Admiral sails on and on after refusing to cut prices
Thursday 29 August 2013
Motor insurer Admiral has posted its eighth consecutive set of record profits, saying it had refused to get drawn into a price war with its rivals during the first half of the year.
Boss Henry Engelhardt said the company's decision not to chase market share had proved a boon in the six-month period.
The FTSE 100 insurer, owner of Confused.com, grew pre-tax profits by 6 per cent to £181.4 million despite turnover dipping 7 per cent to £1.1 billion.
"I'm really pleased with our results... any time you can increase profits by 6 per cent when competitors are cutting prices you've got to be happy," Engelhardt said.
"We didn't grow the UK insurance business, which was great news because of the competitive environment. We were able to increase profits largely due to excellent claims experience." Meanwhile, Partnership Assurance made a solid start to life as a listed company today.
The group, which specialises in giving better pensions to people who are ill, grew operating profits by 31 per cent to £59.3 million and said it expected sales to pick up during the second half of 2013. Partnership's shares have risen by more than 11 per cent since the company floated in June.
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