David Stevens, the Admiral chief executive for the past three years, doesn’t use as many oblique analogies in his annual results statements as his predecessor Henry Engelhardt but he manages to get in plenty of exclamation marks.
In many ways that’s understandable: the world of motor and household insurance is replete with unexpected surprises, from unpredictable weather to abrupt changes in legislation, both of which can have a marked effect on profits.
Admiral was founded by Mr Engelhardt, 61, in Cardiff in 1993 as a single car insurance brand. Under his leadership the group expanded into household cover and overseas, where it operates in Italy, Spain, France and the US.
In the UK, it owns the insurance brands Admiral, Diamond and Bell and the Confused.com