Motor insurer hails strong progress in Q1
Admiral Group has said it is on track to deliver record profits in 2008, depsite slow growth in UK motor rates, the insurer said in a trading statetement today.
Henry Engelhardt, chief executive said: “I’m pleased to report that the Group has continued to make strong progress during 2008 and is on track to deliver another record year, at least in line with market consensus.
“Against a backdrop of little movement in prices in the UK motor market in the first quarter, we continue to deliver strong underwriting and ancillary profit growth, whilst making pleasing progress in our international businesses.”
Turnover for the first quarter of 2008 was up 14% compared to the same period last year to £232m. The number of customers increased 17% year on year to 1.57m
Admiral said its UK business continued to grow healthily, with premium and vehicles both achieving double-digit growth over the same period one year ago. UK insured vehicles grew 12% compared to the end of March 2007. Its premium rates at the end of March 2008 were around 5% higher than March 2007, although have moved little in 2008.
There had been little change in claims experience over the period and Admiral expected to make further substantial reserve releases in 2008, it said.
