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Direct Line Insurance Group (DLG) investor relations material
Direct Line Insurance Group has been acquired by Aviva plc
Direct Line Insurance Group H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2024 earnings summary4 Mar, 2025
Executive summary
2024 marked a significant turnaround with new leadership, a clear strategy, and operational improvements, including cost actions and digital initiatives.
Returned to profit, with ongoing operating profit up £395m year-over-year and a 22-point improvement in Motor margin.
Announced a recommended cash and share offer from Aviva, with a shareholder vote scheduled for March 2025 and expected completion in mid-2025.
Focused on core businesses: Motor, Home, Commercial Direct, and Rescue, with a new executive team driving progress.
Strong solvency capital ratio of 200% before a 5.0p final dividend.
Financial highlights
Achieved 25% premium growth year-over-year, with Motor premiums up 32% and Non-Motor up 11%.
Ongoing operating profit reached £205m, a £395m improvement from the prior year.
Net insurance margin improved to 3.6% from -8.7% year-over-year.
Operating return on tangible equity rose by 25 points to 10%; operating EPS increased by 22.6p.
Pre-dividend solvency ratio at 200%; final dividend of 5p per share announced.
Outlook and guidance
Further performance improvement expected in 2025 as recent actions fully impact earnings.
Confident in delivering at least £100m of run rate cost savings by end of 2025.
Targeting 7–10% premium growth in non-motor and a 13% net insurance margin by 2026.
Post shareholder vote, what are next Aviva deal steps?
How will the remaining GBP 50M cost savings be realized?
Motor: Own brand retention vs. PCW growth strategy?
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Frequently asked questions
Direct Line Insurance Group plc is a United Kingdom-based insurance company offering a range of general insurance products. The company provides coverage for motor, home, travel, pet, and small business insurance through its portfolio of brands, including Direct Line, Churchill, and Green Flag. The company is headquartered in Bromley, United Kingdom, and its shares are listed on the LSE (London Stock Exchange).
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