Admiral to launch US business as profits rise
Motor insurer, Admiral, has announced that it is launching a business in the US.
The company, which operates the confused.com price comparison website plus Diamond and elephant.co.uk, expects to set up initial operations in two states either this year, or early next.
Admiral also has plans to launch a price comparison business in Spain. The new enterprise will be called Rastreator and based in Madrid.
News of the endeavours came as Admiral announced an 11% rise in pre-tax profits in 2008, to £202.5 million. Turnover for the year rose 13% to £910 million.
Admiral’s UK car insurance profit rose an impressive 27% to £179.9 million, up from £142.2 million in 2007.
The company now holds around 6% of the UK private motor market, covering 1.6 million vehicles.
However, profits at confused.com fell to £26 million, down from £37 million a year earlier, because of strong competition, although Admiral is confident of winning back market share during 2009 as premiums rise.
The successes of last year mean that Admiral will be offloading over £4.5 million worth of shares to staff under its Employee Share Scheme.
Category: Admiral Insurance News, Car Insurance News, Financials
Visited 2334 times, 1 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.