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Motor insurer Direct Line posts 5% reduction in Q1 premiums

By Reuters

LONDON (Reuters) – Direct Line reported a 4.7% fall in gross written premiums in the first quarter, pressured by low levels of new car sales and fewer new drivers, the British motor and home insurer said on Wednesday.

Premiums fell to 752 million pounds ($1.04 billion), of which 521 million were through direct brands, the insurer said in a statement.

In addition to the Direct Line brand, the insurer’s brands include Churchill, Darwin and Privilege as well as Green Flag rescue policies. Direct Line also sells insurance through partnerships.

($1 = 0.7197 pounds)

(Reporting by Carolyn Cohn; editing by John O’Donnell)