Admiral CEO pleased with UK motor as H1 profits rise
UK motor insurer Admiral Group grew profits and turnover in the first half of 2018 as its core business delivered.
Pre-tax profit increased 9 percent year on year to £211 million in the first half of 2018. The group’s turnover jumped 14 percent to £1.66 billion over the period.
“The core UK car insurance business continues to grow both in terms of profit and customer numbers,” CEO David Stevens said. “Early in 2018 we passed the four million mark for cars on cover,” Stevens added.
UK motor increased pre-tax profit to £249.5 million in the first half from £224.2 million in 2017.
Overall, the group’s combined ratio improved to 87.4 percent in the first half of 2018 compared to 90.0 percent in the same period of 2017.
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