PPI scandal: Supreme Court case could ‘open door’ for hundreds-of-thousands of new claims for UK banks January 12, 2023 British banks could face a new wave of payment protection insurance (PPI) claims following a hearing at the UK’s Supreme Court. The Supreme Court will decide whether to expand the reach of a six-year time limit to let thousands more PPI claims be heard in UK courts. PPI policies cover the costs of debt repayments [...]
Direct Line shares plummet after insurer scraps 2022 dividend January 11, 2023 Shares in Direct Line plummeted today after the insurer said it expects to scrap its 2022 dividend due to facing a “challenging and volatile operating environment in the fourth quarter”. The insurance company said its board “no longer expects to declare a final dividend for 2022” due to it facing a series of challenges related [...]
Direct Line’s premiums slump amid challenging market backdrop November 8, 2022 Direct Line’s adjusted gross premiums have slumped slightly against a challenging market backdrop. In the nine months ended 30 September, the insurer’s total group premiums were £2.3bn – down 3.5 per cent on last year’s levels. Its Motor and Home markets went down 8.9 per cent and 10.1 per cent respectively, while Direct Line delivered [...]
Insurers grapple with transition to a greener world August 10, 2022 Last week, a coalition of thirteen of the UK’s major insurers vowed to cut their supply chain emissions as part of the Sustainable Markets Initiative’s (SMI’s) sustainable supply chain pledge. In signing the SMI pledge, the 13 insurers and brokers – including Axa, Phoenix, Lloyd’s, and Direct Line – vowed to work with their suppliers [...]
Direct Line Insurance reports lower profit amid rising inflation and uncertain economic conditions August 2, 2022 Direct Line Insurance Group reported lower profits for the first half of 2022 as rising inflation and a gloomy market outlook impacted performance. The insurance company had a 47 per cent drop in operating profit to £195.5m from the first half of 2021 as it dealt with “challenging” market conditions and tighter FCA regulations. Profit [...]
Direct Line takes financial hit from watchdog’s new ‘price walking’ ban May 4, 2022 Insurance company Direct Line has said its Q1 performance was “broadly in line with expectations,” after the FCA’s new pricing practice reforms hit its bottom line. The Bromley based firm said its overall premiums were 2.4 per cent lower in Q1 2022 than in the first quarter of last year, as revenues dropped across its [...]
Direct Line profits suffer as insurance giant weathers ‘challenging market’ March 8, 2022 Insurer Direct Line reported humble growth this morning as the group feels the sting of inflation. Whilst operating profit increased to £582m, driven by an increase in underwriting, its profit before tax of £446m was £5.4m lower than 2020. The focus seemed to be on cost cutting for Direct Line; the firm reduced its operating [...]
Fewer car sales and new drivers hits brakes on Direct Line growth May 5, 2021 Insurer Direct Line today said that low levels of new car sales and fewer new drivers led to deflationary market conditions during the first quarter. The firm’s total group premiums fell 4.7 per cent year-on-year to £752.3m, with motor premiums plummeting 10.6 per cent to £367.3m. Elsewhere, Direct Line continued to deliver growth in its [...]
Direct Line profit slumps as major costs hit home insurance division March 8, 2021 Direct Line saw profit drop in 2020 as weather-related costs in its home insurance line offset a strong performance in its motor business. The firm said operating profit fell 4.5 per cent to £522m, while pre-tax profit plummeted 11.4 per cent to £451m. Weather costs increased to £43m from £6m in 2019, while gross written [...]
Direct Line premiums stabilise as insurance market climbs back November 10, 2020 Direct Line today posted flat trading for the third quarter as shopping habits began to recover after a decline sparked by the coronavirus outbreak. The insurance group said its total written premiums slipped a marginal 0.8 per cent to £851.5m in the three months to the end of September. The performance was primarily driven by [...]