Full-Year 2017 Results: We Still Don't Like Direct Line's Changing Channel Mix
Direct Line reported results for full-year 2017 that were slightly ahead of our estimates. Overall, we still think the U.K. personal lines home and motor business is a fairly exposed business area, and while we will reflect 2017 full-year results and roll our model, we don’t expect a shift of greater than 10% in our fair value estimate. We also maintain our no-moat and stable moat trend ratings.Within motor, the current-year loss ratio improved to 79.9% versus 84.1% a year prior as the group pu...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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