Admiral Group Plc · LSE:ADM
Admiral — Investor Day (November 2011)
94 slides from Admiral's investor day presentation, Nov 9, 2011
Slide 1: 2011 Investor Day
2011 Investor Day 9 November 2011
Slide 2: Today's agenda
Today‟s agenda IMS – Henry Engelhardt UK – David Stevens Accounting – Kevin Chidwick Wrap Up – Henry Engelhardt Q&A 2
Slide 3: Interim Management Statement
Interim Management Statement
Slide 4: Year-on-year PBT growth c10%, but H2 is likely to be lower than H1
Year-on-year PBT growth c10%, but H2 is likely to be lower than H1 Half Yearly Group Profit Before Tax H2 2011 Analyst Forecasts £207m £160.6m £138.6m £126.9m £162m £160.6m Likely £121m outcome H1 2010 H2 2010 H1 2011 Reported H1 2011 H2 2011 Analyst Forecasts High Low Mean 4
Slide 5: Q3 Group Highlights
Q3 Group Highlights Group turnover* increased by 30% to £582m (Q3 2010: £446 million) Group vehicle count increased 27% to 3.3 million (Q3 2010: 2.6 million) International car insurance turnover up 45% to £27.0 million (Q3 2010: £18.6 million) International car insurance vehicle count up 53%
Slide 6: Key messages for today
Key messages for today 2011 Outlook It is looking like the second half of 2011 will not be as profitable as the first The frequency and expected cost of new large personal injury claims remains above historical levels of experience Therefore we expect some adverse development at the full year
Slide 7: UK: Market update, Regulatory environment, Underwriting performance
UK Market update Regulatory environment Underwriting performance
Slide 8: UK – Market update
UK Market update
Slide 9: Premium inflation is coming to an end...
Premium inflation is coming to an end... Quarterly movements of market premium rate indices (new business only) 5.4% 4.2% 3.9% 2.8% -1.7% -2.9% Q1 2011 Q2 2011 Q3 2011 Confused / Towers Watson IGO4 Source: Confused / Towers Watson Index and IGO4 Index 9
Slide 10: Though Admiral has continued to increase its rates ahead of the market
Though Admiral has continued to increase its rates ahead of the market Quarterly movements of market premium rate indices (new Year to date movements of market premium rate indices (new business only) and Admiral rates (new business and renewal) business only) and Admiral rates (new business and ren
Slide 11: Returning appetite is suggested by increased direct insurer advertising spend
Returning appetite is suggested by increased direct insurer advertising spend Top 4 direct insurance spenders in September 2011 TV & press spend September 2010 and September 2011 £3.6m £9.7m £1.4m £1.4m £0.9m £5.2m RBSI LV AXA Aviva £9.0m £7.9m Sept. 2010 Sept. 2011 Price comparison sites Direct ins
Slide 12: Despite increasing premiums faster than the market we have continued to grow
Despite increasing premiums faster than the market we have continued to grow, aided by the continued growth in the price comparison market Growth in Admiral vehicle count Growth in price comparison sales (whole market) 13% 11% Admiral Q3 annualised vehicle growth Annual growth of price comparison ra
Slide 13: UK – Regulatory environment
UK Regulatory environment
Slide 14: High premium inflation is driving a lot of regulatory activity
High premium inflation is driving a lot of regulatory activity Motor Insurance Regulation Bill The 5 key provisions Ban personal injury referral fees Aim to reduce car insurance premiums Requirement of evidence for whiplash claims Halve the fixed legal fee for claims pursued Targeting clai
Slide 15: It is a misconception that Admiral is uniquely reliant on ancillary income
It is a misconception that Admiral is uniquely reliant on “ancillary” income “Other Income” per new business policy “Referral Fee Income” as % total written premiums* £60 1.7% £55 1.1% RBSI: “On every own brand Admiral Income Per New RBSI: "Income from Admiral income from motor policy sale we earn c
Slide 16: Any market-wide reduction in ancillary contribution is likely to lead to higher premiums
Any market-wide reduction in ancillary contribution is likely to lead to higher car insurance premiums and Admiral is well positioned to benefit from this Market combined ratio including and excluding ancillary and investment income 123% 123% 17 year 119% 120% 115% 115% 115% 116% averages 110% 111%
Slide 17: Admiral receives almost as much value from underwriting profit as from ancillary profit
With current reinsurance agreements, Admiral receives almost as much value from underwriting profit as from ancillary profit Admiral Share Of Ancillary Profit Underwriting Profit 2000 100% 46% 2005 100% 53% 2010 100% 89% Assumptions: Combined Ratio 85%; 17
Slide 18: UK – Underwriting performance
UK Underwriting performance
Slide 19: Admiral's H1 2011 results raised some concerns...
