- Insurance company Admiral said it expected to report a higher annual profit thanks to surprisingly low UK personal injury claim costs, a situation it described as 'unusually positive'.

Based on preliminary figures, Admiral said expected to post a pre-tax profit for 2019 in the range of £510m to £540m, around 6% to 13% higher than 2018's result.

Clarity over the new personal injury discount rate in July 2019 led to an increase in the number of large claims settling in 2019 compared to recent years, which contributed to the level of releases.

Profit had been held back, however, by higher levels of claims inflation during 2019 and as a result, Admiral said it expected its 2019 loss ratio to be higher than in recent years.

It proposed a final dividend in the range of 73 to 78p per share.

Admiral also proposed a special cash bonus of £500 (approximately £6m in total) to all staff in the first half of 2020.

At 8:19am: [LON:ADM] Admiral Group PLC share price was +35p at 2310p

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