Annual Financial Report

Core Insights - Admiral Group reported a remarkable performance in 2024, achieving a 28% increase in turnover and a 90% increase in profit, welcoming an additional 1.4 million customers [3][24][60] - The Group's profit before tax reached £839.2 million, up from £442.8 million in 2023, with earnings per share increasing by 95% to 216.6 pence [1][54][60] - The final dividend proposed is 121.0 pence per share, representing an 86% increase from the previous year [10][56][57] Financial Performance - Group turnover for 2024 was £6.15 billion, compared to £4.81 billion in 2023, marking a 28% increase [1][48][60] - Insurance revenue rose to £4.78 billion, a 37% increase from £3.49 billion in 2023 [1][48] - The return on equity improved to 56%, up from 36% in 2023, reflecting significantly higher post-tax profits [1][55] Customer Growth - The total number of customers increased by 14% to 11.10 million, with UK insurance customers growing by 19% to 8.80 million [1][60][72] - The UK Motor business was the main driver of growth, contributing significantly to the overall profit increase [5][27] Strategic Developments - The Group has focused on enhancing its digital capabilities and leveraging new technologies to improve customer experience and operational efficiency [6][9][17] - Admiral's commitment to sustainability is evident through its Net Zero Transition Plan and its status as a leading insurer of electric vehicles in the UK [7][18][33] Market Position and Outlook - Despite a softening market and ongoing economic uncertainties, Admiral aims to maintain efficiency and agility to ensure long-term growth [8][10][36] - The Group's disciplined approach to pricing and claims management has positioned it well to navigate market challenges [4][59] Segment Performance - The UK Motor Insurance segment reported a profit before tax of £955 million, a 61% increase from 2023, driven by improved combined ratios and the impact of the Ogden discount rate change [67][76] - The UK Household insurance segment achieved a profit of £34 million, significantly up from £8 million in 2023, aided by favorable weather conditions and improved loss ratios [60][76] Employee Engagement - Over 13,000 employees will receive free share awards worth up to £3,600 under the employee share schemes, reflecting the Group's commitment to rewarding its workforce [2]