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Admiral Group PLC ADM

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Morningstar’s Analysis

Currency in GBX
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Admiral Reports Strong First-Half 2021 Results; Maintain Our Fair Value Estimate

Analyst Note

| Henry Heathfield, CFA |

Admiral has reported very strong first-half 2021 results. We maintain our GBX 3,920 fair value estimate and no moat rating. Shares remain undervalued.

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Company Profile

Business Description

Admiral is a personal lines insurer that writes most of its business in the United Kingdom. The company operates three business divisions: U.K. insurance, international car insurance, and other. This is a reduction from four since April 2021, when new CEO Milena Mondini de Focatiis announced the sale of Admiral’s price comparison businesses within Penguin Portals. This included,,, and the group’s technology division, Admiral Technologies. The sale excluded Admiral’s U.S. price comparison business, The total net transaction value was GBP 460 million, which Admiral intends to return to shareholders.

David Street, Ty Admiral
Cardiff, CF10 2EH, United Kingdom
T +44 3332202062
Sector Financial Services
Industry Insurance - Property & Casualty
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 11,459

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