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Admiral Group PLC (ADM)

  Print      Mail a friend       Annual reports

Wednesday 09 November, 2011

Admiral Group PLC

Admiral Group PLC : Interim Management Statement

Admiral Group plc
Q3 Interim Management Statement
9 November 2011

Admiral Group plc ('Admiral' or 'the Group') today releases its Interim
Management Statement covering the period 1 July to 9 November 2011.  Unless
otherwise stated, figures quoted are for the quarter ended 30 September 2011,
with comparatives reflecting the position compared against the same quarter in

Comment from Henry Engelhardt, Chief Executive

"Admiral now insures over three million vehicles.  This is a great achievement
and provides a fantastic base from which to continue our long sustained growth
in the scale of our business and its profitability.

"Across 2011 as a whole we are likely to have grown our UK vehicle count by more
than 20%.  Our international insurance business also continues to achieve strong
growth and further improvement in operating results.

"Notwithstanding the continued higher level of large claims in the quarter, I
expect us to once again report record profits for the full year, probably some
10% higher than last year.  I am confident that with Admiral's enlarged customer
base and significant combined ratio advantage we are in a strong position for
sustained long term growth and good news in 2012 and beyond."

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
  * International car insurance vehicle count up 53% to 267,000 (Q3
    2010: 175,000)
  * Annualised UK vehicle count growth rate of just over 13%
  * Modest UK premium rate increases achieved
  * UK ancillary contribution per vehicle in line with H1 2011
  * Combined ratio remains significantly lower than the market
  * Financial position remains strong
* Turnover is defined as total premiums written (including co-insurers' share)
and Other Revenue


Our claims experience in Q3, if replicated in Q4, would lead to a small
improvement at the end of the year in the aggregate projected ultimate loss
ratios for the back years (2000-2009).  However, consistent with the trend
reported in H1 2011, the frequency and expected cost of new large personal
injury claims has remained above historical levels of experience.  This leads us
currently to expect some adverse development at the full year on the projected
ultimate loss ratios for 2010 and 2011 which would affect both overall reserve
movements and recognised profit commission.
If there is no reversal in Q4 of this higher than normal level of large claims,
we anticipate that full year pre-tax profits will be towards the lower end of
the range of analysts' estimates, or some 10% ahead of 2010, with no further
reserve releases in the second half.

Management presentation

Admiral Group plc is holding an investor day and analyst presentation today, 9
November 2011.

This will include discussion of the Q3 2011 Interim Management Statement and
presentations by members of the senior management team.

A copy of the presentation will be available on Admiral's corporate website, today at 9am and a live webcast of the presentation will
be broadcast from the corporate website at 2.30pm.

Additional 8.00am analyst conference call

The Group will also host an analyst conference call to begin at 8am today.

Please see below for dial-in details.
Participant phone:         +44 (0) 207 959 6790
Participant passcode:    616049
For further information, please contact:


 Louise O'Shea    Investors & Analysts +44 (0) 7791 443732

 Louisa Scadden   Media +44 (0) 29 20434394

 FTI Consulting

 Paul Marriott    +44 (0) 20 7269 7252

This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
Source: Admiral Group PLC via Thomson Reuters ONE


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