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Admiral announces record profit and staff bonuses

by LLB Reporter
7th Mar 19 10:25 am

Motor insurer Admiral has given bonuses worth £3,600 to thousands of their staff, as the insurer had a record of full-year profits.

Admiral gave a total of 10,000 employees the share award, under the bonus performance scheme.

The insurer reported soaring pre-tax profits of 18% to £476.2m for 2018, and an increase of turnover of 11% to £3.28bn.

The full-year dividend came in at 126p, as customer numbers were up 14% to 6.51m.

David Stevens Aviva’s boss said, speaking of the staff bonuses they are “Mostly happy staff, mostly happy customers, and increased dividends, something for everyone.”

However, Stevens cautioned over Brexit worries and the insurer has established a company in Spain to help support European operations, as the UK looks set to exit the EU with a no-deal.

Steven’s said, “Yes, we delivered record profits and dividends, but we were helped by the UK government’s decision to unwind partially the change in the Ogden discount rate from a couple of years ago,” he said.

“Yes, we grew rapidly pretty much across the board, but growth in the core UK motor business slowed in the second half as we reduced our competitiveness in the face of rising claims costs.

“Yes, our biggest price comparison site, Confused.com, grew both market share and profits, but Compare.com, our US site, struggled as other advertisers upped their spends.”

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