Admiral Group has announced its full year results pre-tax profits grew by 20% to £608.2m from £505.1m the previous year.
The insurer claimed its profit increase was predominantly driven by “strong reserve releases” and a decrease in “claims frequency” as people drove less during the lockdown heights.
The firm also saw its group turnover marginally increase by 2% to £3.55bn from £3.46bn in 2019.
Additionally, the company revealed it rewarded roughly 10,000 staff with free shares worth up to £3,600 under the “employee share scheme” based on the full year 2020 results.
Commenting on the results, Milena Mondini de Focatiis, group CEO said: “Our existing customers chose to stay with us more than ever before, and we increased the share of those switching from other insurers to Admiral, resulting in over 650,000 new customers in 2020.
“Staff remained a priority and we rapidly transitioned to working from home, while also implementing flexible working arrangements and other wellbeing initiatives.”
Annette Court, group chair, added: “I’m particularly pleased to mention an improvement of over 5% in customer Net Promoter Scores across our operations and that we were voted 14th best workplace in the world on the annual 25 World’s Best Workplaces list.
“I’d like to take the opportunity to thank all our stakeholders for their support, and the Admiral team for maintaining the special Admiral spirit and values which gives us a solid foundation for the year ahead!”