Direct Line Group shares fall off a cliff as it scraps dividend for 2022
Direct Line CEO Penny James has announced that the board "no longer expects to declare a final dividend for 2022" after a significant increase in claims as a result of the prolonged period of severe cold weather in December, causing its shares to crash.
In it’s latest trading update, James said the market saw a “volatile and challenging operating environment” in the fourth quarter of 2022.
James said in the trading update that DLG had so far helped
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