012 ordinary
shares in the capital of the Company. Directors will seek authority from shareholders at the
forthcoming AGM to allot up to 357,920,975 ordinary shares. Of this amount approximately
178,960,487 shares (representing approximately 33.3% of the Company’s issued ordinary share
capital) can only be allotted pursuant to a fully pre-emptive offer.
Holders of ordinary shares are entitled to receive dividends when declared, to receive the
Company’s Annual Report, to attend and speak at general meetings of the Company, to appoint
proxies and to exercise voting rights.
On a show of hands at a general meeting of the Company, every holder of ordinary shares
present in person or by proxy, and entitled to vote, has one vote and, on a poll, every holder
ofordinary shares present in person or by proxy, and entitled to vote, has one vote for every
ordinary share held. Electronic and paper proxy appointments and voting instructions must be
received not later than 48 hours before the meeting. A holder of ordinary shares can lose the
entitlement to vote and the right to receive dividends where that holder fails to comply with a
disclosure notice issued under section 793 of the Companies Act 2006. There are no issued
shares in the Company with special rights with regard to control of the Company.
The Company operates a Share Incentive Plan which entitles all employees to purchase ordinary
shares in the Company using money deducted from their pre-tax salary. Plan shares are held in
trust for participants by Equiniti Share Plan Trustees Limited the (‘Trustee’).
MONY Group PLC Annual Report and Accounts 2024 – 116Financial statementsGovernanceStrategic report
Directors’ Report continued
Issued share capital and control continued
Voting rights are exercised by the Trustee in accordance with participants’ instructions. If a
participant does not submit an instruction to the Trustee, no vote is registered. In addition, the
Trustee does not vote on any unawarded or forfeited shares held under the Plan as surplus
assets. As at the date of this report, the Trustee held 0.04% of the issued ordinary share capital
in the Company.
The Company operates a Long Term Incentive Plan (the ‘Plan’) and shares are held by the
Trustee, Ocorian Limited (‘Ocorian’), pending vesting of the shares awarded under the Plan.
Ocorian does not vote on any shares held in trust. As at the date of this report, Ocorian held
0.0003% of the issued ordinary share capital in the Company.
Full details of the rights and obligations attaching to the Company’s share capital are contained
in its Articles of Association which are published on our website.
All of the Company’s share schemes contain provisions relating to a change of control.
Outstanding options and awards normally vest and become exercisable on a change of control
subject to satisfaction of any performance conditions at that time. Save in respect of provisions
of the Company’s share schemes, there are no agreements between the Company and its
Directors or employees providing compensation for loss of office or employment (whether
through resignation, purported redundancy or otherwise) that occurs because of a takeover bid.
The Company holds a significant agreement which would be terminable upon a change of
control: the revolving credit facility, both with Barclays Bank PLC, Santander and HSBC Innovation.
During the year, the RCF term was extended from three to four years, which means that the
current RCF is due for renewal in June 2028.
Restrictions on the transfer of securities
Whilst the Board has the power under the Articles of Association to refuse to register a transfer
of shares, there are no restrictions on the transfer of shares other than:
· certain restrictions may from time to time be imposed by laws and regulations (e.g. insider
trading laws); and
· pursuant to the Listing Rules of the Financial Conduct Authority whereby certain Directors,
officers and employees of the Group require the approval of the Company to deal in ordinary
shares of the Company.
The Company is not aware of any agreements between shareholders that may result in
restrictions on the transfer of securities and/or voting rights.
Authority to purchase own shares
The Company was authorised at the 2024 AGM to purchase up to 107,388,292 of its own shares
in the market. No shares were purchased under this authority in 2024. Directors will seek
authority from shareholders at the forthcoming AGM for the Company to purchase, in the
market, up to 107,483,776 shares.
As announced on 17 February 2025, we will be conducting a share buyback programme of up
to£30 million, which will deliver enhanced value for our shareholders. This buyback reflects our
ongoing commitment to sustainable shareholder returns, in addition to investment in organic
and acquisitive growth, as a path to creating long-term, sustainable shareholder value.
The Directors made this decision based upon the strength of the Company’s balance sheet
andcash flow conversion, which provides flexibility to commence enhanced distributions to
shareholders, and this will be funded by our expected cash generation in 2025. When making
this decision the Directors took into account the effects on earnings per share and the interests
of shareholders generally.
Major shareholders
As at 31 December 2024, the Company had been notified of the following significant holdings
ofvoting rights in its ordinary shares in accordance with the Financial Conduct Authority’s
Disclosure Guidance and Transparency Rules:
Shareholder
Number of
shares/voting
rights notified
Percentage of
shares/voting
rights notified
Gruppo MutuiOnline SpA 43,050,000 8.02
Prudential plc Group of Companies 27,061,089 5.07
BlackRock, Inc. Undisclosed <5.00
Allianz Global Investors GmbH 26,794,299 4.99
Massachusetts Financial Services Company 26,749,045 4.98
Ameriprise Financial, Inc. and its group 27,199,089 4.94
Heronbridge Investment Management LLP 26,517,435 4.94
M & G PLC 26,382,836 4.91
Standard Life Investments Holdings Limited 25,417,919 4.60
FIL Limited 24,758,460 4.52
Jupiter Fund Management PLC 22,512,388 4.19
State Street Nominees 20,581,165 3.76
All interests disclosed to the Company in accordance with Rule 5 of The Disclosure Guidance
and Transparency Rules that have occurred since 31 December 2024 can be found of the
Group’s website.
MONY Group PLC Annual Report and Accounts 2024 – 117Financial statementsGovernanceStrategic report
Directors’ Report continued
Directors
The Directors who served during the year are set out on pages 66 and 67. Further details
relating to Board and Committee composition are disclosed in the Corporate Governance
Report on page 70.
The Articles of Association provide that a Director may be appointed by an ordinary resolution
of shareholders or by the existing Directors, either to fill a vacancy or as an additional Director.
All eligible Directors will retire and offer themselves for election or re-election at the 2025 AGM
in accordance with the 2018 UK Corporate Governance Code.
The Executive Directors serve under rolling contracts that are terminable upon 12 months’
notice from either party. The Non-Executive Directors serve under letters of appointment.
Copies of service contracts and letters of appointment are available for inspection at the
Company’s registered office during normal business hours and will be available for inspection
atthe Company’s AGM.
The Directors’ Remuneration Report, which includes the Directors’ interests in the Company’s
shares, is set out on page 97.
Directors’ powers
The Board of Directors may exercise all the powers of the Company subject to the provisions
ofrelevant legislation, the Company’s Articles of Association and any directions given by the
Company in general meeting.
Directors’ indemnities
During the financial year ended 31 December 2024 and up to the date of this Directors’ Report,
the Company has maintained appropriate liability insurance for its Directors and officers.
The Company has granted indemnities to each of its Directors and the Company Secretary to
the extent permitted by law and its Articles of Association. These indemnities were in force
throughout the year ended 31 December 2024 and remain in force as at the date of this report
in relation to certain losses and liabilities which the Directors or Company Secretary may incur
inthe course of acting as Directors, Company Secretary or employees of the Company or of any
associated company. In addition, the Company grants similar indemnities to senior managers
ofthe Group who are subject to the provisions of SMCR.
Directors’ conflicts of interest
As permitted by the Companies Act 2006, the Company’s Articles of Association enable
Directors to authorise potential conflicts of interest. The Company has a formal procedure for
notification and authorisation to be sought, prior to the appointment of any new Director or
prior to a new conflict arising. If a conflict is deemed to exist, the relevant Director will excuse
themselves from consideration for discussions relating to that conflict. This procedure enables
non-conflicted Directors to impose limits or conditions when giving or reviewing authorisation.
It also requires the Board to review the register of Directors’ conflicts annually and on an ad hoc
basis when necessary. The Board has complied with this procedure during the year.
Related party transactions
Internal controls are in place to ensure that any related party transactions involving Directors,
ortheir closely associated persons, are conducted on an arm’s length basis and are properly
recorded and disclosed where appropriate. During the year, no Director had any material
interest in any contract of significance to the Group’s business.
Information required by UK Listing Rules 6.6.1R
The information required to be disclosed in accordance with UKLR 6.6.1R of the Financial
Conduct Authority’s Listing Rules can be located in the following pages of this Annual Report
and Accounts:
Section Information to be included Location
1 Interest capitalised N/A
3 Details of long-term incentive schemes 109
4–5 Waivers of future emoluments Not applicable
2, 7–13 Not Applicable Not applicable
Employees
The Group places considerable value on the involvement of its employees and uses a number
ofways to engage with employees on matters that impact them and the performance of the
Group. These include formal business performance updates by members of Executive
management for all employees, informal fortnightly floor briefs with the CEO, regular update
briefings for all employees, regular team meetings, the Group’s intranet site and Teams channels
which enable easy access to the latest information and policies, and the circulation to employees
of results and other corporate announcements. This also helps to achieve a common awareness
amongst employees of the financial and economic factors affecting the performance of the
Group. The Board appointed Mary Beth Christie, one of our Independent Non-Executive
Directors, as our “Employee Champion” in September 2024 and has provided the opportunity
for employees to engage directly with our Non-Executive Directors in order to give them the
opportunity to understand more about our employees.
A robust employee engagement survey process is also in place to ensure that employees are
given a voice in the organisation and that the Group can take action based on employee
feedback. All employees are able to participate in both the Company’s Share Incentive Plan and
Save As You Earn Scheme which provide employees with the opportunity to purchase ordinary
shares in the Company, actively encouraging their interest in the performance of the Group.
Further information on employee engagement can be found on pages 82 and 83.
MONY Group PLC Annual Report and Accounts 2024 – 118Financial statementsGovernanceStrategic report
Directors’ Report continued
Equal opportunities
The Group is committed to providing equality of opportunity to all employees without
discrimination and applies fair and equitable employment policies which seek to promote entry
into and progression within the Group. Appointments are determined solely by application of
job criteria, personal ability, behaviour and competency.
In 2024 the Group has continued to commit to the Race at Work Charter which we originally
signed up to in 2020. This is a public commitment to prioritising action on race equity as part of
the Group’s Race Equity Plan. The plan includes a specific commitment at Board level to zero
tolerance of racial harassment or bullying. This means that all allegations of racial bullying or
harassment will be taken seriously and managed consistently and in line with the Group’s
Anti-Bullying and Harassment Policy, with formal action taken where necessary.
In the opinion of the Directors, all employee policies are deemed to be effective and in
accordance with their intended aims.
Disabled persons have equal opportunities when applying for vacancies, with due regard to
their skills and abilities. Procedures ensure that disabled employees are fairly treated in respect
of training and career development. For those employees that become disabled during the
course of their employment, the Group is supportive so as to provide an opportunity for them
to remain with the Group, wherever reasonably practicable.
Business relationships with suppliers, customers and others
You can read about how our Directors had regard to the need to foster the Group’s business
relationships with suppliers, customers and others and the effect of that regard on pages 26
to33.
Borrowings
The Company holds a significant agreement which would be terminable upon a change
ofcontrol: the revolving credit facility, both with Barclays Bank PLC, Santander and
HSBCInnovation.
Political donations
During the financial year ended 31 December 2024, the Group did not make any political
donations (2023: £nil).
Post balance sheet events
There have been no events that either require adjustment to the financial statements or are
important in the understanding of the Company’s current position.
Auditor and disclosure of information
The Directors who held office at the date of this report confirm that, so far as they are each
aware, there is no relevant audit information of which the Company’s auditor is unaware, and
each such Director has taken all the steps that he or she ought to have taken as a Director to
make himself or herself aware of any relevant audit information and to establish that the
Company’s auditor is aware of that information.
Auditor
The Board approved the Audit Committee’s recommendation to put a resolution to
shareholders recommending the reappointment of KPMG LLP as the Company’s auditor, and
KPMG LLP has indicated its willingness to accept reappointment as auditor of the Company. The
audit partner was rotated in Q2 2023 in accordance with the FRC’s Ethical Standard 3 (Revised).
The Audit Committee, in its recommendation, confirmed that: (1) the recommendation was free
from influence by a third party; and (2) no contractual term of the kind mentioned in Article
16(6) of the EU Regulation 537/2014 has been imposed on the Company.
A resolution proposing the reappointment of KPMG is contained in the notice of the forthcoming
AGM and will be proposed to shareholders at that meeting.
MONY Group PLC Annual Report and Accounts 2024 – 119Financial statementsGovernanceStrategic report
Reporting requirements
The following sets out the location of additional information forming part of the Directors’ Report:
Reporting requirement Location
Strategic Report – Companies Act 2006
section 414A‑D
Strategic Report on pages 2 to 61
DTR4.1.8R – Management Report – the
Directors’ Report and Strategic Report
comprise the “Management Report”
Directors’ Report on pages 116 to 120 and
Strategic Report on pages 2 to 61
Likely future developments of the
business and Group
Strategic Report on pages 2 to 61
Statement on corporate governance
Corporate Governance Report, Audit
Committee Report, Risk and Sustainability
Committee Report, Nomination Committee
Report and Directors’ Remuneration Report on
pages 62 to 115
Details of use of financial instruments
and specific policies for managing
financial risk
Note 20 to the Group financial statements on
pages 152 to 153
The Board’s assessment of the Group’s
internal control systems
Corporate Governance Report on pages 62 to
87, Audit Committee Report on pages 88 to 93
and Risk and Sustainability Committee Report
on pages 94 to 96
Greenhouse gas emissions
Sustainability Report on page 34
Directors’ remuneration including
disclosures required by Schedule 5 and
Schedule 8 of SI2008/410 – Large and
Medium-sized Companies and Groups
(Accounts and Reports) Regulations
2008
Directors’ Remuneration Report on pages 97
to115
Directors’ Responsibility Statement
Directors’ Responsibility Statement on page 121
Directors’ interests
Directors’ Remuneration Report on pages 97
to115
The Strategic Report comprising the inside cover and pages 2 to 61 and this Directors’ Report
comprising pages 116 to 120 have been approved by the Board and are signed on its behalf by:
Shazadi Stinton
General Counsel and Company Secretary
14 February 2025
Registered office: MONY Group House, St. David’s Park, Ewloe, Deeside CH5 3UZ
Directors’ Report continued
MONY Group PLC Annual Report and Accounts 2024 – 120Financial statementsGovernanceStrategic report
The Directors are responsible for preparing
the Annual Report and Accounts and the
Group and Parent Company financial
statements in accordance with applicable
lawand regulations.
Company law requires the Directors to
prepare Group and Parent Company financial
statements for each financial year. Under that
law they are required to prepare the Group
financial statements in accordance with
UK-adopted international accounting
standards and applicable law and have
elected to prepare the Parent Company
financial statements in accordance with UK
accounting standards and applicable law,
including FRS 102 – The Financial Reporting
Standard applicable in the UK and Republic
ofIreland.
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 Group and Parent
Company and of the Group’s profit for that
period. In preparing each of the Group and
Parent Company financial statements, the
Directors are required to:
· select suitable accounting policies and then
apply them consistently;
· make judgements and estimates that are
reasonable, relevant, reliable and prudent;
· for the Group financial statements, state
whether they have been prepared in
accordance with UK-adopted international
accounting standards;
· for the Parent Company financial
statements, state whether applicable UK
accounting standards have been followed,
subject to any material departures
disclosed and explained in the Parent
Company financial statements;
· assess the Group and Parent Company’s
ability to continue as a going concern,
disclosing, as applicable, matters related
togoing concern; and
· use the going concern basis of accounting
unless they either intend to liquidate the
Group or the Parent Company or to cease
operations, or have no realistic alternative
but to do so.
The Directors are responsible for keeping
adequate accounting records that are
sufficient to show and explain the Parent
Company’s transactions and disclose with
reasonable accuracy at any time the financial
position of the Parent Company and enable
them to ensure that its financial statements
comply with the Companies Act 2006. They
are responsible for such internal control as
they determine is necessary to enable the
preparation of financial statements that are
free from material misstatement, whether
dueto fraud or error, and have general
responsibility for taking such steps as are
reasonably open to them to safeguard the
assets of the Group and to prevent and
detectfraud and other irregularities.
Under applicable law and regulations, the
Directors are also responsible for preparing a
Strategic Report, Directors’ Report, Directors’
Remuneration Report and Corporate
Governance Statement that complies with
that law and those regulations.
The Directors are responsible for the
maintenance and integrity of the corporate
and financial information included on the
Company’s website. Legislation in the UK
governing the preparation and dissemination
of financial statements may differ from
legislation in other jurisdictions.
In accordance with Disclosure Guidance
andTransparency Rule (‘DTR’) 4.1.16R, the
financial statements will form part of the
annual financial report prepared DTR 4.1.17R
and 4.1.18R. The Auditor’s Report on these
financial statements provides no assurance
over whether the annual financial report
hasbeen prepared in accordance with
thoserequirements.
Responsibility statement of the
Directors in respect of the
annual financial report
We confirm that to the best of our knowledge:
· the financial statements, prepared in
accordance with the applicable set of
accounting standards, give a true and fair
view of the assets, liabilities, financial
position and profit or loss of the Company
and the undertakings included in the
consolidation taken as a whole; and
· the Annual Report and Accounts include
afair review of the development and
performance of the business and the
position of the issuer and the undertakings
included in the consolidation taken as a
whole, together with a description of the
principal risks and uncertainties that
theyface.
We consider the Annual Report and Accounts,
taken as a whole, is fair, balanced and
understandable and provides the information
necessary for shareholders to assess the
Group’s position and performance, business
model and strategy.
Peter Duffy
Chief Executive Officer
14 February 2025
Niall McBride
Chief Financial Officer
14 February 2025
Statement of Directors’ Responsibilities in Respect of the Annual Report andtheFinancialStatements
MONY Group PLC Annual Report and Accounts 2024 – 121Financial statementsGovernanceStrategic report
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 122
Independent Auditor’s Report
to the members of MONY Group PLC
1. Our opinion is unmodified
We have audited the financial statements of MONY Group PLC (‘the Company’) for the year
ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive
Income, Consolidated Statement of Financial Position, Consolidated Statement of Changes in
Equity, Consolidated Statement of Cash Flows, and the related notes, including the accounting
policies in note 2, and the Company Balance Sheet and Company Statement of Changes in
Equity, and the related notes, including the accounting policies in note 1 to the Parent Company
financial statements.
In our opinion:
· the financial statements give a true and fair view of the state of the Group’s and of the Parent
Company’s affairs as at 31 December 2024 and of the Group’s profit for the year then ended;
· the Group financial statements have been properly prepared in accordance with UK-adopted
international accounting standards;
· the Parent Company financial statements have been properly prepared in accordance with UK
accounting standards, including FRS 102 The Financial Reporting Standard applicable in the
UK and Republic of Ireland; and
· the financial statements 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 are described below. We believe that the audit evidence
we have obtained is a sufficient and appropriate basis for our opinion. Our audit opinion is
consistent with our report to the Audit Committee.
We were first appointed as auditor by the Company before 9 July 2007. The period of total
uninterrupted engagement is for the 18 financial years ended 31 December 2024. We have
fulfilled our ethical responsibilities under, and we remain independent of the Group in
accordance with, UK ethical requirements including the FRC Ethical Standard as applied to
listedpublic interest entities. No non-audit services prohibited by that standard were provided.
