Profits fall and combined ratio deteriorates at RSA
RSA has reported a 15% fall in profits after tax to £355m (2009: £419m) while net written premiums increased 11% to £7.5bn (2009: £6.7bn) in the year ended 31 December 2010.
In the UK, net written premiums for insurance operations grew 11% to £2.9bn while the underwriting result reported a loss of £95m after a profit of £75m in 2009. Investment returns however rose to £244m producing a net result of £149m (2009: £313m).
On personal lines the insurer reported net written premiums of £1.2bn with an operating ratio of 103.9% and in commercial lines £1.7bn of net written premium came in with an operating ratio of 101.1%.
In its statement RSA said: "The UK delivered an
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