Admiral reports 18% rise in turnover
Car insurer, Admiral, has reported an 18% year-on-year increase in turnover during the first three months of the year, to £270 million.
Customer numbers also rose by 18% (to 1.85 million) and the number of vehicles insured in the UK increased 16%.
The group’s chief executive, Harry Engelhardt, said: “Against a backdrop of price increases in the UK motor market Admiral increased premium rates whilst simultaneously growing the number of vehicles … the ancillary income per vehicle was maintained at £70.”
On international news, Mr Engelhardt revealed that good progress has been made in preparation for a US launch, which is scheduled for the first quarter of 2010.
Meanwhile, in Spain the group successfully launched Rastreator, a new price comparison business, at the end of March.
Admiral brands include Bell, Diamond and Elephant.co.uk.
The group holds around 6% of the UK private motor market and in 2008 achieved an 11% rise in pre-tax profits to £202.5 million, while turnover for the year rose 13% to £910 million.
UK car insurance profit rose an impressive 27% to £179.9 million, up from £142.2 million in 2007.
Category: Admiral Insurance News, Financials, Insurance News
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