UPDATE 2-UK insurer Direct Line to rein in costs as competition intensifies [Reuters]
DIRECT LINE UNSP/ADR (DIISY)
NASDAQ:AMEX Investor Relations:
directlinegroup.com/investors.aspx
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Source: Reuters
UPDATE 2-UK insurer Direct Line to rein in costs as competition intensifies - Reuters 3 Min Read * Q3 number of policies in force dips * Gross written premiums sees slight rise * Industry bogged down by stiff competition, regulations (Adds CEO comments) By Muvija M Nov 20 (Reuters) - Direct Line Insurance Group Plc on Wednesday laid out a plan to cut expenses and bolster digital presence as Britain’s biggest motor insurer looks to thrive in an industry plagued by stagnant prices and stinging competition. The plans, under Penny James who took on the top job this year, follow a 2.3% fall in number of policies in force to 14,837 for the three months ended Sept. 30. That underlined the company’s struggles to keep up with competitive pricing offered by smaller rivals, although gross written premiums saw a 0.4% rise to 858 million pounds ($1.11 billion). “We always put our view of claims inflation through our premium numbers. Our prices always go up including what we think claims inflation
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