Admiral Group PLC

ADM: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 7,321.00	Cgsvgh	Lrjtqlnjpw

Admiral Announces Acquisition of RSA’s Direct U.K. Home and Pet Insurance Business

Henry Heathfield

Dec 8, 2023

Admiral has announced the acquisition of Royal Sun Alliance’s U.K. direct home and pet insurance business. The purchase price is currently GBP 82.5 million, but the terms of the agreement mean there could be an additional GBP 32.5 million payment added to this, depending on the number of policies migrated. The acquisition is expected to close in the later part of next year’s first interim. While small, the acquisition is not insignificant, bringing in around GBP 165 million in gross premiums written, adding around 5% to Admiral's premiums. We maintain our EUR 30.7 per share fair value estimate and our narrow moat rating.

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