Motor insurance group Admiral has received approaches from several parties interested in buying insurance comparison website confused.com.

Admiral acknowledged the approaches in a statement and said the board was considering its options, which include “retention of the business or a partial or full disposal”.

Confused.com has around a two-thirds share of insurance services sold via comparison engines, and made £23m in profits for Admiral last year. The site is expected to fetch between £600m and £700m.

Its biggest rival is moneysupermarket.com, which is believed to have been considering a stock market flotation valuing it at around £1bn.

Another rival, uSwitch was sold for £184m to US media group EW Scripps in 2006.