Reuters logo
6 months ago
BRIEF-Direct Line posts 2016 operating profit of 403.5 mln stg
March 7, 2017 / 7:09 AM / 6 months ago

BRIEF-Direct Line posts 2016 operating profit of 403.5 mln stg

March 7 (Reuters) - Direct Line Insurance Group Plc

* Fy pretax profit 353 million stg

* Final dividend up 5.4 percent to 9.7 penceper share

* Total dividend 14.6 penceper share

* Gross written premium for ongoing operations 1,2 up 3.9% to £3,274.1m (2015: £3,152.4m

* 2016 results reflect one-off impact of using new ogden discount rate of minus 0.75%

* Operating profit from ongoing operations of £403.5m

* (pre-ogden discount rate reduction 3 : £578.6m; 2015: £520.7m)

* Profit before tax of £353.0m (pre-ogden 3 : £570.3m; 2015: £507.5m)

* Return on tangible equity 1, 2 of 14.2%, (pre-ogden 3 : 20.2%; 2015: 18.5%)

* Adjusted for normal weather and before ogden discount rate change, combined operating ratio was 93.5%, towards lower end of target range of 93% to 95%

* 5.4% increase in final dividend per share to 9.7 pence per share, (2015: 9.2 pence)

* Total dividends per share for 2016, including special interim dividend of 10.0 pence per share paid in september 2016 following approval of group's partial internal model, of 24.6 pence per share (2015: 50.1 pence)

* Group's estimated solvency ii capital coverage ratio 4 post dividend is 165%, above middle of group's risk appetite range of 140% - 180% (pre-dividend: 174%)

* Partnership with psa peugeot citroën for telematics extended for 4 more years

* Received approval from prudential regulation authority to use group's solvency ii partial internal model

* Target a 93-95% combined operating ratio in 2017 Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below