Admiral reports fall in third-quarter turnover

11th Nov 2013 07:41

Motor insurance company Admiral Group's turnover fell seven per cent to 528m pounds in the third quarter, reflecting a decline in UK car insurance revenue. Group vehicle count rose 3% to 3.64m, as an increase in international vehicle count offset flat results in the UK.UK car insurance turnover dropped by 12% to £440m while car insurance vehicle count held steady at 3.03m and other revenue per vehicle in the UK was at £70, in line with guidance.International car insurance vehicle count increased 19% to 500,000 and international car insurance turnover increased by 26% to £49m."Not much has changed since the half year, 2013 continues to shape up well and we remain on track to meet our expectations for the full year," said Chief Executive Officer, Henry Engelhardt."In the competitive UK car insurance market our strategy is to focus on profitability. Year-on-year market premiums are down, a situation which we believe will ultimately cause the cycle to turn. "The current environment has led us to reduce UK turnover, but encouraging trends in our claims experience and our industry-leading combined ratio means that we continue to deliver strong returns for our shareholders."RD