Direct Line operating profits rise on strong underwriting results; plans £100mln share buyback
Operating profits grew by over 11% to £581.8mln last year
Company
Direct Line Insurance Group PLC
LSE:DLG
Direct Line started in the UK in April 1985 with a single product - car insurance, and just one way for its customers to buy - over the telephone from a call centre in Croydon. Today, it has more than 5mln customers and a broad range of products and services. It does business over the phone and on the Internet, and also does do it internationally, with businesses in Germany and Italy.
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Direct Line rated as ‘buy’ at Deutsche Bank
It recognises pricing volatility may continue in the short-term, but is optimistic over long-term prospects
Direct Line sees slight dip in motor insurance premiums written
"Whilst market pricing in the first few months of 2022 is likely to be volatile as the market resets, our brands, customer focus and diversified business model mean we remain confident," said CEO, Penny James
UK car insurance prices fall 16%, outlook for 2022 "extremely uncertain"
Supply chain problems and the FCA price walking ban will impact insurance prices next year
Direct Line's bumper dividend supported by rising motor premiums, says RBC
Premiums have been turning up since April says the broker
Direct Line short of share price drivers according to Deutsche Bank
There is similar or better value elsewhere in the UK insurance sector, concludes the broker.
Direct Line profits boosted by good weather and fewer accidents
A new Motor platform has now been rolled out across the Direct Line, Churchill and Privilege brands
Direct Line 'highly attractive' as Berenberg expects 20% profit uplift
In our view, Direct Line’s high level of capital returns can continue"
Insurers told to scrap 'loyalty penalty' from start of next year
Shares in Direct Line, which does not sell policies through price comparison sites, rose 2%
Lower motor premiums dent Direct Line's numbers
Direct Line blames subdued claims, low levels of new car sales and fewer new drivers entering the market
Motor insurer Direct Line a good bet for income reckons broker
Premiums might rise by as much as 9% year-on-year in 2021
Direct Line in £100mln buyback as low motor claims boost underwriting
Weather payments rose to £46mln (£6mln), though this was below company expectations of a £64mln cost.
Builders and building materials
Direct Line Insurance reports mixed third quarter
Total gross written premium for the three months to end-September was down 0.8% on this time last year
Direct Line among JP Morgan’s top picks in European insurance sector
The investment bank said that while the sector has “underperformed significantly” in the year to date, they said the decline had “overshot the widening in credit spreads” which suggested that the industry “could recover some ground”
Insurance companies retreat as FCA calls time on higher prices for existing customers
Insurers penalising loyal customers through higher premiums is known as price walking
Direct Line the only UK insurer in JPMorgan's European top picks
UK life insurers have capital return attractions but are seen as too risky
Direct Line proposes special dividend to make up for cancelled 2019 distribution
Operating profit for the six months to June shed 3% to £246mln but was ahead of consensus of £239mln
Watchdog launches coronavirus measures to encourage insurers to treat customers fairly
“The measures confirmed today will provide urgent support to those that need it,” said the FCA
Direct Line sets aside £70mln after 70% drop in motor claims
The insurer's estimated solvency capital ratio has increased to around 177%, which is near the top of the group’s risk appetite range
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