British insurer Admiral’s H1 profit surges 4%

U.K.’s motor insurance company Admiral Group reported a 4 percent rise in first-half pretax profit, just shy of estimates, and said market volatility around Britain’s vote to leave the European Union impacted the insurer’s solvency ratio.

The motor insurer, which owns U.K. price comparison site and U.S. site as well as the Elephant, Diamond and Bell brands, said statutory pretax profit rose to 189.5 million pounds ($247.1 million) in the six months ended June 30.

Eleven analysts in a company-supplied poll had forecast pretax profit of 191.8 million pounds.

Pretax profit excluding minority interests rose 4 percent to 193 million pounds.

Source: Reuters