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Daily Insurance Industry News
Wednesday 20th of September 2017
October 10, 2008

Admiral reports strong Q3

by David Masters

Story link: Admiral reports strong Q3

Admiral reports strong Q3

Admiral has reported its results for the third quarter, with turnover up 13% to £718 million and customer numbers up 17% to 1.71 million.

The car insurance giant said the strong results mean it is still on track to meet its 2008 targets.

CEO Henry Engelhardt said the business is going from ‘strength to strength’ with double-digit growth in both vehicles insured and premium income.

The number of UK vehicles insured by Admiral increased 13% in the third quarter to 1.55 million.

Its comparison site, Confused.com, however, is struggling to match the pace, with turnover flat lining on year.

Engelhardt believes that the company’s conservative investment strategy, led by Munich Re, has ‘served Admiral well’ during difficult times for the financial markets.

‘Being a boring car insurer has its benefits’, he added.

Concern is still high that decreasing sales of new cars could hit Admiral’s targets.

Last month new cars registrations were down 21.2% on year, and over the year as a whole new car sales are down 7.5%.

This is the worst decline in registrations since 2001.

The credit crunch, coupled with rising food and oil prices, is making people reluctant to splash out on big items such as new cars.

 

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