Summing up the above figures, RSA’s full-year pre-tax profit is equivalent to £ 4.33 billion.
In 2020, the company made a profit of £ 500m from its now closed business and lost £ 17m on its continuing business.
RSA reports: 12 million), and other costs of £ 190 million (2020: £ 148 million).
“On the same continuation basis, profitable underwriting performance this year reflects the uncertainty of evolving estimates and reserves and margins of approximately £ 180 million to align with IFC practices. It was surpassed by the strengthening of. “
“The underwriting results are a £ 72 million write-down of software assets and a £ 34 million net impact associated with the purchase of reinsurance contracts for unfavorable development compensation (potential for the Group’s past insurance obligations). It was further affected by (reducing volatility), including partial offsetting from the reduced reserve margin in the light of increased reinsurance protection. “
RSA also noted debt repurchase costs of £ 136m and £ 53m for acquisition and consolidation costs.
Of £ 4.56 billion in pre-tax profit from discontinued operations, £ 4.39 billion came from the disposal of operations in Scandinavia and Canada. According to information on the RSA website, the Scandinavian subsidiary was the most profitable in the group.
“It’s great to see the efforts and customer focus of all the teams in our entire business pay off and pay off,” UK & I, January 10, 2022.
“Although affected by certain items related to the acquisition transaction, we have made significant progress in the UK commercial line and specialty portfolio, as well as our flagship home and pet business, achieving strong performance across UK & I. . “
Meanwhile, Nogrove made a special mention of his predecessor.
He states: “With Scott Eagan [chief financial officer] Charlotte Jones is grateful to all colleagues and brokers, partners and customers who chose RSA for continuous support, overcoming the complexity of 2021 and leading RSA.
“My focus in 2022 is to work with the RSA and Intact teams to pave the way for outperformance based on continuous progress.”
RSA publishes year-round results | Canada Insurance Business
Source link RSA publishes year-round results | Canada Insurance Business