Britain biggest commercial insurer beat the Wall Street expectation by reporting operating results ahead of expectations.
Company reported a fall in the profit before tax by 27% to £554 million was as its gross premium reported an increase to £7.74 billion from £7.27 billion for the same period of previous financial year.
According to the officials of Insurer RSA it is on track for “excellent” results in future but recorded a decline in the annual profits due to economic uncertainty which leads to, a weaker investment performance.
But it is making affords to boost its earnings by walking away from insufficiently profitable business along with cutting costs and push through price increases.
According to CEO of the company Andy Haste, “’We have made a good start to the year, continuing to push hard for profitable growth while maintaining underwriting discipline and, as it stands today, we expect to achieve a combined operating ratio for 2010 of around 95%.’