Motor insurer Admiral’s group turnover grew 56% to £539m in the first quarter of 2011.
The turnover figure comprises total premiums written, including co-insurers’ shares, and other revenue.
The company also revealed in an interim management statement that its group vehicle count had increased 33% to 2.9m.
However, the company said that turnover at its price comparison site, Confused.com, is flat and margins remain under pressure.
Admiral did not provide a profit number, but said its performance to date puts it on track to at least meet analysts’ consensus profit estimates for 2011. Shore Capital analyst Eamonn Flanagan forecasts earnings per share for Admiral in 2011 of 81.3p.
“I’m pleased to report that our business has continued to grow and prosper in the last three months,” said Admiral chief executive Henry Engelhardt in a statement. “Admiral’s UK car insurance business had another great quarter and has continued to benefit from positive market conditions. We grew vehicle count by 34% year on year to over 2.6 million and were also able to raise premiums."
He added: "We continue to remain focused on maintaining the quality of our business.”
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