Profit and turnover up for Admiral Group
Profit before tax was driven by strong reserve releases and lower claims frequency.
Admiral Group reported profit before tax of £648.4m for the full year 2020, a 21% increase on the £526.1m recorded in 2019.
Turnover was up to £3.55bn (2019: £3.46bn) and its number of customers also increased to 7.66m from 6.98m. In the UK customer numbers hit 5.98m (2019: 5.48m).
Litmus test
Milena Mondini de Focatiis, group chief executive officer, who took over at the start of the year, commented: “2020 was certainly not an ordinary year, but one that I like to think of as a ‘litmus test’
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