British motor insurer Direct Line Group has reported operating profit of £131.2m for the third quarter of 2013, with an increase of 6.1% compared to £123.7m during the same period earlier year.
The company said that the 6.1% increase in the third quarter operating profit reflects stable underwriting profit together with increased net investment gains.
For the nine months ended on 30 September 2013, its operating profit stood at £417.8m, up by 20.1% against £347.9m, during the corresponding period last fiscal.
Gross written premium was 4.3% lower for the first nine months of 2013, reflecting competitive market conditions in UK personal lines, partially offset by growth in International and Commercial.
Commenting on the financial result, Direct Line Group CEO Paul Geddes said these are good results in competitive markets, with a 20% improvement in operating profit; a 95.4% combined operating ratio and a return on tangible equity of 16.8%.
"Even after allowing for normal weather losses, our performance proves we are delivering our self-help agenda and making good progress towards our strategic targets," Geddes added.
Direct Line Insurance Group, an associate of The Royal Bank of Scotland Group, is one of the largest retail general insurers in the UK and delivers motor, home, rescue, pet, travel and commercial products and services.
