Direct Line appoints Aviva’s Jane Poole as CFO

Direct Line has appointed the head of Aviva’s UK and Ireland general insurance division as its next chief financial officer.

Jane Poole will be the second person to join Direct Line’s board from Aviva this year following the appointment of chief executive Adam Winslow, who was her boss at Aviva between August 2021 and March 2024.

He will replace Neil Manser, who has worked at the insurer since October 2011 and also previously served as deputy chief financial officer and head of strategy.

Manser played a crucial role in Direct Line’s £2.6bn listing on the London Stock Exchange in 2012 and its eventual separation from parent company RBS Group, now NatWest Group.

His tenure included a turnaround strategy that saw the closure of around half of its UK offices and the sale of its international division and telematics business.

Since she became Direct Line’s chief financial officer, the company has struggled with profitability due to inflation in auto insurance claims and payments related to adverse weather events.

Direct Line suffered a £39.5m loss in 2022 after paying significant sums for Storm Eunice, record summer temperatures and freezing weather in Scotland and north-west England.

It was also hit by new Financial Conduct Authority regulations that prohibit higher bonuses for loyal customers – a practice known as “price marching” – and delays in supply chain disruption that increase the cost of automobile repairs.

Last year, Direct Line’s operating losses soared to £189.5m due to continued inflation in motor claims, contributing to a net insurance margin of -8.3 per cent.

Danuta Gray, president of Direct Line, thanked Manser for “leading the group through what has been a difficult time and the role he has played in stabilizing the business for the future.”

Of his successor, Gray said Poole had “impressive experience in the UK general insurance market and an enviable track record of success leading teams in personal and commercial lines insurance”.

Prior to Aviva, Poole spent 14 years at Royal & Sun Alliance (RSA), rising to become chief financial officer of its UK and international businesses. He will start at Direct Line in October.

She said: “I look forward to joining the board and leading the finance function as the organization looks to drive growth, deliver on its commitments to serve its millions of customers and create long-term sustainable value for shareholders.”

Direct Line Insurance Group Stock They rose 0.6 per cent to 186.8 pence just before midday on Wednesday and have risen around 18 per cent over the past year.

Shares in the Bromley-based company were boosted earlier this year by two takeover bids from Belgian rival Ageas, the latter valued at £3.2bn.

Direct Line rejected them, saying they were too low-level and “highly opportunistic”.