Admiral H1 profits surge to record high amid UK customer growth
Insurance firm Admiral Group Plc delivered a robust set of interim results on Thursday, with growth in customer numbers and a continued focus on pricing discipline helping to offset sector-wide pressures.
Admiral said pre-tax profits from continuing operations jumped 69% to £521.0m, driven by standout performances in UK Motor, Household, and Admiral Money, with insurance revenue rising 18% to £2.47bn and gross loan balances at Admiral Money climbing 25% to £1.28bn.
The Cardiff-based insurer highlighted that margins had benefited from falling car insurance prices in the UK across the six months ended 30 June, with its profits in its motor division increasing by 56%.
Admiral also said customer growth remained a key highlight in the half, with total group customers up 10% to 11.42m, as a 13% increase in UK insurance customers offset a 3% in European customers.
CEO Milena Mondini de Focatiis said: "We have delivered another excellent first half with strong execution across all strategic objectives. Group profit increased 69% to a record £521m.
"I'm very excited to see our businesses go from strength to strength. I'm confident in our fundamentals and adaptability which mean that we are well-placed for further success, delivering even more value for our shareholders and our growing customer base."
Reporting by Iain Gilbert at Sharecast.com
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