Insurance giant Admiral has had its pre-tax profits and share earnings halve over the past year, nearing pre-pandemic levels as the “unique” Covid-19 market conditions fade.
The group’s profit before tax sunk 48 per cent to £251.3m in the six months to 30 June, in comparison with the same period in 2021. However, the figure remained nearly 20 per cent above pre-pandemic levels.
While earnings per share were halved from 132.9p a piece to 67p, the take-home had been 10 per cent above the figure seen in the first half of 2019.
The London-listed insurer enjoyed a boom in demand during the pandemic, raking in a pre-tax profit of £482.2m in the first half of 2021, when lockdown restrictions were largely in place.
In a statement today, CEO Milena de Focatiis said she was “happy” with the progress given rampant inflation which is quickly shrinking the spending power of the average consumer.
“Although, as expected, profit has decreased against last year,” she added. “The unique conditions of the pandemic years make 2019 a better comparison.”