Admiral takes £105mn profit hit from Ogden

UK motor specialist Admiral took a £105.4mn ($128.8mn) hit
to its earnings in 2016 as a result of the change in the Ogden
discount rate.
Admiral today reported a full-year pre-tax profit of
£284.3mn for 2016, with the firm noting that it had been
"materially affected" by the rate change, announced in
February.
If the rate had remained unchanged, the group pre-tax profit
would have been £389.7mn, the company said.
In 2015, Admiral had reported a pre-tax profit of
£376.8mn.