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    ADM   GB00B02J6398

ADMIRAL GROUP PLC

(ADM)
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Admiral : UK car insurance premiums in Q2 drop to over 5-year lows - survey

07/20/2021 | 07:19pm EDT
Vehicles sitting in traffic approach the Blackwall Tunnel in London

(Reuters) - The cost of a comprehensive car insurance policy in Britain fell 12% in the second quarter to its lowest level since early 2016 due to COVID-19 lockdowns, although it might rebound to pre-pandemic levels as restrictions ease, a survey showed on Wednesday.

UK motorists now have to pay 522 pounds ($709.45) on average, according to the latest index from price comparison site Confused.com in association with insurance broker Willis Towers Watson.

The fall was the second-biggest annual drop since 2014, and car insurance premiums have now fallen for three consecutive quarters. However, they could start rising as most restrictions on movement have been lifted in Britain.

Even without the pandemic, regulatory reforms across the sector are creating pricing pressures, said Graham Wright, the UK lead of P&C personal lines pricing at Willis Towers Watson.

Britain's financial regulator in May said it would move to protect consumers from so-called loyalty penalties in motor and home insurance, potentially saving an estimated 4.2 billion pounds ($5.95 billion) over 10 years.

"With so many challenges in play at the same time, the personal lines industry is braced for one of the most turbulent times in its history," Wright said.

West Central London remains the most expensive place in the UK to buy car insurance, with an average premium of 981 pounds according to the survey, while Llandrindod Wells in Wales offers the cheapest ones at an average of 319 pounds.

($1 = 0.7358 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Ramakrishnan M.)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADMIRAL GROUP PLC 0.37% 3524 Delayed Quote.21.27%
DIRECT LINE INSURANCE GROUP PLC -0.16% 304 Delayed Quote.-4.70%
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Analyst Recommendations on ADMIRAL GROUP PLC
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Financials
Sales 2021 804 M 1 105 M 1 105 M
Net income 2021 1 020 M 1 402 M 1 402 M
Net Debt 2021 175 M 241 M 241 M
P/E ratio 2021 10,1x
Yield 2021 8,54%
Capitalization 10 263 M 14 116 M 14 100 M
EV / Sales 2021 13,0x
EV / Sales 2022 12,1x
Nbr of Employees 11 445
Free-Float 70,2%
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Admiral Group plc Technical Analysis Chart | ADM | GB00B02J6398 | MarketScreener
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Mean consensus UNDERPERFORM
Number of Analysts 17
Last Close Price 3 524,00 GBX
Average target price 2 854,17 GBX
Spread / Average Target -19,0%
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Managers and Directors
Milena Mondini de Focatiis Chief Executive Officer & Executive Director
Geraint Allan Jones Chief Financial Officer & Executive Director
Annette Elizabeth Court Non-Executive Chairman
Charlotte Bennett Head-Information Technology
Matt Wintle Chief Information Officer
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