Direct Line reports 25% jump in profit
Direct Line Group, the insurance arm of Royal Bank of Scotland, has reported an operating profit of £84m for the first three months of 2012.
This is a 25% improvement on the same quarter of 2011, when profits stood at £67m.
Combined operating ratio also improved by 1% to 106% for Q1 2012, something the business attributed to lower claims “offset by higher expenses and commissions payable”.
The insurer reported a “stable” gross written premium (GWP) of £1.05bn for the first three months of the year, up by just under 1% from £1.04bn reported in the same period of 2011.
Direct Line Group’s total income fell by 13% between Q1 2011 and Q1
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