Home » Insurance coverage group Admiral delivers leap in earnings as automobile prospects drive progress

Insurance coverage group Admiral delivers leap in earnings as automobile prospects drive progress

FTSE-100 insurance coverage group Admiral reported a lift in earnings and hiked its dividend payout right now because it felt the carry of greater than half 1,000,000 new prospects in its core motor insurance coverage division final yr.

Underlying pre-tax earnings jumped 26 per cent to £769m for the total yr after the group’s prospects topped eight million.

Revenues rose 19 per cent to £1.55bn which was bolstered by a 13 per cent rise in worldwide automobile insurance coverage prospects to 1.81m.

Group boss Milena Mondini de Focatiis stated a bumper efficiency in UK motor insurance coverage had underpinned what has been a robust yr for the group.

“In 2021 we improved in all of our key metrics, together with exceeding 8 million prospects, rising buyer loyalty and recording distinctive earnings of £769m,” she stated.

“The sturdy efficiency of UK Motor insurance coverage is the important thing driver of our outcomes. We additionally continued to broaden our buyer proposition. In 2021 alone, past UK Motor we added greater than half 1,000,000 prospects, now representing round 40per cent of whole Group prospects.”

De Focatiis stated each UK family and Worldwide companies had additionally delivered double-digit progress regardless of difficult market situations overseas.

Shareholders are actually in for a wholesome payout of 118 pence per share, up from 86 pence per share final yr. The payout features a particular dividend of 75.8p per share, which incorporates 46p per referring to the disposal of the Penguin Portals agency.