Admiral sees profit in 'nonsense' EU ruling

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"As an insurer I'm pleased. We will raise rates for young women, we won't bring them down much for young men. That means more profit," he said. "My consumer hat says this is a mistake. There is a difference between treating people equally and treating them the same. In this case the same turns out to be unequal. But that's what the EU says we have to do, so we'll do it."

Engelhardt, who helped found Admiral in 1991 and took it successfully onto the stock market in 2004, was talking as it unveiled another year of record profits for 2010, up 23% at £266 million.

Through its brands Admiral, Diamond, Bell and
Confused.com, the group insures about one 10th of the cars on British roads. Confused.com, the insurance premium comparison website, has had a tough year in a market that analysts say seems crowded and profits fell 34% to £16.9 million.

Engelhardt said: "Confused lost market share, but has kind of stabilised. The most important thing is better advertising. We need to make it more efficient."

Admiral has 4000 employees in in Wales where it is the only FTSE 100 firm