CARDIFF (dpa-AFX) - Car insurance provider Admiral Group Plc (ADM.L) reported Thursday that Group statutory profit before tax for the year ended 31 December 2019 rose 10 percent to 522.6 million pounds from 476.2 million pounds last year.
Profit after tax attributable to equity holders of the parent was 432.4 million pounds, up from 395.1 million pounds last year.
Earnings per share increased by 8 percent to 148.3 pence from 137.1 pence last year, with growth slightly lower than the pre-tax profit growth of 10 percent due to an increase in the weighted average number of shares.
The Group's share of pre-tax profit also increased by 10 percent to 526.1 million pounds, driven by UK Motor insurance, with strong releases of prior year claims reserves.
Group turnover increased 5 percent to 3.46 billion pounds from 3.28 billion pounds in the prior year. Customer numbers increased 7 percent to 6.98 million.
Net revenue was 1.35 billion pounds, up 7 percent from 1.26 billion pounds in the prior year.
The company said its board of directors have proposed a final dividend of 77.0 pence per share (2018: 66.0 pence per share) representing a normal dividend of 56.3 pence per share and a special dividend of 20.7 pence per share. The dividend will be paid on 1 June 2020. The ex-dividend date is 7 May 2020 and the record date is 11 May 2020.
Separately, the company said that Group Chief Executive Officer David Stevens has notified the Board of his intention to retire from his position as Group CEO and as a director in twelve months' time.
David will be replaced by Milena Mondini de Focatiis, the Group's current Head of UK and European Insurance, who will be promoted to Group CEO-Designate and join the Board as an executive director in due course. Milena will assume the CEO role after the transition period.
David co-founded Admiral in 1991 and has been Group CEO since May 2016. He will continue to work for the Group in a part-time advisory capacity after the transition period.
Milena joined Admiral in 2007, and was most recently appointed Head of UK and European Insurance in July 2019.
Admiral Group also said that Michael Brierley, a non-executive director, has joined the company's Remuneration Committee as a member with effect from 4 March 2020. Justine Roberts, also a non-executive director, has stepped down as a member of Admiral's Remuneration Committee with effect from the same date.
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