RBSI puts operating loss down to bodily injury claims injection
The chief executive of Royal Bank of Scotland Insurance said its results were heavily impacted by the need to boost its reserves for bodily injury claims after reporting a £253m operating loss for H1 2010 (H1 2009: £217m profit).
Paul Geddes said that the insurer's reserves had to be strengthened by a further £320m, resulting in a loss for the period.
The insurer reported an underwriting loss of £27m (H1 2009: £482m profit) and total income of £2.08bn (H1 2009: £2.03bn) while the combined operating ratio deteriorated to 120.2% (H1 2009L 95.2%).
Referring to the reserve action, Mr Geddes, said: "Excluding these historic motor claims, our underlying business performance remains profitable, reflecting decisive action to
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