Admiral‟s H1 2011 results raised some concerns... 2 Increase in Combined ratio (%) advantage combined ratios 127 121 119 118 110 99 94 94 96 91 90 92 (+3) 87 88 (+4) 81 78 72 69 65 1 High premium inflation ( ) shows changes Jun 11 v Dec 10 3 ...offset by higher 2002 2003 2004 2005 2006 2007 2008 200
Slide 20: Underwriting performance: High premium inflation
UK Underwriting performance 1 High premium inflation 2 Increase in combined ratios 3 Higher personal injury costs
Slide 21: Reported rate rises by the market do not fully translate into experienced rate rises
Reported rate rises by the market do not fully translate into experienced rate rises Market experience (indexed to 100 in January 2009) 2009 2010 Premium rate rises +11% +36% Implied written premium at year end 111 151 Implied average written premium 106 131 Implied earned premium 103 119 2009 to 20
Slide 22: And nor do they entirely for Admiral
And nor do they entirely for Admiral Admiral experience (indexed to 100 in January 2009) 2009 2010 YTD Q3 2011 Premium rate rises 12% +26% +14% Implied written premium at year end 112 142 163 Implied average written premium 106 128 155 Implied earned premium 101 117 142 2009 to 2010 2010 to Q3 2011
Slide 23: Underwriting performance: Higher personal injury costs
UK Underwriting performance 1 High premium inflation 2 Increase in combined ratios 3 Higher personal injury costs
Slide 24: The majority of Admiral's claims costs are generated by personal injury claims
The majority of Admiral‟s claims costs are generated by personal injury claims Split of claims costs between BI and Non-BI claims Split of BI claims cost by size of claim 15% 11% 16% 38% 19% £0-£10k £10k-£100k £100k-£500k £500k-£2m 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 >£2m BI Non-BI Sou
Slide 25: 50% of personal injury claims costs are generated by 2% of claims
50% of personal injury claims costs are generated by 2% of claims Split of BI claims cost by size of claim Split of BI claims volumes by size of claim 15% 11% 2% 16% 44% 38% 54% 19% £0-£10k £10k-£100k £100k-£500k £500k-£2m £0-£10k £10k-£100k >£100k >£2m Source: management information (relates to 201
Slide 26: Noise in the early development periods of case reserves
There is a lot of noise in the early development periods of case reserves. This is caused by volatility and unpredictability of reserving for large claims. Development of Admiral case reserves months 5 to 24 (indexed to 100 in Month 24) 115 110 Underwriting years 105 Index 2001 100 = 2002 100 Month
Slide 27: After month 24 the volatility dissipates
After month 24 the volatility dissipates Development of Admiral case reserves months 24 to 48 (indexed to 100 in Month 48) 140 135 130 Underwriting years 125 Index 120 2001 100 = Month 48 2002 115 2003 110 2004 2005 105 2006 2007 100 95 90 Source: management information 27
Slide 28: Increase in combined ratios on 2009 / 2010
Increase in combined ratios on 2009 / 2010 Personal injury claims from 2009 / 2010 have developed less favourably than implied by the end 2010 projections Estimates of ultimates on early years are estimates and can vary materially in either direction This affects us more than previously becaus
