Admiral Group, the direct motor insurer, has reported pre tax profits of £27.4m for 2001 - an increase of 154%.
The company largely attributed the rise in its customer base, of about 18%, to the launch of its online service www.elephant.co.uk.
Chief executive Henry Englehardt commented on the results: "One of our key success factors is our efficiency. There are many other insurers who have much deeper pockets than we do and keeping a close eye on costs is the only way for us to maintain a competitive advantage in the motor insurance industry."
