Motor insurance group Admiral have recorded record half-year profits and show signs of strong growth in 2010.

The company, with its headquarters in Cardiff, the pre-tax profit was £126.9 million, up 21% on the same period in 2009.

The Employee Share Scheme will see each of the company’s 4,000 staff members receive £1,500 of free shares in the Group.

Henry Engelhardt (pictured above), group chief executive, said: “2010 is shaping up to be a year of great opportunity and I’m extremely proud of how everyone at Admiral has stepped up to the challenge.

“Their hard work has resulted in a decent set of numbers: turnover was up by a third, profits have grown by over 20 per cent and we will soon be paying a record dividend.

“The UK car insurance business continues to be the driving force behind our success and in the first half of 2010 we shifted up yet another gear. We increased premium rates by around 14 per cent in the first half and increased customer numbers by 23 per cent year-on-year.”

Mr Engelhardt also admitted there were challenges for the rest of the year with Admiral’s overseas operations struggling to match the success of the UK.

He continued: “Of course there are challenges; our operations outside the UK and the Confused price comparison business are not as strong. Yes, Balumba, our insurance operation in Spain, made its first half-yearly profit (€25,000), but it still has work to do as an underwriter to build a sustainable, profitable, growing business.

“In sum we now insure more than 150,000 vehicles outside the UK covering four countries. In the first part of next year we plan to launch an insurance operation in France as the final part of our five-year strategic plan. We also have three fledgling price comparison businesses outside the UK, two of which launched this year.”

The Board has declared a dividend payment of 32.6p per share.

The company employs 3,500 staff in Cardiff, Swansea and Newport. They’ve recruited more than 700 new staff this year in South Wales and are actively looking to add to their workforce.

The stats

Turnover* up 33 per cent at £720.5 million compared to £540.1 million in 2009

Net revenue up 22 per cent at £296.4 million compared to £243.1 million in 2009

Customer numbers are up to 2.37 million from 1.92 million

Non-UK car insurance turnover up 51 per cent to £37.1 million

Non-UK customers up by 53 per cent to 154,100

*defined as total premiums written (including co-insurers’ share) and other revenue

Related links

 Admiral Insurance Group

Similar Posts:

Share