Car insurer Admiral announces 7% drop in turnover

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Admiral signImage source, BBC news grab
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Admiral, which also has offices in Swansea and Newport, said total premiums were down 11% year-on-year

Car insurer Admiral has announced a 7% drop in turnover in the first three months of 2014.

The Cardiff-based firm posted a turnover of £514m, down from £551m for the same period last year.

Admiral, which also has offices in Swansea and Newport, said it saw a 6% increase in customers.

Chief executive Henry Engelhardt said expectations for 2014 remained "positive and unchanged".

Premiums in the competitive UK car insurance market fell by 19% in the first three months of 2014 compared with the same period last year, the lowest since 2009, according to a recent survey by consultant Towers Watson and Admiral's own price-comparison website

Admiral's other brands include Elephant, Diamond and Bell.

It was buoyed by overseas growth in the first quarter, with the number of vehicles it insured abroad up 17% at 535,000 and international car insurance turnover up 13% at £54m.

"Growth outside the UK remains strong and we are happy with the progress we are making in all our international markets," added Mr Engelhardt.

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