RSA slips to half-year loss
RSA Insurance Group has reported a £9m post-tax loss for the first half of 2023, slipping into the red after a profit of £192m in the same period last year.
Net written premiums were down year-on-year, from £1.56bn to £1.38bn.
The insurer’s pre-tax profit for the half-year tumbled to £55m, compared with £224m previously.
However, underwriting profit within the figure was stable at £82m, just £4m lower than the first half of 2022.
Personal lines motor exitWhile the investment return improved, by £20m to £79m, the pre-tax result was hit by £34m of “de-recognition” of software assets.
This came about from RSA pulling out of the UK personal lines
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