Admiral car business motors ahead

28th Apr 2010 07:32

Insurer Admiral has seen a 'great quarter' for its car insurance business, but competition continues to mount for its price comparison business Confused.com, where sales fell 5%.Total revenues rose by 28% to £345m, with the number of vehicles insured rising to 2.2m for the first time. There is no change in claims trends from last year.Turnover from non-UK car insurance increased by 31% to £21m, but Confused.com turnover decreased 5% and margins remain under pressure, Admiral said.Investment return on sterling funds in the first quarter dropped to 0.9% from 2.2% this time last year."Admiral's UK car insurance business had another great quarter. We grew vehicle count by 19% year on year, reaching the 2m milestone and we continued to increase premium rates through Q1," chief executive Henry Engelhardt said."The performance to date puts us on track to meet analysts' consensus profit estimates for 2010," he added.