Admiral sees annual profits rise
Admiral has released its financial performance figures for 2009, including pre-tax profits of £216m, marginally ahead of the £212m consensus forecast.
This marks a rise in profits from 2008 when annual results saw the firm make pre-tax profits of £202.5m.
In the first half of the year the firm recorded profits of £105.3m, indicating a stronger second half of the year.
The firm’s UK business remains strong and retains momentum, and confused.com has seen an unexpected rise in revenue and profits of late.
Admiral has, however, cautioned that its US expansion, whilst always intended to be a long term investment, may not reach the break even level at 2013/2014 as planned.
The firm paid out a dividend per share of 57.5p.
Turnover continued to rise, up 18% for the year as a whole and continuing the momentum of the 17% rise in the first six months.
Car insurance remains at the heart of Admiral’s profitability, and accounted for over 90% of the firm’s revenue.
However, non-UK car insurance did lose the firm £9.5m (in 2008 it lost Admiral £4m).
Category: Insurance News
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