StockMarketWire.com - Insurer Admiral said that David Stevens would be retiring from his position as chief executive officer next year.

Milena Mondini de Focatiis, the group's current head of UK and European insurance, would be promoted to CEO-Designate and assume the CEO role after the transition period, the company said.

The announcement arrived as the company reported an increase in profit amid growth in its UK and European insurance segments and at its comparison site, confused.com.

Pre-tax profit rose 10% to £522.6m on-year as revenue climbed 7% to £1.35bn.

The company proposed a final dividend of 77.0p a share, up from 66p.

'Turning to 2020, we expect to benefit from a continued market shift to comparison and credit score marketplaces which now account for over 20% of personal loans distributed in the UK,' the company said.

Its loan balances were expected towards the £700-to-900m range in the next two years. At 8:41am: [LON:ADM] Admiral Group PLC share price was +8p at 2189p



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