The boss of "boring" car insurer Admiral was given a jolt after shares in the FTSE 100 Index firm were among the worst hit in the market turmoil.
Chief executive Henry Engelhardt reported another "good" quarter of trading and told investors that being a "boring car insurer" had its benefits in the current financial turmoil.
The company said it was on track to meet or exceed City profit estimates for 2008, but this was not enough to prevent shares in the owner of Elephant.co.uk and Diamond from falling by as much as 15%.
It was among a number of insurers caught in the market sell off as investors worried about the threat of a global recession.
Mr Engelhardt, who has a 15% stake in the business, said the company's UK business continued to go from "strength to strength".
"We're growing at a double-digit pace in both vehicles insured and premium income. In addition, prices are moving up while claim trends are leading to improved profitability."
The number of UK vehicles insured rose 13% year on year to 1.55 million, helping group turnover up by 13% to £718 million.
The progress was overshadowed by further pressure on Admiral's comparison site Confused.com, which reported turnover in line with 2007 and continued pressure on margins.
Cardiff-based Admiral is seen as being better placed than most firms to cope with a potential recession due to its reliance on cars.
Numis analyst Nick Johnson said: "Although we believe the shares are attractive on a long-term basis, we think near-term upside will be limited in the absence of further positive news, such as stronger rate increases."
The broker is looking for pre-tax profits of £201.7 million for the 2008 financial year, compared with £182.1 million a year earlier.
