Positive claims experience drives strong Admiral Group results

For positive, feel free to substitute the word 'reduced'!

Group Profit before Tax increased from £274.4m (6 months to 30th June 2020) to £482.2m (6 months to 30th June 2021).

Comment from Milena Mondini de Focatiis, Group Chief Executive Officer

“A good strategy is a plus; good execution is a must, especially in times of disruption. It’s been a half year of good execution for Admiral. By and large, we’ve done the right things more often and a bit earlier than most.

“This included adjusting pricing ahead of the market in the UK to reflect shifting pandemic-related claims trends and providing more self-service and digital options to our customers. These actions have rewarded us with double digit growth in policy numbers in the UK and in international insurance, whilst operating in very competitive markets.

“Another highlight of this half year is a notably higher level of profit - driven by positive development of prior years in our UK Motor book resulting in increased reserve releases and higher than usual profit commission, as well as lower levels of claims frequency. We also made progress against our long-term strategy, increasing adoption of advanced analytics models and planting new seeds for product diversification.

“I am delighted that we can once again pay a record dividend (which includes a part of the proceeds from the sale our comparison businesses) to our shareholders, including our staff who continued to work hard to provide great service to our customers. I would also like to thank all of our customers for their continued trust in us.”

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