Thousands of Admiral employees to get shares as profit and revenue soars

Thousands of Admiral employees will receive free share awards after the insurer boosted its profit and revenue during the first half of 2024.

In a trading update published today (15 August 2024), the insurer said that it secured £309.8m in profit before tax for the six months to 30 June, up from £233.9m during the same period last year.

Year-on-year turnover, meanwhile, rose 43% to £3.21bn in H1 2024.

These figures were driven by an increase in customers, with policyholders in the UK rising 17% year-on-year to 8.23 million.

In total, the insurer now has more than 10 million customers across the group.

Based on these results, Admiral said that over 12,500 employees will each receive free share awards worth up to £1,800 under the employee share scheme.

Competitive

Milena Mondini de Focatiis, group chief executive officer, said that Admiral was able to be more competitive in H1 2024 due to the insurer’s “earlier pricing response to inflation in previous years”.

She added the firm currently had a “record 5.5 million vehicles on cover in the UK and nearly half a million more customers across other product lines in the UK”.

“We continue to evolve our core technical competences leveraging new data and technology,” de Focatiis said.

“Looking ahead, we remain well-positioned for continued success.

“As always, I am particularly proud of our people and hearing how they have been there for our customers. Because of their hard work, they have been an instrumental part of our financial strength and our success so far.”