Direct Line Group reports improved profit while GWP dips
Provider posted improved results in first three quarters of 2013.
Direct Line Group (DLG) reported a 4.3% reduction in gross written premium for the first nine months of 2013.
The provider’s operating profit increased, from £347.9m in the first three quarters of 2012 to £417.8m in the same period of 2013.
Combined operating ratio also improved, from 99.7% to 95.4%, which DLG attributed to improved underwriting and fewer claims from major weather events.
Paul Geddes, CEO of Direct Line Group, commented: “These are good results in competitive markets. Even after allowing for normal weather losses, our performance proves we are delivering our self-help agenda and making good progress towards our strategic targets.
“While these results demonstrate our continuing choice to focus on value of business over volume, in motor we were able to reduce average prices for our customers helped by our own claims efficiencies and the benefits of the recent legal reforms."
He added: "We continue to invest in technology, adapting to new ways in which our customers want to interact with us and with the aim of driving further business improvements.”
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