Admiral grows customer base to over 10 million
Admiral Group has posted results for the first half of 2024, showing growth in profits, revenues, and customer numbers.
Key figures for the six months ending June 30, 2024 include:
- Group profit before tax: £309.8m (+32% vs. H1 2023)
- Earnings per share: 77.5p (+35%)
- Interim dividend per share: 71.0p (+39%)
- Group turnover: £3.21bn (+43%)
- Group customers: 10.53m (+12%)
- UK insurance customers: 8.23m (+17%)
- International insurance customers: 2.12m (-4%)
- Solvency ratio (post-dividend): 198% (+16pts)
The performance is attributed to a competitive stance in the UK market, with a record 5.5 million vehicles insured. Admiral also maintained a solid capital position with a solvency ratio of 198% after a higher interim dividend.
Over 12,500 employees will receive share awards worth up to £1,800 based on the interim results.
“We have delivered a strong set of results in the first half, growing profits, revenues and customer numbers, demonstrating our resilience and agility in changing market dynamics. Given our earlier pricing response to inflation in previous years, we have been able to be more competitive in H1 and this helped grow our customer base 12% to 10.5 million. This was driven by a record 5.5 million vehicles on cover in the UK and nearly half a million more customers across other product lines in the UK. Our Group turnover increased 43% to £3.2 billion and Group profit has increased by 32% to £310 million, led by strong UK Motor performance. We maintained a strong capital position with a solvency ratio of 198% after a higher interim dividend per share of 71p. We continue to evolve our core technical competences leveraging new data and technology. Our focus now is on unlocking the benefit for our customers of scaled agile for faster delivery and enhancing our capabilities in AI application. I am pleased to announce that our science-based targets have been approved by the SBTi and our ESG score was recently upgraded to AAA by MSCI. Looking ahead, we remain well-positioned for continued success. As always, I am particularly proud of our people and hearing how they have been there for our customers. Because of their hard work, they have been an instrumental part of our financial strength and our success so far.” – CEO Milena Mondini de Focatiis.
