Insurer Admiral sees turnover decline as premiums fall

(Source: Reuters)

Insurer Admiral has released an interim management statement for the period 1 January to 24 April, with figures for 1 January to 31 March (release). The firm saw turnover fall by six per cent to £551m on the same quarter last year. UK car insurance turnover slumped by nine per cent to £470m.

Chief executive Henry Engelhardt commented:

Little has changed since the full-year results and our expectations for 2013 remain positive and unchanged.

Year-on-year UK car insurance market premiums are down around 10%. Not surprisingly our turnover has also fallen, but, as we have said before, we continue to be focussed on margin not volume and we believe this is not the right time for us to grow our market share in the UK. We are pleased to report that our claims trends continue to be positive.