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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Admiral Group plc    ADM   GB00B02J6398

ADMIRAL GROUP PLC

(ADM)
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Lower motor claims in lockdown lift Admiral's profit, dividend

08/12/2020 | 04:24am EST

Lower motor insurance claims during Britain's coronavirus lockdown helped Admiral record a 31% jump in first-half profit as it reinstated a special dividend, lifting its shares.

Admiral's positive results were similar to those from Britain's biggest car insurer Direct Line, which last week beat half-year profit forecasts and hiked its interim dividend due to a drastic drop in claims.

"Lockdown restrictions ... resulted in significantly lower motor insurance claims frequency as customers stayed at home and fewer miles were driven," Admiral said in a statement, adding that its customer numbers had risen 6% to 7.2 million.

Shares in the British insurance group were up by 7% at 0728 GMT, topping the FTSE 100 leaderboard.

"Overall a strong first half," JP Morgan analysts wrote after Admiral said declared an interim dividend of 70.5 pence, made up of a normal dividend of 55.0 pence per share and a special dividend of 15.5 pence per share.

The company said a deferred special dividend from the full year 2019 results of 20.7 pence per share will be paid alongside the 2020 interim dividend on October 2.

Admiral, which in April suspended its special dividend due to the coronavirus crisis, said its statutory pretax profit rose to 286.1 million pounds ($373 million), beating a 233.2 million pounds consensus estimate in a poll of analyst forecasts.

It said its combined ratio, the main gauge of an insurer's profitability, strengthened to 83% from 92.3% a year earlier. A ratio below 100% indicates that premiums earned exceeded claims.

(Reporting by Muvija M in Bengaluru and Carolyn Cohn in London; Editing by Ramakrishnan M. and Alexander Smith)

By Muvija M


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ADMIRAL GROUP PLC -0.81% 2921 Delayed Quote.1.34%
DIRECT LINE INSURANCE GROUP PLC -0.79% 313.5 Delayed Quote.-1.00%
MSCI UNITED KINGDOM (STRD, UHD) -0.78% 1061.025 Real-time Quote.3.72%
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More news
Financials
Sales 2020 679 M 924 M 924 M
Net income 2020 442 M 602 M 602 M
Net Debt 2020 234 M 319 M 319 M
P/E ratio 2020 19,9x
Yield 2020 4,95%
Capitalization 8 478 M 11 574 M 11 542 M
EV / Sales 2020 12,8x
EV / Sales 2021 11,2x
Nbr of Employees 11 246
Free-Float 65,3%
Chart ADMIRAL GROUP PLC
Duration : Period :
Admiral Group plc Technical Analysis Chart | ADM | GB00B02J6398 | MarketScreener
Technical analysis trends ADMIRAL GROUP PLC
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 15
Average target price 2 440,46 GBX
Last Close Price 2 945,00 GBX
Spread / Highest target 1,87%
Spread / Average Target -17,1%
Spread / Lowest Target -42,1%
EPS Revisions
Managers and Directors
NameTitle
Milena Mondini de Focatiis Chief Executive Officer
Annette Elizabeth Court Non-Executive Chairman
Geraint Allan Jones Chief Financial Officer & Executive Director
Charlotte Bennett Head-Information Technology
Matt Wintle Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
ADMIRAL GROUP PLC1.34%11 574
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PICC PROPERTY AND CASUALTY COMPANY LIMITED1.87%17 159
TRYG A/S5.36%9 959
PORTO SEGURO S.A.0.76%2 876
QUÁLITAS CONTROLADORA, S.A.B. DE C.V.4.17%2 250