Full Year 2018 Admiral Group PLC Earnings Call Transcript
Good morning, and welcome to Admiral's 2018 presentation. Thank you very much for coming. Thank you to UBS for hosting us.
Overall, a pleasing year, even a very pleasing year, rapid growth across large parts of the business, record profits. Let's dig a little deeper, and it's a year to an extent of "yeses" and "buts". Yes, rapid growth across the business, 800,000 more policyholders, but the rate of growth in the core car insurance business did slow down in the second half versus the first half.
Yes, record profits, but a lot of that profit growth is attributable to the government's decision to partially unwind the change in the Ogden discount rate that cost us a lot of money a couple of years back.
Yes, Confused, our biggest price comparison site, grew both market share and profits in 2018; but compare.com, our U.S. price comparison site, had a relatively more disappointing 2018. There are some unequivocal "yeses", even "Yeses!", and I'll particularly point at the International Insurance result where we're up 20% year-on
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