- UK broker businesses are growing increasingly concerned about Brexit uncertainty and the economic climate-but won’t let this affect their plans for growth according to Aviva’s latest Broker Barometer survey
- Insurance Europe publishes update to its online consumer focus tool, which outlines examples of the work undertaken by Europe’s insurers to provide innovative products and services for consumers
- Standard & Poor's says European insurers well-placed to withstand economic uncertainty
- AXA XL integration plan could potentially result in reduction of 711 positions in Europe
- IUA says people using driverless cars should still not take their eyes off the road if they could be expected to take over the vehicle at short notice in an emergency
- Pool Re welcomes new legislation to allow coverage of losses incurred if a business cannot trade or is prevented from accessing its premises in the wake of a terrorist attack
- Honcho poses a threat to UK price comparison aggregators with its digital, time-saving approach aimed at appealing to millennials, says GlobalData expired
- Majesco announces the release of "Strategic Priorities 2019: Accelerating the Paths to the Future of Insurance" based on its fourth annual survey of insurers across all sizes and lines of business expired
- RMS announces new managing director of Continental Europe expired
- CNA Financial reports net loss of $84m for fourth quarter but "significant progress in 2018" says CEO Robusto expired
- Arch Capital net income down in fourth quarter expired
- Argo reports growth up and combined ratio down expired
15th August 2018
Admiral produces strong interim result and growth all round
Admiral has published interim results-highlights are: 30 )
-Group statutory profit before tax £211m(+9%)
-Earnings per share 61.6 pence(+8%)
-Interim dividend 60.0p/per share(+7)
-Return on equity 54%(-2%)
-Group turnover £1.66bn(+14%
-Group net revenue £0.60bn(+9%)
-Group customers 6.23 million(+14%)
-UK Insurance customers 5.07 million(+17%)
-International Car Insurance customers 1.12 million(+17%)
-Group's share of Price Comparison profit £3.5m(+13%)
Statutory Price Comparison profit £2.6m(+8%)
-Solvency ratio(post dividend) 196%(214%)
Over 10,000 staff each receive free shares worth £1,800 under the employee share scheme based on the interim 2018 results.
David Stevens, Group ceo, comments ‘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."
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.
Admiral Trends (132 articles)