first_imgWednesday 25 August 2010 8:20 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Show Comments ▼ whatsapp Share Strong trading but the stock has had its day Tags: NULL whatsapp KCS-content WITH a moniker reserved for the highest-serving officers in the Navy, you’d expect Admiral to be sailing ahead of its competitors. At first glance, yesterday’s numbers don’t disappoint. It was UK motoring, where insurance rates grew 14 per cent, which put in the strongest performance. Customer numbers were up 23 per cent while the combined ratio – a key indicator of performance for insurers – held stable at 89 per cent (numbers under 100 indicate profitably). However, the main driver was growth in profit commission (the amount Admiral earns from sharing in the profits of the firms it underwrites for); this was up from £23m to £37m, but doesn’t reflect Admiral’s performance, just improving conditions for everyone in the industry. Elsewhere things were less rosy.? profit fell from £11m to £9m after rival Compare the Market’s meerkat campaign won the marketing battle. Already trading on a hefty 20.3 times earnings, these shares have had their day. Investors should reduce. last_img