It's always a highlight when Admiral, the motor insurer, release their results. Not that Reinsurance Towers particularly cares about motor insurance (as we don't drive), but the half-year and full-year results statement, written by Admiral's off-the-cuff CEO Henry Engelhardt, is wonderfully funny.

It starts out: "At the end of 2008 the market capitalisation of Admiral Group was almost twice that of General Motors. Funny year 2008."

You're right, Henry. 2008 wasa funny year - unless you're AIG, Swiss Re, Bernard Madoff or the billions of people around the world currently 'adversely affected' by the world economic armageddon.

Engelhardt's best bit is when he talks about the animal world:

"All in all, I think it means a bit of a sleepy year on rates,,,.for those of you needing animal imagery I'd suggest the koala bear. Here are three, I leave it to you to pick and choose which ones best represent the UK car insurance market: koalas sleep some 16 hours a day, they can be nasty if provoked, and they are known to smell quite bad".

Hmm....sounds like our investment portfolio.....