Admiral vehicle count rises in its third quarter

MOTOR insurer Admiral Group said yesterday that the number of vehicles on its books increased three per cent in the third quarter of 2013.

In a trading statement, Admiral’s chief executive Henry Engelhardt said the group vehicle count of 3.64m was lifted by expansion outside its core UK market.

The international vehicle count rose by nearly a fifth to 500,000.

Admiral has eased off efforts to increase business volumes in the UK on account of falling motor insurance premiums, focusing instead on boosting profitability.

Group turnover decreased by seven per cent to £528m in the third quarter compared with a year earlier.

“Market premiums are down, a situation which we believe will ultimately cause the cycle to turn,” Engelhardt said.

“The current environment has led us to reduce UK turnover, but encouraging trends in our claims experience and our industry-leading combined ratio means that we continue to deliver strong returns.”