The group on Thursday said its first-half pre-tax loss had widened to £76.3mn in the six months to June, compared with an £11.1mn loss in the same period last year as rising premiums took “longer than expected” to improve its margins.

“First-half earnings are not where we would like them to be,” said interim chief executive Jon Greenwood, adding that the company was, however, now writing business at improved margins.

Analysts at Citi said although the results were “very poor”, there were positive signs on the outlook, and the sale of the brokered commercial insurance unit had “completely removed” the chance of an equity raise.

The results come after a series of profit warnings from Direct Line in the last year as rising prices for car parts and second-hand cars drove up the cost of payouts. The company cut its annual final dividend this year as bad weather added to the pressure.

The solvency ratio, a measure of capital as a percentage of the regulatory requirement, came in at 147 per cent at the end of June, worse than what analysts were expecting, but the company said the newly announced sale would add about 45 percentage points to this measure.

Greenwood said the £520mn sale put the insurer’s solvency in a “very healthy position” and the group was not considering raising capital through share issues to strengthen its balance sheet.

Direct Line on Thursday reported a combined operating ratio — a key measure of underwriting profitability that measures claims and expenses as a percentage of premiums — of 106.4 per cent, up from 88.7 per cent last year. Anything above 100 per cent represents an underwriting loss.

The FTSE 250 insurer added it would aim to restart dividends when it was able to generate organic capital in its motor division. Improving margins in its motor business were materialising slower than expected and would remain challenging until the early part of 2024 due to high inflation, notably in labour costs, said Greenwood.

The earnings come after Direct Line appointed Aviva senior executive Adam Winslow as chief executive last week following the departure in January of Penny James. He will take up the role next year.

Direct Line has also come under regulatory scrutiny this year after the Financial Conduct Authority in June ordered it to review claims paid out between 2017 and 2022. This prompted the insurer to say earlier this month that it would spend £30mn refunding customers it overcharged for their home and motor cover.

Shares in Direct Line have retreated 22 per cent since the start of the year.

This story originally appeared on: Financial Times - Author:Akila Quinio

Hosting visitors in Paris is usually a painless experience. Most are delighted to simply walk around, eat food and drink wine. But when a vegan friend came to see me from London, I felt out of my depth. The ubiquitous buttery pastries, cheeseboards and steak tartares were definitely not going to cut it.

The French are understandably defensive about their gastronomy. It is so central to their identity and renowned globally that the Unesco has awarded it World Heritage status. Unfortunately for my friend, they have been equally resistant to the growing trend of vegan cuisine as they are protective of their own.

Forget the bizarre English moniker: vegan bakery Land & Monkeys is resolutely French. From crispy, airy baguettes to cakes and colourful pastries, it has plenty of enticing options to choose from.

I tried their vegan takes on Brie, Maroilles, Roquefort, goat’s cheese and feta — all made with an almond or cashew base, each with a distinct texture and taste. Jeanne, the blue cheese, is fermented with the same bacteria as Roquefort, which gives it its tartness and blue streaks, though my favourite was the best-selling Joséphine, a creamy, dairy-free Brie.

The tasting menu started with a mushroom and avocado appetiser, served in a tiny baby-gem lettuce leaf. Vegetables were, of course, the main act, celebrated in surprising ways rather than as shadows of known classics. The food felt like modern French cuisine in its presentation and techniques, but it was infused with South American touches. The kombucha-braised leeks with foamy potato croquettes, crispy leeks and almond cream were complex enough to make me forget about meat and fish altogether. The CBD-infused shot that came before dessert was a fun surprise. I couldn’t feel its effects, but my vegan friend declared soon after that the banana pie was the best vegan dessert he’d ever had.

Tekés (2nd arr.)

4 bis Rue Saint-Sauveur, 75002 Paris

• Good for: Birthdays, big nights out and dressing up

• Not so good for: A private chat or business dinner

• FYI: Tekés is plant-based, not strictly vegan. But most dishes can be veganised (just ask, they said they do it all the time)

• Website; Directions

Tekés means ceremony (with the implication of a celebration) in Hebrew and it’s obvious why star restaurateur Assaf Granit chose it. My sister and I sat across from chef Cécile Lévy at the kitchen counter, mesmerised. As we shared spicy cocktails and a string of delicious platters, her team cooked, cheered and danced in a way that felt inviting rather than performative. The restaurant is fittingly located in the 2nd arrondissement, where many cocktail bars have sprouted in recent years.

