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Admiral announces profit rise

The Admiral Group motor insurer, which was floated on the stock market last September, has today reported a 30% increase in annual profit.

Admiral’s 2004 adjusted core profit was £100.6 million, achieved on turnover up 28% at £548 million. Adjusted core profit is operating profit which excludes the benefit of an exceptional profit commission.

Company boss Henry Engelhardt injected a cautious note to the announcement however.

Engelhardt said that the auto insurance market was becoming less profitable and that premiums would shrink in 2005 leading him to predict smaller growth in the current year.

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