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Direct Line Insurance Group PLC (DLGD.L)

DLGD.L on London Stock Exchange

336.50GBp
24 Mar 2017
Change (% chg)

0.50 (+0.15%)
Prev Close
336.00
Open
341.10
Day's High
341.20
Day's Low
335.80
Volume
1,135,546
Avg. Vol
5,189,260
52-wk High
400.70
52-wk Low
323.00

Latest Key Developments (Source: Significant Developments)

Direct Line posts 2016 operating profit of 403.5 mln stg
Tuesday, 7 Mar 2017 02:00am EST 

Direct Line Insurance Group Plc : Fy pretax profit 353 million stg . Final dividend up 5.4 percent to 9.7 penceper share . Total dividend 14.6 penceper share . Gross written premium for ongoing operations 1,2 up 3.9% to £3,274.1m (2015: £3,152.4m . 2016 results reflect one-off impact of using new ogden discount rate of minus 0.75% . Operating profit from ongoing operations of £403.5m . (pre-ogden discount rate reduction 3 : £578.6m; 2015: £520.7m) . Profit before tax of £353.0m (pre-ogden 3 : £570.3m; 2015: £507.5m) . Return on tangible equity 1, 2 of 14.2%, (pre-ogden 3 : 20.2%; 2015: 18.5%) . Adjusted for normal weather and before ogden discount rate change, combined operating ratio was 93.5%, towards lower end of target range of 93% to 95% . 5.4% increase in final dividend per share to 9.7 pence per share, (2015: 9.2 pence) . Total dividends per share for 2016, including special interim dividend of 10.0 pence per share paid in september 2016 following approval of group's partial internal model, of 24.6 pence per share (2015: 50.1 pence) . Group's estimated solvency ii capital coverage ratio 4 post dividend is 165%, above middle of group's risk appetite range of 140% - 180% (pre-dividend: 174%) . Partnership with psa peugeot citroën for telematics extended for 4 more years . Received approval from prudential regulation authority to use group's solvency ii partial internal model.  Full Article

UK rate change to add 50-75 stg to average comprehensive motor insurance policy - PwC
Monday, 27 Feb 2017 04:04am EST 

:Consultants PwC say a sharp cut in the UK's personal injury discount rate will lead to an annual increase of 50-75 pounds on an average comprehensive motor insurance policy..  Full Article

Direct Line sees lower profit before tax after Ogden rate cut
Monday, 27 Feb 2017 03:36am EST 

Direct Line Insurance Group Plc : Expects to recognise new discount rate in financial statements; also within solvency 2 ratio calculation for year ended 31 dec 2016 . Confirms it expects to achieve its guidance of combined operating ratio of towards lower end of 93 pct-95 pct range adjusted for normal weather for fy . New discount rate to reduce 2016 profit before tax by £215 million -£230 million after reinsurance recoveries . Estimates impact of moving to new discount rate to reduce year end solvency II capital coverage ratio before dividends, to higher end of 140-180 pct . Announcement has left open possibility of further changes implications of which have not been included within group's solvency calculation .Estimates that impact of moving to new discount rate to increase combined operating ratio for ongoing business by approximately 6 ppts.  Full Article

Association of British Insurers-cutting discount rate is "crazy decision"
Monday, 27 Feb 2017 03:20am EST 

Association of British Insurers (ABI): ABI says cutting discount rate is "crazy decision", motor and liability premiums will rise .ABI says NHS will likely have 1 billion pound ($1.24 billion) rise in compensation bills as a result of discount rate cut.  Full Article

Direct Line H1 pretax profit 298.5 mln stg
Tuesday, 2 Aug 2016 02:00am EDT 

Direct Line Insurance Group Plc : Interim dividend 10 penceper share . H1 pretax profit 298.5 million stg versus 315 million stg year ago . Gross written premium for ongoing operations 1 3.9% higher, with strong growth in motor in-force policies (up 2.5%) and premium rates (up 9.5%) . Motor current-year attritional loss ratio 1 improved by 1.0pt . Post dividends, group's estimated solvency ii capital 3 coverage ratio was 184% (pre-dividends: 199%) . Was well prepared for uk's referendum on eu and has actively managed impacts from current volatile financial markets . Is a uk-based business underwriting risks within uk, and it is business as usual for day-to-day operations . Business has been working through requirements of act over past 12 months and expects to deliver these appropriately for customers and brokers . If current trends continue throughout second half, group expects ratio for full year to be towards lower end of this range . Gross written premium for ongoing operations 1 3.9% higher, with strong growth in motor in-force policies (up 2.5%) and premium rates (up 9.5%) . Combined operating ratio 1 from ongoing operations continued to be strong at 89.6%, 0.2pts higher, including flood re levy impact of 1.6pts. . Interim dividend per share of 4.9 pence (1h 2015: 4.6 pence) and special interim dividend of 10.0 pence per share.  Full Article

Direct Line says Solvency II internal model approved by the PRA
Tuesday, 14 Jun 2016 02:10am EDT 

Direct Line Insurance Group Plc : Solvency II internal model approved by the PRA . Has received approval from PRA for use of its group-wide PIM to calculate group solvency capital requirement under Solvency II regime . In line with management's previous expectations, this approach will enable group to operate under PIM from 1 July 2016 .Further detail on group's Solvency II capital position will accompany group's half year results which will be published on 2 August 2016.  Full Article

Direct Line Insurance Group PLC declares interim dividend
Tuesday, 4 Aug 2015 02:01am EDT 

Direct Line Insurance Group PLC:Says the Board has resolved to pay an interim dividend of 4.6 pence per share representing 4.5 pct growth on 2014.Says the regular interim dividend will be paid on Sep. 11 to shareholders on the register on Aug. 14.Says the ex dividend date will be Aug. 13.  Full Article

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BRIEF-Direct Line posts 2016 operating profit of 403.5 mln stg

* Gross written premium for ongoing operations 1,2 up 3.9% to £3,274.1m (2015: £3,152.4m