Key facts
- Admiral's profit before tax fell 18% in the first half of the year.
- Admiral's profit before tax reached £429.2 million in the first half.
- Lower earned premiums in UK car business impacted Admiral's profit.
- Admiral is increasing prices to match claims inflation.
- Admiral is pursuing growth in its electric vehicle insurance segment.
- Quilter reported an 11% increase in Assets Under Management and Administration.
- Quilter's AuMA reached £157.4 billion.
- Quilter experienced net inflows of £5.8 billion.
- Quilter's revenues grew 12% to £379 million.
- Quilter's adjusted profit before tax increased 12% to £112 million.
Admiral's profit before tax experienced an 18% decrease, reaching £429.2 million during the first half of the year. This decline was primarily influenced by a reduction in earned premiums within its UK car insurance operations. To address claims inflation, Admiral is implementing price increases across its policies. The insurer is also strategically focusing on growth within its electric vehicle (EV) insurance segment, indicating a pivot towards emerging market trends.
In a separate financial report, Quilter announced an 11% increase in its Assets Under Management and Administration (AuMA), which now stands at £157.4 billion. This growth was propelled by substantial net inflows totaling £5.8 billion, alongside positive market performance. Quilter's revenues saw a corresponding 12% rise, amounting to £379 million. Furthermore, the company's adjusted profit before tax also climbed by 12%, reaching £112 million for the same half-year period. These results highlight Quilter's expansion in asset management and overall financial performance.