By Muvija M
- British motor insurer Admiral reported a 76% surge in first-half earnings and announced a special dividend on Wednesday after months of government lockdowns to curb the COVID-19 pandemic drove down claims.
The company's pretax profit from continuing operations rose to 482.2 million pounds ($666.6 million) during the first half of 2021, the higher end of its previously-guided range of 450-500 million pounds.
Admiral set its dividend of 115 pence per share as the company sweetened a half year dividend of 87.9 pence with a special dividend of 27.1 pence, propelling its shares to new highs of 35.36 pounds.
The stock was trading about 1.3% percent higher at 34.92 pounds by 0824 GMT.
The company also added 850,000 new customers in the period, taking its overall customer numbers to 8.02 million.
Rival Direct Line also raised its interim dividend after strong half-year results earlier this month.
However, Admiral boss Milena Mondini de Focatiis told Reuters on a call that more insurance claims have been made since pandemic restrictions were lifted.
($1 = 0.7234 pounds)
