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The boss of Admiral insurance is to stand down as chief executive, the Cardiff-based company has announced.

Henry Engelhardt, who has been in his role since the company was founded in 1991, will leave his post in a year's time.

Admiral employs more than 7,000 people and has four million customers. It is Wales' only FTSE 100 company.

Mr Engelhardt will be replaced by co-founder and current chief operating officer David Stevens.