Admiral on course to match forecasts

16th Oct 2009 07:07

Admiral remains on track to meet 2009 profit forecasts with a "fine" third quarter at its car insurance business helping turnover grow 22% to £294m."I'm pleased to report that not much has changed in three months," said boss Henry Engelhardt in a short trading update. "Our successful business continues to grow and prosper."The UK blue chip's car insurance unit grew vehicle count by 16% year on year to 1.81 million and has continued to increase premium rates.The number of customers rose 17% to 2.01m, while turnover from non-UK car insurance leapt 53% to £10.3m.Admiral said its financial position remains strong and it is on track to meet analysts' consensus profit estimates for 2009.It had enjoyed record half year profit in August despite the poor economic conditions, prompting the firm to gives its staff shares worth £4.5m in total. Pre-tax profit for the first six months of 2009 rose 5% to £105.3m on turnover up 17% to £540.1m. Its UK car insurance business grew profit by 18% to £101.2m.