Direct Line Insurance Group PLC (OTCPK:DIISF)
$ 2.44 0 (0%) Market Cap: 3.18 Bil Enterprise Value: 1.46 Bil PE Ratio: 12.04 PB Ratio: 1.02 GF Score: 62/100

Full Year 2022 Direct Line Insurance Group PLC Earnings Call Transcript

Mar 13, 2023 / 11:30AM GMT
Release Date Price: $2.22
Jonathan Paul Greenwood
Direct Line Insurance Group plc - Acting CEO

Good morning, and thank you, everyone, for joining us this morning. I think many of you know me already, but for those of you that don't, I'm Jon Greenwood, I'm the acting CEO. By way of background, I spent my career in U.K. General Insurance working for a number of firms. But for the last 22 years, I've been at Direct Line. Until late last year, I was the Managing Director of our Commercial Insurance division. And prior to that, I held a number of positions including Managing Director of Home, Pet and Travel, and prior to that, Director of Products and Pricing.

Turning first slide. The group did not perform well in 2022. Market conditions were challenging with high claims inflation and significant FCA pricing reforms, but we did not do a good enough job of navigating those challenges. Exceptional weather and challenging investment markets also created headwinds. Motor, in particular, was affected by high claims inflation, which remained ahead of our expectations throughout the year. In combination with other factors, including

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