At First Glance Admiral Is Highly Profitable, but This Is Leveraged Off Reinsurance Relationships
Admiral reported first-half 2018 profit before tax of GBP 212 million, pretty much on the nose of our estimate. We are maintaining our GBX 1,660 per share fair value estimate and no-moat rating.Turnover has increased on the comparable to GBP 1.66 billion, with underwriting profit also quite a bit higher, at GBP 93.4 million versus GBP 88.9 million in first-half 2017--hence the share price rally today. Investment return and profit commission were both flat, and there was a small GBP 4 million ne...
Admiral Group provides motor and household insurance. Co. has four reportable segments: U.K. Insurance, which consists of the underwriting of car insurance, van insurance, household insurance and other products that supplement these insurance policies; International Car Insurance, which consists of the underwriting of car insurance and additional products outside of the U.K., specifically covering Co.'s operations in Spain, Italy, France and the U.S.; Price Comparison, which relates Co.'s price comparison businesses, Confused.com in the U.K., Rastreator in Spain, LeLynx in France and Compare.com in the U.S.; and Other, which includes Co.'s commercial van insurance broker, Gladiator.
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