Direct Line’s total investment return at £70.9m in Q1

Written by Adam Cadle

09/05/2023

Direct Line’s total investment return was £70.9m in Q1 of which £37m related to net investment income and £33.9m related to the movement in realised and unrealised gains.

The annualised investment income yield was 3.2% as at the end of March 2023.

The group’s estimated solvency capital ratio on 31 March was broadly unchanged compared with year-end, as the majority of credit spread narrowing early in the quarter unwound during March.

“We expect to benefit from several capital tailwinds, including reduction in ineligible capital on the adoption of IFRS 17 and the pull to par effect on our bond portfolio, which are now expected to be recognised over the remainder of 2023,” Direct Line said.

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