DLG takes Ogden profit hit
Broker business NIG "stabilising” and direct commercial grows GWP but adjusted discount rate takes a chunk from group profits.
Direct Line Group has reported operating profit on ongoing operations of £403.5m for the full year 2016.
This compares to £520.7m in 2015.
However, DLG noted that without the Ogden discount rate reductions it made following the rate being cut to -0.75% it would have recorded profits of £578.6m.
The combined operating ratio from ongoing operations was 97.7%.
Adjusted for normal weather and before the Ogden discount rate change, the combined operating ratio was 93.5%, towards the lower end of its
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