Half Year Results 

Direct Line battles rate pressure

Direct Line battles rate pressure

Lower investment returns and efforts to strengthen reserves pulled Direct Line’s (DLG) operating profit down a tenth during the first half of 2019, offsetting the benefits of more benign weather conditions and reduced operating expenses. The insurer also booked a £17m charge for the reduction in the Ogden rate – used to calculate how much compensation accident victims should receive – to -0.25 per cent, which added 1.1 percentage points to the combined operating ratio.

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