Car insurer Admiral has taken a £33.3m hit to its profits following the introduction of changes to how compensation for those injured in accidents is calculated. The figures The government changed the Ogden rate, which governs how much insurers pay to people seriously injured in car accidents, in July. Admiral said the changes had cut its first-half profits by £33.m, and reported a pre-tax profit of £218m, a four per cent increase on the same period last year. The insurer said it expects the total impact of the new Ogden rate on full-year profits to be approximately £50-60m. Read more: Insurers voice disappointment as UK changes personal injury discount rate Customer numbers rose 8 per cent to 6.74 million, driven by a 21 per cent increase in international car insurance customers to 1.36 million by the end of the first half. Admiral announced a 5 per cent increase in its interim dividend, which rose to 63p per share. Earnings per share (EPS) rose a modest 2 per cent to 63p, but Admiral said the changed Ogden rate had reduced EPS by 10p. Admiral’s share price was up 4.58 per cent in morning trading to 2,125p. Why it’s interesting The insurance… Read full this story
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