LONDON, March 13, 2026, 19:15 GMT
Admiral Group shares rose 1.9% to 3,280 pence on Friday after RBC Capital Markets turned positive on the stock, lifting it to “outperform” and raising its target price to 3,560 pence. The gain came against a weaker broader market, with the FTSE 100 down 0.43%. 1
The call matters because it landed just over a week after Admiral reported record 2025 earnings and set out a clearer capital-return plan. The insurer said it would shift surplus capital away from special dividends toward share buybacks, where a company repurchases its own stock, from interim 2026. 2
Ben Cohen at RBC said he was “particularly encouraged” by Admiral’s willingness to lay out a multi-year view of profits and earnings growth. He said stronger results outside UK motor more than offset softness in the core business, and the new 3,560p target is roughly 8.5% above Friday’s close. 3
Admiral reported 2025 pre-tax profit from continuing operations of 957.9 million pounds, up 16%, on insurance revenue of 4.98 billion pounds. The number of policies and insured items it counts as “risks” rose 7% to 11.8 million, while the post-dividend solvency ratio – an insurer’s capital buffer – eased to 193%; the board proposed a 90 pence final dividend for payment on June 5. 4
In the results statement, Chief Executive Milena Mondini de Focatiis called 2025 “another remarkable year for Admiral” and said the group had “good momentum moving into 2026 and beyond.” She pointed to stronger contributions from home, travel and pet insurance, Admiral Money and European motor operations, including a recovery in Italy. 5
The wider sector is also in flux. Rival Aviva posted a 25% rise in annual profit last week and resumed buybacks, helped by premium growth and its combination with Direct Line, after regulators cleared the deal that made it Britain’s biggest home and motor insurer. 6
But the next phase may be tougher. Matt Britzman, senior equity analyst at Hargreaves Lansdown, wrote that 2026 should be softer, with profit growth likely “flatter” as less profitable business written in 2025 comes through, while claims inflation and keener UK motor pricing remain the main risks. 7
For now, investors were willing to look through that softer 2026 set-up. Admiral outperformed a London market rattled by renewed oil-led inflation fears and fading hopes for near-term Bank of England rate cuts as Middle East tensions pushed the FTSE 100 to a second straight weekly loss. 8
