RSA Insurance Group has reported “consistent” group net written premiums of £4,865 million for the first nine months of 2019.
The insurer said the results were flat overall against the same period in 2018 and “broadly in line” with their plans given that market conditions remained largely unchanged in the third quarter.
“RSA’s results to end September are strong, and consistent with our plans for the period,” said Stephen Hester, group chief executive of RSA. “Current year underwriting results have sharply improved, with all our regional businesses contributing. There is lots more to do – not least to finish 2019 well, with momentum into next year.”
In the UK and International, premium income fell 3%, which the group said reflected the “impact of pricing and underwriting actions in 2018 and in 2019 to date.”
Group weather costs were 2.6% of net earned premiums, a little below the five-year average. Weather costs were better than the prior year for the UK & International division.
Additionally, the group’s large loss ratio was 9.6%, with improvements in every region.
“Prior year development was significantly lower than last year, but in-line with the H1 trend, absorbing the revised Ogden rate impact in UK,” RSA said.
The group also noted that the impact of the ongoing cost reduction programme in the UK will be described more fully in their year-end results, adding that £8 million in restructuring charges were booked in Q3 below the operating result.
