Admiral boss hails "baked potato" year as profits rise
Provider's pre-tax profits up 7% to £370m.
Admiral Group CEO Henry Engelhardt described 2013 as the "year of the baked potato" as the insurer posted a 7% pre-tax profit rise to £370m, up from £345m.
The provider saw group turnover creep down 8% to £2bn [2012: £2.2bn], although its group vehicle count edged up 4% to 3.7m [2012: 3.6m].
For its UK motor business, which accounts for 84% of group turnover, the combined operating ratio improved to 81% [2012: 89.1%] and pre-tax profit came in 6% higher at £393.9m.
Total premiums written fell to
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