Admiral has posted a core profit of £122.1m for 2005. This represents an increase of 21% over the previous year. The insurer's group turnover rose by 16% to £638.4m, and its total motor premium increased to £533.6m.
Admiral's rates rose by 1% in 2005. The company achieved a combined operating ratio of 84.9%, compared with 82% in 2004.
Confused.com, Admiral's automated car insurance vehicle, generated more than 4 million quotes in 2005, an increase of 192% over 2004. It contributed a gross profit of £8.8 million, or £6.9 million excluding payments from group brands.
In line with its strategy of investigating opportunities for business outside the U.K., Admiral is working towards launching a direct private motor insurance operation in Spain around the end of 2006.
Admiral's board has recommended the payment of a normal final dividend of 7.8p per share, in line with established policy of distributing at least 45% of post-tax profits, and a special dividend of 7.1p per share, to give an aggregate final dividend distribution of £38.7 million. The total dividend distribution in respect of 2005 amounted to £63.8 million.
Kevin Chidwick, Admiral's deputy finance director, has been appointed finance director designate following the retirement of the group's current finance and IT director, Andrew Probert.
