Admiral Group Plc. saw a better-than-expected rise in first-half pre-tax profit, although the insurer cautioned over risks surrounding a hard Brexit.
The motor and home insurer posted results on Wednesday showing a nine percent rise in profits to £211 million, up from £195 million a year earlier.
Analysts expected a pre-tax profit of £207.8 million, according to the company-supplied consensus from 11 analysts.
Admiral also saw an increase in customer numbers, which increased from 5.46 million in 2017 to 6.23 million in the for the six months to June.
The insurer, which competes with firms such as Aviva (LON: AV), RSA (LON: RSA) and Direct Line (LON: DLG), has said it expects risks to the company in the event of a no-deal Brexit.
The group has chosen Madrid as it’s EU base following the UK’s exit from the EU.
Admiral’s UK motor profits grew to £249.5 million, up from £224.2 million.
UK Household also saw a growth in turnover and customer numbers, despite the £1.9 million loss due to the poor weather during the period. The UK household saw a £1.6 million profit a year earlier.
Shares in Admiral (LON: ADM) are currently trading up 3.35 percent at 2,065.00 (1129GMT).