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Direct Line has announced the appointment of KPMG as the new auditor of the company for the financial year ending 31 December 2024, subject to shareholder approval.
KPMG replaces Deloitte, Direct Line’s current auditor, and Deloitte will step down following completion of the audit of the financial year ending 31 December 2023.
Direct Line said the announcement comes after a competitive tender process led by the Audit Committee.
In August 2022, Direct Line reported a 47.1% loss in profits to £195.5m for the first half of 2022, a drop of £174.4 m year-on-year. The company said this follows significant regulatory changes, heightened claims inflation and macroeconomic uncertainty challenging its short-term profitability.
However, the business added that it is confident in its outlook, with the full year 2022 combined operating ratio expected to be in the range of 96% to 98%, normalised for weather.
Direct Line also expects a combined operating ratio of around 95% for 2023 and to return to having a target range of 93% to 95% over the medium term.
