Admiral Group’s UK motor business delivered a record $1.2bn in profit in 2025, driving a 16% rise in pre-tax profit to $1.15bn for the Cardiff-based insurer. The group posted return on equity (ROE) of 53%, several times higher than most European peers.
The results marked a fifth consecutive year of growth. Earnings per share rose 16% to 247.4p, while insurance revenue climbed 9% to $6.0bn and total customer risks expanded 7% to 11.8 million.
Group chief executive Milena Mondini de Focatiis described 2025 as “an exceptional year,” highlighting the milestone in UK motor and noting that other personal lines, Admiral Money, and European operations collectively generated close to $115m.
The slight dip in ROE from 56% in 2024 was attributed to higher dividend payouts and a growing capital requirement. Admiral’s interim report explained that this reflected “continued growth in own funds but at a lower rate” due to larger dividends and softer written profits from the core UK motor book. Post-dividend solvency fell 10 percentage points to 193%, partly linked to the de-recognition of intangible assets from the More Than acquisition under Solvency II rules.
Strategically, Admiral completed the More Than integration and launched a GenAI Centre of Excellence to scale AI initiatives. In early 2026, it announced plans to acquire Flock, a digital fleet insurer leveraging telemetry.
Industry rankings saw Admiral rise from seventh to fifth among UK insurers, benefiting from profit growth and the More Than deal. Analysts remain split on valuation: Goldman Sachs and JPMorgan had downgraded the stock to Sell and Underweight, respectively, while Deutsche Bank raised its price target to 3,550p, citing strong underlying performance despite softening UK motor premiums.
The board proposed a final dividend of 90.0p per share, comprising a normal dividend of 72.8p and a special dividend of 17.2p, bringing total dividends for the year to 205.0p. More than 13,000 employees will also receive free share awards worth up to £1,800.
