UK motor insurer announces record profits

British motor insurer Admiral today said £4.5m (€5m) of shares will be distributed to staff after the company increased profits 11% to £202.5m (€226.6m) in 2008.

The payout to more than 3,000 employees - worth an average of £1,500 - was accompanied by a 20% hike in annual dividend as Admiral delivered a record profits haul and said turnover rose 13% to £910m (€1bn).