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Annual Report & Accounts 2017

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Annual Report & Accounts 2017 Annual Report & Accounts 2017 Direct Line Insurance Group plc Annual Report & Accounts 2017 A year of strong progress Contents Paul Geddes, CEO of Direct Line Group, commented: “2017 is the fifth successive year in which we have Strategic report delivered a strong financial performance. We have 1 Group highlights seen significant growth in our direct own brand policies 2 Our investment case as more customers respond positively to the many 4 Group at a glance improvements we have made to the business. This 6 Business model success has resulted in our proposing an increase in the final dividend by 40.2% to 13.6 pence, bringing the 8 Chairman’s statement total ordinary dividend to 20.4 pence and declaring a 10 Chief Executive Officer’s review special dividend of 15.0 pence. This amounts to a cash 12 Market overview return of £486 million to shareholders. 14 Our strategy 20 Our key performance indicators “At half year we refreshed our medium-term targets 22 Risk management and our results show we’ve been delivering on our 26 Corporate social responsibility management priorities to maintain revenue growth, 30 Operating review reduce expense and commission ratios and deliver 34 Finance review underwriting and pricing excellence. Governance “Looking to the future, this success enables us to continue investing in our technology and customer experience, 44 Chairman’s introduction supporting our plans to grow the business whilst 46 Board of Directors improving efficiency. Together with our track record of 48 Executive Committee delivery, these give us the confidence to continue to 49 Corporate governance report target a combined operating ratio of 93% to 95% over 61 Committee reports the medium term.” 74 Directors’ remuneration report 100 Directors’ report Financial statements 104 Contents 105 Independent Auditor’s report 112 Consolidated financial statements 117 Notes to the consolidated financial statements 164 Parent Company financial statements 167 Notes to the Parent Company financial statements Other information 172 Additional information 174 Glossary and appendices 180 Forward-looking statements disclaimer Watch CEO, Paul Geddes comment 181 Contact information on the 2017 results www.directlinegroup.co.uk/investors Group highlights Strategic report Our strong performance reflects our success in satisfying customers and a focus on profitability and returns Governance • Strong growth in direct own brands1 premiums and in-force policies up 9.3% and 5.3% respectively, driven again by continued Direct Line momentum in Motor • Operating profit from Ongoing operations of £610.9 million (2016: £403.5 million), primarily due to the non-repeat of the Ogden discount rate change which was reflected Financial statements in 2016’s results. Profit before tax of £539.0 million (2016: £353.0 million) • Reported expense ratio in line with 2016. Excluding non-cash intangible assets impairment of £56.9 million (2016: £39.3 million), underlying expense ratio improved 0.5 percentage points to 23.5% • Combined operating ratio2 from Ongoing operations of 91.8% (2016: 97.7%) reflecting strong Motor and Commercial performance, including from prior-year reserve releases. Adjusted for normal weather, combined operating ratio towards the lower end of the target range 93% to 95% • Final regular dividend up by 40.2% to 13.6 pence bringing the total ordinary dividends to 20.4 pence (2016: 14.6 pence) and a special dividend of 15.0 pence (2016: 10.0 pence). Total dividends for 2017 of 35.4 pence per share (2016: 24.6 pence) Profit before tax1 Return on tangible equity1 Combined operating ratio2 Ongoing operations1 £539.0m 21.7% 91.8% (2016: £353.0m) (2016: 14.2%) (2016: 97.7%) Gross written premium Expense ratio2 Operating profit1 Ongoing operations1 Ongoing operations1 £3,392.1m 25.3% £610.9m (2016: £3,274.1m) (2016: 25.3%) (2016: £403.5m) Solvency capital ratio3 Dividend per share Commission ratio2 162% 35.4p 9.1% (2016: 165%) (2016: 24.6p) (2016: 11.5%) Notes: 1. See glossary on pages 174 to 176 for definitions and Appendix A Alternative performance measures (“APM”) from page 177 for reconciliation to financial statement line items. 2. A reduction in the ratio represents an improvement as a proportion of net earned premium, while an increase in the ratio represents a deterioration. See glossary on page174 for definitions. 3. Estimates based on the Group’s Solvency II partial internal model. WWW.DIRECTLINEGROUP.COM 1 Our investment case Creating shareholder value Five years after the Group’s initial public offering we have consistently achieved profitable growth and returned £2.4 billion to shareholders including the ordinary and special dividends for 2017 of £486 million. Our successful strategy, built around our “rocket” (see page 14), has enabled us to launch new medium-term financial targets: Combined RoTE1 at least Grow our Maintain solvency operating ratio dividend in line capital around the 15% with business middle of the 93%-95% growth 140% to 180% Solvency II target range Our three strategic pillars Great retailer have already helped us deliver sustainable growth and Our multiple leading brands offer differentiated at least 15% RoTE1. propositions through a range of distribution channels, answering the needs of different customers. 