Admiral Group (ADM) H1 2026 earnings summary

Executive summary

• Delivered strong H1 2026 results with disciplined underwriting, strategic progress, and robust capital position at a 190% solvency ratio, absorbing the Flock acquisition and distributing £259m to shareholders.

• Continued investment in technology, AI, digital capabilities, and people, with notable advances and new product launches.

• Confident in ability to capture growth as market cycles turn, supported by early rate actions, strong retention, and medium-term ambitions.

• Customer base grew 5% to over 12 million, with strong growth in Admiral Money and European insurance.

Financial highlights

• Group profit before tax was £429.2m, down 18% year-over-year but stable versus H2 2025; EPS down 18% to 109.0p.

• Turnover stable year-over-year at £3.11bn; combined ratio of 78.5%, with loss ratio stable at 57%.

• UK Insurance profit before tax £485m; UK Motor profit £457m; Household, Travel, and Pet profit up 12% to £28m.

• European Insurance profit before tax £17.2m, including a one-off accounting benefit; underlying profit improved to €6m.

• Admiral Money profit £13.3m, with lending portfolio at £2.5bn and 20% growth in total loans under management.

Outlook and guidance

• Expect stronger group profitability in H2 2026, driven by positive trends in personal lines and lower reinsurance charges.

• Guidance for 2026 profit remains broadly in line with 2025, with a stronger second half anticipated.

• Medium-term ambition for earnings CAGR similar or stronger than previous 7.6% five-year average.

• Management remains confident in long-term growth, focusing on sustainable pricing and efficiency.