Record return for car insurer Admiral as profits bounce back

Car insurer Admiral is “back in the groove” after reversing into record profits on Wednesday.

Admiral’s multi-decade run of profit increases skidded to a halt last year after personal injury compensation rate changes, known as the Ogden rate, dented performance.

A 43% profit rise to £405.4 million for 2017 has changed that.

“It’s nice to bounce back and record our 23rd record profit from 25 years. The business is firing on all cylinders,” said chief executive David Stevens said.

As a result, all 9600 staff at the Welsh-based insurer will also receive £3600 each in free shares. Customer numbers rose 11% to a record 5.73 million.

It revealed plans to set up a subsidiary in Madrid to get around Brexit and carry on its European business.