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11 Aug 2021 | 07:03

Admiral in payout spree as interim profits soar

(Sharecast News) - Admiral Group shareholders are set to cash in as the motor insurer on Wednesday paid an increased interim dividend and special payout after the sale of its Penguin Portals business. The Board has declared an interim dividend of 115p a share, made up of a normal dividend of 87.9p and special dividend of 27.1p, up 63% year on year. It also declared a further special dividend of 46p as part of the phased return of proceeds from the Penguin Portals comparison businesses.

Group pre-tax profit from continuing operations profits surged by 76% to £482.2m as the company paid out less in motor claims due to fewer people driving during the Covid-19 pandemic. The insurer was able to release reserves set aside for payouts to customers.

Reported pre-tax profit soared to £897.9m from £286.1m a year earlier. Net revenue rose by a third to £791.3m, the company said.

Admiral last month said it expected to report a pre-tax profit from continuing operations of £450m - £500m.
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