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Annual Results

RSA vows "self-help" as FY pretax profit drops

23 February 2017 07:32

RSA Insurance has posted a lower FY pretax profit and has vowed to "self-help" on customer service, underwriting and costs amid tough market conditions.

Its pretax profit was £91m for the 12-month period, which was less than a third of the prior year's profit of £323m. The comparative period had benefited from disposal gains.

Total net written premiums for the group were £6.4bn, from £6.8bn, including a core element of £6.3bn, from £5.9bn.

Final dividend was 11p a share, making the total 16p for 2016, up 52%.

"In 2016 RSA took major strides forward, moving seamlessly from 'successful turnaround' to organic outperformance," said CEO Stephen Hester.

"Our improvements are both strategic and operational. They are delivering high quality sustainable results."

Hester said RSA's ambition was not to drive performance towards 'best in class' levels.

"Industry and financial market conditions will remain tough. We plan to outperform through continuing self-help measures on customer service, underwriting and costs." Story provided by StockMarketWire.com

Related Company: RSA

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