RSA share price: Group unveils third-quarter results

on Nov 3, 2016
Updated: Oct 21, 2019
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RSA Insurance (LON:RSA) has posted its third-quarter results this morning.

**Highlights from the company statement:**
Stephen Hester, RSA Group Chief Executive, commented:
“We are very pleased with RSA’s continuing progress towards our ‘Best in Class’ ambitions.
“Momentum in the business is excellent across the many improvements to customer service, underwriting effectiveness and cost efficiency we are driving through.
“Brexit provides us an attractive tailwind from overseas earnings translation, in the context of an otherwise challenging environment.

“While Q4 can be a bumpy underwriting period, RSA is on track for strong operating earnings increases for 2016 overall.”
Market conditions
· Insurance market conditions are broadly unchanged.
· Financial markets were volatile in Q3. In the UK, Brexit impacts were seen through lower bond yields, narrower spreads and weaker Sterling. In October, however, the yield and spread movements partly reversed.

· Sterling depreciated a further c.3% in the quarter against our major international currency blocks, bringing average year-to-date depreciation into the mid-teens. With over two thirds of RSA’s operating profit in non-Sterling currencies this benefits RSA’s reported results.

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Premiums (further detail available in the supplementary information)
· Core Group net written premiums YTD are up 6%, though slightly down on an underlying basis1. Premium levels are in line with our plan overall, though with some variability by region.
· Group net written premiums YTD down 5% versus prior year reflecting the impact of disposals.
**More to follow…**
As of 07:11 GMT, Thursday, 03 November, RSA Insurance Group plc share price is 496.80p.

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