Corporate News
RSA Group announces year-end results for 2008
RSA has announced a strong set of results for 2008. Key highlights:
Strong Group performance
- Net written premiums up 11% to £6.5bn
- Operating result up 7% to £867m
- Profit before tax up 13% to £759m
- Combined operating ratio of 94.5%
- Shareholders' funds up 25% to £3.8bn
- IGD surplus up 13% to £1.7bn, representing coverage of 2.5x
Delivery against strategic objectives
- Strong results in challenging trading and economic conditions
- Continuing to take the right action on rate and expenses
- New UK expense savings target of £70m to be delivered by mid 2010, at a cost of £80m
- Maintaining tight financial management
- Strong balance sheet and capital position
Outlook
- Final dividend increased 10% to 4.98p, giving a full year dividend increase of 10%
- Combined operating ratio for 2009 expected to be around 95%
Andy Haste, Group CEO of RSA, commented "In a year of challenging trading conditions and volatile investment markets, we have once again delivered strong results and have strengthened the Group's net asset and regulatory capital position. These results continue to demonstrate the positive impact of our tight operational and financial management and the benefit of the Group's strong and diversified portfolio. We expect to continue to face challenging conditions going forward. However, with our ongoing actions and the strength of our portfolio and balance sheet, we remain confident of continuing to deliver sustainable profitable performance and we are well positioned to take advantage of market opportunities."
A full version press release on Group year end results is available at:
http://www.rsagroup.com/rsa/uploads/press/Q42008PressRelease.pdf