RBSI reports £33m loss for Q3 2010
Royal Bank of Scotland Insurance (RBSI) has reported a £33m operating loss for Q3 2010, compared to a £203m loss in Q2 2010 and a £11m profit in Q3 2009.
The combined operating ratio stood at 110.2% in Q3 2010, compared to 128.7% in Q2 2010 and 104.7% in Q3 2009.
Comparing Q3 2010 performance to Q2, RBSI said: "Performance improved on Q2 2010 due to lower additions to bodily injury reserves in the quarter. Tighter underwriting criteria are now in effect and pricing and claims management initiatives for bodily injury have started to deliver; further improvements still need to be fully embedded to restore the business to sustainable profitability.
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