Share Search
Visit the Share Search
RSA reports 'strongly higher' Q3 underwriting profits
5th Nov 2020 07:52
(Sharecast News) - Insurer RSA said underwriting profit was up strongly in the first nine months of the year despite the cost of Covid-19 business claims.
The company on Thursday also revised down its original estimate of the cost COVID-19 claims by £20m to £62m following an initial court ruling in September in a case brought by the Financial Conduct Authority against eight insurers over business interruption insurance claims.
RSA is appealing some of the policy wordings.
The company's combined ratio came in at 90% in the third quarter. There were no specific profit figures provided in its trading statement.
Investment income was lower in the year to date, and group net written premiums fell 3% to £4.7bn.
"While COVID-19 has held back our profit overall, RSA's inherent strength and the improvements we have made are driving the business forward in a pleasing manner. The outlook for continued underwriting improvements remains positive," said chief executive Stephen Hester.
The company on Thursday also revised down its original estimate of the cost COVID-19 claims by £20m to £62m following an initial court ruling in September in a case brought by the Financial Conduct Authority against eight insurers over business interruption insurance claims.
RSA is appealing some of the policy wordings.
The company's combined ratio came in at 90% in the third quarter. There were no specific profit figures provided in its trading statement.
Investment income was lower in the year to date, and group net written premiums fell 3% to £4.7bn.
"While COVID-19 has held back our profit overall, RSA's inherent strength and the improvements we have made are driving the business forward in a pleasing manner. The outlook for continued underwriting improvements remains positive," said chief executive Stephen Hester.