Strong results for 2019
- Total Group profits up on all measures
- Record current year underwriting profit, up by £229m
Excluding exit portfolios1:
- Group underwriting profit £405m, combined ratio 93.6%
- Underlying EPS 44.5p per share, return on tangible equity 16.0%
- UK & International region underwriting profit £144m; combined ratio 95.0%
- Statutory profit before tax £492m, impacted by exits and other charges Dividends 23.1p per share, up 10% (final dividend 15.6p)
We are pleased to report strong results for RSA in 2019. Our profits are up, our dividends are up and return on tangible equity is very good. This progress is driven by improved underwriting, which has produced record current year profits and combined ratio.
2019 was an important period for RSA. Significant management renewal and a repositioning of our UK & International division are showing good promise. Our Group-wide focus on underwriting improvement with strong cost control proved effective. Yet there is plenty more we can do to improve each of our businesses for customers and shareholders. There are challenges, but we are determined to drive further progress and high performance.
RSA Group Chief Executive
2019 was an important year for RSA’s UK & International business and we have made real progress. Across the UK&I business we have delivered a COR of 95% on our continued business and, importantly, the UK itself has started to pull its weight reporting a COR of 97.7%. This creates a platform for future success but we know that there is much more to do. It is important that we take a moment to not only thank our employees for their efforts but also our partners and brokers who have stood by us in tough moments. Relationships have, and always will be, the bedrock of our business and I look forward to developing them as we seek to improve RSA again in 2020.
RSA UK&I Chief Executive