Admiral Registers an Increase in Profits Last Year
UK car insurer, Admiral reported an increase of 11 per cent in its profits last year attributing to steady sales growth and increase insurance premiums. The pre-tax profits rose from £182m in 2007 to £202.5m in 2008 much above expectation.
Admiral sells insurance cover through important brands under its belt namely Bell, Diamond and Elephant. They credited the increase to continued growth in British sales which helped increase turnover of about £910m. The company made profits from the increase in premium rates by an average of 4pc.
However, fierce competition is faced by Confused, a price comparison website where profits dropped by 30pc to £25.6m. While two new businesses have been started in Spain and in the US, new units have been set up also in Italy and Germany. Turnover also increased in places from outside the UK where it increased £29.7m, a rise by 80 per cent. Mr Engelhardt of Admiral proudly states that they are making long term plans for the future and concentrating on areas like the Internet and phone delivery of insurance to other countries.
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