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.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Arch CEO bullish on mortgage insurance
Enstar Q2 profit plummets
CNO Financial reinsures legacy portfolio with Wilton Re
Willis Towers Watson grows organic revenue by 3%
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze