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 (9M 2015: £2.13bn).
The insurer stated that UK commercial lines had seen “modest growth” compared to the same nine months last year, while UK personal premiums were slightly down due to lower household premiums.
However net written premiums for the whole group were down 5% from £5.09bn in the first nine months of 2015 to £4.81bn this year.
Insurer posts rise in UK and Ireland net written premiums for the first nine months of the year.
According to the insurer its profitability for the group is “strong” and “ahead of expectations”.
RSA further stated that during the third quarter of the year the impact of Brexit had been seen in the UK through lower bond yields, narrower spreads and weaker Sterling.
Brexit
Stephen Hester, RSA group chief executive, commented: “We are very pleased with RSA’s continuing progress towards our ‘Best in Class’ ambitions.
“Momentum in the business is excellent across the many improvements to customer service, underwriting effectiveness and cost efficiency we are driving through.”
He continued: “Brexit provides us an attractive tailwind from overseas earnings translation, in the context of an otherwise challenging environment.
“While Q4 can be a bumpy underwriting period, RSA is on track for strong operating earnings increases for 2016 overall.”
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