Admiral delivers "disappointing" results despite hike in profits
Admiral has delivered a 13% increase in profits to £299m in 2011, a result its chief executive described as disappointing.
The profits were delivered from a group turnover of £2.19bn, a huge 38% increase on 2010.
This is despite the fact the insurer had to revise its profit predictions with a profits warning late last year in the face of rising personal injury claims in the motor market. Motor accounts for 90% of the group’s turnover.
Although profits and revenue grew, the insurer’s combined operating ratio (COR) did not fare so well deteriorating to 95.7% from a high of 89.3% in 2010.
Of the group’s overall
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