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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Direct Line Insurance Group Plc | DLG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -1.80 | -0.74% | 240.60 | 11:24:51 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 240.60 | 240.00 | 241.20 | 242.40 |
| Industry Sector |
|---|
| NONLIFE INSURANCE |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 04/09/2024 | Interim | GBP | 0.02 | 12/09/2024 | 13/09/2024 | 11/10/2024 |
| 21/03/2024 | Final | GBP | 0.04 | 04/04/2024 | 05/04/2024 | 17/05/2024 |
| Interim | GBP | 0.076 | 11/08/2022 | 12/08/2022 | 09/09/2022 | |
| 08/03/2022 | Final | GBP | 0.151 | 07/04/2022 | 08/04/2022 | 17/05/2022 |
| Interim | GBP | 0.076 | 12/08/2021 | 13/08/2021 | 03/09/2021 | |
| 08/03/2021 | Final | GBP | 0.147 | 08/04/2021 | 09/04/2021 | 20/05/2021 |
| 08/03/2021 | Final | GBP | 0.147 | 08/04/2021 | 09/04/2021 | 20/05/2021 |
| Interim | GBP | 0.074 | 13/08/2020 | 14/08/2020 | 04/09/2020 | |
| 04/08/2020 | Special | GBP | 0.144 | 13/08/2020 | 14/08/2020 | 04/09/2020 |
| Top Posts |
|---|
Posted at 19/12/2024 18:18 by nellynell The Competition and Markets Authority (CMA) has revealed that Direct Line Group (DLG) breached rules over no claims bonuses.According to the watchdog, the insurer failed to provide at least 320 customers with no claims bonus protection information between June 2023 and 18 January 2024. “This was caused by Direct Line’s systems adding no claims bonus protection by error to customers’ policies, without their permission and only notifying them after the no claims bonus protection had been applied to their policies,” the regulator added. The CMA added that it had been notified of the breach on 18 July 2024. Outcome Following a market investigation into motor insurance in 2014, the CMA implemented measures to make it easier for customers to understand what the no claims bonus protection is. The incident involving DLG breached part two of The Private Motor Insurance Market Investigation Order 2015. However, the CMA said DLG had taken steps to prevent a recurrence and to put things right for affected customers. This includes refunding customers who had not wanted the protection and carrying out tests on systems. As a result, the CMA “does not consider it appropriate to take formal enforcement action in relation to this breach at present”. “The CMA will monitor the resolution of this breach and Direct Line’s compliance with the order closely,” the watchdog added. |
Posted at 06/12/2024 10:16 by laurence llewelyn binliner #Bountyhunter, 253 pence seems to be too cheap to me, perhaps 260 pence would be fairer as the risk premium is still there until a firm offer arrives, then there is the CMA if they want to run a rule over it but market share is less than 25% combined..If there are opportunities to book stronger dividends at a discount over December then it does make sense to let them/some of these go, I keep sight of this and not wedded to the share, it has been a poor investment since coming into DLG in 2021 for the dividends and that has not gone so well.. :o) See what the market bid offers up over the day/week/month.. OR just ride it out, take the next 5 pence FY dividend here and convert to AV stock at 7% income on completion.. |
Posted at 01/12/2024 15:47 by jrphoenixw2 ' Why Direct Line Should Accept Aviva’s OfferDirect Line stock is up 46% this week on news of an Aviva bid, placing it above Morningstar analysts’ fair value estimate for the company. 29-Nov. Following Direct Line’s DLG rejection of a bid from Aviva AV., we’ve taken a closer look at the firm, its management, and strategy. Aviva’s proposal comprises £1.12 per share in cash and 0.282 new Aviva shares. We would be in favor of management taking the offer or a higher one, if one is offered. Based on the £4.88 closing price of Aviva on Nov. 18, Aviva’s offer values Direct Line at £2.50 per share. After new share issuance, Direct Line’s shareholders would more likely receive £2.35 per share. Aviva has until 5pm. on Dec. 25 to announce a firm intention. With the announcement, Direct Line’s share price has risen to £2.20 per share, above our £2.15 fair value estimate. The firm has not delivered persistent growth in its core divisions over the last 10 years. The 2026 normalized net insurance margin target of 13% looks challenging. The £100 million gross cost run-rate savings target from an addressable expense base of £849 million will help, but will not be enough. Direct Line has shifted its strategy to fully adopt price-comparison website distribution in search of profitable growth and pricing discipline. Direct Line is a no-moat business with a high uncertainty and poor capital allocation because of continued investments in technology, which have not resulted in a tangible business development that occurred for other firms. We maintain our £215 fair value estimate. Direct Line is exiting OEM affinity motor insurance partnerships and reviewing its pet, travel, and other personal lines. With the announced sale of its commercial insurance broking business in 2023, the firm is set to focus on motor insurance, home insurance, rescue, and direct commercial. Direct Line suspended its final dividend for 2023 earnings after it had not accurately reflected rising repair and replacement costs in its pricing. The business is now able to restart paying regular dividends with about a 60% payout and additional capital returns above a new 180% solvency. Key Morningstar Metrics For Direct Line Group DLG • Economic Moat: None • Morningstar Rating: 3 stars • Fair Value Estimate: £2.15 • Morningstar Uncertainty Rating: High • Sector: Financial Services |
