RSA Insurance Group Issues Statement on 2018 Interim Results
"RSA's first half performance was strong with EPS up 18percent, dividends up 11percent and a return on tangible equity of 16percent. This reflects an inherently stronger business, better able to absorb underwriting volatility; together with an absence of restructuring costs reflecting the Group's progress.
"The Group combined ratio of 94.7percent was good by historical standards, but short of our plan and H1 2017 due to adverse weather costs. Our view of RSA's underlying earnings capacity is unchanged however.
"RSA continues to focus intensely on building performance capability in pursuit of our best-in-class ambitions for both customers and shareholders. We are making good progress, but with much more we can do. We expect to have setbacks--from external events and in our own execution--but to progress nevertheless.
"Market conditions in the first half remained competitive, with areas where the correct underwriting and price actions required a 'top line' trade-off. Conversely, large parts of our business saw good progress in both top line and 'bottom line' drivers.
"We are investing across RSA to serve customers better, to be better underwriters and to drive further efficiencies. Top line was positive (1) in two of our three regions, with
"H1 attritional loss ratios (except in the
"In terms of our regional businesses; the
"We enter the second half of 2018 with confidence, while mindful of market challenges. Good progress is being made in modernising technology platforms in every region. Underwriting actions and technical capability remain in focus. And we are pleased to have concluded an important new bancassurance alliance in
Footnote:
1 At constant FX
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