Direct Line Insurance Group (DLG) Q3 2024 TU earnings summary

Executive summary

• Achieved double-digit year-on-year premium growth in Motor, Home, and Commercial Direct, with ongoing operational turnaround efforts underway.

• Strategic initiatives include cost savings, technology rationalisation, and leadership team refresh to drive future profitability.

• Gross written premium and associated fees from ongoing operations grew 11.8% year-on-year, with Motor up 11.4% and Non-Motor up 12.9%.

Financial highlights

• Gross written premium and associated fees for ongoing operations reached £2,543.6m for the first nine months of 2024, up 11.8% year-on-year.

• Motor own brands premium grew 2.9% year-on-year; Home own brands premium rose 21.6% year-on-year.

• In-force policies for ongoing operations declined 3.9% since December 2023, totaling 8,975,000 at 30 September 2024.

• Commercial Direct premiums increased 11.8% year-on-year; Rescue premiums up 0.7% year-on-year.

Outlook and guidance

• Targeting 7% to 10% CAGR in gross written premium and associated fees in Non-Motor between 2023 and 2026.

• Reiterated net insurance margin target for ongoing operations, normalised for event weather, of 13% in 2026.