We have been made aware of potentially fraudulent activity in relation to DLG bonds where members of the public have been contacted and asked to invest in our bonds. We never contact people to sell bonds. If you are contacted by anyone asking you to invest in our bonds we encourage you to report this to Action Fraud, the UK’s national fraud and cyber reporting centre. If you have any further questions or concerns then please email our Investor Relations team.   

Our key performance indicators

Key financial performance indicators

Combined operating ratio (%)


A measure of financial year underwriting profitability. A COR of less than 100% indicates profitable underwriting. The COR is the sum of claims, expense and commission ratios and compares the cost of doing business against net earned premium generated.


We aim to make an underwriting profit. The target in the medium term is a COR in the range of 93% to 95% normalised for weather.

Basic earnings per share (pence) 


This is calculated by dividing the earnings attributable to shareholders by the weighted average number of Ordinary Shares in issue.


We have not set a target. However, growing earnings per share is considered an indicator of a healthy business.

Capital returns (£m)


The amount of cash paid in dividends to shareholders and amount of share buybacks funded from the Group’s retained profits. 


We aim to grow the regular dividend in line with business growth. Additionally, we look to return any capital to shareholders which is expected to be surplus to our requirements for a prolonged period.

Update on 2019 capital returns

On the 19 March 2020 the Group announced the suspension of the £150 million 2019 share buyback programme as a result of the volatile conditions arising from the Covid-19 pandemic. As at that date, approximately £29 million of shares had been repurchased under the buyback programme  Click here to see press release

On the 8 April 202 the Group announced the withdrawal of the 2019 final ordinary dividend of £197 million in recognition of regulatory guidance and heightened uncertainty in the macro economic environment. Click here to see press release 

After these actions, the total capital returned to shareholders was £129m million

The 2019 ordinary dividend that was withdrawn was recommended as a special dividend at the Group’s 2020 half year results

Solvency capital ratio (%)


A risk-based measure expressing the level of capital resources held as a percentage of the level of capital that is required under solvency II. 

Estimates based on the Group’s Solvency II partial internal model for 2016 to 2019. Solvency capital coverage based on the standard formula for 31 December 2015


Under normal circumstances, the Group aims to maintain a solvency capital ratio around the middle of the risk appetite range of 140% to 180%


Update on 2019 solvency capital ratio

The solvency capital ratio as reported at 31 December 2019 is after taking into account the then expected 14.4p final dividend and the £150 million share buyback declared on 3 March 2020. The impacts of the cancellation of the dividend (as announced on 8 April 2020) and the suspension of the share buyback programme (as announced on 19 March 2020) would have added 24 percentage points to the ratio as reported to give an adjusted solvency capital ratio of 189%.

Return on tangible equity (%)


The return generated on the capital that shareholders have in the business. This is calculated by dividing adjusted earnings by average tangible equity.


We aim to achieve at least a 15% RoTE per annum over the long term.

Key non-financial performance indicators

Employee engagement (%)



Engagement is about being proud to work for Direct Line Group and helping us to succeed. It means that employees are not just happy or satisfied, but doing something to help us achieve our company goals.


To make the Group best for employees and best for our customers. We gauge employee engagement through our employee opinion survey and we aim for high employee engagement scores each year.

Net promoter score (points)

Direct Line Brand


Net promoter score (“NPS”)  is an index that measures the willingness of customers to recommend products or services to others. It is used to gauge customers’ overall experience with a product or service, and customers’ loyalty to a brand.



We aim to increase our net promoter score over time.

On an aggregated 12-month rolling basis, with 2013 rebased to 100.

Customer complaints (%)

Principal underwriter


The number of complaints we received during the year as a proportion of the average number of in-force policies.


This measure indicates where our customer service has not met expectations to the extent that the customer has initiated a complaint. We aim to improve this over time.

For the Group’s principal underwriter, U K Insurance Limited.