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Interim Results

RSA operating profit up

02 August 2017 07:19

RSA reported operating profit of £360m, up 15% (H1 2016: £312m).


- Operating profit in Scandinavia £202m; Canada £71m; UK & International £151m

- Group underwriting profit of £222m, up 28% (H1 2016: £174m)

- Record Group combined ratio of 93.2% (H1 2016: 94.7%). Scandinavia 81.9%; Canada 94.8%; and UK & International 95.4%

- Group attritional loss ratio of 54.9%, 0.3pts better than last year; weather and large losses 0.2pts worse

- Group prior year underwriting profit of £79m (H1 2016: £55m)

- Group premiums of £3.4bn up 11% at reported fx, and up 3% at constant fx. Volumes accounted for 1% and rate increases 2%

- Investment income of £171m (H1 2016: £187m) down 9% versus the same period last year reflecting the impact of disposals and ongoing reinvestment at lower yields

Below the operating result there were lower interest costs following our debt restructuring, with other non-operating items largely as flagged

- Pre-tax profit of £263m, up 78% (H1 2016: £148m)

- Underlying earnings per share (EPS) 23.3p up 31% (H1 2016: 17.8p). Stated EPS up 133% to 18.4p

- Interim dividend of 6.6p/ordinary share declared, up 32% (H1 2016: 5p)

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