Belfast Telegraph

Admiral profits rise on strong motor performance

Turnover grew 14% to £1.66 billion, while customer numbers were also up 14% to 6.23 million.

Admiral has posted a rise in half-year profit as the insurer saw strong growth in customer numbers, despite the Beast from the East hitting its household arm.

The Cardiff-based group, which owns brands including Elephant and Confused.com, booked a 9% rise in pre-tax profit to £211 million in the six months to June 30.

Admiral’s motor insurance division was behind the rise with profits of £249.5 million, up from £224.2 million.

Turnover grew 14% to £1.66 billion, while customer numbers were also up 14% to 6.23 million.

Boss David Stevens said: “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.”

The results mean around 10,000 staff will each get £1,800 in free shares under Admiral’s employee share scheme.

Admiral’s UK household division swung to a £1.9 million loss versus a £1.6 million profit the year before as it was impacted by the Beast from the East.

“The UK experienced two spells of unusually bad weather in the period which have adversely impacted the results of insurers including Admiral,” the firm said.

Admiral’s international insurance businesses also grew strongly, with customer numbers surpassing the one million mark, 17% higher than a year earlier.

The results come after the firm’s rival esure announced earlier this week that it will be taken private through a £1.2 billion takeover by Bain Capital.

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