U.K. insurance firm Admiral Group PLC (ADM.LN) said Tuesday it is in exclusive discussions with Itzehoer Versicherung in respect of the sale of AdmiralDirekt, the Group's car insurance operation in Germany.

MAIN FACTS:

-AdmiralDirekt continues its operations as normal.

-Group remains focused on continuing the profitable growth of U.K. operations and on building profitable, growing, sustainable businesses in Spain, Italy, U.S., and France.

-Shares at 1005 GMT up 3 pence, or 0.2%, at 1613 pence valuing the company at GBP4.33 billion.

-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com
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