Wales

Insurance firm Admiral's pre-tax profits at £186.1m

Admiral sign Image copyright BBC news grab

Wales-based insurer Admiral has announced pre-tax profits of £186.1m for the six months to June.

It is a 1% rise for the group, which has offices in Cardiff, Swansea and Newport.

The firm's share price is up 4% and it now has more than 4 million members. It has created 280 new jobs in south Wales this year.

Chief operating officer David Stevens told BBC Radio Wales he was "very happy" with the results.

"A lot of the analysts, the experts, in the City were expecting to see our profits going down and some of our competitors have reported lower profits, so to come to the City and say we're up 1%, it's only a tiny bit, it's going to be well received," he said.

Mr Stevens said the current climate was "tough" but added: "But that's how people buy their car insurance."

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