Posted at 29/11/2024 13:04 by wba1 StevenST; a rather surprising interpretation. Anyone who has sat in a takeover team knows that it is a dance where the only objective is to find terms which work for both sides. No CEO goes into it without some flexibility. The point is that Aviva may well be prepared to sweeten the offer to say 260 because why walk away for that amount when you have spent a fortune on preparation and advisors and failure for that amount would damage both Aviva and Blanc, but they would almost certainly walk away if the big shareholders insisted on 300.Obviously at the bottom of all this is what Aviva could extract. The capital benefits have been well covered in the press. The synergies are likely to be rather higher than the £150m cited. After some integration a 4% saving on the expense ratio of the added DLG business seems trivial. They should be able to double that. What seems to have been ignored is two other things; * the pricing benefit. DLG seem to have been incompetent in this respect whilst the Aviva team is well regarded. There should be segments of the DLG book which Aviva can improve with their expertise. * claims reserves. The black hole here was, of course, the reason for the implosion. If they are now back to industry normal levels then there is real value sat in those reserves as the norm is to carry a 5% margin over best estimate when initially set. I do not know where the Aviva top price sits or if they are prepared to really go hostile but one thing I am sure of. Aviva can extract much more than Ageas so it is easy to see why they have entered at this level. From the DLG side they must know their future is done, either now or soon. I wonder if they are sounding out any potential alternatives like Allianz (and I would not call them white knights as the only way they stay as the current operation is via a private equity takeover like Esure and that ain't likely given the added benefits to a trade buyer. |
Posted at 29/11/2024 10:05 by stevensupertrader Pal. : Aviva clearly states - it is targeting and convincing investors rather than DLG Board that the offer is decent and good, so DLG won’t go up unless a firmer second offer is on the card.Now Aviva Board is pushing t its own share price up to sweeten this deal rather than DLG share price - in fact Aviva wants DLG share price to drop rather to go up, imo |
Posted at 28/11/2024 14:50 by stevensupertrader One thing for sure DLG Board cannot be trusted . This is the second time that the DLG had an approach of offer but the Board only came out after the news broke and not before . The RNS came out after the Board members bought shares at the cheap . DLG had an offer of takeover on the 19th Nov but only after over a week , it came out only yesterday that the Board rejected the offer . This clearly is dishonest and not truthful to its shareholders and clearly is not on. DLG Board cannot be trusted at all. |
Posted at 28/11/2024 07:55 by speedsgh The generous view: the DLG board's immediate rejection with refusal to engage with Aviva over the proposal is a negotiating ploy designed to achieve a better offer/outcome for DLG shareholders.The cynic's view: the DLG board are loathe to give up their recently-acquired well-remunerated jobs and will act accordingly the preserve the status quo and DLG's independence. there is no room for the consideration of shareholders on this gravy train. Take your pick! |
Posted at 10/11/2024 18:09 by wba1 I had a week off and came back to be amazed by some of the rubbish posted. DLG has been appallingly mismanaged in the past and how well the turnaround is being managed is still an open question but there are only two scenarios going forward; either the new team will turn things around or DLG will be taken out (or possibly both could happen). Either scenario implies a higher value than the current market cap. This is not complicated. DLG has ancillary assets (recovery, repair shops and smaller pieces) worth (in my estimate) circa £500m. That leaves the core business worth £1.6bn, approximately the same as Bain Capital are looking to get for Esure, which is a third of DLG's size and even worse at underwriting. It is also identical to the price Sampo paid for Hastings 4 years ago. And that is without additional value for the brandI can understand traders frothing. It must be very annoying to see a share go down when you only want to hold short term. But those of us with longer horizons (1-2 years) will be feeling comfortable and happy to add at this price. It may go down further before one of the scenarios occurs. I don't care. Just as when Ageas came in I look forward to easy money. Just a final view; I am not focused on dividends. I expect management to be conservative on dividend recovery. They need to rebuild reserve margins first. But any significant dividend increase is a bonus. |
Posted at 04/11/2024 11:32 by wba1 This is a slightly silly price so I have picked up a few more in the 160s and now average about 178. At the end of last week Insurance Times reported that Bain Capital are looking to sell Esure for £1.5 billion. DLG now has a market cap just over £2.1 billion. Esure has 2.1 million policies compared to DLG's 9 million plus. Esure has under £1 billion of GWP as against over £3 billion for DLG. DLG retention is much higher than Esures and Esure underwriting reputation in the industry is every bit as bad as DLG.If the report in Insurance Times is anywhere near the mark (and they have a good track record on industry leaks)it is exceptionally difficult to see any reason why anyone would pay £1.5 billion for Esure if the could pick up DLG for less than half that figure. The only reason may be regulatory in that Esure would not be big enough to trigger competition issues. I remain a holder and may continue to add. |
Posted at 22/10/2024 12:33 by wba1 With ncd protection the real question is what value it offers. In financial terms the premium charged for it hugely exceeds to cost to the insurer so it only offers value in terms of a back stop if you need it.The Sabre update is interesting and undoubtedly a large part of the reason for today's fall. I find it difficult to read across from Sabre to the rest of the industry. Sabre is a niche insurer whose premium rating was due, historically, to an offering focused on specialist private motor risks. It then decided to expand into taxi, motorcycle and even panels such as Saga. This was bound to hit their results and, whilst 2024 will be much improved on 2023, I am not in the least surprised that their changes in account (including much core new business which always performs worse than renewals) is causing them to be cautious. I suspect that noises about continuing inflation are just them managing the consequences of the wider strategy. DLG do have two advantages over Sabre (apart from scale, in house repair control and coming off a low performance base). Firstly they have been losing customers. This means their % of the account derived from renewals will be holding up better than Sabre. And renewals always perform better than new business. Secondly, DLG continues to have some benefit from other lines - a broader spread of risk. My view is that DLG, absent further news about past mismanagement, is better placed to improve performance than Sabre - although Sabre will declare a lower COR because they aim for a COR in the 70s whilst DLG, as a volume player, aim for a COR in the 90s. I think DLG will get their COR in the 90s whilst I will be surprised if Sabre meet their target. |
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