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Direct Line Insurance Q3 Gross Written Premium Down 0.8%

Direct Line Insurance Group Plc. (DLG.L) reported that its third-quarter total group gross written premium declined 0.8 percent to 851.5 million pounds from 858.0 million pounds in the prior year.

Motor own brand in force policies remained flat during third-quarter of 2020 as shopping returned to pre-Covid-19 levels and retention normalised following the increase in the second-quarter.

Commercial direct own brands reported 12.4% growth in premiums in third-quarter driven by a recovery in small to medium enterprise trading on the Direct Line for Business platform which reached a peak in July following the easing of lockdown restrictions.

The company said it is currently on track to deliver a combined operating ratio slightly below its target range of 93% to 95% in 2020, normalised for weather.

The company also reiterated its medium-term combined operating ratio target, however it acknowledge this will inevitably depend on the duration and uncertainties of the Covid-19 pandemic, the impact of Brexit, the FCA pricing practices report and any consequential impact on customer, market and regulatory approaches.

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