Direct Line CEO and CFO Interviewed on Full-Year 2013 Results

LONDON, February 26, 2014

In a video interview coinciding with Direct Line's 2013 full year results, Paul Geddes, CEO, discusses the performance of the UK-based insurer and assesses progress against the financial targets set at the time of the IPO.

"I'm pleased with how we did in 2013," he says. "It was a challenging year latterly for the weather. It was a very competitive marketplace. But despite that, we delivered a profit of £526.5m, which is up 14%."  

Commenting on the extreme recent UK weather, Mr Geddes says that the damage caused by the floods and storms cost the insurer about £65m in the fourth quarter.

Reviewing performance since the flotation and looking ahead, he concludes:

"I'm certainly confident as a result of us being able to execute such a wide agenda and deliver it so well. But I'm by no means complacent. We face very competitive marketplaces. We still have an awful lot to do and I'm very, very focused on making sure that we do that. We continue to deliver excellently for our people, for our customers and for our investors."

In an accompanying interview, CFO John Reizenstein updates on financial and divisional performance, including the international businesses in Italy and Germany.