Worth cuts and fast refunds improve auto insurer Admiral's buyer base by 12% to greater than eight million – iNews
Auto insurance firm Admiral praised its rapid movement in pricing and Covid-related refunds for its surge in customer numbers and profits.
The premium refund from the FTSE-100 listed insurer was £ 110 million but was able to increase net revenues.
The company also chose to lower its prices more than the competition, increasing its customer base, which rose 12 percent to over 8 million at the end of June, compared to less than 7.2 million on the same date last year.
Admiral chief Milena Mondini de Focatiis said many customers had chosen to stay with the insurer, driven in part by its good service, but also because of its decision to reimburse customers during the height of the lockdown, according to the Financial Times.
"By and large, we did the right things more often and a little earlier than most of the others," she said.
The group's profit before tax tripled to £ 898 million, but this was flattered by the inclusion of discontinued operations and the proceeds from the sale of the price comparison website Confused.com to Zoopla.
Classic car values are proving immune to the effects of Covid-19, with the bestseller costing more than £ 4 million
The company also benefited from a decline in the number of car claims processed during the lockdown. The motor vehicle insurance claims processed fell by a fifth in the past year.
Admiral set its dividend at 115p per share when the company sweetened a half-yearly dividend of 87.9p with a special dividend of 27.1p, driving its stocks to all-time highs.
Direct Line also increased its interim dividend after strong half-year results earlier this month.
However, Ms. Mondini de Focatiis said more insurance claims have been made since the pandemic restrictions were lifted.
First launched in Cardiff in 1993, Admiral now has a market capitalization of £ 10 billion.
Ms. Mondini de Focatiis joined the company in 2007 and took over the management earlier this year after former boss David Stevens, one of the company's co-founders, left.