Motor insurance drives Admiral profits
Admiral has posted a rise in revenue, profits and car insurance customers for the first six months of 2016.
It recorded a four per cent rise in profit before tax to £193m for the first half of 2016 compared to the same period last year.
Group turnover jumped by 19% to £1.26bn as UK car insurance turnover rose 16% to £993m. Profit before tax for UK car insurance came in at £222.8m, up slightly on the £219.2m for the start of 2015.
The number of car customers insured by the direct writer also increased to 3.52m, an 11% rise.
David Stevens, chief executive officer at Admiral, said, ‘The last six months have shown the enduring, and indeed increasing, strength of the UK business and has seen a step change upwards in growth from our developing international businesses.
‘In the core UK car insurance business, we’ve benefitted from an increasingly rational motor market with evidence of a move towards a less violent cycle. Prices have been rising, and we’ve used this opportunity to grow our motor book strongly.
‘Meanwhile, the growth of our household book continued apace, demonstrating our ability to expand successfully beyond our car insurance core in the UK.’