Admiral Group
Website:
Admiral Group
Index:
FTSE 100
EPIC: ADM
Supersector:
Insurance
Sector:
Nonlife Insurance
Subsector:
Insurance Brokers
Market Cap:
£10.61B
Payout Frequency: Semi-Annual
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.
Read more
Admiral Group Annual Dividend Yield - 2.6%
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 (3460p)
= 2.6%
Admiral Group Dividend History
| 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 |
Final |
42.20p |
GBX |
| 05/05/2022 |
06/06/2022 |
Special |
75.80p |
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 |
Final |
49.60p |
GBX |
| 09/05/2019 |
31/05/2019 |
Special |
16.40p |
GBX |
| 06/09/2018 |
05/10/2018 |
Interim |
40.80p |
GBX |
| 06/09/2018 |
05/10/2018 |
Special |
19.20p |
GBX |
| 10/05/2018 |
01/06/2018 |
Final |
39.50p |
GBX |
| 10/05/2018 |
01/06/2018 |
Special |
18.50p |
GBX |
| 07/09/2017 |
06/10/2017 |
Special |
18.10p |
GBX |
| 07/09/2017 |
06/10/2017 |
Interim |
37.90p |
GBX |
| 11/05/2017 |
02/06/2017 |
Final |
15.00p |
GBX |
| 11/05/2017 |
02/06/2017 |
Special |
36.50p |
GBX |
| 08/09/2016 |
07/10/2016 |
Interim |
36.80p |
GBX |
| 08/09/2016 |
07/10/2016 |
Special |
26.10p |
GBX |
| 12/05/2016 |
03/06/2016 |
Final |
33.60p |
GBX |
| 12/05/2016 |
03/06/2016 |
Special |
29.80p |
GBX |
| 10/09/2015 |
09/10/2015 |
Interim |
25.10p |
GBX |
| 07/05/2015 |
29/05/2015 |
Final |
22.50p |
GBX |
| 07/05/2015 |
29/05/2015 |
Special |
26.50p |
GBX |
| 10/09/2014 |
10/10/2014 |
Interim |
23.70p |
GBX |
| 10/09/2014 |
10/10/2014 |
Special |
25.70p |
GBX |
| 30/04/2014 |
30/05/2014 |
Final |
24.40p |
GBX |
| 30/04/2014 |
30/05/2014 |
Special |
26.20p |
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
Admiral Group Dividend Growth
| Dividend Growth (1Y) |
6.77%
|
| Dividend CAGR (5Y) |
2.96%
|
| Years of Growth |
2
|
| Payout Ratio |
84.26%
|
| Buyback Yield |
-0.29%
|
| Shareholder Yield |
5.63%
|
| P/E Ratio (TTM) | 14.27 |
|---|
| Forward P/E | 14.52 |
|---|
| P/FCF | 29.18 |
|---|
| Earnings Yield | 7.03% |
|---|
| FCF Yield | 3.43% |
|---|
| ROE | 52.97% |
|---|
| ROCE | 32.4% |
|---|
| Profit Margin | 14.79% |
|---|
| Operating Margin | 20.72% |
|---|
| Gross Margin | 41.48% |
|---|