RSA reveals rising profits for H1 2017
COR improved to 93.2% for the six months ended 30 June 2017.
RSA has posted a 15% increase in group operating profit to £360m for the half year ended 30 June 2017, according to its financial results.
This is compared to the £312m it achieved in the first half of 2016.
In addition, its group underwriting profit was up 28% to £222m (H1 2016: £174m) and its combined operating ratio improved to 93.2% for the first six months of 2017 (H1 2016: 94.7%).
RSA further reported a pre-tax profit of £263m for the first half of 2017, compared to £148m in the same period in 2016.
Post-tax profit also rose to £206m (H1 2016: £91m), while net written premiums increased to £3.45bn from £3.25bn compared to the first six months of 2016. The insurer reported net written premiums of £1.628bn in its UK & International division.
Progress
Stephen Hester, RSA group chief executive, commented: “RSA did well in the first half. We delivered outperformance, showing record underwriting results, attractive earnings and dividend growth with strong return on capital.
“Pleasingly, customers are also growing business volumes with us.”
He continued: “Across the Group the focus is on making progress towards our best-in-class ambitions.
“And while RSA is now measuring against higher performance standards, there is much more that can be done to improve.”
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