Source: Sharecast
Admiral said pre‑tax earnings from continuing operations fell to £429.2m, while EPS dropped to 109p and return on equity declined to 45% from 57%.
Turnover was broadly flat at £3.11bn, as an 11% rise in other personal lines was offset by a 5% fall in UK Motor turnover due to lower average premiums. In UK Motor, profits fell 18% to £456.9m, with risks broadly stable.
Non‑motor lines provided some support. with Admiral's UK Household, Travel and Pet divisions delivering combined profits of £28.1m, up from £25.1m, with steady risk growth and a strong combined ratio. European Insurance swung to a £17.2m profit from a £600,000 loss, helped by 5% customer growth and improved underwriting. Admiral Money remained robust, posting £13.3m of profit and a 39% jump in gross loan balances.
Household risks rose 3% to 2.21m, with profit steady at £24.9m. Travel increased profits despite Middle East disruption, while Pet remained broadly breakeven. Group risks increased 5% to 12m, driven by continued expansion outside motor.
Admiral's solvency ratio eased to 190% from 194%, reflecting stable capital generation offset by its recently completed acquisition of Flock and employee share‑scheme purchases.
The FTSE 100-listed group declared £259m of shareholder distributions in the half - a 79% payout ratio - made up of a normal dividend of 70.5p per share and a £45m buyback.
As of 0815 BST, Admiral shares were up 3.4% at 3,832p.
Reporting by Iain Gilbert at Sharecast.com
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