Admiral celebrates 25 years as a major Welsh success story

WALES’ only FTSE 100 business – motor insurance to price comparison giant Admiral – is today celebrating 25 years since its launch,

It began in Cardiff on January 2, 1993, with just one brand, no customers and 57 members of staff.

Today it has 15 brands around the world with over five million customers and 9,000 staff, of which 6,300 are in south Wales at offices in Cardiff, Swansea and Newport.

Its headquarters are in Cardiff, where it employs 3,000.

After a quarter-century of operating, it has seen turnover grow from £18m in 1993 to £2.58bn in 2016 (its last reporting year).

The company floated on the London Stock Exchange in September 2004 with a valuation of £711m and is now worth around £5bn.

In that time, it has contributed £1.15bn to the south Wales economy in salaries and incentives, sold almost 17 million insurance policies in the UK and won over 100 awards for being a good employer worldwide.

At the heart of Admiral’s success are its employees, and since the company floated, it has awarded over 28.5 million shares to employees within its share plans. Of these, over 19.5 million have reached maturity and actually passed into staff members’ hands – at today’s value, that’s worth over £380m.

Chief executive David Stevens said: “Back in January 1993 we had 57 members of staff, zero customers and not a lot of money in the bank. Ten years or so later, you could have bought the whole of Admiral for just under £800m. Now it would take a very substantial £5bn to buy all our shares.

“There have been so many highlights over the years, but just in 2017 we have been named the 23rd best workplace in the world, we marked 10 years in the FTSE 100 and we’ve entered the travel insurance and personal loans markets.

“This would not have been possible without all the hard work put in by every member of staff across Admiral Group. From just 57 in 1993 to 9,000 now, I am so proud of what we’ve all achieved in the last 25 years. Here’s to the next 25!”

The group has also has insurance operations in Spain, Italy, France and the United States, and price comparison sites in Spain, France, the United States and most recently Mexico.

Its UK customers are also supported by operations in Halifax, Canada and Delhi, India.