Admiral Group Plc has released its interim results report for the first half of 2023.
Here’s how the Cardiff-based insurer performed in the six months ended June 30:
|
Metric |
H1 2023 |
H1 2022 |
|---|---|---|
|
Group turnover |
£2.24 billion |
£1.85 billion |
|
Insurance revenue |
£1.61 billion |
£1.41 billion |
|
Operating profit |
£240.2 million |
£230.5 million |
|
Group profit before tax |
£233.9 million |
£224.6 million |
Of the group profit, £303.9 million came from UK insurance and £2.7 million from Admiral Money. International insurance, on the other hand, contributed negatively with a £7.6 million loss. ‘Other’ also posted a loss, at £65.1 million.
It’s worth noting that the loss from international insurance was an improved result, as the unit’s loss was bigger in H1 2022. This was attributed to reduced losses in US motor insurance and a return to profit in European motor insurance.
Commenting on the numbers, group chief executive Milena Mondini de Focatiis said: “The group has once again delivered a solid performance and strong growth in the context of a challenging market, although we believe that the cycle is turning. In the first half of the year, profit was £234 million, turnover was up 21% to £2.2 billion, and our group customer base grew 4%.
“Inflation persists, but we have navigated the cycle well, maintaining pricing discipline and a focus on medium-term profitability. We recognise that these are challenging times for many people, and we are committed to being there for them when they need us the most, delivering good service and competitively priced products while also actively managing our costs.”
The insurer – whose UK motor business delivered a £298 million pre-tax profit; UK household, £9 million – announced an interim dividend of 51.0 pence per share. Meanwhile, based on the interim 2023 results, around 10,000 employees each receive free share awards worth up to £1,800 under Admiral’s employee share scheme.
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