Direct Line Group doubled its motor gross written premiums (GWP) in the third quarter of 2023, increasing by 115.4% to £826.8 million.
The company attributed this substantial rise towards an improved approach to pricing.
DLG’s home division also witnessed growth, rising 3.9% to £144.4 million. DLG’s rescue and other personal lines division decreased by 3.3%, sitting at £76.2 million., while commercial direct own brands rose by 8.2% to £63 million.
Meanwhile, for the first nine months of 2023, motor GWP rose by 45.4% to £1,585.5. At the same time, the company’s home division came in at £397.1 million for the same period, representing a 2% rise from last year.
Jon Greenwood, Acting CEO of Direct Line Group, said: “Throughout Q3 we have continued to address our three key priorities: to restore our capital resilience, improve our performance in Motor and maintain our performance in our other businesses.
“The sale of our brokered commercial business to RSA Insurance Limited strengthens our business strategically and
financially. In Motor, we can see the pricing actions we have taken come through in strong premium growth during the quarter and we believe we are writing profitably, consistent with a 10% net insurance margin. At the same time, we have continued to progress our strategic agenda, launching Direct Line Essentials in Motor, which improves our competitiveness in the direct market, and we have welcomed around 725,000 Motability customers.
“We are confident that the decisive actions we are taking sets the Group up for improved performance going forward.”
