Admiral Group PLC on Wednesday reported half-year of growth, despite ‘continued challenging market conditions’.
Shares in the Cardiff-based insurer were up 7.0% to 2,367.00 pence each in London early Wednesday. It was the best FTSE 100 performer.
In the first half of 2023, insurance revenue climbed 14% to £1.61 billion from £1.41 billion a year before. Turnover rose 21% to £2.24 billion from £1.85 billion.
Pretax profit rose by 4.1% to £233.9 million from £224.6 million.
Despite the improved performance, Admiral cut its interim dividend to 51.0 pence per share from 60.0p the year before.
Looking ahead, Admiral said it continues to closely review its position in response to ongoing financial market volatility and wider economic uncertainty. It added that it continues to manage these challenges ‘with a disciplined, long-term approach to pricing, growth and development; and by maintaining a prudent reserving approach to claims.’
Chief Executive Milena Mondini de Focatiis said: ‘Inflation persists, but we have navigated the cycle well, maintaining pricing discipline and a focus on medium-term profitability. We recognise that these are challenging times for many people and we are committed to being there for them when they need us the most, delivering good service and competitively priced products while also actively managing our costs.’
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