28th February 2021

RSA reports "excellent results" for 2020

RSA goup has reported preliminary 2020 financials-highlights are:
-Group business operating result £751m up 15% vs 2019
-Group underwriting profit £550m up 36%
-Group combined ratio 91.1
-underlying EPS 51.2p1 per share
-Statutory profit before tax £483m
-Underlying ROTE 18.21%
Stephen Hester, RSA Group chief executive, comments:
“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. Naturally, the impact of COVID-19 was the major feature of our year, as for society as a whole. We prioritised the safety of our employees and sustaining service to customers. The Group paid out some £4.6bn in ‘normal’ claims whilst also providing for over £250m in COVID-19 specific claims, together with offering a range of other customer support measures. 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. We have built a high performing company and 2020’s results showcase the value creation thereby achieved. This in turn drove the 52% premium we were able to negotiate in Q4 through an all cash bid from Intact and Tryg. The Offer is on track to complete in the coming months, ending a chapter for RSA but not the whole story...”

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