Admiral in top gear on record profits

Car insurer Admiral posted record profits yesterday after "a high adrenaline combination" of rapid growth in the number of vehicles on its books and "dramatic" price hikes.

By The Newsroom

Published 2nd Mar 2011, 14:35 BST

Updated 2nd Mar 2011, 20:45 BST

The firm behind Diamond and elephant.co.uk said the number of vehicles it insured in the UK increased 32 per cent to 2.5 million as it hiked prices by less than its competitors. Profits rose 23 per cent to 266 million.