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Q1 IMS

Direct Line Group Interim Management Statement for the first quarter 2015

  • Expand all
  • Collaspe all
Highlights
  • Gross written premium for ongoing operations1 0.9% lower with stable gross written premium in Motor
  • Motor and Home in-force policies stable for a second successive quarter. Growth in Green Flag direct and Commercial eTrade and direct
  • Continued investment in initiatives to improve customer experience and propositions including roll out of new quote and buy digital journey for Home products and removal of amendment fees for the Direct Line brand
  • Total costs reduced by 10.1% to £220.7 million and on track to reduce costs in absolute terms in 2015
  • Reiterate expectation to achieve a combined operating ratio2 in the range of 94% to 96% for ongoing operations after normalising for claims from major weather events

Notes:

1. Ongoing operations include Direct Line Group’s ongoing divisions: Motor, Home, Rescue and other personal lines and Commercial. It excludes the International division, Run-off segment and restructuring and other one-off costs.

2. Combined operating ratio is the sum of the loss, commission and expense ratios. The ratio is a measure of the amount of claims costs, commission and expenses compared to net earned premium generated.

CEO comment

Paul Geddes, CEO of Direct Line Group, commented

“We have made a good start to 2015 with a stable trading performance in competitive markets and good momentum on the delivery of our strategic priorities. We continued to invest in technical and digital capabilities to improve our customer propositions and satisfaction, whilst maintaining our focus on efficiency. This progress in the first quarter gives us confidence that we are well positioned to meet our 2015 financial objectives.”

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Annual General Meeting 2015 will be published on 13 May 2015

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