Admiral happy with 6pc profits rise

CAR insurer Admiral declared itself happy with a 6 per cent rise in profits, despite seeing its UK business stall in the face of price-cutting rivals.
By The Newsroom
Published 30th Aug 2013, 01:01 BST

The Cardiff-based company, whose brands include Elephant and Bell, said its vehicle count remained the same as a year ago at just over three million, while rate cuts of 7 per cent on new business also depressed turnover.

But with Admiral focusing on margins rather than market share, it grew profits to £181.4m in the six months to June 30, helped by a better claims environment and a 20 per cent rise in profits at comparison site Confusion.

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Chief executive Henry Engelhardt said: “I’m really pleased with our results in the first half of 2013. Any time you can increase profits by 6 per cent when competitors are cutting prices you’ve got to be happy.

“We didn’t grow the UK insurance business, which was great news because of the competitive environment.”

Admiral said the UK car insurance market was now in its second year of being more price competitive.

Related topics:Cardiff