Direct insurer Direct Line increased its total income by 46% from £679m to £989m in the six months to June 30.
After reinsurance, which took a £226m chunk from its results, the insurer's premium in ...
Direct insurer Direct Line increased its total income by 46% from £679m to £989m in the six months to June 30.
After reinsurance, which took a £226m chunk from its results, the insurer's premium income was up 47% to £885m.
The company said the growth was due to an increase in its UK motor insurance market. Since December 2001, the company has gained 360,000 new customers. It now has 4.38m motor customers, while the number of UK home insurance policies increased from the same period by 190,000 to 1.55m at June 2002.
Its combined operating ratio for UK business was 89.1%. The company also holds £1.78bn in reserves.
Net claims, after reinsurance, increased by 53% from £221m to £639m.
The company also said its acquisition of Royal & SunAlliance's direct motor insurance operation in Italy is expected to be completed by the end of 2002.
