Bromley-headquartered insurer Direct Line Insurance Group Plc (Direct Line Group or DLG) has outlined its performance in the third quarter of 2023.
In a trading update, the company reported the following numbers in terms of gross written premium and associated fees:
|
GWP & associated fees source |
Q3 2023 |
Q3 2022 |
|---|---|---|
|
Motor |
£826.8 million |
£383.8 million |
|
Home |
£144.4 million |
£139 million |
|
Rescue & other personal lines |
£76.2 million |
£78.8 million |
|
Commercial direct own brands |
£63 million |
£58.2 million |
|
Ongoing operations |
£1.11 billion |
£659.8 million |
|
Total group |
£1.28 billion |
£807.2 million |
Commenting on the results, DLG acting chief executive Jon Greenwood said: “Throughout Q3 we have continued to address our three key priorities: to restore our capital resilience, improve our performance in motor, and maintain our performance in our other businesses.
“The sale of our brokered commercial business to RSA Insurance Limited strengthens our business strategically and financially.”
Under the abovementioned deal, around 800 colleagues will be transferred to RSA. DLG shareholder approval was secured last month, and the initial consideration worth £520 million was received on October 26.
Meanwhile Greenwood went on to say: “In motor, we can see the pricing actions we have taken come through in strong premium growth during the quarter, and we believe we are writing profitably, consistent with a 10% net insurance margin.
“At the same time, we have continued to progress our strategic agenda, launching Direct Line Essentials in motor, which improves our competitiveness in the direct market, and we have welcomed around 725,000 Motability customers.
“We are confident that the decisive actions we are taking sets the group up for improved performance going forward.”
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