Admiral has grown from a start up in 1992 to insuring one in five UK cars and making over £1bn in pretax profits in 2025. But has its low cost advantage started to wane? This note explores Admiral's foundations, its low cost ethos and the impact this ethos has had on its profit margins. More importantly for investors whether Admiral's cost advantage versus its competition continues and how its efforts to diversify its income streams have been hit and miss. The note ends with a look at Admiral's valuation and its prospects for long term shareholder returns.