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
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