Admiral takes £33m hit from personal injury compensation reforms BelfastTelegraph.co.uk Car insurer Admiral has revealed a £33 million hit due to reforms to personal injury compensation and warned that the total impact could be as much as £60 million. https://www.belfasttelegraph.co.uk/business/uk-world/admiral-takes-33m-hit-from-personal-injury-compensation-reforms-38402731.html https://www.belfasttelegraph.co.uk/business/uk-world/article38402728.ece/78c06/AUTOCROP/h342/bpanews_0dde492a-84a1-4815-8fb4-7373e52af266_1 Email Car insurer Admiral has revealed a £33 million hit due to reforms to personal injury compensation and warned that the total impact could be as much as £60 million. The blow was revealed in half-year results and follows a recent decision to alter the so-called Ogden discount rate used to calculate compensation paid out for personal injury claims. Admiral said the total impact could be between £50 million and £60 million. Despite the charge, it reported a 4% rise in profits to £218 million over the six months to June 30, with customer numbers rising 8% to 6.7 million. Around 10,000 Admiral staff have landed shares windfalls worth up to £1,800 each as a result of the half-year profits. The Cardiff-based group announced the bonus as part of its employee share scheme, which comes after workers were handed £3,600 in March after bumper 2018 results. The group’s performance was helped by a turnaround in its UK home insurance business, which swung to a £4.2 million profit against losses of £1.9 million a year earlier thanks to better weather conditions than a year earlier. Shares in Admiral lifted 4% after the interim figures. Turnover up mid-single digits, profit up low-single digits. Hardly ‘hold the front page’ David Stevens, Admiral… [Read full story]
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