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Direct Line slips after admitting solvency ‘miscalculation’ 

Published 23/08/2024, 10:29
© Reuters.  Direct Line slips after admitting solvency ‘miscalculation’ 
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Proactive Investors - Direct Line Insurance Group PLC (LON:DLGD) fell on Friday morning after admitting to an error in its solvency calculation for last year.

The FTSE 250-listed insurer said on Friday that a “miscalculation” had been identified “within the group's audited solvency II own funds for the year ended 2023”.

“Correcting for the miscalculation, the solvency capital ratio (post-dividend) at year-end 2023 was 188%, which was above the group's risk appetite range of 140% to 180%," the company added.

Direct line had reported the figure at 197% for 2023 initially, meaning it was more solvent than previously stated.

It added the correction did not affect its International Financial Reporting Standards figures.

Shares fell 2.1% to 185.10p.

Read more on Proactive Investors UK

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