Insurance group Admiral reports soaring profits for first half of year

Insurance group Admiral has reported soaring profits for the first half of the year.

The London-listed firm saw year-on-year profit rise 32 per cent to £309.8m in the six months to June, while revenue was up 43 per cent at £3.21bn.

The increases were mainly driven by a 12 per cent jump in customer numbers, to more than 10.5m.

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Through 2022 and 2023, Admiral hiked insurance premiums in response to “elevated claims inflation”.

Insurance group Admiral shares jumped this morning as it reported soaring profits for the first half of the year. (Photo by Victoria Jones/PA Wire)Insurance group Admiral shares jumped this morning as it reported soaring profits for the first half of the year. (Photo by Victoria Jones/PA Wire)
Insurance group Admiral shares jumped this morning as it reported soaring profits for the first half of the year. (Photo by Victoria Jones/PA Wire)

Then, at the start of 2024, it decreased its premiums, “leading to an improved competitive position and significant growth in UK motor customer numbers”.

The group reported a “record 5.5 million vehicles on cover in the UK and nearly half a million more customers across other product lines in the UK”.

Admiral shares jumped more than 10 per cent on the news in early trading.

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Milena Mondini de Focatiis, Admiral chief executive, said: “Given our earlier pricing response to inflation in previous years, we have been able to be more competitive in (the first half) and this helped grow our customer base 12 per cent to 10.5m.

“We continue to evolve our core technical competences leveraging new data and technology.”

She added that the company would now focus on pushing a new corporate working model called “scaled agile” and “enhancing our capabilities in AI application”.

Admiral boosted its interim dividend from 51p to 71p per share. The company follows Aviva, which also said it would boost its dividend earlier this week.

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