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 Confused.com.
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.