Admiral Group 3Q Turnover Up 50% To GBP446 Million, On Track For Fiscal Year

Admiral Group PLC (ADM.LN), the insurer, said Wednesday third quarter turnover increased by over 50% to GBP446 million, adding that it is on track to meet analysts' consensus profit estimates for 2010.

MAIN FACTS:

-U.K. business remains the driving force of the Group's success.

-Continues to develop international businesses.

-U.K. car insurance operation continues to benefit from positive market conditions; Group grew vehicle count by 28% year-on-year to over 2.3 million whilst also increasing premium rates.

-Group vehicle count increased 28% to 2.6 million in the quarter ended Sep 30.

-U.K. ancillary contribution per vehicle remains stable.

-No change in claims trends from 1H10.

-Confused.com turnover is stable compared with 1H10, margins remain under pressure.

-Turnover from non-U.K. car insurance increased by 87% to 19.3 million.

-Financial position remains strong.

-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.

-Shares closed Tuesday at 1627 pence valuing the company at GBP4.37 billion.

-By Jana Weigand, Dow Jones Newswires; 44-20-7842-9314; jana.weigand@dowjones.com

Order free Annual Report for Admiral Group PLC

Visit http://djnweurope.ar.wilink.com/?ticker=GB00B02J6398 or call +44 (0)208 391 6028

Admiral (LSE:ADM)
Historical Stock Chart
From Jun 2024 to Jul 2024