Overview
Materiality: Group financial
statements as a whole
£5.5m (2023: £4.2m)
5.0% (2023: 4.6%) of Group profit before tax
Key audit matters
vs 2023
Recurring risks Recoverability of goodwill attributable to the
Cashback CGU
Recoverability of Parent Company investment
in subsidiary and amounts due from
subsidiary undertakings
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 123
Independent Auditor’s Report continued
to the members of MONY Group PLC
2. Key audit matters: our assessment of risks of material misstatement
Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the financial statements and include the most significant assessed risks of material
misstatement (whether or not due to fraud) identified by us, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the
efforts of the engagement team. We summarise below the key audit matters (unchanged from 2023), in decreasing order of audit significance, in arriving at our audit opinion above, together with
our key audit procedures to address those matters and, as required for public interest entities, our results from those procedures. These matters were addressed, and our results are based on
procedures undertaken, in the context of, and solely for the purpose of, our audit of the financial statements as a whole, and in forming our opinion thereon, and consequently are incidental to that
opinion, and we do not provide a separate opinion on these matters.
The risk Our response
Recoverability of goodwill attributable
to the Cashback CGU
(2024: £68.3m; 2023: £68.3m)
Refer to page 88 (Audit Committee Report), page
141 (accounting policy) and pages 147–148
(financial disclosures).
Forecast based assessment:
The goodwill attributable to the Cashback cash-generating unit (‘CGU’) is
material. Whilst the headroom for the Cashback CGU has increased in
the year, there remains a risk of irrecoverability due to ongoing pressure
on the Cashback business growth as a result of continuing uncertain
macroeconomic conditions in the UK, including the impact of this on
discretionary spend of consumers.
The estimated recoverable amount of the Cashback CGU has been
determined using the CGU’s fair value less costs of disposal, using
discounted cash flow projections based on key assumptions, such as
revenue growth in the forecast period and the discount rate.
The effect of these matters is that, as part of our risk assessment for
audit planning purposes, we determined that fair value less cost of
disposal of the Cashback CGU involves a degree of estimation
uncertainty, with a potential range of reasonable outcomes greater
thanour materiality for the financial statements as a whole.
In conducting our final audit work, we concluded that reasonably
possible changes to key assumptions in the fair value less cost of
disposal of the Cashback CGU would not be expected to result in
animpairment.
We performed the tests below rather than seeking to rely on any of the
Group’s controls because the nature of the balance is such that we
would expect to obtain audit evidence primarily through the detailed
procedures described.
Our procedures included:
· Benchmarking assumptions: We assessed and challenged the
forecast revenue growth rate through comparison to external
industry forecasts, historical performance and our understanding
ofthe Cashback business. We independently derived an acceptable
range for the discount rate and compared that with the Group’s
selected discount rate.
· Sensitivity analysis: We performed a sensitivity analysis on the key
assumptions to identify the breakeven point for the discount rate and
revenue growth rate. We also performed a sensitivity analysis on a
combined reasonably possible scenario.
· Assessing transparency: We assessed the adequacy of disclosures
and whether the disclosures reflect the risks inherent in the
recoverable amount of the goodwill.
Our results
We found the Group’s conclusion that there is no impairment of the
Cashback CGU goodwill to be acceptable (2023: acceptable).
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 124
Independent Auditor’s Report continued
to the members of MONY Group PLC
The risk Our response
Recoverability of Parent Company
investment in subsidiary and amounts
due from subsidiary undertakings
Investment in subsidiary (£181.7m;
2023:£181.7m)
Amounts due from subsidiary undertakings
(£221.2m; 2023: £224.3m)
Refer to page 88 (Audit Committee Report), page
164 (accounting policy) and page 165 (financial
disclosures).
Low risk, high value:
The carrying amount of the Parent Company’s investment in subsidiary
and amounts due from subsidiary undertakings represents 99.8%
(2023:99.6%) of the Parent Company’s total assets.
Their recoverability is not a high risk of significant misstatement or
subject to significant judgement. However, due to their materiality in the
context of the Parent Company financial statements, these are
considered to be the areas that had the greatest effect on our overall
Parent Company audit.
We performed the tests below rather than seeking to rely on any of the
Parent Company’s controls because the nature of the balances is such
that we would expect to obtain audit evidence primarily through the
detailed procedures described.
Our procedures included:
· Test of detail: We compared the carrying amount of the investment
in subsidiary with its draft balance sheet to identify whether its net
assets, being an approximation of the minimum recoverable amount,
were in excess of its carrying amount.
· Test of detail: For the amounts due from subsidiary undertakings,
we assessed historical intercompany dividends paid by the group
trading entities to their immediate parent company, to assess their
ability to repay amounts due to the ultimate parent company. With
reference to the net assets of the relevant subsidiary draft balance
sheet, we also assessed whether they have a positive net asset value
and therefore coverage of the amounts owed.
· Comparing valuations: We compared the net assets of the Parent
Company to the market capitalisation of the Group to identify any
indicators of impairment and assess reasonableness of the
recoverability assessment.
Our results
We found the Company’s conclusion that there is no impairment of its
investment in subsidiary and amounts due from subsidiary
undertakings to be acceptable (2023: acceptable).
2. Key audit matters: our assessment of risks of material misstatement continued
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 125
Independent Auditor’s Report continued
to the members of MONY Group PLC
3. Our application of materiality and an overview of the scope
ofouraudit
Our application of materiality
Materiality for the Group financial statements as a whole was set at £5.5m (2023: £4.2m),
determined with reference to a benchmark of Group profit before tax, of which it represents
5.0% (2023: 4.5%).
Materiality for the Parent Company financial statements as a whole was set at £4.0m
(2023:£4.1m), determined with reference to a benchmark of Parent Company total assets,
ofwhich it represents 1.0% (2023: 1.0%).
In line with our audit methodology, our procedures on individual account balances and
disclosures were performed to a lower threshold, performance materiality, so as to reduce
toanacceptable level the risk that individually immaterial misstatements in individual account
balances add up to a material amount across the financial statements as a whole.
Performance materiality was set at 75% (2023: 75%) of materiality for the financial statements
asa whole, which equates to £4.1m (2023: £3.2m) for the Group and £3.0m (2023: £3.1m) for the
Parent Company. We applied this percentage in our determination of performance materiality
because we did not identify any factors indicating an elevated level of risk.
We agreed to report to the Audit Committee any corrected or uncorrected identified
misstatements exceeding £0.3m (2023: £0.2m), in addition to other identified misstatements
that warranted reporting on qualitative grounds.
Overview of the scope of our audit
This year, we applied the revised group auditing standard in our audit of the consolidated
financial statements. The revised standard changes how an auditor approaches the
identification of components and how the audit procedures are planned and executed
acrosscomponents.
In particular, the definition of a component has changed, shifting the focus from how the
entityprepares financial information to how we, as the Group auditor, plan to perform audit
procedures to address group risks of material misstatement (‘RMMs’). Similarly, the Group
auditor has an increased role in designing the audit procedures as well as making decisions on
where these procedures are performed (centrally and/or at component level) and how these
procedures are executed and supervised. As a result, we assess scoping and coverage in a
different way and comparisons to prior period coverage figures are not meaningful. In this
report we provide an indication of scope coverage on the new basis.
We performed risk assessment procedures to determine which of the Group’s components
arelikely to include risks of material misstatement to the Group financial statements and
whichprocedures to perform at these components to address those risks.
In total, we identified six components, having considered our evaluation of factors including
theGroup’s operational structure, how financial information is reported, common information
systems and our ability to perform audit procedures centrally.
Group profit before tax
£108.7m (2023: £92.1m)
Group materiality
£5.5m (2023: £4.2m)
£5.5m
Whole financial statements materiality
(2023: £4.2m)
£4.1m
Whole financial statements performance
materiality (2023: £3.2m)
£5.3m
Range of materiality attwocomponents
(£2.6mto£5.3m) (2023:£1.5mto£3.4m)
£0.3m
Misstatements reported totheAudit
Committee (2023:£0.2m)
 Group PBT
 Group materiality
Of those, we identified one quantitatively significant component which contained the largest
percentage of total revenue or total assets of the Group, for which we performed
auditprocedures.
We also identified one component as requiring special audit consideration, owing to Group risks
relating to treasury and borrowings residing in the component.
Accordingly, as the Group auditor, we performed audit procedures on two components. We also
performed the audit of the Parent Company.
We set the component materialities at £5.3m for the quantitatively significant component and
£2.6m for the component requiring special audit consideration, having regard to the mix ofsize
and risk profile of the Group across the components.
Our audit procedures covered 96% of Group revenue.
We performed audit procedures in relation to Group balances, including goodwill and tax, and
components which in total account for 91% of total profits and losses that made up Group profit
before tax and 99% of Group total assets.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 126
Independent Auditor’s Report continued
to the members of MONY Group PLC
3. Our application of materiality and an overview of the scope
ofouraudit continued
Impact of controls on our group audit
The scope of our audit work performed was predominantly substantive as we placed limited
reliance upon the Group’s internal control over financial reporting.
We identified the Group’s financial reporting system and the revenue systems used by in-scope
components for the Group audit to be the core IT systems relevant to our audit, with the latter
consisting of a number of different systems reflecting acquisitions and different brands within
the business.
We used IT specialists to assist us in assessing the design and operating effectiveness of the
general IT controls of the financial reporting system and automated controls over journals.
Following our testing, we relied on these general IT and automated controls in determining the
work to be performed, including determining our high risk criteria for journals testing.
Given the nature of revenue and the various revenue IT systems used by the Group, it was more
efficient to take a fully substantive approach in our audit of revenue, including performing data
analytics routines. As such, direct testing was performed over the completeness and reliability
of data used in these routines. In other areas of the audit, we predominantly took a substantive
approach as this was more efficient and accordingly we planned and performed additional
substantive testing rather than relying on controls.
4. The impact of climate change on our audit
In planning our audit, we have considered the potential impact of risks arising from climate
change on the Group’s business and its financial statements.
The Group has set out its commitments to be operationally net zero by 2030 and net zero by
2050. Further information is provided in the Group’s Task Force for Climate-Related Financial
Disclosures (‘Climate Risk Disclosures’) on pages 41 to 45.
As a part of our audit we have performed a risk assessment, including making enquiries of
management, reading Board meeting minutes and applying our knowledge of the Group and
sector in which it operates to understand the extent of the potential impact of climate change
risk on the Group’s financial statements. Taking into account the nature of the business, we have
not assessed climate related risk to be significant to our audit this year. There was no impact on
our key audit matters.
We have read the Group’s Climate Risk Disclosures disclosures in the front half of the Annual
Report and considered consistency with the financial statements and our audit knowledge.
Our audit procedures covered the following percentage of Group revenue:
96%
Group revenue
We performed audit procedures in relation to components that accounted for the following
percentages of the total profits and losses that made up Group profit before tax and Group
totalassets:
99%
91%
Group total assets
Total profits and losses that made
up Group profit before tax
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 127
Independent Auditor’s Report continued
to the members of MONY Group PLC
5. Going concern
The Directors have prepared the financial statements on the going concern basis as they do not
intend to liquidate the Group or the Parent Company or to cease their operations, and as they
have concluded that the Group’s and the Parent Company’s financial position means that this is
realistic. They have also concluded that there are no material uncertainties that could have cast
significant doubt over their ability to continue as a going concern for at least a year from the
date of approval of the financial statements (‘the going concern period’).
We used our knowledge of the Group, its industry and the general economic environment to
identify the inherent risks to its business model and analysed how those risks might affect the
Group’s and the Parent Company’s financial resources or ability to continue operations over the
going concern period. The risks that we considered most likely to adversely affect the Group’s
and the Parent Company’s available financial resources and metrics relevant to debt covenants
over this period were:
· the competitive environment and a reduction in consumer demand;
· the impact of increased macroeconomic uncertainties including inflation in the wider UK
economy;
· the potential impact of a significant data breach or cyber attack, the resulting fines and
damage to brand strength and reputation; and
· the impact of regulatory changes and government policy reducing the availability of attractive
products to customers.
We considered whether these risks could plausibly affect the liquidity or covenant compliance in
the going concern period, including by assessing the degree of downside assumption that,
individually and collectively, could result in a liquidity issue, taking into account the Group’s
current and projected cash and facilities (a reverse stress test).
We assessed the completeness and adequacy of the going concern disclosure.
Our conclusions based on this work:
· we consider that the Directors’ use of the going concern basis of accounting in the preparation
of the financial statements is appropriate;
· we have not identified, and concur with the Directors’ assessment that there is not, a material
uncertainty related to events or conditions that, individually or collectively, may cast
significant doubt on the Group’s or Parent Company’s ability to continue as a going concern
for the going concern period;
· we have nothing material to add or draw attention to in relation to the Directors’ statement in
note 2 to the financial statements on the use of the going concern basis of accounting with no
material uncertainties that may cast significant doubt over the Group and Company’s use of
that basis for the going concern period, and we found the going concern disclosure in note 2
to be acceptable; and
· the related statement under the UK Listing Rules set out on page 118 is materially consistent
with the financial statements and our audit knowledge.
However, as we cannot predict all future events or conditions and as subsequent events may
result in outcomes that are inconsistent with judgements that were reasonable at the time they
were made, the above conclusions are not a guarantee that the Group or the Parent Company
will continue in operation.
6. Fraud and breaches of laws and regulations – ability to detect
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (‘fraud risks’) we assessed events or
conditions that could indicate an incentive or pressure to commit fraud or provide an
opportunity to commit fraud. Our risk assessment procedures included:
· enquiring of Directors, the Audit Committee, Internal Audit and inspection of policy
documentation as to the Group’s high-level policies and procedures to prevent and detect
fraud, including the Internal Audit function, and the Group’s channel for “whistleblowing”,
aswell as whether they have knowledge of any actual, suspected or alleged fraud;
· reading Board, Audit Committee, and Risk and Sustainability Committee meeting minutes;
· considering remuneration incentive schemes and performance targets for Directors including
the revenue growth, adjusted EBITDA and adjusted EPS growth targets for remuneration;
· using analytical procedures to identify any unusual or unexpected relationships; and
· consultation with our cyber and forensic professionals regarding the identified fraud risk
factors and the design of the audit procedures planned in response to these.
We communicated identified fraud risks throughout the audit team and remained alert to any
indications of fraud throughout the audit.
As required by auditing standards, and taking into account possible pressures to meet profit
targets, we perform procedures to address the risk of management override of controls, in
particular the risk that Group management may be in a position to make inappropriate
accounting entries and the risk of bias in accounting estimates and judgements such as the
recoverable amount of goodwill attributed to the Cashback cash-generating unit. On this audit
we do not believe there is a fraud risk related to revenue recognition because the degree of
estimation subjectivity for the revenue accrual is low and revenue generated throughout the
period converts to cash within a reasonably short period.
We did not identify any additional fraud risks.
We performed procedures including:
· identifying journal entries and other adjustments to test based on risk criteria and comparing
the identified entries to supporting documentation. These included those posted to unusual
accounts and those posted by senior finance management; and
· assessing whether the judgements made in making accounting estimates are indicative of a
potential bias.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 128
Independent Auditor’s Report continued
to the members of MONY Group PLC
6. Fraud and breaches of laws and regulations – ability to detect
continued
Identifying and responding to risks of material misstatement due to
non‑compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material
effect on the financial statements from our general commercial and sector experience, through
discussion with the Directors and other management (as required by auditing standards), and
from inspection of the Group’s regulatory correspondence and discussed with the Directors and
other management the policies and procedures regarding compliance with laws and regulations.
As the Group is regulated, our assessment of risks involved gaining an understanding of the control
environment including the entity’s procedures for complying with regulatory requirements.
We communicated identified laws and regulations throughout our team and remained alert to
any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements
including financial reporting legislation (including related companies legislation), distributable
profits legislation and taxation legislation and we assessed the extent of compliance with these
laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Group is subject to many other laws and regulations where the consequences of
non-compliance could have a material effect on amounts or disclosures in the financial statements,
for instance through the imposition of fines or litigation. We identified the following areas as
those most likely to have such an effect: data protection laws and laws and regulations of various
bodies that regulate the Group’s activities including the Competition and Marketing Authority
(‘CMA’), the Financial Conduct Authority (‘FCA’), the Information Commissioner’s Office (‘ICO’), the
Office of Gas and Electricity Markets (‘Ofgem’) and the Office of Communications (‘Ofcom’).
Auditing standards limit the required audit procedures to identify non-compliance with these
laws and regulations to enquiry of the Directors and other management and inspection of
regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is
not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have
detected some material misstatements in the financial statements, even though we have
properly planned and performed our audit in accordance with auditing standards. For example,
the further removed non-compliance with laws and regulations is from the events and
transactions reflected in the financial statements, the less likely the inherently limited
procedures required by auditing standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as this may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
controls. Our audit procedures are designed to detect material misstatement. We are not
responsible for preventing non-compliance or fraud and cannot be expected to detect
non-compliance with all laws and regulations.
7. We have nothing to report on the other information in the
AnnualReport
The Directors are responsible for the other information presented in the Annual Report
together with the financial statements. Our opinion on the financial statements does not
coverthe other information and, accordingly, we do not express an audit opinion or, except
asexplicitly stated below, any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based
onour financial statements audit work, the information therein is materially misstated or
inconsistent with the financial statements or our audit knowledge. Based solely on that work
wehave not identified material misstatements in the other information.
Strategic Report and Directors’ Report
Based solely on our work on the other information:
· we have not identified material misstatements in the Strategic Report and the Directors’ Report;
· in our opinion the information given in those reports for the financial year is consistent with
the financial statements; and
· in our opinion those reports have been prepared in accordance with the Companies Act 2006.
Directors’ Remuneration Report
In our opinion the part of the Directors’ Remuneration Report to be audited has been properly
prepared in accordance with the Companies Act 2006.
Disclosures of emerging and principal risks and longer‑term viability
We are required to perform procedures to identify whether there is a material inconsistency
between the Directors’ disclosures in respect of emerging and principal risks and the Viability
Statement, and the financial statements and our audit knowledge.
Based on those procedures, we have nothing material to add or draw attention to in relation to:
· the Directors’ confirmation within the Risk Management Statement that they have carried out
a robust assessment of the emerging and principal risks facing the Group, including those
that would threaten its business model, future performance, solvency and liquidity;
· the emerging and principal risks disclosures describing these risks and how emerging risks
are identified, and explaining how they are being managed and mitigated; and
· the Directors’ explanation in the Viability Statement of how they have assessed the prospects
of the Group, over what period they have done so and why they considered that period to be
appropriate, and their statement as to whether they have a reasonable expectation that the
Group will be able to continue in operation and meet its liabilities as they fall due over the
period of their assessment, including any related disclosures drawing attention to any
necessary qualifications or assumptions.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 129
Independent Auditor’s Report continued
to the members of MONY Group PLC
7. We have nothing to report on the other information in the
AnnualReport continued
Disclosures of emerging and principal risks and longer‑term viability continued
We are also required to review the Viability Statement, set out on page 60 under the UK Listing
Rules. Based on the above procedures, we have concluded that the above disclosures are
materially consistent with the financial statements and our audit knowledge.
Our work is limited to assessing these matters in the context of only the knowledge acquired
during our financial statements audit. As we cannot predict all future events or conditions and
as subsequent events may result in outcomes that are inconsistent with judgements that were
reasonable at the time they were made, the absence of anything to report on these statements
is not a guarantee as to the Group’s and Company’s longer-term viability.
Corporate governance disclosures
We are required to perform procedures to identify whether there is a material inconsistency
between the Directors’ corporate governance disclosures and the financial statements and our
audit knowledge.
