Admiral Group

Website: Admiral Group
Index: FTSE 100
EPIC: ADM
Supersector: Insurance
Sector: Nonlife Insurance
Subsector: Insurance Brokers
Market Cap: £10.05B
Payout Frequency: Semi-Annual

Next Admiral Group Dividend

Admiral Group next goes ex-dividend on 07/05/2026. This will be the Final dividend for 2026.

The dividend per share amount is 72.8000p (GBP) and the payment date is 05/06/2026.

A Special dividend of 17.2000p is also being paid. This brings the total payable to 90.0000p.

Admiral Group Dividend Analysis and Summary

Key dividend details

Final dividend declared: 90.0p per share (FY2024 final: 121.0p), split into 72.8p normal and 17.2p special.
Full-year dividend per share (FY2025): 205.0p (up 7% y/y).
Ex-dividend date: 07/05/2026; Record date: 08/05/2026; Payment date: 05/06/2026.
Earnings coverage: EPS (continuing) 247.4p; DPS 205.0p ? c.1.2x cover (payout ~83%).
Capital position: Post-dividend Solvency II ratio 193% (vs 203% in FY2024).

Context and coverage

Strong profitability: FY2025 PBT from continuing operations £958m (+16% y/y); reported combined ratio 80.1%.
Cash generation solid: Operating cash flow (pre-investments) £874m.
Policy framework: Normal dividend is 65% of post-tax profit; the final 90.0p reflects an 81% payout (excl. share purchases), or ~90% of H2 profits including employee share plan purchases.

Dividend sustainability and growth

Sustainability: Coverage of ~1.2x and a robust solvency ratio (193%) support the dividend. UK Motor remains highly profitable, non-motor UK lines and Europe improved, and reserve strength remains prudent (risk adjustment high).
Growth trajectory: FY DPS rose 7% y/y to 205p, though the final dividend is 26% lower than last year’s final (timing and H2 EPS mix). Future cash DPS growth is likely to track earnings on the 65% “normal” dividend, with surplus returns shifting to buybacks (see below).
Earnings visibility: Management notes early-2026 motor price increases and continued underwriting discipline, supporting near-term earnings and normal dividend capacity.

Structural and policy changes affecting future dividends

Capital return mix change (important): From the 2026 interim, the Board may return surplus via special dividend and/or share buybacks. Management currently expects buybacks (rather than specials) for the 2026 interim and final. Income investors should anticipate a lower cash dividend stream versus history, with total shareholder returns supported by buybacks.
Portfolio reshaping: Sale of the US business (Elephant) completed; integration of More Than completed; agreement to acquire Flock (digital fleet insurer) in early 2026 (subject to regulatory approval), to be funded from existing resources/credit facilities. Modest capital use; not transformational.
Capital efficiency: Admiral Money introduced a forward-flow arrangement and sold a back-book of loans—reduces capital intensity, supportive of future capital returns.
Internal model: Imminent application for internal capital model approval could change measured SCR and surplus; watch for any recalibration of solvency buffers and surplus definition.

Risks and flags to dividend stability

Market cycle and claims: UK motor premiums fell in 2025 amid competition; claims inflation and Ogden assumptions remain uncertain. A 5% loss-ratio stress reduces solvency by ~21 pts (still leaving headroom but notable).
Regulatory: FCA motor total-loss review remediation c.£50m (about half expensed in 2025); not expected to change materially, but it is a headwind.
Capital metrics: Solvency ratio dipped to 193% (from 203%) due to high distributions, share purchases and loan growth (which lifts SCR). Monitor Admiral Money growth pace and motor pricing trends.
Policy shift to buybacks: While supportive of total returns, the cash dividend may be structurally lower (focused on the 65% normal payout) if specials are largely replaced by buybacks.
M&A and model approval: Closing Flock and any impacts from internal model approval could alter available surplus capital and the mix/timing of distributions.

Admiral Group Annual Dividend Yield - 2.76%

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
07/05/2026	05/06/2026	Special	17.2000p	GBX
07/05/2026	05/06/2026	Final	72.8000p	GBX

Total (Annual Dividends Per Share): 90.00p

Dividend Yield = Annual Dividends Per Share (90.00p) ÷ Share Price (3264p) = 2.76%

