´óÏó´«Ã½

Insurance firm Admiral has appointed its first female chief executive after its current boss announced he was retiring.

Milena Mondini de Focatiis, who is currently head of UK and European insurance, will take over from David Stevens when he stands down next year.

Ms Mondini de Focatiis said she was "proud and humbled" to be taking over as chief executive officer (CEO).

Mr Stevens co-founded Admiral in 1991 and has been CEO since May 2016.

The Cardiff-based firm is the only company in the FTSE 100, which measures the UK's most valuable businesses, to have its headquarters in Wales.

Ms Mondini de Focatiis has worked for Admiral since 2007 and was previously CEO of Admiral's Italian insurance business ConTe.it.

The company said Mr Stevens will retire in 12 months' time.

Ms Mondini de Focatiis said: "I am immensely proud and humbled to be given the opportunity to succeed David as CEO of a truly special company."

Mr Stevens said: "I am particularly glad that, in Milena, I have a successor who has the intelligence, the values, the track record and the clarity of vision to take on the role of group CEO, and ensure that Admiral will continue to 'go like a freight train' in the years to come."

Annette Court, Admiral Group chair, 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."

The company also announced a 10% rise in pre-tax profits to £522.6m for 2019.