RSA UK COR deteriorates to 101.8%
The insurer said the UK figures were “heavily impacted” by Covid-19 and, excluding the pandemic the UK COR was 95.8%, as CEO Hester reflects on group performance since 2014 and flags exit.
RSA published its full results for the year 2020 which pointed showed significant Covid-related impacts on its UK division.
Looking at the UK in isolation, the underwriting result (excluding exits) was £11m (2019: £50m). However, where exits were taken into account, an underwriting loss of £38m was recorded (2019: £3m profit).
The exits refer to a number of lines canned by the insurer in 2018/19 as it sought to improve performance. These lines are in run-off and will continue to feed into 2021
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