Sluggish start-ups hit Admiral shares
MOTOR insurer Admiral reported profits in line with market expectations, helped by higher premiums, but its share price dropped on concerns over the length of time it is taking for its start-up businesses abroad to break even.
The foreign operations will be "key drivers" of profit growth in ten years' time, the company said, but the units lost money last year and required continued investment, holding back group profit growth to 7 per cent.
Admiral has over the past four years launched car insurance operations in Spain, Germany, Italy and the United States.