Direct Line Insurance Group PLC (LSE:DLG) fell on Friday morning after admitting to an error in its solvency calculation for last year.
The FTSE 250-listed insurer said on Friday that a “miscalculation” had been identified “within the group's audited solvency II own funds for the year ended 2023”.
“Correcting for the miscalculation, the solvency capital ratio (post-dividend) at year-end 2023 was 188%, which was above the group's risk appetite range of 140% to 180%," the company added.
Direct Line had reported the figure at 197% for 2023 initially, meaning it has less financial headroom than previously stated.
It added the correction did not affect its International Financial Reporting Standards figures.
Shares fell 2.1% to 185.10p.