Admiral Group Plc Q1 2013 Interim Management Statement

Price Comparison Strategy > Confused.com’s strategy is focused on car insurance comparison and is aimed at making Confused.com the most competitive car insurance price

Comment from Henry Engelhardt, Chief Executive Officer "Not much has changed since the half year, 2013 continues to shape up well and we remain on track to meet our expectations for

INDEPENDENT REVIEW REPORT TO ADMIRAL GROUP PLC Introduction We have been engaged by the company to review the condensed set of financial statements in the half‐yearly financial

We continue to remain focussed on maintaining the quality of our business.” Highlights Group turnover* Q1 2011 increased by 56% to £539 million Group vehicle count increased 33% to

These arrangements maintain Admiral’s use of both short- and long-term reinsurance as part of its low risk, low capital approach to car insurance underwriting.” Group highlights

Independent review report to Admiral Group plc Introduction We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial

Group turnover* Q1 2010 increased by 28% to £345 million Group vehicle count increased 20% to 2.22 million UK ancillary contribution per vehicle showed a modest improvement versus

Group turnover* Q3 09 increased by 22% v Q3 08 to £294 million Number of customers increased 17% to 2.01 million UK ancillary contribution per vehicle remains stable