Car insurer Admiral said it has made a good start to the year with performance in line with management expectations.
First quarter group turnover rose 9% to £586m from £539m in the first quarter of last year.
The number of vehicles insured rose 17% to 3.4m from 2.9m the year before, while the UK car insurance vehicle count increased 13% to 3.0m from 2.7m in the first quarter of 2011, in line with management projections. This represents an annualised growth rate in the first quarter of the order of 5%, the group said. Admiral has already guided towards lower UK policy growth in 2012, of 5-10%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Meanwhile, the international car insurance vehicle count increased 83% to 350,000 (Q1 2011: 190,000).
As anticipated by the market, there has been no change in claims trends from Q4 2011, while UK other revenue per vehicle remained stable at £84.
JH
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
