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Insurance group RSA Insurance has reported a first-half record for underwriting performance which saw growth in profits of 33%, while statutory results were hit by Covid-19 financial market impacts.
Group underwriting profit rose 33% to £240m in the first half of 2020 which it attributed in its interim results to 'continued business improvement actions'.
RSA announced group business operating result was up 13% to £349m and said that, in aggregate, the net impact of Covid-19 from premiums, claims and investment income effects is neutral.
Underlying pre-tax profit rose 14%, while statutory pre-tax profit was down 7% to £211m in the first half, due to Covid-19 financial market impacts.
Statutory profit after tax was £164m, compared to £183m in the same period a year earlier.
Group chief executive Stephen Hester said: '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 the underwriting performance which is a first half record for RSA.'
RSA announced that the group attritional loss ratio improved 4 points versus the first half of 2019, of which 2.5 points are Covid-19 related.
The group reported net written premiums (NWP) of £31bn, down 3% compared to the same period a year earlier and estimated that Covid-19 reduced NWP by around £110m (3%), consisting of price reductions, refunds, coverage changes and specific business line volume impacts.
At 8:00am: (LON:RSA) Rsa Insurance Group PLC share price was -19.05p at 419.35p