Edition:
India

Direct Line Q1 Premiums Lower


Wednesday, 8 May 2019 

May 8 (Reuters) - Direct Line Insurance Group PLC ::TRADING UPDATE FOR THE FIRST QUARTER OF 2019.Q1 WAS CHARACTERISED BY SIGNIFICANT OPERATIONAL PROGRESS IN A TOUGH TRADING ENVIRONMENT.QTRLY GROSS WRITTEN PREMIUM 753.9 MILLION STG VERSUS 769.9 MILLION STG AS REPORTED A YEAR EARLIER.QTRLY MOTOR GROSS WRITTEN PREMIUM 386.9 MILLION STG VERSUS 404 MILLION STG AS REPORTED A YEAR EARLIER.MOTOR MARKET REMAINED HIGHLY COMPETITIVE, WITH MARKET PREMIUMS FAILING TO KEEP PACE WITH CLAIMS INFLATION IN QUARTER.OPERATIONAL DELIVERY ON TRACK.HOME MARKET HAS BEEN SLIGHTLY LESS CHALLENGING THAN MOTOR BUT REMAINED COMPETITIVE IN QUARTER.REMAIN ON TRACK TO ACHIEVE OUR 2019 OPERATING EXPENSES TARGET OF LESS THAN £700M.REITERATE OUR TARGET TO ACHIEVE A 93% TO 95% COMBINED OPERATING RATIO IN 2019 AND OVER MEDIUM TERM.MOTOR IN-FORCE POLICIES WERE FLAT QUARTER ON QUARTER AS GROUP'S PRICING INITIATIVES HELPED MITIGATE SOME OF PRESSURE.LOWER MOTOR AVERAGE PREMIUMS WERE PRIMARILY DUE TO REDUCED RISK MIX ARISING FROM THESE PRICING INITIATIVES IN QUARTER.