19th Aug 2015 06:21
LONDON (Alliance News) - Admiral Group PLC on Wednesday reported a slight fall in pretax profit in the first half, but said it had a "very solid" showing in the UK, where results were helped by positive claims cost developments and small price increases in that key car insurance market.
The car insurer said it made a GBP181.7 million pretax profit in the six months to the end of June, slightly down on the GBP183.3 million reported in the corresponding period the prior year. Excluding minority interests, pretax profit was up 1% to GBP186.1 million.
UK car insurance profit increased by 6% to GBP219.2 million, mainly due to higher reserve releases, while its international car insurance loss narrowed to GBP11.2 million from GBP15.5 million. Admiral said its price comparison business swung to a loss of GBP4.0 million from a profit of GBP5.9 million, due to higher investment in compare.com and lower profit from Confused.com.
The insurer increased its interim dividend per share to 51.0 pence from 49.4p, while earnings per shares increased by 4% to 54.8 pence.
Chief Executive Henry Engelhardt, who is spending his last 12 months in the role after giving notice in May, said it was a good first half.
"A good start to a challenging year. Profits are up, customer numbers are up, earnings per share is up, the dividend is up...you might say it was a pretty 'up' first half!" Engelhardt said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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