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(Alliance News) - Admiral Group PLC on Wednesday lifted its dividend and declared a special payout after a jump in profit in the first half of 2021.
The Cardiff-based company - which sells home and car insurance and personal loans - reported GBP791.3 million net revenue in the six months ended June 30, up 29% year-on-year from GBP612.0 million.
Pretax profit from continuing operations surged 76% to GBP482.2 million in the first half from GBP274.4 million.
Last month, Admiral guided first-half pretax profit between GBP450 million and GBP500 million.
Shares were up 1.7% to 3,507.68 pence in London on Wednesday morning.
Admiral declared an interim dividend of 115.0p per share, plus a 46.0p per share "first special dividend" relating to the GBP450 million sale of its price comparison businesses, Penguin Portals Group and Preminen Price Comparison Holdings Ltd Group, which completed in April.
Last year, Admiral paid an interim dividend of 70.5p per share.
Profit was driven by developments in Admiral's motor insurance book, meaning it could release more cash reserves and profit commissions were higher than usual. The number of claims was low as road travel fell during lockdown. While better weather meant there were fewer home insurance claims.
Chief Executive Milena Mondini de Focatiis said: "It's been a half year of good execution for Admiral. By and large, we've done the right things more often and a bit earlier than most.
"This included adjusting pricing ahead of the market in the UK to reflect shifting pandemic-related claims trends and providing more self-service and digital options to our customers. These actions have rewarded us with double digit growth in policy numbers in the UK and in international insurance, whilst operating in very competitive markets."
By Ivan Edwards; ivanedwards@alliancenews.com
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