Admiral celebrates 25-year milestone

WALES’ only FTSE 100 business Admiral is today celebrating 25 years since its launch.

The insurance giant 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 more than five million customers and 9,000 members of staff – of which 6,300 are based in South Wales at offices in Cardiff, Swansea and Newport.

Its headquarters are in the capital, where it employs 3,000.

During its 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 about £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 more than 100 awards for being a good employer worldwide.

At the heart of Admiral’s success are its employees, and since the company floated, the company has awarded more than 28.5 million shares to employees within its share plans.

Of these. more than 19.5 million have reached maturity and actually passed into the hands of staff members – at today’s value that’s worth more than £380m.

Chief executive of Admiral David Stevens, said, “25 years! Wow. Back in January 1993 we had 57 members of staff, zero customers and not a lot of money in the bank.

“10 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 also has insurance operations in Spain, Italy, France and the US, 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.