RSA racks up £165m loss

RSA's combined ratio deteriorated to 108.1% from 104% for the same period last year, although the company claimed it was 96.2% for on-going operations.

RSA added that it estimated subsidence claims in the UK will be about £70m above that expected in a normal year following the dry summer.

Overall, RSA said the UK underwriting profit for the year to date was £40m, a £104m improvement over the same period of 2002. The combined ratio for the nine months was 98.0% and for the third quarter was 100

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