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'Value over volume' for insurer

Direct Line Insurance Group has said it will pursue "value over volume" in 2014 to safeguard its profit margins.

Chief executive Paul Geddes made that pledge as full-year results for 2013 showed the group's pre-tax profits leapt 70% higher to £423.9 million.

That was helped by a swingeing cost-cutting programme that has already seen 1200 jobs axed and another 2000 put under threat.

The owner of Churchill and Direct Line said it expects a bill of up to £110m from the British storms this year.

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