Insurer RSA posts 5pc drop in nine-month premium
Insurer RSA posted a 5pc drop in net written premiums in the first nine months of 2016 due to the impact of asset disposals, the firm said on Thursday.
RSA, best known in Britain for its More Than insurance brand, said net written premiums fell to £4.82bn from £5.09bn a year earlier.
Tangible equity fell 4.5pc to £3.18bn as at September 30, from £3.32bn at the end of the June quarter, hit by negative pension fund movements, the firm said in a trading statement.
RSA, currently in the middle of a large-scale restructuring under Chief Executive Stephen Hester, a former boss of Royal Bank of Scotland, said cost cutting targets remained on track.
"Brexit provides us an attractive tailwind from overseas earnings translation, in the context of an otherwise challenging environment," Hester said, referring to the strength of RSA's earnings in foreign currencies.
RSA has businesses in Canada, Ireland and Scandinavia as well as Britain.