Admiral Motor Insurance Sees Revenue Surge to £2.2bn Amid Price Hikes
- Admiral’s turnover increased by 21% to £2.24bn in the first half of the year
- Rising claims inflation due to expensive repairs and supply chain issues
- Admiral shares lead the FTSE 100 as the top gainer
Admiral has seen double-digit revenue growth in the first half of the year, defying challenging economic conditions. The insurance company implemented price hikes to offset claims inflation caused by expensive repairs, supply chain disruptions, and rising used car costs. These price increases resulted in a 21% jump in turnover, reaching £2.24 billion for the six-month period ending in June. Admiral’s motor insurance segment drove most of the growth, despite a slight dip in customer numbers. Additionally, the international insurance and UK household segments also experienced revenue expansion due to higher average premiums and increased customer demand. Pre-tax profits increased by 4%, driven by higher interest rates and fewer claims than anticipated.
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