Ogden takes 25% off Admiral profit for 2016
Admiral’s UK aggregator site’s profit hits £16.5m but the group’s profit share falls to £284.3m due to Ogden.
Admiral's results for 2016 saw profits slashed by the recently adjusted Ogden rate with profit share down 25% to £284.3m from £376.8m in 2015.
The results noted that without the change to the Ogden rate profits would have been £389.7m.
Turnover grew to £2.58bn from £2.12bn. COR deteriorated to 94.4% post Ogden and 86.7% pre Ogden (2015: 85.6%).
David Stevens, group chief executive officer, said: "My first full year as CEO, and after 25 years of almost uninterrupted profit growth under my
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