May 8, 2019 / 6:22 AM / in 12 days

Direct Line 1st-qtr premiums fall on strong competition

May 8 (Reuters) - Britain’s largest motor insurer Direct Line Insurance Group Plc on Wednesday reported a drop in gross written premiums for the first quarter as it continues to battle tough competition in the market.

Gross written premiums for motor insurance fell to 386.9 million pounds ($505.76 million) in the three months ended March 31, from 404 million pounds a year earlier.

“The motor market remained highly competitive, with market premiums failing to keep pace with claims inflation,” Chief Financial Officer and CEO-designate Penny James said. ($1 = 0.7650 pounds) (Reporting by Muvija M and Noor Zainab Hussain in Bengaluru; Editing by Shounak Dasgupta)

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