Solid first half results, underwriting actions ‘on track’
- Current year underwriting profit up 70%
Excluding exit portfolios:
- Group underwriting profit £181m
- Group combined ratio 94.3%; underlying EPS 21p per share
- UK & International region underwriting profit £86m; combined ratio 94.0%
Statutory profit before tax £227m, impacted by exits and non-operating charges
Interim dividend 7.5p per share, up 3% vs. H1 2018
Stephen Hester, RSA Group Chief Executive, commented:
"RSA is reporting a solid first half 2019. Particularly pleasing is the improvement in current year underwriting results, which represent our best first half in the last 10 years1. Our Personal Lines business continues to drive this performance.
While the full earned effect of underwriting, pricing and portfolio changes will show next year, at this stage we are on or ahead of schedule in each region for those planned actions. There are some headwinds from lower bond yields and weaker prior year development and we have more to do in many areas. Nevertheless, we expect to make continued progress overall."
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