Admiral Group reported a year end pre tax profit of £101m up...
Admiral Group reported a year-end pre-tax profit of £101m for 2004 up from £57.2m a year earlier.
Core profit rose 30% to £100.6m from £77.2m in 2003, the company said. Net profit was also on the rise coming in at £86.6m from £39.2m a year earlier.
Total premium written for 2004 was recorded at £470m, accounting for 86% of Admiral's turnover. There has also been a 29% increase in the number of customers on the company's books from 808,000 in 2003 to 1,041,000 in 2004.
Commenting on the state of the industry chief executive Henry Englehardt said: “I believe that the market is still cyclical and there is no reason that it won't remain so.
“However, I believe the movements of the market will be less severe, with the best of the cycle less good than previous cycles and the worst times of the cycle less bad.”