Direct Line's earned premiums grew by 34% to £1,408m for 2001, it was reported today.
The results came as its parent company, Royal Bank of Scotland group, announced its profit before tax grew by 3 ...
Direct Line's earned premiums grew by 34% to £1,408m for 2001, it was reported today.
The results came as its parent company, Royal Bank of Scotland group, announced its profit before tax grew by 32% to £5,801m for last year.
Direct Line's contribution to the group's result increased by 30% to £261m.
Direct Line's finance director Steve Clarke said the direct insurer had been helped by record low levels of motor claims and relatively benign weather.
He told Insurance Times: "It's an excellent set of results.
"I'd like to think it's a market leading performance."
Direct Line launched operations in Germany and Italy in September and last month announced it was buying Royal & SunAlliance's direct motor insurance division in Italy.
That deal made Direct Line Italy¹s second largest direct insurer, with more than 300,000 customers. It also has operations in Spain and Japan.
Clarke said the company was now concentrating on consolidating its international businesses.
He said: "We've got a lot of work to do to reach critical mass in those territories."
