- Ogden discount rate change does not impress the insurance industry
- UK car insurance prices up in second quarter says survey
- Huntswood's Complaints Outlook 2019 research says UK financial services firms are underperforming when it comes to complaints handling
- Clyde & Co publishes third report on climate change
- FCA launches consultation on proposals designed to help consumers with pre-existing medical conditions (PEMCs) have better access to travel insurance products-ABI responds
- Offshore wind must quickly respond to changing global risk profile according to GCube Insurance analysis
- Mactavish research highlights that only32% of decisions went in favour of the policyholder over insurance claims disputes taken to Court expired
- Quotall refines software amid increased demand for broker digital transformation expired
- DARAG enters into a retrospective quota share reinsurance agreement with Scandinavian insurer Protector Forsikring expired
- Apollo Syndicate Management appoints Burkinshaw to new board level post of CUO expired
- BrokersLink continues African regional growth with three new affiliates expired
- VIctor announces senior appointments expired
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.
Admiral Trends (132 articles)