These 2 FTSE 100 stocks yield 7% and 9% and I can’t wait to buy them

I have a number FTSE 100 stocks are piling up on my watchlist and I can’t wait to add them to my portfolio. The problem is that my resources are limited, and I can only buy so much at any given moment.

But here are the two top dividend stocks I would buy today if I had the money.

I wish I could buy this FTSE 100 stock

I can’t track every stock in the FTSE 100 and I haven’t paid for insurance Admiral Group (LSE: ADM) much attention for years. A 7.3% yield has just caught my eye, and I wonder if it deserves more attention.

The share price has rallied since mid-October along with the rest of the FTSE 100, but measured over a year it is down 29.84%. At the same time, the index fell by only 3.2%.

Admiral’s share price fell due to a drop in pre-tax profits in the first half of last year, down 48% to £251.3m. It is not alone. Competitors included Direct Line also hit by claims inflation, as auto repair costs and mechanic wages rise amid post-pandemic labor shortages.

However, last year’s figures also looked worse by the Covid comparison, as claims costs fell with fewer motorists on the road during the lockdown.

Inflation remains an issue and motor insurance is a competitive market where average premium income per customer has been squeezed. But that challenge is reflected in Admiral’s low valuation of 11.1 times earnings. Yields are set to dip to 6% next year with a thin cap at 1.1, but I would still buy today if I had the cash.

I would also buy this top dividend stock

I like to buy cheap FTSE 100 companies with high yields and this is another, fund manager M&G (LSE: MNG). The savings and investment company is an asset manager for wholesale and institutional clients, and a retail savings specialist for private investors.

It is spun off from Prudential in October 2019 and the share price has recovered steadily since the March 2020 Covid market sell-off, which came after its launch.

M&G’s share price rose 19.15% in three months, and 5.11% in one year. That looks pretty solid to me, given the turbulent times the market has been going through lately. It is worth noting that other FTSE 100 fund managers, Schroderstrading 20% ​​cheaper than a year ago.

I can see why investors might want to hold onto a stock that yields 9.1%, as M&G does now. It is sitting on a lot of excess capital and has a strong solvency ratio of 235%, while brokerage Jefferies recently noted that “Free cash flow yields of 15-17% over 2023-25 ​​should maintain M&G’s track record of best-in-class capital returns”.

The M&G is the start of what I hope will be a long and successful journey, and I would have bought it earlier if I had the money. With luck, I’ll be quick.