FTSE 100 insurance giant CEO Milena Mondini de Focatiis tells CiytAM senior reporter Maria Ward-Brennan that Admiral’s share performance scheme has significantly contributed to staff retention.

Admiral Group stands out as one of the UK’s most successful insurance companies, with an internal focus on staff retention and employee happiness.

CEO Milena Mondini de Focatiis told City AM; “We wanted people to treat the customers as if they were their own customers….and the best way to do it is just give them a piece of the business.”

The Admiral group share incentive plan rewards eligible employees, after one year of service, with free shares worth up to £3,600 per year, typically awarded twice annually in March and September.

The CEOi who hails from Naples said:” It doesn’t matter which job you get, your entry‐level job, you’re with us for one year, you get £3,600 worth of shares, so for entry‐level jobs it’s important,” Mondini stated.

The issuer shared that it has awarded almost 20 million shares since going to market in 2005; at its current share price, this would be worth around £628m.

READ MORE: Admiral acquires commercial fleet insurer fintech Flock in an £80m dealREAD MORE: Car insurance to loans group Admiral post record profits

Admiral employs more than 7,000 in South Wales with its HQ based in Cardiff. Globally it employs 13,000.

She pointed out that many people save their shares and use it for weddings, honeymoons, or buying a house. She noted this helps with retention as Admiral has a “very high retention” rate, with a lot of the senior people having been around for 20 years plus.

Admiral reported double-digit profit growth over the last financial year, with profit before tax rising 16 per cent to £958m and its UK motor division surpassing the £1bn profit mark.

UK motor insurance has been the heart of Admiral since it was founded in 1993.

However, the market has been very cyclical. The years between 2022 and 2023 were described as “really tough” with the market losing over £1bn each year.

So, for Admiral, as with all insurers, the aim is to anticipate the cycle, moving earlier than the market to protect margins while staying competitive.

“For us, competitiveness is very important,” said Milena. She explained that in the UK, “Almost everything goes through price comparison sites”, where price is a major decision for consumers.

To spot trends first and reprice faster than rivals, and to monitor claims frequency, severity, and inflation closely.

Motor fleet insurtech Flock partnered with Admiral back in 2024 to inform its commercial motor arm’s thinking on data‐rich motor insurance.

The trends in driving have also shifted massively, as Melena acknowledges, with younger people putting off getting a licence until their 20s/30s, but this is offset by older people driving longer and an overall increase in cars on the road.

“Our expectation is that insurance premiums will continue to grow… at least until 2040.”

However, given the cyclical nature of the motor insurance market, “[Admiral] started to diversify roughly 15 to 20 years ago.”

Admiral has been expanding its other lines of business recently, following its April 2024 acquisition of RSA Insurance Group (RSA) for £ 82.5 m, including direct Home and Pet renewal rights.

Home is in Wales, not London Unusually for a listed firm of its size, Admiral does not have any office in London; the group is headquartered in Wales, with offices in South Wales, and one in Peterborough, thanks to Flock.

“Milena said: “We question every year, shall we have an office in London? But every time the group thinks about it, we end up with no answer because of its strong cultural roots in Wales.”

Despite having no presence in the City, the company focuses on growing its business in Europe and the UK. Last financial year, businesses in Italy, France and Spain were growing, with France highlighted as having had a “fantastic year”.

“There are better and worse years, particularly in UK motor… but across the cycle our expectation is that we’ll continue to grow in UK motor, and in every other single business, possibly at even faster pace, because there’s more there and they require more economy of scale,” Milena added.

OMAHA, Neb. — Warren Buffett, the legendary investor who transformed Berkshire Hathaway from a struggling textile mill into a $1 trillion-plus conglomerate, announced his resignation as chief executive officer on Wednesday, ending one of the most remarkable runs in American business history after more than six decades at the helm.

The 95-year-old Buffett made the announcement during a special meeting of Berkshire’s board, confirming that Greg Abel, 63, who has been groomed as his successor for years, will assume the CEO role effective immediately. Buffett will remain chairman of the board, ensuring continuity during the historic leadership transition.

In a statement released by the company, Buffett expressed gratitude to Berkshire’s shareholders, employees and managers. “Berkshire has been my life’s work, and it has been an incredible privilege to lead this remarkable organization for so long,” he said. “The time has come to pass the baton to Greg, who is exceptionally well prepared to guide Berkshire into its next chapter. I have full confidence in his leadership and the incredible team around him.”

