Direct Line gross written premiums grow in Q3

Insurance company Direct Line said on Tuesday that gross written premiums had grown in the three months ended 30 September, driven by premium rate increases and the commencement of its Motability partnership.

Direct Line said total group gross written premiums were up 58.9% year-on-year at £1.28m in the third quarter of the year and 27.4% year-to-date at £2.96m.

Gross written premiums were up 115.4% year-on-year at £826.8m in its motor division, while home gross written premiums were 3.9% higher against the previous period at £144.4m.

In-force policies were up 4.9% year-on-year in Q3 at 9,518, including around 725,000 Motability customers.

Acting chief executive Jon Greenwood 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.

"We are confident that the decisive actions we are taking sets the group up for improved performance going forward."

As of 0920 GMT, Direct Line shares were up 4.44% at 164.75p.

Reporting by Iain Gilbert at Sharecast.com