TIDMADM 
 
Admiral Group plc 
3 November 2010 
Interim Management Statement 
 
Admiral  Group  plc  ('Admiral'  or  'the  Group')  today  releases  its Interim 
Management  Statement  covering  the  period  1 July to 3 November 2010.  Unless 
otherwise  stated, figures quoted are for  the quarter ended 30 September 2010, 
with  comparatives reflecting the position compared  against the same quarter in 
2009. 
 
Comment from Henry Engelhardt, Chief Executive 
 
"I'm pleased to report that not much has changed since our 2010 interim results; 
the UK business remains the driving force of the Group's success and we continue 
to develop our international businesses. 
 
"Our  UK  car  insurance  operation  continues  to  benefit from positive market 
conditions; we grew vehicle count by 28% year-on-year to over 2.3 million whilst 
also increasing premium rates. 
 
"We have signed new quota share reinsurance deals for the UK for 2011 through to 
2013.  These  arrangements maintain Admiral's  use of both  short- and long-term 
reinsurance  as part  of its  low risk,  low capital  approach to  car insurance 
underwriting." 
 
Group highlights 
  * Group turnover* Q3 2010 increased by over 50% v Q3 09 to  GBP446 million 
  * Group vehicle count increased 28% v 30 September 2009 to 2.6 million 
  * UK ancillary contribution per vehicle remains stable v H1 10 
  * No change in claims trends from H1 10 
  * Confused.com turnover is also stable v H1 10, margins remain under pressure 
  * Turnover from non-UK car insurance increased by 87% v Q3 09 to  GBP19.3 million 
  * Our financial position remains strong 
  * On track to meet analysts' consensus profit estimates for 2010 
 
 * Turnover is defined as total premiums written (including co-insurers' shares) 
and other revenue 
 
New reinsurance arrangements for UK car insurance 
 
 
Admiral is extending existing partnerships with Swiss Re, New Re and Hannover Re 
and is entering into new deals with Mapfre Re and XL Re for 2011 to 2013. 
 
These  new  reinsurance  arrangements,  including  profit  commission terms, are 
similar to our current arrangements with New Re and Hanover Re. 
 
The  new deals alongside our existing  arrangements, including our long-term co- 
insurance  partnership  with  Munich  Re,  confirm the continuation of Admiral's 
unique underwriting model through to at least the end of 2013. 
 
Underwriting split of total written premiums: 
+------------------------+-------+--------+--------+--------+ 
|                        | 2010  |  2011  |  2012  |  2013  | 
+------------------------+-------+--------+--------+--------+ 
| Minimum Admiral share  | 27.5% | 27.5%  | 25.0%  | 25.0%  | 
+------------------------+-------+--------+--------+--------+ 
| Flexible option*       | 0.0%  |  0.0%  |  0.0%  | 8.75%  | 
+------------------------+-------+--------+--------+--------+ 
| Munich Re co-insurance | 45.0% | 40.0%  | 40.0%  | 40.0%  | 
+------------------------+-------+--------+--------+--------+ 
| New Re                 | 10.0% | 11.25% | 13.25% | 13.25% | 
+------------------------+-------+--------+--------+--------+ 
| Hannover Re            | 10.0% | 8.75%  | 8.75%  |  0.0%  | 
+------------------------+-------+--------+--------+--------+ 
| Swiss Re               | 7.5%  |  7.5%  |  7.5%  |  7.5%  | 
+------------------------+-------+--------+--------+--------+ 
| Mapfre Re              | 0.0%  |  2.5%  |  3.0%  |  3.0%  | 
+------------------------+-------+--------+--------+--------+ 
| XL Re                  | 0.0%  |  2.5%  |  2.5%  |  2.5%  | 
+------------------------+-------+--------+--------+--------+ 
 
 * Flexible option: in 2013 Admiral can allocate 8.75% between New Re, Hannover 
Re and/or XL Re. 
 
 
Further information 
 
Admiral Group plc is holding an analyst presentation today, 3 November 2010. 
This will include discussion of the Q3 2010 Interim Management Statement and 
presentations by members of the senior management team. 
 
A  copy of  the presentation  will be  available on Admiral's corporate website, 
www.admiralgroup.co.uk  today at 9am and a live webcast of the presentation will 
be broadcast from the corporate website at 11am. 
 
For further information please contact: 
Financial Dynamics 
Nick Henderson                      020 7269 7114 
Admiral Group plc 
Alistair Hargreaves                 029 2043 5528 
 
 
[HUG#1457965] 
 
 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Admiral Group PLC via Thomson Reuters ONE
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