Admiral's shares overvalued according to asset management firm

Admiral website

An analyst’s report revealed that Investec believed the insurer’s stock was too expensive for a UK motor insurer and expressed surprise that Admiral was the only highly profitable insurer in an industry that it viewed as inherently unprofitable.

Kevin Ryan, the author of the report, said: “Unusually in our experience, Admiral’s Q3 2011 profit warning has not (yet) been followed by further warnings as reserves are topped up.

"This is all the more remarkable given that the company has grown by 21%

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