Reserve releases drive bumper 2019 at Admiral
Increase in UK profits of £41m absorbed losses made in international insurance, Admiral Loans, and other business.
Admiral Group revealed that its profits exceeded £500m for the first time in financial results published for 2019.
Profit before tax jumped £47m (9.8%) from £479m in 2018 to £526m in 2019, while turnover grew from £3.28bn to £3.46bn.
The growth in profits was nearly entirely driven by the group’s UK insurance arm, where profit before tax increased £41m (7.4%) from £556m in 2018 to £597m in 2019.
Losses were incurred by international insurance (£1m), Admiral Loans (£8m), the cost of Admiral’s
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