Admiral Q1 turnover up 9%

Motor insurer Admiral’s first-quarter 2012 turnover increased 9% to £586m (2010: £539m).

Admiral’s turnover comprises the total written premium plus other revenue, which includes ancillary income.

Total group insured vehicle count rose 17% to 3.4 million (2010: 2.9 million), while UK vehicle count alone was up 13% to 3 million (2010: 2.7 million).

“Admiral has made a good start to the year with performance in the first quarter as we had expected,” Admiral chief executive Henry Engelhardt said in the company’s first quarter interim management statement. “Our business continues to grow and prosper and our expectations for the full year remain positive and unchanged.”

The company also said it had detected no change in claims trends since the fourth quarter. The company’s full-year 2011 profits increased less than expected because higher-than-expected bodily injury claims ate into the company’s reserve releases - a big feature of its earnings.

Admiral also reported that its other revenue per vehicle in the UK was static at £84.