Admiral reports turnover rise despite higher premiums

ADMIRAL Group announced third quarter turnover jumped 50 per cent year-on-year to £446m yesterday as it added more customers despite increasing insurance premiums.

The group, which includes Diamond and Elephant.com, said a significant amount of this came from overseas insurance contributions, which rose 87 per cent compared to the same period last year to £19.3m

Group vehicle turnover rose 28 per cent in the three months to 30 September to 2.6m, despite a rise in premium rates. The insurer also said there was no change in claims trends from the first half of the year. Admiral said it was also still on target to meet analysts profit estimates for the year.

But Admiral said at Confused.com, the insurer’s price comparison website, turnover was also steady, although margins remained under pressure. Confused.com, has lost its market-leading position to Comparethemarket.com due to its successful meerkat-led TV ads.

Henry Engelhardt, chief executive of Admiral said: “The UK business remains the driving force of the group’s success and we continue to develop our international businesses.”