Business
Half-year report
14 August 2025 2025 Interim Results Highlights Admiral Group reports excellent H1 2025 results Six months ended: 30 June 202530 June 2024% change vs. 2024Group profit before tax from continuing operations2£521.0m£307.6m+69%Earnings per share from continuing operations2132.5p76.9p+72% Interim dividend per share115.0p71.0p+62%Return on equity157%45%+12pts Group turnover1 2£3.10bn£3.10bn—%Insurance revenue2£2.47bn£2.09bn+18% Group customers1 211.42m10.38m+10%UK insurance customers19.30m8.23m+13%Eur
About this update from Admiral Group Plc
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","length":99,"tagName":"p"},{"type":"text","content":" 2 Re-presented on a continuing operations basis, to exclude the US Insurance result following the announcement of its planned sale. ","length":131,"tagName":"p"},{"type":"text","content":"Over 13,000 employees will each receive free share awards worth up to £1,800 under the employee share schemes based on the interim 2025 results.","length":144,"tagName":"p"},{"type":"text","content":" Comment from Milena Mondini de Focatiis, Group Chief Executive Officer: ","length":71,"tagName":"p"},{"type":"text","content":"“We have delivered another excellent first half with strong execution across all strategic objectives. Group profit increased 69 per cent to a record £521 million. We have an additional one million customers across our diversified businesses compared to this time last year, due to our focus on offering competitively priced cover and excellent service across our diversified businesses.","length":387,"tagName":"p"},{"type":"text","content":"“In the UK, car insurance prices have been falling for the last 18 months due to softer inflation. Our disciplined approach to pricing and growth means that we reported a great performance across the board. Our UK Motor business increased its profit by 56 per cent and the UK Household and Admiral Money businesses continued to grow, more than doubling their respective profit. In Europe, we saw good progress with growth in France and Italy close to restoring profitability.","length":475,"tagName":"p"},{"type":"text","content":"“In March, we said that our priority was to stay efficient and agile and we are continuously investing in our data and technological capabilities to future-proof our competitive advantage. We are enhancing the customer experience so we can help our 11 million customers safely back onto the road, back into their home or back from abroad faster than ever. I’m proud of our colleagues’ customer-centric approach which has resulted in an excellent Group net promoter score. I am also proud of the way that we are supporting customers’ transition to a lower carbon economy and boosting their resilience and preparedness for extreme weather.","length":637,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"“Our sustainability commitment is also reflected in our dedication to our people and society. I was pleased to see our AAA ESG score reaffirmed by MSCI and delighted that the UK business achieved Legendary status, having been recognised as a Great Place to Work for the 25th consecutive year.","length":292,"tagName":"p"},{"type":"text","content":"“I’m very excited to see our businesses go from strength to strength. I’m confident in our fundamentals and adaptability which mean that we are well-placed for further success, delivering even more value for our shareholders and our growing customer base.” Dividend ","length":266,"tagName":"p"},{"type":"text","content":"The Board has declared an interim dividend of 115.0 pence per share (2024 interim: 71.0 pence per share) representing a normal dividend (65% of post-tax profits) of 85.9 pence per share and a special dividend of 29.1 pence per share. The interim dividend will be paid on 3 October 2025. 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Observed claims frequency is flat in the period, but reduced H1 2025 versus H1 2024.","length":278,"tagName":"p"},{"type":"text","content":"As usual, the longer-term impacts of inflation on bodily injury claims remain uncertain. Admiral did not observe material changes in inflation for bodily injury claims settled to date, when compared to 2024. A prudent allowance is maintained in the best estimate reserves to reflect potential impacts of higher than historic levels of future cost of care wage inflation on certain elements of large bodily injury claims reserves.","length":434,"tagName":"p"},{"type":"text","content":"There is still uncertainty within motor claims across the market arising from inflation, and future developments relating to both tariff reforms, and regulatory developments. The Ogden discount rate of +0.5%, as announced in December 2024, has been used within the best estimate reserves.","length":298,"tagName":"p"},{"type":"text","content":"Admiral continues to hold a significant and prudent risk adjustment above best estimate reserves, with the UK Motor risk adjustment confidence level held at the 95th percentile (95th percentile at 31 December 2024; 93rd percentile at 30 June 2024). When setting the level of risk adjustment, due consideration has been given to the inherent uncertainty in bodily injury claims, the Group’s ongoing assessment of uncertainty arising from internal and external factors and continued releases seen in recent periods in the UK motor book. There has been no significant change in the volatility of the reserve risk distribution from which the percentile is selected since 2024.","length":682,"tagName":"p"},{"type":"text","content":"As reported in the 2024 financial statements, in line with the FCA’s multi-firm review into UK motor insurance total loss claims valuations, Admiral has conducted a review of its total loss and related processes, considering current practice and customer outcomes in the recent past. Primarily as a result of certain internal processes failing to respond swiftly enough to evolving external factors, including significant volatility in used car prices in recent years, the review has concluded that some action is required in respect of total loss settlements covering the period 2019 to 2024.","length":593,"tagName":"p"},{"type":"text","content":"The estimated incremental claims cost of this action to Admiral (excluding statutory interest) is approximately £50 million (around half of which has been accounted for in H1 2025, the remainder in the previous financial year). For context, the cost represents approximately 3% of motor total loss claims over the relevant period. Admiral expects to begin contacting impacted customers during H2 2025, and whilst noting uncertainty remains, does not expect the final cost of the action to vary materially from that noted above.","length":527,"tagName":"p"},{"type":"text","content":"The core motor loss ratio has increased to 59.7% (H1 2024: 59.2%) with offsetting movements in the current period loss ratio and prior year reserve releases, as follows:","length":169,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:308px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" Core Motor loss ratio 1 2 ","length":24,"tagName":"p","attribs":{}}]},{"style":"width:133px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Core motor loss ratio before releases ","length":37,"tagName":"p","attribs":{}}]},{"style":"width:114px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Impact of claims reserve releases ","length":33,"tagName":"p","attribs":{}}]},{"style":"width:104px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Core motor loss ratio ","length":21,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:308px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" H1 2024 ","length":7,"tagName":"p","attribs":{}}]},{"style":"width:133px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 75.3% ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:114px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" (16.1)% ","length":7,"tagName":"p","attribs":{}}]},{"style":"width:104px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 59.2% ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:308px;vertical-align:bottom;","val":[{"type":"text","content":"Change in current period loss ratio","length":35,"tagName":"p","attribs":{}}]},{"style":"width:133px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(3.0)%","length":6,"tagName":"p","attribs":{}}]},{"style":"width:114px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"—%","length":2,"tagName":"p","attribs":{}}]},{"style":"width:104px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(3.0)%","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:308px;vertical-align:bottom;","val":[{"type":"text","content":"Change in claims reserve release","length":32,"tagName":"p","attribs":{}}]},{"style":"width:133px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"—%","length":2,"tagName":"p","attribs":{}}]},{"st...