StockMarketWire.com - Motor insurer Admiral said profits were hurt by a £33m hit following a regulatory change that tweaked the way that compensation payments for personal injury victims were calculated.

For the six months ended 30 June, pre-tax profit rose 4% to £218m, while turnover rose 6% to £1.76bn.

The adverse impact of the recent announcement of the new Ogden rate of minus 0.25% on the first half 2019 result was £33.3m, the company said.

Profit was also stifled by low growth in UK Motor policy count, which the company said reflected a 'consciously reduced competitiveness, as we price rationally in the face of any rising claims costs across the market as a whole.'

UK Motor profit was broadly flat for the first six months of 2019 at £251.7m, compared with last year's £249.5m.

The solvency ratio fell to 190% from 194% a year earlier.

The company raised its interim dividend by 5% to 63p a share.

At 8:52am: [LON:ADM] Admiral Group PLC share price was +124.5p at 2138.5p



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