Admiral Profit Falls Amid UK Motor Business Decline

Admiral Group saw its profits decline by 18% in the first half of the year, largely due to reduced earned premiums in its UK motor business.

The group's pre-tax profit decreased to £429.2m from £525.8m in the same period last year, while turnover remained steady at £3.11bn.

Milena Mondini, Admiral Group's chief executive, attributed the decline to a subdued market at the end of 2024 and into 2025, which prompted the insurer to raise prices to keep pace with claims inflation.

However, despite the challenges facing its UK motor arm, the company's European operation swung to a profit of £17.2m, up from a loss of £0.6m in the previous year.

The group's EV insurance business saw a 27% increase in book value, while its complimentary subscription service for offsetting the costs of EV ownership continued to grow in demand.