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Results are in for Admiral and Confused.com

Results are in for Admiral and Confused.com | Insurance Business

Results are in for Admiral and Confused.com
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.”

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Insurance earnings reports: all in one place