Reuters logo
Admiral posts H1 revenue dip, sees no UK premium growth
July 9, 2014 / 8:02 AM / 3 years ago

Admiral posts H1 revenue dip, sees no UK premium growth

LONDON, July 9 (Reuters) - UK car insurer Admiral Group said revenues fell in the first half of the year and there was no firm evidence of a return to growth in UK car insurance premiums.

Group turnover in the six months to June was 1 billion pounds ($1.70 billion), down from 1.1 billion in the same period a year earlier, with total premiums down 9 percent.

Group customer numbers increased by 300,000 to 3.9 million over the period, while the number of UK cars insured rose to 3.1 million, it said in a statement. UK car insurance turnover fell, however, to 850 million pounds from 920 million pounds.

The company said it planned to launch its first ever bond offering, of up to 200 million pounds, to diversify its capital base and help it prepare to meet Solvency II regulations in 2016. ($1 = 0.5877 British Pounds) (Reporting by Simon Jessop; editing by Steve Slater)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below