Motor insurance news
04/11/2008

Car insurance industry is "boring", says CEO

The head of leading motor insurer, Admiral, has described the car insurance industry he works in as "boring" in a statement to the UK Stock Exchange in London.

The firm's chief executive officer, Henry Engelhardt, said profits were due to exceed analysts' estimates this year.

"Despite all the turmoil in the financial markets Admiral had another good quarter. Being a boring car insurer has its benefits," he said. And the balance sheet "remains strong".

Business media positively reported that Admiral was enjoying a 13% rise in turnover in 2008. But press coverage near the car insurance company's base in Wales was more negative, pointing out shares in Admiral fell by as much as 15% on the day of the announcement.

Mr Engelhardt was previously car insurance industry as less than interesting.

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