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Trading statements

RSA Insurance's Q1 2017 net written premiums up

04 May 2017 07:38

RSA Insurance said its Q1 2017 net written premiums rose 14% to £1.71bn, with operating profit for the period ahead of the company's plans.

"The year has begun well for RSA. Results to date are strong with key proof points for further progress coming through positively," said CEO Stephen Hester.

"We also completed the UK legacy disposal and related capital restructuring successfully, to reduce risk, improve capital resilience and boost profits.

"The Group's entire focus is now on our drive for outperformance - serving customers and shareholders."

HIGHLIGHTS:

- Scandinavian premiums of £664m were up 14% as reported and up 2% at constant fx. Volume growth was flat with rating increases of 2%.

- Premiums in Canada of £267m were up 28% as reported and up 6% at constant fx. Volume growth was 1% with rating increases accounting for a further 1% growth. There was also a 4% benefit from lower reinsurance costs. Growth was particularly good in the broker channel, and retention rates improved across the business.

- UK premiums of £629m were up 10% as reported and up 7% at constant fx with volume growth of 5% and rating increases adding 2%. New business levels were higher than a year ago and retention was strong across the business.

- Premiums in Ireland of £62m were flat as reported and down 10% at constant fx; Middle East premiums of £59m were up 23% as reported and up 7% at constant fx.

Story provided by StockMarketWire.com

Related Company: RSA

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