Slide 29: Higher projected ultimate loss ratios meant higher reported combined ratio
At H1 2011 the increase in projected ultimate loss ratios meant Admiral‟s reported combined ratio was higher than expected Admiral reported combined ratio 90% 85% 87% 85% 82% 83% 84% 81% An increase in projected ultimate loss ratios for 2009 and 2010 years meant a lower reserve release in H1 2011
Slide 30: Recent FSA returns indicate the difficulty in predicting outcomes
Recent FSA returns indicate the difficulty in predicting outcomes in this market % reserve releases (negative = strengthening) Admiral‟s higher perceived 23% volatility is caused because: 16% We disclose to you our 13% 9% projected ultimate loss 8% 7% ratios not just our booked 3% loss ratios
Slide 31: Higher personal injury costs
Higher personal injury costs The benefit of high premium inflation during 2010 and 2011 appears to have been eroded by increased personal injury costs More new high value personal injury cases were recorded during H1 2011 ... And at a higher projected ultimate average cost per case This patt
Slide 32: Ultimate loss ratio projections show high claims inflation from personal injury
The 2010 and H1 2011 ultimate loss ratio projections show a high level of claims inflation entirely attributable to higher personal injury costs Reconciliation from 2009 to H1 2011 current projected ultimate loss ratios (%) 6 8 9 3 7 10 75 74 68 2009 Loss Earned Claims Average 2010 Loss Earned Claim
Slide 33: Claims inflation further impacted by an increase in large claims in Q3
Claims inflation has been further impacted by an increase in large claims in Q3, particularly in relation to 2010 and 2011 Value of case reserve claims in excess of £100k as % of premium at end Q3 2011 26% 26% 19% 15% 14% 14% 2006 2007 2008 2009 2010 2011 Accident year 2006 2007 2008 2009 2010 2011
Slide 34: Possible explanations for higher personal injury inflation
There are a number of possible explanations for higher personal injury inflation – a radical shift in portfolio is not one of them Percentage point movement in share of new business portfolio 2009 2010 2011 YTD 2008 to 2011 Non-comprehensive -3% +3% -2% -2% Zero No Claims Bonus -4% +2% 0% -2% Males
Slide 35: Explanations of higher personal injury costs
Explanations of higher personal injury costs Factor Implication Ultimately reflected in market Environmental premiums Poor 2011 outcome, but Randomness bounces back in 2012 35
Slide 36: Claims patterns on large claims are extraordinarily volatile
Claims patterns on large claims are extraordinarily volatile and hard to predict Incurred average cost per claim (value >£100k) for whole market Source: 2010 The Actuarial Profession www.actuaries.org.uk 36
Slide 37: Explanations of higher personal injury costs
Explanations of higher personal injury costs Factor Implication Ultimately reflected in market Environmental premiums Poor 2011 outcome, but Randomness bounces back in 2012 Higher initial reserving on new Some of the 2011 “inflation” claims unwinds Diagnosis: It is likely to be a combina
Slide 38: UK – Underwriting outperformance
UK Underwriting outperformance
Slide 39: Admiral's H1 2011 results raised some concerns...
