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Annual Results

Admiral pre-tax profits fall 24%

08 March 2017 07:42

Admiral Group's statutory pre-tax profits fell by 24% to £278.4m in the year to the end of December.

The group's share of profit before tax before using the new Ogden discount rate was up 3% at £389.7m.

After using the new rate if fell 25% to £284.3m.

The full year dividend is unchanged at 114.4p.

Group chief executive David Stevens said: "My first full year as CEO, and after 25 years of almost uninterrupted profit growth under my predecessor, profits are down a quarter!

"Not exactly a flying start!

"On the other hand our ability to grow our businesses rapidly, both in the UK and overseas, and to absorb the shock of an eccentric government decision on discount rates while delivering a 37% return on equity and again paying a substantial dividend is a tribute to the health of the business and resilience of our model.

"I am also delighted that for a record 17th year in a row, Admiral Group has continued its success in the Sunday Times Best Companies to Work For, placing 2nd, our joint highest position ever."

Story provided by StockMarketWire.com

Related Company: ADM

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