LONDON (Dow Jones) - UK motor insurer Admiral Group PLC (ADM.LN) Tuesday said its first quarter results were "as expected", and its position remains strong, as it reported 2008 results in early March.
The Chief Executive Henry Engelhardt, in a statement released days annual general meeting, said that "our financial position remains strong. Our conservative investment strategy coupled with a debt-free balance sheet continues to serve us very well."
Turnover, which includes the total contributions and other revenue increased 18% in the first quarter to GBP270 million in the same period last year.
UK motor insurance were also in the first three months of the insured vehicles increased 16% in the UK, despite the registration of the car dropping 30% since 2008.
The company, based in Cardiff, Wales, said that despite the increase in prices in the UK motor market, but also increased their rates of insurance. Ancillary revenue, which includes additional services such as breakdown of basic services to cover the car insurance has been maintained at GBP70 million.
Oriel Securities analyst Tom Dorner said the first quarter update, "all good - there is nothing in this that gives cause for concern ... There is a high growth company." He said he was encouraged by the strong growth of vehicle insurance and ancillary income remained stable.
He noted that the declining sales of cars, "a problem when RBS (Royal Bank of Scotland Group PLC) and Aviva (AV.LN). Not less important issue for a small growing player."
Dorner is to add rating and 1,034 pence price target on the state.
In 1447 GMT, shares were 13.5 pence, or 1.5%, at 943.5 pence, after recovering the statement is as low as 907 pence earlier on Tuesday. Its market capitalization was GBP2.5 billion.
Over the past 12 months, Admiral shares gained 14%, which indicates that car insurance is mandatory, making it more resilient in the recession than other insurance.
Company Web site: http://www.admiralgroup.co.uk
The Chief Executive Henry Engelhardt, in a statement released days annual general meeting, said that "our financial position remains strong. Our conservative investment strategy coupled with a debt-free balance sheet continues to serve us very well."
Turnover, which includes the total contributions and other revenue increased 18% in the first quarter to GBP270 million in the same period last year.
UK motor insurance were also in the first three months of the insured vehicles increased 16% in the UK, despite the registration of the car dropping 30% since 2008.
The company, based in Cardiff, Wales, said that despite the increase in prices in the UK motor market, but also increased their rates of insurance. Ancillary revenue, which includes additional services such as breakdown of basic services to cover the car insurance has been maintained at GBP70 million.
Oriel Securities analyst Tom Dorner said the first quarter update, "all good - there is nothing in this that gives cause for concern ... There is a high growth company." He said he was encouraged by the strong growth of vehicle insurance and ancillary income remained stable.
He noted that the declining sales of cars, "a problem when RBS (Royal Bank of Scotland Group PLC) and Aviva (AV.LN). Not less important issue for a small growing player."
Dorner is to add rating and 1,034 pence price target on the state.
In 1447 GMT, shares were 13.5 pence, or 1.5%, at 943.5 pence, after recovering the statement is as low as 907 pence earlier on Tuesday. Its market capitalization was GBP2.5 billion.
Over the past 12 months, Admiral shares gained 14%, which indicates that car insurance is mandatory, making it more resilient in the recession than other insurance.
Company Web site: http://www.admiralgroup.co.uk
