Car insurance to loans group Admiral post record revenues and profits

Wales’ only FTSE 100 company, Admiral, has reported record revenues and profits with more than 13,000 staff being rewarded with free shares worth £3,600. In a record year for the company, which employs around 8,000 people in south Wales, 2024 saw its revenues climb from 28% to £6.15bn, with its profit before tax up 90% on a year earlier to £839.2m.

The car insurance to loans group, which also provides home and pet insurance and also has car insurance ventures in Italy, France, Spain, and the US, grew its customers 14% to 11.1m and in its main UK marketplace by 19% to 8.8m – although its number of international insurance customers fell by 3% to 2.1m.

The strong financial performance-related share payout to staff is the maximum allowed.

Off the back of its bumper financial numbers Admiral’s board proposed a final dividend of 121.0p per share bringing the total for the year to 192.0p – an 86% increase from 2023. The final dividend, which included a normal dividend of 91.4p and a special dividend of 29.

6p, will be paid on June 13.

The star performer within the group’s international division was US arm Elephant Auto, which swung from a loss of £20m to a profit of £14m due to a “much better loss ratio and a very solid expense outcome. ”However, its Italian business, ConTe recorded a loss of £22.8m. The company said this was down to claims inflation and “some adverse experience, notably from some business written in 2023.”

Overall Admiral’s international insurance businesses posted loss before tax of £5.3m.

Admiral also said it had largely completed the integration of More Than brand, which it acquired from RSA in March 2024. The results contained £11.9m of integration costs in relation to the acquired business.

Admiral’s Naple born chief executive Milena Mondini de Focatiss, said “2024 was a remarkable year. We delivered an excellent result with a 28% increase in turnover and 90% increase in profit as we welcomed an additional 1.4m customers to the group.

“The main driver of our exceptional performance was our UK Motor business. However, it was great to see UK Household, Admiral Money, and our French and US Motor businesses all report a double-digit profit.

“We were excited to be building on the synergies within our businesses and products. We recognised that there was more that we could do to meet even more of the needs of our growing customer base. We continued to focus on being a great choice for customers by leveraging our expertise in pricing, claims management and underwriting, and making continuous improvements in our service.

"Thanks to our incredible colleagues, we achieved so much this year and rewarded them with an additional bonus for their commitment.

“As we entered into 2025, the market softened, and the outlook remained uncertain. Our priority was to stay efficient and agile so that we could adapt as needed and deliver long-term growth by building on our strong foundations and talented team.”

The strong financial performance related free share allocation to staff is the maximum allowed. Chairman Mike Rogers said:“Admiral has had an excellent year, demonstrating, once again, how its unwavering focus on doing the right thing for customers can deliver growth and long-term value to all its stakeholders.

“Admiral is now helping even more people to look after their future with its wider range of products. The group’s commitment to continuous evolution and innovation means that it is using new technologies to better anticipate and meet customers’ needs and achieve greater efficiencies in how it operates.

“Although inflation has eased, political, regulatory and economic uncertainty remains. Admiral’s prudent and disciplined approach will be key to ensuring that the Group continues to achieve long-term sustainable growth and can be there for its customers, colleagues and communities when they need it the most.”

Admiral Money during the year increased gross loan balances by 23% to £1.17bn.