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Motor expected to post a fall in half year profits to home insurance giant Admiral

29 October 2015 By Digital Curator Leave a Comment

 Motor to home insurance giant Admiral expected to post a fall in half year profits this week-credence-insurance-agency

Image via Flickr user Chris Potter

Insurance giant Admiral is expected to post a fall in profits when it reports its first-half results on Wednesday amid tough competition among motor insurers.

Tough for the sector

Earlier this month rival Direct Line said it had noticed a rise in large bodily injury claims.

In another recent update, Sheilas’ Wheels owner Esure – which also owns Newport-based price comparison firm Gocompare – said it was planning to drive up premiums after a surge in small injury claims had seen half-year profits in its motor insurance underwriting business fall by four-fifths.

The latest set of results will be the first since Admiral boss Henry Engelhardt said in May he will step down next year after clocking up nearly 25 years at the group he co-founded in 1991. The 57-year-old Chicago-born executive will be replaced by co-founder and current Admiral chief operating officer David Stevens next May.

New board role

It has also been confirmed that Admiral’s non-executive director Penny James has been appointed group chief risk officer. Ms James, who is also an executive director of Prudential, will take up the new role from September having joined the board Wales’ only FTSE-listed company in January.

New jobs

Last month Admiral announced it is creating a further 250 jobs in South Wales. This will see it taking on 130 people in its Newport office as well as creating 50 additional jobs in Cardiff and 100 in Swansea.

by Sion Barry

See Full Story at walesonline.co.uk

Filed Under: Industry Tagged With: admiral insurance, home insurance, motor fall

Admiral defies the gloom in car insurance

3 September 2015 By Digital Curator Leave a Comment

Admiral defies the gloom in car insurance-credence-insurance-agency

Image via Flickr user Pictures of Money

The car insurance group Admiral has shrugged off gloomy forecasts of costly claims inflation to post better-than-expected profits for the first half of the year.

Admiral said “positive claims cost development” had allowed it to release £92.6m that was set aside in previous years to cover motor accident costs, helping take its pre-tax profits up 1pc to £186.1m.

Despite rival firms complaining of a surge in injury claims, the group reported a 9.8pc drop in claims costs to £390.4m in the first six months of the year.

Like other car insurers, Admiral has been helped by the mild weather at the start of the year, which reduced accidents caused by ice and snow.

“A good start to a challenging year. Profits are up, customer numbers are up, earnings per share is up, the dividend is up … you might say it was a pretty ‘up’ first half!” said Henry Engelhardt, Admiral’s outgoing chief executive.

“The UK business turned in a very solid result helped by positive claims cost development, with modest growth accompanying price increases.”

Cardiff-based Admiral continued to add customers, taking the total number of people on its books from 4.05 million to 4.19 million. The firm took in revenues of £1.06bn, up £20m on a year ago.

The company has concentrated its efforts on attracting customers with a lower risk of claiming, despite these drivers paying lower premiums.

Nevertheless, prices are expected to rise over the next year. David Stevens, who will take over as chief executive next May, said that bodily injury claims were now back to the levels seen before a Government crackdown on legal fees in 2013.

by Marion Dakers

See Full Story on telegraph.co.uk

Filed Under: Industry Tagged With: admiral insurance, car insurance, gloom in car insurance

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