Winslow ‘likely to be comforted by package worth millions’ after Aviva/DLG deal

Direct Line Group (DLG) chief executive Adam Winslow could reportedly be set for a package worth millions of pounds after Aviva agreed to purchase the insurer.

The two firms announced that they had agreed on the terms of a cash and share offer in December 2024.

The deal comes following Winslow putting in place a strategy to turnaround DLG, with it having recorded an operating loss from its ongoing operations of £189.5m in the 12 months to 31 December 2023.

Winslow, who worked for Aviva chief executive Amanda Blanc before joining DLG in March 2024, had plans to remove at least £100m of costs by the end of 2025 on a run-rate annualised basis.

While a takeover deprives him of the chance to execute a turnaround, “he is likely to be comforted by a package worth millions of pounds”, according to This is Money.

A source close to the deal also told the publication that there was “no need for two management teams”.

Annual savings

In a statement, Aviva said that it aims to save £125m annually in pre-tax costs within three years of the deal being completed.

The insurer said that it expected this to be achieved through a reduction in overlapping roles across the combined group.

Winslow said that bringing DLG and Aviva together “offers the opportunity to create a strengthened and enlarged business”.

“Both organisations share a deep passion for serving customers and for supporting their people,” he added.

“In a highly competitive UK general insurance marketplace, the combined entity will be very well placed to deliver for its customers.

“I am proud of what DLG has achieved to date and this offer will enable the business to continue to succeed as part of a combined group with Aviva.”