Admiral Group (ADM)

Sector:

Insurance

Index:

FTSE 100

2,333.00p
   
  • Change Today:
    -43.00p
  • 52 Week High: 2,508.00
  • 52 Week Low: 1,887.00
  • Currency: UK Pounds
  • Shares Issued: 294.04m
  • Volume: 1,184,638
  • Market Cap: £6,860m
  • RiskGrade: 177

Admiral CEO Stevens plans departure after record profit

By Sean Farrell

Date: Thursday 05 Mar 2020

LONDON (ShareCast) - (Sharecast News) - Admiral announced plans for cofounder David Stevens to quit as chief executive as reserve releases helped the insurer post record annual profit of more than £500m.
Pretax profit for the year to the end of December rose 10% to £522.6m as group turnover rose 5% to £3.46bn. The group's preferred "share of pretax profit" measure also rose 10% to £526.1m.

Stevens, CEO since 2016, will leave in March 2021 and will replaced by Milena Mondini de Focatiis, Admiral's head of UK and European insurance.

The profit increase was driven by a £30m increase in UK motor profit as the division released reserves from past claims. The FTSE 100 insurer said if reserve releases had been in line with the five-year average then profit would have been £430-450m.

Admiral increased its final dividend by 17% to 77p a share, taking the annual payout to 140p a share - up 11% from a year ago. Chief Financial Officer Geraint Jones said he expected further significant reserve releases in 2020 though probably slightly less than in 2019.

Jones said: "UK motor profit is materially higher in 2019 than prior years. That has been driven by unusually high UK motor reserve releases that resulted from improved reserve estimates across a number of years. This in part is due to some 'unclogging' of large claims settlements caused by the recent certainty, but also generally much more positive trends on big claims than we expected."

Stevens cofounded Admiral in 1991 and became its second CEO in May 2016. He will work for the company as a part-time consultant after handing over to De Focatiis. She started work at the company in 2007 and will join the board as CEO designate.

Stevens said: "I feel a responsibility to do what's best for the long-term future of Admiral. That's why I am looking to pass on stewardship of Admiral to a very talented next generation of Admiral management led by Milena Mondini."

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Admiral Market Data

Currency UK Pounds
Share Price 2,333.00p
Change Today -43.00p
% Change -1.81 %
52 Week High 2,508.00
52 Week Low 1,887.00
Volume 1,184,638
Shares Issued 294.04m
Market Cap £6,860m
RiskGrade 177

Admiral Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
66.08% below the market average66.08% below the market average66.08% below the market average66.08% below the market average66.08% below the market average
83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average
Price Trend
79.71% above the market average79.71% above the market average79.71% above the market average79.71% above the market average79.71% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Income
62.51% above the market average62.51% above the market average62.51% above the market average62.51% above the market average62.51% above the market average
27.27% below the sector average27.27% below the sector average27.27% below the sector average27.27% below the sector average27.27% below the sector average
Growth
52.82% above the market average52.82% above the market average52.82% above the market average52.82% above the market average52.82% above the market average
33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 10
Sell 1
Strong Sell 3
Total 16
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Admiral Dividends

  Latest Previous
  Final Special
Ex-Div 07-May-20 n/a
Paid 01-Jun-20 n/a
Amount 56.30p 0.000p

Trades for 29-May-2020

Time Volume / Share Price
16:35 232 @ 2,333.00p
16:35 788,740 @ 2,333.00p
16:29 84 @ 2,329.00p
16:29 158 @ 2,329.00p
16:29 127 @ 2,329.00p

Admiral Key Personnel

CEO David Stevens
Chair Annette Court
CFO Geraint Jones

Top of Page