Admiral‟s H1 2011 results raised some concerns... 2 Increase in Combined ratio (%) advantage combined ratios 127 121 119 118 110 99 94 94 96 91 90 92 (+3) 87 88 (+4) 81 78 72 69 65 1 High premium inflation ( ) shows changes Jun 11 v Dec 10 3 ...offset by higher 2002 2003 2004 2005 2006 2007 2008 200
Slide 40: Growth has reduced our combined ratio advantage in the short term
...and growth has almost definitely reduced our combined ratio advantage in the short term... Admiral vs market combined ratio & Admiral vehicle count growth 127 121 119 118 110 99 94 94 96 91 90 92 87 88 78 72 69 65 32% 30% 17% 17% 15% 15% 12% 11% 10% 2002 2003 2004 2005 2006 2007 2008 2009 2010 Ad
Slide 41: Combined ratio gap vs the market remains very substantial
...but Admiral‟s combined ratio gap vs the market remains very substantial, despite significant growth in market share Market combined ratio less Admiral combined ratio and Admiral market share 35 31 31 27 24 23 10.0% 21 6.7% 5.8% 5.2% 4.6% 4.2% 3.6% 2004 2005 2006 2007 2008 2009 2010 Admiral combin
Slide 42: Loss ratio outperformance underpinned by stable expense ratio advantage
That loss ratio outperformance is underpinned by a stable expense ratio advantage Loss ratio outperformance 23 18 18 15 12 10 8 2004 2005 2006 2007 2008 2009 2010 Expense ratio outperformance 13 13 13 13 12 12 12 2004 2005 2006 2007 2008 2009 2010 Source: Admiral loss ratio and expense ratio outperf
Slide 43: Admiral's expense ratio is better than the market average
Admiral‟s expense ratio is better than the market average and better than our larger competitors Expense ratios 2009 to 2010 39% 31% 32% 31% 29% 27% 26% 26% 25% 22% 20% 20% 21% 20% 17% 14% AXA Aviva Churchill RSA Esure Direct Line Whole Market Admiral (Excl. Admiral) 2009 2010 2009 2010 2010 Expense
Slide 44: Scale should provide a basis for increased competitive advantage
The scale Admiral now has should provide a basis for increased competitive advantage Scale benefits More data Ability to disaggregate to a greater level of detail “Personalised” rating Possible shift in industry structure Smaller players struggle Bigger players prosper 44
Slide 45: Recap
Recap Our personal injury claims experience during 2011 to date is likely to reduce profit growth in the short term (compared to expectations) As high value personal injury claims mature the currently projected high levels of personal injury inflation may turn out to be overly prudent Either w
Slide 46: Accounting – Kevin Chidwick
Accounting – Kevin Chidwick
Slide 47: Questions
Questions What is Admiral’s reserve “buffer”? What is negative IBNR? Why are you in Gibraltar? Are the ratios flattered by ancillary income accounting? What‟s the difference between accident and underwriting year? How come there are so many different loss ratios? Why do you commute rei
Slide 48: We reserve conservatively and maintain a buffer above projected ultimates
We reserve conservatively and maintain a buffer above projected ultimates First pick loss ratios v ultimates Current loss ratios v ultimates* 88.0% 84.0% 81.0% 81.0% 77.8% 75.5% 76.4% 75.5% 74.0% 73.7% 71.2% 70.0% 72.6% 70.0% FY 08 FY 09 FY 10 HY 11 2008 2009 2010 2011 Financial Period U/w Year Proj
Slide 49: Reserving approach
Reserving approach The level of prudence in our reserves is shown in the difference between our booked loss ratios and the Components of total buffer (illustrative) projected ultimate loss ratios Each £1 of loss ratio buffer will generate an amount of profit commission. The total buffer is the s
Slide 50: How do we calculate the buffer?
