Pre-tax profit of £215.8m up 7% on £1,077.4m turnover
Admiral reported a further record pre-tax profit £215.8m up 7% on 2008. Turnover rose 18% to £1,077.4m.
UK motor premiums rose by 12%, with profits up 15%.
Financial highlights (2008 in brackets)
- Group profit before tax up 7% at £215.8m (£202.5m)
- Group turnover up 18% at £1,077.4m (£910.2m)
- Group net revenue up 20% at £507.5m (£422.8m)
- Number of Group customers up 19% to 2.08m (1.75m)
- Profit from UK car insurance up 15% to £206.9m (£179.9m)
- UK ancillary income per vehicle stable at £72 (£71)
- Non-UK car insurance turnover £47.2m (up 59%) and 121,000 customers (up 64%)
Henry Engelhardt, group chief executive said: "In 2009 Admiral's continued strong growth enabled us to exceed £1bn turnover for the first time in our history, to deliver yet another set of record profits and to pay another record dividend.
“This is no mean feat whatever the circumstances but given that 2009 was a year of recession and record lows for investment returns this is an outstanding achievement.
UK car insurance
"The UK car insurance business remains central to our success, once again producing a great result, a pre-tax profit of £206.9m. We increased the number of customers by 17% and achieved a combined ratio of 85%.
“At the same time we increased premium rates by 12% during 2009, broadly in line with the UK market where, after a period of minimal increases, premiums are now rising to compensate for claims inflation in recent years.
"As the UK business steams ahead we continue to nurture and develop our operations outside the UK. We now have over 120,000 car insurance customers outside the UK, in Spain, Germany, Italy, and since October 2009 the USA.
Price comparison market
"Confused also had a good year, increasing revenue and maintaining profit levels in what continues to be a hyper-competitive market. There is no doubt that 2010 will again be a challenging year in the price comparison industry.
"In sum, it was a great year, which means that every member of staff in every country will get the maximum payout of shares in our Employee Share Scheme, with a total value of over £9m for 2009 as a whole. They earned it."