Full Year Results 

Direct Line announces £150m share buyback

Direct Line announces £150m share buyback

The impact of changes to the Ogden discount rate, used to calculate compensation to accident victims, may have reduced Direct Line’s (DLG) underwriting profits last year, but an improvement in attritional losses meant that result came in ahead of consensus expectations. The combined operating ratio – calculated as claims costs as a proportion of premium income – of 92.2 per cent was better than the 93.1 per cent anticipated by market analysts.

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