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BRIEF-Direct Line Q1 gross written premiums rise 4.2 pct to 810 mln stg
May 3, 2017 / 6:14 AM / 5 months ago

BRIEF-Direct Line Q1 gross written premiums rise 4.2 pct to 810 mln stg

May 3 (Reuters) - Direct Line Insurance Group Plc

* Trading update for the first quarter of 2017

* Gross written premium for ongoing operations 1 4.2% higher than q1 of 2016, with motor own brands increasing 11.2%

* Investment income in line with expectations at £42.0 million and remains on course to achieve a 2.4% yield

* Group continues to target a 2017 combined operating ratio 2 in range of 93% to 95% for ongoing operations, assuming a normal annual level of claims from major weather events and no further change to ogden discount rate

* Reiterate our target of a cor 2 in range of 93%-95% for 2017

* Motor own brands in-force policies by 5.9% compared to q1 2016, whilst home own brands in-force policies grew by 2.0% compared to q1 2016

* Direct line for business also grew in-force policies by 5.3% compared to q1 2016

* Group has increased prices in response to lower discount rate and anticipated impact on claims inflation

* Average written premiums were up 6.6%

* Challenging home market, where group slowed its growth

* Home claims inflation started to increase in 2016 and continued to rise above group’s long-term expectations in q1 2017 Source text for Eikon: Further company coverage:

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