Direct Line Insurance Group PLC

Director's Dealing • Mar 28, 2017

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RNS Number : 7338A

Direct Line Insurance Group PLC

28 March 2017

DIRECT LINE INSURANCE GROUP PLC ("DLG")

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

28 MARCH 2017

DLG announces the following changes in the interests of PDMRs in DLG's ordinary shares of 10 10/11 pence each ("Ordinary Shares").

Direct Line Insurance Group plc 2012 Long-Term Incentive Plan ("LTIP")

DLG granted options to acquire Ordinary Shares under the LTIP to the following PDMRs in respect of the financial year ending 31 December 2017.  In accordance with the LTIP rules, the awards were granted on 27 March 2017 as nil-cost options and the market price used to calculate the number of nil cost options awarded was 336.17p per share.

PDMR	Interest in Ordinary Shares held under the LTIP before the transaction	Number of nil cost options over Ordinary Shares awarded	Interest in Ordinary Shares under the LTIP following the transaction
	A	B	A+B
Paul Geddes	1,380,145	236,370	1,616,515
Jonathan Greenwood	386,666	85,894	472,560
Mike Holliday-Williams	684,569	160,069	844,638
Simon Linares	286,352	82,325	368,677
Steve Maddock	506,203	124,938	631,141
John Reizenstein	1,699,187	143,054	1,842,241
Humphrey Tomlinson	281,956	49,975	331,931
Jose Vazquez	516,909	90,423	607,332

DLG's policy is to make awards twice a year following the announcement of DLG's full and half-year results respectively. The awards will vest on 27 March 2020, subject to the achievement of performance conditions attached to the awards, and remain exercisable until 26 March 2027.   Dividend Equivalent Options will accrue up to the point of vesting, on those options that vest.

Direct Line Insurance Group plc Deferred Annual Incentive Plan ("DAIP")

DLG also granted options to acquire Ordinary Shares under the DAIP to the following PDMRs in respect of the financial year ended 31 December 2016.  In accordance with the DAIP rules, the awards were granted on 27 March 2017 as nil-cost options and the market price used to calculate the number of nil cost options awarded was 336.17p per share.

PDMR	Interest in Ordinary Shares held under DAIP before the transaction	Number of nil cost options over Ordinary Shares awarded	Interest in Ordinary Shares held under DAIP following the transaction
	A	B	A+B
Paul Geddes	357,319	70,713	428,032
Jonathan Greenwood	118,775	31,163	149,938
Mike Holliday-Williams	138,825	45,819	184,644
Simon Linares	63,351	31,420	94,771
Steve Maddock	153,389	37,053	190,442
John Reizenstein	276,684	36,683	313,367
Humphrey Tomlinson	71,579	15,893	87,472
Jose Vazquez	123,986	54,643	178,629

The DLG Remuneration Committee makes awards under the DAIP annually once the outcome of the Annual Incentive Plan for eligible executives is determined.  The awards will vest on 27 March 2020 and remain exercisable until 26 March 2027. Dividend Equivalent Options will accrue up to the point of vesting, on those options that vest.

For further information on DLG's remuneration policy and implementation of the policy please see our 2016 Directors' Remuneration Report which is available at:  www.directlinegroup.com.

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

Paul Geddes ("PG")

Jonathan Greenwood ("JG")

Mike Holliday-Williams ("MHW")

Simon Linares ("SL")

Steven Maddock ("SM")

John Reizenstein ("JR")

Humphrey Tomlinson ("HT")

Jose Vazquez ("JV")

2

Reason for the notification

a)

Position/status

PG  - Chief Executive Officer / PDMR

JG - Managing Director, Commercial / PDMR

MHW - Managing Director, Personal Lines / PDMR

SL - Human Resources Director / PDMR

SM - Chief Operating Officer / PDMR

JR - Chief Financial Officer / PDMR

HT - General Counsel / PDMR

JV - Chief Risk Officer / 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 nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan (the "LTIP")

c)

Price(s) and volume(s)

Price(s)	Volume(s)
£3.3617	PG - 236,370
JG - 85,894
MHW - 160,069
SL - 82,325
SM - 124,938
JR - 143,054
HT - 49,975
JV - 90,423

d)

Aggregated information

- Aggregated volume

- Price

N/A   Single transactions for each PDMR

e)

Date of the transaction

27 March 2017

f)

Place of the transaction

The London Stock Exchange (XLON)

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Paul Geddes ("PG")

Jonathan Greenwood ("JG")

Mike Holliday-Williams ("MHW")

Simon Linares ("SL")

Steven Maddock ("SM")

John Reizenstein ("JR")

Humphrey Tomlinson ("HT")

Jose Vazquez ("JV")

2

Reason for the notification

a)

Position/status

PG  - Chief Executive Officer / PDMR

JG - Managing Director, Commercial / PDMR

MHW - Managing Director, Personal Lines / PDMR

SL - Human Resources Director / PDMR

SM - Chief Operating Officer / PDMR

JR - Chief Financial Officer / PDMR

HT - General Counsel / PDMR

JV - Chief Risk Officer / 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 nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan (the "DAIP")

c)

Price(s) and volume(s)

Price(s)	Volume(s)
£3.3617	PG - 70,713
JG - 31,163
MHW - 45,819
SL - 31,420
SM - 37,053
JR - 36,683
HT - 15,893
JV - 54,643

d)

Aggregated information

- Aggregated volume

- Price

N/A Single transaction for each  PDMR

e)

Date of the transaction

27 March 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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