Admiral’s Confused.com posts 59% profit increase

by Gill Montia

Story link: Admiral’s Confused.com posts 59% profit increase

Admiral has reported that its Confused.com price comparison website gave out 13 million insurance quotes in 2007, leading to a 59% rise in profit for the website, to £36.7 million.

Group pre-tax profits rose 24%, to £182.1 million, over the same period.

Confused.com pioneered the market for aggregating insurance quotes on the Internet.

However, competition in the sector is now strong, with as many as nine rival providers making use of television advertising.

Confused.com currently holds around two-thirds of market share and plans to increase this by extensive advertising.

The Internet insurance aggregator market is expected to begin a process of consolidation in the coming months and Admiral expects Confused to be one of the three or four players who will eventually dominate the sector.

The group also has plans to expand its Internet presence across countries such as Spain and Germany, and will be launching in Italy later this year.