Direct Line Group has posted an operating loss of £189.5m for the year ended 31st December 2023, adding to the £6.4m loss reported the previous year. In force policies saw a 0.5% uptick on the previous year to reach 9.44m while gross written premium and associated fees improved by more than 27% to hit £3.1bn.

Adam Winslow, CEO of Direct Line Group, said: "The Group has not always managed volatile market conditions successfully in recent years, particularly in motor.”

He added: “We need to do more to drive performance and we have identified immediate actions we can take in 2024 to create value, including substantially reducing our cost base, driving claims excellence and optimising pricing capabilities whilst returning us back to higher quotability levels.

"In addition to these near-term actions, we are currently running a comprehensive strategy review of the significant opportunities we see to deliver higher returns. We will outline the details of our refreshed strategy at a capital markets day in July, as well as update on the progress we have made on the near-term initiatives.

"With the right strategy in place and determined actions, I am confident that we can deliver run-rate annualised cost savings of at least £100 million by the end of 2025.”