Citi issues ‘positive short-term view’ on Admiral

Citi said on Tuesday that it had issued a "positive short-term view" on Admiral ahead of its first-half results on 15 August.

The bank said it currently sits around 8% ahead of consensus on motor pre-tax profit and around 9% on group pre-tax profit as it believes consensus looks conservative.

"We update the UK motor market ahead of 1H results where we see an improving motor claims picture being led by lower damage inflation and lighter claims frequency as we see current claims inflation guidance from companies as conservative as repair volumes are circa 8% below pre-Covid levels," it said.