Admiral has announced record interim results with a core profit of £56.9m for the six months to June 2005, an increase of 17% over the same period in 2004.
Group turnover, comprising total premiums written, gross other income and investment income, rose 19% to £319.3m. The combined operating ratio for the first half of 2005 was 86.5% (H2 2004: 85.8%).
During the first half of 2005, the group wrote total motor premiums for itself and its underwriting partners of £268.5m (H1 2004: £233.3m), with the increase driven by substantial growth in sales originated from the internet.
Admiral's premium rates were on average 2.9% higher in the first half of 2005 compared with the same period a year earlier as the group took action to offset in part claims inflation of around 5% and achieve a sustainable underwriting result.
