Four months into his role as chief executive of Direct Line Insurance Group PLC (LSE:DLG), Adam Winslow is seeking opportunities outside of the insurance company’s core motor offering.
Direct Line “is about more than just motor”, Winslow said in a press statement prior to this afternoon’s capital markets day presentation, “and we have ambitious plans to grow in home, rescue and commercial direct”.
"The strategy and targets set out today signal our ambition and intention to grow our business and deliver strong returns for our shareholders," he added.
Regarding those shareholder returns, Direct Line has committed to paying out around 60% of post-tax operating profit for the regular dividend, “with any additional capital returns to be reviewed annually alongside our full-year results”.
Direct Line is also planning changes in its core motor insurance department, most notably by adding its brands to online price comparison websites, which, according to the company, is “the channel where around 90% of customers prefer to shop”.
The insurer said it will stop investing in affinity motor partnerships and other personal line businesses, while reiterating its target of at least £100 million in cost savings by 2025.