Monday 28 November 2011

Admiral sees record profits


Admiral insurance group, one of the biggest insurance companies in the UK, has just announced record profits. This is the second year in a row that its profits have beaten all previous years, and the company just keeps on going from strength to strength.
The pre-tax profit for 2010 was announced as £266 million, which represents a 23% increase on 2009 figures. To make things even rosier, it performed better than predicted by £4 million, according to the predictions of city analysts.
One of the most successful areas for the company was car insurance, where it saw a massive growth of over 30%. The UK sector was especially good for the insurer, but its overseas operations were not quite as successful and saw losses of £12.9 million compared to £10.3 million in 2009.
One area in the UK that has suffered is its Confused.com business. It saw a large 34% drop in earnings to £16.9 million during 2010, a factor it puts down to the increased competition in the comparison website sector.
Admiral also announced that it is planning to locate its new headquarters near St David’s shopping centre in Cardiff where it will locate up to 3,000 staff.
Henry Engelhardt, the company’s chief executive, said that it has now generated a turnover of more than £1.5 billion, but admitted that there was a lot to be done in its businesses outside the UK.
He also commented on the recent EU ruling that means insurers can no longer charge different premiums to men and women, claiming that it would lead to increased profits for Admiral.

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