Direct Line Insurance Group plc declare a dividend of 2.0 pence per share (£26 million).
Other financial highlights include:
The dividend is scheduled to be paid on 11 October 2024 to shareholders on the register on 13 September 2024. The ex-dividend date will be 12 September 2024.
- Gross written premiums and associated fees growth of 53.5%, largely as a result of the Motability partnership which began in September 2023. Excluding Motability, growth of 11.4%, supported by rating action across Motor, Home, Commercial Direct and Rescue.
- In-force policies were 3.1% lower (Motor, 4.8%; Non-Motor, 1.6%) across the first half of 2024 reflecting trading discipline. Across the own brand portfolio Motor was 7.5% lower, while Non-Motor delivered an increase of 0.2%.
- Net insurance margin of 1.8% as a result of a strong margin of 11.6% in Non-Motor, partially offset by a negative 3.0% net insurance margin in Motor, which was impacted by the continued earn through of policies written in H1 2023. Motor written margins estimated to have remained above 10% net insurance margin during the first half of 2024.
- The combination of an improved result in Motor and strong margins in Non-Motor, delivered an ongoing operating profit in the first half of £64 million, £157 million ahead of prior year.
- Group profit before tax increased to £62 million, £138 million ahead of prior year.
