Car insurer Admiral has posted a 45 per cent jump in its full year profits as it sold more policies and its price comparison sites swung back into profit.
Admiral’s profits came in at £404m, up from £278m in 2016 when the numbers were hit by changes to the way that large damages payments for personal injuries are calculated.
The company also announced a 13 per cent increase to its final dividend, and an 18.5p per share special dividend.
Admiral has been expanding the number of products its sells, moving from car insurance to cover for homes and vans, and also into home loans.
David Stevens, Admiral’s chief executive, said: “It’s 25 years since the launch of Admiral. 2016 was only the second year we’d ever reported a year on year fall in profits. So it’s great to be back in the groove, with a 23rd year of ‘record profits’. Beyond the pure financials, there’s also a lot going on that helps build the longer-term prosperity of the Group – notably our investment in widening our product range (van, travel, loans in 2017) in a way that helps us attract more customers, and understand and serve better both new & existing customers.”
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