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Admiral annual profit up 20% as motor claims fall amid lockdowns
StockMarketWire.com
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Insurance company Admiral reported that annual profit rose by a fifth as claims frequency fell as people drove less during lockdowns.
For 2020, pre-tax profit rose to £637.6 million from £522.6 million as turnover grew 2% to £3.55 billion.
The company recommended a final dividend of 86.0 pence per share, up from 77.0 pence per share, taking the full year dividend up 12% to 156.5 pence.
'The year saw profit before tax exceeding £600 million, driven by strong reserve releases and a decrease in claims frequency as people drove less during lockdowns,' the company said.
At 8:12am: (LON:ADM) Admiral Group PLC share price was 0p at 2902p
Story provided by StockMarketWire.com
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