StockMarketWire.com - Insurer RSA said its first-quarter results were "in-line" with its demanding plans for the period, adding that its underwriting actions were also "on track" for improvement after a challenging 2018.

Group net written premiums of £1,568m were up 3% year on year. On an adjusted basis, these were "broadly flat" and in line with the firm's first-quarter plans. This took account of planned exits, FX movements and reinsurance changes.

Weather, large loss, attritional loss and controllable expense ratios had all improved compared with the first quarter of 2018, partially offset by weaker prior-year development, the firm said.

Market pricing was competitive overall, but financial markets had produced some headwinds in the first quarter: the reduction in bond yields and credit spreads, if sustained, would have an impact on future investment income and a short-term volatility impact on UK pension accounting.

Operating profit for the first quarter was up on the first quarter of 2018 at constant FX and in line on a reported basis, with an improved combined ratio and slightly lower investment income as forecast, the company said.

Tangible shareholders' equity at 31 March 2019 was £2.9bn (flat with 31 December) and tangible net asset value per share was 279p.

The company's focus in 2019 was to continue improving for customers, to grow the business where underwriting conditions permit, and to re-price and underwrite in those business lines which saw difficult results in 2018, as well as completing the portfolio exits announced.



At 8:09am: [LON:RSA] RSA Insurance Group PLC share price was +6.8p at 541.2p



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