Half Year 2024 Admiral Group PLC Earnings Call Transcript
Key Points
- Admiral Group PLC (AMIGF) reported a 43% growth in turnover and a 32% increase in pre-tax profit.
- Customer numbers increased by 12% year-on-year, reaching 10.5 million.
- The UK motor insurance segment saw significant growth, adding over 0.5 million motor policies and achieving a turnover growth of over 50%.
- The company maintains a strong solvency ratio of 198%, indicating robust capitalization.
- Admiral Group PLC (AMIGF) declared a nearly 40% increase in the interim dividend to 71p per share.
- The international business results were mixed, with the European market recovering slower than the UK.
- Italy faced higher-than-anticipated increases in core values for settlements, impacting contract results.
- The market is becoming more competitive as price and inflation decrease, potentially slowing growth in the second half.
- The company expects slower growth in the second half due to increased market competition.
- The US business, while profitable in the first half, faces increased competition and higher direct market acquisition costs.
So welcome everybody to Admiral 2024 half year results. It's another year of strong results, combined with sustained growth, increased margins and continued progress against our strategic objectives. I start with the key highlights, followed by Geraint, Cristina and Costantino will tell us more about the key financials, UK Insurance and International business, respectively. Scott [admonished] is also in the audience if you want to grab him after the presentation and asking question on our lending business that had another very strong semester.
So last year, we celebrated our 30 anniversary. So soon, we'll be celebrating our 20 years anniversary on London Stock Exchange. That has been a story of profitable growth with 10 times the number of customers and 5.6 billion of dividends or share with our shareholders since floatin. And this is a story underpinned by mix of technical competence, agility, but most of all, our unique culture.
Six months ago we anticipated to be in a good position to capture
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