Admiral reports record year

Admiral reports record year

The group, which also has offices in Swansea and Newport, saw a 12% rise in UK insurance customers to 4.62 million and, as a result, over 9,600 staff at Admiral have been handed a shares windfall worth £3,600.

The announcement signals a recovery for the firm, which saw profits fall by a quarter in 2016 after the Government's decision to change the way personal injury claims are calculated.

Changes in the Ogden calculation, which is used to determine future losses in injury claims, meant the insurance giant took a £150m hit in 2016.

UK car insurance premiums rose 12% to £2bn, boosted by price increases following the Ogden calculation change, although rates were reduced towards the end of the year.

David Stevens, group chief executive officer, said: “It’s 25 years since the launch of Admiral.  2016 was only the second year we’d ever reported a year on year fall in profits. So it’s great to be back in the groove, with a 23rd year of “record profits”.

“Beyond the pure financials, there’s also a lot going on that helps build the longer-term prosperity of the Group – notably our investment in widening our product range (van, travel, loans in 2017) in a way that helps us attract more customers, and understand and serve better both new & existing customers.

“Whilst lots of things have changed, some things have remained the same, including the importance we attach to our staff’s well-being.

“After 17 years of featuring highly as one of the Best Places To Work in the UK, and 15 years in the European rankings, 2017 saw us make it onto the “Best Places in the World” rankings, coming a creditable 23rd.”

Admiral also announced the appointment of Andy Crossley as an independent non-executive director and member of the Audit Committee with effect from 27 February 2018.

Andy has 31 years’ experience within the financial services sector, most recently as chief financial officer at Domestic & General Group from 2014 to 2017.

He spent 14 years at Prudential Plc as director, group finance; group chief risk officer; and CFO and deputy chief executive of Prudential UK.

He previously held senior management roles at Legal & General Group Plc, where he was group financial controller, and Lloyds Bank Plc.

Annette Court, Admiral Group chairman, said of the appointment: “I am delighted to welcome Andy to the Admiral Board. Andy brings extensive knowledge and experience of the financial services sector which will complement and enhance the range of skills we currently have on the Board.

“I’d also like to take this opportunity to congratulate David Stevens on being awarded ‘Best Leader’ by the Sunday Times for the second year running.”

Published: 01 March 2018

Article by Chris Middleton
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