Based on those procedures, we have concluded that each of the following is materially
consistent with the financial statements and our audit knowledge:
· the Directors’ statement that they consider that the Annual Report and financial statements
taken as a whole is fair, balanced and understandable, and provides the information necessary
for shareholders to assess the Group’s position and performance, business model and strategy;
· the section of the Annual Report describing the work of the Audit Committee, including the
significant issues that the Audit Committee considered in relation to the financial statements,
and how these issues were addressed; and
· the section of the Annual Report that describes the review of the effectiveness of the Group’s
risk management and internal control systems.
We are required to review the part of the Corporate Governance Statement relating to the
Group’s compliance with the provisions of the UK Corporate Governance Code specified by
theUK Listing Rules for our review. We have nothing to report in this respect.
8. We have nothing to report on the other matters on which
wearerequired to report by exception
Under the Companies Act 2006, we are required to report to you if, in our opinion:
· adequate accounting records have not been kept by the Parent Company, or returns adequate
for our audit have not been received from branches not visited by us; or
· the Parent Company financial statements and the part of the Directors’ Remuneration Report
to be audited 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.
We have nothing to report in these respects.
9. Respective responsibilities
Directors’ responsibilities
As explained more fully in their statement set out on page 121, the Directors are responsible for:
the preparation of the financial statements including being satisfied that they give a true and fair
view; such internal control as they determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error; assessing
the Group and Parent 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 they
either intend to liquidate the Group or the Parent Company or to cease operations, or have no
realistic alternative but to do so.
Auditor’s responsibilities
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 our
opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not
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 aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at
www.frc.org.uk/auditorsresponsibilities.
The Company is required to include these financial statements in an annual financial report
prepared under Disclosure Guidance and Transparency Rule 4.1.17R and 4.1.18R. This Auditor’s
Report provides no assurance over whether the annual financial report has been prepared in
accordance with those requirements.
10. The purpose of our audit work and to whom we owe our
responsibilities
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.
Jatin Patel (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
15 Canada Square
London
E14 5GL
14 February 2025
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 130
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2024
Year endedYear ended
31 December31 December
20242023
Note£m£m
Revenue
3
43 9. 2
432. 1
Cost of sales
(14 8 . 6)
(13 9 . 7)
Gross profit
290.6
2 92. 4
Distribution expenses
(3 4. 4)
(41. 8)
Administrative expenses
(14 2 . 9)
(15 3 . 3)
Operating profit
5
113 . 3
9 7. 3
Finance income
7
0.3
0 .1
Finance expense
7
(4 . 9)
(5. 3)
Profit before tax
108 .7
9 2 .1
Taxation
8
(28 . 5)
(19 . 8)
Profit for the year
80. 2
72.3
Total other comprehensive income – items that will not be reclassified to profit and loss:
Change in fair value of financial instruments
13
1. 4
(0 .1)
Total comprehensive income for the year
8 1.6
72.2
Profit/(Loss) attributable to:
Owners of the Company
80.6
7 2 .7
Non-controlling interest
27
(0. 4)
(0 .4)
Profit for the year
80. 2
72.3
Total comprehensive income attributable to:
Owners of the Company
82 .0
72.6
Non-controlling interest
27
(0. 4)
(0 .4)
Total comprehensive income for the year
8 1.6
72.2
All profit and other comprehensive income relate to continuing operations.
Earnings per share
Basic earnings per ordinary share (p)
9
15 .0
13 . 5
Diluted earnings per ordinary share (p)
9
14 . 9
13 . 5
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 131
Consolidated Statement of Financial Position
at 31 December 2024
31 December31 December
20242023
Note£m£m
Assets
Non‑current assets
Property, plant and equipment
11
28.3
3 2 .1
Intangible assets and goodwill
12
2 52 .5
260 . 3
Other investments
13
6. 8
5.4
Total non‑current assets
2 8 7. 6
2 9 7. 8
Current assets
Trade and other receivables
14
82 .6
7 9. 3
Prepayments
9. 2
10 .1
Current tax assets
0. 5
1. 3
Cash and cash equivalents
22.4
16 . 6
Total current assets
114 . 7
1 0 7. 3
Total assets
4 02 .3
4 0 5 .1
The Financial Statements were approved by the Board of Directors and authorised for issue on
14 February 2025. They were signed on its behalf by:
Peter Duffy
Chief Executive Officer
Niall McBride
Chief Financial Officer
31 December31 December
20242023
Note£m£m
Liabilities
Non‑current liabilities
Other payables
15
22 .2
25.4
Provisions
16
5.5
—
Deferred tax liabilities
17
1 3 .1
15 . 8
Total non‑current liabilities
4 0.8
41. 2
Current liabilities
Trade and other payables
15
10 4 .6
10 3 . 3
Borrowings
18
12 . 0
34.5
Total current liabilities
11 6 . 6
1 3 7. 8
Total liabilities
1 5 7. 4
17 9 . 0
Equity
Share capital
19
0 .1
0 .1
Share premium
205.6
205. 5
Reserve for own shares
(1.7)
(2.4)
Retained earnings
(2 9. 3)
(46.3)
Other reserves
65.0
6 3.6
Equity attributable to the owners of the Company
23 9.7
2 20.5
Non-controlling interest
27
5. 2
5.6
Total equity
24 4.9
2 2 6 .1
Total equity and liabilities
4 02 . 3
4 0 5 .1
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 132
Consolidated Statement of Changes in Equity
for the year ended 31 December 2024
Equity
attributable
to theNon-
Share ShareReserve forRetainedOtherowners ofcontrollingTotal
capitalpremiumown sharesearningsreservesthe Companyinterestequity
Note£m£m£m£m£m£m£m£m
At 1 January 2023
0 .1
205 .4
(2.4)
(5 8 .1)
6 3 .7
2 0 8 .7
6.0
214 . 7
Profit for the year
—
—
—
7 2 .7
—
7 2 .7
(0.4)
72.3
Other comprehensive income for the year
13
—
—
—
—
(0 .1)
(0 .1)
—
(0 .1)
Total comprehensive income for the year
—
—
—
7 2 .7
(0 .1)
72.6
(0.4)
72.2
New shares issued
—
0 .1
—
—
—
0 .1
—
0 .1
Purchase of shares by employee trusts
—
—
(0 .5)
—
—
(0. 5)
—
(0.5)
Exercise of LTIP awards
—
—
0.5
(0.5)
—
—
—
—
Equity dividends
10
—
—
—
(63 .4)
—
(63. 4)
—
(63 .4)
Share-based payments
22
—
—
—
3.0
—
3.0
—
3 .0
At 31 December 2023
0 .1
205 .5
(2.4)
(46.3)
63.6
2 20.5
5.6
2 2 6 .1
Profit for the year
—
—
—
8 0.6
—
80.6
(0 .4)
8 0.2
Other comprehensive income for the year
13
—
—
—
—
1. 4
1. 4
—
1. 4
Total comprehensive income for the year
—
—
—
8 0.6
1. 4
82.0
(0.4)
81. 6
New shares issued
—
0 .1
—
—
—
0 .1
—
0 .1
Purchase of shares by employee trusts
—
—
(0.4)
—
—
(0.4)
—
(0. 4)
Exercise of LTIP awards
—
—
1 .1
(1 .1)
—
—
—
—
Equity dividends
10
—
—
—
(65. 5)
—
(6 5. 5)
—
(6 5 .5)
Share-based payments
22
—
—
—
3.0
—
3.0
—
3 .0
At 31 December 2024
0 .1
205.6
(1.7)
(2 9. 3)
6 5.0
2 3 9.7
5. 2
2 44 .9
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 133
Consolidated Statement of Changes in Equity continued
for the year ended 31 December 2024
Reserve for own shares
The reserve for the Company’s own ordinary shares comprises the cost of the Company’s ordinary shares held by the Group through employee trusts. At 31 December 2024, the Group held
311,777 (2023: 313,695) ordinary shares at a cost of 0.02p per share (2023: 0.02p) through a Share Incentive Plan trust for the benefit of the Group’s employees.
The Group also held 169,134 (2023: 144,106) shares through an Employee Benefit Trust at an average cost of 242.71p per share (2023: 249.92p) for the benefit of employees participating in the
various Long Term Incentive Plan schemes.
Other reserves
31 December 31 December
2024 2023
Other reserves £m £m
Fair value reserve
6.3
4.9
Merger reserve
16.9
16.9
Revaluation reserve
41.8
41.8
Total
65.0
63.6
The fair value reserve of £6.3m (2023: £4.9m) represents amounts recognised in other comprehensive income in relation to changes in fair value of investments and amounts recognised directly
in equity on initial recognition of non-controlling interest.
The merger and revaluation reserve balances relate to the acquisition of MONY Group Financial Limited (formerly known as Moneysupermarket.com Financial Group Limited) by the Company.
The merger reserve of £16.9m (2023: £16.9m) represents 45% of the book value of assets and liabilities transferred and the revaluation reserve of £41.8m (2023: £41.8m) represents 45% of the
fair value of the intangible assets transferred, net of amounts recycled to retained earnings.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 134
Consolidated Statement of Cash Flows
for the year ended 31 December 2024
Year endedYear ended
31 December31 December
20242023
Note£m£m
Cash flows from operating activities
Profit for the year
80. 2
72.3
Adjustments to reconcile Group profit to net cash flow from operating activities:
Amortisation of intangible assets
12
2 1 .1
30.4
Depreciation of property, plant and equipment
11
4.4
4.2
Net finance expense
7
4.6
5.2
Equity-settled share-based payment transactions
22
3.0
3.0
Income tax expense
8
28. 5
19 . 8
Change in trade and other receivables
(2 .4)
(17. 6)
Change in trade and other payables
4 .0
13 . 5
Change in provisions
16
2 .6
—
Income tax paid
(3 0. 4)
(28.6)
Net cash from operating activities
115 . 6
10 2 . 2
Cash flows from investing activities
Interest received
0.3
0 .1
Acquisition of property, plant and equipment
(0. 8)
(0. 5)
Acquisition of intangible assets
(13 . 3)
(10 . 5)
Acquisition of subsidiaries, net of cash acquired
—
(10 . 0)
Net cash used in investing activities
(13 . 8)
(20 .9)
Cash flows from financing activities
Dividends paid
10
(6 5 . 5)
(63. 4)
Proceeds from share issue
0 .1
0 .1
Purchase of shares by employee trusts
(0. 4)
(0. 5)
Proceeds from borrowings
6 3.0
53. 5
Repayment of borrowings
(8 5. 5)
(6 3. 0)
Interest paid
(4.8)
(5 .1)
Repayment of lease liabilities
(2 .9)
(2.9)
Net cash used in financing activities
(96 .0)
(8 1. 3)
Net increase in cash and cash equivalents
5.8
0.0
Cash and cash equivalents at 1 January
16 . 6
16 . 6
Cash and cash equivalents at 31 December
20
22 .4
16 . 6
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 135
Changes in Liabilities from Financing Activities
Lease
Borrowings liabilities Total
£m £m £m
At 1 January 2023
44.0
28.6
72.6
Changes from financing cash flows
Proceeds from borrowings
53.5
—
53.5
Repayment of borrowings
(63.0)
—
(63.0)
Interest paid
(4.1)
(1.0)
(5.1)
Repayment of lease liabilities
—
(2.9)
(2.9)
Total changes from financing cash flows
(13.6)
(3.9)
(17.5)
Other changes
Interest expense
4.1
1.0
5.1
Extension of existing lease
—
0.5
0.5
Balance at 31 December 2023
34.5
26.2
60.7
At 1 January 2024
34.5
26.2
60.7
Changes from financing cash flows
Proceeds from borrowings
63.0
—
63.0
Repayment of borrowings
(85.5)
—
(85.5)
Interest paid
(3.9)
(0.9)
(4.8)
Repayment of lease liabilities
—
(2.9)
(2.9)
Total changes from financing cash flows
(26.4)
(3.8)
(30.2)
Other changes
Interest expense
3.9
0.9
4.8
Termination of existing lease
—
(0.3)
(0.3)
At 31 December 2024
12.0
23.0
35.0
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 136
Notes to the Consolidated Financial Statements
1. Corporate information
On 20 May 2024, MONY Group PLC changed its name from Moneysupermarket.com Group PLC.
The Consolidated Financial Statements of MONY Group PLC, a public company incorporated and
domiciled in England (registered at Mony Group House, St. David’s Park, Ewloe, Deeside, CH5 3UZ),
and its subsidiaries (together referred to as the ‘Group’) for the year ended 31 December 2024,
were authorised for issue in accordance with a resolution of the Directors on 14 February 2025.
The Consolidated Financial Statements have been prepared in accordance with UK-adopted
international accounting standards. All amounts in the Consolidated Financial Statements have
been rounded to the nearest £0.1m. The Company has elected to prepare its Company Financial
Statements in accordance with FRS 102 – The Financial Reporting Standard applicable in the UK
and Republic of Ireland; these are presented on pages 162 and 163.
The principal activity of the Group is to provide price comparison and lead generation services
to customers through its websites and apps.
2. Summary of significant accounting policies
The Group has consistently applied the following accounting policies to all periods presented
in these Consolidated Financial Statements, unless mentioned otherwise.
Basis of preparation
The Consolidated Financial Statements are prepared on the historical cost basis, except where
otherwise stated. Comparative figures presented in the Consolidated Financial Statements
represent the year ended 31 December 2023.
Going concern
The Directors have prepared the financial statements on a going concern basis for the
following reasons.
As at 31 December 2024, the Group’s external debt comprised a revolving credit facility (‘RCF’),
(of which £12m of the £125m available was drawn down). During the year, the RCF term was
extended from three to four years, which means the current RCF is due for renewal in June 2028.
Since the year end, £9m has been repaid and no further amounts have been drawn down. The
operations of the business have been impacted by macroeconomic uncertainty including
dampened consumer confidence and continued high interest rates, as well as restrictions on
the energy switching market. However, the Group remains profitable, cash generative and
compliant with the covenants of its borrowings.
The Directors have prepared cash flow forecasts for the Group, including its cash position, for a
period of at least 12 months from the date of approval of the financial statements. The Directors
note the Group’s net current liability position and have also considered the effect of potential
trading headwinds and recession and competition such as new entrants upon the Group’s
business, financial position, and liquidity in severe, but plausible, downside scenarios.
The scenarios modelled take into account the potential downside trading impacts from
recession, consumer confidence, competitive pressures and any one-off cash impacts
(e.g a fine) on top of a base scenario derived from the Group’s latest forecasts. The severe,
but plausible, downside scenarios modelled, under a detailed exercise at a channel level,
included minimal recovery of energy over the period of the cash flow forecasts and in the
most severe scenarios reflected some of the possible cost mitigations that could be taken.
The impact these scenarios have on the financial resources, including the extent of utilisation
of the available debt arrangements and impact on covenant calculations has been modelled.
The possible mitigating circumstances and actions in the event of such scenarios occurring that
were considered by the Directors included cost mitigations such as a reduction in the ordinary
dividend payment, a reduction in operating expenses or the slowdown of capital expenditure.
A reverse stress test has also been performed, which assumes the maximum available
drawdown of borrowings, whilst maintaining covenant compliance.
The scenarios modelled and the reverse stress test showed that the Group and the Parent
Company will be able to operate at adequate levels of liquidity for at least the next 12 months
from the date of signing the financial statements. The Directors, therefore, consider that the
Group and Parent Company have adequate resources to continue in operational existence for
at least 12 months from the date of approval of the financial statements and have prepared
them on a going concern basis.
Consideration of climate change
In preparing the financial statements, the Directors have considered the impact of climate
change and there has been no material impact identified in the reporting period on the financial
reporting judgements and estimates. The Directors considered the risks with respect to going
concern and viability, as well as the cash flow forecasts used in the impairment assessment, and
noted no material risks within the planning period. Whilst there is no material financial impact to
the Group expected from climate change within the reporting and forecast period of the Group,
the Directors will assess these risks regularly against the judgements and estimates used in
preparation of the financial statements.
Use of estimates and judgements
The preparation of the Consolidated Financial Statements requires management to make
judgements, estimates and assumptions that affect the application of accounting policies
and the reported amounts of assets, liabilities, income and expenses. Actual results may
differ from these estimates.
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 and
in any future periods affected.
There are no assumptions or estimation uncertainties at 31 December 2024 that may have
a significant risk of resulting in a material adjustment to the carrying amounts of assets and
liabilities in the next financial year.
Information about judgements made in applying accounting policies that have the most
impact on the amounts recognised in the Consolidated Financial Statements is included
in the following notes:
· Note 12 intangible assets and goodwill (additions internally developed).
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 137
Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Basis of consolidation
These Consolidated Financial Statements incorporate the Financial Statements of the Company
and all its subsidiaries.
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is
exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity. The acquisition date is the date
on which control is transferred to the acquirer. The Financial Statements of subsidiaries are
included in the Consolidated Financial Statements from the date that control commences until
the date that control ceases.
Intra-group balances and transactions, and any unrealised income and expenses arising from
intra-group transactions, are eliminated.
Non-controlling interest is measured at the proportionate share of the entity’s net assets.
On initial recognition this includes the proportionate share of the pre-acquisition net assets
of Travelsupermarket Limited and the net assets arising on the acquisitions of Icelolly Marketing
Limited and Podium Solutions Limited.
Subsidiaries’ exemption from audit by parental guarantee
The Company has provided a parental guarantee under section 479C of the Companies Act
(2006) over the outstanding liabilities of some of its subsidiaries as at 31 December 2024 until
they are settled in full. The subsidiaries covered by the parental guarantee are exempt from the
requirements of the Companies Act (2006) relating to the audit of their individual accounts in
accordance with section 479A. The guarantee covers all of the Company’s wholly owned
subsidiaries and a list of these companies is included in note 26. This parental guarantee was
also provided in the prior year.
Accounting for business combinations
From 1 January 2010 the Group has applied IFRS 3 – Business Combinations (2008) in accounting
for business combinations using the acquisition method. The change in accounting policy has
been applied prospectively.
Acquisitions on or after 1 January 2010
For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as:
· the fair value of the consideration transferred; plus
· the recognised amount of any non-controlling interests in the acquiree; plus
· if the business combination is achieved in stages, the fair value of the existing equity interest
in the acquiree; less
· the net recognised amount (fair value) of the identifiable assets acquired and liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
The consideration transferred does not include amounts related to the settlement of
pre-existing relationships. Such amounts are generally recognised in profit or loss.
Costs related to the acquisition, other than those associated with the issue of debt or equity
securities, that the Group incurs in connection with a business combination are expensed
as incurred.
Any contingent amount payable is recognised at fair value at the acquisition date. If the
contingent amount is classified as equity, it is not remeasured and settlement is accounted for
within equity. Otherwise, subsequent changes to the fair value of the contingent amount are
recognised in profit or loss. Where the contingent amount is dependent on future employment,
it is treated as a cost of continuing employment, and therefore is recognised as an expense over
the relevant period.
Deferred consideration comprises obligations to pay specified amounts at future dates, i.e.
there is no uncertainty about the amount to be paid. It is recognised and measured at fair value
at the date of acquisition and it is included in the consideration transferred. The unwinding of
any interest element or deferred consideration is recognised in the Income Statement.
Acquisitions between establishment of the Group (22 June 2007) and 1 January 2010
For acquisitions between 22 June 2007 and 1 January 2010, goodwill represents the excess of
the cost of the acquisition over the Group’s interest in the recognised amount (generally fair
value) of the identifiable assets, liabilities and contingent liabilities of the acquiree. When the
excess was negative, a bargain purchase gain was recognised immediately in profit or loss.
Transaction costs, other than those associated with the issue of debt or equity securities, that
the Group incurred in connection with business combinations were capitalised as part of the
cost of the acquisition.