How do we calculate the buffer? Underwriting year projected ultimate 2010, total earned premium (30 June) = £1,100m and booked loss ratios 1) Claims buffer: Admiral share @ 27.5% = £303m 81.0% 76.4% (76.4% - 72.6%) = 3.8% x £303m = £11.5m 74.0% 75.5% 2) (Illustrative) Profit commission: 72.6% 70.0%
Slide 51: Statutory reporting
Statutory reporting Negative IBNR illustration Admiral‟s Annual Report can be reconciled to Admiral‟s Negative IBNR Regulatory Returns which are filed with the FSA (UK), FSC (Gibraltar) and US State Authorities The Annual Report and Returns are completed on an underwriting year basis and are bot
Slide 52: Negative IBNR
Negative IBNR Growth in negative IBNR Negative IBNR has increased in recent years because: The business has grown Admiral‟s gross share of total business has increased (as the co-insured share has reduced from 65% to 40%) There has been a move over the past few reporting periods to initially
Slide 53: Wrap Up – Henry Engelhardt
Wrap Up – Henry Engelhardt
Slide 54: A reminder of what we have achieved over the last 2 years
A reminder of what we have achieved over the last 2 years Group Turnover Group Profit £1,686m £161m £105m £834m 30th September 2009 30th September 2011 30th June 2009 30th June 2011 UK Vehicles International Vehicles 2.9m 267,252 1.8m 108,735 30th September 2009 30th September 2011 30th September 20
Slide 55: And there is a lot to look forward to
And there is a lot to look forward to Our scale and substantial combined ratio advantage leading to continued profitable growth in the UK Growing, profitable and sustainable international operations “Test and learn” of new initiatives 55
Slide 56: Q&A
Q&A
Slide 57: Appendix
Appendix
Slide 58: Appendices
Appendices Predictability of UK car insurance claims International strategy Accounting Summary income statement Balance sheet Group key performance indicators UK car insurance – booked loss ratios Admiral Group‟s brands Disclaimer notice
Slide 59: Predictability of UK Car Insurance Claims
Predictability of UK Car Insurance Claims
Slide 60: Personal injury claim frequency is reasonably predictable
Personal injury claim frequency is reasonably predictable – it is rising steadily over time Market reported personal injury claim frequency Source: 2010 The Actuarial Profession www.actuaries.org.uk 60
Slide 61: Number of claimants per claim
...as has the number of claimants per claim, though 2010 is an anomaly Market reported claimants per claim Source: 2010 The Actuarial Profession www.actuaries.org.uk 61
Slide 62: Inflation rates on smaller claims are not that volatile
Inflation rates on smaller claims are not that volatile Market incurred average cost per claim Source: 2010 The Actuarial Profession www.actuaries.org.uk 62
Slide 63: Claims patterns on big claims are extraordinarily volatile
...but claims patterns on big claims are extraordinarily volatile and hard to predict Incurred average cost per claim (value >£100k) for whole market Source: 2010 The Actuarial Profession www.actuaries.org.uk 63
Slide 64: International Strategy
International Strategy
Slide 65: Workshop - International Strategy
Workshop - International Strategy International strategy Premise for expansion Admiral approach Progress to date Things we do differently What is the opportunity? 65
Slide 66: Premise for international expansion: the internet is an irresistible force
Premise for international expansion The internet is an irresistible force France Online Share* (as % motor NB) 17% 2% 10% 7% Italy Direct Share* USA Online Sales* (as % motor GWP) (millions) 2004 2006 2008 2010 *Source: Management estimate based on Forrester‟s & Benchmark 2.9 Group data 5.9% 2.3 3.7
Slide 67: Admiral approach
Admiral approach Long term investment Take what we do well and do it elsewhere Target large, mature markets Create profitable, growing and sustainable businesses Low risk approach Organic growth Long term partners Modest investment 67
Slide 68: Progress to date – Objective 1: establish direct insurance businesses
Progress to date Objective 1: Establish direct insurance businesses in 5 selected countries outside UK Oct. 06 Oct. 07 May 08 Mar. 09 Oct. 09 Jan. 10 Feb. 10 Dec. 10 Jan. 11 68
Slide 69: Progress to date – Objective 2: develop each operation into a profitable business
Progress to date Objective 2: Develop each new operation into a profitable business Number of Vehicles Insured Number of Price Comparison Quotes Generated 1,713,000 236,000 154,000 688,000 100,000 H1 2009 H1 2010 H1 2011 H1 2010 H1 2011 69
Slide 70: Progress to date – Objective 3: minimise financial impact on the Group
Progress to date Objective 3: Minimise, where possible, the financial impact on the Group Investment in international expansion £14.3m £12.3m Reinsurance support in every geography for motor insurance operations 25% minority stake in Rastreator sold to Mapfre S.A – Spain’s largest insurer We will no
Slide 71: Things we do differently
Things we do differently Focus on data Ask more questions; more detail; more analysis Bespoke pricing models Focus on low cost Marketing channels Low overheads Investment in people and culture 71
Slide 72: What is the opportunity?
