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Daily Insurance Industry News
Sunday 18th of November 2018
August 24, 2011

Admiral profit up 27%

by Gill Montia

Story link: Admiral profit up 27%

Admiral profit up 27%

Admiral has posted another record half-year profit and reported continued strong growth.

Pre-tax profit for the six months to the end of June 2011 stood at £160.6 million, up 27% on the same period of 2010, while turnover rose 53%, to £1.1 billion.

The insurer’s group vehicle count rose 33%, to 3.15 million, and international car insurance turnover soared 45%, to £53.9 million.

Earnings per share increased 28%, to 43.3p, and Admiral staff will be recieving £1,500 of free shares in the group, worth over £8 million in total.

Commenting on the results, chief executive, Henry Engelhardt, says: “As one of the lowest cost providers in a commoditised market we are well placed for a future which is shaping up to be the survival of the fittest.”

He adds: “Outside the UK we are continuing the tough job of building sustainable, profitable and growing businesses from scratch.”

Last month, analysts warned that Admiral could be hit by the referral fee ban proposed by the Association of British Insurers and others.

The group depends on ancillary sales for a high proportion of its UK car insurance profit and acceptance fees from personal injury lawyers and the like are believed to make up the bulk of such sales.

 

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