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BlackRock raises stake in Direct Line Group

BlackRock raises stake in Direct Line Group | Insurance Business

BlackRock raises stake in Direct Line Group

Investment management giant BlackRock has raised its shareholding in Direct Line Insurance Group Plc (DLG).

A regulatory filing shows that the US asset manager has doubled its stake in the Bromley-headquartered insurer – from 5.08% previously to 10.13%. A majority of this consists of voting rights attached to shares while a small portion is made up of voting rights through financial instruments. 

Earlier this month DLG reported higher pre-tax and after-tax profits of £582.6 million and £473.7 million, respectively, for 2018.

“I am pleased to announce a strong set of results driven by our resilient business model which performed well in a highly competitive market,” said chief executive Paul Geddes at the time.

“We have added a million direct own brand policies since 2014 showing that our customers value our brands, propositions, and service.”