Turnover drops at insurance giant Admiral

INSURANCE giant Admiral is slowing down its growth after announcing a fall in third quarter turnover.

The firm, which employs 1,850 people across two sites in Swansea, saw its turnover in the three months to the end of September fall by two per cent to £570 million.

This was down from £582million at the same time in 2011.

Admiral chief executive Henry Engelhardt has also signalled the group's intention to slow its growth strategy.

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He said: ""Little has changed since the half year.

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

"We believe that the sensible strategy in this part of the cycle is to slow our rate of growth.

"As ever, we continue to focus on the quality of our underwriting, on being a low-cost provider of car insurance, giving great service to our customers and on delivering value for our shareholders.

"We remain on track to meet our expectations for the full year." 

A spokesman for the business said its financial position remains strong and the firm is on target to meet its expectations for 2012.