Results season continues with RSA Insurance Group Plc publishing its 2019 preliminary financial figures this morning (February 27).
According to the London-headquartered group, it recorded £383 million (around CA$660 million) in profit after tax for 2019 – an improvement from 2018’s £372 million (around CA$641 million). Underwriting profit, meanwhile, grew from £250 million (around CA$430 million) previously to £346 million (around CA$596 million) this time around.
Broken down per market, £223 million (around CA$384.4 million) of the group’s underwriting result came from Scandinavia; £94 million (around CA$162 million), Canada; and £85 million (around CA$146.5 million), UK & International. Central functions, meanwhile, posted a £56 million (around CA$96.5 million) underwriting loss.
“We are pleased to report strong results for RSA in 2019,” commented RSA group chief executive Stephen Hester. “Our profits are up, our dividends are up, and return on tangible equity is very good. This progress is driven by improved underwriting, which has produced record current year profits and combined ratio.”
RSA’s final dividend per ordinary share stood at 15.6 pence; 2018’s was 13.7 pence.
Hester noted: “2019 was an important period for RSA. Significant management renewal and a repositioning of our UK & International division are showing good promise.
“Our groupwide focus on underwriting improvement with strong cost control proved effective. Yet there is plenty more we can do to improve each of our businesses for customers and shareholders. There are challenges, but we are determined to drive further progress and high performance.”
