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Direct Line Insurance Group (DLG) investor relations material
Direct Line Insurance Group H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
2024 marked a significant turnaround with new leadership, a clear strategy, and operational improvements, including cost actions and digital initiatives.
Returned to profit with a £395m year-over-year operating profit increase and a 22pt improvement in Motor margin.
Achieved 25% premium growth to £3,732m, with Motor up 32% and Non-Motor up 11%.
Announced a recommended cash and share offer from Aviva, valuing the company at £3.7bn, with shareholder vote scheduled for March 2025 and expected completion mid-2025.
Maintained a strong solvency capital ratio of 200% before a 5.0p final dividend.
Financial highlights
Gross written premium and associated fees: £3,732m (+25% YoY); Motor: £2,700m (+32% YoY); Non-Motor: £1,032m (+11% YoY).
Ongoing operating profit reached £205m, a £395m improvement from the prior year.
Net insurance margin improved to 3.6% from -8.7% year-over-year; combined operating ratio improved by 12 points to 96.4%.
Operating return on tangible equity rose by 25 points to 10%; basic EPS 11.2p.
Investment income yield at 4.1%, up 44% due to higher rates.
Outlook and guidance
Targeting at least £100m gross run-rate cost savings by end of 2025.
Non-Motor premium CAGR targeted at 7–10% between 2023–2026.
Aiming for 13% net insurance margin in 2026, supported by business transformation.
Further performance improvement expected in 2025 as recent actions fully impact earnings.
Shareholder vote on Aviva acquisition scheduled for March 2025; expected completion mid-2025, subject to approvals.
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