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Interim Results

Admiral hikes divi as turnover and profits rise

16 August 2017 07:34

Admiral Group's statutory pre-tax profits rose by 2% to £193 million in the six months to the end of June.

Group turnover rose by 15% to £1.45 billion and the interim of dividend of 56.0p per share is up 10% on last time.

UK insurance customers increased by 11% to 4.34 million and the number of international car insurance customers rose by 27% to 961,200.

Group chief executive David Stevens said: "The first half of 2017 saw Admiral ambitious in pursuit of both immediate and longer-term growth opportunities.

"We've grown turnover and customer numbers in our existing businesses by over 13% while also delivering a first half of important 'firsts' - the first loans originated on our new dedicated lending system, the first cars sold on, the first vans directly underwritten in the UK and Spain.

"Most of the adverse impact from the increase in the costs of large injury claims, resulting from the change in the Ogden discount rate, was captured in our 2016 second half result.

"However, some extra costs carry into 2017. In these circumstances, we are happy to report a marginal increase in profitability and to deliver a more material increase in the underlying dividend."

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