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UK motor insurer Admiral's turnover dips in first quarter
May 14, 2014 / 6:24 AM / in 4 years

UK motor insurer Admiral's turnover dips in first quarter

LONDON, May 14 (Reuters) - British auto insurer Admiral Group Plc posted a 7 percent drop in turnover in the first three months of 2014 despite a 6 percent increase in customers, amid sliding UK car insurance premiums.

In a trading statement on Wednesday, the Cardiff-based insurance group announced turnover of 514 million pounds ($865.49 million), down from 551 million pounds for the same period last year.

Total premiums were down 11 percent year-on-year.

“Little has changed since the full year results and our expectations for 2014 remain positive and unchanged,” said Chief Executive Henry Engelhardt. ($1 = 0.5939 British Pounds) (Reporting By Jemima Kelly; Editing by Anjuli Davies)

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