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Admiral wins on UK car premiums, but warns on low interest rates

Expectations for a stellar set of trading figures from Admiral (ADM) were high. During the past three years, the insurer has consistently paid out special dividends, improved its combined ratio and grown its customer numbers. However, with new chief executive David Stevens warning of low interest rates dampening the value of the group's own funds - held to pay out future claims - investors were less than impressed with these first-half results, with the shares falling as much as 8 per cent. The downturn in the yield curve amounted to a 20 percentage point decline in the insurer's Solvency II ratio to 180 per cent.

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By Emma Powell,
17 August 2016

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