RSA ANNOUNCES STRONG FIRST HALF YEAR RESULTS
- Net written premiums (‘NWP’) of £3,219m down 5%1 but flat net of changes in reinsurance
- Group combined ratio of 94.7% (H1 2017: 93.2%)
- Statutory profit after tax up 19% to £245m (H1 2017: £206m)
- Group operating profit of £304m down 15% (H1 2017: £360m) due to adverse weather, which was £53m in excess of the five year average
- Underwriting profit of £171m down 23% (H1 2017: £222m)
- Earnings per share up 18%
Stephen Hester, RSA Group Chief Executive, commented:
"RSA is reporting a strong first half. Activity is high across the Group, aimed at building capability to outperform in our markets.
First half underwriting results were below our ambitions due to adverse weather costs. On an underlying basis we showed areas of excellent performance however, and with much we can continue to improve."