Morningstar

Admiral: Announces Acquisition of French Online Home Insurer Luko

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Securities In This Article
Admiral Group PLC
(ADM)

Admiral ADM has announced the acquisition of Luko, a French online home insurer that captures 25% of online home insurance sales in France. While the acquisition does not have an impact on our GBP 30.70 fair value estimate for Admiral, we believe it highlights the business’ commitment to growth in its international segment. The transaction does not include Luko’s real estate, German, or Spanish operations. We maintain our narrow moat rating.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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About the Author

Henry Heathfield, CFA

Equity Analyst
More from Author

Henry Heathfield, CFA, is an equity analyst, Europe, for Morningstar*. He focuses on researching, analysing and valuing insurance companies across Europe.

Heathfield joined Morningstar in 2016 as an equity analyst having spent eight years at Redmayne-Bentley and Silchester as a generalist in U.K. and Europe.

Heathfield holds a bachelor’s degree from Nottingham Trent University and a master’s degree in finance from London Business School. He also holds a CFA designation.

* Morningstar Holland BV (“Morningstar”) is a wholly owned subsidiary of Morningstar, Inc

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