What is the opportunity? Key today is for these business to be on the right trajectory Trajectory to becoming profitable, growing and sustainable businesses Opportunity is for one or two to become mini-Admirals in the future 72
Slide 73: Accounting
Accounting
Slide 74: Questions
Questions What is Admiral‟s reserve “buffer”? What is negative IBNR? Why are you in Gibraltar? Are the ratios flattered by ancillary income accounting? What‟s the difference between accident and underwriting year? How come there are so many different loss ratios? Why do you commute rei
Slide 75: Contents
Contents Reserving Conservatism Development Buffer Accounts and regulatory returns Statutory reporting and negative IBNR Loss ratios Ancillaries and ratios Return on capital Underwriting structure Reinsurance and co-insurance arrangements Commutations Appendix Key definit
Slide 76: We reserve conservatively and maintain a buffer above projected ultimates
We reserve conservatively and maintain a buffer above projected ultimates First pick loss ratios v ultimates Current loss ratios v ultimates* 88.0% 84.0% 81.0% 81.0% 77.8% 75.5% 76.4% 75.5% 74.0% 73.7% 71.2% 70.0% 72.6% 70.0% FY 08 FY 09 FY 10 HY 11 2008 2009 2010 2011 Financial Period U/w Year Proj
Slide 77: Reserving approach
Reserving approach The level of prudence in our reserves is shown in the difference between our booked loss ratios and the Components of total buffer (illustrative) projected ultimate loss ratios Each £1 of loss ratio buffer will generate an amount of profit commission. The total buffer is the s
Slide 78: How do we calculate the buffer?
How do we calculate the buffer? Underwriting year projected ultimate 2010, total earned premium (30 June) = £1,100m and booked loss ratios 1) Claims buffer: Admiral share @ 27.5% = £303m 81.0% 76.4% (76.4% - 72.6%) = 3.8% x £303m = £11.5m 74.0% 75.5% 2) (Illustrative) Profit commission: 72.6% 70.0%
Slide 79: Statutory reporting
Statutory reporting Negative IBNR illustration Admiral‟s Annual Report can be reconciled to Admiral‟s Negative IBNR Regulatory Returns which are filed with the FSA (UK), FSC (Gibraltar) and US State Authorities The Annual Report and Returns are completed on an underwriting year basis and are bot
Slide 80: Negative IBNR
Negative IBNR Growth in negative IBNR Negative IBNR has increased in recent years because: The business has grown Admiral‟s gross share of total business has increased (as the co-insured share has reduced from 65% to 40%) There has been a move over the past few reporting periods to initially
Slide 81: Loss ratio
Loss ratio Ultimates (ULRs) Independent or internal projection of the ultimate outcome of a period. Two bases: - Accident year – used for comparison to market - Underwriting year – used in calculations of buffer Booked (accounted) Used in compiling accounts and regulatory returns – drive recognition
Slide 82: Ancillaries and ratios
Ancillaries and ratios We classify ancillaries as „other revenue‟ because we don‟t underwrite them If everything was accounted as underwriting... Notes – ancillary contribution moved to net premium & overheads to insurance expenses. Instalment income left as other revenue Claims figures include cl
Slide 83: Co-insurance & reinsurance
Co-insurance & reinsurance Split of underwriting in 2011: Gibraltar? £100 Resulted from Admiral‟s exit from Lloyd‟s of London after 2002 u/w year Quicker regulatory approval process £7.50 £52.50 £40.00 Capital requirement took into account Admiral‟s track record (FSA did not) Admiral Ins Admir
