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The CEO of Direct Line Group, Adam Winslow, received a pay packet of over £7.8 million for the 2024 financial year, according to the company’s annual report. Winslow’s pay was boosted by a £5.8 million payment to compensate him for a loss of earnings after joining the company in March 2024. This comes ahead of the company’s £3.7 billion takeover by Aviva, which was agreed at the end of 2024.
As the CEO of Direct Line Group, Winslow led the company to deliver strong growth in its core product areas, resulting in improved trading performance and increased revenue. The company’s pre-tax profit for 2024 fell to £218.4 million, while its net insurance revenue rose to £2.8 billion.
The company’s remuneration chairman, Richard Ward, praised Winslow’s leadership, stating that the company had delivered on the strategic objectives set out by him at the capital markets day in July. The company’s operating profit for the year was £205 million, with a net insurance margin from ongoing operations of 3.6%.
The takeover by Aviva is expected to be completed in the near future, with Aviva’s chief executive, Amanda Blanc, describing the company as being in “great shape” following its annual profit results. Aviva’s operating profit increased by 20% to £1.77 billion in 2024, beating analyst expectations of £1.71 billion.
The takeover by Aviva is part of the company’s continued growth strategy, which includes expanding its insurance and asset management businesses. The acquisition of Direct Line Group is seen as a significant step towards this goal, with the potential to increase Aviva’s scale and competitiveness in the insurance market.