TIDMADM 
 
Admiral Group plc 
Q3 Interim Management Statement 
9 November 2011 
 
Admiral Group plc ('Admiral' or 'the Group') today releases its Interim 
Management Statement covering the period 1 July to 9 November 2011.  Unless 
otherwise stated, figures quoted are for the quarter ended 30 September 2011, 
with comparatives reflecting the position compared against the same quarter in 
2010. 
 
Comment from Henry Engelhardt, Chief Executive 
 
"Admiral now insures over three million vehicles.  This is a great achievement 
and provides a fantastic base from which to continue our long sustained growth 
in the scale of our business and its profitability. 
 
"Across 2011 as a whole we are likely to have grown our UK vehicle count by more 
than 20%.  Our international insurance business also continues to achieve strong 
growth and further improvement in operating results. 
 
"Notwithstanding the continued higher level of large claims in the quarter, I 
expect us to once again report record profits for the full year, probably some 
10% higher than last year.  I am confident that with Admiral's enlarged customer 
base and significant combined ratio advantage we are in a strong position for 
sustained long term growth and good news in 2012 and beyond." 
 
Group highlights 
 
  * Group turnover* increased by 30% to  GBP582m (Q3 2010:  GBP446 million) 
  * Group vehicle count increased 27% to 3.3 million (Q3 2010: 2.6 million) 
  * International car insurance turnover up 45% to  GBP27.0 million (Q3 2010:  GBP18.6 
    million) 
  * International car insurance vehicle count up 53% to 267,000 (Q3 
    2010: 175,000) 
  * Annualised UK vehicle count growth rate of just over 13% 
  * Modest UK premium rate increases achieved 
  * UK ancillary contribution per vehicle in line with H1 2011 
  * Combined ratio remains significantly lower than the market 
  * Financial position remains strong 
* Turnover is defined as total premiums written (including co-insurers' share) 
and Other Revenue 
 
 
Outlook 
 
Our claims experience in Q3, if replicated in Q4, would lead to a small 
improvement at the end of the year in the aggregate projected ultimate loss 
ratios for the back years (2000-2009).  However, consistent with the trend 
reported in H1 2011, the frequency and expected cost of new large personal 
injury claims has remained above historical levels of experience.  This leads us 
currently to expect some adverse development at the full year on the projected 
ultimate loss ratios for 2010 and 2011 which would affect both overall reserve 
movements and recognised profit commission. 
If there is no reversal in Q4 of this higher than normal level of large claims, 
we anticipate that full year pre-tax profits will be towards the lower end of 
the range of analysts' estimates, or some 10% ahead of 2010, with no further 
reserve releases in the second half. 
 
Management presentation 
 
Admiral Group plc is holding an investor day and analyst presentation today, 9 
November 2011. 
 
This will include discussion of the Q3 2011 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 2.30pm. 
 
Additional 8.00am analyst conference call 
 
The Group will also host an analyst conference call to begin at 8am today. 
 
Please see below for dial-in details. 
Participant phone:         +44 (0) 207 959 6790 
Participant passcode:    616049 
For further information, please contact: 
 
 Admiral 
 
 Louise O'Shea    Investors & Analysts +44 (0) 7791 443732 
 
 Louisa Scadden   Media +44 (0) 29 20434394 
 
 
 
 FTI Consulting 
 
 Paul Marriott    +44 (0) 20 7269 7252 
 
 
 
 
 
 
 
 
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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