Admiral has posted a core profit of £122.1m for 2005. This represents an increase of 21% over the previous year. The insurer's group turnover rose by 16% to £638.4m, and its total motor premium increased to £533.6m.
Admiral's rates rose by 1% in 2005. The company achieved a combined operating ratio of 84.9%, compared with 82% in 2004.
Confused.com, Admiral's automated car insurance vehicle, generated more than 4 million quotes in 2005, an increase of 192% over 2004. It contributed a gross profit of £8.8 million, or £6.9 million excluding payments from group brands.
In line with its strategy of investigating opportunities for business outside the U.K., Admiral is working towards launching a direct private motor insurance operation in Spain around the end of 2006.
Admiral's board has recommended the payment of a normal final dividend of 7.8p per share, in line with established policy of distributing at least 45% of post-tax profits, and a special dividend of 7.1p per share, to give an aggregate final dividend distribution of £38.7 million. The total dividend distribution in respect of 2005 amounted to £63.8 million.
Kevin Chidwick, Admiral's deputy finance director, has been appointed finance director designate following the retirement of the group's current finance and IT director, Andrew Probert.
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.
