Company website is www.admiralgroup.co.uk

STOCKWATCH Admiral rises; Bear raises price target

LONDON (AFX) - Shares in Admiral Group PLC were up after Bear Stearns raised the motor insurer's price target, dealers said.
At 10.57 am shares were up 7-1/2 pence at 970-1/2.
The US investment bank and broker said that it is raising its 2007 price
target by 19 pct to 1,109 pence from 928 pence. "We believe the shares will
trade above fair value as they discount potential overseas success," said
analyst James Shuck in a note to investors.
Shuck added that although he finds it difficult to identify near-term
catalysts that could push the shares on to the next level there is likely to be
support in advance of the upcoming investor day on November 14.
He added that potential catalysts include signs of an upturn in prices,
greater than expected policy growth, and further international expansion. Shuck
also noted that shares could see further upside if the reinsurance contract with
Munich Re is negotiated with more favourable terms.
alex.ferguson@afxnews.com
af/joy

Company yesterday announced its new Spanish HQ, in Seville.
Spanish website www.balumba.es

Also going to be exporting its proven business model to Germany and France in due course.

Admiral Group plc Results for the Year Ended 31 December 2009 2 March 2010

Admiral achieves another record profit coupled with continued strong growth.
Profit before tax at GBP215.8 million was 7% ahead of 2008, whilst turnover rose
18% to GBP1,077.4 million. The Board is declaring a second interim dividend of
29.8p, to be paid on 1 April, in place of a final dividend.

2009 Preliminary Results Highlights

* Group profit before tax up 7% at GBP215.8 million (2008: GBP202.5 million)
* Second half dividend of 29.8p per share (2009 interim: 27.7p)
* Group turnover* up 18% at GBP1,077.4 million (2008: GBP910.2 million)
* Group net revenue up 20% at GBP507.5 million (2008: GBP422.8 million)
* Number of Group customers up 19% to 2.08 million (2008: 1.75 million)
* Profit from UK car insurance up 15% to GBP206.9 million (2008: GBP179.9 million)
* UK ancillary income per vehicle stable at GBP72 (2008: GBP71)
* Non-UK car insurance turnover GBP47.2 million (up 59%) and 121,000 customers
(up 64%)
* Elephant Auto, the Group's new US insurer based in Virginia launched in
October 2009
* Rastreator.com, the Spanish price comparison site launched in March 2009
* Employee Share Scheme - shares, in total worth over GBP9 million will be
distributed to over 3,500 staff based on the 2009 result
* Turnover is defined as total premiums written (including co-insurers' share)
and other revenue

Blue Chip Bulletin: Confused.com drags on Admiral

http://www.whatinvestment.co.uk/trading/share-dealing/uk-companies/1606598/blue-chip-bulletin-confusedcom-drags-on-admiral.thtml

StockMarketWire.com
Car insurance specialist Admiral this morning announced another record half-year profit and continued strong growth. Admiral said profit before tax at 160.6m was 27% ahead of H1 2010, while turnover rose by 53% to 1.1bn.

The Board is declaring a record interim dividend payment of 39.1p per share.

Group profit before tax up 27% at 160.6m (H1 2010: 126.9m), while earnings per share were up 28% at 43.3p (H1 2010: 33.7p).

Interim dividend was up a record 20% at 39.1p per share (2010 interim: 32.6p).

Group turnover was up 53% at 1.1bn (H1 2010: 720.m).

Group vehicle count was up 33% to 3.15 million from 2.37 million at 30th June 2010.

International Car Insurance turnover was up 45% to 53.9m (H1 2010: 37.1m) and vehicles up 53% to 236,000 (H1 2010: 154,000).

Group net revenue was up 43% at 425.1m (H1 2010: 296.4m).

Employee Share Scheme - over 8m of shares will be distributed to over 5,700 staff based on the first-half results.

Henry Engelhardt, CEO, said: "Over 1 billion turnover in six months! It wasn't so long ago that we were pleased to report over 1 billion turnover for a full year. This is an incredible achievement and is credit to the hard work of everyone at Admiral.

