- British car insurer Admiral Group plc continues to grow and projects increasing reserve releases over the next years.
- Actual 2013 EPS came in 9.7% higher than consensus.
- I project a 2014 total dividend yield of at least 7% on the current share price of £15.00.
- Book value per share rising steadily in spite of high pay-out ratio.
- High profitability confirmed in 2013: combined ratio as always far below market average, ROE at about 62%.