August 1, 2018 / 6:16 AM / 20 days ago

Insurer Direct Line's first-half profit falls, CEO to leave

Aug 1 (Reuters) - Britain’s largest motor insurer, Direct Line Insurance Group Plc, reported on Wednesday a 15.7 percent drop in first-half operating profit, hurt by a long, icy winter, and said its chief executive officer would step down in 2019.

Direct Line, whose brands include Churchill, Green Flag and Privilege, said operating profit was 303.1 million pounds ($397.0 million) for the six months ended June, compared with 359.7 million pounds a year earlier.

Analysts expected operating profit of 245 million pounds, according to company compiled consensus from 15 analysts.

$1 = 0.7634 pounds Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri

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