Admiral CEO reveals UK challenge as revenue drops
Admiral Group CEO Henry Engelhardt has admitted it is "not the right time" to grow its UK market share as the insurer's UK car insurance turnover dropped 9%.
The motor insurer saw its UK revenue drop to £470m for Q1 2013, down from £518m posted for the same period last year.
Admiral's UK car insurance vehicle count stayed the same at 3m as group turnover also dropped 6% to £551m (Q1 2012: £586m).
However, its international car insurance turnover rose 20% to £48m while Admiral's international car insurance vehicle count jumped 30% to 458,000 (Q1 2012: 353,000).
Premiums down
Assessing the results, Mr Engelhardt, stated: "Year-on-year UK car insurance
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