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DLG Direct Line Insurance Group Plc

3.00 (1.57%)
18 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Direct Line Insurance Group Plc LSE:DLG London Ordinary Share GB00BY9D0Y18 ORD 10 10/11P
  Price Change % Change Share Price Shares Traded Last Trade
  3.00 1.57% 193.50 2,993,383 16:29:48
Bid Price Offer Price High Price Low Price Open Price
193.30 193.50 193.70 191.10 191.20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Fire, Marine, Casualty Ins 2.86B 222.9M 0.1700 11.38 2.54B
Last Trade Time Trade Type Trade Size Trade Price Currency
18:28:20 O 1,100 192.218 GBX

Direct Line Insurance (DLG) Latest News

Direct Line Insurance (DLG) Discussions and Chat

Direct Line Insurance Forums and Chat

Date Time Title Posts
10/4/202410:30DLG Moderated Thread1,429
10/4/202315:09Direct Line......2,783
05/12/201907:14Ideas Anyone?1
01/8/201801:53Direct Line (DLG) One to Watch on Wednesday -
09/11/201612:51*** Direct Line ***218

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Direct Line Insurance (DLG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-04-18 17:28:20192.221,1002,114.40O
2024-04-18 17:22:58192.105501,056.56O
2024-04-18 17:14:58192.4517,61733,904.27O
2024-04-18 17:14:55192.521,5172,920.48O
2024-04-18 17:11:43192.6522,23042,825.43O

Direct Line Insurance (DLG) Top Chat Posts

Top Posts
Posted at 18/4/2024 09:20 by Direct Line Insurance Daily Update
Direct Line Insurance Group Plc is listed in the Fire, Marine, Casualty Ins sector of the London Stock Exchange with ticker DLG. The last closing price for Direct Line Insurance was 190.50p.
Direct Line Insurance currently has 1,311,388,157 shares in issue. The market capitalisation of Direct Line Insurance is £2,537,536,084.
Direct Line Insurance has a price to earnings ratio (PE ratio) of 11.38.
This morning DLG shares opened at 191.20p
Posted at 23/3/2024 16:44 by wba1
elbruss55; what you say about pricing is true but especially in the aggregator channel. In the direct channel there is the added factor of propensity to buy which can be factored in. There are several quite sophisticated suppliers of software and models which do this. It pretty much started with Earnix 20 years ago and I know DLG used them at one time. Not sure who they use now (or if they rely on in house).

I am sorry for those who bet on an increased offer but still expect the share price to recover to close to the offer level over the next 12-18 months. I will look to get back in if the price goes to circa 190. I would probably have been happy to buy in at anything below 200 except that I used spare funds to top up Phoenix following results. My broader advice would be not to get too greedy on DLG (unless another bidder emerges). The 2024 results will be greatly improved and 2025 better still, but motor price rises have stalled and I think 2025 will be the peak profit year for the market in motor. Of course, DLG has a lot of improvement possible, not just in motor pricing but in both processes and other lines so may be better placed to manage the next downturn in the pricing cycle. But it is and will remain heavily exposed to the motor pricing cycle. Still, if it can be bought at 190 I would be happy to cash out if it reaches 235 sometime in the next 18 months.

Good luck all.

ps; elbruss55; I hold LRE (and have done so for circa 10 years without trading). I do so for its dividend record which is volatile but a high average due to periodic returns of surplus capital as specials. I am not as familiar with Conduit. Do they follow a similar approach?
Posted at 22/3/2024 11:52 by stevensupertrader
Ageas deal is off otherwise after DLG fairly decent result with dividend reinstated . Ageas knows £2.50 won’t be accepted now .
DLG share price will start to go back down as takeover no longer on the table
Posted at 17/3/2024 11:22 by huckers
Posted on the AJ Bell site.

Direct Line Insurance Group PLC suitor Ageas SA has looked to win support of its own largest shareholder, China’s Fosun, in its bid to acquire the FTSE 250-listed insurer, the Sunday Times reported.

Hans De Cuyper, chief executive of Brussels, Belgium-based Ageas, is flying to China over the weekend to meet Fosun representatives.

Fosun owns 10% of Ageas.

Sky News on Thursday reported Ageas is facing opposition from one of its own leading shareholders for the Direct Line bid. Sky reported that a top 10 investor in Ageas is canvassing the views of fellow shareholders in an attempt to halt its efforts to buy Direct Line.

Ageas on Wednesday described its fresh bid approach for Direct Line as ‘compelling217;.

De Cuyper said the improved possible offer ‘delivers substantial cash proceeds to Direct Line shareholders, whilst ensuring they benefit from the material value creation that we believe the combination of the UK businesses of Ageas and Direct Line will deliver’.

Direct Line said the latest proposal, received March 9, comprised 120 pence in cash and one new Ageas share for every 28.4 Direct Line share.

At the closing share price on March 8, the day before the proposal was received, this implied a value of 237p per Direct Line share. The offer would value all of Direct Line around £3.07 billion.

Ageas said the new offer valued each Direct Line share at 239p, as per closing share prices on Tuesday.

