Admiral turnover weakens as premiums fall

14th May 2014 07:46

UK car insurer Admiral reported a seven per cent drop in first-quarter revenue as premiums continued to fall.Turnover totalled £514m in the three months to March 31st, down from £551m in the same quarter of 2013."The UK car insurance market remains competitive and consumers continue to benefit from reduced prices," said Chief Executive Henry Engelhardt."Consistent with the reduction we reported at the 2013 full-year results, our total premiums were down around 11% year-on-year," he said.UK car insurance premiums written fell to £384m by the end of the quarter, down from £432m the year before.Nevertheless, Engelhardt said the Admiral's continued focus on customer service and retention helped UK car insurance vehicle count rise 2% to 3.08m in the first quarter. Total group customers, which comprise UK and international car insurance vehicles, Gladiator (UK van) vehicles and UK households insured, increased by 6% to 3.8m in the quarter.Growth outside the UK remains sting with turnover up 13% at £54m and vehicle count up 17% at 535,000.BC