The news sent ripples through global financial markets. Berkshire Hathaway Class A shares, which trade at over $700,000 each, dipped slightly in early trading before recovering as investors digested the long-anticipated transition. Analysts described the move as expected but still emotionally significant for investors who have come to view Buffett as synonymous with the company.

Buffett took control of Berkshire Hathaway in 1965 when it was a failing New England textile manufacturer. Through his value-investing philosophy — buying high-quality businesses at reasonable prices and holding them for the long term — he built one of the most valuable companies in the world. Under his leadership, Berkshire’s stock delivered compounded annual returns of approximately 20% for decades, turning thousands of ordinary investors into millionaires through patient, disciplined ownership.

The “Oracle of Omaha,” as Buffett is affectionately known, became a cultural icon. His annual shareholder letters were devoured by investors worldwide for their wisdom, wit and plain-spoken advice on business, investing and life. The Berkshire annual meeting, often called the “Woodstock of Capitalism,” drew tens of thousands of pilgrims to Omaha each year to hear Buffett and his longtime partner Charlie Munger dispense investment wisdom.

Munger, Buffett’s closest confidant and vice chairman, passed away in 2023 at age 99. His death marked the beginning of the end of an era, with Abel increasingly taking on more visible leadership roles. Abel, who joined Berkshire through its MidAmerican Energy subsidiary, has overseen the company’s non-insurance operations and earned Buffett’s trust through decades of steady, principled management.

Greg Abel’s ascension has been carefully planned. Buffett has publicly praised Abel’s business acumen, integrity and alignment with Berkshire’s distinctive culture of decentralization, long-term thinking and ethical conduct. In his 2024 shareholder letter, Buffett explicitly named Abel as his successor, ending years of speculation about who would lead the company after him.

The transition comes at a pivotal time for Berkshire. The company holds a massive cash position exceeding $180 billion, giving it significant firepower for acquisitions or share repurchases. Its diverse portfolio includes insurance giants GEICO and Berkshire Hathaway Reinsurance, railroads (BNSF), utilities (Berkshire Hathaway Energy), and iconic consumer brands like See’s Candies, Dairy Queen and Fruit of the Loom.

Buffett’s resignation ends an unparalleled chapter in corporate America. His influence extended far beyond Berkshire — shaping generations of investors, business leaders and even public policy through his advocacy for higher taxes on the wealthy and philanthropic efforts. Through the Giving Pledge, which he co-founded with Bill Gates, Buffett has committed the vast majority of his fortune — currently estimated at over $130 billion — to charitable causes, primarily through the Bill & Melinda Gates Foundation.

The news of his departure elicited tributes from across the business and political worlds. Microsoft co-founder Bill Gates called Buffett “one of the greatest investors and most generous philanthropists of our time.” JPMorgan Chase CEO Jamie Dimon described him as “a once-in-a-generation figure whose wisdom shaped modern capitalism.” President Donald Trump posted on Truth Social: “Warren Buffett is a legend. He built something incredible. Congratulations on an amazing career!”

For Berkshire shareholders, the transition raises important questions about the company’s future without its iconic leader. Buffett’s approach — buying wonderful businesses run by wonderful people and letting them operate with autonomy — has been central to Berkshire’s success. Abel has pledged to maintain this culture while bringing his own perspectives to capital allocation and strategic direction.

Early indications suggest continuity rather than radical change. Abel has emphasized Berkshire’s decentralized model and long-term focus in recent public appearances. However, investors will be watching closely for any shifts in investment philosophy, dividend policy or approach to acquisitions as the new CEO settles in.

The annual shareholder meeting on May 2 in Omaha will take on special significance this year. It will be Abel’s first as CEO, though Buffett is expected to attend and participate. The event, which typically draws tens of thousands of attendees, will serve as both a celebration of Buffett’s legacy and an introduction to Berkshire’s next chapter.

Buffett’s resignation does not mean the end of his influence. As chairman, he will continue to provide guidance and oversight. His substantial ownership stake — still over 15% of the company’s voting power — ensures his voice will remain important in major decisions.

