RSA Insurance Group has announced its first quarter results this morning, revealing that premium income is up by 14%.
Group net written premiums stood at £1,710 million for the first quarter of this year, up 14% compared to the same period in 2016, and within that UK premiums were up 10% at £629 million. New business levels in the UK were higher than a year ago and retention was “strong across the business.”
Premiums also grew in Scandinavia, Canada, and the Middle East, but were flat in Ireland at £62 million.
RSA’s chief executive, Stephen Hester, said the year had “begun well” for the insurer, adding that “results to date are strong with key proof points for further progress coming through positively.”
The insurer reported strong underwriting results for the quarter, with operating profit ahead of plans, and said attritional loss ratios and expenses had “improved again.”
The Group’s disposal of UK legacy liabilities, which was announced in February, was completed successfully along with related capital restructuring, Hester said, “to reduce risk, improve capital resilience and boost profits.”
RSA said it expects reduced interest costs following the move, of £54 million next year and a little over £40 million in 2018, compared to £99 million in 2016.
“The Group’s entire focus is now on our drive for outperformance – serving customers and shareholders,” Hester added.
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