Direct Line CEO sells £1.15m of shares after bonus award

10th Mar 2015 15:18

The chief executive of Direct Line Insurance Group sold £1.15m-worth of shares in the Britain's largest motor insurer.Paul Geddes was awarded 717,300 shares under a 2010 long-term incentive plan when Direct Line used to be owned by RBS, but sold 337,638 of them for an individual price of 339.81p in order to meet a tax and national insurance liability arising from the award.Following the transaction, Geddes held on to the remaining 379,662 shares and now holds a total of 651,134 shares in the group.Direct Line last week gave a cautious outlook after posting a small decline in operating profit from ongoing operations to £506.0m in 2014 from £509.9m the year before.The group warned that the UK motor and home insurance markets are still highly competitive, threatening to put pressure on premiums."Early 2015 has seen some additional, potentially seasonal, market pressure in motor and broad stability in the home market," Geddes said at the time. Top Director BuysRM2 International S.A. (DI) (RM2) Director name: Mr Amaury de SezeAmount purchased: 200,000 @ 64.00p Value: £128,000Genesis Emerging Markets Fund Ltd Ptg NPV (GSS) Director name: Mr Saffet KarpatAmount purchased: 12,500 @ 533.00p Value: £66,625Pan African Resources (PAF) Director name: Mr Thabo Mosololi Amount purchased: 28,000 @ 11.30p Value: £3,164Alumasc Group (ALU) Director name: Mr David ArmfieldAmount purchased: 25,000 @ 155.00p Value: £38,750Barclays (BARC) Director name: Sir David A WalkerAmount purchased: 11,309 @ 262.88p Value: £29,729Minds + Machines Group Limited (DI) (MMX) Director name: Mr Michael Salazar Amount purchased: 219,625 @ 7.94p Value: £17,438Barclays (BARC) Director name: Mr Reuben Jeffery IIIAmount purchased: 5,291 @ 262.88p Value: £13,909Barclays (BARC) Director name: Ms Diane de Saint VictorAmount purchased: 5,237 @ 262.88p Value: £13,767Barclays (BARC) Director name: Sir John M SunderlandAmount purchased: 4,043 @ 262.88p Value: £10,628Barclays (BARC) Director name: Mr Sir Michael RakeAmount purchased: 4,004 @ 262.88p Value: £10,526Top Director SellsAnpario (ANP) Director name: Mr Richard EdwardsAmount sold: 418,287 @ 285.00p Value: £1,192,118Anpario (ANP) Director name: Mr David BullenAmount sold: 410,606 @ 285.00p Value: £1,170,227Direct Line Insurance Group (DLG) Director name: Mr Paul GeddesAmount sold: 337,638 @ 339.81p Value: £1,147,328Jardine Matheson Holdings Ltd. (Bermuda) (JARB) Director name: Mr Giles Lindsay WhiteAmount sold: 12,553 @ $65.10 Value: $817,193Direct Line Insurance Group (DLG) Director name: Mr John ReizensteinAmount sold: 75,969 @ 339.81p Value: £258,150BG Group (BG.) Director name: Mr Helge LundAmount sold: 14,964 @ 914.60p Value: £136,8614Imprint Group (FOUR) Director name: Mr Andrew ScullAmount sold: 7,000 @ 1,000.00p Value: £70,000Law Debenture Corp. (LWDB) Director name: Ms Caroline BanszkyAmount sold: 11,000 @ 520.03p Value: £57,203