CARDIFF (dpa-AFX) - Admiral Group Plc (ADM.L), a British financial services company, on Thursday reported an increase in pre-tax earnings for the six-month period to June 30, helped by a strong UK Motor Insurance performance.
For the first-half, the company posted a pre-tax income of 309.8 million pounds, higher than 233.9 million pounds, reported for the same period last year.
Profit before tax from the UK Motor Insurance improved to 358.9 million pounds from 298.2 million pounds in 2023.
Profit after tax stood at 237.4 million pounds or 77.5 pence per share as against prior year's 174.5 million pounds or 57.5 pence per share.
Operating profit increased to 323.7 million pounds from 240.2 million pounds a year ago.
Net interest income from financial services was 36.3 million pounds, up from last year's 31.7 million pounds.
Net insurance and investment result was at 280.9 million pounds, higher than 181.4 million pounds in 2023.
Insurance service result increased to 237 million pounds, compared with 152.5 million pounds last year.
Group customers were at 10.53 million as against 9.41 million a year ago. This was driven by a 5.5 million vehicles on cover and nearly half a million more customers across other product lines in the UK.
The number of customer in the UK Motor Insurance rose by 15 percent to 5.48 million from last year's 4.76 million.
Insurance revenue was 2.213 billion pounds, up from previous year's 1.607 billion pounds.
The Group turnover improved to 3.21 billion pounds from last year's 2.24 billion pounds.
The Board will pay an interim dividend of 71 pence per share on October 4, to shareholders of record as of September 6.
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