RSA’s 2020 Half Year Results – Group
- Group business operating result up 13% vs H1 2019
- Group underwriting profit £240m* up 33%
- Group combined ratio 92.2%*; underlying EPS 23.5p* per share
- Statutory profit before tax £211m down 7% due to COVID-19 market related impacts
* figures exclude UK/London Market exit portfolios
Stephen Hester, RSA Group Chief Executive, commented:
“RSA is reporting good growth in underwriting profits for the first half from continued business improvement actions. COVID-19 impacts on operating profits were broadly neutral in H1, though related financial market charges reduced our statutory results.
“Each region of RSA contributed in line or better than our plans, driven by improved attritional loss ratios. We are pleased with progress towards our “best in class” ambitions and underwriting results which are a first half record for RSA.
“Uncertain times put a special premium on sustaining customer service whilst operating safely and securely for our people and other stakeholders. This has been our focus and will remain so over the rest of the year.”
RSA’s 2020 Half Year Results – UK & International
- UK Underwriting profit £40m (£46m at H1 2019)
- UK NWP £927m (£992m at H1 2019)
- UK COR 96.1%, (95.7% at H1 2019)
- UK&I Underwriting profit £89m (£86m at H1 2019)
- UK&I NWP £1,292m, (£1,399m at H1 2019)
- UK&I COR 93.6% (94% at H1 2019)
All figures exclude UK/London Market exit portfolios
Commenting on the UK Results, Scott Egan, CEO of RSA UK & International said:
“The first half of 2020 has been extraordinarily tough for everyone. I’m pleased and proud of the work our team has done to support customers and one another, and we have continued to make good progress against our plans. While underwriting profits in the UK are broadly flat, this shows real improvement when you take into account a much poorer weather experience than last year.
“I’d also like to thank you, our brokers and partners, for your continued support over such a challenging few months. Even before Covid-19 turned our world upside down, we saw extreme flooding in the UK, and our combined efforts really helped get people’s lives back on track.
“From here on, we have a clear ambition to constantly improve what we do and how we do it. Our challenge now is to keep up momentum in an uncertain economic environment, and maintain a robust, resilient and responsive business for our partners and customers.”
You can read more on RSA Group’s results here.