Direct Line Insurance Group PLC

Remuneration Information • Dec 1, 2017

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RNS Number : 1694Y

Direct Line Insurance Group PLC

01 December 2017

DIRECT LINE INSURANCE GROUP PLC ("DLG")

TRANSACTIONS IN SHARES BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY ("PDMRs")

1 DECEMBER 2017

Following the appointment of Penny James as Chief Financial Officer-designate on 1 November 2017, awards have been made to Ms James under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan (the "LTIP") and the Direct Line Insurance Group plc Restricted Shares Plan (the "RSP") over ordinary shares of 10 10/11 pence each in DLG. All remuneration arrangements are consistent with the terms of the Directors' Remuneration Policy approved by shareholders at the AGM in May 2017.

LTIP Awards

The Remuneration Committee has made an award to Ms James under the LTIP scheme on the same terms as those made to other executive directors during the year. The award represents the regular 2017 award, has a total face value of 200% of annual base salary and is subject to the same performance conditions as awards made to DLG's PDMRs earlier in the year (except that Total Shareholder Return ("TSR") will be measured over the three years commencing on the date of grant).  The options awarded have a nil cost option price.

Number of options awarded	Normal Vesting Date (inclusive of two year holding period)
378,433	28 November 2022

Ms James has not otherwise been compensated for the loss of her 2017 LTIP award at Prudential plc ("Prudential"), her previous employer. which was taken into account in making this award.

RSP Awards

In addition, the Remuneration Committee made the following awards to Ms James to compensate her for remuneration arrangements forfeited on leaving Prudential.

Scheme Replaced	Number of options awarded	Normal Vesting Date
a)LTIP 2015	140,298	3 April 2018
b)LTIP 2016	656,037	1 April 2019

Performance conditions and comparator groups for these awards will be identical to those set by Prudential, save for in the case of b), where DLG's TSR performance will replace Prudential's for the period from 1 November 2017 to 31 December 2018 (post-joining). 

Performance will be assessed as soon as possible after the Normal Vesting Date and following publication by Prudential of the performance outturn over the performance period (whichever is later).  

All LTIP and RSP awards will accrue dividend equivalent shares until vesting.

Other buy-out awards

For completeness, Ms James will receive a further award in due course relating to the forfeiture of a bonus for the 2017 financial year.

The following disclosures are made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Penny James

2

Reason for the notification

a)

Position/status

Chief Financial Officer - designate / PDMR

b)

Initial notification /Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Direct Line Insurance Group plc

b)

LEI

213800FF2R23ALJQOP04

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary shares of 10 10/11 pence ("Shares")

GB00BY9D0Y18

b)

Nature of the transaction

Award of five year nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan (the "LTIP")

c)

Price(s) and volume(s)

Price	Volume
Nil cost options	378,433

d)

Aggregated information

- Aggregated volume

- Price

N/A   Single transaction

e)

Date of the transaction

28 November 2017

f)

Place of the transaction

The London Stock Exchange (XLON)

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Penny James

2

Reason for the notification

a)

Position/status

Chief Financial Officer - designate / PDMR

b)

Initial notification /Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Direct Line Insurance Group plc

b)

LEI

213800FF2R23ALJQOP04

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary shares of 10 10/11 pence ("Shares")

GB00BY9D0Y18

b)

Nature of the transaction

Awards of nil cost options under the Direct Line Insurance Group plc Restricted Shares Plan (the "RSP"). Performance conditions apply to these awards.

c)

Price(s) and volume(s)

Price	Volume
Nil cost options	796,335

d)

Aggregated information

- Aggregated volume

- Price

N/A   Single transaction

e)

Date of the transaction

28 November 2017

f)

Place of the transaction

The London Stock Exchange (XLON)

For any enquiries relating to this announcement, please contact: 

Simon Watson

Deputy Company Secretary

Telephone: 01651 831911

This information is provided by RNS

The company news service from the London Stock Exchange

END

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