Direct Line Insurance Group PLC (DLG.LN) said Wednesday that first-half net profit fell 13%, as Chief Executive Paul Geddes announced his intention to step down.
The insurance company said profit for the six months ended June 30 fell to 238.8 million pounds ($313.6 million) from GBP275.5 million in the year-earlier period.
Gross written premium, an important measure within the insurance industry, fell to GBP1.61 billion from GBP1.69 billion, Direct Line said.
Mr. Geddes, who has served as the insurance company's chief executive for 10 years, will step down next summer, Direct Line said.
Direct Line said it recommended raising the interim dividend by 2.9% to 7 pence a share.
The company reiterated its 2018 financial targets and said it expects a total investment return in the region of GBP150 million.