Local hero Admiral achieves new heights

Motor insurance group Admiral has seen its turnover break through the £1bn mark for the first time after it posted another set of record results.  The company also continues to grow with 200 new jobs being created at its Newport Office.

For the financial year to the end of December, 2009, the FTSE 100 Cardiff-headquartered group posted an 18% rise in turnover on 2008 to £1.07bn.

The company, which now operates in both mainland Europe and the US, also reported its best pre-tax profit, up 7% to £215.8m. Some 3,000 staff will also share in a £9m share windfall bonus.

In its first year of trading in 1993 Admiral generated revenues of just £18m, which it is now generating every week.

The recruitment drive for the Newport office plans to recruit 30 new employees per month until the positions are filled.  The roles are in its claims department with new employees registering claims, handling third party calls and dealing with bodily injury case handlers.

The company is the third biggest car insurance player in the UK market behind the Royal Bank of Scotland and Aviva, with around a 7% share of the UK market.

Admiral said that it’s overseas’ operation, including car insurance venture in the US, Elephant Auto, generated revenues of £47m in the year.

Chicago-born chief executive Henry Engelhardt said: “In 2009 Admiral’s continued strong growth enabled us to exceed £1bn turnover for the first time in our history, to deliver yet another set of record profits and to pay another record dividend.

“This is no mean feat whatever the circumstances, but given that 2009 was a year of recession and record lows for investment returns, this is an outstanding achievement.

He added: “We now have over 120,000 car insurance customers outside the UK, in Spain, Germany, Italy and, since October 2009, the USA. These businesses contributed £47m of turnover in 2009.

“In sum, it was a great year, which means that every member of staff in every country will get the maximum payout of shares in our Employee Share Scheme, with a total value of over £9m for 2009 as a whole. They earned it.”

First Minister Carwyn Jones said: “2009 was a tough year for a great majority of businesses, not just in Wales but also worldwide, so I’m pleased to see Admiral posting such excellent results.

“Admiral is a great example of a company that has demonstrated successful entrepreneurial spirit. I would like to see more entrepreneurs following their example, so that we can expand this country’s private sector and provide more and better jobs for the people of Wales.”