Admiral Group Plc Rewards Employees with Share Awards Amid Strong H1 2024 Performance

Financial Highlights

• Group Profit Before Tax: £309.8 million, up 32% from £233.9 million in H1 2023.
• Earnings Per Share: 77.5 pence, a 35% increase from 57.6 pence.
• Interim Dividend Per Share: 71.0 pence, up 39% from 51.0 pence.
• Return on Equity: 45%, a rise of 6 percentage points.
• Group Turnover: £3.21 billion, a 43% increase from £2.24 billion.
• Insurance Revenue: £2.21 billion, up 38% from £1.61 billion.
• Group Customers: 10.53 million, an increase of 12%.
• UK Insurance Customers: 8.23 million, a 17% rise from 7.01 million.
• International Insurance Customers: 2.12 million, a slight decrease of 4%.
• Admiral Money Gross Loan Balances: £1.03 billion, remaining steady.

Celebrating Employee Share Awards

In a heartfelt move to thank their hardworking team, Admiral has awarded over 12,500 employees free shares worth up to £1,800 each. This generous gesture shows just how much Admiral values its employees and wants to share the company’s success with them.

CEO’s Take

Milena Mondini de Focatiis, Group Chief Executive Officer, had some enthusiastic words about the results:

We’ve delivered a fantastic set of results in the first half, growing profits, revenues, and customer numbers. It’s all thanks to our resilience and ability to adapt to changing market conditions.

Our earlier pricing strategy helped us stay competitive, leading to a 12% growth in our customer base to 10.5 million. We’ve seen a record 5.5 million vehicles covered in the UK and nearly half a million more customers across other product lines.

Our Group turnover is up 43% to £3.2 billion, and Group profit has risen by 32% to £310 million, driven by strong performance in the UK Motor sector. We’re also in a great capital position with a solvency ratio of 198% after increasing our interim dividend per share to 71p.

We’re continuously improving our technical skills, using new data and technology to benefit our customers. Our focus is on faster delivery and enhancing our AI capabilities.

I’m also thrilled to announce that our science-based targets have been approved by the SBTi, and our ESG score was upgraded to AAA by MSCI.

Looking ahead, we’re well-positioned for continued success. I’m incredibly proud of our team for their dedication and hard work, which have been key to our financial strength and success so far.

Dividend News

The Board has declared an interim dividend of 71.0 pence per share, which is a 39% increase from last year’s 51.0 pence. This includes a normal dividend of 51.3 pence per share and a special dividend of 19.7 pence per share. Shareholders can expect to receive this dividend on October 4, 2024, with the ex-dividend date set for September 5, 2024, and the record date for September 6, 2024.

Looking Ahead

Admiral Group is committed to using the latest data and technology to enhance their services and stay ahead of the competition. With a strong capital position and a focus on sustainability, Admiral is ready for whatever the future holds.

For more details on the financial results, visit Admiral Group’s official website.