sees turnover fall: “margins under pressure”

Admiral this morning said Q1 turnover was up 28% to £345m with non-motor business op 31% to £21m. But it warned that fell 5% and saw margins under pressure.

Group highlights

  • Group turnover Q1 2010 increased by 28% to £345m
  • Group vehicle count increased 20% to 2.22m
  • Turnover from non-UK car insurance increased by 31% to £21m
  • turnover decreased 5%, margins remain under pressure
  • Annualised investment return on sterling funds of 0.9% (Q1 2009: 2.2%)
  • No change in claims trends from last year

Henry Engelhardt, chief executive, said: "I'm pleased to report that our business has continued to grow and prosper in the last 3 months.

"Admiral's UK car insurance business had another great quarter. We grew vehicle count by 19% year on year, reaching the two million milestone and we continued to increase premium rates through Q1.

"Internationally our direct insurance operation in the US launched its first TV campaign and our price comparison businesses in France and Italy opened for business."