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Admiral Group Plc European insurers delivered overall profitability

Admiral Group Plc (LON:ADM), today announced results for the six months ended 30 June 2018.

30 June 2018 30 June 2017 % change
Group’s share of profit before tax*1 £212 million £195 million +9%
Group statutory profit before tax £211 million £193 million +9%
Earnings per share 61.6 pence 57.3 pence +8%
Interim dividend 60.0 p/per share 56.0p/per share +7%
Return on equity*1 54% 55% -2%
Group turnover*1 £1.66 billion £1.45 billion +14%
Group net revenue £0.60 billion £0.55 billion +9%
Group customers*1 6.23 million 5.46 million +14%
UK Insurance Customers*1 5.07 million 4.34 million +17%
International Car Insurance customers*1 1.12 million 0.96 million +17%
Group’s share of Price Comparison profit*1 £3.5 million £3.1 million +13%
Statutory Price Comparison profit £2.6 million £2.4 million +8%
Solvency ratio (post dividend) 196% 214%

Comment from David Stevens, Group Chief Executive Officer of Admiral Group:
‘Zut alors! Nos opérations européennes sont rentables! Or probably more accurately, given that over half of our European customers are Italian – le nostre compagnie Europee sono in profitto! Moreover, the European insurers delivered overall profitability whilst growing the business by almost a fifth in a year.

But that’s not the only important milestone in the first half, which was characterised by substantial growth across almost all our businesses.

Most importantly, the core UK car insurance business continues to grow both in terms of profit and customer numbers. Early in 2018 we passed the four million mark for cars on cover – the car that hit the milestone was a Peugeot 108; our first 25 years ago was an Isuzu Piazza.

All of this is underpinned by our strong culture and hard-working, customer-focused staff, and we are proud to have been named the 3rd Best Company to Work For in the UK, as well as the 10th Best Workplace in Europe and 3rd in Italy.’

Dividend
The Directors have declared an interim dividend of 60.0 pence, representing a normal dividend of 40.8 pence per share and a special dividend of 19.2 pence per share. The dividend will be paid on 5 October 2018. The ex-dividend date is 6 September 2018 and the record date is 7 September 2018.