Admiral Group plc has achieved profit before tax of £839.2m for 2024, up by 90% on the previous year. It said insurance revenue was up by 37% to £4.78bn and that UK insurance customer numbers rose by 19% to 8.8 million. The group’s combined ratio improved by 11.3 percentage points to 77.4%.

Milena Mondini de Focatiis, Group Chief Executive Officer: “2024 was a remarkable year. We delivered an excellent result with a 28% increase in turnover and 90% increase in profit as we welcomed an additional 1.4 million customers to the Group.

“To remain one of the most competitive insurers for the largest number of people is a priority for us. We have emerged from several rather challenging years so when we saw conditions improve we were quick to respond. We were one of the first to reduce prices in response to easing inflation and cut rates the day after the favourable Ogden rate change announcement.

“The main driver of our exceptional performance was our UK motor business. However, it is great to see UK household, Admiral Money, and our French and US motor businesses all report a double-digit profit.”