The United Kingdom's largest insurance provider for homes and automobiles, Direct Line Insurance Group, said that weather events in the country prevented the lowering of investment returns. According to the insurance firm's reports, Direct Line's profits during the first half of the year increased by 28%.
The company, based in Bromley, England, registered over GBP286 million in the first half ending in June 30. This figure was above last year's midyear profit of GBP224 million. The latest operation profit beat analyst expectations, according to Bloomberg. Return from investments lowered by 33% to GBP97.5 million.
According the Direct Line Insurance Group's spokesperson, the company grew across the board, posting great improvements in all of its strategic priorities. "The group has continued to prioritise underwriting margin over volume growth, whilst reflecting positive claims trends within pricing where appropriate," the spokesperson said.
Direct Line Insurance Group became independent from the Royal Bank of Scotland Group in 2012. Presently, the insurance firm is 49% owned by the RBS.
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