8th Mar 2021 10:28
(Alliance News) - Direct Line Insurance Group PLC on Monday hiked its payout for 2020 despite a decrease in earnings.
The London-based insurance company said gross written premium for 2020 totalled GBP3.18 billion, down 0.7% from GBP3.20 billion reported for 2019.
Pretax profit fell by 11% year-on-year to GBP451.4 million.
Direct Line proposed a final dividend of 14.7 pence for 2020. The 2019 final dividend of 14.4p was subsequently cancelled and paid as a special interim dividend in 2020.
The company also launched a share buyback programme of up to GBP100 million, with an initial tranche of up to GBP50 million expected to be completed by the time of the half-year results.
"Despite the many challenges we faced in the year as a result of the Covid-19 pandemic, we traded well and prioritised support for our customers, our people and local communities," said Chief Executive Penny James.
"Turning to the year ahead, we feel confident that we can build on the momentum we've created and become a tech and data driven insurance company of the future with our customers at its heart," added James.
Direct Line shares were trading 2.1% lower in London on Monday at 313.60p each.
By Evelina Grecenko; [email protected]
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