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    DLG   GB00BY9D0Y18

DIRECT LINE INSURANCE GROUP PLC

(DLG)
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Direct Line Insurance : Group to partner with Motability Operations Ltd

07/22/2021 | 04:08am EDT

Direct Line Insurance Group plc ('Direct Line Group') announces that it is to enter into a new partnership with Motability Operations Ltd ('Motability Operations') to provide insurance to the Motability Scheme, supporting its more than 600,000 customers.

This partnership is expected to grow Direct Line Group's Motor customer base by approximately 15% to over 4.5 million, adding further scale to Direct Line Group's leading claims management service. This allows Motability Operations' customers to benefit from the investments Direct Line Group has made in vehicle repair and customer service, including its strong digital capabilities. Together with top quartile indemnity control, Direct Line Group will support Motability Operations' objective to provide market leading customer experience and value.

The new arrangements are expected to take effect in approximately 18 months and be for 10 years. The Scheme's Gross Written Premium is approximately £500m per annum and, similar to Motability Operations' current structure, Direct Line Group will reinsure 80% of the risk back to Motability Operations via Motability Operations' reinsurance captive.

Penny James, Chief Executive Officer at Direct Line Group, said:

'I am delighted that we are partnering with Motability Operations whose work so aligns with our purpose of helping people carry on with their lives, giving them peace of mind now and in the future. Our digital capabilities and strength in vehicle repair, combined with Motability Operations' fleet of modern vehicles, means together we are ideally placed to deliver a first-class service at a time of rapidly changing motor technology. We look forward to welcoming the colleagues from Liverpool who will be joining us to deliver that exemplary customer experience.'

Andrew Miller, Chief Executive Officer at Motability Operations, said:

'As well as future-proofing our service, the new insurance proposition will offer the potential to grow the Scheme and provide increased flexibility to customers. We are confident these arrangements with DLG position us well to support the continued delivery of worry-free motoring and value for money to our customers.'

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. The person responsible for arranging the release of this announcement on behalf of Direct Line Insurance Group plc is Neil Manser, Chief Financial Officer.

For further information, please contact:

Nicole Boahene Asomah

Corporate Communications Executive

Mobile: 07583 860 856

Email: [email protected]

Direct Line Insurance Group plc

Direct Line Group is headquartered in Bromley. Through its number of well-known brands the Group offers a wide range of general insurance products to consumers. These brands include Direct Line, Churchill and Privilege. The Group also provides insurance services for third parties through its partnership's division, Direct Line Group Partnerships. In the commercial sector, the Group's NIG and Direct Line for Business operations offer insurance products for businesses distributed through brokers or direct, respectively.

Disclaimer

Direct Line Insurance Group plc published this content on 22 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2021 08:07:07 UTC.


ę Publicnow 2021
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Financials
Sales 2021 3 065 M 4 212 M 4 212 M
Net income 2021 345 M 474 M 474 M
Net Debt 2021 - - -
P/E ratio 2021 11,7x
Yield 2021 8,31%
Capitalization 3 918 M 5 381 M 5 384 M
Capi. / Sales 2021 1,28x
Capi. / Sales 2022 1,22x
Nbr of Employees 10 807
Free-Float 98,3%
Chart DIRECT LINE INSURANCE GROUP PLC
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Direct Line Insurance Group plc Technical Analysis Chart | DLG | GB00BY9D0Y18 | MarketScreener
Technical analysis trends DIRECT LINE INSURANCE GROUP PLC
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 294,60 GBX
Average target price 363,89 GBX
Spread / Average Target 23,5%
EPS Revisions
Managers and Directors
Penelope Jane James Chief Executive Officer & Executive Director
Neil David Manser Chief Financial Officer & Executive Director
Danuta Gray Chairman
Steven Maddock Chief Operating Officer
Sebastian Richard Edward James Independent Non-Executive Director
Sector and Competitors