Admiral unveils US launch plans as Confused profit drops in face of competition
Admiral Group today announced plans to launch into America on the back of reporting a profit before tax of £202.5m for the year to December 2008, an increase of 11% over the previous year. Turnover, comprising total premiums and other revenue, rose 13% to £910m and its combined ratio improved to 81% (2007: 83%).
However, Confused’s profits fell to £25.6m (2007: £36.7m). It added the number of customers it serviced was also up 17% to 1.75 million from 1.49 million at 31 December 2007. This included a 15%Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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