Ex Dividend Date	Payment Date	Type	Amount	Currency
07/05/2026	05/06/2026	Special	17.2000p	GBX
07/05/2026	05/06/2026	Final	72.8000p	GBX
04/09/2025	03/10/2025	Interim	85.90p	GBX
04/09/2025	03/10/2025	Special	29.10p	GBX
15/05/2025	13/06/2025	Special	29.60p	GBX
15/05/2025	13/06/2025	Final	91.40p	GBX
05/09/2024	04/10/2024	Interim	51.30p	GBX
05/09/2024	04/10/2024	Special	19.70p	GBX
09/05/2024	07/06/2024	Special	16.60p	GBX
09/05/2024	07/06/2024	Final	35.40p	GBX
07/09/2023	06/10/2023	Interim	38.00p	GBX
07/09/2023	06/10/2023	Special	13.00p	GBX
04/05/2023	02/06/2023	Special	14.50p	GBX
04/05/2023	02/06/2023	Final	37.50p	GBX
01/09/2022	30/09/2022	Interim	44.20p	GBX
01/09/2022	30/09/2022	Special	45.00p	GBX
05/05/2022	06/06/2022	Special	75.80p	GBX
05/05/2022	06/06/2022	Final	42.20p	GBX
02/09/2021	01/10/2021	Interim	87.90p	GBX
02/09/2021	01/10/2021	Special	46.00p	GBX
06/05/2021	04/06/2021	Final	86.00p	GBX
03/09/2020	02/10/2020	Interim	55.00p	GBX
03/09/2020	02/10/2020	Special	20.70p	GBX
03/09/2020	02/10/2020	Interim	91.20
07/05/2020	01/06/2020	Special	20.70p	GBX
07/05/2020	01/06/2020	Final	56.30p	GBX
05/09/2019	04/10/2019	Special	21.20p	GBX
05/09/2019	04/10/2019	Interim	41.80p	GBX
09/05/2019	31/05/2019	Special	16.40p	GBX
09/05/2019	31/05/2019	Final	49.60p	GBX
06/09/2018	05/10/2018	Special	19.20p	GBX
06/09/2018	05/10/2018	Interim	40.80p	GBX
10/05/2018	01/06/2018	Special	18.50p	GBX
10/05/2018	01/06/2018	Final	39.50p	GBX
07/09/2017	06/10/2017	Interim	37.90p	GBX
07/09/2017	06/10/2017	Special	18.10p	GBX
11/05/2017	02/06/2017	Special	36.50p	GBX
11/05/2017	02/06/2017	Final	15.00p	GBX
08/09/2016	07/10/2016	Special	26.10p	GBX
08/09/2016	07/10/2016	Interim	36.80p	GBX
12/05/2016	03/06/2016	Special	29.80p	GBX
12/05/2016	03/06/2016	Final	33.60p	GBX
10/09/2015	09/10/2015	Interim	25.10p	GBX
07/05/2015	29/05/2015	Special	26.50p	GBX
07/05/2015	29/05/2015	Final	22.50p	GBX
10/09/2014	10/10/2014	Special	25.70p	GBX
10/09/2014	10/10/2014	Interim	23.70p	GBX
30/04/2014	30/05/2014	Special	26.20p	GBX
30/04/2014	30/05/2014	Final	24.40p	GBX
11/09/2013	11/10/2013	Interim	22.50p	GBX
11/09/2013	11/10/2013	Special	26.40p	GBX
01/05/2013	24/05/2013	Final	21.40p	GBX
01/05/2013	24/05/2013	Special	24.10p	GBX
12/09/2012	12/10/2012	Interim	21.30p	GBX
12/09/2012	12/10/2012	Special	23.80p	GBX
02/05/2012	01/06/2012	Final	17.40p	GBX
02/05/2012	01/06/2012	Special	19.10p	GBX
28/09/2011	21/10/2011	Interim	19.40p	GBX
28/09/2011	21/10/2011	Special	19.70p	GBX
18/05/2011	10/06/2011	Final	17.30p	GBX
18/05/2011	10/06/2011	Special	18.20p	GBX
06/10/2010	20/10/2010	Interim	15.10p	GBX
06/10/2010	20/10/2010	Special	17.50p	GBX
10/03/2010	01/04/2010	Final	13.70p	GBX
10/03/2010	01/04/2010	Special	16.10p	GBX
07/10/2009	21/10/2009	Interim	12.80p	GBX
07/10/2009	21/10/2009	Special	14.90p	GBX
06/05/2009	27/05/2009	Final	12.40p	GBX
06/05/2009	27/05/2009	Special	14.10p	GBX
27/08/2008	25/09/2008	Interim	12.30p	GBX
27/08/2008	25/09/2008	Special	13.70p	GBX
09/04/2008	07/05/2008	Final	11.60p	GBX
09/04/2008	07/05/2008	Special	11.60p	GBX
19/09/2007	17/10/2007	Interim	10.30p	GBX
19/09/2007	17/10/2007	Special	10.30p	GBX

Year	Interim	Final	Special	Currency	Total	Change
2024	51.300	35.400	36.300	GBX	123.000	19.410
2023	38.000	37.500	27.500	GBX	103.000	-50.280
2022	44.200	42.200	120.800	GBX	207.200	-5.770
2021	87.900	86.000	46.000	GBX	219.900	-9.840
2020	146.200	56.300	41.400	GBX	243.900	89.060
2019	41.800	49.600	37.600	GBX	129.000	9.320
2018	40.800	39.500	37.700	GBX	118.000	9.760
2017	37.900	15.000	54.600	GBX	107.500	-14.880
2016	36.800	33.600	55.900	GBX	126.300	70.440
2015	25.100	22.500	26.500	GBX	74.100	-25.900
2014	23.700	24.400	51.900	GBX	100.000	5.930
2013	22.500	21.400	50.500	GBX	94.400	15.680
2012	21.300	17.400	42.900	GBX	81.600	9.380
2011	19.400	17.300	37.900	GBX	74.600	53.180
2010	15.100		33.600	GBX	48.700	-28.270
2009	12.800	26.100	29.000	GBX	67.900	38.000
2008	12.300	11.600	25.300	GBX	49.200	138.830
2007	10.300		10.300	GBX	20.600

Admiral Group Dividend Calculator

Number of Shares:

Payment	Paid	Amount
Next	–	–
Previous	–	–

Admiral Group Dividend Growth

Dividend Growth (1Y)	6.77%
Dividend CAGR (5Y)	2.96%
Years of Growth	2
Payout Ratio	96.34%
Buyback Yield	1.6%
Shareholder Yield	7.85%

P/E Ratio (TTM)	13.51
Forward P/E	13.99
P/FCF	27.44
Earnings Yield	7.47%
FCF Yield	3.64%
ROE	52.97%
ROCE	32.33%
Profit Margin	14.79%
Operating Margin	20.72%
Gross Margin	41.48%