Direct Line announces annual results on Thursday.
Posted at 14/3/2024 10:38 by ashbox
I think the Ageas paper element of the offer must be a bit of a problem for PI's and a number of institutions and will probably act as a drag on the DLG share price versus the offer price. This is happening now with a price of circa 239p rejected versus the current 218p. What we need is someone to come in with an all cash offer!
Posted at 13/3/2024 12:00 by stevensupertrader
Ageas second attempt to bite the cherry 🍒 is not serious just 0.07b more than the 1st offer Ie about 2% more than the 1st offer with a slightly better in term of cash .
By Ageas silly 2nd offer , DLG share price will propel upwards this now making it much harder for Ageas to succeed . Definitely Ageas board is acting childish and naive .
Posted at 11/3/2024 13:39 by wba1
I can understand those leaning to giving DLG a chance to turn around, although my view is that being a near monoline personal lines operator in a highly cyclical market makes that a leap of faith. I would certainly take 270p. I cannot understand the comments about there not being other insurers with as attractive dividend prospects. Putting to one side the questions of when and at what level DLG divis will be reintroduced, it is easy to buy Aviva at a 7% yield (and I have it as well as DLG). It is interesting to use recent DLG valuations to look at Aviva.

Aviva has a current market cap of £15 billion. Looking at the different business lines;
Av has circa £3bn of UKPL compared to the £3.4bn for DLG. That suggest a value of £3bn for that business line.
Av has £3.2 bn of UKCL compared to circa £0.65bn for DLG NIG. That suggests a value of £3bn for that business line.
Av has £4.3bn of Canadian GI GWP. Worth £4bn?
Av still has international interests in China, India and Singapore worth £1.5bn?
Av Investors must be worth £1bn
Av Insurance Wealth and Retirement makes over £1bn pa in operating profit and nearer £2bn in operating value added. It must be worth £10bn plus.
Add that lot together and you get a sum of parts of £22.5bn plus - 50% ahead of current market cap (and I am being conservative by ignoring bid premiums and the value of strong market positions in both the UK and Canada.

What is the relevance to us? Firstly it demonstrates that you can invest elsewhere in the sector for a very nice yield which is strongly asset backed and in a more diversified company with a solid recent record. So there is no need to support DLG due to lack of other options. Secondly, this suggests that if Generali are looking for prey then it will not be Aviva as the price would be much too high for their firepower. That pushes Ageas up their target list and makes a deal for Ageas with DLG an even higher priority than otherwise.
Posted at 09/3/2024 13:55 by pete160
Without the bid hopes previously and the bid interest now, the dlg share price would be nearer 125p and the prospects of any firm of divi being reinstated still 12 months away whilst the new boy kitchen sinks everything related to the previous, completely inept, management team.
Posted at 06/3/2024 16:43 by elbrus55
The most positive thing I can see is that the Ageas share price is holding up well.It suggest that their shareholders are happy with the potential acquisition.Note the ageas will require support from the Belgian regulator, UK regulator, UK competition authority, their own shareholder, DLG shareholders and their lenders to go ahead.It is a lot of hurdles!The market appears to be pricing in about a 50/50 chance of this going through. (The share price is about half way between a 'walk away' price of 170p and a realistic acquisition price of 270p)..
Posted at 28/2/2024 18:03 by wba1
It is worth looking in a bit more detail at the synergies;

The two companies (DLG and Ageas) have circa 13000 UK employees. I cannot believe a 10% reduction is not possible.
DLG bring various capabilities not present in Ageas UK which can be exploited;
- body shops and other repair capabilities
- rescue, which can replace/xsell to Ageas customers
- Darwin as a test bed
DLG brings scale which, added to Ageas existing business, should shave costs for external factors such as reinsurance
It should be possible to merge some activities and products onto common systems.
Pricing analysis should ensure reduction of lost premium where DLG and Ageas compete.
DLG's database is both bigger than that of Ageas and brings data in areas where Ageas will lack data and expertise. Similarly, Ageas will also bring some data expertise in areas such as RIAS.
The distribution capabilities are complementary. It may be possible to rebuild a broker commercial operation using DLG brands off the back of Ageas CL knowledge and broker base. Alternatively, the NIG knowledge held in DLG will benefit Ageas (even if the sale of NIG makes that a benefit they will deny).
Ageas is international and most overseas markets are much less developed in direct distribution (and in pricing techniques). If Ageas wish they can transfer DLG expertise to other subsidiaries.

These would just be my starting points. In any situation like this the starting point in data rooms will be reserve strength. Future reserve releases can be a big part of a valuation. I am assuming that, after recent strengthening, this will turn out to be in line with usual expectations.
Posted at 01/12/2023 12:28 by wba1
Hmmm. Whilst I agree with the value the DLG share price offers I wonder what they pay these analysts. Rhea Shah has no evidence for claiming above market pricing. The only thing which supports such a statement is the emergence of a COR better than the market which I expect but is not in the figures as yet. I assume she is looking at one of the price engines (not the aggregators) used by companies to track pricing. The issue with doing this is that it looks at a basket of risks (many thousands) and it means nothing that your pricing is above the market if the biggest gap is for risks you do not win. Only risks where you get the business matter. Similarly volume growth in 2024 is yet to be seen (assuming she is referring to customer numbers rather than GWP, which is already baked in).
But having had my say on idiots from banks I am happy to repeat my view that the emerging numbers at half year and Q3 do support a value over 200p. To go up to the 300p level seen so recently will require management to show they have cured their pricing and claims problems (ie replaced those responsible for under pricing and under reserving, not just filling the holes they created) rather than just riding the market recovery and have a plan in place to drive growth outside of the retail motor market.
Direct Line Insurance share price data is direct from the London Stock Exchange

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