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Direct Line Insurance Group PLC (DLG)

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idpickering
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Re: Direct Line Insurance Group PLC (DLG)

#654939

Postby idpickering » March 21st, 2024, 7:32 am

Preliminary Results year ended 31 December 2023.

Financial summary

- Stable policy count overall as the introduction of over 700,000 new Motability customers offset lower policies elsewhere primarily in Motor and associated Rescue.

- Gross written premium and associated fees increased by 27.1% during 2023, with 46.2% growth in the second half.

- Net insurance margin of minus 8.3% was impacted by the continued earn through of Motor policies written during 2022 and first half of 2023. Outside of Motor, the Group delivered a good result and a net insurance margin of 12.2%.

- In Motor, premium rate increases contributed to a 5.8 percentage point improvement in the current year net insurance claims ratio in the second half of 2023. Motor policies written since August estimated to be in line with the Group's ambition of a net insurance margin of above 10%.

- Operating loss from ongoing operations of £189.5 million in 2023, compared to a loss of £6.4 million in 2022, with the adverse movement in the net insurance margin partially offset by an increase in investment income. The proceeds of the sale of the Group's brokered commercial business contributed to a profit before tax of £277.4 million, up from a loss before tax of £301.8 million in 2022.

- The Group's solvency capital ratio at the end of 2023 improved to 201%, following significant management action and benefiting from the sale of the brokered commercial business. A dividend of 4.0 pence per share is proposed, with the solvency capital ratio, post-dividend, equal to 197%.


https://www.investegate.co.uk/announcem ... 23/8098926

Ian (No holding).

monabri
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Re: Direct Line Insurance Group PLC (DLG)

#654944

Postby monabri » March 21st, 2024, 7:56 am

I mentioned elsewhere, they quoted me for car insurance more than 2x what Aviva offered. My insurance is 'up at the start of April. I was surprised at just how uncompetitive they were. They don't seem to want to insure a 60+ man, clean driving licence held for 40 years, no accidents, low mileage driver who generally goes out after commute hours.

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Re: Direct Line Insurance Group PLC (DLG)

#655478

Postby monabri » March 23rd, 2024, 5:38 pm

https://www.reuters.com/markets/deals/b ... 024-03-22/

"Reuters
March 22, 20248:15 PM GMTUpdated 21 hours ago
Belgian insurer Ageas SA (AGES.BR), opens new tab said on Friday it did not intend to make a further offer for Direct Line (DLGD.L), after the British home and motor insurer turned down two previous proposals.

Direct Line rejected a revised 3.17 billion pound ($4 billion) takeover bid last week from Ageas, saying it "significantly undervalued" the company.

The Belgian insurer said on Friday it had not been able to "identify additional elements based on publicly available information that would justify significant adjustments to the terms of its possible offer," leading it to bow out altogether.

I was ahead of them in "bowing out" ..if they think they can charge twice what Aviva quoted me for insurance then their business model is screwed.

idpickering
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Re: Direct Line Insurance Group PLC (DLG)

#655715

Postby idpickering » March 25th, 2024, 7:10 am

Statement re No Intention to Make an Offer.

Ageas SA/NV ("Ageas") announces that, following the two recent attempts to engage with the Board of Directors of Direct Line Insurance Group plc ("Direct Line") in relation to the acquisition by Ageas of the entire issued and to be issued share capital of Direct Line, which were both rejected, it will not make an offer for Direct Line. As a result of this announcement, Ageas (and any persons acting in concert with it) will, except with the consent of the UK Panel on Takeovers and Mergers (the "Panel"), be bound by the restrictions contained in Rule 2.8 of the Code.


https://www.investegate.co.uk/announcem ... er/8103476

Ian (No holding).

idpickering
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Re: Direct Line Insurance Group PLC (DLG)

#655724

Postby idpickering » March 25th, 2024, 8:20 am

I guess this is in connection to the above, but DLG is down 12.9% on UK market opening.

Ian.

monabri
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Re: Direct Line Insurance Group PLC (DLG)

#655767

Postby monabri » March 25th, 2024, 12:34 pm

idpickering wrote:I guess this is in connection to the above, but DLG is down 12.9% on UK market opening.

Ian.


I can't see any other reason. I bailed out of DLG last week based on their exorbitant quote for car insurance (double Aviva's quote) and my thoughts re their business model.

idpickering
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Re: Direct Line Insurance Group PLC (DLG)

#663348

Postby idpickering » May 8th, 2024, 7:09 am

Trading Update for Q1 2024

Adam Winslow, CEO of Direct Line Group, commented

"We have seen a positive start to 2024 trading, with double digit gross written premium growth in our Motor, Home and Commercial businesses and overall growth for ongoing operations of 15.0%. Claims trends and Motor margins continue to develop in line with our expectations.

"We have announced a number of significant hires over the last few weeks. I am confident that with the new leadership team in place, we can deliver run-rate annualised cost savings of at least £100 million by the end of 2025 and a net insurance margin, normalised for weather, of 13% in 2026.

"I look forward to sharing our refreshed strategy to deliver higher returns and the progress we have made against the immediate priorities to improve performance at our Capital Markets Day on 10th July 2024."


https://www.investegate.co.uk/announcem ... 24/8180837

Ian (No holding).

idpickering
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Re: Direct Line Insurance Group PLC (DLG)

#663414

Postby idpickering » May 8th, 2024, 2:08 pm

Result of AGM

Direct Line Insurance Group plc (the "Company") announces that all resolutions proposed to shareholders at its Annual General Meeting today were carried by the requisite majority on a poll.

The following table shows the votes cast for each resolution:


https://www.investegate.co.uk/announcem ... gm/8182959

Ian.

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Re: Direct Line Insurance Group PLC (DLG)

#663632

Postby monabri » May 9th, 2024, 8:09 pm

https://www.yorkshirepost.co.uk/busines ... nt-4620357

"Insurer Direct Line Group has revealed it shed more than 430,000 motor insurance customers after hiking the cost of cover by nearly 40 per cent.
The group, which employs 3,000 people in Yorkshire across its Direct Line, Churchill and Green Flag brands, posted a steep year-on-year drop in the number of direct own-brand motor policies, down 434,000 to 3.2m in its first quarter trading update."

idpickering
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Re: Direct Line Insurance Group PLC (DLG)

#673731

Postby idpickering » July 10th, 2024, 7:19 am

Capital Markets Day.

Direct Line Insurance Group plc ("DLG") provides the following update in advance of its Capital Markets Day that will be held today at 1.00 pm BST in London. Highlights of the presentation include:

- We are announcing a refreshed strategy with the objective of establishing DLG as the customers' insurer of choice and delivering profitable growth.

- In Motor we aim to deliver technical excellence across the value chain and meet customers where they shop by launching Direct Line on Price Comparison Websites ("PCWs").

- Outside of Motor we'll make disciplined decisions on where we allocate our capital. We will focus on Home, Commercial Direct and Rescue, where we have the capability and opportunity to win, and exit or stop investing in OEM1 affinity Motor partnerships and other personal lines businesses2.

- We reiterate our target of at least £100 million of gross run-rate cost savings by exit 20253.

- We reiterate our target of a 13% Net Insurance Margin in 20264.

- We are announcing a revised capital allocation framework and policy to pay around 60% of operating earnings5 as a regular dividend.

- We expect our solvency capital ratio to build over time to support additional shareholder returns.


https://www.investegate.co.uk/announcem ... ay/8302786

Ian (No holding).


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