Interim Management Statement for Direct Line Insurance Group plc
Results for the first quarter to 31 March 2013
3 May 2013
Direct Line Group's Interim Management Statement relates to the first quarter ended 31 March 2013 and contains information to the date of publication.
Financial highlights
| Operating profit from ongoing operations of £107.5 million for the first quarter 2013, up 32.9% (first quarter 2012: £80.9 million) | |
| Gross written premium for ongoing operations 4.5% lower reflecting competitive market conditions in UK personal lines, partially offset by growth in International | |
| Combined operating ratio for ongoing operations of 98.0% for the first quarter 2013, an improvement of 6.5 percentage points against the first quarter 2012 (104.5%) driven by continued prior year reserve releases and lower claims from weather events | |
| Annualised return on tangible equity from ongoing operations of 12.3% for the first quarter 2013 (first quarter 2012: 7.7%; pro forma full year 2012: 13.4%) | |
| Net asset value per share of 195.3 pence and tangible net asset value per share of 166.0 pence (31 December 2012: 189.1 pence and 161.0 pence, respectively). Tangible net asset value per share of 158.0 pence after deducting the 2012 final dividend of 8 pence per share |
