Takeover target Direct Line posts £189m operating loss
Direct Line Group has revealed a £189.5m loss from ongoing operations as the sale of NIG pushed the insurer into profit for 2023.
The provider, which has rejected two takeover approaches by Ageas this year, also unveiled plans to cut operating costs by £100m by the end of 2025.
The operating loss was dominated by motor business, which posted a £331.6m deficit as the combined operating ratio hit 121.1%.
According to Direct Line, it was policies priced too low in 2022 and the first half of 2023 that caused the losses, with actions having now been taken to fix the problem.
Red inkThe red ink was partially offset by profits in
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- Zurich strikes five-year capacity deal with MGA Freedom Services
- Aviva to open branches in Chelmsford and Southampton
- Dual to open two UK offices as McGinn’s regional push gathers pace