RSA blames UK weather as group profits plummet by 40%

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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).

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