"Compensation culture" Not on these profits
The UK’s second largest car insurer, Admiral Insurance, is paying out £134 million in half year dividends today.
The interim payment of 48.9 pence per share means Admiral will distribute £134m to shareholders, equivalent to £44 per policy holder.
This follows a pay-out of £245m to shareholders in June from 2012 profits, which were themselves 19% higher than the previous year.
In less than 5 months, the total pay-out to shareholders - £379m - is equivalent to £125 per policy holder.
The latest payment consists of a normal dividend of 22.5 pence per share and a special dividend of 26.4 pence per share.
Tom Jones, head of policy and public affairs at Thompsons, said: “At the end of August, Admiral Insurance announced yet another rise in profits and admitted it had over-provided for claims in the three years from 2010 to 2012.
“Over-provision, big profits and big pay-outs mean that Admiral’s high profile complaints about a compensation culture in the UK and mass motor fraud were all in fact crying wolf. Admiral has collected hundreds of millions of pounds unnecessarily from motorists and shareholders have had a bonanza on the back of that.
“We once again call on Admiral to apologise for misleading the public about personal injury costs.”
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