Business
Admiral Group plc results for the six months en...
Admiral Group plc results for the six months en....
About this update from Admiral Group Plc
[{"type":"text","content":"\n Admiral Group plc results for the six months ended 30 June 201914 August 20192019 Interim Results Highlights 30 June 201930 June 2018% change Group’s share of profit before tax*1£220 million£212 million+4%Group statutory profit before tax£218 million£211 million+4%Earnings per share63.0 pence61.6 pence+2% Interim dividend63.0p/per share60.0p/per share+5%Return on equity*147%54%-13% Group turnover*1£1.76 billion£1.66 billion+6%Group net revenue£0.65 billion£0.60 billion+8%Group customers*16.74 million6.23 million+8%UK Insurance customers*15.32 million5.07 million+5%International Car Insurance customers*11.36 million1.12 million+21% Group’s share of Comparison profit*1£7.4 million£3.5 million+111%Statutory Comparison profit£5.4 million£2.6 million+108% Solvency ratio (post dividend)190%196% *1Alternative Performance Measures – refer to the end of the report for definition and explanation.Around 10,000 staff receive free shares worth up to £1,800 under the employee share scheme based on the interim 2019 results.Comment from David Stevens, Group Chief Executive OfficerIf it’s a can’t-put-down, read-in-one-go page-turner that you’re after, then I’m afraid our half-year results don’t fit the bill. Frankly, they are a bit dull. Turnover up mid-single digits, profit up low-single digits. Hardly “hold the front page”.However, for dedicated aficionados who look behind the headlines, there’s some reward for reading on. Profit growth, even if modest, is more exciting considering the £33 million Ogden headwind. Low growth in UK Motor policy count reflects a consciously reduced competitiveness, as we price rationally in the face of any rising claims costs across the market as a whole.And potentially lost amidst the worthy tome that is the UK, there’s the racier continental novella that is the European insurance business which has delivered another profitable half year whilst adding a record 209,000 customers over the last year (and 125,000 over the last six months alone).Plus, there’s a chapter devoted to Admiral’s emerging Loans business – not the fully finished article, but an encouraging debut from a young talent. DividendThe Board has declared an interim dividend of 63.0 pence, representing a normal dividend...