Admiral sails to success overseas

Growth in markets such as Italy and Spain helped Admiral withstand tougher conditions at home during the third quarter, it emerged today.

The Welsh rugby team sponsor increased international turnover by 26% to £49 million in the period, and said it now insures half a million cars outside of the UK.

However, back in Blighty, the motor insurer has underwritten less business because prices remain low across the market. Falling motor premiums here reduced group turnover by 7% to £528 million.

“In the competitive UK car insurance market, our strategy is to focus on profitability,” chief executive Henry Engelhardt said. “The current environment has led us to reduce UK turnover but encouraging trends in our claims experience and our combined ratio mean that we continue to deliver strong returns.”

Admiral expects motor insurance prices to start rising soon, and Engelhardt was bullish about prospects, saying “2013 continues to shape up well and we remain on track to meet our expectations for the full year”.