RSA reports falling profits
by Richard Kilner
Story link: RSA reports falling profits
RSA has reported its financial results for the six months ended 30 June 2012, including pre-tax profits of £233m.
This is a 38% year-on-year drop, falling from the £376m the firm made in H1 2011.
Profits after tax fell even more sharply, slumping by 41% from £277m to £164m, year-on-year.
The firm reported biannual net written premiums of £4.3bn, a 4% rise at constant exchange and a 2% rise as reported.
Investment income was £267m, with operating income of £316m.
Group Chief Executive Simon Lee said that the firm was making good progress with its strategic priorities, with premium growth led by Emerging Markets, Canada and Specialty.
Lee also welcomed the firm’s record underwriting result in Canada but warned that economic conditions were certain to remain tough in some of RSA’s markets.
Despite that, he sounded an optimistic note regarding the firm’s full year results.