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Admiral Share Discussion Threads
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|Preliminary Results - HTTP://www.investegate.co.uk/admiral-group-plc--adm-/gnw/admiral-group-plc---results-for-the-year-ended----/20170308070023H5986/
Comment from David Stevens, Group Chief Executive Officer
"My first full year as CEO, and after 25 years of almost uninterrupted profit growth under my predecessor, profits are down a quarter! Not exactly a flying start!
On the other hand our ability to grow our businesses rapidly, both in the UK and overseas, and to absorb the shock of an eccentric government decision on discount rates while delivering a 37% return on equity and again paying a substantial dividend is a tribute to the health of the business and resilience of our model.
I am also delighted that for a record 17th year in a row, Admiral Group has continued its success in the Sunday Times Best Companies to Work For, placing 2nd, our joint highest position ever."
The Directors have proposed a final dividend of 51.5 pence, representing a normal dividend of 15.0 pence per share and a special dividend of 36.5 pence per share. The dividend will be paid on 2 June 2017. The ex-dividend date is 11 May 2017 and the record date is 12 May 2017.
New CEO re his priorities...
My priorities for the forthcoming year are set out below. I expect them to remain my priorities for a number of years to come.
> Ensure Admiral remains one of, if not the, best car insurers in the UK...
> Demonstrate Admiral can be a great car insurer beyond the UK...
> Develop sources of growth and profits beyond car insurance...
> Ensure Admiral stays a great place to work...
CFO re Ogden...
"The Group anticipates that if UK market pricing adjusts future premiums to reflect the lower Ogden rate, there will be no significant impact on future business and its profitability after the change. The Group is confident that its strong capital position, along with its prudent approach to claims reserving, will allow it to manage the outcome without significant change to its business or long term financial outlook."|
|6.6% dividend yield should back up a possible rise in the share price|
|What an absolutely ridiculous decision by the Government. Guaranteed to add 5% to insurance premiums from March and destabilising the insurance industry in the meantime as none of the companies were projecting such a low discount rate and this hits their capital surpluses. To me a negative discount rate is ridiculous. I'm an accountant and don't see discount rates below 1% on anything I look at. Having a negative discount rate looks and is totally ridiculous and a direct result of printing money. The government are stoking up massive inflation for later in the year. First food and energy, now insurance. What next?|
|Statement re Ogden Discount Rate - HTTP://www.investegate.co.uk/admiral-group-plc--adm-/gnw/admiral-group-plc---statement-re-ogden-discount---/20170227072319H2144/
Admiral Group plc notes today's announcement by the Lord Chancellor of a change from 2.5% to -0.75% in the discount rate used by the courts in England and Wales to calculate personal injury damages awards, commonly referred to as the Ogden discount rate.
In order for the impact of the new rate to be reflected in the Company's 2016 results, Admiral has decided to postpone the preliminary announcement of the results for the year ended 31 December 2016 from 1 March 2017 to 8 March 2017.
The reduction in the discount rate will have the effect of increasing the cost of personal injury claims, therefore also increasing the ultimate loss ratio for all business written up to the effective date, part of which will be earned and part unearned. The majority of the financial impact in respect of premiums earned during 2016 and prior years will be reflected as a one-off charge against 2016 second half profits. The balance (along with the impact on business written but unearned at the date of change) will be recognised as lower reserve releases and profit commission mainly over the subsequent three to five financial years as the affected claims settle.
The estimated total net financial impact1 of all claims settling at the new rate is £140m to £175m. The estimated net financial impact on 2016 reported profit is £70m to £100m.
Given the Group's strong capital position, and reflecting the non-recurring nature of this charge, the Group expects to maintain the final dividend at last year's level of 51.5 pence per share, notwithstanding the reduced level of second-half reported profits.
The Group anticipates that if market pricing adjusts future premiums to reflect the lower discount rate, there will be no significant impact on future business and its profitability after the change. The Group is also confident that its strong capital position, along with its prudent approach to claims reserving, will allow it to address the outcome without significant change to its business or long term financial outlook.
Admiral notes the announcement by the Lord Chancellor of her decision to review the framework under which the rate is set and looks forward to the prompt conclusion of the review.
Further information (including in relation to the potential for future returns of surplus capital to shareholders) will be provided with the results announcement on 8 March 2017.|
Admiral (LSE: ADM) looks to me to be another top stock that’s currently too cheap to pass up. Shares in Admiral are trading at a forward P/E of 16.8, which may seem expensive at first glance but Admiral is a long-term growth story. Over the next three years, City analysts expect the group to increase pre-tax profits by around 30%. Further growth could be on the cards if the company’s international operations report maiden profitability.
Admiral’s steady growth is complemented by a 6.6% dividend yield. Such a combination of growth and income is usually tough to find so shares in the firm may be worth snapping up before the market catches on to this opportunity.|
|Did you light the fuse Gary with mr Beazley|
|lol they've Sussed out it's a bargain mms searching for shares lately|
|Seems that way.SP recovered from 1680 to 1750.|
|This is a steal under 17 for sure|
|They know all bout fines in the $billions...|
|I'm on the button|
|And the fall has gathered some pace this morning , any known reasons for today's fall?|
|I think you have answered your own question there Linton, everyone thinks as you do, why buy today if they are down tomorrow?|
|I can't fathom this stock out pru and Aviva and a couple more never get hammered but admiral does, they have a great divi policy and results are always positive but down they go. Gonna buy some of these soon|
|Keep an eye on Clln essentialinvestor|
|Could there be an opportunity for DLG to take share from Admiral in this case?,
if the FT report is accurate.|
|The 'Ogden' tables help actuaries, lawyers and others calculate the lump sum compensation due in personal injury and fatal accident cases. There has been a change to the calculation - see markets live FT|
|HSTG doing better. I have sold Admiral and bought HSTG|
|Same over at DLG,and other Insurers.|
|Chart looks like continuing to fall. Maybe the next results will fix, or maybe the market knows something we don't.|
|I can't understand how this share is unloved considering it's previous updates,most stocks have taken off but not poor old admiral.great divi aswell|
|Is there a reason for the sudden drop at 1500 today?|
|To all ADM shareholders. I have today put a Limit sell order on my holding in ADM of £25,to stop Shorter,s from loaning the shares from my broker,which they can do for a fee,without me or you knowing about.I suggest you do the same.|
|Shore always seem to be quoted when it comes to insurers, not really why sure except they are typically bearish.
Was hoping for some proper weakness here but seems it's not to be, will just have to leave them on my watchlist for now.|