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13:07

Admiral Group, until recently, only provided motor insurance. Unlike other insurers they are based in the UK and account for all their income, even the referrals and commissions that the rest of the insurers ship off via subsidiaries.

Admiral are one of the most profitable companies on the FTSE 100. Year on year growth and record profits and dividends. There's no Wealth management or anything there, they are just up front and honest about their profits from investments to commissions. They don't hide anything and don't hide profits in different aspects of their business like other insurers do.

I suspect if the rest of the market did the same they would show similar profits. There's no secret recipe to it and everyone knows insurers make profits out of repairs, hire, investments and commissions. Its not a crime and I don't blame them but when the ABI complain about making a loss on motor insurance without giving the full picture, it's disingenuous and makes them sound stupid.

Hats of to Admiral for being straight and paying tax in the UK.