- RSA Insurance Group said underwriting profit rose 36% in 2020 to £550 million, its fourth record underwriting result in five years.

The group said statutory profit before tax fell 2% to £483 million last year, driven by market impacts from Covid-19, bid costs, exits and restructuring.

The group business operating result rose 15% to £751 million. The estimated net impact of Covid-19 from premiums, claims and investment income effects was a £42 million drag on the business operating result.

The recommended bid for RSA by Intact in consortium with Tryg was approved by shareholders in January. RSA said the deal was making good progress and was likely to be completed in the second quarter.

A final dividend for 2020 is not being proposed as this would reduce the cash consideration payable under the terms of the acquisition.

Stephen Hester, chief executive of RSA Group, said: ‘We are pleased to report excellent results for RSA in 2020. Underwriting profits are sharply up to new record levels and return on tangible equity has risen above our target range.

‘The group has delivered on large parts of our ‘best in class" ambitions. The quality of earnings is excellent which augurs well for RSA's prospects in 2021 and beyond. I am proud of the hard work, dedication and focus of all my colleagues in what was a difficult and turbulent year.’

At 8:06am: [LON:RSA] Rsa Insurance Group PLC share price was 0p at 656.2p

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