The Group was established via a series of transactions that occurred concurrently on 22 June
2007. As part of this, the Company accounted for 45% of its interest in MONY Group Financial
Limited at original carrying value rather than fair value at the date of the acquisition. The
acquisition of the remaining shares in MONY Group Financial Limited was accounted for in
accordance with IFRS 3 – Business Combinations applying the accounting guidance for a
business combination achieved in stages. This resulted in the fair value of the identifiable assets,
liabilities and contingent liabilities of MONY Group Financial Limited being recognised in full and
the goodwill in respect of the acquisition from third parties being recognised.
Revenue
Revenue is derived from the Group’s principal activity of providing price comparison and lead
generation services on the internet. The Group generates fees from internet lead generation
and commissions from brokerage sales through a variety of contractual arrangements.
Revenue is recognised when the Group has satisfied its performance obligations relating to a
transaction. IFRS 15 – Revenue from Contracts with Customers requires the Group to allocate
the transaction price to separate performance obligations within a contract.
The following table provides information about the nature and timing of the satisfaction of
performance obligations and the related revenue recognition policies.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 138
Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Revenue continued
Type of sales Nature and timing of satisfaction
transaction
of performance obligations
Revenue recognition policies
Price comparison The performance obligation is the Revenue is recognised in the period in
services provision of an internet lead to a which the lead is provided.
provider’s website.
At the period end an estimate of
The trigger for the transaction price accrued revenue is made for leads
to become receivable is usually a (clicks) provided that have not been
completed sale on the provider’s invoiced. Measurement of this revenue
website. However, for some contracts depends on the contractual terms that
the trigger is the point at which the determine the expected sales price
lead is provided (usually a ‘click’ per click.
transferring the user from our website For some contracts, an estimate of
to the provider).
accrued revenue is also made for
The transaction price is either a fixed leads that will result in completed
amount per completed sale or a renewals. This is based on expected
variable amount derived from the renewal rates and premiums.
terms of the completed sale.
Cashback services
Revenue is generated from rendering
Revenue is recognised in the period in
services to the merchant. The which the lead is provided.
performance obligation is the At the period end an estimate of
provision of an internet lead to a accrued revenue is made for leads
merchant’s website.
provided that will result in completed
The trigger for the transaction price to sales. This is based on the volume of
become receivable is a completed sale leads provided in the period, historic
on the merchant’s website. conversion rates and the expected
price per completed sale.
The transaction price is derived from
the terms of the completed sale.
From historical experience and post-year end confirmation, the Group does not expect there
to be a material difference between the revenue accrued at the year end and the amount
subsequently billed. Also, given there is a large volume of low value transactions, the risk of a
significant reversal in the amount of cumulative revenue recognised is unlikely.
Judgement is applied in defining the customer for the cashback services. The customer is
the merchant and the service provided is the delivery of an internet lead to their website.
Accordingly, the cashback provided to members is not consideration payable to a customer
and is recognised in cost of sales and fees that are receivable from members for premium
membership are recognised as a reduction in cost of sales.
Cost of sales
The Group recognises associated costs of internet lead generation in the period that the lead is
generated. Costs in respect of incentive payments made by the Group to users and members of
our websites and revenue share for B2B partnerships are also included in cost of sales.
Unclaimed cashback balances in respect of members who have had no account activity for a
consecutive 12 month period are released as a credit to cost of sales. This is in accordance with
the terms and conditions agreed with members.
Advertising costs
The Group incurs costs from advertising via several different media, which are recognised within
distribution expenses. Costs associated with the production of adverts are recognised as an
expense once the advert is aired or displayed.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any
accumulated impairment losses. Subsequent expenditure is capitalised only if it is probable that
the future economic benefits associated with the expenditure will flow to the Group. Where
parts of an item of property, plant and equipment have different useful lives, they are accounted
for as separate items of property, plant and equipment.
Depreciation is charged to the Statement of Comprehensive Income on a straight-line basis over
the estimated useful life of each part of an item of property, plant and equipment. Assets under
construction are not depreciated until brought into use. The estimated useful lives in the current
and comparative year are as follows:
Buildings 10–50 years
Plant and equipment (including IT equipment) 3 years
Office equipment 5 years
Fixtures and fittings 5 years
The useful lives and depreciation rates are reassessed at each reporting date and adjusted
if appropriate.
Intangible assets and goodwill
Goodwill
Goodwill is measured at cost less any accumulated impairment losses, with the carrying value
being reviewed for impairment at least annually, and whenever there is an indication that the
carrying value may be impaired.
Other intangible assets
The cost of other intangible assets acquired in a business combination is fair value as at the date
of acquisition. After initial recognition, intangible assets are carried at cost less any accumulated
amortisation and any accumulated impairment losses. All the Group’s intangible assets (other
than goodwill) have been identified as having finite useful lives. As such, they are amortised on a
straight-line basis over their useful economic life and assessed for impairment whenever there
is an indication that the intangible asset may be impaired. The amortisation expense on
intangible assets with finite lives is recognised in the Statement of Comprehensive Income.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 139
Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Intangible assets and goodwill continued
Other intangible assets continued
The estimated useful lives in the current and comparative year are as follows:
Market related 5 years
Member relationships 5 years
Technology 3 years
The amortisation period and the amortisation method for an intangible asset with a finite useful
life are reviewed at least at each reporting date and adjusted if appropriate.
Internally generated and other intangible assets are amortised under the same method as
noted above.
Market related intangible assets are defined as those that are primarily used in the marketing
or promotion of products and services, for example trademarks, trade names and internet
domain names.
Member relationships relate to the Cashback vertical and are deemed to have value as they
provide direct access to potential leads that can be transferred to the merchants’ websites.
Technology-based intangible assets relate to innovations and technical advances such as
computer software, patented and unpatented technology, databases and trade secrets. Costs
that are directly attributable to projects of a capital nature are recognised as technology-based
intangible assets controlled by the Group and are recognised when the following criteria are met:
· it is technically feasible to complete the project so that it will be available for use;
· management intends to complete the project and use it;
· there is an ability to use or sell the project;
· it can be demonstrated how the project will generate probable future economic benefits;
· adequate technical, financial and other resources to complete the development and to use
output of the project are available; and
· the expenditure attributable to the project during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the project can include employee and
contractor costs. Other development expenditures that do not meet these criteria, as well as
ongoing maintenance and costs associated with routine upgrades and enhancements, are
recognised as an expense as incurred.
Subsequent expenditure is capitalised only when it increases the future economic benefits
embodied in the specific asset to which it relates. All other expenditure, including expenditure
on internally generated goodwill and brands, is recognised in profit or loss as incurred.
Financial instruments
Recognition and initial measurement
Trade receivables and debt securities issued are initially recognised when they are originated.
All other financial assets and financial liabilities are initially recognised when the Group becomes
a party to the contractual provisions of the instrument.
Other investments in equity securities held by the Group are classified as fair value through other
comprehensive income (‘FVOCI’) – equity instruments are stated at fair value, with any resultant
gain or loss being recognised directly in other comprehensive income (in the fair value reserve).
Cash and cash equivalents comprise cash balances and call deposits.
A financial asset (unless it is a trade receivable without a significant financing component) or
financial liability is initially measured at fair value plus, for an item not at fair value through profit
or loss (‘FVTPL’), transaction costs that are directly attributable to its acquisition or issue. A trade
receivable without a significant financing component is initially measured at the transaction price.
Classification and subsequent measurement
Financial assets
Financial assets are not reclassified subsequent to their initial recognition unless the Group
changes its business model for managing financial assets, in which case all affected financial
assets are reclassified on the first day of the first reporting period following the change in the
business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and is
not designated as at FVTPL:
· it is held within a business model whose objective is to hold assets to collect contractual cash
flows; and
· its contractual terms give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not
designated as at FVTPL:
· it is held within a business model whose objective is achieved by both collecting contractual
cash flows and selling financial assets; and
· its contractual terms give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
All financial assets not classified as measured at amortised cost or FVOCI as described above
are measured at FVTPL. This includes all derivative financial assets.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 140
Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Classification and subsequent measurement continued
Financial assets – subsequent measurement and gains and losses
Financial assets These assets are subsequently measured at fair value. Net gains and losses,
at FVTPL including any interest or dividend income, are recognised in profit or loss.
Financial assets These assets are subsequently measured at amortised cost using the
at amortised cost effective interest method. The amortised cost is reduced by impairment
losses. Interest income, foreign exchange gains and losses and impairment
are recognised in profit or loss. Any gain or loss on derecognition is
recognised in profit or loss.
Debt investments These assets are subsequently measured at fair value. Interest income
at FVOCI calculated using the effective interest method, foreign exchange gains and
losses and impairment are recognised in profit or loss. Other net gains and
losses are recognised in OCI. On derecognition, gains and losses
accumulated in OCI are reclassified to profit or loss.
Equity investments These assets are subsequently measured at fair value. Dividends are
at FVOCI recognised as income in profit or loss unless the dividend clearly represents
a recovery of part of the cost of the investment. Other net gains and losses
are recognised in OCI and are never reclassified to profit or loss.
Expected credit loss assessment
The Group recognises loss allowances for expected credit losses (‘ECLs’) on financial assets
measured at amortised cost. The Group measures loss allowances at an amount equal to
lifetime ECLs. Loss allowances wholly relate to trade receivables and contract assets are always
measured at an amount equal to lifetime ECLs.
When determining whether the credit risk of a financial asset has increased significantly since
initial recognition and when estimating ECLs, the Group considers reasonable and supportable
information that is relevant and available without undue cost or effort. This includes both
quantitative and qualitative information and analysis, based on the Group’s historical
experience and informed credit assessment and including forward-looking information.
The Group uses an allowance matrix to measure the ECLs of trade receivables from individual
customers and assumes that the credit risk of default on a financial asset has increased
significantly if it is more than 120 days past due.
The maximum period considered when estimating ECLs is the maximum contractual period
over which the Group is exposed to credit risk.
At each reporting date, the Group assesses whether financial assets carried at amortised cost
and debt securities at FVOCI are “credit-impaired”. A financial asset is credit-impaired when one
or more events that have a detrimental impact on the estimated future cash flows of the
financial asset have occurred.
Loss allowances for financial assets measured at amortised cost are deducted from the gross
carrying amount of the assets.
The gross carrying amount of a financial asset is written off when the Group has no reasonable
expectations of recovering a financial asset in its entirety or a portion thereof. For individual
customers, the Group has a policy of writing off the gross carrying amount when the financial
asset is 180 days past due based on historical experience of recoveries of similar assets.
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the
present value of all cash shortfalls (i.e. the difference between the cash flows due to the Group
in accordance with the contract and the cash flows that the Group expects to receive). ECLs are
discounted at the effective interest rate of the financial asset.
Financial liabilities – classification, subsequent measurement and gains and losses
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is
classified as at FVTPL if it is classified as held for trading, it is a derivative or it is designated as
such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains
and losses, including any interest expense, are recognised in profit or loss. Other financial
liabilities are subsequently measured at amortised cost using the effective interest method.
Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any
gain or loss on derecognition is also recognised in profit or loss.
Derecognition
Financial asset
The Group derecognises a financial asset when the contractual rights to the cash flows from
the financial asset expire, or it transfers the rights to receive the contractual cash flows in a
transaction in which substantially all of the risks and rewards of ownership of the financial
asset are transferred or in which the Group neither transfers nor retains substantially all
of the risks and rewards of ownership and it does not retain control of the financial asset.
Financial liability
The Group derecognises a financial liability when its contractual obligations are discharged or
cancelled or expire. The Group also derecognises a financial liability when its terms are modified
and the cash flows of the modified liability are substantially different, in which case a new
financial liability based on the modified terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash assets transferred or liabilities
assumed) is recognised in profit or loss.
Fair value measurement
“Fair value” is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The transaction is
assumed to take place in the principal or, in its absence, the most advantageous market to which
the Group has access at that date.
A number of the Group’s accounting policies and disclosures require the measurement of fair
values, for both financial and non-financial assets and liabilities. When one is available, the
Group measures the fair value of an instrument using the quoted price in an active market for
that instrument. A market is regarded as “active” if transactions for the asset or liability take
place with sufficient frequency and volume to provide pricing information on an ongoing basis.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 141
Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Derecognition continued
Fair value measurement continued
If there is no quoted price in an active market, then the Group uses valuation techniques
that maximise the use of relevant observable inputs and minimise the use of unobservable
inputs. The chosen valuation technique incorporates factors that market participants would
take into account in pricing a transaction. In doing so, the Group consults with appropriate
internal and external specialists to determine the fair valuation. Key assumptions are
benchmarked against other comparable companies and sensitised to gain assurance
that they fall within a reasonable range.
Impairment
Impairment of non-financial assets
The carrying amounts of the Group’s assets are reviewed annually to determine whether there is
any indication of impairment. If such indication exists, the asset’s recoverable amount is estimated.
For the purposes of impairment reviews, the recoverable amount of the Group’s assets is taken
to be the higher of their fair value less costs to sell and their value in use.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating
unit (‘CGU’) exceeds its recoverable amount. Impairment losses are recognised in the Consolidated
Statement of Comprehensive Income.
See note 12 for full disclosure of how goodwill and impairment losses are allocated across
the CGUs.
Employee benefits
Defined contribution plans
Obligations for contributions to defined contribution pension plans are recognised as an expense
in the Consolidated Statement of Comprehensive Income as the related service is provided.
Share-based payment transactions
The Group’s share schemes allow certain Group employees to acquire ordinary shares in the
Company. The fair value of share awards made is recognised as an employee expense with a
corresponding increase in equity. The fair value is measured at the award date and spread over
the period during which the employees become unconditionally entitled to the awards. The fair
values of the share awards are measured using the Monte Carlo method for options subject to
a market-based condition and the Black-Scholes model for all others, taking into account the
terms and conditions upon which the awards were made. The amount recognised as an
expense is adjusted to reflect the number of share awards expected to vest.
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are
recognised as an expense in the Consolidated Statement of Comprehensive Income as the
related service is provided.
A provision is recognised for the amount expected to be paid under short-term cash bonus
or deferred bonus plan if the Group has a present legal or constructive obligation to pay
this amount as a result of past service provided by the employee and the obligation can be
estimated reliably. The Group’s deferred bonus plans currently do not have any ongoing
performance obligations and are therefore provided for as described above in the period
to which they related.
Finance income
Finance income comprises interest receivable from bank deposits.
Finance costs
Finance costs comprise interest charged on borrowings, amounts owed to non-controlling
interest and leases (recognised under IFRS 16 – Leases).
Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease.
A contract is, or contains, a lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset, the Group uses the definition of a
lease in IFRS 16 – Leases.
Leased items are recognised on the balance sheet as an asset valued at its right of use and a
corresponding liability that reflects the present value of future lease payments.
The asset is initially measured at its right-of-use value which reflects the total cost of lease
payments, the direct costs incurred to bring the asset into use and an estimate of the cost that
will be incurred when dismantling or uninstalling the item. The asset is then depreciated through
the profit and loss account on a straight-line basis over the contract term of the lease.
The liability is initially recognised at the present value of future lease payments using the
discount rate implicit in the lease if it can be determined or otherwise using the incremental
borrowing rate of the Group.
Leased items with a value of less than £5,000 and items leased over a term of less than
12 months are not recognised on the balance sheet as an asset and liability. The cost of lease
payments is recognised in the profit and loss account as they fall due on an accrued basis.
Dividends
Dividends payable to the Company’s shareholders are recognised as a liability and deducted
from shareholders’ equity in the period in which the shareholders’ right to receive payment
is established.
Taxation
Income tax expense comprises current and deferred tax. It is recognised in the Consolidated
Statement of Comprehensive Income except to the extent that it relates to items recognised
directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates in
force for the year, and any adjustment to tax payable in respect of previous years.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 142
Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Taxation continued
Deferred tax is provided on temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes.
The following temporary differences are not provided for: the initial recognition of goodwill; the
initial recognition of assets or liabilities that affect neither accounting nor taxable profit other
than in a business combination; and differences relating to investments in subsidiaries to the
extent that they will probably not reverse in the foreseeable future. The amount of deferred tax
provided is based on the expected manner of realisation or settlement of the carrying amount
of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable
profits will be available against which the asset can be utilised.
Deferred tax liabilities are recognised at the expected future tax rate of the value of the
intangible assets with finite lives which are acquired through business combinations
representing the tax effect of the amortisation of these assets in future periods.
These liabilities will decrease in line with the amortisation of the related intangible assets,
with the deferred tax credit recognised in the Statement of Comprehensive Income in
accordance with IAS 12 – Income Taxes.
Reserve for own shares
The Group has a number of equity-settled, share-based employee incentive plans. In connection
with these, shares in the Company are held by an Employee Benefit Trust (‘EBT’). The assets and
liabilities of the EBT are required to be consolidated within these accounts as it is deemed to be
under de facto control of the Group. The assets of the EBT mainly comprise MONY Group PLC
shares, which are shown as a deduction from total equity at cost.
Standards, amendments and interpretations issued but not yet effective
A number of new standards are effective for annual periods beginning after 1 January 2025 and
earlier adoption is permitted; however, the Group has not early adopted the new or amended
standards in preparing these Consolidated Financial Statements.
The following amended standards and interpretations are not expected to have a significant
impact on the Group’s Consolidated Financial Statements and are either not yet effective or not
yet adopted by the UK Endorsement Board. The below standards are those that are relevant to
the Group.
Standard
Summary of changes
Amendments to IFRS 9
Amendments to IFRS 9 – Financial Instruments, including the classification
and measurement of financial instruments and enhancement of disclosures
of financial instruments, including those related to fair value and liquidity
risks. Effective date 1 January 2026.
IFRS 18
Implementation of IFRS 18 – Presentation and Disclosure in Financial
Statements, which sets out new requirements for presentation and
disclosure in the financial statements. Effective from 1 January 2027.
3. Revenue
All revenue is derived from generating internet leads and arises in the UK.
2024 2023
£m £m
Revenue from price comparison services
389.1
379.8
Revenue from cashback services
60.8
59.8
Inter-vertical eliminations*
(10.7)
( 7.5)
Total revenue
439.2
432.1
* Inter-vertical eliminations reflect transactions where revenue in Cashback and Travel has also been recorded as cost of sales in
Insure, Home Services and Travel. This has no impact on total group revenue. See note 4 for further details.
4. Segmental information
Business segments
Below we report a measure of profitability at segment level that reflects the way performance
is assessed internally. Inter-vertical revenue and inter-vertical cost of sales are presented within
the verticals, in order to give a more accurate view of performance. These amounts are also
deducted in a separate “inter-vertical eliminations” column to arrive at the consolidated
total values.
The Group has a number of teams, capabilities and infrastructure which are used to support all
verticals, e.g. data platform and brand marketing. These are shared costs of the Group rather
than “central costs”. We have concluded there is no direct or accurate basis for allocating these
costs to the operating segments and therefore they are disclosed separately, which is how they
are presented to the Chief Operating Decision Maker.
The Group’s reportable segments are Insurance, Money, Home Services, Travel and Cashback.
These segments represent individual trading verticals which are reported separately for revenue
and directly attributable expenses. Net finance expense, tax and net assets are only reviewed
by the Chief Operating Decision Maker at a consolidated level and therefore have not been
allocated between segments. All assets held by the Group are located in the UK.
All revenue is derived from generating internet leads. The following summary describes the
services provided in each segment.
Segment
Type of sales transaction
Services provided
Insurance, Money, Price comparison Users visit one of our sites or apps and generate
Home Services services quotations from product providers or view personal
& Travel finance information with links to product providers’
sites. Users then click away from our site to complete
a transaction on one of those providers’ sites. Revenue
is generated from providers by transferring users to
their sites.
