(Reuters) - British insurer Admiral Group Plc (LON:ADML) said market volatility around Britain's vote to leave the European Union had impacted its solvency ratio, but said it did not currently expect a material impact on its daily operations.
Admiral, however, warned of additional risks around Brexit including interest and exchange rates volatility, less favourable economic conditions in the UK and other countries in which it operates and the withdrawal of "passporting" rights for British financial services firms.
The company announced a solvency capital ratio of 180 percent under new European rules. A ratio of 100 percent means an insurer has set aside enough capital to meet underwriting, investment and operational risks.
Admiral said its solvency capital ratio was 196 percent on a "volatility adjusted basis".
The motor insurer, which owns UK price comparison site Confused.com and U.S. site compare.com as well as the Elephant, Diamond and Bell brands, posted a 4 percent rise in statutory pretax profit to 189.5 million pounds in the six months ended June 30, just shy of analyst estimates.
Eleven analysts in a company-supplied poll had forecast a pre-tax profit of 191.8 million pounds.
Admiral said it would pay an interim dividend of 62.9 pence per share, up 23 percent from a year earlier and above a forecast of 59.2 pence per share.