Keeping track of all the recent insurance earnings announcements has been quite the arduous task – so much so that we decided to do it for you by collating all of the earnings reports in one place, which you can read here
However, today you can add a new set of results to the list as Admiral
Group revealed its own figures – the first since the arrival of chief executive David Stevens, who took the hotseat in May.
The results saw Admiral
push up its first half dividend by 23% thanks to a strong solvency ratio that has made it possible to return £33 million to its shareholders.
At the heart of the company’s growth have been rising insurance prices, particularly related to car insurance. Speaking to The Financial Times
, Stevens commented that the company has benefitted from “an increasingly rational motor market with evidence of a move towards a less violent cycle.”
Overall, first half turnover in the UK car insurance business leapt by 16%: although profit growth was more limited at 2%.
Meanwhile, the group’s price comparison website Confused.com enjoyed a surge in profits. Its profits doubled – but this was offset by losses from its US operation.
Overall, Stevens was thrilled with the results noting that the company had risen 57% against a flat performance from the FTSE 350 non-life insurance index.
“What a great time to take on the stewardship of Admiral
,” he told The Financial Times
. “The last six months have shown the enduring, and indeed increasing, strength of the UK business and has seen a step change upwards in growth from our developing international businesses.”
Insurance earnings reports: all in one place