For generations of investors who grew up reading Buffett’s letters and attending the annual meetings, today’s news marks the closing of a golden era. Yet many express confidence that Berkshire’s unique culture and strong bench of operating managers will allow the company to thrive under new leadership.

As Warren Buffett steps away from day-to-day leadership after more than six decades, his extraordinary legacy — built on integrity, patience and rational decision-making — will continue to inspire investors and business leaders around the world for generations to come.

The Oracle of Omaha may be stepping down as CEO, but his influence on American capitalism and the art of investing is permanent. Berkshire Hathaway enters a new era, but the principles that guided it for 60 years are expected to endure.

Motilal Oswal Financial Services (MOFSL) widened its consolidated net loss to Rs 221 crore in the March-ended quarter from Rs 65 crore in the year-ago period despite reporting a stellar 125% year-on-year growth in its revenue from operations. The topline stood at Rs 2,676 crore in Q4FY26 versus Rs 1,190 crore in the corresponding quarter of the last financial year.

The brokerage had reported a net profit of Rs 566 crore in the October-December quarter of FY26. All profit figures are attributable to the owners of the parent.

However, MOFSL’s operating profit after tax (PAT) surged 25% YoY to Rs 661 crore versus Rs 527 crore in Q4FY25 while rising 8% on a sequential basis compared to Rs 611 crore in Q3FY26. The full-year operating PAT stood at Rs 2,360 crore, growing 16% YoY led by strong growth in the Asset & Private Wealth Management (PWM) business.

The topline saw a 27% sequential growth compared to Rs 2,112 crore in Q3FY26.

Key takeaways:

— Asset Management (Including Alternates): PAT grew by 63% YoY to Rs 249 crore in Q4, while rising 55% YoY to Rs 798 crore in FY26.
— Total assets under management (AUM) grew by 32% on YoY basis at Rs 1.76 lakh crore, driven by stellar Mutual Fund AUM growth of 31% and Private Alternates AUM growth of 104%. FY26 Net MF Flows market share higher than AUM market share at 6.6% and 2.7% respectively, the company’s filing to the exchanges said.
— SIP inflows surged 78% YoY to Rs 16,479 crore with market share of 4.7%. Closed IBEF Fund V raise of Rs 8,350 crore, nearly 2X of its last fund raised.
— MOFSL executed first close of maiden private credit fund in January 2026 with fund raise of Rs 1,700 crore, targeting total raise of Rs 3,000 crore.

— Private Wealth Management: Q4 PAT grew by 18% YoY to Rs 88 crore with net flows growing by 66% to Rs 5,535 crore. For FY26, PAT grew by 15% to Rs 368 crore with net flows growing by 41% to Rs 20,154 crore. AUM was up 36% YoY to ₹1.97 lakh Cr, driven by family acquisitions and higher RM productivity.

— Wealth Management: PAT grew by 7% YoY to Rs 204 crore in Q4 and de-grew by 7% to Rs 727 crore for FY26. Q4 brokerage revenue grew by 33% YoY.

— Capital Markets: PAT grew 12% YoY to Rs 75 crore in Q4 and grew 30% YoY to Rs 336 crore in FY26.

— Housing Finance: PAT grew 61% YoY to Rs 59 crore in Q4 and 22% YoY to Rs 159 crore in FY26. AUM grew 19% YoY to Rs 5,829 crore.
.
— Treasury book grew 12% YoY to Rs 9,403 crore, delivering alpha of 5% for the year FY26. Book grew at 40% CAGR led by strong IRRs and reinvestment of operating profits. FY26 Total PAT (incl OCI) of ₹2,043 Crs is lower than Operating PAT due to Treasury book’s Mark-to-Market accounting.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

Kevin Warsh’s nomination to serve as the next Federal Reserve chair took a big step forward on Wednesday after a key committee voted to advance his nomination after a senator lifted his opposition.

Members of the Senate Banking Committee voted 13-11 to send Warsh’s nomination to the full Senate for a confirmation vote that could occur soon.

Warsh, a former Federal Reserve governor who served at the central bank from 2006 to 2011, was nominated to succeed current Fed Chair Jerome Powell, whose term as chairman ends on May 15, 2026.

The nomination was held up after Sen. Thom Tillis, R-N.C., vowed to block Warsh’s nomination despite supporting it because of the Justice Department’s investigation into Powell’s testimony on the Fed’s costly renovation project, which he viewed as politically motivated.

