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Admiral, the UK's second biggest car insurer, has announced a 7% rise in annual profits for the year to December 2013.

The Cardiff-based firm said pre-tax profits stood at £370m compared with £345m in 2012.

But Admiral, which also has offices in Swansea and Newport and employs 7,000 people, said group turnover was down 8% at £2.03bn compared with £2.22bn.

CEO Henry Engelhardt called the results "solid, but not flashy".

He said profits were boosted by international expansion and an increase in its number of insured vehicles.

"2013 was the year of the baked potato," he said.

"It was a good, solid year, something on the plate that is appreciated but doesn't really grab the spotlight. This is a comfort food set of results.

"Why the baked potato? Because the year was solid, but not flashy. We made more money than ever before, we grew customer numbers a little bit, we launched one new overseas business but there was no growth surge, there were no claims shocks - we just went about our business."

The firm proposed a final dividend of 50.6p per share, bringing the total for the year to 99.5p per share, up 10 percent on 2012.