Direct Line Group

Ticker DLG

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As of 10:09 18 Jan 2019
Market cap. Pound sterling
4,482.50 million
As of 10:09 18 Jan 2019

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Direct Line hit by end of ties with Nationwide and Sainsbury's

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Insurer Direct Line said gross written premiums fell 5.8% in the last quarter to £854.5m compared the the same three months in 2017.

The company was hit by the ending of partnerships with Nationwide and Sainsbury's which led to a £51.3m fall in premiums.

Boss Paul Geddes, said: "The group's performance during the quarter was robust in a competitive market. We continued to grow our direct own brands in-force policies while maintaining discipline on loss ratios."

Motor premiums fell 1.2% over the year to £456.4m.

Direct Line boss to step down; cold blast weighs on profits

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Direct Line, the insurance group, has announced that its chief executive Paul Geddes will step down next summer.

By 2019, Mr Geddes will have served as chief executive for 10 years and he said: "As I approach my tenth anniversary, it is right to put a successor in place to lead the company in the years ahead. In the meantime, we have a very busy and exciting agenda, which I look forward to delivering."

The group reported a 13.9% fall in pre-tax profits for the first six months of its financial year as weather-related claims from icy conditions earlier this year weighed on income.

Direct Line profits up 53%

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Insurer Direct Line has posted pre-tax profits of £539m, up from £353m in 2016.

The dividend at the company - whose brands include Churchill, Green Flag and Privilege - has been increased to 13.6p a share.

Boss Paul Geddes said: "2017 is the fifth successive year in which we have delivered a strong financial performance."

Its total number of in-force policies dipped slightly to 15.7 million, with motor policies climbing slightly to 4 million and home policies slipping 120,000 to 3.25 million

The average premium paid for motor insurance in Britain jumped 9% in 2017 to the highest level since 2012, the Association of British Insurers said.