RSA reports rising 2011 profits

by Richard Kilner

Story link: RSA reports rising 2011 profits

RSA has reported its financial results for 2011, including pre-tax profits of £613m, a 29% rise.

Profits after tax rose by 20%, up from £355m in 2010 to £427m in 2011.

Annual operating profits rose by 38% to £884m, and the firm also saw net written premiums up by 9% to £8.1bn.

RSA also reported a strong performance in Scandinavia, Canada and Ireland, and said that Italian remediation remained a priority.

Group Chief Executive Officer Simon Lee said that the firm had managed to achieve a good result in 2011 despite the difficult market conditions.

Lee went on to say that the firm expected market conditions to remain tough, but expressed confidence in RSA’s resilience, given its performance in the challenging recent years.

Lee forecast good premium growth in 2012, and said that the firm was well-placed for when the economy improves and yields improve.