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The company, which owns women's insurer Diamond and online brand elephant, confirmed it would not be hiking its rates as Norwich Union did last week.

Admiral saw half-year pre-tax profits to June 30 rise 24% to £359.2m as its premiums stayed 'largely flat' in the period and customer numbers increased by 10% to 1.2m.

The firm took the step of increasing its rates by 2.9% last year while competitors left their rates unchanged despite increasing costs of meeting claims. Last week rival Norwich Union told customers to expect average rises of 16%.

The move came after Admiral raised rates last year and warned the market would have to follow suit otherwise trading conditions would deteriorate.

Admiral said its boost in profits had been helped by the success of its confused.com website, which offered customers a chance to compare insurance prices.

The site - launched in 2002 - saw profits increase to £8.7m from £2.3m during the same period last year as it spread its wings to travel and home insurance.

The company also announced that retiring finance director Andrew Probert would be replaced by Kevin Chidwick, who joined the company from Engage Mutual in 2005.

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