March 5, 2020 / 7:27 AM / 25 days ago

Insurer Admiral CEO to retire; 2019 profit jumps 10%

(Reuters) - Car and home insurer Admiral (ADML.L) said on Thursday co-founder and Chief Executive Officer David Stevens would retire in 12 months’ time and would be succeeded by the head of its UK and European insurance operations, Milena Mondini.

Stevens, who co-founded Admiral in 1991 and has been its CEO since May 2016, has transformed the business into one of UK’s largest motor insurers, with over 10,000 employees and seven million customers.

Despite the tough market conditions, Admiral reported robust 2019 profit, helped by the release of money put aside for UK motor bodily injury claims written in prior years.

The company reported a 10% rise in 2019 pretax profit to £522.6 million and announced a one-time bonus of £500 to employees.

Admiral’s results are in stark contrast to sharp falls in earnings smaller rivals Direct Line (DLGD.L) and Hastings (HSTG.L) reported earlier this month.

Reporting by Muvija M in Bengaluru; Editing by Maju Samuel and Sriraj Kalluvila

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