Admiral told investors today that it expects first-half pre-tax profits of between £450 million and £500 million, far exceeding the £286.1 million it made in the same period last yearOne of Britain’s biggest motor insurers is set to enjoy a sharp rise in profits after government-mandated lockdowns to tackle the coronavirus crisis led to a fall in claims for car accidents. Admiral, the FTSE 100 insurance group, told shareholders yesterday that it would beat expectations for the first half of the year. Prolonged government restrictions had led to lower than forecast claims so far in 2021. SponsoredIts profits have also been boosted by what it called “unusually positive development in the cost of UK motor bodily injury claims from a number of prior underwriting years”, including last year, when coronavirus restrictions were first introduced. This has resulted in Admiral releasing higher reserves, which it had set aside to cover claims, than previously anticipated.

Source: The Times July 12, 2021 16:30 UTC