FED EXPECTED TO HOLD RATES AS POWELL ERA NEARS END WITH WARSH ON DECK

Tillis argued the probe undermined the independence of the central bank, and the DOJ relented as U.S. Attorney for the District of Columbia Jeanine Pirro closed her office’s investigation on Friday, with the Fed’s inspector general, Michael Horowitz, taking it over.

Tillis said the probe was a “serious threat to the Fed’s independence, and it needed to end before I could support Kevin Warsh’s confirmation.”

WHO IS KEVIN WARSH, TRUMP’S PICK TO SUCCEED JEROME POWELL AS FED CHAIR?

With the Senate Banking Committee having now advanced Warsh’s nomination, the full Senate may now hold a confirmation vote in the near future. 

Depending on how quickly senators take up the nomination, Warsh could be confirmed as Fed chair in time to preside over the central bank’s June policy meeting.

HOW DOES FED CHAIR NOMINEE KEVIN WARSH VIEW THE CENTRAL BANK’S INFLATION GOAL?

While Powell’s term as chairman is coming to a close next month, he may choose to serve out the remainder of his term as a member of the Fed’s Board of Governors, which runs until Jan. 31, 2028.

Powell will speak at a press conference on Wednesday afternoon after the Federal Open Market Committee – the Fed panel responsible for monetary policy – announces its next interest rate decision. 

Policymakers are expected to leave their benchmark rate unchanged at the current target range of 3.5% to 3.75% amid concerns over inflation.

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The presser, which will begin around 2:30 p.m. ET, is expected to be the last that Powell will lead as Fed chair.

The company’s recruitment drive comes as it aims to have 200 people in its auction division by 2027

North East residential property auctioneer iamproperty is creating new jobs amid plans to grow its auction department to more than 200 employees by next year. The company, formed in 2009 by Jamie Cooke and Ben Ridgway to disrupt the property market, has modernised house selling with a series of tech solutions.

The pair spotted a gap in the market for a property auction service that could benefit estate agents and consumers, with its sales process employing the Modern Method of Auction focusing on completing a transaction in just 56 days. Based at Arden House in Gosforth, the group has announced huge team growth within the auction department, with 170 auction specialists now in post.

The business is now ramping growth with a summer recruitment drive, creating more than 25 new roles for auction specialists in one team alone as demand for the Modern Method of Auction continues to grow. The business, which now has more than 700 staff members across the UK, is planning three intakes across June and July, with applications now open.

Jame Cooke, co-founder of iamproperty, said the expansion reflects continued momentum of auction adoption across the UK property market, as agents, buyers and sellers increasingly choose auction for its speed, transparency and security, especially in challenging markets.

Mr Cooke said: “We’re delighted to be opening applications for our next intake of Auction Specialists as we continue to invest in our people and our growth. Demand for auction is continuing to go from strength to strength and we’re seeing more agents and consumers recognise the benefits it delivers.

“It’s an exciting time to join the team as we scale further and continue to innovate within the property sector.”

At the start of this year the firm snapped up Kent-based ValPal Network, an automated valuation and lead generation platform for estate agents. The deal was described as a key milestone for the group, adding to its offer for agents with lead generation capabilities, alongside existing marketing tools.

Last year saw iamproperty publish its first set of accounts since partnering with Perwyn in a deal thought to have been worth more than £100m. Parent firm figures showed revenues of just under £51m, while Ebitda had increased by 22% to £15.1m.

Like this story? For more news from the commercial property scene around the regions, visit our dedicated section here for the latest news and analysis within the sector.

If you’re new to online slot games, one of the first concepts you’ll encounter is the scatter game. This feature has become a core part of modern slot gameplay, offering exciting bonus opportunities that go beyond traditional paylines.

For beginners exploring scatter game online platforms like Lucky World Online Philippines, understanding how scatter mechanics work can make a big difference in both enjoyment and gameplay decisions. This guide will walk you through everything you need to know—from basic definitions to practical tips.

What is a Scatter Game?

A scatter game can trigger rewards regardless of where they appear on the reels. Unlike regular symbols that need to align across paylines, scatter symbols are more flexible and can activate bonuses even when they land in random positions.

This is what makes scatter features so popular in modern online slot games—they add unpredictability and increase the chances of triggering special rewards like free spins or bonus rounds.

