Direct Line to cut 550 jobs amid motor insurance woes
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 11 2024
0mins
Should l Buy ?
Source: Reuters
Job Cuts and Turnaround Strategy: Direct Line Insurance Group plans to cut 550 jobs, about 5% of its workforce, as part of a turnaround strategy aimed at addressing challenges in its motor insurance sector after fending off a takeover attempt.
Financial Performance and Market Challenges: Despite a 5.5% increase in gross written premiums year-to-date, the company faces difficulties with customer retention, having lost 71,000 motor customers, while implementing price hikes to manage rising claims costs.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
