Admiral Group’s secured lending portfolio expanded sharply during the first half of 2026, with secured loans reaching £679.7 million compared with £159.8 million a year earlier as Admiral Money continues to broaden beyond unsecured personal lending.
The secured-loan portfolio increased by more than four times year-over-year and included £341.1 million of finance leases, compared with £92 million in the prior-year period. Admiral Money’s gross loans and advances reached £1.878 billion, up approximately 39% from £1.353 billion.
Unsecured personal loans within Admiral Money remained relatively stable at £1.198 billion compared with £1.193 billion a year earlier, meaning most of the unit’s balance-sheet expansion came from secured products.
Admiral Money’s expansion also contributed to higher financial-services earnings. Group net interest income from financial services increased 24% to £51.3 million, while Admiral Money profit increased 6% to £13.3 million.
During H1, Admiral completed the sale of a £126.1 million back book of loans to a third party under a forward flow arrangement. The transaction generated a £7.3 million net gain, including origination fee income, an interest swap gain and a release of credit provisions.
The lending growth came as Admiral Group reached more than 12 million customers. Group risks increased 5% to 12.03 million, although group profit before tax from continuing operations declined 18% to £429.2 million. Group turnover remained approximately flat at £3.11 billion.
Admiral continues to maintain substantial capital capacity while expanding its newer businesses. Its post-distribution solvency ratio stood at 190%, while the group declared a £45 million share buyback alongside its interim dividend.
KEY QUOTES:
“We are proud of our continued profitable growth in our other UK personal lines and European insurance businesses, and Admiral Money.”
Milena Mondini de Focatiis, Group Chief Executive Officer Of Admiral Group
