Direct Line Insurance Group PLC

Remuneration Information • Mar 31, 2020

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RNS Number : 2095I

Direct Line Insurance Group PLC

31 March 2020

DIRECT LINE INSURANCE GROUP PLC ("DLG")

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

31 MARCH 2020

In accordance with DLG's remuneration policy, awards under the DLG 2012 Long Term Incentive Plan (the "LTIP") and the DLG Deferred Annual Incentive Plan (the "DAIP") have been granted to PDMRs over ordinary shares of 10 10/11 pence each in DLG. The number of shares awarded under the DAIP and the LTIP is based on the average closing share price over the three trading days prior to the date of grant, equal to £2.62.

While the Remuneration Committee (the "Committee") recognises that the LTIP award has been made during a period of market turbulence due to COVID-19, we believe that this is not specific to DLG and the Committee has determined that the price used to calculate the number of shares awarded is appropriate.

The Committee is mindful that, as the Group typically grants half the annual LTIP award in each of two separate grants in each financial year (following the announcement of the Group's annual and half-year results), there will be a further opportunity to review the appropriateness of the approach taken in the context of further developments later in the year, as well as later during the relevant performance period, to avoid any unacceptable 'windfall' gains. This March grant represents the first half of the 2020 awards, with a second grant scheduled for August/September 2020.  

For further information on DLG's remuneration policy please see our Directors' Remuneration Report which is available at:  www.directlinegroup.co.uk

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 Executive 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

(i)         Award of five years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and

(ii)         Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.

c)

Price(s) and volume(s)

Price	Volume
(i) Nil cost options	305,344
(ii) Nil cost options	153,397

d)

Aggregated information

- Aggregated volume

- Price

458,741

N/A  

e)

Date of the transaction

27 March 2020

f)

Place of the transaction

Off market

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Tim Harris

2

Reason for the notification

a)

Position/status

Chief Financial 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

(i)         Award of five years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and

(ii)         Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.

c)

Price(s) and volume(s)

Price	Volume
(i) Nil cost options	204,198
(ii) Nil cost options	27,158

d)

Aggregated information

- Aggregated volume

- Price

231,356

N/A  

e)

Date of the transaction

27 March 2020

f)

Place of the transaction

Off market

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Mark Evans

2

Reason for the notification

a)

Position/status

Managing Director of Marketing & Digital/ 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

(i)         Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and

(ii)         Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.

c)

Price(s) and volume(s)

Price	Volume
(i) Nil cost options	78,721
(ii) Nil cost options	41,958

d)

Aggregated information

- Aggregated volume

- Price

120,679

N/A

e)

Date of the transaction

27 March 2020

f)

Place of the transaction

Off market

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Jonathan Greenwood

2

Reason for the notification

a)

Position/status

​​​​​​​​Managing Director, Commercial/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

(i)         Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and

(ii)         Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.

c)

Price(s) and volume(s)

Price	Volume
(i) Nil cost options	115,507
(ii) Nil cost options	73,518

d)

Aggregated information

- Aggregated volume

- Price

189,025

N/A

e)

Date of the transaction

27 March 2020

f)

Place of the transaction

Off market

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Simon Linares

2

Reason for the notification

a)

Position/status

Human Resources 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

(i)         Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.

c)

Price(s) and volume(s)

Price	Volume
(i) Nil cost options	74,519

d)

Aggregated information

- Aggregated volume

- Price

74,519

N/A

e)

Date of the transaction

27 March 2020

f)

Place of the transaction

Off market

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Steve Maddock

2

Reason for the notification

a)

Position/status

Chief Operating 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

(i)         Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and

(ii)         Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.

c)

Price(s) and volume(s)

Price	Volume
(i) Nil cost options	145,509
(ii) Nil cost options	92,613

d)

Aggregated information

- Aggregated volume

- Price

238,122

N/A

e)

Date of the transaction

27 March 2020

f)

Place of the transaction

Off market

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Neil Manser

2

Reason for the notification

a)

Position/status

Chief Strategy 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

(i)         Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and

(ii)         Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.

c)

Price(s) and volume(s)

Price	Volume
(i) Nil cost options	78,721
(ii) Nil cost options	42,381

d)

Aggregated information

- Aggregated volume

- Price

121,102

N/A

e)

Date of the transaction

27 March 2020

f)

Place of the transaction

Off market

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Gus Park

2

Reason for the notification

a)

Position/status

Managing Director of Motor, Pricing & Underwriting/ 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

(i)         Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and

(ii)         Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.

c)

Price(s) and volume(s)

Price	Volume
(i) Nil cost options	89,456
(ii) Nil cost options	48,882

d)

Aggregated information

- Aggregated volume

- Price

138,338

N/A

e)

Date of the transaction

27 March 2020

f)

Place of the transaction

Off market

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Kate Syred

2

Reason for the notification

a)

Position/status

Managing Director of Household, Partnerships & Data/ 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

(i)         Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and

(ii)         Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.

c)

Price(s) and volume(s)

Price	Volume
(i) Nil cost options	78,721
(ii) Nil cost options	42,482

d)

Aggregated information

- Aggregated volume

- Price

121,203

N/A

e)

Date of the transaction

27 March 2020

f)

Place of the transaction

Off market

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Humphrey Tomlinson

2

Reason for the notification

a)

Position/status

General Counsel / 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

(iii)        Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and

(iv)        Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.

c)

Price(s) and volume(s)

Price	Volume
(i) Nil cost options	68,549
(ii) Nil cost options	36,358

d)

Aggregated information

- Aggregated volume

- Price

104,907

N/A

e)

Date of the transaction

27 March 2020

f)

Place of the transaction

Off market

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Jose Vazquez

2

Reason for the notification

a)

Position/status

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

(v)         Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and

(vi)        Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.

c)

Price(s) and volume(s)

Price	Volume
(i) Nil cost options	124,029
(ii) Nil cost options	76,968

d)

Aggregated information

- Aggregated volume

- Price

200,997

N/A

e)

Date of the transaction

27 March 2020

f)

Place of the transaction

Off market

For any enquiries relating to this announcement, please contact: 

Roger Clifton

Company Secretary

Telephone: +44 (0)1651 831 956

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