ADM Admiral Group PLC

Etude de l'AG du 26/04/2017

Mr. Lyons served as the Chairman of the Board during the year and has stated his intention to step down at the forthcoming AGM.

Annette Court will succeed the position of Chairman at the forthcoming AGM and is deemed to be independent at appointment. We note that the Company has selected a woman to serve as Chairman of the Board. The percentage of women on the Board is 33.3%, which also meets ECGS guidelines.

Item 2: Approve the Remuneration Report. While there are concerns over the lack of a performance based bonus and the potential for excessive variable remuneration under the LTIP, the structure is weighted more towards rewarding long-term performance, the payout is adequately aligned with performance, accelerated vesting in the event of a change of control is not possible, and the quantum is quite moderate.

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Insurance - United Kingdom

Admiral Group plc is a United Kingdom-based company engaged in the provision of car insurance. The Company has four segments: UK Car Insurance, International Car Insurance, Price Comparison and Other. The UK Car Insurance segment consists of the underwriting of car insurance and other products that supplement the car insurance policy within the United Kingdom. The International Car Insurance segment consists of the underwriting of car insurance and the generation of revenue from additional products, and fees from underwriting car insurance outside of the United Kingdom. The Price Comparison segment relates to the Company's price comparison Websites, such as in the United Kingdom, Rastreator in Spain, LeLynx in France and in the United States. The Other segment includes the United Kingdom household insurance, the Company's commercial van insurance broker and commercial van insurance. It also has operations in Canada, India and Italy, among others.

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