14th November 2021
Penny James, ceo, comments:
“We are pleased with our Q3 2021 trading performance. During the quarter, our direct own brand policy count grew overall
while stabilising in Motor.
We have made strong progress in executing our strategy and have begun to see improved pricing competitiveness in
Motor as a result of the capability delivered by our new platform. We have also successfully launched an electric vehicle proposition for our Direct Line brand, which helps make the switch to electric easier for our customers and builds on our expertise in this growing market.
We are also on track to implement the FCA's new pricing practices regulations at the start of next year. Whilst market pricing in the first few months of 2022 is likely to be volatile as the market resets, our brands, customer focus and diversified business model mean we remain confident.
Our transformation progress, delivery of new propositions and improved competitiveness, combined with our focus on
disciplined underwriting, mean we are well placed as we look ahead and we reiterate our combined operating ratio target
of 93% to 95% over the medium term."
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