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RSA revenues down as Covid-19 bites
StockMarketWire.com
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British insurer RSA Group's underwriting profit was up strongly in the first nine months of the year, according to its third quarter trading update.
It revised down its original estimate of the cost of Covid-19 claims by £20m to £62m following an initial court ruling in September. The company's combined ratio was 90% in the third quarter.
Group net written premiums fell 3% to £4.7 billion year to date from the same period in 2019, and UK & International premiums fell the most by 6% to £1.9 billion.
Chief executive Stephen Hester said while Covid-19 has held back its profit overall, RSA's inherent strength and improvements are "driving the business forward in a pleasing manner" and the outlook for continued underwriting improvements "remains positive". At 10:01am: (LON:TRN) Trainline PLC share price was +15.3p at 288.3p
Story provided by StockMarketWire.com
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