Admiral Group PLC

ADM: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 3,779.00	Jfkkdb	Fxlqtvtth

Admiral: Announces Acquisition of French Online Home Insurer Luko

Henry Heathfield

Jun 19, 2023

Admiral has announced the acquisition of Luko, a French online home insurer that captures 25% of online home insurance sales in France. While the acquisition does not have an impact on our GBP 30.70 fair value estimate for Admiral, we believe it highlights the business’ commitment to growth in its international segment. The transaction does not include Luko’s real estate, German, or Spanish operations. We maintain our narrow moat rating.

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