Direct Line shares crash as winter cold snap and inflation leave its results ‘as ugly as they can be’ Direct Line results Direct Line today posted a £45m loss for the year 2022 as the insurer suffered a hit from soaring inflation, extreme weather, and market volatility, in what analysts described as one of the “worst years” in the Bromley firm’s history. Shares in Direct Line fell by 5.79 per cent on the news, as the insurer [...]
Direct Line boss James quits as another insurance firm counts the cost of the deep freeze Direct Line's deep freeze Direct Line said it was seeking a new chief executive following the resignation of Penny James. James, who was also a director of the FTSE 250 company, will be leaving with immediate effect. Jon Greenwood, who was Direct Line’s chief commercial officer, will step in as acting chief executive officer until a permanent replacement is [...]
Direct Line chief rushes to calm investors after shares collapse Direct Line Direct Line’s share price “doesn’t reflect the intrinsic value of the company,” the insurer’s chief executive Penny James has said, after shares in the firm plummeted last week. In an interview with The Times, James instead said Direct Line still has “huge earnings potential” as she said she feels “very positive about the future prospects”. [...]
PPI scandal: Supreme Court case could ‘open door’ for hundreds-of-thousands of new claims for UK banks January 12, 2023 British banks could face a new wave of payment protection insurance (PPI) claims following a hearing at the UK’s Supreme Court. The Supreme Court will decide whether to expand the reach of a six-year time limit to let thousands more PPI claims be heard in UK courts. PPI policies cover the costs of debt repayments [...]
Direct Line shares plummet after insurer scraps 2022 dividend January 11, 2023 Shares in Direct Line plummeted today after the insurer said it expects to scrap its 2022 dividend due to facing a “challenging and volatile operating environment in the fourth quarter”. The insurance company said its board “no longer expects to declare a final dividend for 2022” due to it facing a series of challenges related [...]
Direct Line’s premiums slump amid challenging market backdrop November 8, 2022 Direct Line’s adjusted gross premiums have slumped slightly against a challenging market backdrop. In the nine months ended 30 September, the insurer’s total group premiums were £2.3bn – down 3.5 per cent on last year’s levels. Its Motor and Home markets went down 8.9 per cent and 10.1 per cent respectively, while Direct Line delivered [...]
Insurers grapple with transition to a greener world August 10, 2022 Last week, a coalition of thirteen of the UK’s major insurers vowed to cut their supply chain emissions as part of the Sustainable Markets Initiative’s (SMI’s) sustainable supply chain pledge. In signing the SMI pledge, the 13 insurers and brokers – including Axa, Phoenix, Lloyd’s, and Direct Line – vowed to work with their suppliers [...]
Direct Line Insurance reports lower profit amid rising inflation and uncertain economic conditions August 2, 2022 Direct Line Insurance Group reported lower profits for the first half of 2022 as rising inflation and a gloomy market outlook impacted performance. The insurance company had a 47 per cent drop in operating profit to £195.5m from the first half of 2021 as it dealt with “challenging” market conditions and tighter FCA regulations. Profit [...]
Direct Line takes financial hit from watchdog’s new ‘price walking’ ban May 4, 2022 Insurance company Direct Line has said its Q1 performance was “broadly in line with expectations,” after the FCA’s new pricing practice reforms hit its bottom line. The Bromley based firm said its overall premiums were 2.4 per cent lower in Q1 2022 than in the first quarter of last year, as revenues dropped across its [...]
Direct Line profits suffer as insurance giant weathers ‘challenging market’ March 8, 2022 Insurer Direct Line reported humble growth this morning as the group feels the sting of inflation. Whilst operating profit increased to £582m, driven by an increase in underwriting, its profit before tax of £446m was £5.4m lower than 2020. The focus seemed to be on cost cutting for Direct Line; the firm reduced its operating [...]