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CAR insurer Admiral has reassured investors it is on track to at least meet market estimates for 2008, though it saw little movement in UK insurance rates in the first quarter of the year.
According to analysts, the group is expected to post a 6.5 per cent increase in 2008 pre-tax profit, coming in just shy of GBP 194 million.
The insurer, which warned of continued tough conditions in the UK motor market last month, said first-quarter turnover increased 14 per cent year-on-year to GBP 232m, while turnover at its price comparison site Confused.com rose 15 per cent, in line with analyst expectations.
Admiral's shares were among the sector's top performers last year but have dropped 25 per cent since the start of 2008, failing to recover after the drop that followed the firm's 2007 results.
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Car Insurance News: Admiral Signals It is on Track to Hit City Targets...Get an auto insurance quote!