admiral group plc on wednesday reported a fall in pretax profit for 2022 missing expectations as it proposed a lower dividend for the year due to a challenging market backdrop with high inflation the uklisted carinsurance company posted a pretax profit of 4690 million pounds 5546 million compared with gbp7690 million the previous year a consensus taken from factset and based on eight analyst estimates had the figure at gbp4894 million net revenue was gbp149 billion down from gbp155 billion for the yearearlier period its customers base grew by 11 to 928 million the groups combined ratioa key measurement for insurers that divides incurred losses by premiums earnedstood at 1017 up from 852 a year prior the board declared a fullyear dividend of 112 pence a share down from 187 pence for 2021 it said its solvency ratio post dividend stood at 180 for 2022 compared with 195 in 2021 weve not been immune to the changes in external conditions including the implementation of the fcas pricing reforms increased claims frequency post covid supplychain challenges adverse weather and high levels of inflation which had a very big impact on our business particularly on the cost of claims said chief executive milena mondini de focatiis adding the group continues to be wellpositioned for when the market improves