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Insurer RSA reports 1% increase in UK and Ireland business net written premiums

IBR Staff Writer Published 04 November 2016

RSA has reported a 1% increase in net written premiums to £2.15bn in its UK and Ireland business in the first nine months of 2016, compared to £2.13bn for the same period last year.

The slide in sterling after the UK's vote to leave the European Union had helped the company's earnings, as majority of its operations are overseas.

With more than two-thirds of its profits coming from outside the UK, the British insurance company has seized on the decline in Sterling to raise its overseas revenue from Canada along with Scandinavian countries like Sweden, Denmark and Norway.

RSA Group chief executive Stephen Hester said: “Momentum in the business is excellent across the many improvements to customer service, underwriting effectiveness and cost efficiency we are driving through.

“Brexit provides us an attractive tailwind from overseas earnings translation, in the context of an otherwise challenging environment.”

However, the company expects a bumpy underwriting ahead, in the fourth quarter this year, though it claims to be on track for overall strong operating earnings increases in 2016.

RSA Group's net written premiums went down 5% to £4.81bn this year from £5.09bn reported in the first nine months of 2015.

The global insurer said that its profitability for the third quarter is strong and ahead of its expectations.

In a separate development, RSA said it will create 200 new jobs at its contact centre in Peterborough as a result of business expansion. The jobs will include both full time and part time openings.

RSA also revealed that it will increase its contact centre team comprising sales, service and claims. It is also planning to add some leadership roles at its Lynchwood House site where it currently employs 600 people.


Image: RSA Group office in London. Photo: courtesy of Diliff and Wikipedia.