Admiral's UK policy growth at lower end

26th Apr 2012 07:12

Car insurer Admiral said it has made a good start to the year with performance in line with management expectations. First quarter group turnover rose 9% to £586m from £539m in the first quarter of last year. The number of vehicles insured rose 17% to 3.4m from 2.9m the year before, while the UK car insurance vehicle count increased 13% to 3.0m from 2.7m in the first quarter of 2011, in line with management projections. This represents an annualised growth rate in the first quarter of the order of 5%, the group said. Admiral has already guided towards lower UK policy growth in 2012, of 5-10%. Meanwhile, the international car insurance vehicle count increased 83% to 350,000 (Q1 2011: 190,000).As anticipated by the market, there has been no change in claims trends from Q4 2011, while UK other revenue per vehicle remained stable at £84. JH