Admiral issues profit warning over PI claims
Admiral warned that personal injury claims continue to impact the business’ profits as it announced its third quarter results.
Group turnover has increased by 30% to £582m with the company now insuring over three million vehicles.
However, a report from the insurer warned that if there was no reversal in the trend of higher than normal personal injury claims in Q4, pre-tax profits would “be towards the lower end of the range of analysts’ estimates, or some 10% ahead of 2010, with no further reserve releases in the second half”.
Chief executive, Henry Engelhardt, said: “Across 2011 as a whole we are likely to have grown
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