March 19, 2020 / 7:16 AM / 12 days ago

BRIEF-Direct Line Suspends Share Buybacks Due To Covid-19 Pandemic

March 19 (Reuters) - Direct Line Insurance Group PLC :

* DIRECT LINE INS GRP - UPDATE ON SHARE BUYBACK PROGRAMME

* DIRECT LINE INSURANCE GROUP PLC - SUSPENDING ITS SHARE BUYBACK PROGRAMME AS A RESULT OF VOLATILE CONDITIONS ARISING FROM COVID-19 PANDEMIC

* DIRECT LINE INSURANCE - “DIRECT LINE CAPITAL POSITION REMAINS STRONG, AND SOLVENCY HAS MOVED AS EXPECTED IN LINE WITH OUR SENSITIVITY ANALYSIS”

* DIRECT LINE INSURANCE GROUP PLC - SEEK TO PRESERVE GROUP’S STRONG BALANCE SHEET DURING THIS PERIOD OF HEIGHTENED UNCERTAINTY

* DIRECT LINE INSURANCE GROUP PLC - GROUP ESTIMATES A STRONG SOLVENCY CAPITAL RATIO OF 163% ON 18 MARCH 2020

* DIRECT LINE INSURANCE GROUP PLC - ANTICIPATES CLAIMS TRENDS ACROSS ITS DIVERSIFIED BUSINESS LINES TO DIFFER DURING PERIOD AFFECTED BY COVID-19

* DIRECT LINE INSURANCE GROUP PLC - WITHIN MOTOR GROUP ANTICIPATES LOWER MOTOR CLAIMS FREQUENCY IN SHORT TERM

* DIRECT LINE - INCREASE IN CLAIMS AFTER TRAVEL RESTRICTIONS IMPOSED IS EXPECTED, ALTHOUGH IT IS TOO EARLY TO ESTIMATE POTENTIAL IMPACT

* DIRECT LINE - TO TERMINATE CURRENT SHARE REPURCHASE MANDATE RELATING TO BUYING BACK DLG’S SHARES FOR MAXIMUM CONSIDERATION OF UP TO £150 MILLION Source text for Eikon: Further company coverage:

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