Tekés offers a fun and creative take on ancestral Middle Eastern cuisine. Signature dishes are glammed-up versions of familial Jewish recipes. We shared the veggie “chicken liver”, cooked without butter and made of caramelised onions and mushrooms. As in small-plate restaurants, the right way to do it is to share everything, but beware: the plates are not in fact small. The English-, Hebrew- and French-speaking staff are as generous with the portions as with their hospitable service. They surprised us with a shot of strawberry liqueur mid-dinner, which they drank as well. The flatbread was unmissable and came with a dairy-free version of a flavourful yoghurt dip.

There were audacious touches too, like the faux-oysters made of baby gem, raw onions and oyster leaves. Salty water dripped down our chins as we engulfed them. We came out of Tekés in awe, feeling like we needed to find a party to go to. We stepped out in the cold only to realise that we were just leaving it.

Le Potager de Charlotte (17th arr.)

21 Rue Rennequin, 75017 Paris

• Good for: A French family joint with an elevated twist

• Not so good for: Showing up on a whim. There are only two seatings, at 6.45pm and 9pm, so it’s wiser to book online

• FYI: There is another branch in the ninth arrondissement that attracts a slightly younger crowd

• Website; Directions

Out of all the Parisian vegan restaurants I tried, this one was most reminiscent of the comforting French food I know and love. Perhaps it was the family feel: Le Potager was founded by two brothers, restaurateur David Valentin and trained naturopath Adrien Valentin. Their mother, Charlotte, works with them too and tended the bar when I visited for dinner. All ingredients are sourced from a vegetable garden in the outskirts of Paris. The menu changes with the seasons but features some beloved staples — I was told the avocado “hard-boiled-egg style” is a hit with customers. They sprinkle it with kala namak salt to mimic the sulphurous taste of yolk.

I opted for the tofu instead. Marinated in a sweet agave and spicy paprika sauce, it came seared like a tuna steak, encrusted in sesame seeds and on a bed of lime yoghurt. I devoured every bite. The rigatoni with soy cream and homemade pesto was very convincing despite being dairy-less. I finished on a high with another fan favourite: the mousse au chocolat made with aquafaba, a fancy name for chickpea water. I couldn’t believe it was vegan — it tasted so rich, yet was even lighter and fluffier than a regular mousse. The nostalgic dessert came in a beautiful glass with raspberries and caramelised pecans sprinkled on top. The twist was a micro branch of Atsina cress, which added an unexpected burst of liquorice flavour.

42 Degrés (9th arr.)

109 Rue du Faubourg Poissonnière, 75009 Paris

• Good for: Adventurous spirits and health nuts

• Not so good for: Those full of clichés about vegans risk leaving here more deeply entrenched in their views

• FYI: The kitchen does cooking classes on raw cuisine and vegan pastry techniques

• Website; Directions

42 Degrés is not just free from dairy, meat and fish. It is also organic, gluten-free and “raw”. In this kitchen, nothing is cooked above 42C, which explains the cryptic name. Food cooked below this temperature is meant to be more nutritious, detoxifying and immunity-boosting. I didn’t do my due diligence on the science but I tried the menu gourmand with an open mind. Three dishes came paired with organic juices and a faux-cheeseboard interlude. The fermented turnip juice was a step too far, in my view, but a wonderful natural wine helped wash it down.

Each experimental dish was definitely conversation starter. Highlights included the apricot with dill and “frawmage glacé” (frozen yoghurt), and the cashew and aubergine bruschetta. Both were tasty, unique and looked beautiful. The lasagne, layered with courgette slices and cashew béchamel, was well executed; rich and heartwarming despite its rawness. We enjoyed the best-seller, an indulgent raw cocoa pudding, which gets a slight makeover with each season. But the standout for me was a simple peach bathing in champagne-like, fizzy hibiscus juice. In this east Paris bistro, the food is elegant and the atmosphere without frills — perfect for a casual lunch. Just make sure your companion is open-minded.

Where do you go for plant-based food in Paris? Tell us in the comments

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This story originally appeared on: Financial Times - Author:Akila Quinio

“The most interesting market is Asia,” said chief executive Gilles Martin. “Access to tests is not very developed there yet.”

Boosted by a worldwide surge in testing, Eurofins entered France’s CAC40 index last year. But as the pandemic receded, it was hit by falling demand as governments scrapped health and travel restrictions.

This story originally appeared on: Financial Times - Author:Akila Quinio