RSA reports drop in nine-month net written premiums

RSA Insurance reported a fall in net written premiums in the first nine months of the year, reflecting the impact of disposals, but the group said it was on track for strong operating earnings increases for the year.

Total group net written premiums fell 5% from the same period a year ago to £4.82bn.

Meanwhile, tangible equity at the end of September stood at £3.18bn, versus £3.32bn at the end of June and £2.84bn at the end of December, as net income, positive FX and mark-to-market movements were offset by negative pension fund movements.

Chief executive Stephen Hester said: “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."