Profits fall at Direct Line in 2019
COR deteriorated to 92.2% as provider says results were impacted by Ogden and restructuring costs.
Operating profit at Direct Line Group (DLG) fell by 9.8% to £546.9m in 2019, compared to £606.4m in 2018.
The insurer’s combined operating ratio also deteriorated slightly to 92.2%, up from the 91.6% reported in 2018.
In addition, profit before tax was £509.7m in 2019, down by 12.2% from £580.5m in the preceding year.
Gross written premium (GWP) remained relatively flat at £3.20bn (2018: £3.21bn).
According to the insurer, the results were impacted by the change in the Ogden rate as well as
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