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Admiral warned that personal injury claims continue to impact the business’ profits as it announced its third quarter results.
Group turnover has increased by 30% to £582m with the company now insuring over three million vehicles.
However, a report from the insurer warned that if there was no reversal in the trend of higher than normal personal injury claims in Q4, pre-tax profits would “be towards the lower end of the range of analysts’ estimates, or some 10% ahead of 2010, with no further reserve releases in the second half”.
Chief executive, Henry Engelhardt, said: “Across 2011 as a whole we are likely to have grown our UK vehicle count by more than 20%. Our international insurance business also continues to achieve strong growth and further improvement in operating results.
“Notwithstanding the continued higher level of large claims in the quarter, I expect us to once again report record profits for the full year, probably some 10% higher than last year.
“I am confident that with Admiral’s enlarged customer base and significant combined ratio advantage we are in a strong position for sustained long term growth and good news in 2012 and beyond.”
Original Article: Insurance Age
Medico Legal News Source: Claims Standards Council
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