TURNOVER has tumbled by £35 million at insurance giant Admiral.
The firm, which employs more than 1,800 people across two sites in Swansea, turned over £551million in the first three months of the year.
This was down from £586million for the same time in 2012.
Admiral Chief Executive Officer Henry Engelhardt said: "Little has changed since the full-year results and our expectations for 2013 remain positive and unchanged.
"Year-on-year UK car insurance market premiums are down around 10 per cent.
"Not surprisingly our turnover has also fallen, but, as we have said before, we continue to be focussed on margin not volume and we believe this is not the right time for us to grow our market share in the UK.
"We are pleased to report that our claims trends continue to be positive.
"We are enjoying good growth outside the UK and are happy with the progress we are making in all our international markets.
"Our financial position remains strong and we continue to focus on delivering returns for our shareholders through our capital efficient and cash generative business model."
The firm, which employs more than 1,800 people across two sites in Swansea, turned over £551million in the first three months of the year.
This was down from £586million for the same time in 2012.
Admiral Chief Executive Officer Henry Engelhardt said: "Little has changed since the full-year results and our expectations for 2013 remain positive and unchanged.
"Year-on-year UK car insurance market premiums are down around 10 per cent.
"Not surprisingly our turnover has also fallen, but, as we have said before, we continue to be focussed on margin not volume and we believe this is not the right time for us to grow our market share in the UK.
"We are pleased to report that our claims trends continue to be positive.
"We are enjoying good growth outside the UK and are happy with the progress we are making in all our international markets.
"Our financial position remains strong and we continue to focus on delivering returns for our shareholders through our capital efficient and cash generative business model."
