Group "on track" to meet analyst expectations.
Admiral Group has reported a turnover of £718m for the three months ended 30 September 2008, up 13% against the same period in 2007.
In its Interim Management Statement to the London Stock Exchange, it said the number of customers increased 17% year on year to 1.71m and UK vehicles insured rose 13% to 1.55m.
UK ancillary contribution per vehicle was maintained at £71, compared to £69 in FY 2007.
The group said Confused.com turnover was in line with 2007, however margins remain under pressure. It recorderd a stable return on funds invested of 5.5%
Henry Engelhardt, chief executive of Admiral Group said: "First and foremost, we are on track to hit or exceed analysts' consensus profit estimates for 2008. Despite all the turmoil in the financial markets Admiral had another good quarter. Being a boring car insurer has its benefits!
"Our UK business continues to go from strength to strength. We're growing at a double-digit pace in both vehicles insured and premium income. In addition, prices are moving up while claim trends are leading to improved profitability. It's also pleasing to say that our ancillary income per vehicle is still on pace for an all-time record.
"Our international operations continue to develop in a positive way. Starting insurance operations from scratch is not easy and we don't expect to make profits, cumulatively, for several years, but thus far we are pleased with their progress.
"Furthermore, our balance sheet remains strong. Our very conservative investment strategy coupled with a good group of reinsurers, led by Munich Re, has served us very well in these difficult times."
