Admiral Group plc (ADM) Q2 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good. Welcome. Welcome everybody to the half-year presentation of Admiral H1 2023. Very pleased to say that despite the challenging market condition, we deliver another period of solid performance, great service to our customer, to more customers, and good outcome for our shareholders as well, despite the high inflationary environment. So thank you for joining us. As usual, I will start with the key highlights. Geraint will follow up with more detail on our key financial metrics. Cristina will explain us how we navigated this extreme cycle and will provide more detail on household and market trends. Constantino will tell us how we strengthened our position overseas. And then I will come back to share some exciting progress on our lending business and our strategy. So... Well, these are pictures from top 10. This is our most iconic event in which we celebrate our colleagues that go above and beyond for our customer and our shareholders. So let me start by thanking those that were really behind the achievements that we are about to present. Speaking of which, in the last year, our turnover grew by more than 20%. This was mainly driven by price increase to respond to the high inflation. Our customer around the group overall were up 4% and it was driven by Europe and new product. And this grow more than compensated the reduction in active policy base in UK motor insurance. Our profit under the new accounting standard IFRS 17 were $234 million. this figure is higher than last reporting period, and it's also higher than H1 2022, restated under IFRS 17, but it's lower versus H1 2022 under IFRS 4. And I think overall, this is a solid combination of results, and it's nice to observe that this was also a true team effort, as all our mature business contributed both to turnover...