Admiral Group plc

Group profit was 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 difference attributed 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 versus 2024 and reported a combined ratio of 94%; Admiral Money profit doubled versus 2024. Customer numbers increased 7% at group level, U.K. Insurance customer numbers 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 per share and a total dividend of 205p per share, or over GBP 620 million. The solvency ratio was 193%. Management said 2026 should see more growth in turnover, but group profit is expected to be broadly flat versus 2025.

Milena Mondini said 2025 confirmed Admiral’s ability to combine disciplined underwriting, growth and diversification, and she framed the company’s next phase as an inflection point rather than a reset. She emphasized three pillars: selectively scaling the newer businesses, compounding capabilities through data and AI, and strengthening the Admiral culture and talent base. Her tone was confident and strategic, repeatedly pointing to the firm’s structural advantages in pricing, claims, retention and capital efficiency.

Geraint Jones said the 80% group combined ratio was broadly stable once Ogden was stripped out, and he highlighted record profits across U.K. Insurance, Europe and Admiral Money. He pointed to a 193% solvency ratio, a proposed 90p final dividend, and total dividends of 205p for the year, while noting that the company is now buying shares for employee schemes rather than issuing new ones. He also said the company expects to submit its internal model application shortly and, post-approval, will target solvency coverage in the 150% to 170% range, probably near the upper end, to preserve flexibility for smaller M&A.

Analysts focused on how the new buyback framework should be interpreted, whether the company can sustain growth and margin expansion in non-U.K. Motor businesses, and how U.K. Motor pricing and claims inflation might develop in 2026. Management said buybacks will be decided by the Board based on maximizing medium- to long-term shareholder returns, and that they do not expect a 'dip in, dip out' approach. On U.K. Motor, management said premiums have started rising in 2026 at low single-digit rates and that claims inflation should normalize to mid-single digits; on Europe, they said Spain is near breakeven, Italy has recovered to profit, and the business should benefit from new reinsurance arrangements and broader distribution over time.