Despite losing customers, the company reported a 4% increase in profit compared to last year.
Motorists in the UK are paying more to insure their vehicles. This is according to the Association of British Insurers (ABI), which stated the current average premium for private comprehensive motor insurance rose to £511 in the three months to June 2023 – up 21% on the same period last year.
These rising average prices may go some way to explain why Admiral Group plc reported a loss of 380,000 motor insurance customers over the past year. However, despite losing customers, the UK insurer saw overall profits increase by 4% compared to this time last year, reaching £234 million before tax.