CARDIFF (dpa-AFX) - Car insurance provider Admiral Group Plc (ADM.L) reported that profit before tax for the year ended 31 December 2018 rose to 476.2 million pounds from 403.5 million pounds last year.
Profit after tax attributable to equity holders of the parent was 395.1 million pounds up from 334.2 million pounds last year.
Earnings per share increased by 17% to 137.1 pence, reflecting the increase in the Group profit as a result of the change in Ogden assumption noted above. Excluding this change, earnings per share would have been 118.2 pence per share, 1% higher than 2017.
The Group's share of pre-tax profit increased by 18% to 479.3 million pounds, favourably impacted by the change in Ogden rate (assumed 0%). Earnings per share and return on equity both increased, by 17% to 137.1 pence (1% increase to 118.2 pence excluding Ogden impact) and one percentage point respectively.
Turnover increasing by 11% to 3.28 billion pounds. Customer numbers increased strongly by 14% to 6.5 million.
Net revenue was 1.26 billion pounds compared to 1.13 billion pounds in the prior year.
The Directors have proposed a final dividend of 66.0 pence per share (2017: 58.0 pence per share) representing a normal dividend of 49.1 pence per share and a special dividend of 16.9 pence per share. 11 pence per share of the final dividend is related to the Odgen profit benefit. The dividend will be paid on 31 May 2019. The ex-dividend date is 9 May 2019 and the record date is 10 May 2019.
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