Strong sales from its online insurance brands boosted the first half results for the Admiral Group, with the company staying on course for an Autumn flotation.
Admiral said its first half performance was “underpinned by the rapid growth of elephant.co.uk and strong growth in premiums at Diamond”. 70% of the group's policies originate through the internet, it reported.
For the six months ending 30 June 2004, Admiral said gross written premiums increased 30.3% to £233.3m, with turnover increasing by 30.2% to £269.3m from £206.8m.
The group said the first half of the year saw excellent underwriting results, with a loss ratio of 63.9% and a combined ratio of 77.5%.
Compared to the first half of 2003, Admiral said it had seen a significant increase in the proportion of revenue derived from intermediary business. Gross income from the sale of ancillary products on behalf of third parties rose to £28.7m, up from £21.3m in 2003.
As of 30 June 2004, the company said it had 942,000 customers, up from 808,000 at the same point in 2003.
Admiral said its previously announced plans for a stock market flotation in the Autumn of 2004, subject to market conditions, remained on track.
