A 30% drop in Direct Line's profit
Drop in the pre-tax profits of the giant Direct Line insurance. From 507.5 million GBP (752.4 million USD) in 2015, the profit fell down to 353 million GBP (434.3 million USD) in 2016.
The change in the method of calculation of personal accident claims imposed by the British authorities accounts for this decreasing result.
The new calculation method is based on a discount rate that is more favorable to the insured and which increases, hence, the amount of compensations due by insurers.
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