More than 7,000 Admiral employees will each receive £3,000 worth of free shares into the insurance provider’s share incentive plan (Sip).
According to the organisaiton’s Annual results 2014 report, this will cost some £8.6 million should all staff remain eligible for the scheme.
This is an increase from the £7.6 million spent in 2013.
Eligible employees qualified for awards under the Sip based upon the performance of the organisation in each half-year period.
Staff must remain in employment and the scheme for three years from the date of the award to benefit from it.
In total, staff expenses amounted to £209.4 million for the year ending December 2014, including salaries and pension costs.
According to the report, Admiral’s focus on making the organisation a great place to work haas resulted in strong levels of retention among employees, management and directors.
Alastair Lyons, chairman of Adimiral Group said in the report: “In my statement last year I listed what I regarded to be the top ten attributes that had contributed in great measure to Admiral’s success over the last 10 years that it has been a listed company.
“I spoke of management; our culture; our employees; focus; pricing; claims management; controlled test and learn; low cost; low capital employed; and low risk.
“Admiral has applied these consistently to deliver against a straightforward highly focused strategy.
“With its distinctive culture and focus on making Admiral a great place to work, the company enjoys strong levels of retention among employees, management and directors alike.
“To encourage retention of our people, and therefore of their skills and experience, we seek to provide management with development opportunities that allow us to promote from within.
“Thank you to our employees for their commitment and enthusiasm; to our management for their leadership and inspiration; [and] to our shareholders for their support and confidence.”
