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Admiral shares rise after year of the baked potato

Last updated: 18:43 05 Mar 2014 AEDT, First published: 19:43 05 Mar 2014 AEDT

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Last year was one of the 'baked potato', UK car insurer Admiral's (LON:ADM) chief executive (CEO) colourfully told investors Wednesday, as he posted 2013 results, which were "solid but not flashy".

That said, the pre-tax profit came in at £370mln (2012: £345mln), beating the firm's own consensus estimate of £363.9mln.

The group turnover was down 8% to £2.03 billion compared to £2.22 billion in 2012 as it said the results were dominated by the UK car insurance market.

Investors warmed to the statement and the shares rose 4.79% to 1,487p.

The firm said it had also been encouraged by the launch of Household Insurance in the UK and the pace of international expansion.

The Cardiff-based firm proposed a final divi of 50.6 pence a share, bringing the total dividend for 2013 to 99.5p.

Henry Engelhardt, the group's CEO, said: "2013 was the year of the baked potato. It was a good, solid year, something on the plate that is appreciated but doesn't really grab the spotlight.

"This is a comfort food set of results.

"Why the baked potato? Because the year was solid, but not flashy. We made more money than ever before, we grew customer numbers a little bit, we launched one new overseas business (comparenow.com), but there was no growth surge, there were no claims shocks; we just went about our business."

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