Direct Line 3Q Gross Written Premiums Up 4.5%

By Ian Walker

LONDON--Direct Line Insurance Group PLC (DLG.LN) Tuesday reported a 4.5% rise in gross written premiums for the third quarter of the year, and backed its combined operating ratio guidance.

The company, which provides a range of insurance products, said it still expects the combined operating ratio at the lower end of the 93% to 95% range for the year, assuming a normal level of weather claims. For the first half of the year the combined operating ratio was 89.6%. The combined ratio is a measure of profitability used by an insurance company to indicate how well it is performing in its daily operations.

Gross written premiums in the third quarter rose to 882.9 million pounds ($1.1 billion), compared with GBP844.5 million for the same period a year earlier, making GBP2.5 billion for the whole nine months, up from GBP2.4 billion a year earlier.

Motor premiums, the company's largest area that covers nearly half of the group total, rose 11% in the quarter to GBP431.5 million, taking the total for the nine months to GBP1.1 billion.

Write to Ian Walker at [e-mail]; @IanWalk40289749

(END) Dow Jones Newswires

November 08, 2016 02:44 ET (07:44 GMT)

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