Admiral Group, a company engaged in selling and administration of private motor insurance and related products, has reported a profit before tax of GBP182.1 million for fiscal 2007, an increase of 24% over GBP147.3 million achieved in fiscal 2006.
Turnover, comprising total premiums written, gross other income and investment income, rose 16% to GBP824.9 million. Net revenue of the group for the period increased 17% to GBP364.1 million and revenue from products and services not underwritten by the group were up 34%.
Henry Engelhardt, CEO of Admiral Group, said: 2007 was a good year for the Admiral Group. We continue to grow our UK business and invest in our overseas ventures. We had a bumper year in absolute terms and we made great strides towards the creation of an even better future.
As we’ve previously said, we will spend money to defend this market-leading position but, realistically, 2008 will be a much tougher year.