CARDIFF (dpa-AFX) - Admiral Group PLC (ADM.L), on Thursday, reported a strong first half of 2025, with profit before tax from continuing operations soaring 69% year-over-year to £521 million, up from £307.6 million in H1 2024. The sharp increase was fueled by strong underwriting profitability in UK Motor Insurance and continued growth across Household and Admiral Money segments.
Earnings per share from continuing operations rose 72% to 132.5 pence, compared to 76.9 pence a year earlier.
Group turnover remained flat at £3.10 billion, but insurance revenue climbed 18% to £2.47 billion. Customer growth was robust, with total group customers rising 10% to 11.42 million, including a 13% increase in UK insurance customers. European customer numbers declined 3% due to portfolio adjustments in Italy.
Operational efficiency improved across the board. The Group's combined ratio fell to 77.7% from 79.8%, while the expense ratio dropped 2.5 points to 20.3%. Return on equity climbed to 57%, up 12 points from last year.
The Group's US motor insurance business, Elephant, is being sold to J.C. Flowers & Co., with the transaction expected to close in Q4 2025. Elephant's results are now reported as discontinued operations.
The Board declared an interim dividend of 115.0 pence per share, 62% higher than the 71.0 pence paid in H1 2024, reflecting a payout ratio of 88%. The interim dividend will be paid on 3 October 2025, with an ex-dividend date of 4 September and record date of 5 September.
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