Edition:
India

Direct Line Insurance Completes Capital Management Exercises​


Friday, 8 Dec 2017 

Dec 8 (Reuters) - Direct Line Insurance Group Plc ::ANNOUNCES SUCCESSFUL COMPLETION OF CAPITAL MANAGEMENT EXERCISES​.‍TENDER OFFER RESULTED IN REPURCHASE OF £250M NOMINAL OF TIER 2 DEBT AT A VALUE OF C.£327M BEFORE ACCRUED INTEREST​.‍REMAINING £250M (NOMINAL) HAS A FIRST CALL DATE OF 27 APRIL 2022​.‍NET RESULT OF THESE TRANSACTIONS WILL BE AN IFRS POST-TAX CHARGE FOR YEAR ENDING 31 DECEMBER 2017 OF CIRCA £53M​.‍PRE-TAX CHARGE WILL BE TAKEN PRIMARILY THROUGH 'FINANCE COSTS' LINE OF GROUP INCOME STATEMENT​.‍TRANSACTIONS BENEFIT SOLVENCY CAPITAL REQUIREMENT COVERAGE RATIO BY CIRCA 2PPT.THERE WILL BE NO MATERIAL IMPACT ON GROUP'S DIVIDEND CAPACITY AS A RESULT OF TRANSACTIONS​.