Admiral Group has reported a substantial increase in its annual pre-tax profits, which reached £839.2 million for the fiscal year 2024, marking a 90% increase from the previous year's profit of £442.8 million.

The rise in profitability has been attributed to a notable increase in customer numbers and turnover, particularly within its UK motor insurance division.

The company implemented price increases in 2022 and 2023 to counteract the effects of rising inflation, which subsequently positioned it well for financial recovery as market conditions improved.

In response to a reduction in inflation rates at the beginning of 2024, Admiral proactively decreased its prices, leading to a surge in its car insurance customer base.

Motor insurance policies rose by 15%, bringing the total to a record 5.7 million by the end of 2024. This growth asserts Admiral’s competitive position in the insurance market.

Milena Mondini de Focatiis, the group chief executive of Admiral, emphasized the company's dedication to offering competitive insurance options, stating the priority is to be the most appealing choice for a broad customer base.

She noted that Admiral was among the first insurers to lower prices in light of easing inflation, which contributed to its customer acquisition success.

In addition to its financial performance, Admiral announced that over 13,000 employees will receive free share awards worth up to £3,600 through the company’s profit share scheme.

Employees will have the opportunity to sell these shares three years post-award and will receive biannual dividends.

Furthermore, Admiral disclosed that it is in discussions regarding a potential sale of its US operations, which operate under the Elephant brand.

After incurring a loss of nearly £20 million in the previous year, Elephant returned to profitability with earnings of £14.4 million in 2024.