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RSA reports results for first half of 2022

RSA reports results for first half of 2022 | Insurance Business UK

RSA reports results for first half of 2022

London-headquartered RSA Insurance Group, whose Middle East operation was sold in July, has published its interim management report.

According to the Intact Financial Corporation subsidiary, here’s how it performed in the six months ended June 30:

Metric

H1 2022

H1 2021

Profit/(loss) before tax from continuing operations

£107 million

£(249 million)

Profit/(loss) after tax from continuing operations

£75 million

£(269 million)

Profit from discontinued operations, net of tax

£4.5 billion

 

In the first half, RSA posted an underwriting profit worth £31 million – a turnaround from last year’s £143 million underwriting loss. Meanwhile net written premiums for the insurer’s continuing operations amounted to £1.5 billion, which is lower than 2021’s £1.7 billion.

Discontinued operations span Scandinavia and Canada, which RSA disposed of in June 2021. The group also recently divested its 50% shareholding in Royal & Sun Alliance Insurance (Middle East) BSC to National Life & General Insurance Company. The sale was completed on July 07.

RSA, which did not declare a dividend in the first half, transacts insurance and related financial services predominantly in the UK and Europe. Its immediate parent firm is Regent Bidco Limited, while RSA’s ultimate parent company and controlling party is Canadian group Intact Financial Corporation.