(Adds detail from statement)
Aug 3 (Reuters) - Insurer Direct Line reported a rise in first-half earnings on Tuesday, as a strong performance by its home and commercial businesses offset some weakness in its larger motor insurance unit.
The company — whose brands include Churchill, Green Flag, Shotgun, Privilege and Darwin — reported an operating profit of 369.9 million pounds ($514.01 million) for the six months ended June 30, up from 264.9 million pounds a year earlier.
It declared an interim dividend of 7.6 pence, up 2.7%.
In Direct Line’s main motor insurance business, gross income from premiums fell 6.2% as a result of fewer car sales and new drivers entering the market. However, the insurer said this trend started to shift in the second quarter while the drop in motor insurance claims caused by COVID-19 lockdowns is also starting to reverse.
For all of 2021, Direct Line said it is expecting a combined operating ratio of between 90% and 92%, compared with 84.2% in the first half. A level below 100% indicates profitability. ($1 = 0.7196 pounds) (Reporting by Muvija M in Bengaluru and Rachel Armstrong; editing by Uttaresh.V, Kirsten Donovan)
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August 03, 2021 at 02:21PM
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UPDATE 1-Insurer Direct Line's first-half profit rises - Reuters
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