Insurance giant Admiral has reported an 18 per cent fall in profit before tax, reaching £429.2m in the first half of the year. This decline was primarily due to lower earned premiums within its UK car business, while turnover remained flat at £3.11bn.
Milena Mondini, group chief executive, told City AM that the market experienced softness in late 2024 and 2025, leading the insurer to increase prices at the start of this year to address claims inflation. She anticipates these price adjustments will yield positive results in the second half of the year.
Despite challenges in its UK motor division, Admiral's European business moved to a profit of £17.2m, an increase from a £0.6m loss in the previous year. The company also saw a 27 per cent rise in its electric vehicle (EV) insurance book and increased demand for its EV ownership subscription service. Customer numbers across the group grew by 5 per cent, exceeding 12 million for the first time.
Admiral shares rose 4.4 per cent in early trading on Thursday, and the stock has increased by over a fifth since the beginning of the year.