Car insurance group Admiral, which specialises in providing discount car insurance for young drivers, has recently announced record-breaking pre-tax profits for the first half of 2010 of nearly £127 million.
The profits for the discount car insurance company had increased by 21 per cent for the same six months last year.
The insurance group, which has ownership of such insurance name brands as Diamond and the websites elephant.co.uk and Confused.com saw an uptick in its turnover rate to a total of £720.5 million, a hike of 33 per cent.
Thanks to its recent growth Admiral Group has provided employment now for nearly 4,000 in the south of Wales. Additionally Admiral Group, as a member of the FTSE 100, is the only Welsh firm in the top tier of UK corporate entities.
David Stevens, chief operating officer for Admiral, stated that the performance of the motor car insurance group had far exceeded any expectations, commenting that while Admiral Group has been demonstrating steady growth since the company’s inception in the early part of the 1990s, the growth rate of the past six months has been completely unprecedented.
Mr Stevens also added that they their growth rate has been nothing short of phenomenal, seeing as how they have exceeded their 2009 figures by some 400,00 additional motorists, who are now insured with either Admiral or any of the group’s sister brands
The company has grown so quickly as to necessitate the hiring of an additional 750 staff members to cope with the new volume. Admiral Group currently provides employment for approximately 4,000 people in its Swansea, Newport, and Cardiff office centres.
In addition to its domestic presence, Admiral also conducts business in European markets such as Germany, Italy, and France; additionally they have started new operational efforts in the US and expanded their standing operation in several Canadian provinces, where they have experienced an uptick in turnover by a rate of 51 per cent.