Direct Line Group

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For the Group's subsidiary, see Direct Line.
Direct Line Insurance Group plc
Type Public
Traded as LSEDLG
Industry Insurance
Founded February 2012[1]
Headquarters Bromley, Kent,
United Kingdom
Area served United Kingdom
Italy
Germany
Key people Mike Biggs
(Chairman)
Paul Geddes
(Chief Executive)
[2]
Products General insurance, finance
Revenue £ 3,924.6 million (2013)[3]
Operating income £ 449.6 million (2013)[3]
Net income £ 312.8 million (2013)[3]
Employees 14,400 (2014)[4]
Subsidiaries Direct Line
Churchill
Green Flag
Privilege
Brand Partners
Website www.directlinegroup.com

Direct Line Insurance Group is a leading insurance business which is listed on the London Stock Exchange. It is a constituent of the FTSE 100 Index.

History[edit]

The company was originally established in 1985 by Peter Wood and Martin Long as the insurance division of The Royal Bank of Scotland Group (RBS).[5] It was the first telephone-only insurance company in the UK.[5] In September 2012, the Group's Chief Executive, Paul Geddes, announced the business was "operating as a standalone insurance company", in advance of a future full divestment from the RBS Group.[6] The company was the subject of an initial public offering (IPO) in October 2012.[7] RBS sold a 30% share of the business in the IPO, and sold a further 17% in March 2013, reducing its holding in the business to 48.5%.[8] RBS sold a further 20% in September 2013,[9] and is due to sell the remainder of its holding during 2014.[10]

In September 2014, it was announced that Mapfre would acquire the Italian and German businesses of Direct Line for a sum of €550 million.[11]

Operations[edit]

The Group owns a number of general insurance brands operating within the United Kingdom, Italy and Germany primarily, including Direct Line, Churchill, Privilege and Green Flag.

References[edit]

  1. ^ Alex Brownsell (9 February 2012). "RBS Insurance division to rebrand as Direct Line Group". Marketing. Retrieved 3 September 2012. 
  2. ^ "Board". Direct Line Group. 2012. Retrieved 3 September 2012. 
  3. ^ a b c Preliminary Results 2013
  4. ^ "Group profile". Direct Line Group. 2012. Retrieved 16 March 2014. 
  5. ^ a b "Halifax opens fire in motor cover war". London: The Daily Telegraph. 10 January 2001. 
  6. ^ "Direct Line nears RBS separation". BBC News. 3 September 2012. Retrieved 3 September 2012. 
  7. ^ "Direct Line IPO 'priced to go' at 175p". The Telegraph. 11 October 2012. Retrieved 20 December 2012. 
  8. ^ Steve Slater (13 March 2013). "RBS races ahead with Direct Line sell-off". Reuters. Retrieved 24 June 2013. 
  9. ^ "RBS makes £630m from sale of 20% of Direct Line". BBC News. 20 September 2013. Retrieved 20 September 2013. 
  10. ^ "RBS set to make £1bn from remaining Direct Line stake". BBC News. 26 February 2014. Retrieved 26 February 2014. 
  11. ^ Spain's Mapfre to buy Direct Line's German, Italian units for $700 million. Reuters, 25 September 2014

External links[edit]