Corporate News

RSA's 2008 Half Yearly Financial Report

RSA Group announced half yearly financial results for 2008 on 7 August. Key highlights are:

Strong Group performance

• Net written premiums of £3.4bn up 12%
• Combined operating ratio (COR) of 93.0%
• Operating result up 9% to £440m
• Profit after tax up 23% to £292m
• Interim dividend up 10% to 2.73p

Delivery against strategic objectives

• Strong results in challenging trading and economic conditions
• Results demonstrate the benefits of management actions and the strong and diversified portfolio
• Maintaining tight operational and financial management
• Continuing to take the right action on rate
• Delivered 2008 annualised expense savings target of £200m

Full year outlook

• Combined operating ratio for 2008 now expected to be better than 95%

Andy Haste, Group CEO of RSA commented, "It has been another good first half and we have once again delivered strong results in what are challenging trading and economic conditions. These results continue to demonstrate the positive impact of our management actions and the benefit of the Group's strong and diversified portfolio."

Full report can be download here:
http://www.rsagroup.com/rsa/uploads/press/Q22008PressRelease-FINAL_HEADED.pdf