Admiral Group has reported its financial results for 2024, showing increases in profit, turnover and customer numbers.
As of December 31, Admiral’s group profit before tax stood at £839.2 million, a 90% increase from £442.8 million in 2023. Earnings per share rose by 95% to 216.6 pence. The company’s return on equity was 56%, compared to 36% the previous year.
Group turnover rose by 28% to £6.15 billion, while insurance revenue grew by 37% to £4.78 billion. Admiral Money reported a 23% increase in gross loan balances, reaching £1.17 billion. The company’s solvency ratio, after dividends, stood at 203%, up from 200% in 2023.
Admiral’s customer base increased by 14% to 11.1 million, with UK insurance customers rising by 19% to 8.8 million. However, international insurance customers declined by 3% to 2.1 million.
Investment bank Peel Hunt said that the full-year results were “better than we had assumed” thanks to the UK Motor business, which delivered strong results despite lower-than-expected reserve releases.
Group CEO Milena Mondini de Focatiis (pictured) commented on the company’s performance, highlighting growth in turnover and profit, as well as an increase in customer numbers. She stated that Admiral prioritises remaining competitive and responding quickly to market conditions, as well as reducing prices in response to easing inflation.
She identified UK Motor as the main driver of the company’s results but noted that UK Household, Admiral Money and the French and US Motor businesses also achieved double-digit profits. She added that Admiral continues to focus on pricing, claims management, and underwriting to meet customer needs.
Mondini de Focatiis also mentioned the company’s environmental, social and governance (ESG) initiatives, including an upgraded MSCI ESG score to AAA and the approval of Admiral’s science-based targets. She noted that Admiral has published its Net Zero Transition Plan and continues to support electric vehicle adoption.
Chair Mike Rogers commented that Admiral’s focus on customers has contributed to growth and long-term value. He stated that the company is expanding its product range and using technology to improve efficiency.
He also noted that while inflation has eased there remains uncertainty in the political, regulatory and economic environment. He emphasised that a prudent and disciplined approach would be important for Admiral’s future growth.
The board has proposed a dividend of 121 pence per share, up from 52 pence a year earlier. This includes a normal dividend of 91.4 pence per share, representing 65% of post-tax profits and a special dividend of 29.6 pence per share.
The final dividend is scheduled for payment on June 13, with an ex-dividend date of May 15 and a record date of May 16.
