RSA blames UK weather as group profits plummet by 40%
RSA has seen its group post-tax profits plummet by 41% to £164m for the first six months of 2012, down from £277m reported in the same period last year.
The insurer also saw its underwriting result drop by almost a quarter (23%) from £206m (H1 2011) to £158m (H1 2012).
RSA blamed the impact of the UK's adverse weather conditions and the two earthquakes which struck Italy in May for the decline in profitability.
It also attributed the closure of its Czech Direct operation and the reduction in headcount by a third at its Group Corporate Centre for the hitting the company's profits before tax which fell by 38% to £233m (H1 2011: £376m).
Its
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