LONDON, March 8 Car insurer Admiral on
Wednesday posted a 25 percent fall in full-year pretax profit
after the British government lowered the discount rate used to
calculate personal injury payouts.
Pretax profit in the period was 284.3 million pounds
($346.99 million), it said in a statement, down from 376.8
million pounds in 2015.
Stripping out the impact of the discount rate cut to minus
0.75 percent from 2.5 percent, which will see lump-sum payouts
rise, the firm said profits were up 3 percent.
However, the firm said revenues over the 12 months to
end-December rose 22 percent to 2.6 billion pounds, helped by
strong sales to international customers.
The company said it would pay a final dividend of 51.5
pence, made up of a normal dividend of 15 pence per share and a
special dividend of 36.5 pence.
($1 = 0.8193 pounds)
(Reporting by Simon Jessop, editing by Maiya Keidan)