2 August 2018Insurance

RSA H1 underwriting profit down 23%

UK-based RSA reported underwriting profit down 23 percent year on year at £171 million in the first half of 2018 due to adverse weather, especially in Canada.

“First half underwriting results were below our ambitions due to adverse weather costs,” said CEO Stephen Hester. “On an underlying basis we showed areas of excellent performance, however, and with much we can continue to improve."

The group combined ratio deteriorated to 94.7 percent in the first half of 2018 from 93.2 percent in the same period a year ago.

Net written premiums were down 5 percent year on year at £3.22 billion, dampened by around £180 million of budgeted reinsurance costs.

Nevertheless, pre-tax profits were up 12 percent year on year at £296 million in the second quarter.

"RSA is reporting a strong first half,” Hester said. “Activity is high across the group, aimed at building capability to outperform in our markets,” he added.

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