Business
Admiral Group PLC : Results for the year ended ...
Admiral Group PLC : Results for the year ended ....
About this update from Admiral Group Plc
[{"type":"text","content":"\n Admiral Group PLC : Results for the year ended 31 December 20168 March 2017Admiral Group plc announces another year of strong growth and profit before tax of £284 million for the year to 31 December 20162016 Preliminary Results Highlights 20162015% change Group's share of profit before tax - pre Ogden*1 £389.7 million £376.8 million +3% Group's share of profit before tax - post Ogden*1 £284.3 million £376.8 million -25% Group statutory profit before tax £278.4 million £368.7 million -24% Earnings per share - pre Ogden 109.6 pence 107.3 pence +2% Earnings per share - post Ogden 78.7 pence 107.3 pence -27% Full year dividend 114.4 pence 114.4 pence 0% Return on equity*1 37% 49% -24% Group turnover*1 £2.58 billion £2.12 billion +22% Group net revenue £1.02 billion £0.90 billion +13% Group customers*1 5.15 million 4.43 million +16% UK insurance customers*1 4.12 million 3.61 million +14% International car insurance customers*1 864,200 673,000 +28% Group's share of price comparison profit*1 £2.7 million profit £7.2 million loss Statutory price comparison result £2.9 million loss £15.5 million loss Solvency ratio (post dividend)*2 212% 206% +3% Almost 9,000 staff each receive free shares worth a total of £3,600 under the employee share scheme based on the full year 2016 results*1Alternative Performance Measures- refer to the end of the report for definition and explanation. *2Refer to capital structure and financial position section later in the report for further information.Comment from David Stevens, Group Chief Executive Officer\"My first full year as CEO, and after 25 years of almost uninterrupted profit growth under my predecessor, profits are down a quarter! Not exactly a flying start!On the other hand our ability to grow our businesses rapidly, both in the UK and overseas, and to absorb the shock of an eccentric government decision on discount rates while delivering a 37% return on equity and again paying a substantial dividend is a tribute to the health of the business and resilience of our model.I am also delighted that for a record 17th year in a...