Admiral completed the sale of its US business Elephant to JC Flowers, a US private equity business. After years of losses, Elephant reported a profit of £14 million in 2024. The sale price is expected to be over £135 million, supporting a forecasted GBX 40 special dividend. Shares are undervalued, trading at 5 stars. Morningstar maintains a GBX 3,600 fair value estimate and narrow moat. Admiral is the top 2025 dividend pick in European insurance.

Read more at Morningstar: Admiral: Completes Sale of US Business