Direct Line profits slump under weight of restructuring and Ogden rate
Direct Line’s profits slumped by 12.2% in 2019 as the group incurred the first of a multi-year package of restructuring costs and strengthened reserves in response to the revised Ogden rate.
The group posted pre-tax profits of £509.7m in its preliminary full-year results, compared to £580.5m in 2018, while its combined operating ratio marginally deteriorated to 92.2% from 91.6% the
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