Admiral Group downgraded to Neutral from Buy at Citi

Citi downgraded Admiral Group to Neutral from Buy with a 2,272 GBp price target. The analyst is more cautious on the U.K. motor insurance space following an industry analysis. Elevated Q4 claims inflation and a slow pace of rate increases means that the industry’s combined ratio will be 110% in 2023 with a loss ratio that is 6.6 points worse than pre-pandemic levels, the analyst tells investors in a research note.