How Scatter Symbols Work

In a typical scatter game online, scatter symbols serve as bonus triggers rather than standard winning symbols.

Here’s how they function:

• Scatter symbols can appear anywhere on the reels
• They do not need to follow paylines
• A specific number of scatter symbols triggers a bonus

For example:

• 2 scatter symbols → small payout (in some games)
• 3 scatter symbols → free spins activated
• 4 or more → enhanced rewards or multipliers

Each game has its own rules, so it’s always important to check the paytable before playing.

Key Features of Scatter Game Online

Understanding the features tied to scatter mechanics will help you navigate online slot games more effectively.

Free Spins Bonus

One of the most common rewards in a scatter game is free spins. When triggered, players can spin the reels without using their own balance, giving them more chances to win.

Bonus Rounds

Some games unlock mini-games or interactive bonus rounds when scatter symbols appear.

Multipliers

Scatter-triggered bonuses often include multipliers that increase winnings during free spins.

Retrigger Opportunities

Many scatter game online titles allow players to trigger additional free spins while already in a bonus round.

Why Scatter Games Are Popular Among Beginners

Scatter-based mechanics are especially appealing to new players because they simplify how bonuses are triggered.

No Need to Understand Complex Paylines

Since scatter symbols work independently of paylines, beginners don’t need to worry about complicated line combinations.

More Frequent Bonus Opportunities

Scatter features increase the chances of activating bonuses compared to traditional slot mechanics.

Engaging Gameplay

The anticipation of landing scatter symbols adds excitement to every spin.

This is why platforms like Lucky World Online Philippines highlight scatter-based games as part of their beginner-friendly offerings.

Tips for Playing Scatter Game Online

While online slot games are largely based on chance, there are a few tips that can help new players make smarter decisions.

Learn the Paytable First

Before playing any scatter game, always review the paytable to understand how many scatter symbols are needed for bonuses.

Set a Budget

Decide how much you are willing to spend before starting. This helps maintain control and prevents overspending.

Choose Beginner-Friendly Games

Some games are designed with simpler mechanics and more frequent scatter triggers, making them ideal for new players.

Take Advantage of Bonuses

Platforms like Lucky World Online powered by Newport Resorts World often offer promotions that can extend gameplay and provide additional opportunities to explore scatter features.

Common Misconceptions About Scatter Games

“Scatter Symbols Guarantee Wins”

While scatter symbols can trigger bonuses, they do not guarantee payouts. Outcomes are still determined randomly.

“More Spins Mean More Wins”

Free spins increase opportunities, but they do not ensure consistent winnings.

“All Scatter Games Are the Same”

Different games have different rules, features, and payout structures. Always check the details before playing.

How Scatter Games Work in Online Platforms

In modern scatter game online platforms, all results are determined by a Random Number Generator (RNG). This ensures that every spin is independent and fair.

Here’s a simple breakdown:

1. You place a bet
2. The reels spin
3. The RNG determines the outcome instantly
4. Scatter symbols are evaluated for bonuses

This system is used across most online slot games, including those found on lucky world online philippines.

The Role of Lucky World Online Philippines

Lucky World Online Philippines provides access to a wide variety of slot games designed for both beginners and experienced players.

As a platform powered by newport resorts world, it offers a more structured and reliable gaming environment. Players can explore different game styles, each with unique scatter mechanics and bonus features.

This makes it easier for new players to experiment and find games that match their preferences while learning how scatter systems work.

Responsible Gaming for Beginners

While scatter features make online slot games more engaging, it’s important to approach them responsibly.

Here are a few reminders:

• Treat slot games as entertainment, not a source of income
• Avoid chasing losses after unsuccessful spins
• Take breaks and set time limits
• Stick to your budget

Understanding the basics of a scatter game should enhance your experience—not encourage risky behavior.

Final Thoughts

Learning the fundamentals of a scatter game is an essential step for anyone new to online slot games. From understanding how scatter symbols work to recognizing the types of bonuses they trigger, this knowledge helps players navigate games more confidently.

Platforms like lucky world online philippines, especially those powered by newport resorts world, continue to make these features more accessible and engaging for beginners.

By combining basic knowledge with responsible gaming habits, new players can enjoy the excitement of scatter game online while maintaining a balanced and enjoyable experience.