Admiral Will Launch Loans

The insurance group, Admiral is planning to branch out and start providing loans later this year. The personal loans will mainly be aimed at people planning to buy a car – an obvious connection with their car insurance business.

Insider Media reports

“Chief executive David Stevens has said… “We’ve been running a beta test of Admiral loans, mainly aimed at people that need to buy a car. We have been very encouraged by the results, and 2017 will be the year when we go from beta to a real proper commercial activity… It will be tiny in 2017 relative to that car insurance business, but in ten years, it could be really important to Admiral.”… Over the short to medium term, Stevens said Admiral was likely to make more money from growing its car insurance business. He said: “It’s an incredibly fast-moving business with lots happening technologically.”