Admiral H1 profits tempered by Ogden rate cut

The motor insurer Admiral Group reported a 2 percent rise in
pretax profits in the first half of the year, with the increase
contained by a cut in the Ogden personal injury discount rate.
Admiral's first-half pretax profits were £193mn
($249mn), which Bernstein analysts said were 10 percent above their
own expectations and 1 percent over the consensus.
But Bernstein analyst Thomas Seidl added: "The beat was of
low quality as higher than expected reserve releases more than
offset a...