"In the UK the momentum of vehicle growth and price rises from 2010 and Q1 2011 carried us through the first half of 2011, although injury claims and their related costs continue to rise in the UK market, something to which we are not immune. As one of the lowest cost providers in a commoditised market we are well placed for a future which is shaping up to be the survival of the fittest.

"Outside the UK we are continuing the tough job of building sustainable, profitable and growing businesses from scratch. On a daily basis the new customers we get from outside the UK are now over 15% of the UK's new business, meanwhile consumer preference for price comparison shopping in our European markets is growing.

"All in all we're pleased with the numbers for the first half of 2011. As a result, every member of staff will receive 1,500 of free shares in the Group, worth over 8m in total."

Harry I saw the figures earlier - they don't seem that bad?

This is generally why I don't invest in insurers as I don't really understand the mechanics of the revenue streams:
"Despite the tumble in Admirals share price on Wednesday, Nomura has reiterated its positive stance on the stock, saying that headline results from the car insurer came in more or less in line.

The highlight is strong group policy growth of 33% in the first half, where first quarter momentum has been carried forward, said Nomura.

However, the market on Wednesday seemed to focus on Admirals combined ratio (which measures how well the underwriting operations are doing - a lower number is better) which rose to 94.2%, from 89.3% in the first half of 2010. As such, shares were 8.86% under at 12.41.

Nevertheless, Nomura says that the investment case predicated on continued earnings growth remains sound and keeps its buy rating and 2,000p target price.

Harry, I haven't checked the yield yet - but it was approaching 5%. Having said that, I have a surfeit of Insurers atm.

Down again today. Surely must be due for a bounce soon.

It did at 1249 :-)

From Hargeaves Lansdown:
Thu 25 August 2011 06:41
Admiral's shares suffered yesterday, says the Investment Column at the Independent. The company reported high headline numbers: first-half profits of 16.6m were 27 per cent ahead of the same period last year, while turnover rose by 53 per cent to 1.1bn. But some analysts expected better for the shares to justify their lofty rating. Their main worry was the cost of big personal injury claims from prior years, which appear to have increased considerably. We said avoid back in March, with the shares at 1,665p. That has proved to be sound advice. However, even after their recent falls, the shares still trade at 17 times full-year earnings. Given that premium prices are slowing and the increase in those injury claims, the fact that the company is going to find it tough to maintain its growth levels, and our concerns over service, the shares are too pricey. Avoid, says the Independent.

Harry just insured my car with them. I will let you decide if this makes a difference to future profits.lol

Harry - I think panmure had them as a buy after yesterday's figures.

Well, it will so long as you don't claim, dc. So drive carefully!

Actually it was Nomura as highlighted in your post of yesterday - I'm losing the plot!

Be nice Harry. I can do a lot of damage with my 4X4 lol

RNS Number : 0804N

Admiral Group PLC

26 August 2011

Admiral Group plc

25 August 2011

This disclosure relates to transactions of which notification is required under paragraph 3.1.2 of the Disclosure Rules.

Admiral Group Chairman, Alastair Lyons, has today bought 20,000 Admiral Group plc shares at an average price of GBP12.72.

Alastair Lyons and Family now hold a total 482,152 ordinary shares in Admiral Group.

Bounce today, but for how long?

Interesting day ?

RNS Number : 9445N

Admiral Group PLC

09 September 2011

Admiral Group plc

9 September 2011

Statement on Ministry of Justice Ban on Referral Fees

Admiral Group notes that the Ministry of Justice has confirmed it will impose a ban on the payment of referral fees in personal injury cases. Admiral welcomes any action taken to curb the compensation culture that currently exists in the UK motor insurance market. We reiterate the disclosure provided during 2011 interim results presentation:

- Admiral does not sell customer data; if one of our policyholders has a non-fault accident, suffers a bodily injury and they require assistance, we will put them in touch with a personal injury lawyer

- Personal injury referral fees account for a small proportion of profits; c6% of UK car insurance profit before tax

Admiral will consider appropriate action as and when further details of the implementation of the ban are made available.

This is overvalued fair value is 300p