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Tough competition cuts Direct Line's gross written premium
May 2, 2014 / 6:41 AM / in 3 years

Tough competition cuts Direct Line's gross written premium

May 2 (Reuters) - Direct Line Insurance Group Plc, Britain’s largest car insurer, posted a 5.6 percent decline in first-quarter gross written premium, as it grappled with tough competition in the UK motor and home insurance markets.

The company, which also offers home, travel and pet cover, said it would target margins at the expense of policy volumes.

Gross written premium fell to 949.3 million pounds ($1.60 billion) in the three months ended March 31 from 1.01 billion pounds a year earlier. ($1 = 0.5919 British Pounds) (Reporting by Esha Vaish and Richa Naidu in Bangalore; Editing by Robin Paxton)

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