March 22 (Reuters) - Belgian insurer Ageas SA

said on Friday it does not intend to make an offer for British

home and motor insurer Direct Line after two failed

attempts over possible terms.

Direct Line, which has brands such as Churchill, Darwin and

Privilege, as well as Green Flag rescue policies, rejected a

revised 3.17 billion pound ($4 billion) takeover bid last week

from Ageas as it "significantly undervalued" the company.

The Belgian insurer said on Friday it had not been able

to "identify additional elements based on publicly available

information that would justify significant adjustments to the

terms of its possible offer," leading it to bow out altogether.

Direct Line said it was confident in the group's

standalone prospects and stood by CEO Adam Winslow's leadership.

"The Board believes under Adam Winslow's leadership the

company is well-positioned to drive material improvement in

performance," it said in a statement.

Direct Line posted an

operating loss

for 2023 on Thursday as it grappled with high motor claims

inflation, but reinstated its dividend.

($1 = 0.7941 pounds)