Admiral sees profit boost beyond analyst expectation
Admiral’s half year results for 2011 have revealed a 27% boost in pre-tax profit ahead of H1 2010 to £160.6m with turnover jumping 53% to £1.1bn.
This result exceeded analyst's expectations of a pre-tax profit of £159.3m.
Admiral's UK combined operating ratio deteriorated from 82.9% in H1 2010 to 90.4%. The insurer said this was a result of lower levels of prior year reserve releases (continuing the pattern emerging in the second half of last year), in part offset by a lower expense ratio and a lower loss ratio on business earned in the period.
For UK car insurance the group's underwriting profit decreased to £21.7m (H1 2010: £23.3m)
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