Admiral Group reported a rise in motor insurance customers toward of the year after higher prices drove people away early on.
Some 180,000 signed up for motor insurance with Admiral over the latter part of the year, taking such customers to a flat 4.94 million year on year, the firm said in full-year results on Thursday.
Motor insurance profit jumped by 13% to £593 million as a result, with Hargreaves Lansdown analysts saying Admiral was now “starting to reap the rewards” of hiking prices before rivals as inflation soared.
Total group profit climbed 23% to £442.8 million, as overall customer numbers jumped 6% to 9.73 million.
This was on the back of a 31% increase in revenue to £4.81 billion, with Admiral suggesting significant price increases over the last year would feed through in 2024.
“Despite global uncertainties, our outlook is positive, benefitting from improved market conditions and a strengthened position, thanks to the discipline we maintained in the last year,” chief executive Milena Mondini de Focatiis commented.
Admiral declared a final dividend of 52p, taking the total 103p for the year, down on the 112p set in 2022.