Last checked at 10 Oct 2008 07:00
Admiral Group plc
10 October 2008
Interim Management Statement
Admiral Group plc ('Admiral' or 'the Group') today releases its Interim Management Statement covering the period 1 July to 10 October 2008. Unless otherwise stated, figures quoted are for the quarter ended 30 September 2008.
Comment from Henry Engelhardt, Chief Executive
"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."
Group highlights
Turnover* year to date up 13% v 2007 to £718m
Number of customers increased 17% year on year to 1.71m
UK vehicles insured rose 13% year on year to 1.55m (12.5% in calendar year 2008)
UK ancillary contribution per vehicle maintained at £71 (£69 in FY 2007)
Confused.com turnover in line with 2007, margins remain under pressure
Stable return on funds invested of 5.5%
* Turnover is defined as total premiums written (including co-insurers' shares), other revenue and investment return
Further information
For further information please contact:
| Financial Dynamics Rob Bailhache | 0207 269 7200 |