Admiral staff land £3,600 windfall as profits rebound
- Published
Admiral, which has its headquarters in Cardiff, as well as offices in Swansea and Newport, is preparing for a future without its EU "passporting rights"
More than 9,600 staff at car insurer Admiral have each been handed a shares windfall worth £3,600.
Profits at the Cardiff-based group, which owns brands including Elephant and Confused.com, were £403.5m last year, up 45% on 2016.
The group saw a 12% rise in UK insurance customers to 4.62 million.
It marks a recovery after profits fell by a quarter in 2016 following the UK government's decision to change the way personal injury claims are calculated.
The group, which also has offices in Swansea and Newport, took a £150m hit in 2016 following the change to the so-called Ogden calculation.
This is now under consultation, but Admiral said it was taking a "prudent approach".
UK motor premiums rose 12% to £2bn, boosted by price rises following the Ogden change, although Admiral said rates were reduced towards the end of the year.
Geraint Jones, chief financial officer, also said the group, which is Wales' only FTSE 100 company, had made "good progress" on preparing for trading in Europe in the event that British financial services lose their "passporting" rights when the UK leaves the European Union.
For its price comparison services the group is setting up new, locally regulated entities in Spain and France through which its Rastreator and LeLynx businesses will trade.
"In terms of insurance, we have made applications to the regulator in Spain for permission to underwrite all the EU insurance business - Admiral Seguros, ConTe and L'olivier - from there and expect to have everything up and running in advance of any hard deadline that might eventually become clear," he added.
The group already has staff and infrastructure in Madrid and Seville, and Mr Jones said it did not expect the cost of the restructuring work to be significant. The company told BBC Wales there will be no impact on jobs in the UK.
- Published2 October 2017
- Published16 August 2017
