StockMarketWire.com - Insurance group Admiral reinstatned its dividend and delcared a special dividend that had been deferred after reporting a rise in profit in the first half of the year.

The company said it would pay a special dividend of 20.7p a share that was prevously deferred owing to the pandemic, and also declared an interim dividend of 70.5p a share, which included a normal dividend of 55.0p a share and a special dividend of 15.50p.

For the six months ended 30 June, pre-tax profit rose 31% to £286.1m on-year, while turnover fell 4% to £1.69bn.

The higher profit was driven by 'strong prior year reserve releases in the UK and internationally and also some non-recurrence of negative items in 2019 including the £33m Ogden discount rate impact,' the compasny said.

Total premiums written fell to £1.10bn from £1.19bn and its solvency ratio dropped to 186% from 190%.

'This year's interims benefit again from our consistently competent underwriting and conservative reserving on past years, feeding into another strong set of results in the core business and beyond,' the company said.


At 9:23am: [LON:ADM] Admiral Group PLC share price was +105.5p at 2630.5p



Story provided by StockMarketWire.com