Insurer Admiral is a true leader
UPDATE
INSURER Admiral has always been a bit different from its peers, like Morrisons, above. That holds true today, more than ever, as chief executive David Stevens seems determined to show he is thinking of customers during the crisis, rather than just the bottom line.
While other insurers try to wriggle out of Covid-19-related claims, Stevens last week announced a £25 refund for every motor customer, in recognition of the fact that almost everyone is driving less than before.
The gesture will cost Admiral £110 million and may even be repeated if the lockdown persists. The group is also helping customers in financial difficulty, providing extra support for NHS workers and has set up a support fund focused on South Wales, near its Cardiff headquarters. The initiatives are designed to show that Admiral does not intend to profit from the coronavirus, but it should also boost business over the longer term.
Admiral owns several brands, such as Confused.com and Elephant in the UK, and a number of businesses in Europe and the US. The group delivered a 10 per cent rise in profit last year to £526million and an 11 per cent increase in the dividend to 140p, through a mix of ordinary and special payments.
Further growth is expected this year and beyond.
Admiral is primarily a motor insurer but it has moved into home cover and is building momentum overseas. The only FTSE100 firm based in Wales, the group consistently receives accolades for customer service and employee satisfaction. Actions taken during the lockdown should reinforce the firm’s reputation now and in future.