By Ian Walker
LONDON--Direct Line Insurance Group PLC (DLG.LN) Tuesday reported a 4.5% rise in gross written premiums for the third quarter of the year, and backed its combined operating ratio guidance.
The company, which provides a range of insurance products, said it still expects the combined operating ratio at the lower end of the 93% to 95% range for the year, assuming a normal level of weather claims. For the first half of the year the combined operating ratio was 89.6%. The combined ratio is a measure of profitability used by an insurance company to indicate how well it is performing in its daily operations.
Gross written premiums in the third quarter rose to882.9 million pounds ($1.1 billion), compared with GBP844.5 million for the same period a year earlier, making GBP2.5 billion for the whole nine months, up from GBP2.4 billion a year earlier.
Motor premiums, the company's largest area that covers nearly half of the group total, rose 11% in the quarter to GBP431.5 million, taking the total for the nine months to GBP1.1 billion.
Write to Ian Walker at email@example.com; @IanWalk40289749
(END) Dow Jones Newswires
November 08, 2016 02:44 ET (07:44 GMT)
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