15th August 2018

Admiral produces strong interim result and growth all round

Admiral has published interim results-highlights are: 30 )
-Group statutory profit before tax £211m(+9%)
-Earnings per share 61.6 pence(+8%)
-Interim dividend 60.0p/per share(+7)
-Return on equity 54%(-2%)
-Group turnover £1.66bn(+14%
-Group net revenue £0.60bn(+9%)
-Group customers 6.23 million(+14%)
-UK Insurance customers 5.07 million(+17%)
-International Car Insurance customers 1.12 million(+17%)
-Group's share of Price Comparison profit £3.5m(+13%)
Statutory Price Comparison profit £2.6m(+8%)
-Solvency ratio(post dividend) 196%(214%)
Over 10,000 staff each receive free shares worth £1,800 under the employee share scheme based on the interim 2018 results.
David Stevens, Group ceo, comments ‘Zut alors! Nos opérations européennes sont rentables! Or probably more accurately, given that over half of our European customers are Italian- le nostre compagnie Europee sono in profitto! Moreover, the European insurers delivered overall profitability whilst growing the business by almost a fifth in a year.
But that’s not the only important milestone in the first half, which was characterised by substantial growth across almost all our businesses.
Most importantly, the core UK car insurance business continues to grow both in terms of profit and customer numbers. Early in 2018 we passed the four million mark for cars on cover–the car that hit the milestone was a Peugeot 108; our first 25 years ago was an Isuzu Piazza.
All of this is underpinned by our strong culture and hard-working, customer-focused staff, and we are proud to have been named the 3rd Best Company to Work For in the UK, as well as the 10th Best Workplace in Europe and 3rd in Italy."
The Directors have declared an interim dividend of 60.0 pence, representing a normal dividend of 40.8 pence per share and a special dividend of 19.2 pence per share.

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