Admiral Group has shared a bonus payout of £1.6 million among its 2,500 employees.
The payout is made up of dividends paid to staff participating in the car insurance group’s approved share incentive plan (Sip) and a bonus linked to staff holdings in its discretionary free share scheme (DFSS).
The bonus is calculated with reference to the recent dividend paid to shareholders, and equates to 35.5p multiplied by the number of shares held within the DFSS.
Staff also received the dividend on shares held within the Sip after the group announced in May that it was paying a dividend of 35.5p on the back of record results for 2010.
The majority of the bonus, around £1.3 million, is being shared between Admiral Group staff in its offices in Cardiff, Swansea and Newport, although some employees in its offices in Spain, Italy, France, the US and India have also benefited.
Victoria Griffiths, payroll administrator at Admiral Group, said: “The share schemes are a great benefit. I have been able to go on holiday three times this year and put my dividend payment aside to buy new clothes.”
Henry Engelhardt, chief executive officer at Admiral Group, added: “2010 was a brilliant year for Admiral and it is great to be able to share the success with our staff.
“Our share schemes are designed to reward loyalty to the organisation and to give everyone who works here a sense of ownership.
“Without the hard work of our staff in Wales and the rest of the world, Admiral could not be the success that it is.”
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