European and US businesses key drivers of profit

Admiral’s group turnover surged past the £1bn barrier as the direct insurer enjoyed growth off the back of price comparison sites.

Turnover last year rose 18% to £1.08bn compared to 2008, and profits crept up 7% to £215.8m.

Chief operating officer David Stevens said the price comparison market had grown by 20%. The FTSE-listed company also owns, which posted a £25.6m profit, roughly the same as last year.

Admiral has 120,000 customers in Spain, Germany, Italy and the USA, contributing £47.2m in turnover.

Chief executive Henry Engelhardt said: “It’s not all plain sailing and setting up businesses outside the UK has its challenges. It takes time and some money to build growing, profitable businesses. But, if I could fast forward 10 years, I’d expect to see these businesses as key drivers of our profit growth.”

Admiral underwrote a net of 27.5% of UK car premiums, with the rest split between Great Lakes, Hanover Re, Swiss Re and New Re.