Insurer sees 2013 profit jump to \u00a3312.8m from the \u00a3184.3m recorded for 2012.<\/p>\n
Direct Line Group (DLG) has reported a 14.2% rise in operating profit for 2013 to \u00a3562.5m (2012: \u00a3461.2m), with pre-tax profits up at \u00a3423.9m (2012: \u00a3249.1m).<\/p>\n
The insurer also revealed that post-tax profit surged by 70% to \u00a3312.8m for the year compared to the \u00a3184.3m posted for 2012.<\/p>\n
DLG’s combined operating ratio (COR) also beat its 2013 target of 98%, coming in at 96.1%, an improvement on the 99.2% registered in the previous 12 months.<\/p>\n
The provider attributed this COR improvement to a “higher than expected” prior-year reserve releases of 12.4 percentage points.<\/p>\n
Meanwhile, gross written premium (GWP) edged down slightly to \u00a33.8bn from \u00a34bn.<\/p>\n
DLG, which also owns NIG and Direct Line for Business, saw the number of in-force commercial policies bump up to 583,000 from 466,000.<\/p>\n
Commercial GWP for 2013 also rose to \u00a3474.5m from 2012’s \u00a3425.6m.<\/p>\n
And the commercial division saw its COR improve to 106.8% from 108.2%, which DLG stated was “principally as a result of better underlying underwriting performance and a lower commission and expense ratio”.<\/p>\n
Paul Geddes, DLG CEO, said: “We have continued to make good progress on our strategic priorities, helping us to achieve our 2013 financial targets in highly competitive markets.<\/p>\n
“In UK motor, our improved pricing capability and claims management, as well as benefits arising from recent legal reforms, enabled us to reduce average prices for customers by 3% during 2013.<\/p>\n
“In home, recent UK weather events have emphasised the importance of insurance.”<\/p>\n
source: www.insuranceage.co.uk<\/p>\n","protected":false},"excerpt":{"rendered":"
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