November 20, 2019 / 5:44 PM / 24 days ago

CORRECTED-Insurer Direct Line reports fall in policies; aims to cut costs in medium term

(Fixes comparison in second paragraph)

Nov 20 (Reuters) - Britain’s biggest motor insurer Direct Line laid out new medium-term targets on Wednesday, including a plan to cut expenses by more than 50 million pounds ($64.59 million), after it reported fewer number of policies in the third quarter.

The owner of Churchill and Privilege brands aims to cut its operating expenses before amortisation and depreciation to below 590 million pounds by 2021 from 644 million pounds last year.

The plans, under Penny James who took on the top job this year, come as the company reported a 2.3% fall in number of policies in force to 14,837 for the three months ended Sept. 30, as it struggled to keep up with competitive pricing offered by smaller rivals. ($1 = 0.7741 pounds) (Reporting by Muvija M in Bengaluru; Editing by Rashmi Aich)

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