Admiral Group PLC on Thursday said that it sped up its UK diversification last year as it reported profit growth, while it looks to the future with optimism.

The Cardiff-based financial services company said pretax profit jumped 23% to £442.8 million in 2023 from £361.2 million in 2022. Earnings per share improved 17% to 111.2 pence from 95.4p.

Revenue surged 31% to £4.81 billion from £3.68 billion. Notably, Admiral’s UK insurance business recorded a 17% profit increase to £596.5 million from £509.7 million.

Further, net interest income jumped 48% to £68.1 million from £46.1 million.

Chair Mike Rogers said: ‘In the face of high inflation, Admiral remained resolute in ensuring peace of mind for our colleagues, customers, and shareholders. We have confidence in our diversified portfolio, agile business model, and unwavering commitment to achieving optimal outcomes for our customers. These factors position us strongly for continued success.’

Admiral maintained its final dividend at 52.0p per share. This brings the total dividend for 2023 to 103.0p, down 8.0% from 112.0p a year prior.

Chief Executive Officer Milena Mondini de Focatiis said: ‘In 2023, we accelerated our UK diversification. We announced the intention to acquire the renewal rights for Royal & Sun Alliance Insurance Ltd’s pet and home insurance businesses, improved results in all our main lines of business, and achieved double-digit growth in our electric vehicle book, supporting customers in transitioning to green mobility.’

Looking ahead, she said: ‘Despite global uncertainties, our outlook is positive, benefitting from improved market conditions and a strengthened position, thanks to the discipline we maintained in the last year.’

Admiral shares fell 1.0% to 2,638.00p each on Thursday afternoon in London.

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