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Dividend policy

The Group aims to manage its capital efficiently and generate long-term sustainable value for shareholders, while balancing operational, regulatory, rating agency and policyholder requirements. The Group aims to grow its regular dividend in line with business growth.

Where the Board believes that the Group has capital which is expected to be surplus to the Group's requirements for a prolonged period, it would intend to return any surplus to shareholders. In normal circumstances, the Board expects that a capital coverage ratio around the middle of its risk appetite range of 140% to 180% of the Group’s solvency capital requirement (“SCR”) would be appropriate and it will therefore take this into account when considering the potential for special distributions.

In the normal course of events the Board will consider whether or not it is appropriate to distribute any surplus capital to shareholders once a year, alongside the full year results. The Group expects that one-third of the annual dividend will generally be paid in the third quarter as an interim dividend, and two-thirds will be paid as a final dividend in the second quarter of the following year. The Board may revise the dividend policy from time to time. The Company may consider a special dividend and/or a repurchase of its own shares to distribute surplus capital to shareholders.

Click here for more information on dividend dates.

Dividend payment history

Payment date
2022 Interim Dividend 7.6p 9 September 2022
2021 Final Dividend 15.1p 17 May 2022
2021 Interim Dividend 7.6p 3 September 2021
2020 Final Dividend 14.7p 20 May 2021
2020 Special Interim Dividend 14.4p 4 September 2020
2020 Interim Dividend 7.4p 4 September 2020
2019 Interim Dividend 7.2p 6 September 2019
2018 Special Interim Dividend 8.3p 16 May 2019
2018 Final Dividend 14.0p 16 May 2019
2018 Interim Dividend 7.0p
7 September 2018
2017 Special Interim Dividend
17 May 2018
2017 Final Dividend
17 May 2018
2017 Interim Dividend 
8 September 2017
2016 Final Dividend 
18 May 2017
2016 Special Interim Dividend
9 September 2016
2016 Interim Dividend
9 September 2016
2015 Second Special Interim Dividend
19 May 2016
2015 Final Dividend
19 May 2016
2015 Interim Dividend
11 September 2015
2015 Special Dividend
24 July 2015
2014 Second Special Interim Dividend
17 April 2015
2014 'Final' Dividend*
17 April 2015
2014 First Special Interim Dividend
12 September 2014
2014 Interim Dividend
12 September 2014
2013 Final Dividend
20 May 2014
2013 Second Special Interim Dividend
20 May 2014
2013 First Special Interim Dividend
31 December 2013
2013 Interim Dividend
26 September 2013
2012 Final Dividend
11 June 2013

* For 2014, the Board resolved to pay an interim dividend in lieu of a final dividend.

For further information on dividends, please refer to the FAQs section.

Dividend Reinvestment Plan

Direct Line Insurance Group plc offers a Dividend Reinvestment Plan (‘DRIP’) that gives shareholders the opportunity to use their cash dividends to buy Direct Line Insurance Group plc shares in the market.

Easy to use

  • New shares are bought on or after the dividend payment date and added to your holding
  • After your shares are purchased, you’ll receive a share purchase advice and share certificate (unless you hold your shares in uncertificated form in CREST in which case you should consult your CREST sponsor who will be able to take the appropriate action on your behalf)
  • All charges are detailed in the Terms and Conditions of the plan

Download the Dividend Reinvestment Plan Terms and Conditions.
Download the Dividend Reinvestment Plan Election Form.

Easy to apply

You can sign up to the DRIP via the Investor Centre, our registrar’s secure shareholder website at: www.investorcentre.co.uk/directline

If you already use the Investor Centre, please follow these easy steps to elect for the DRIP:

1. Sign in and click ‘Update my details’

2. Select ‘Dividend Plans’ and click ‘amend’ to amend your ‘election choices’

3. Read and agree to the DRIP Terms and Conditions; and

4. Follow the on-screen instructions.


If you are new to the Investor Centre, please follow these steps to enroll and elect for the DRIP:

1. Visit www.investorcentre.co.uk/directline

2. Click on ‘Register’

3. Input the following information as required:

  • your Shareholder Reference Number (‘SRN’) which is a ten digit number beginning with ‘C’ that appears on your share certificate or other correspondence from us
  • your postcode
  • your email address


4. Select a user name (ID) and a password

5. Read and agree to the Terms and Conditions

6. When you receive your activation code and become a user of the Investor Centre, follow steps 1 – 4 above to elect for the DRIP

If you don’t have access to the internet, you can call 0870 873 5880 to request a DRIP election form.

Where this has been received in a country where the provision of the DRIP would be contrary to local laws or regulations, details of this service should be treated as being for information only.