Admiral reports 7pc decline in Q1 turnover

Admiral reports 7pc decline in Q1 turnover

British auto insurer Admiral Group Plc reported a decline of 7 per cent in turnover for the first quarter of 2014, even as the number of customers jumped 6 per cent.

The Cardiff-based insurance group said its turnover slipped to 514 million pounds (nearly $865M) in the three months ended March 31, 2014, down from 551 million pounds in the corresponding three-month period of the previous year.

Though the number of vehicles insured by the insurer in the country jumped 2 per cent to 3.08 million, yet insurance premiums slipped 11 per cent year-on-year in the quarter under review. Premiums in the highly competitive British car insurance market slipped 19 per cent.

However, Admiral Chief Executive Officer (CEO) Henry Engelhardt said their expectations for the full 2014 remained positive and unchanged.

Commenting on the results, Engelhardt said, "Little has changed since the full year results and our expectations for 2014 remain positive and unchanged. Growth outside the UK remains strong and we are happy with the progress we are making in all our international markets."

Globally, the FTSE 100 insurance group insured 535,000 vehicles; up 17 per cent from the year-ago period. Global car insurance turnover jumped 13 per cent at 54 million pounds.

Admiral operates popular price-comparison website Confused. com and owns brands alike Bell, Elephant and Diamond.