RSA UK underwriting profit takes Ogden hit
CEO Steve Lewis says results were also impacted by large claims and a claims inflation in household.
RSA’s UK business has posted an underwriting profit of £17m for the first half of 2017, a massive decline compared to the £76m reported in H1 2016.
Its combined operating ratio (COR) for the UK business was 98.7% (H1 2016: 94.4%).
According to the insurer the underwriting result was impacted by its £42m reserve release in response to the change in the Ogden rate, as well as a claims inflation in personal household.
Excluding the impact from Ogden, the underwriting profit was £56m and the COR
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