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UK insurer Admiral (LON:ADM) was the biggest loser on FTSE100 this afternoon as investors apparently did not react warmly to Wednesday's half year numbers.
Separate to the financials, the company revealed that it had hired Geraint Jones as chief financial officer, replacing Kevin Chidwick, who is to focus on the US as CEO of the group's rapidly growing Elephant Auto Insurance business.
Shares are down 5.59% at 1,369p.
Online trading platform Accendo Markets described this morning's update as "embarrassing" compared to the other insurers, such as Aviva (LON:AV.) Prudential (LON:PRU).
Aviva recently posted a 4% improvement in operating profit as it continues its efficiency drive, while the Pru's profits were lifted through a strong performance in the US and Asia.
Earlier, Admiral reported a 2% increase in pre-tax profit in its latest half year and lifted to its interim dividend payment to 49.4p a share compared to 48.9p a share last year.
The number of the group's customers were up 9% to 3.94 million (H1 2013: 3.6 million), while turnover was down 5% to £1.037bn.
Outside the UK there were positive signs too as the European price comparison businesses had a profitable first half and there were encouraging indicators about this business in the US too.
Henry Engelhardt, chief executive, said: "Our customer numbers grew by 9%, we've continued to invest in all our businesses, profit increased by 2%, and in July we successfully issued our first bond.
He added: "In the UK there are some signs that premiums are no longer falling but we have yet to see firm evidence of an inflection point and a return to premium growth.
"Admiral's premium rates have been pretty flat over the first half of the year, though as a result of the reductions in 2013, total premiums are down around 9% compared with the first half of 2013."