Direct Line Details Cost Cuts, Strategic Review After Ageas Bid

Direct Line Insurance Group Plc’s new chief executive officer said the insurer had identified “immediate actions” it can take to substantially reduce its cost base as the firm looks to shore up its independence after bid interest.

Adam Winslow — who only took over this month — said he was confident he could deliver annualized cost savings of at least £100 million by the end of 2025, according to a preliminary results statement Thursday. He said he would deliver an update on this near-term initiative as well as detail a refreshed strategy at an investor event in July. ...