Wales' only FTSE 100 company, Admiral, has seen its pre-tax profits fall by a more than a third as it reported its full year results. However the car insurance to loans group said it performed well in a challenging inflationary-hit insurance market - with rising claim costs - as its continues its diversification strategy of being less reliant on its established UK car insurance business.
As a result of its financial performance in 2022, which saw pre-tax profits slide 39% on 2021 (£769m) to £469m and turnover up 5% to £3.68bn - as premiums rose - some 10,000 Admiral staff will receive free shares worth up to £3,600.
That value of shares is the highest level the company, which employs more than 7,000 in South Wales with its HQ in Cardiff, can award to its staff for its financial performance. In early trading the value of Admiral's shares was down 4.5% at 8.45am as the financial market digested the results.
