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Grant given to profitable insurer raises eyebrows

Grant given to profitable insurer raises eyebrows

Grant given to profitable insurer raises eyebrows Last month we told you about that £668,500 grant insurance provider Admiral received from the Welsh government. While the grant creates almost 200 jobs, it has drawn criticism.

Describing Admiral as a company that earns a substantial amount on a yearly basis, University of South Wales Professor Dylan Jones Evans said it was hard to believe that taxpayers’ money went to the insurer. According to the BBC, Admiral – the only company from Wales listed on FTSE – has made £193 million this year.

“You have to question whether it’s sensible use of public money to invest in a company which is hugely successful – a £1 billion plus turnover, (it’s) very, very profitable,” said Plaid Cymru AM Adam Price, as quoted by the report.

As for the Welsh government, it sees Admiral as an important success story. A spokesperson was quoted as saying, “We make no apology for supporting the creation of nearly 200 jobs in Wales which help those entering and re-entering the employment market.”

With Admiral venturing into the personal lending market, 193 customer service and sales jobs have opened up. In Wales alone, the insurer employs more than 6,000 people.


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