Cashback
Cashback services
Quidco members visit our site or app and click away to
a merchant’s site to complete a transaction. Revenue
is generated from merchants by transferring members
to their sites. Members are rewarded with cashback
incentives which are recognised in cost of sales.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 143
Notes to the Consolidated Financial Statements continued
4. Segmental information continued
Business segments continued
Home Shared Inter‑vertical
Insurance Money Services Travel Cashback costs
eliminations
2
Total
Segment £m £m £m £m £m £m £m £m
Year ended 31 December 2024
Revenue
235.6
97.8
36.1
19.6
60.8
—
(10.7)
439.2
Directly attributable expenses
(101.8)
(32.0)
(11.1)
(15.7)
(52.4)
(95.1)
10.7
(297.4)
Adjusted EBITDA contribution
133.8
65.8
25.0
3.9
8.4
(95.1)
—
141.8
Adjusted EBITDA contribution margin
1
57%
67%
69%
20%
14%
—
—
32%
Irrecoverable VAT and related costs
(3.0)
Depreciation and amortisation
(25.5)
Net finance expense
(4.6)
Profit before tax
108.7
Taxation
(28.5)
Profit for the year
80.2
Year ended 31 December 2023
Revenue
220.0
100.2
39.0
20.6
59.8
—
( 7.5)
432.1
Directly attributable expenses
(92.6)
(33.6)
(12.5)
(15.2)
(52.1)
(100.7)
7. 5
(299.2)
Adjusted EBITDA contribution
127.4
66.6
26.5
5.4
7.7
(100.7)
—
132.9
Adjusted EBITDA contribution margin
1
58%
66%
68%
26%
13%
—
—
31%
Irrecoverable VAT and related costs
(1.0)
Depreciation and amortisation
(34.6)
Net finance expense
(5.2)
Profit before tax
92.1
Taxation
(19.8)
Profit for the year
72.3
1 Adjusted EBITDA contribution margin is calculated by dividing adjusted EBITDA contribution by revenue. For comparability and consistency, adjusting items for the year ended 31 December 2023 have been updated to include £1m of costs that were recognised within
EBITDA but were not presented as adjusting items because they were not material. Adjusted basic EPS has also been updated accordingly.
2 Inter-vertical eliminations revenue line reflects transactions where revenue in Cashback and Travel has also been recorded as cost of sales in Insure, Home Services and Travel.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 144
Notes to the Consolidated Financial Statements continued
4. Segmental information continued
Business segments continued
Insurance EBITDA contribution margin decreased from 58% to 57%, driven by increased
contribution from lower margin B2B and an increase in PPC costs.
Money saw an increase in EBITDA contribution margin from 66% to 67%, due to operating costs
normalising after a one-off migration cost in FY23. Underlying margin moved back slightly due
to mix out of higher margin current account products with less attractive deals available.
Home Services EBITDA contribution margin improved from 68% to 69%, through cost efficiency.
Travel EBITDA contribution margin declined from 26% to 20% with increasing cost of customer
acquisition in a highly competitive market.
Margin for Cashback is significantly lower than other verticals as a large proportion of
commission is paid out to members as cashback. EBITDA contribution margin increased from
13% to 14% reflecting strong cost control as we continue to invest in marketing to acquire and
engage members.
Shared costs decreased by 6% primarily due to distribution expense efficiencies following the
success of TV advertising materials created in 2023 which resulted in lower TV production costs
in the year.
5. Operating profit
Operating profit is stated after charging items detailed in the table below.
2024 2023
£m £m
Depreciation of property, plant and equipment
4.4
4.2
Amortisation of intangible assets
21.1
30.4
Auditor’s remuneration:
Audit of these Consolidated and Parent Company Financial Statements*
0.7
0.7
* In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the liabilities
of some of its subsidiaries as at 31 December 2024 until they fall due. This means that these subsidiaries are exempt from the
requirements of the Act relating to the audit of their individual accounts under section 479A. This guarantee was also provided in
the prior year.
Non-audit related services provided by KPMG constituted a review opinion on the financial
statements for the six-month period ended 30 June 2024 which amounted to £0.07m
(2023: £0.06m).
6. Staff numbers and cost
The average number of persons employed by the Group (including Directors) during the year,
analysed by category, was as follows:
2024 2023
No. No.
Technology and product operations
275
303
Administration
420
433
695
736
The aggregate payroll costs of these persons were as follows:
2024 2023
£m £m
Wages and salaries
54.7
56.1
Social security contributions
6.3
6.5
Defined contribution pension costs
2.9
2.4
Share-based payment transactions
3.0
3.0
Social security contributions related to share awards and options
0.4
0.6
Capitalised staff costs
(5.3)
(3.8)
62.0
64.8
7. Net finance expense
2024 2023
£m £m
Finance income
Bank deposits
0.3
0.1
Total finance income
0.3
0.1
Finance expense
Revolving credit facility
(2.7)
(1.8)
Bank loan
(1.2)
(2.3)
Leases
(0.9)
(1.0)
Amounts payable to non-controlling interest
(0.1)
(0.1)
Deferred consideration
—
(0.1)
Total finance expense
(4.9)
(5.3)
Net finance expense
(4.6)
(5.2)
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 145
Notes to the Consolidated Financial Statements continued
8. Taxation
2024 2023
£m £m
Current tax
Current tax on income for the year
30.8
27.5
Adjustment in relation to prior period
0.4
(1.0)
Total current tax
31.2
26.5
Deferred tax
Origination and reversal of temporary differences
(2.5)
(6.3)
Adjustments due to changes in corporation tax rate
—
(0.3)
Adjustment in relation to prior period
(0.2)
(0.1)
Total deferred tax
(2.7)
(6.7)
Taxation
28.5
19.8
Origination and reversal of temporary differences includes the unwind of deferred tax liabilities
relating to acquired intangible assets. In the prior year, the movement was higher and driven by
the reduction in the estimated useful economic lives of these assets (see note 2).
Reconciliation of the effective tax rate
The effective tax rate is higher (2023: lower) than the standard rate of 25% (2023: 23.5%).
The differences are explained below.
2024 2023
£m £m
Profit before tax
108.6
92.1
Standard rate of tax at 25% (2023: 23.5%)
27.2
21.6
Effects of:
Expenses not deductible for tax purposes
0.1
0.1
Movement related to share-based payments
1.0
(0.4)
Adjustments in relation to prior periods
0.2
(1.1)
Impact of changes in tax rate
—
(0.4)
Taxation
28.5
19.8
9. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss for the year attributable to
ordinary equity holders of the Company, by the weighted average number of ordinary shares
outstanding during the year. The Company’s own shares held by employee trusts are excluded
when calculating the weighted average number of ordinary shares outstanding.
Diluted earnings per share
Diluted earnings per share is calculated by dividing the profit or loss for the year attributable to
ordinary equity holders of the Company, by the weighted average number of ordinary shares
outstanding during the year plus the weighted average number of ordinary shares that would be
issued on the conversion of all dilutive potential ordinary shares into ordinary shares.
Earnings per share
Basic and diluted earnings per share have been calculated on the following basis:
2024
2023
Profit after taxation attributable to the owners of the Company (£m)
80.6
72.7
Basic weighted average shares in issue (millions)
536.8
536.4
Dilutive effect of share-based instruments (millions)
3.1
2.7
Diluted weighted average shares in issue (millions)
539.9
539.1
Basic earnings per share (p)
15.0
13.5
Diluted earnings per share (p)
14.9
13.5
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 146
Notes to the Consolidated Financial Statements continued
9. Earnings per share continued
Earnings per share continued
Adjusted basic and diluted earnings per share have been calculated as follows:
2024
2023
Profit before tax
108.7
92.1
Adjusted for loss before tax attributable to non-controlling interest
0.4
0.2
Profit before tax attributable to the owners of the Company
109.1
92.3
Amortisation of acquisition related intangible assets
10.8
21.1
Amortisation of acquisition related intangible assets attributable to
non-controlling interest
(0.8)
(0.9)
Irrecoverable VAT and related costs
1
3.0
1.0
122.1
113.5
Estimated taxation at 25.0% (2023: 23.5%)
2
(30.5)
(26.4)
Profit for adjusted earnings per share purposes
91.6
87.1
Adjusted basic earnings per share (p)
17.1
16.2
Adjusted diluted earnings per share (p)
17.0
16.2
1 Adjusted earnings per share for last year has been updated to reflect the reclassification of irrecoverable VAT provision and related
costs to adjusting items.
2 Estimated taxation is 25% for the year. In the prior year, estimated taxation of 23.5% is derived from a standard rate of 19% from
1 January to 31 March and 25% from 1 April to 31 December.
10. Dividends
2024
2023
pence per Total pence per Total
share £m share £m
Declared and paid dividends on
ordinary shares:
Prior year final dividend
8.9
47.8
8.6
46.2
Interim dividend
3.3
17.7
3.2
17.2
Total dividend paid in the year
12.2
65.5
11.8
63.4
Proposed for approval
(not recognised as a liability
at 31 December):
Final dividend
9. 2
49.4
8.9
47. 8
11. Property, plant and equipment
Land and Plant and Office Fixtures and
buildings equipment equipment fittings Total
£m £m £m £m £m
Cost:
At 1 January 2023
47.6
21.1
1.5
2.1
72.3
Additions
0.4
0.4
0.1
—
0.9
At 31 December 2023
48.0
21.5
1.6
2.1
73.2
At 1 January 2024
48.0
21.5
1.6
2.1
73.2
Additions
0.6
—
0.2
0.1
0.9
Disposals
(0.3)
(19.9)
(0.6)
(1.1)
(21.9)
At 31 December 2024
48.3
1.6
1.2
1.1
52.2
Depreciation:
At 1 January 2023
14.8
19.1
0.9
2.1
36.9
Depreciation for the year
3.3
0.9
0.0
0.0
4.2
At 31 December 2023
18.1
20.0
0.9
2.1
41.1
At 1 January 2024
18.1
20.0
0.9
2.1
41.1
Depreciation for the year
3.3
1.1
0.0
0.0
4.4
Eliminated on disposal
0.0
(19.9)
(0.6)
(1.1)
(21.6)
At 31 December 2024
21.4
1.2
0.3
1.0
23.9
Carrying value:
At 31 December 2023
29.9
1.5
0.7
0.0
32.1
At 31 December 2024
26.9
0.4
0.9
0.1
28.3
Right of use assets
Land and buildings includes right-of-use assets of £17.5m (2023: £20.3m) related to leased
properties that do not meet the definition of investment property (see note 23).
Disposals
During the year the Group exited a property lease and in doing so disposed of a right of use
asset within land and buildings with an original cost and carrying value of £0.3m. The remaining
lease liability in respect of this property was also £0.3m and therefore there was no profit or loss
arising on disposal.
Disposals in the current year also include assets with a combined gross book value of £21.6m
and a carrying value of £nil that were no longer in use and therefore retired. There was no
impact on profit or loss arising from this.
There were no disposals in the comparative year.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 147
Notes to the Consolidated Financial Statements continued
12. Intangible assets and goodwill
Market Member Technology
related relationship related Goodwill Total
£m £m £m £m £m
Cost:
At 1 January 2023
169.6
21.2
137.1
288.6
616.5
Additions internally developed
—
—
10.8
—
10.8
Disposals
—
—
(26.6)
—
(26.6)
At 31 December 2023
169.6
21.2
121.3
288.6
600.7
At 1 January 2024
169.6
21.2
121.3
288.6
600.7
Additions internally developed
—
—
13.3
—
13.3
Disposals
—
—
(36.1)
—
(36.1)
At 31 December 2024
169.6
21.2
98.5
288.6
577.9
Amortisation and impairment:
At 1 January 2023
153.3
2.5
106.5
74.3
336.6
Amortisation charge for the year
8.2
6.7
15.5
—
30.4
Eliminated upon disposal
—
—
(26.6)
—
(26.6)
At 31 December 2023
161.5
9.2
95.4
74.3
340.4
At 1 January 2024
161.5
9.2
95.4
74.3
340.4
Amortisation charge for the year
2.9
4.2
14.0
—
21.1
Eliminated upon disposal
—
—
(36.1)
—
(36.1)
At 31 December 2024
164.4
13.4
73.3
74.3
325.4
Carrying value:
At 31 December 2023
8.1
12.0
25.9
214.3
260.3
At 31 December 2024
5.2
7.8
25.2
214.3
252.5
Additions internally developed
Included within the technology related intangible assets are technology related intangible assets
under development with a net carrying value of £7.3m (2023: £3.7m).
In order to accurately quantify the value of internally generated technology assets the Group
undertakes project tracking to record the cost of both internal and contract staff wholly assigned
to each project. Third party costs incurred are allocated to investment projects and recognised
at purchase cost. This approach ensures that technology related intangible assets accurately
reflect the cost of development. As highlighted in note 2, there is a degree of judgement
regarding the recognition of costs incurred in developing technology related intangible assets.
This is due to the asset recognition criteria being predicated on future economic benefit flowing
from that asset. The Directors are satisfied that any spend capitalised meets the criteria of
IAS 38 – Intangible Assets and, where relevant, SIC-32 Intangible Assets – Web Site Costs.
On an annual basis, or where an indication exists, the Group is required to assess its goodwill
and intangible assets for impairment. See below for this assessment for goodwill and technology
related assets.
Amortisation
The charge was higher last year following a reduction in the amortisation period of the brands
and member relationships assets following a change in the expected period of economic benefit
expected to be generated by these assets.
Disposals
Disposals in the current year include assets with a combined gross book value of £36.1m
(2023: £26.6m) and carrying value of £nil (2023: £nil) that were no longer in use and were
therefore retired. There was no impact on profit or loss arising from this.
Intangible assets and goodwill
The Group employs the services of appropriately qualified and experienced experts to value the
intangible assets acquired as part of any business combinations. For larger acquisitions and
more complex intangible assets, the Group employs independent third parties to assist our
in-house team.
At 31 December 2024, the Group had significant balances relating to goodwill as a result of
acquisitions of businesses in the previous years. Goodwill balances are tested annually for
impairment or if events or changes in circumstances indicate that the carrying amount of these
assets may not be recoverable.
The Group is required to allocate goodwill between its cash generating units (‘CGUs’) that
represent the lowest level at which goodwill is monitored for internal management purposes.
These CGUs are Insurance, Money, Home Services, Travel and Cashback, all of which have been
tested for impairment.
Goodwill is allocated to each CGU as follows:
31 December 31 December
2024 2023
£m £m
Insurance
46.5
46.5
Money
33.2
33.2
Home Services
54.8
54.8
Travel
11.5
11.5
Cashback
68.3
68.3
Goodwill
214.3
214.3
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 148
Notes to the Consolidated Financial Statements continued
12. Intangible assets and goodwill continued
Impairment review
For all CGUs the present value of expected future cash flows has been calculated using
management’s best estimate, which is based on the Group’s long-term plan, approved in
December 2024, incorporating cost of sales, marketing and a click-based allocation of overhead
costs. In accordance with IAS 36 – Impairment of Assets, the Group is required to test goodwill
for impairment annually by comparing the recoverable amount to the carrying value of the total
assets allocated to each CGU. The recoverable amount is the higher of the CGU’s value in use
(‘VIU’) and its fair value less costs of disposal (‘FVLCD’).
Insurance, Money, Home Services and Travel CGUs
The recoverable amounts of the Insurance, Money, Home Services and Travel CGUs have been
calculated using the VIU method. This requires the Group to determine appropriate assumptions
(which involves estimation) in relation to the cash flow projections over the strategic plan period,
the long-term growth rate to be applied beyond this period and the pre-tax discount rate used
to discount the assumed cash flows to present value.
Cash flows beyond our strategic planning period have been calculated as a perpetuity inclusive
of an annual growth of 1.6% (2023: 1.8%).
The pre-tax discount rate for the Group has been determined as 13.5% (2023: 13.7%). Discount
rates are estimated using pre-tax rates that reflect current market assessments of the time
value of money and the risks specific to a CGU. Each CGU faces different market-specific risks,
which have been reflected, where significant, in the projected cash flows.
The key assumptions are the discount rate and revenue growth. Revenue growth has been
taken from the Group’s long-term plan which looks out three years and is based on past
experience and external sources of information where available, including forecast market
growth data. Our assessment confirms there is headroom across each of these CGUs and the
Directors have therefore concluded no impairment of goodwill is required. After considering
sensitivities there is no reasonably possible change in any key assumptions that could cause
an impairment in any of these CGUs.
Cashback CGU
The recoverable amount of the Cashback CGU is its FVLCD, which has been determined using
the income approach. Discounted cash flow projections, based on the Group’s long-term plan,
have been prepared over a period of five years before extrapolating into the terminal year.
A post-tax discount rate of 11.0% (2023: 11.2%) and a terminal growth rate of 1.6% (2023: 1.8%)
have been applied. The terminal growth rate is an estimate of the long-term compound annual
revenue growth rate, consistent with the assumptions that a market participant would make.
The fair value measurement has been categorised as a Level 3 fair value based on the inputs
in the valuation technique used.
The discounted cash flow projections include key assumptions in respect of revenue growth in
the forecast period and the discount rate. Key assumptions are based on past experience apart
from where there is an expectation that there will be a change in the pattern of future economic
benefit (for example, due to changes in marketing spend) and are consistent with external
sources of information where available, including forecast market growth data. The discount
rate is a post-tax measure estimated based on historical industry average weighted-average
cost of capital and on a principal market that is assumed to comprise trade buyers. After
considering sensitivities there is no reasonably possible change in any key assumptions that
could cause an impairment in the Cashback CGU.
Group impairment testing
Shared costs which are not allocated to our operating segments when reviewed by the
Group’s Chief Operating Decision Maker have been allocated to the CGUs for the purposes
of impairment testing on a reasonable basis in accordance with IAS 36 – Impairment of Assets.
The Group has therefore also performed a further impairment test for the Group as a whole, in
a manner consistent with previous years. In these calculations the Group is treated as one group
of CGUs, and the test compares the carrying amount, including goodwill and other corporate
assets, to the recoverable amount.
The recoverable amount has been estimated based on the present value of its future cash
flows, which has been calculated with a set of assumptions consistent with those set out above
in relation to the individual operating segment calculations.
The analysis performed calculates that the recoverable amount of the Group’s assets exceeds
their carrying value by in excess of 100% (2023: 100%), and as such, no impairment was identified.
The Group has completed sensitivity analysis as part of its impairment testing procedures by
flexing both cash flow and discounting assumptions significantly. The headroom on goodwill
is such that there are no foreseeable scenarios in which the Group would need to consider
an impairment.
In conclusion, no reasonably possible change to a key assumption would result in an impairment
(2023: same).
Impairment testing of technology, market related and member relationship
intangible assets
Technology, market related and member relationship intangible assets in use by the Group are
tested for impairment if there is an indication that the asset may be impaired. No indicators of
impairment were identified at the year end. In line with IAS 36 – Impairment of Assets, the
Group also conducts annual impairment testing of significant technology related intangible
assets under development and not yet available for use.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 149
Notes to the Consolidated Financial Statements continued
13. Other investments
The carrying amounts of other investments as at 31 December 2024 are shown in the table
below. These equity investments are held at fair value with gains and losses being recognised
through other comprehensive income (see note 20). The fair value measurement has been
categorised as a Level 3 fair value based on the inputs in the valuation technique used.
