RSA declares Q1 operating results as takeover gets green light

RSA Insurance Group Plc has recently announced what the group described as ‘excellent’ operating results for the first quarter of the year 2021.

In a trading update, which the insurer clarified does not constitute an interim report, RSA said its gross written premium grew 2% from the same period in 2020 to £2.05 billion (around SG$3.79 billion) this time around. Meanwhile, group business operating profit nearly doubled.

Without providing the numbers, the insurance group highlighted that each of RSA’s three regions – Scandinavia, Canada, and UK & international – performed ahead of the previous year. The large loss ratio stood at 9.8%, while the attritional loss ratio improved overall.

Additionally, the company’s estimated Solvency II coverage ratio was 200% as of March 31, with tangible shareholders’ equity at £3.25 billion.

Chief executive of the group Stephen Hester noted, “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.”