RSA UNDERWRITING PROFIT UP 36%

RSA Insurance has reported a 15% improvement in its operating result to £751m in 2020, driven by a 36% rise in full year underwriting profit to £550m. The improved underwriting result was despite a £42m net impact from Covid-19 on premiums, claims and investment income, including £250m in Covid-19 insurance claims. RSA, which is being acquired by Canadian insurer Intact and Danish group Tryg, reported a full year combined ratio of 91.1%, a 2.7 point improvement on 2019. Net written premiums were flat at £6.22bn, including an £166m reduction due to the pandemic. The acquisition is on track to complete in the second quarter, RSA said.