Calm seas for Admiral during Q3

3rd Nov 2010 07:01

Not much has changed at Admiral since August's interim results and the car insurer remains on track to meet analysts' consensus profit estimates for 2010.Turnover jumped more than 50% during the third quarter to £446m and group vehicle count was 28% higher than the same time last year.UK ancillary contribution per vehicle remains stable compared with the first half of the year and there's been no change in the claims trends. Confused.com turnover is stable, though margins remain under pressure."I'm pleased to report that not much has changed since our 2010 interim results; the UK business remains the driving force of the group's success and we continue to develop our international businesses," chief executive Henry Engelhardt said."Our UK car insurance operation continues to benefit from positive market conditions; we grew vehicle count by 28% year-on-year to over 2.3 million whilst also increasing premium rates."A report out yesterday from accountants Deloitte told the car insurance industry it must increase premiums if its want to make any moneyThey lost £1.6bn last year and are set to lose another £1bn this year and prices must go up if they're to turn in a profit in 2011.