RSA endures UK commercial pain as COR worsens
RSA's UK commercial combined operating ratio (COR) deteriorated to 100.4% (2011: 98.7%) as it recorded a total UK commercial underwriting loss of £31m (2011: £2m) for the year ended 2012.
Overall, RSA's total UK underwriting profit dropped 37% to £39m (2011: £62m) while its total UK COR crept up to 98.2% (2011: 97.3%).
Specifically, the performance of RSA's liability and motor lines all significantly worsened as both recorded substantial losses of £21m and £44m respectively.
Its liability COR leapt from 99.7% to 107.1% while its motor COR rose to 106.8% (2011: 105.9%). RSA's marine performance also worsened as its COR jumped to 96.2% (2011: 91.1%).
However, the insurer's UK
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