Winslow responds as DLG officially agrees £3.7bn sale to Aviva

Direct Line Group (DLG) chief executive Adam Winslow has responded to Aviva reaching an agreement to acquire his firm.

Winslow left Aviva, where he was most recently chief executive of UKGI, to join DLG as its top boss in March 2024.

Since joining DLG, he has put in place a strategy to turnaround the insurer, with it having recorded an operating loss from its ongoing operations of £189.5m in the 12 months to 31 December 2023.

Among plans include removing at least £100m of costs by the end of 2025 on a run-rate annualised basis.

Winslow also oversaw the launch of the insurer’s signature brand, Direct Line, on price comparison websites (PCWs) for motor business.

While his standalone strategy has seen early strategic progress, it was confirmed today (23 December 2024) that Aviva had reached an agreement to buy DLG for £3.7bn.

Winslow said that while DLG “made fast progress on its turnaround strategy”, 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.”

Aviva’s response to deal

Meanwhile, Aviva said acquiring DLG would create a “leading UK personal lines franchise” and would help accelerate its capital-light strategy.

It also felt the deal would deliver better outcomes for customers, with the combined business providing more competitive pricing, faster claims payments, a comprehensive range of products and services and advanced digital capabilities.

Aviva chief executive Amanda Blanc said: “The financial strength and scale of the combined group means customers will benefit from competitive pricing, an enhanced claims experience and even better service.

“The acquisition of DLG by Aviva will bring together a number of the UK’s leading brands in a more efficient business, which is very well positioned to generate strong returns for all shareholders.”