Newspaper article The Journal (Newcastle, England)

Insurer Admiral's Turnover Passes Pounds 1bn

Newspaper article The Journal (Newcastle, England)

Insurer Admiral's Turnover Passes Pounds 1bn

Article excerpt

MOTOR insurance group Admiral said rates rose by an average 12% last year in the largest annual increase for nearly a decade.

The group, which owns brands including Diamond, elephant.co.uk and price comparison site Confused.com, said premiums were rising across the market following a period of minimal increases and to "compensate for claims inflation in recent years".

But there was better news for the group's 3,500 staff, who were told today they will benefit from pounds 9m in bonus shares after Admiral notched up a 7% hike in annual profits.

Admiral will distribute the windfall between its staff - worth an average of more than pounds 2,500 each - following a pounds 215.8m profits haul in 2009.

Investors will also get a 10% increase in the annual dividend payout after the record result.

Admiral said the cost of car insurance was likely to rise again by a similar amount over 2010 amid the rise in personal injury claims, made easier in recent years by the explosion of "no win, no fee" compensation lawyers. …

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