Budget car insurance in the UK

Admiral plans US operation launch The Press Association

25.08.09

Diamond and elephant.co.uk car insurer Admiral has set its sights on further overseas growth after revealing a 5% rise in half-year profits.

The company generated turnover of £24.5 million from 100,000 customers in Spain, Germany and Italy, but is now working on the launch of an Elephant branded US car insurance operation based in Richmond, Virginia.

In the UK, where the company also has the price comparison website Confused, the number of car insurance customers rose 18% to 1.92 million.

Profits from UK car insurance lifted 18% to £101.2 million, but Confused dropped 29% to £11 million as a result of continued strong competition and the cost of rebuilding and marketing its website.

Chief executive Henry Engelhardt said the overall business continued to show strong growth and achieved record profits of £105.3 million in the six months to the end of June.

He added of figures: "Considering the general economic climate and pathetic investment returns this was an outstanding result."

Source:

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