Admiral Group plc

Admiral reported group profit of GBP 958 million, up 16% year on year. The group combined ratio was 80%, 3 points higher than 2024, with about 2 points of that change tied to Ogden. U.K. Insurance profit was GBP 1.1 billion, up GBP 110 million versus 2024, and U.K. Motor profit was just over GBP 1 billion; U.K. Other Personal Lines profit was GBP 62 million, nearly triple 2024. Europe improved by nearly GBP 30 million year on year, with a GBP 39 million Motor profit on a wall account basis, including GBP 11 million Admiral share, and France delivered GBP 16 million profit. Admiral Money profit doubled versus 2024. Customer numbers rose 7% at group level, U.K. Insurance customers reached 9.6 million, and 1.6 million customers held 2 or more products. The dividend per share increased 7%, with a proposed final dividend of 90p and a total for the year of 205p, over GBP 620 million. Solvency ratio ended at 193%. For 2026, management expects group profit to be quite flat versus 2025, expects turnover growth to be a bit higher than in 2025, and said U.K. Motor prices started rising at low single digits at the start of the year.

Milena Mondini framed 2025 as a record year and said the company has now delivered on its 2020-2025 strategy, with growth, diversification and technology progress across the group. She emphasized that Admiral is moving from a primarily U.K. Motor story toward a more diversified model with more than 50% of customers now coming from other lines of business or geographies. Her tone was confident and forward-looking, stressing that AI, multi-product ownership, Europe, Admiral Money and Commercial Insurance can compound growth and reduce reliance on any single cycle.

Geraint Jones highlighted the hard financials: group profit of GBP 958 million, group combined ratio of 80%, U.K. Insurance profit of GBP 1.1 billion, and Admiral Money profit doubling year on year. He said the solvency ratio finished at 193% and explained that capital generation in the second half was largely offset by the final dividend, leaving capital very strong and broadly flat. He also described the capital return change: from interim 2026 onward, surplus capital may be returned via buybacks and cancels or special dividends, with 2026 buybacks expected at the interim and final dividend dates subject to approval. He added that the proposed final dividend is 90p, taking the total for the year to 205p, and said the ordinary dividend remains 65% of earnings while around 10% of earnings is typically retained for growth and investment.

Analysts pressed management on the new buyback framework, asking whether an opportunistic approach could signal the stock is expensive; Geraint said the board will use whichever method maximizes long-term shareholder returns and does not expect a dip-in, dip-out pattern. Questions also focused on the Flock acquisition and whether Admiral can compete in commercial fleet against larger players; Milena said the market is attractive but needs strong underwriting and data, and that Flock plus Admiral’s pricing, claims and telematics strengths can create a differentiated offering. On U.K. Motor, analysts asked about the 2026 loss ratio and pricing response; Alistair said claims inflation is expected to stay around mid-single digits, the market has been relatively flat so far in 2026, and Admiral has already started increasing prices at low single digits. On the internal model, Geraint said the application will be submitted very soon but review timing is not fixed.