9th May 2021

RSA finally reports combined ratio of 86- "our best such quarterly result of the last decade" says Group Chief Executive Hester

RSA reports excellent first quarter 2021 operating results
Stephen Hester, RSA Group chief executive, comments “RSA’s run of record performance continued in Q1 as the Group delivered a combined ratio of 86,our best such quarterly result of the last decade. We also announced today that the bid from Intact and Tryg should complete at the end of May, having now received its required regulatory approvals.
The RSA business we handover has never been in better shape. I would like to thank our customers for their enduring support and my colleagues for their continued professionalism and commitment.”
Highlights are:
-Group gross written premiums of £2,045m were up 2% vs. Q1 2020.
-Group business operating profit for Q1 nearly doubled versus Q1 2020, with a significantly improved combined ratio and lower investment income(as expected). Each of the company's three regions performed ahead of prior year.
– Group weather costs were 1.7% of net earned premiums(Q1 2020: 3.7%).
–the large loss ratio was 9.8% (Q1 2020: 9.4%; Q1 2020 ex. exits: 8.8%).
–The attritional loss ratio improved overall, and in each region including and excluding COVID impacts.
– Prior year development was more favourable than Q1 last year.

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