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Direct Line profits fall on weaker premiums

By BFN News | 08:47 AM | Wednesday 31 July, 2019

Insurer Direct Line reported a fall in pre-tax profits as lower average premiums in motor and lower partnership volumes weighed on overall premiums. For the 6 months ended 30 June, pre-tax profits fell to £261.3m from 292.8m as gross written premiums fell 2.2% £821.2m. Motor gross felt o £800.5m in the first half of the year from £839.8m a year earlier; home premiums fell to £283.3m from £290.7m. But its rescue and travel lines delivered higher premiums compared to a year earlier. The company declared an interim ordinary dividend of 7.2 pence per share, an increase of 2.9% on H1 2018. The Group said it would continue to target a combined operating ratio of 93% to 95% for 2019 and make further progress in reducing operating costs targeting operating expenses of below £700m. The ratio measures the proportion of claims to premiums with anything below 100% implying a profit. At 8:47am: (LON:DLG) Direct Line Insurance Group PLC share price was -0.7p at 323.2p Story provided by

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