Admiral Group plc (ADM) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

To Admiral 2024, half-year results. It's another year of strong results combined with sustained growth, increased margins and continuous progress against our strategic objectives. I start with the key highlights, followed by Geraint, Cristina and Constantino, who will tell us more about the key financials. UK insurance and international business respectively. Scott, Admiral Money's CEO, is also in the audience if you want to grab him after the presentation and ask a question on our lending business that had another very strong semester. So last year we celebrated our 30 years anniversary. So soon we'll be celebrating our 20 years anniversary on London Stock Exchange. It has been a story of profitable growth with 10 times the number of customers and 5.6 billion of dividends shared with our shareholders since floating. And this is a story underpinned by a mix of technical competence, agility, but most of all, a unique culture. Six months ago, we anticipated to be in a good position to capture more market share and margins. Today, we report 43% growth in turnover and 32% in pre-tax profits. Customer number increased 12% year on year to an eight digit figures of 10.5 million. UK motor insurance is the main driver of both these achievements, leveraging on a stronger and earlier response than market to inflation. We've also improved results in international business, but with a different mix than previous years. Beyond motor, we're continuing to build on a strong momentum and growing contribution to the bottom line. We made good progress on our strategic agenda too. We're strongly capitalized with a solvency ratio of 198%. And looking ahead, we continue to be in a good position in a softening market with inflation still elevated, but reducing. As already mentioned, UK moto...