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Bromley-headquartered Direct Line Insurance Group Plc (DLG) will no longer be part of the elite roster of FTSE 100 firms starting September 23.
An announcement by global index provider FTSE Russell confirmed that the insurance group, which is headed by chief executive Penny James (pictured), is being downgraded to the FTSE 250 index along with Marks & Spencer Group and Micro Focus International.
Taking their place at the FTSE 100 index are Hikma Pharmaceuticals, Meggitt, and Polymetal International. The changes come following the September 2019 quarterly assessment.
“The rules-driven, impartial quarterly reviews ensure the indexes continue to portray an accurate reflection of the market they represent and form an essential component to the management of the indexes,” stated FTSE Russell, which is wholly owned by London Stock Exchange Group.
Meanwhile, the FTSE 250 index will see nine changes as a result of the review.
As reported by Insurance Business in July, DLG posted a 10.8% decline in its pre-tax profit for the first half of the year to £261.3 million. Gross written premium went down 2.2% to £1.6 billion, while operating profit fell from £305.5 million in the first six months of 2018 to £274.3 million.
