The firm's group turnover witnessed a whopping 31% increase, escalating to £4.81 billion from £3.68 billion in 2022.
Despite the overall upward trend in financial performance, there was a slight downturn in the dividend per share, which decreased by 8% to 103.0p from 112.0p the year before. The previous year's special dividend of 45.0p per share, related to the disposal of Penguin Portals comparison entities, was not repeated in 2023.
Admiral Group also unveiled growth in several other critical financial indicators. Earnings per share rose by 17% to 111.2p, and the return on equity enhanced by 7 points to 36%.
The group's insurance revenue experienced an 18% uplift, reaching £3.49 billion, while the total customer count increased by 6% to 9.73 million.
The data also showed an 8% increase in Admiral Money's gross loan balances to £0.96 billion and a significant improvement in the solvency ratio to 200% post-dividend, up 20 points from the previous year.
The company is set to distribute free share awards valued at up to £3,600 to over 10,000 of its staff, acknowledging their contributions based on the stellar results of 2023.
Admiral group CEO Milena Mondini de Focatiis attributed this year's financial success to the strategic addition of over 500,000 new customers and enhanced loss ratios, reflecting the company's dedication to broadening and diversifying its portfolio.
“Our 30th anniversary is a good opportunity to remind ourselves of our growth story, from a Welsh startup to a £4.8 billion business serving nearly 10 million customers in five countries, driven by technical competence and continuous innovation across service, pricing, products, and distribution. Our core values of prioritising customers and people remain unchanged,” she said.
Group chair Mike Rogers commented on Admiral's adaptability and consistent performance, crediting the firm's financial prudence and strategic planning for its resilience in the face of inflationary pressures and market uncertainties.
“In my first year as chair, I've personally witnessed the group's exceptional ability to adapt, evolve, and consistently deliver results. This resilience is a testament to our deliberate financial discipline and strategic foresight,” he said. “In the face of high inflation, Admiral remained resolute in ensuring peace of mind for our colleagues, customers, and shareholders. We have confidence in our diversified portfolio, agile business model, and unwavering commitment to achieving optimal outcomes for our customers. These factors position us strongly for continued success.”
The company announced a proposal for a final dividend of 52.0 pence per share, maintaining the prior year's final dividend level. This dividend is composed of a 35.4 pence per share regular dividend and a 16.6 pence per share special dividend, set to be distributed on June 7, 2024. The proposed dividend dates are May 9, 2024, for the ex-dividend, and May 10, 2024, for the record date.
Admiral recently secured legal victory against a claim involving allegations of fundamental dishonesty.
