Admiral Group sees turnover slip by 2%

Henry Engelhardt

The insurer reported that turnover had fallen to £570m from £582m but added that is was on track meet expectations for 2012.

Year-to-date turnover crept up 3% to £1.7bn from £1.6bn last year while it recorded annualised UK car insurance vehicle growth of 3%.

The results led chief executive Henry Engelhardt to assess that "little has changed since the half year".

He added: "The UK car insurance market is cyclical and we are in the softer part of the cycle with premium rates coming down.

"We

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