UK car insurer The Admiral Group announced plans for a flotation on the London Stock Exchange as it released its 2003 full year results.
Admiral said turnover rose 13% to £427m in the twelve months ending 31 December 2003, while premium income grew 12% to £372m.
The group’s combined ratio improved to 67.7% from 80%.
The south Wales based group sells direct car insurance through the Admiral, Bell Direct, Diamond and elephant.co.uk brands.
Admiral said the record results were due to the strength of its internet business, with more than 50% of its sales originating online. In 2004, the group said it expects to have more than 800 million hits on its websites.
The main beneficiary of the boom in internet business was elephant.co.uk, the company said. The subsidiary produced 2 million quotes, up from 1.7 million the previous year and saw a 43% increase in its customer base when compared with the previous year.
Admiral chief executive Henry Engelhardt, said: “2003 was a fantastic year for us. We grew rapidly while simultaneously increasing our profits. I believe Admiral is arguably the most efficient and, pound for pound, arguably the most profitable insurer in the UK car insurance market.
“This means we can pass savings back to our customers while still growing the business profitably.
“We take great pride in producing such exceptional results.
Commenting on the proposed flotation, Engelhardt said: “Our proposed flotation is a validation of our successful growth and is an exciting next stage in the future development of our company.