Flagstone Plum
Group By Fintech
Limited Miles Ltd Limited Total
Investments in equity securities £m £m £m £m
At 1 January 2023
4.2
0.0
1.3
5.5
Disposals in the year
—
(0.0)
—
(0.0)
Change in fair value
—
—
(0.1)
(0.1)
At 31 December 2023
4.2
—
1.2
5.4
At 1 January 2024
4.2
—
1.2
5.4
Change in fair value
1.2
—
0.2
1.4
At 31 December 2024
5.4
—
1.4
6.8
The total uplift recognised in other comprehensive income in respect of changes in fair value of
other investments was £1.4m (2023: £0.1m charge).
Sensitivity analysis
For the fair value of investments, a 5% movement in share price would have an effect of £0.3m
(2023: £0.3m) on the total value.
14. Trade and other receivables
31 December 31 December
2024 2023
£m £m
Trade and other receivables
82.6
79.3
All receivables fall due within one year.
From historical experience and post year end confirmation, the Group expects any differences
between the amounts accrued at year end and those amounts subsequently billed not to be
materially different. The under and overestimates on accrued revenue are typically in a region
of -1% to +3%; historical experience has shown that there has been an underestimate of accrued
revenue. A -1% to +3% difference on the £67.8m (2023: £62.1m) revenue accrual would equate
to approximately (£0.7m) to £2.0m (2023: (£0.6m) to £1.9m).
The assumptions used to calculate the revenue accrual have been disclosed within note 2.
At 31 December 2024, trade receivables are shown net of a provision for credit losses of
£1.7m (2023: £1.7m), which represents a judgement made by management of which receivables
balances are unlikely to be recovered taking into consideration the ageing of the debt, evidence
of poor payment history or financial position of a particular customer. The balance is largely
related to energy providers which ceased trading in a prior year.
Movements in the provision for credit losses were as follows:
31 December 31 December
2024 2023
£m £m
At 1 January
1.7
1.6
Provisions made in the year
0.0
0.1
Provisions utilised in the year
(0.0)
(0.0)
At 31 December
1.7
1.7
At 31 December, the analysis of trade and other receivables that were past due but not impaired
was as follows:
Neither past Past due, not impaired
due nor
Total impaired 0–30 days 30–60 days 60–90 days 90 –120 day s >120 days
£m £m £m £m £m £m £m
At 31 December
2023
79.3
74.3
3.9
0.4
0.4
0.3
0.0
At 31 December
2024
82.6
79.0
2.9
0.5
0.1
0.1
0.0
The Group’s standard payment terms are typically 15 days (2023: 15 days) from the invoice date.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 150
Notes to the Consolidated Financial Statements continued
15. Trade and other payables
Non‑current
31 December 31 December
2024 2023
£m £m
Lease liabilities
20.2
23.5
Amounts owed to non-controlling interest
2.0
1.9
Other payables
22.2
25.4
Current
31 December 31 December
2024 2023
£m £m
Trade payables
52.1
51.2
Non-trade payables and accrued expenses
1.5
1.6
Other payables
48.0
47.4
Lease liabilities
2.8
2.7
Deferred income
0.2
0.4
Trade and other payables
104.6
103.3
As a result of click-based revenue being recognised in the period that the lead is generated, an
accrual for cost of sales, such as partner revenue share agreements, relating to the revenue
accrued at the year end is included within trade payables (see note 14).
Other payables relate to amounts due to Cashback members. This balance is net of an
estimated cancellation rate (i.e. clicks which do not result in completed sales), based on
historical data, and therefore reflects the amount that is expected to be payable. A -/+3ppt
change in this cancellation rate would equate to approximately £0.4m (2023: £0.4m). This
balance is payable once the sale has been completed, the cash has been received from the
merchant and the member has requested payment.
16. Provisions
Leasehold Irrecoverable
dilapidations VAT Total
£m £m £m
As at 1 January 2023, 31 December 2023
and 1 January 2024
—
—
—
Reclassifications
1.9
1.0
2.9
Amounts charged to the income statement
—
2.6
2.6
As at 31 December 2024
1.9
3.6
5.5
Leasehold dilapidations relate to the estimated cost of restoring leased properties to their
pre-lease condition at the end of the lease term. On initial recognition, estimated dilapidation
costs are included in the cost of the right-of-use asset within property, plant and equipment and
are subsequently depreciated over the lease term. There has been no change in the carrying
value of dilapidations provisions during the year. At 31 December 2023, dilapidations liabilities
of £1.9m were presented within trade and other payables. During the year they have been
reclassified as provisions; however, as the carrying value is not material no prior period
restatement has been recognised.
The Group recovers input tax on expenditure using a Partial Exemption Special Method (‘PESM’).
Since 2016 we have been in discussions with HMRC in respect of an update to the PESM which
was originally agreed in 2012. During the current year, HMRC concluded that it no longer agreed
with the principles of the PESM that it approved in 2012 and it subsequently issued a Special
Method Override Notice. Consequently, at the year end the Group no longer had an agreed
basis for operation of a PESM with HMRC. We disagree with HMRC’s position and we are
progressing multiple paths to remediation with positive engagement from them. The Group
is expecting an assessment from HMRC in the quarter ending 30 June 2025 following the
completion of the 2024–5 tax year and in accordance with accounting standards the Group
is obliged to recognise a provision in respect of this. Although we do not view this assessment
as appropriate and we are aiming to reach a resolution promptly, this process is expected
to continue throughout 2025. While discussions with HMRC are ongoing, the amounts
recognised remain estimates of uncertain timing and amount. Until the outcome of this
matter is determined and while the amounts recognised remain uncertain, we are
presenting the charges as adjusting items.
Last year the Group incurred charges of £1.0m relating to the potential estimated retrospective
impact of this matter. This amount was recognised within accruals last year but has been
reclassified to provisions this year. The comparatives have not been restated as the amount
was not considered material.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 151
Notes to the Consolidated Financial Statements continued
17. Deferred tax liabilities
Deferred tax assets and liabilities are attributable to the following:
31 December 31 December
2024 2023
£m £m
Goodwill related to MoneySavingExpert.com
13.2
13.2
Intangible assets and goodwill relating to other acquisitions
3.4
6.3
Share schemes
(1.0)
(1.5)
Accelerated capital allowances
(0.1)
(0.2)
Losses
(2.2)
(2.0)
Provisions
(0.2)
—
Deferred tax liability
13.1
15.8
The following table illustrates the movement in the deferred tax liabilities during the year:
31 December 31 December
2024 2023
£m £m
At 1 January
15.8
22.5
Temporary differences on:
Goodwill related to MoneySavingExpert.com
(0.0)
(0.0)
Intangible assets and goodwill relating to other acquisitions
(2.9)
(5.0)
Share schemes
0.5
(1.0)
Accelerated capital allowances
0.1
0.0
Losses
(0.2)
(0.7)
Provisions
(0.2)
—
At 31 December
13.1
15.8
Deferred tax liabilities arose from the recognition of the intangible assets and goodwill upon the
acquisition of MONY Group Financial Limited (formerly known as Moneysupermarket.com Financial
Group Limited), MoneySavingExpert.com Limited, Ice Travel Group Limited, Quidco Limited and
Podium Solutions Limited.
The deferred tax liability relating to the goodwill of MoneySavingExpert.com is due to the
amortisation of this balance within its individual accounts which are prepared under a different
accounting framework, FRS 102, whereas the consolidation is prepared in line with IFRS. The
recognition of a deferred tax liability within these consolidated accounts is to reflect the tax
benefit already claimed by the Group on the goodwill balance shown.
Deferred tax assets arise on share option schemes based on the expected tax deduction on
vesting. Deferred tax assets have also been recognised for unused tax losses to the extent that
it is probable that future taxable profits will be available against which they can be used.
Deferred tax assets and liabilities have been calculated at the applicable tax rate enacted at the
balance sheet date of 25% (2023: 25%).
18. Borrowings
Current
31 December 31 December
2024 2023
£m £m
Revolving credit facility
12.0
4.5
Loan
—
30.0
Total
12.0
34.5
The Group’s external debt comprises a revolving credit facility (‘RCF’) with an outstanding
balance of £12.0m (2023: £4.5m). The RCF was originally taken out in October 2021 and was
refinanced in June 2023 to increase the facility size from £90m to £125m. The RCF is funded
equally by Barclays, Santander and HSBC Innovation. The Group expects the amount
outstanding at the balance sheet date to be settled in its normal operating cycle.
Interest is payable at a rate of SONIA plus an applicable margin based on the adjusted leverage
of the Group. The upfront arrangement fees are being amortised over the term. Fees totalling
£0.4m (2023: £1.0m) are held within prepayments.
Information relating to the covenants attached to the Group’s borrowings is included in note 20.
During the year, the Group repaid the final two instalments of its bank loan.
19. Called up share capital
The nominal value of ordinary shares is 0.02p. The holders of ordinary shares are entitled
to returns of capital, receive a dividend and vote.
Issued and fully paid
2024 2023
Number of ordinary shares No. No.
At the beginning of the year
536,934,085
536,861,647
Issued on exercise of SAYE options
45,217
72,438
Issued on exercise of LTIP awards
436,093
—
At the end of the year
537,415,395
536,934,085
2024 2023
Nominal value of ordinary shares £ £
At the beginning of the year
107,387
107, 372
Issued on exercise of SAYE options
9
15
Issued on exercise of LTIP awards
87
—
At the end of the year
107,483
107, 387
The Group operates a Long Term Incentive Plan under which conditional nil cost awards of ordinary
shares in the Company have been made to certain Directors and employees of the Group, and an
HMRC approved Save As You Earn scheme (‘Sharesave’) is eligible to all employees (see note 22).
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 152
Notes to the Consolidated Financial Statements continued
20. Financial instruments
Interest rate risk
The Group invests its cash in a range of cash deposit accounts with UK banks. Interest earned
therefore closely follows movements in the Bank of England base rate. A movement of 1% in this
rate would result in a difference in annual pre-tax profit of £0.2m (2023: £0.1m) based on Group
cash, cash equivalents and financial instruments at 31 December 2024. At the balance sheet
date, the most invested with any one bank was £12.0m with Barclays (2023: £9.0m with
HSBC Innovation).
Fair values
The Group’s financial assets and liabilities are principally short term in nature, and therefore
their fair value is not materially different from their carrying value. The valuation method for
the Group’s financial assets and liabilities can be defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
All investments and derivatives fall under Level 3 as the fair value is measured using the latest
unquoted share price of recent transactions, with updates made as required considering market
conditions at year end. A reconciliation is provided in note 13. All other financial assets and
liabilities are held at amortised cost and other financial liabilities respectively in accordance with
IFRS 9 – Financial Instruments. There have been no transfers between levels in the year.
The Directors consider that the carrying amounts of financial assets and financial liabilities
recorded at amortised cost in the financial statements approximate their fair values.
Effective interest rates
In respect of interest-earning financial assets, the following table indicates their effective
interest rates at the year end date:
31 December 2024
31 December 2023
Effective Effective
interest rate
£m
interest rate
£m
Cash and cash equivalents
1.15%
22.4
0.13%
16.6
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations
resulting in a financial loss to the Group. The Group has adopted a policy of only dealing with
creditworthy counterparties as a means of mitigating risk of financial loss from default. The
Group’s exposure is regularly monitored by the credit control team and finance management.
Of the top 75% of the Group’s providers by revenue, approximately 30% (2023: 34%) of these are
UK quoted companies with the remainder being a mixture of larger UK independent companies
and overseas owned or quoted companies. At the balance sheet date, the five largest trade and
other receivables, by provider, accounted for 40% (2023: 40%) of the total trade and other
receivables balance of £82.6m (2023: £79.3m) and the largest individual balance was £8.9m
(2023: £9.2m).
The Directors do not consider there to be any material contracts with providers or merchants
in the Group.
Liquidity risk
Liquidity risk refers to the risk that the Group will encounter difficulty in meeting the obligations
associated with its financial liabilities. The Group manages liquidity risk by maintaining adequate
reserves and banking facilities by continuously monitoring forecast and actual cash flows.
Details of additional undrawn facilities that the Group has at its disposal to further reduce
liquidity risks are set out below:
31 December 31 December
2024 2023
£m £m
Unsecured borrowings facilities
– amount drawn
12.0
34.5
– amount undrawn
113.0
120.5
For details of the Group’s unsecured borrowings facilities, see note 18.
The covenants in place in relation to the facilities are outlined below:
· Adjusted leverage is calculated by dividing adjusted EBITDA by net cash/debt, which consists
of cash less borrowings, lease liabilities, deferred consideration and loan notes payable to
non-controlling interest.
· Interest cover is calculated by dividing adjusted EBITDA by net finance expense.
The Group continues to have significant headroom over the covenants.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 153
Notes to the Consolidated Financial Statements continued
20. Financial instruments continued
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted.
Carrying Contractual cash flows
amount Total <2 months 2–12 months 1–2 years 2–5 years >5 years
31 December 2024 £m £m £m £m £m £m £m
Non‑derivative financial liabilities
Trade payables
52.1
(52.1)
(52.1)
—
—
—
—
Borrowings
12.0
(12.0)
(12.0)
—
—
—
—
Lease liabilities
– undiscounted cash flows
26.5
(26.5)
(0.6)
(3.1)
(3.7)
(10.9)
(8.2)
– discounting
(3.5)
3.5
0.1
0.7
0.7
1.5
0.5
Amounts owed to non-controlling interest
2.0
(2.0)
—
—
—
—
(2.0)
At 31 December 2024
89.1
(89.1)
(64.6)
(2.4)
(3.0)
(9.4)
(9.7)
Carrying Contractual cash flows
amount Total <2 months 2–12 months 1–2 years 2–5 years >5 years
31 December 2023 £m £m £m £m £m £m £m
Non-derivative financial liabilities
Trade payables
51.2
(51.2)
(51.2)
—
—
—
—
Borrowings
34.5
(34.5)
(4.5)
(30.0)
—
—
—
Lease liabilities
– undiscounted cash flows
30.4
(30.4)
(0.6)
(3.2)
(3.8)
(11.2)
(11.6)
– discounting
(4.3)
4.3
0.2
0.8
0.7
1.7
0.9
Amounts owed to non-controlling interest
1.9
(1.9)
—
—
—
—
(1.9)
At 31 December 2023
113.7
(113.7 )
(56.1)
(32.4)
(3.1)
(9.5)
(12.6)
The lease liability cash flows are spread evenly between 2–5 years.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 154
Notes to the Consolidated Financial Statements continued
21. Group management of capital
The Group’s objectives when managing capital are:
· to safeguard the entity’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders; and
· to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.
The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk
characteristics of the underlying assets. In assessing the level of capital all components of equity are taken into account, i.e. share capital, retained earnings and reserves (where applicable). The table
below summarises the carrying value of each component.
31 December 31 December
2024 2023
Carrying value £m £m
Share capital
0.1
0.1
Retained earnings and reserves
239.6
220.4
Non-controlling interest
5.2
5.6
Total
244.9
226.1
In line with internal capital management requirements, the Group manages its cash balances by, where possible, depositing them with a number of financial institutions to reduce credit risk.
The table below summarises the credit rating of each financial institution that held cash at 31 December 2024.
Credit rating
2024
2023
Barclays
A+
A+
Santander
A
n/a
1
Lloyds
BBB+
BBB+
HSBC
AA‑
AA-
NatWest
A
A
1 At 31 December 2023, cash balances were not held with Santander.
One way in which the Group manages capital is utilising the revolving credit facility, as set out in note 18.
Management of capital focuses around the Group’s ability to generate cash from its operations. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends
paid to shareholders, return capital to shareholders, issue new shares, or sell assets to raise funds. The Directors are satisfied that the Group is meeting its objectives for managing capital as funds
are available for reinvestment where necessary as well as being in a position to make returns to shareholders where this is felt appropriate.
There were no changes to the Group’s approach to capital management during the year.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 155
Notes to the Consolidated Financial Statements continued
22. Share‑based payments
The share-based payment charge in the Consolidated Statement of Comprehensive Income
relates to the following types of share option and share award:
31 December 31 December
2024 2023
£m £m
Long Term Incentive Plan
1.5
2.0
Restricted Share Awards
1.0
0.5
Sharesave Scheme
0.5
0.5
Share Incentive Plan
—
—
Share‑based payment transactions
3.0
3.0
Long Term Incentive Plan (‘LTIP’)
Until 2022, conditional awards were made over ordinary shares under the MoneySuperMarket.
com Group PLC Long Term Incentive Plan (‘LTIP’) schemes to senior employees. Under the
scheme, the awards vest at the end of a three-year period dependent on certain performance
criteria being met, as outlined below:
· achievement of a specified average growth rate in adjusted basic EPS at the end of the
vesting period;
· the total shareholder return (‘TSR’) of the Company relative to a comparator group of defined
companies; and/or
· Group revenue performance.
There have been no grants of LTIPs since 2022 and it is not anticipated that there will be any
future grants under this scheme.
Restricted Share Awards (‘RSA’)
These include the Restricted Share Plan (‘RSP’) and the Restricted Share Award Plan (‘RSU’):
Restricted Share Plan (‘RSP’)
Conditional awards are made over ordinary shares under the MONY Group PLC to senior
employees that vest at the end of a three-year period. For Executive Directors, following vesting,
an additional two years holding period will apply, such that vested shares are normally released
five years from grant. Under the three year schemes, 100% of the award vests at the end of the
three year period. Vesting is subject to the participant being employed on the relevant vesting
date, and not, on or prior to that vesting date, having been issued with or having given notice
to terminate employment with the Group. No specific performance conditions are required
for the vesting of RSPs, although the awards will normally be subject to one or more underpin
conditions over the vesting period. Should any of the underpins not be met, the Remuneration
Committee would consider whether a discretionary reduction in the vesting of awards was
required. The underpins applying to each award will be determined by the Remuneration
Committee each year but may include measures related to key financial, strategic, governance,
ESG or share price metrics.
Restricted Share Award Plan (‘RSU’)
Conditional awards are made over ordinary shares in MONY Group PLC to senior employees
that vest over either one or two years. Under the two year schemes, 50% of the award vests
at the end of a one-year period and 50% of the award vests at the end of a two-year period.
Vesting on all schemes is subject to the participant being employed on the relevant vesting
date, and not, on or prior to that vesting date, having been issued with or having given notice
to terminate employment with the Group.
Sharesave Scheme
The Group grants options under the HMRC approved Moneysupermarket.com Group PLC
Sharesave Scheme (2021) which is available to all employees. The scheme allows employees
to save an amount of their net pay into a savings account each month and, at the end of the
three-year period, choose to either receive back their savings or use them to buy ordinary
shares in the Company at a discounted exercise price.
Share Incentive Plan (‘SIP’)
Upon listing, the Company granted £3,000 of ordinary shares at the price of £1.70 per ordinary
share to each eligible employee free of charge. If an employee left within one year of listing, all
these ordinary shares were forfeited; between one and two years of listing, 50% were forfeited;
between two and three years of listing, 20% were forfeited; and after three years of listing, none
were forfeited. 948,184 shares were issued under the Share Incentive Plan scheme in 2007.
On 31 July 2010 eligible employees became entitled to receive their allocation of free shares.
There are 95 active participants (2023: 83) in the HMRC approved SIP scheme, who can
subscribe for up to £150 of shares each month. At 31 December 2024, the total number
of shares that remain in trust was 311,777 (2023: 313,695).
