UK insured vehicle count grew by 2% to 3.08 million
Motor insurer Admiral’s UK car turnover fell 11% to £420m in the first quarter of 2014 from £470m in the same period last year.
UK motor premiums written also fell by 11% to £384m (Q1 2013: £432m).
The company attributed the drop to continued competition in the UK personal motor market.
Despite this, Admiral grew its UK insured vehicle count in the quarter by 2% to 3.08 million (Q1 2013: 3.02 million).
Admiral chief executive Henry Engelhardt said: “The UK car insurance market remains competitive and consumers continue to benefit from reduced prices.
“Consistent with the reduction we reported at the 2013 full year results, our total premiums were down around 11% year-on-year. We continue to focus on customer service and retention and as a result, we were pleased to grow customer numbers by 2% in the quarter.
“Growth outside the UK remains strong and we are happy with the progress we are making in all our international markets.”
Admiral’s total group turnover fell by 7% to £514m in the first quarter of 2014 (Q1 2013: £551m).