Admiral celebrates ‘remarkable’ 2024 with 90% uptick in group profit before tax

Admiral Group has recorded group-wide profit before tax of £839.2m in the 12 months to 31 December 2024, demonstrating a “remarkable” 90% uptick on the £442.8m figure that the insurer generated in 2023.

These numbers were published within Admiral’s 2024 full-year financial results, published today (6 March 2025).

Alongside its improved year-on-year profit before tax, Admiral has also boosted its insurance revenue by 37% between December 2023 and December 2024 – this has grown from £3.49bn to £4.78bn. This revenue increase has been driven by a 19% uptick in the insurer’s UK insurance customers, which stood at 8.8 million for 2024, compared to 2023’s 7.4 million.

In comparison, Admiral’s international insurance customer base fell by 3% year-on-year, amounting to 2.1 million.

Group turnover, meanwhile, increased by 28% year-on-year to reach £6.15bn, versus 2023’s £4.81bn.

Based on these full-year results, Admiral confirmed that around 13,000 employees will each receive free share awards worth up to £3,600 under its employee share schemes.

In the UK, Admiral operates nine brands. This includes primary personal lines insurer Admiral, tradespeople focused insurance brand Admiral Business, personal loan business Admiral Money, telematics provider Bell, female targeted insurer Diamond, car cover provider Elephant, commercial vehicle insurance broker Gladiator, venture building business Admiral Pioneer and pay-as-you-go car insurer Veygo.

It also has operations in France, Italy, Spain and the US.

Remaining competitive

Admiral’s group chief executive, Milena Mondini de Focatiis, explained that “the main driver of our exceptional performance” in 2024 “was our UK motor business” – however, the insurer’s “UK household, Admiral Money and French and US motor businesses” also recorded “double digit profit”.

She continued: “2024 was a remarkable year. We delivered an excellent result with a 28% increase in turnover and 90% increase in profit as we welcomed an additional 1.4 million customers to the group.

“To remain one of the most competitive insurers for the largest number of people is a priority for us.

“We have emerged from several rather challenging years, so when we saw conditions improve, we were quick to respond. We were one of the first to reduce prices in response to easing inflation and cut rates the day after the favourable Ogden rate change announcement.

“We are excited to be building on the synergies within our businesses and products.

“We recognise there is more that we can do to meet even more of the needs of our growing customer base. We continue to focus on being a great choice for customers by leveraging our expertise in pricing, claims management and underwriting and making continuous improvements in our service.”

The year ahead

Mondini de Focatiis acknowledged that Admiral cannot rest on its laurels as the market moves into 2025 due to softening rate conditions.

She explained that Admiral would therefore be focused on being “efficient and agile” this year.

She continued: “As we enter into 2025, the market is softening, and the outlook is uncertain. Our priority is to stay efficient and agile so that we can adapt as needed and deliver long-term growth by building on our strong foundations and talented team.”

Mike Rogers, chair at Admiral Group, added: “Although inflation has eased, political, regulatory and economic uncertainty remains.

“Admiral’s prudent and disciplined approach will be key to ensuring that the group continues to achieve long-term sustainable growth and can be there for its customers, colleagues and communities when they need it the most.”