Admiral Group has announced it expects to report higher than expected profit before tax for H1 2021 of between £450m and £500m. These figures exclude the sale of the Penguin Portals comparison businesses which completed on 30th April 2021.

In a statement the insurer said: “The stronger result is due to unusually positive development in the cost of UK motor bodily injury claims from a number of prior underwriting years which has led to higher reserve releases and profit commission revenue. There has been no change to Admiral’s prudent approach to claims reserving.

“Further, motor claims frequency in 2021 to date has been lower than expected due to extended lockdown restrictions resulting in a favourable current period loss ratio.”

The insurer said it would publish its H1 results on 11th August 2021.

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