Thursday 5 March 2020 9:10 am

Admiral chief executive and co-founder to retire as it announces record profit

Insurer Admiral said today that its chief executive and co-founder David Stevens would retire from the business in the next year.

The company has appointed UK and European insurance head Milena Mondini de Focatiis as his successor.

Admiral also today announced record profit before tax of £526.1m for 2019.

Read more: Admiral foresees higher profit on motor claims

Earnings per share rose eight per cent to 148.3p and the full year dividend was boosted 11 per cent to 140p.

Revenue rose five per cent to £3.46bn and customers increased seven per cent to 6.98m.

Stevens, who has been chief executive since 2016, said Admiral was continuing to “exhibit a relentless forward momentum” and was, “going like a freight train”.

Read more: Admiral profits dented £33m by insurance regulation change

His successor, Mondini de Focatiis, joined Admiral in 2007. Previous roles include being chief executive of Admiral’s Italian insurance business which she founded in 2008.

She previously worked as a consultant at Bain & Co and Accenture.

Chair Annette Court said: “Having been through a comprehensive and robust succession process, the board is confident that in Milena we have a natural successor and a leader for the next generation.”

Admiral’s share price was flat at 2,184p today.