direct line insurance group plc on monday reported a 95 drop in operating profit missing consensus expectations and swung to a pretax loss heres what we watched operating profit the nonlife insurer posted 321 million pounds 386 million in operating profit for the year ended dec 31 compared with gbp5903 million the previous year missing the gbp70 million estimated by a companycompiled consensus taken from 16 analyst estimates gross written premium the ftse 250 groups adjusted gross written premium for the year was gbp297 billion below the gbp308 billion expected by the same consensus and gbp307 billion in 2021 combined operating ratio the companys combined operating ratiowhich indicates profitable underwriting if it stands below 100was 1058 compared with consensus 1047 for 2021 it posted a 895 ratio  pretax loss direct line swung to a pretax loss of gbp451 million for the year compared with a profit of gbp4460 million in 2021  solvency position the company said its solvency capital ratio slipped to 147 compared with 176 due to lower profit and unrealized investment losses it added that at the end of february its ratio had further improved by 5 percentage points on positive credit movements on the bond portfolio and a reduction in ineligible capital on adoption of ifrs 17 insurance contracts  dividend as warned in january the insurer didnt propose a final dividend for 2022 it said it would update the market regarding the dividend outlook for the year ahead at the halfyear results  outlook the company forecasts that its 2023 earnings will be affected by higher than assumed claims inflation on its motor business written during 2022 and in early 2023 as well as continued macroeconomic uncertainty it aims to generate a net insurance margin of above 10 over time it said