Slide 84: Underwriting arrangements (pre-commutations)
Underwriting arrangements (pre-commutations) Underwriting arrangements 2.5% 2.5% 5.0% 6.25% 7.5% 7.5% 2.5% 3.0% 8.75% 10.0% 5.0% 6.25% 2.5% 11.25% 10.0% 10.0% 13.25% 3.0% 10.0% 10.0% 8.75% 13.25% 7.5% 8.75% 7.5% 7.5% 7.5% 65% 55% 60% 50% 45% 40% 40% 40% 27.5% 27.5% 27.5% 27.5% 25.0% 25.0% 25.0% 22.5
Slide 85: Underwriting arrangements (post-commutation)
Underwriting arrangements (post-commutation) Underwriting arrangements – current position 10% Commutations: • Reinsurance deals usually result in higher profit 55% commission to Admiral if commuted at month 60% 24 or 36 of an underwriting year development 65% 50% • There is no (or very small) profit
Slide 86: UK car insurance - co-insurance and reinsurance 2011 terms
UK car insurance - co-insurance and reinsurance 2011 terms Munich Re Swiss Re New Re XL Re Mapfre Re Hannover Re Share of 40% 7.5% 11.25% 2.5% 2.5% 8.75% premium To at least Dec Term Ends December 2013 Ends Dec 2012 2016 Variable, Cost to Fixed (not depending on Fixed – c2% of premium Admiral disclo
Slide 87: Key definitions (1)
Key definitions (1) Term Definition The year in which an accident takes place. It is also referred to as the earned basis or the calendar year basis. Accident Year Claims incurred are allocated to the calendar year in which accident took place. Underwriting The year in which the policy was incepted.
Slide 88: Key definitions (2)
Key definitions (2) Term Definition An arrangement in which two or more insurance companies agree to underwrite insurance business on a Co-insurance specified portfolio in specified proportions. Each co-insurer is directly liable to the policyholder for their proportional share. An arrangement in wh
Slide 89: Summary income statement
Summary income statement UK Car Insurance International Car Insurance Price comparison Other Admiral Group H1 09 H1 10 H1 11 H1 09 H1 10 H1 11 H1 09 H1 10 H1 11 H1 09 H1 10 H1 11 H1 09 H1 10 H1 11 Turnover 470.1 639.3 999.3 24.5 37.2 53.9 40.2 38.0 45.4 5.3 6.0 5.8 540.1 720.5 1,104.4 Total premiums
Slide 90: Balance sheet
Balance sheet Jun-10 Dec 10 June 11 £m £m £m ASSETS Property, plant and equipment 11.7 13.6 14.1 Intangible assets 79.1 82.9 84.2 Financial assets 827.7 1,004.7 1,319.3 Reinsurance contracts 283.0 357.0 479.7 Deferred income tax 1.2 12.4 11.7 Trade and other receivables 45.9 49.4 75.5 Cash and cash
Slide 91: Admiral Group key performance indicators
Admiral Group key performance indicators KPI 2004 2005 2006 2007 2008 2009 2010 H1 08 H1 09 H1 10 H1 11 Turnover £m 540 627 698 808 910 1,077 1,585 463 540 721 1,104 Group Financial Customers 1,040,700 1,141,000 1,284,700 1,490,800 1,745,800 2,076,000 2,748,400 1,629,500 1,921,500 2,372,500 3,153,50
Slide 92: UK car insurance - booked loss ratios by accounting period
UK car insurance - booked loss ratios by accounting period Loss Ratio Development By Underwriting Year 90 89 (%) 88 87 85 84 82 81 79 80 79 79 78 76 76 75 757574 7576 7474 72 69 7070 676666 65 63 57585857 2004 2005 2006 2007 2008 2009 2010 H1 2011 2004 2005 2006 2007 2008 2009 2010 H1 2011 Accountin
Slide 93: Admiral's brands
A or Admiral’s brands VK pe R nastreator.com Confused.com YO Tu Comparador de Seguro: is @EFlephant Admiral @GLapiaToR ConTen a cm elephant.co.uk be rl 3e Ll loliVi assurances fr balumba nce auto Seguros de coche
Slide 94: Disclaimer notice
Disclaimer notice The information contained in this document has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained her