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 confused.com, 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.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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