Business
Admiral Group plc Interim Management Statement
Admiral Group plc Interim Management Statement.
About this update from Admiral Group Plc
[{"type":"text","content":"\n \n\n\n\n\nAdmiral Group plc\n28 April 2010\nInterim Management Statement\n\nAdmiral Group plc ('Admiral' or 'the Group') today releases its Interim\nManagement Statement covering the period 1 January to 28 April 2010. Unless\notherwise stated, figures quoted are for the quarter ended 31 March 2010, with\ncomparatives reflecting the position compared against the same quarter in 2009.\n\nComment from Henry Engelhardt, Chief Executive\n\n\"I'm pleased to report that our business has continued to grow and prosper in\nthe last 3 months.\n\n\"Admiral's UK car insurance business had another great quarter. We grew vehicle\ncount by 19% year on year, reaching the 2 million milestone and we continued to\nincrease premium rates through Q1.\n\n\"Internationally our direct insurance operation in the US launched its first TV\ncampaign and our price comparison businesses in France and Italy opened for\nbusiness.\"\n\nGroup highlights\n\n· Group turnover* Q1 2010 increased by 28% to £345 million\n· Group vehicle count increased 20% to 2.22 million\n· UK ancillary contribution per vehicle showed a modest improvement versus FY\n2009\n· Turnover from non-UK car insurance increased by 31% to £21 million\n· Confused.com turnover decreased 5%, margins remain under pressure\n· Annualised investment return on sterling funds of 0.9% (Q1 2009: 2.2%)\n· No change in claims trends from last year\n· Our financial position remains strong\n· Performance to date puts us on track to meet analysts' consensus profit\nestimates for 2010\n\n* Turnover is defined as total premiums written (including co-insurers' shares)\nand other revenue\n\n\n\nFurther information\n\nFor further information please contact:\n\nFinancial Dynamics\nRob Bailhache                       0207 269 7200\n\nAdmiral Group plc\nAlistair Hargreaves                0292 043 5528\n\n\n[HUG#1408928]\n\n\n\n\n\n\n\n \n\n\n\n \n ","length":2203,"tagName":"div"}]