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Direct Line premiums fall in Q1 as fewer car sales, new drivers dent motor business
StockMarketWire.com
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Insurance company Direct Line reported a fall in premiums in the first quarter of the year, paced by a decline motor premiums on fewer new car sales and new drivers entering the market.
For the first quarter, gross premiums fell 4.7% to £752.3 million year-on-year, with motor down 10.6%, while home grew 1.8% and commercial was up 16.1%.
Looking ahead, the company touted 'encouraging' early indications suggest that motor market premiums stabilised during April.
The company reiterated its target of achieving a combined operating ratio in the range of 93% to 95%, normalised for weather, in 2021 and over the medium term.
'We are on track to maintain the contribution from current-year operating profit at more than half of total operating profit during 2021,' it added.
Story provided by StockMarketWire.com
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