Admiral profits hit by claims inflation
Profits at Admiral have fallen by more than a third after the insurer said it had faced a year of “navigating stormy waters” of high inflation in its claims costs.
The FTSE 100 company said on Wednesday that full year pre-tax profits had fallen 39 per cent to £469mn. As well as highlighting the rising cost of claims, it said that accidents had become more frequent after the pandemic lull. Bad weather also hit its home insurance business. Shares in the company fell 7 per cent in early trading on Wednesday.
This story originally appeared on: Financial Times - Author:Ian Smith