LTIP and RSA schemes
The table below summarises the current RSP, RSU and LTIP schemes and the performance
criteria elements:
2024 2024 2023 2022
RSP RSU RSP LTIP
Number of ordinary shares
1,093,958
26,118
817, 289
2,275,282
Performance criteria:
– adjusted basic EPS (%)
—
—
—
50
– total shareholder return (%)
—
—
—
20
– revenue performance (%)
—
—
—
30
Weighted average share price at the
date of exercise (£)
n/a
n/a
n/a
n/a
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 156
Notes to the Consolidated Financial Statements continued
22. Share‑based payments continued
Sharesave Scheme
During 2024, the Group granted options to employees on the same basis as the grants in previous years. The exercise price for the options under each active scheme was fixed at the prices below:
Exercise price
Sharesave 2024
177.0p
Sharesave 2023
188.0p
Sharesave 2022
156.0p
Sharesave 2021
203.0p
Movements in the year
The following table illustrates the number and weighted average exercise price (‘WAEP’) of, and movements in, share options during the year.
Number
WAEP
Outstanding at 1 January 2023
4,828,830
£0.00
Awards made during the year
874,568
£0.00
Awards vested and exercised during the year
(215,238)
£0.00
Awards forfeited during the year
(2,123,756)
£0.00
Outstanding at 31 December 2023
3,364,404
£0.00
Awards made during the year
1,120,076
£0.00
Awards vested and exercised during the year
(414,881)
£0.00
Awards forfeited during the year
(446,852)
£0.00
Outstanding at 31 December 2024
3,622,747
£0.00
The following table lists the inputs to the Black-Scholes models and Monte Carlo simulations used for the schemes for the year ended 31 December 2024:
2024 2023 2022 2024 2023 2024 2022
Sharesave Sharesave Sharesave RSP RSP RSU LTIP
Fair value at grant date (£)
0.96
1.08
0.98
2.26
2.70
2.57
1.98
Share price (£)
2.21
2.35
1.95
2.26
2.70
2.57
1.98
Exercise price (£)
1.77
1.88
1.56
—
—
—
—
Expected volatility (%)
71.9
74.3
90.2
71.0
71.0
68.0
92.2
Expected life of option/award (years)
3.0
3.0
3.0
3.0
3.0
1.0
3.0
Weighted average remaining contractual life (years)
2.8
1.8
0.8
2.3
1.4
0.2
0.3
Expected dividend yield (%)
5.5
5.0
6.0
—
—
—
—
Risk-free interest rate (%)
3.8
4.8
4.4
4.0
3.8
4.1
1.4
Expected volatility has been estimated by considering historical average share price volatility for the Company or similar companies. Staff attrition has been assessed based on historical
retention rates.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 157
Notes to the Consolidated Financial Statements continued
23. Leases
Leases as lessee
The Group holds leases over property for its offices. The London office lease was signed on
22 July 2016 for a period of 15 years, with a lease start date of 1 June 2017. There was an
18-month rent-free period included in the agreement. The lease liability has been recognised
up to 2032.
The Manchester office lease was signed on 7 May 2019 for a period of 15 years, with a lease
start date of 7 May 2019. There was a 36-month rent-free period included in the agreement.
There is a break clause available at 7 May 2029 and the lease liabilities have been recognised up
to this date.
In 2021, the Group also acquired some other smaller immaterial leases with the acquisitions of
Ice Travel Group Limited and Quidco Limited.
i. Right-of-use assets
Right-of-use assets related to leased properties that do not meet the definition of investment
property are presented as property, plant and equipment.
Land and
buildings
£m
Balance at 1 January 2023
22.4
Addition relating to extension of existing right-of-use asset
0.5
Depreciation charge for the year
(2.6)
Disposal relating to termination of existing right-of-use asset
(0.3)
Balance at 31 December 2023
20.0
Balance at 1 January 2024
20.3
Disposal relating to lease termination of existing right of use asset
(0.3)
Depreciation charge for the year
(2.5)
Balance at 31 December 2024
17.5
ii. Amounts recognised in profit or loss
2024 2023
£m £m
Depreciation charge for the year
2.5
2.6
Interest on lease liabilities
0.9
1.0
3.4
3.6
iii. Amounts recognised in statement of cash flows
2024 2023
£m £m
Interest paid
0.9
1.0
Repayment of lease liabilities
2.9
2.9
3.8
3.9
During 2024, the Group entered into an agreement to sub-lease a proportion of its London
office. The sub-lease was for a period of 3 years and therefore did not reflect a transfer of
substantially all of the risk and reward of the underlying asset, which in this case is the 15-year
head lease or right-of-use asset. Consequently, the Group classified the sub-lease as an
operating lease under IFRS 16 – Leases. The rental income for the year was £0.2m.
During the year ended 2023, rental income of £0.6m was received. The former tenant exited
the existing sub-lease arrangement prior to another sub-lease agreement being entered into.
24. Pensions and other post‑employment benefit plans
The Group operates a defined contribution pension scheme calculated on base salary.
The assets of the scheme are held separately from those of the Group in an independently
administered fund. The contributions payable to the scheme in respect of the current year
were £2.9m (2023: £2.4m). In the year ended 31 December 2024, £2.5m (2023: £2.2m) of
contributions were charged to the Consolidated Statement of Comprehensive Income and
£0.4m (2023: £0.2m) were included in amounts capitalised (see note 6). As at 31 December 2024,
no amounts were outstanding in relation to pension contributions, as the liabilities were settled
during the year (2023: £nil, settled during the year).
25. Commitments and contingencies
At 31 December 2024 the Group was committed to incur capital expenditure of £0.7m
(2023: £1.0m).
Comparable with most businesses of our size, the Group is a defendant in a small number of
disputes incidental to its operations and from time to time is under regulatory scrutiny. As a
leading website operator, the Group occasionally experiences operational issues as a result of
technological oversights that in some instances can lead to customer detriment, dispute and
potentially cash outflows. The Group has a professional indemnity insurance policy in order to
mitigate liabilities arising out of events such as this.
There is a cross-guarantee held between MONY Group PLC, MoneySavingExpert.com Limited,
Moneysupermarket.com Limited, MONY Group Financial Limited and MONY Group Financial
Holdings Limited in relation to balances owed under the revolving credit facility and the term
loan. The maximum amount owed during the year was £42.0m (2023: £75.0m) and the amount
owed at 31 December 2024 was £12.0m (2023: £34.5m).
The contingencies outlined above are not expected to have a material adverse effect on the Group.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 158
Notes to the Consolidated Financial Statements continued
26. Related party transactions
The Group has the following investments in all of its subsidiaries which are all included in the Consolidated Financial Statements. There has been no change in ownership interest during the year.
Country of Class of Ownership
incorporation shares held
interest %
Principal activity
MONY Group Financial Holdings Limited
1
UK
Ordinary
100
Holding company
MONY Group Financial Limited
2
UK
Ordinary
100
Holding company
Moneysupermarket.com Ltd
UK
Ordinary
100
Internet price comparison through lead generation
MoneySavingExpert.com Limited
UK
Ordinary
100
Internet price comparison through lead generation
Quidco Limited
UK
Ordinary
100
Cashback services through lead generation
Decision Technologies Limited
UK
Ordinary
100
Internet price comparison through lead generation
CYTI (Holdings) Limited
UK
Ordinary
100
Dormant
CYTI Limited
UK
Ordinary
100
Dormant
Mortgage 2000 Limited
UK
Ordinary
100
Dormant
Sellmymobile.com Limited
UK
Ordinary
100
Dormant
Townside Limited
UK
Ordinary
100
Dormant
MONY Group Limited
UK
Ordinary
100
Dormant
Ice Travel Group Limited
UK
Ordinary
67
Holding company
Travelsupermarket Limited
UK
Ordinary
67
Internet price comparison through lead generation
Icelolly Marketing Limited
UK
Ordinary
67
Internet price comparison through lead generation
Express Rooms Ltd
UK
Ordinary
67
Dormant
Icelolly Limited
UK
Ordinary
67
Dormant
Icelolly.co.uk Limited
UK
Ordinary
67
Dormant
Icelolly.com Limited
UK
Ordinary
67
Dormant
Podium Solutions Limited
UK
Ordinary
52
Technology platform provider for internet price comparison services
1 Company name changed from Moneysupermarket.com Financial Group Holdings Limited to MONY Group Financial Holdings Limited with effect from 20 May 2024.
2 Company name changed from Moneysupermarket.com Financial Group Limited to MONY Group Financial Limited with effect from 20 May 2024.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 159
Notes to the Consolidated Financial Statements continued
26. Related party transactions continued
Aggregate Profit/
capital (Loss) for Included in
reserves the year Registered parental
£m
£m
Registered office address
number
guarantee
3
MONY Group Financial Holdings Limited
1
299.6
85.0
Mony Group House, St. David’s Park, Ewloe, Deeside, UK, CH5 3UZ
08188486
Yes
MONY Group Financial Limited
2
26.7
84.4
Mony Group House, St. David’s Park, Ewloe, Deeside, UK, CH5 3UZ
0315734 4
Yes
Moneysupermarket.com Ltd
49.5
44.4
Mony Group House, St. David’s Park, Ewloe, Deeside, UK, CH5 3UZ
03945937
Yes
MoneySavingExpert.com Limited
53.8
31.7
One Dean Street, London, UK, W1D 3RB
08021764
Yes
Quidco Limited
13.6
7.4
Mony Group House, St. David’s Park, Ewloe, Deeside, UK, CH5 3UZ
05498276
Yes
Decision Technologies Limited
26.7
12.3
One Dean Street, London, UK, W1D 3RB
053 41159
Yes
CYTI Limited
0.0
0.0
One Dean Street, London, UK, W1D 3RB
07368288
Yes
Ice Travel Group Limited
20.5
(0.7)
Park Row House, 19-20 Park Row, Leeds, West Yorkshire, UK, LS1 5JF
13386700
No
Travelsupermarket Limited
15.7
(0.1)
Park Row House, 19-20 Park Row, Leeds, West Yorkshire, UK, LS1 5JF
13240884
No
Icelolly Marketing Limited
1.5
0.7
Park Row House, 19-20 Park Row, Leeds, West Yorkshire, UK, LS1 5JF
05655962
No
Podium Solutions Limited
(4.9)
(1.0)
4th Floor, Market Square House, St James Street, Nottingham, Nottinghamshire, UK, NG1 6FG
11101797
No
1 Company name changed from Moneysupermarket.com Financial Group Holdings Limited to MONY Group Financial Holdings Limited with effect from 20 May 2024.
2 Company name changed from Moneysupermarket.com Financial Group Limited to MONY Group Financial Limited with effect from 20 May 2024.
3 In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the liabilities of some of its subsidiaries as at 31 December 2024 until they fall due. This means that these subsidiaries are exempt from the requirements
of the Act relating to the audit of their individual accounts under section 479A. This guarantee was also provided in the prior year.
The Company is the ultimate parent entity of the Group. Intercompany transactions with wholly owned subsidiaries are eliminated on consolidation as per the exemption offered in IAS 24 – Related
Party Disclosures. The list above represents all companies within the Group. All companies within the Group are registered at the addresses shown above. The Company’s registered office is
disclosed on page 168. All shareholdings with all subsidiaries are ordinary shares.
The Company has committed to continue to provide support to all of its subsidiaries for any short-term day-to-day cash management, if required.
Transactions with key management personnel
In addition to their salaries, the Group also provides non-cash benefits to Directors and Executive Officers. Directors and Executive Officers also participate in the Group’s Long Term Incentive Plan.
There were no amounts or any future commitments outstanding to the Company as at 31 December 2024 (2023: none).
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 160
Notes to the Consolidated Financial Statements continued
26. Related party transactions continued
Key management personnel compensation
Key management compensation payable to the Executive management team is summarised below:
31 December 31 December
2024 2023
£m £m
Short-term employee benefits
5.6
5.9
Share-based payment transactions
1.8
1.9
Defined contribution pension costs
0.2
0.1
Key management personnel compensation
7.6
7.9
Other related party transactions
During the year, Moneysupermarket.com Ltd purchased services for the value of £1.1m (2023:
£1.3m) from Podium Solutions Limited in relation to salary recharges and the development of
digital solutions for the mortgages channel journey on the Group’s website. Balances of £0.1m
were outstanding as at 31 December 2024 in relation to these purchases (2023: £0.1m).
During the year, MONY Group Financial Limited provided a £0.4m revolving credit facility
to Podium with a repayment date of June 2025 and an annual interest rate of 15%.
At 31 December 2024, £0.4m was outstanding in relation to this facility.
During the year ended 31 December 2023, MONY Group Financial Limited issued £1.1m of loan
notes to Podium with a repayment term of ten years and an annual interest rate of 16.5% (15%
plus additional 1.5% in line with Bank of England base rate). Loan notes held by MONY Group
Financial Limited from earlier periods were included in the carrying amount of the Group’s
equity accounted investment in Podium until it was reclassified as a subsidiary in December
2022. Since then, the amounts held by MONY Group Financial Limited have been eliminated
on consolidation. At 31 December 2024, amounts owed by Podium Solutions Limited to
MONY Group Financial Limited were £3.7m (2023: £3.3m).
During the year, Travelsupermarket Limited provided internet leads to Moneysupermarket.com Ltd
for powering its travel insurance journey. Travelsupermarket Limited charged net commissions
of £0.7m (2023: £0.8m) in respect of the services provided to the two companies. Balances of
£0.1m were outstanding as at 31 December 2024 in relation to these transactions (2023: £0.1m).
During the year ended 31 December 2021, MONY Group Financial Limited issued loan notes to
Ice Travel Group Limited of £4.0m with an annual interest rate of 10%. During the year ended
31 December 2024, interest income of £0.4m (2023: £0.5m) was received by MONY Group
Financial Limited from Ice Travel Group Limited before the loan notes and accrued interest
were settled in full. At 31 December 2024, the remaining balance due was £nil (2023: £5.0m).
27. Non‑controlling interest
In December 2022, the Group acquired control of Podium Solutions Limited which had
previously been accounted for as a joint venture. Podium Solutions Limited is now consolidated
as a subsidiary undertaking and a non-controlling interest is recognised within equity.
The Group also recognises a non-controlling interest in respect of Ice Travel Group Limited
and its two wholly owned subsidiaries Travelsupermarket Limited and Icelolly Marketing Limited
(together ‘Ice Travel Group’).
The following table summarises the financial performance and position of these companies
at the year end before any intra-group eliminations.
31 December 2024
Podium
Solutions Ice Travel
Limited
Group
Total
Non-controlling interest
48%
33%
£m
£m
£m
Non-current assets
1
1.1
13.7
14.8
Current assets
1.4
7.6
9.0
Non-current liabilities
(2.1)
(2.8)
(4.9)
Current liabilities
(2.3)
—
(2.3)
Net assets
(1.9)
18.5
16.6
Net assets attributable to non‑controlling interest
(0.9)
6.1
5.2
Revenue
0.7
18.6
19.3
(Loss)/Profit
(1.4)
0.9
(0.5)
Other comprehensive income
—
—
—
Total comprehensive income
(1.4)
0.9
(0.5)
(Loss)/Profit attributable to the non-controlling interest
(0.7)
0.3
(0.4)
Other comprehensive income attributable
to non-controlling interest
—
—
—
Total comprehensive income attributable
to non‑controlling interest
(0.7)
0.3
(0.4)
Cash flows from operating activities
(0.4)
3.4
3.0
Cash flows from investing activities
—
(0.9)
(0.9)
Cash flows from financing activities
0.4
(5.5)
(5.1)
Net decrease in cash and cash equivalents
—
(3.0)
(3.0)
1 Non-current assets for Ice Travel Group include £7.4m (2023: £7.4m) of goodwill in respect of Travelsupermarket Limited that was
recognised on the Group’s balance sheet prior to the acquisition of Ice Travel Group.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 161
Notes to the Consolidated Financial Statements continued
27. Non‑controlling interest continued
31 December 2023
Podium
Solutions Ice Travel
Limited
Group
Total
Non-controlling interest
48%
33%
£m
£m
£m
Non-current assets
1
2.2
14.2
16.4
Current assets
0.8
11. 2
12.0
Non-current liabilities
(1.9)
(6.6)
(8.5)
Current liabilities
(1.6)
(1.2)
(2.8)
Net assets
(0.5)
17.6
17.1
Net assets attributable to non‑controlling interest
(0.2)
5.8
5.6
Revenue
0.1
19.5
19.6
(Loss)/Profit
(2.0)
1.7
(0.3)
Other comprehensive income
—
—
—
Total comprehensive income
(2.0)
1.7
(0.3)
Profit attributable to the non-controlling interest
(1.0)
0.6
(0.4)
Other comprehensive income attributable
to non-controlling interest
—
—
—
Total comprehensive income attributable
to non‑controlling interest
(1.0)
0.6
(0.4)
Cash flows from operating activities
0.1
3.4
3.5
Cash flows from financing activities
(0.0)
(0.9)
(0.9)
Net increase in cash and cash equivalents
0.1
2.5
2.6
1 Non-current assets for Ice Travel Group include £7.4m (2022: £7.4m) of goodwill in respect of Travelsupermarket Limited that was
recognised on the Group’s balance sheet prior to the acquisition of Ice Travel Group.
Loss and total comprehensive income for the year in respect of Podium Solutions Limited and
Ice Travel Group include amortisation of intangibles relating to the acquisition of these companies
by the Group of £1.8m (2023: £2.2m). Included in the loss (2023: loss) attributable to non-controlling
interest and total comprehensive income attributable to non-controlling interest is £0.8m
(2023: £0.9m) of amortisation of acquired intangibles. 
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 162
Company Balance Sheet
at 31 December 2024
Note
31 December
2024
£m
31 December
2023
£m
Fixed assets
Investments 4 181.7 181.7
Total fixed assets 181.7 181.7
Current assets
Debtors – including amounts falling due in more than one year of £0.3m (2023: £0.3m) 5 221.8 225.6
Cash at bank and in hand 0.1 0.1
Total current assets 221.9 225.7
Creditors: amounts falling due within one year 7 (70.8) (69.6)
Net current assets 151.1 156.1
Provisions 8 (1.9) —
Net assets 330.9 337.8
Capital and reserves
Share capital 10 0.1 0.1
Share premium 205.6 205.5
Reserve for own shares (1.7) (2.4)
Other reserves 16.9 16.9
Profit and loss reserve 110.0 117.7
Shareholders’ funds 330.9 337.8
No profit and loss account is presented for the Company as permitted by section 408 of the Companies Act 2006. The profit after tax for the Company was £55.9m (2023: £55 .7m) which included
dividends received of £65.0m (2023: £65.0m).
The Financial Statements were approved by the Board of Directors and authorised for issue on 14 February 2025. They were signed on its behalf by:
Peter Duffy
Chief Executive Officer
Niall McBride
Chief Financial Officer
Registered number: 6160943
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 163
Company Statement of Changes in Equity
for the year ended 31 December 2024
Note
Share
capital
£m
Share
premium
£m
Reserve for
own shares
£m
Other
reserves
£m
Profit and
loss reserve
£m
Total
£m
At 1 January 2023 0.1 205.4 (2.4) 16.9 122.9 342.9
Profit for the year — — — — 55.7 55.7
Total comprehensive income — — — — 55.7 55.7
New shares issued 10 0.0 0.1 — — — 0.1
Purchase of shares by employee trusts — — (0.5) — — (0.5)
Exercise of LTIP awards — — 0.5 — (0.5) —
Equity dividends 9 — — — — (63.4) (63.4)
Share-based payments 2 — — — — 3.0 3.0
At 31 December 2023 0.1 205.5 (2.4) 16.9 117.7 337.8
Profit for the year — — — — 55.9 55.9
Total comprehensive income — — — — 55.9 55.9
New shares issued 10 0.0 0.1 — — — 0.1
Purchase of shares by employee trusts — — (0.4) — — (0.4)
Exercise of LTIP awards — — 1.1 — (1.1) —
Equity dividends 9 — — — — (65.5) (65.5)
Share-based payments 2 — — — — 3.0 3.0
At 31 December 2024 0.1 205.6 (1.7) 16.9 110.0 330.9
Reserve for own shares
The reserve for the Company’s own ordinary shares comprises the cost of the Company’s ordinary shares held by the Group through employee trusts. At 31 December 2024, the Group held
311,777 (2023: 313,695) ordinary shares at a cost of 0.02p per share (2023: 0.02p) through a Share Incentive Plan trust for the benefit of the Group’s employees.
