Admiral reports 23% profits rise despite “mixed year”
Admiral Group has announced a 23% rise in pre-tax profit in 2010, to £266 million.
Turnover, or total premiums written, rose 47% compared with 2009, to £1.58 billion, as customer numbers increased 32% to 2.75 million.
The group, which owns the elephant.co.uk, Diamond and confused.com brands, also reported a 64% year-on-year rise in non-UK car insurance turnover, to £78 million, with customers up 61% to 195,000.
However, group chief executive, Henry Engelhardt, described 2010 as a mixed year for the company, with some “big triumphs” and “sobering moments”.
He explained that while UK motor insurance business was “going like a freight train” the company has a lot of work to do to create sustainable, profitable and growing businesses outside the UK.
The chief executive added: “We also have a lot of work to do with Confused which had a tough year in 2010.”
Admiral’s board is proposing an increase in total dividends for the year of 18%, to 68.1p per ordinary share.
Category: Admiral Insurance News, Car Insurance News, Financials, Insurance News
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