Admiral lockdown rebate cost £97m
2020 COR for the first half of the year was 83.0% compared to 92.3% on H1 2019.
Admiral reported a group drop in turnover for H1 2020 but other metrics such as profit, COR and revenue net of other expenses such as the Stay at Home customer rebate also increased.
Group turnover was £1.69bn (H1 2019: £1.76bn) but profit went up to £292.3m from £224.4m. The UK contributed £313.8m to profits (H1 2019: £254.7m) but losses in other areas such as its loans business led to the lower overall operating profit.
United Kingdom
UK profit growth of £59.1m was primarily attributable to
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