The Group also held 169,134 (2023: 144,106) shares through an Employee Benefit Trust at an average cost of 242.71p per share (2023: 249.92p) for the benefit of employees participating in the
various Long Term Incentive Plan schemes.
Other reserves
The other reserves balance represents the merger reserve of £16.9m (2023: £16.9m) generated upon the acquisition of MONY Group Financial Limited by the Company and a capital redemption
reserve for £19,000 (2023: £19,000) arising from the acquisition of 95,294,118 deferred shares of 0.02p by the Company from Simon Nixon.
Upon the acquisition of MONY Group Financial Limited, a merger reserve of £16.9m for 45% of the book value transferred from a company under common control was recognised.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 164
Notes to the Company Financial Statements
1. Accounting policies
Basis of preparation
On 20 May 2024, MONY Group PLC changed its name from Moneysupermarket.com Group PLC.
MONY Group PLC (the ‘Company’) is a public company limited by shares and incorporated and
domiciled in England, UK. The registered office is disclosed on page 168.
These Financial Statements were prepared in accordance with Financial Reporting Standard 102
– The Financial Reporting Standard Applicable in the UK and Republic of Ireland (‘FRS 102’). The
presentation currency of these Financial Statements is sterling. All amounts in the Financial
Statements have been rounded to the nearest £100,000. These Financial Statements are
prepared on the historical cost basis.
In these Financial Statements, the Company is considered to be a qualifying entity for the
purposes of this FRS and has applied the exemptions available under FRS 102 in respect of the
following disclosures:
· Cash Flow Statement and related notes; and
· key management personnel compensation.
As the Consolidated Financial Statements include the equivalent disclosures, the Company
hasalso taken the exemptions under FRS 102 available in respect of the following disclosures:
· certain disclosures required by FRS 102.26 – Share-based Payments;
· the disclosures required by FRS 102.11 – Basic Financial Instruments and FRS 102.12 – Other
Financial Instrument Issues in respect of financial instruments not falling within the fair value
accounting rules of Paragraph 36(4) of Schedule 1; and
· the disclosures required by FRS 102.33.1A – Related Party Disclosures.
The accounting policies set out below have, unless otherwise stated, been applied consistently
to all periods presented in these Financial Statements.
Use of estimates and judgements
The preparation of the Financial Statements requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the
reportedamounts of assets, liabilities, income and expenses. Actual results may differ
fromthese estimates.
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 and
inanyfuture periods affected.
There are no assumptions or estimation uncertainties made in preparation of these Financial
Statements that may have a significant risk of resulting in a material adjustment to the carrying
amounts of assets and liabilities in the next financial year.
Investments
Investments are shown at cost less provision for impairment.
Basic financial instruments
Trade and other debtors are recognised initially at transaction price less attributable transaction
costs. Trade and other creditors are recognised initially at transaction price plus attributable
transaction costs. Subsequent to initial recognition they are measured at amortised cost using
the effective interest method, less any impairment losses in the case of trade debtors. If the
arrangement constitutes a financing transaction, for example if payment is deferred beyond
normal business terms, then it is measured at the present value of future payments discounted
at a market rate of interest for a similar debt instrument.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances.
Bank borrowings
Interest-bearing bank loans are recorded at the proceeds received. Finance charges, including
direct issue costs, are accounted for on an accruals basis in profit or loss using the effective
interest method and are added to the carrying amount of the instrument to the extent that they
are not settled in the period in which they arise.
Own shares held by Employee Benefit Trust
Transactions of the Company-sponsored Employee Benefit Trust are treated as being those of
the Company and are therefore reflected in the Company Financial Statements. In particular, the
trust’s purchases and sales of shares in the Company are debited and credited directly to equity.
Share‑based payment transactions
The Company’s share schemes allow employees to acquire ordinary shares in the Company.
There is also a recharge arrangement with Group entities in relation to these schemes. The fair
value of share awards made is recognised as an increase in equity. The Company recognises
inits profit and loss the share-based payment expenses related solely to employees of the
Company, with the remainder recognised as an intercompany receivable under the recharge
arrangement. The fair value is measured at award date and spread over the period during which
the employees become unconditionally entitled to the awards. The fair value of the awards
made is measured using an option valuation model, taking into account the terms and
conditions upon which the awards were made.
Dividends
Dividends receivable are recognised when the Company’s right to receive payment is
established. Dividends payable to the Company’s shareholders are recognised as a liability
anddeducted from shareholders’ equity in the period in which the shareholders’ right to
receivepayment is established.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 165
Notes to the Company Financial Statements continued
1. Accounting policies continued
Taxation
Income tax expense comprises current and deferred tax. It is recognised in the profit and loss
account except to the extent that it relates to items recognised directly in equity, in which case
itis recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates in
force for the year, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on timing differences which arise from the inclusion of income and
expenses in tax assessments in periods different from those in which they are recognised in
theFinancial Statements. Deferred tax is not recognised on permanent differences arising
because certain types of income or expense are non-taxable or are disallowable for tax or
because certain tax charges or allowances are greater or smaller than the corresponding
income or expense.
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related
difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred
tax balances are not discounted.
Deferred tax assets are recognised only to the extent that is it probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits.
2. Share‑based payments
The analysis and disclosures in relation to share-based payments are given in the Consolidated
Financial Statements in note 22.
3. Staff numbers and cost
The average number of persons employed by the Company (including Directors) during the year,
analysed by category, was as follows:
2024
No.
2023
No.
Administration 2 2
The aggregate payroll costs of these persons were as follows:
2024
£m
2023
£m
Wages and salaries 1.1 1.1
Social security contributions 0.3 0.3
Defined contribution pension costs 0.1 0.1
Share-based payment transactions 1.0 0.9
2.5 2.4
In addition to the above, bonuses of £1.2m (2023: £1.4m) were payable in relation to the
reporting period. Neither Director exercised share options during the period (2023: same).
Directors’ remuneration is disclosed on pages 97 to 115.
4. Investments
31 December
2024
£m
31 December
2023
£m
Cost and net book value:
Shares in subsidiary undertakings 181.7 181.7
The investment represents the Company’s holding in MONY Group Financial Holdings Limited
(formerly known as Moneysupermarket.com Financial Group Holdings Limited), which was
obtained via a share for share exchange during 2012 in which the Company exchanged its existing
shareholding in MONY Group Financial Limited (formerly known as Moneysupermarket.com
Financial Group Limited) for the entire share capital of MONY Group Financial Holdings Limited.
5. Debtors
31 December
2024
£m
31 December
2023
restated
£m
Amount due from subsidiary undertakings 221.2 224.3
Prepayments 0.3 1.0
Deferred tax asset (note 6) 0.3 0.3
221.8 225.6
Amounts due from subsidiary undertakings are unsecured, interest free and are repayable
ondemand.
6. Deferred tax asset
31 December
2024
£m
31 December
2023
£m
Short-term timing differences 0.3 0.3
7. Creditors: amounts falling due within one year
31 December
2024
£m
31 December
2023
£m
Borrowings 12.0 34.5
Amount owed to subsidiary undertakings 57.7 33.7
Accruals 1.1 1.4
70.8 69.6
Amounts owed to subsidiary undertakings are unsecured, interest free and are repayable
ondemand.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 166
Notes to the Company Financial Statements continued
8. Provisions
Leasehold
dilapidations
£m
As at 1 January 2023, 31 December 2023 and 1 January 2024 —
Reclassifications 1.9
As at 31 December 2024 1.9
Provisions comprise leasehold dilapidations which relate to the estimated cost of restoring
leased properties to their pre-lease condition at the end of the lease term. On initial recognition,
estimated dilapidation costs are included in the cost of the right-of-use asset within property,
plant and equipment and are subsequently depreciated over the lease term. There has been no
change in the carrying value of dilapidations provisions during the year. At 31 December 2023,
dilapidations liabilities of £1.9m were presented within trade and other payables. During the
year they have been reclassified as provisions; however, as the carrying value is not material no
prior period restatement has been recognised.
9. Dividends
Pence
per share
31 December
2024
£m
Pence
pershare
31 December
2023
£m
Declared and paid dividends on
ordinary shares:
Prior year final dividend 8.9 47.8 8.6 46.2
Interim dividend 3.3 17.7 3.2 17.2
Total dividend paid in the year 12.2 65.5 11.8 63.4
Proposed for approval (not
recognised as a liability at
31December): final dividend 12.5 49.4 8.9 47.8
10. Called up share capital
The following rights attached to the shares in issue during the year:
Ordinary shares
The holders of ordinary shares were entitled to returns of capital, receive a dividend and vote.
Issued and fully paid
Number of ordinary shares 2024 2023
At the beginning of the year 536,934,085 536,861,647
Issued on exercise of SAYE options 45,217 72,438
Issued on exercise of LTIP awards 436,093 —
At the end of the year 537,415,395 536,934,085
Nominal value of ordinary shares
2024
£
2023
£
At the beginning of the year 107,387 107, 372
Issued on exercise of SAYE options 9 15
Issued on exercise of LTIP awards 87 —
At the end of the year 107,483 107, 387
The Group has a Long Term Incentive Plan under which conditional nil cost awards of ordinary
shares in the Company have been made to certain Directors and employees of the Group, and
an HMRC approved Save As You Earn scheme (‘Sharesave’) is eligible to all employees (see note
22 of the Consolidated Financial Statements).
11. Operating lease commitments
Future minimum lease payments under non-cancellable operating leases total £21.8m
(2023:£24.5m). All lease payments are settled by subsidiary undertakings.
All rental expenses are recharged to subsidiary undertakings and therefore there is no impact
on the profit and loss account of the Company. During the year, rental expenses of £2.4m
(2023:£2.4m) were recharged.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 167
Glossary
2018 Code – means the UK Corporate
Governance Code published by the FRC
inJuly2018.
Adjusted EBITDA – means earnings before
interest, tax, depreciation, amortisation and
adjusting Items.
Adjusted EPS – means earnings per share
excluding adjusting items. A calculation of this
is provided in note 9 to the Consolidated
Financial Statements.
Adjusting items – means items that are
considered exceptional or non-underlying in
nature and are either added back or deducted
from performance measures such as EBITDA,
EPS and profit before tax to enable like-for-
like comparison between reporting periods.
B2B – means business to business.
B2C – means business to consumer.
CAGR – means compound annual growth rate.
Capital expenditure or Capex – means
expenditure onproperty, plant and
equipment or intangible assets. These
amounts are recognised on the Consolidated
Statement ofFinancial Position.
Carbon emissions (Scope 1 and 2) – means
emissions of CO
2
and other greenhouse gases
from fuel combustion and energy used in the
Group’s direct operations.
Carbon Neutral – means offsetting 100%
ofthe Group’s carbon emissions.
CGU – means cash generating units.
Company – means MONY Group PLC, a
company incorporated in England and Wales
with registered number 6160943 whose
registered office is at Moneysupermarket
House, St David’s Park, Ewloe, Chester CH5 3UZ.
Corporate website – means https://www.
monygroup.com
CRM – means Customer Relationship
Management.
Directors – means the Directors of the
Company whose names and biographies are
set out on pages 66 and 67 or the Directors
ofthe Company’s subsidiaries from time to
time as the context mayrequire.
EBITDA means earnings before interest, tax,
depreciation and amortisation. It equates to
operating profit before depreciation and
amortisation.
EPS – means earnings per share.
Executive Team – means senior
management responsible formanaging
theday-to-day operations of the business.
GDPR – means General Data Protection
Regulation.
GHG – means greenhouse gas(es).
Group – means MONY Group PLC, its
subsidiaries, significant undertakings and
affiliated companies underits control or
common control.
IAS – means International Accounting
Standard(s).
IBOR – means interbank offered rates.
IFRIC – means International Financial Reporting
Standards Interpretations Committee.
IFRS – means International Financial
Reporting Standard(s).
ISA (UK and Ireland) – means International
Standard(s) on Auditing in the UK and Ireland.
ITG – means Ice Travel Group.
KPI – means key performance indicator.
LTIP – means the Company’s Long Term
Incentive Plan for Executive Directors and
selected senior managers.
Marketing margin – means total marketing
expenditure recognised in distribution
expenses and cost of sales divided
byrevenue.
MoneySuperMarket.com – means
MoneySuperMarket’s price comparison site.
MoneySavingExpert.com – means
MoneySavingExpert’s consumer site.
MSE – means MoneySavingExpert.com.
MSM – means MoneySuperMarket.com.
Net finance costs – means finance income
less finance costs. Finance income is
composed of bank interest. Finance cost is
composed principally of interest, arrangement
and commitment fees relating to borrowings
and interest on lease liabilities.
Net/cash debt – means cash and cash
equivalents less borrowings and loan notes
payable to Podium’s non-controlling interest. It
does not include lease liabilities.
Net zero – means the reduction of
emissionsand using offsets to neutralise
anyresidual emissions.
Operating expenditure or Opex – means
distribution expenses and administrative
expenses, both of which arerecognised
intheConsolidated Statement of
Comprehensive Income.
Operational net zero – a 90% reduction
inScope 1 andScope 2 emissions.
PCW – means price comparison website.
PPC – means pay-per-click.
R&D – means research and development.
RCF – means revolving credit facility.
SEM – means Search Engine Marketing.
SEO – means Search Engine Optimisation.
Sharesave Scheme or SAYE Scheme
– meansthe Moneysupermarket Group
employee savings-related share option plan
approved byHMRC.
SIP – means the Share Incentive Plan.
SM&CR – means the Financial Conduct
Authority’s Senior Managers and
CertificationRegime.
SONIA – means the Sterling Overnight
IndexAverage.
TravelSupermarket – means
TravelSupermarket’s price comparison site.
TSM – means TravelSupermarket.
TSR – means total shareholder return –
thegrowth in value of ashareholding over
aspecified period, assuming that dividends
are reinvested to purchase additional shares.
Working capital – means current assets
minus current liabilities excluding financing
and investment activities.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 168
Shareholder Information
Registered office
Mony Group House
St David’s Park
Ewloe
Deeside CH5 3UZ
Telephone: +44 (0)1244 665700
Website: http://www.monygroup.com
Registered number
No. 6160943
Company Secretary
Shazadi Stinton
Financial advisers/stockbrokers
Morgan Stanley
One Cabot Square
London E14 4QJ
Barclays Bank PLC
1 Churchill Place, Canary Wharf
London E14 5HP
Auditor
KPMG LLP
15 Canada Square
London E14 5GL
Solicitors
Herbert Smith Freehills LLP
Exchange House
Primrose Street
London EC2A 2EG
Principal bankers
Barclays Bank PLC
1 Churchill Place, Canary Wharf
London E14 5HP
Santander UK plc
2 Triton Square
Regents Place
London NW1 3AN
HSBC UK
8 Canada Square
London E14 5HQ
Financial PR
The Maitland Consultancy Limited
3 Pancras Square
London N1C 4AG
Registrar
Equiniti Group
Aspect House
Spencer Road
Lancing
West Sussex BN99 6DA
Enquiring about your
shareholding
If you want to ask, or need any information,
about your shareholding, please contact our
registrar, Equiniti Group, by:
Telephone: 0371 384 2564 (UK) (calls are
charged at the standard geographic rate
andwill vary by provider. Lines are open
8.30am–5.30pm Monday–Friday).
+44 (0) 371 384 2564 (overseas).
Email: customer@equiniti.com.
Alternatively, if you have internet access,
youcan access the Group’s shareholder
portal at www.shareview.co.uk where you
canview and manage all aspects of your
shareholding securely.
Investor relations website and
share price information
The investor relations section of our website,
http://corporate. moneysupermarket.com,
provides further information for anyone
interested in the Group. In addition to the
Annual Report and share price, Company
announcements including the half-year
andfull-year results announcements and
associated presentations are also
publishedthere.
Dividend mandates
If you wish to have dividends paid directly
intoa bank or building society account, you
should contact our registrar (see contact
details above) or visit the Group’s shareholder
portal at www.shareview.com where you can
set up or amend a dividend mandate. This
method of payment removes the risk of delay
or loss of dividend cheques in the post and
ensures that your account is credited on the
due date.
Dividend reinvestment
plan(‘DRIP’)
You can choose to reinvest dividends received
to purchase further shares in the Company
through a DRIP. A DRIP application form is
available from our registrar (see contact
details above).
Share dealing service
You can buy or sell the Company’s shares
inasimple and convenient way via the
Equinitishare dealing service either online
(www.shareview.co.uk) or by telephone
(0371384 2564). Calls are charged at the
standard geographic rate and will vary by
provider. Lines are open 8.00am–4.30pm
Monday–Friday.
Please note that the Directors of the Company
are not seeking to encourage shareholders
toeither buy or sell shares in the Company.
Shareholders in any doubt about what action
to take are recommended to seek financial
advice from an independent financial adviser
authorised by the Financial Services and
Markets Act 2000.
Electronic communications
You can elect to receive shareholder
communications electronically by contacting
our registrar (see contact details opposite).
This will save on printing and distribution
costs, creating environmental benefits. When
you register, you will be sent a notification to
say when shareholder communications are
available on our website and you will be
provided with a link to that information.
Cautionary note regarding
forward‑looking statements
This Annual Report includes statements that
are forward looking in nature. Forward-looking
statements involve known and unknown
risks, assumptions, uncertainties and other
factors which may cause the actual results,
performance or achievements of the Group
to be materially different from any future
results, performance or achievements
expressed or implied by such forward-looking
statements. Except asrequired by the Listing
Rules, Disclosure Guidance and Transparency
Rules and applicable law, the Company
undertakes noobligation to update,revise or
change any forward-looking statements to
reflect events or developments occurring on
or after the date of this AnnualReport.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 169
2025 financial calendar
Announcement of 2024 full-year results 17 February 2025
Ex-dividend date of 2024 final dividend 10 April 2025
Record date of 2024 final dividend 11 April 2025
Annual General Meeting 8 May 2025
Payment date of 2024 final dividend 16 May 2025
Half year end 30 June 2025
Announcement of 2025 half-year results 21 July 2025
Financial year end 31 December 2025
Announcement of 2025 full-year results February 2026
Shareholder Information continued
MONY Group PLC’s commitment to environmental issues is
reflected in this Annual Report, which hasbeen printed on
Amadeus Silk, an FSC
®
certified material. This document was
printed by Pureprint Group using its environmental print
technology, with 99% of dry waste diverted from landfill,
minimising the impact of printing on theenvironment. The
printer is a CarbonNeutral
®
company.
Both the printer and the paper mill are registered to ISO
14001.
CBP029471
MONY Group PLC Annual Report and Accounts 2024
monygroup.com
MONY Group PLC
Telephone: (01)244 665700
Registered in England No. 6160943
Registered Office:
MONY Group House
St. David’s Park
Ewloe
Deeside
CH5 3UZ