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Wales Online
Wales Online
Business
Ruth Mosalski

All Admiral staff are being given a £500 bonus as insurance firm releases annual results

All Admiral staff are being given a £500 bonus.

All group staff will receive the cash bonus in the first half of 2020 at a cost of £6m to the Welsh-based insurance giant.

It will confirmed on March 5, when the company releases its full-year results, whether staff will also get the annual share bonus scheme. In March 2019, that added up to bonuses worth £3,600.

In a statement, Admiral says it is to recognise the contribution of their staff in strong financial results and is ahead of them publishing their full figures in March.

It is Wales' only FTSE 100 company and employs 7,000 staff at offices in Cardiff, Newport and Swansea and another 3,000 elsewhere.

It has also been voted the best big firm to work for in the UK and staff have been treated to lavish parties.

For shareholders, Admiral said the proposed final dividend for 2019 is expected to be in the range of 73 to 78p per share.

Admiral posted pre-tax profits of £479m for the financial year 2018, a rise of 18% on the previous year. Its price comparison firm confused.com also posted strong figures.

Based on preliminary figures, Admiral expects to post a group profit before tax for 2019 in the range of £510 to £540 million, approximately 6% to 13% higher than 2018’s result.

Admiral will publish its final 2019 results on March 5.

A statement from the company read: "The higher than expected profit is due to unusually positive development, during 2019, in the cost of UK motor bodily injury claims from a number of prior underwriting years.

"Current year profitability continues to be impacted by higher levels of claims inflation during 2019 and as a result, Admiral expects its 2019 loss ratio to be higher than recent years.  The Group’s UK motor insurance business grew marginally in customer numbers during 2019.

"On the basis of these preliminary results and strong solvency position, the proposed final dividend for 2019 is expected to be in the range of 73 to 78 pence per share."

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