Admiral pays special dividend as UK motor insurance boosts H1 profit
Adds details throughout
LONDON, Aug 15 (Reuters) -British motor and home insurer Admiral ADML.L posted a forecast-beating 32% rise in pre-tax profit for the first half of the year on Thursday, led by strong UK motor performance, and said it would pay a special dividend.
Pre-tax profit came in at310 million pounds ($398.29 million), compared with an expected 304 million pounds, according to a company-supplied consensus poll.
Motor and home insurance premiums have risen in the past two years, with insurers blaming inflation and supply chain issues for an increase in the cost of claims, following the COVID-19 pandemic and the war in Ukraine.
However, Admiral said it had become more competitive on price, enabling it to grow its customer base by 12% to 10.5 million in the first half of the year. UK motor insurance customers grew by 15% to 5.5 million.
“We continue to evolve our core technical competences leveraging new data and technology," said Chief Executive Milena Mondini de Focatiis in a statement, adding that the insurer's focus included "enhancing our capabilities in AI application".
Admiral said it would pay an interim dividend of 71 pence per share, made up of a normal dividend of 51.3 pence and special dividend of 19.7 pence. The dividend was up 39% from a year ago and above a forecast 67.3 pence.
($1 = 0.7783 pounds)
Reporting by Carolyn Cohn, editing by Lawrence White
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