RBSI reports operating loss for Q2 2010
Royal Bank of Scotland Insurance (RBSI) made an operating loss of £203m during Q2 2010, compared to a £142m profit for the same period last year.
For the first six months of 2010, the division has made a £253m operating loss (H1 2009: £223m profit). Total income for RBSI was £1.03bn during Q2 2010 (Q2 2009: £1.02bn), and £2.07bn for H1 2009, a fall from H1 last year (£2.03bn).
Combined operating ratio was 128.7%, compared to 91.3% during the same period last year. In a statement, RBS said: “The performance of RBS Insurance was adversely impacted by a significant increase in bodily injury reserving, including adding £241m to reserves
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