2017 has continued a trend of growth in own brand in-force policy count. As a result of Smart and efficient listening to our customers we challenged the trend of commoditisation, and invested in our Direct Line manufacturer brand. We did this because we are convinced that great brands and propositions attract customers and build great relationships which deliver real We have the scale and data to provide our shareholder value. Since its relaunch in 2014, customers with an excellent service at a competitive Direct Line has grown consistently year on year. price however they choose to access our insurance – via partners, price comparison websites (“PCWs”) or direct. As an example, a strategic decision was taken with the aim of becoming the largest insurance owner of accident repair centres in the UK. This helped us continue the brand experience throughout the customer journey, targeting excellent Lead and disrupt workmanship and service at highly competitive prices. We are well placed to work with our The way customers buy, the risks they face and the partners to deliver more than just insurance. assets they use are changing at a rapid pace – our We want to build sustainable relationships, philosophy is to embrace those changes and help shape combining our strengths to meet our customers’ the future. Our digital capabilities mean we can open needs, such as working on digital innovations with up new markets; Direct Line for Business has done this our partner RBS2, helping their customers receive with small and medium-sized enterprises (“SMEs”). It also fast, pre-populated insurance quotes. enables us to work with leading car manufacturers, such as Tesla, Peugeot and Citroën and Volkswagen Insurance Service (Great Britain) Limited so together Notes: 1. Return on tangible equity. See glossary on pages 174 to we can learn from technology and develop the right 176 for definition. solutions to support their customers. 2. The Royal Bank of Scotland Group plc, including National Westminster Bank plc. 2 DIRECT LINE GROUP ANNUAL REPORT & ACCOUNTS 2017 Strategic report A proven track record Our performance in the five years since our initial public offering demonstrates the strength of our strategy and processes. Governance Return on tangible equity Dividend per share (%) (pence) 21.7% 35.4p Financial statements 2017 21.7 2017 35.4 2016 14.2 2016 24.6 2015 18.5 2015 50.1 2014 16.8 2014 27.2 2013 16.0 2013 20.6 Own brand in-force policy count Combined operating ratio (thousands) (%) 6,909 91.8% 2017 6,909 2017 91.8 2016 6,563 2016 97.7 2015 6,264 2015 94.0 2014 6,112 2014 95.0 2013 6,128 2013 95.2 Total Shareholder Return (%) 2017: 8.1% Direct Line Group FTSE 350 (excluding investment trusts) 300 250 200 150 100 16 October 2012 31 December 2012 31 December 2013 31 December 2014 31 December 2015 31 December 2016 31 December 2017 WWW.DIRECTLINEGROUP.COM 3 Group at a glance A diverse proposition We have multiple brands, products and distribution channels. These enable our customers to choose the right cover to protect their cars, homes, holidays, businesses and pets. Our brands Direct Line has maintained its brand Churchill is one of Britain’s most Green Flag is our roadside rescue heritage of speed, simplicity and a recognisable brands. Our products and recovery service. It is a standalone common-sense human touch. We are available by phone and online, service and an optional product continue to sell products direct to including PCWs. Our customers are alongside motor insurance across all customers by phone and online. looking for a dependable partner who of our brands. Green Flag offers an Our customers want a premium is reliable, trustworthy, and happy award-winning breakdown service at product with exceptional customer to spend time making sure they are a much cheaper price than its two care that is tailored to their needs happy. Those values are at the heart biggest rivals. at a competitive price. of the brand. www.greenflag.com www.directline.com www.churchill.com Direct Line for Business Privilege targets customers NIG is our commercial DLG Partnerships is the is an extension of our Direct who mainly buy through insurance brand dedicated to Group’s partnerships arm. Line brand. We market a range PCWs. Our customers want a the broker market and is We specialise in of business insurance products quick and efficient service at focused on a number of providing personal lines over the phone and online. the best price. specialisms including SMEs, insurance, and roadside Our customers are looking for Agriculture and Real Estate.
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