29th Apr 2008 13:18
Admiral Group PLC29 April 2008 Admiral Group plc29 April 2008Interim Management Statement Admiral Group plc ('Admiral' or 'the Group') today releases its first InterimManagement Statement, covering the period from 1 January to 28 April 2008.Unless otherwise stated, figures quoted are for the quarter ended 31 March 2008. Comment from Henry Engelhardt, Chief Executive "I'm pleased to report that the Group has continued to make strong progressduring 2008 and is on track to deliver another record year, at least in linewith market consensus. "Against a backdrop of little movement in prices in the UK motor market in thefirst quarter, we continue to deliver strong underwriting and ancillary profitgrowth, whilst making pleasing progress in our international businesses." Group highlights • Turnover* up 14% v Q1 2007 to £232m • Number of customers increased 17% year on year to 1.57m • UK ancillary contribution per vehicle increased to £70 (£69 in 2007) • Confused.com turnover up by 15%, although with substantially increased marketing spend and therefore materially lower margins • Stable return on funds invested of 5.6% * Turnover is defined as total premiums written (including co-insurers' shares),other revenue and investment return UK Motor insurance Admiral's UK business continues to grow healthily, with premium and vehiclesboth achieving double-digit growth over the same period one year ago. UKinsured vehicles grew 12% compared to the end of March 2007 (11% in calendar2007). Admiral's premium rates at the end of March 2008 were around 5% higher thanMarch 2007, although have moved little in 2008. There has been little change in claims experience over the period and Admiralexpects to make further substantial reserve releases in 2008. International Balumba in Spain continues to grow the number of vehicles insured whilst seeingsignificant improvements in its combined ratio. The Group's Italian business remains on track to launch later this year, andagreement has been reached with Munich Re, which will underwrite a 65% share ofpremium income. Further information For further information please contact Financial Dynamics 020 7269 7200Rob Bailhache This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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