LONDON (dpa-AFX) - RSA Insurance Group Plc.(RSANY.PK, RSA.L, RSA) reported that its pre-tax profit for the first quarter was higher than the first-quarter of 2017, although on an underlying basis it was lower due to elevated winter weather costs being not fully offset by other improvements.
Group gross written premiums of 2.099 billion pounds were up 1% at constant FX rates and in line with the first-quarter of 2017 at reported rates.
Net written premiums of 1.517 billion pounds were up 2% on an underlying basis. At a headline level, reinsurance costs for the triennial GVC renewal, a reduction in retention levels for certain programmes and rate inflation in reinsurance areas such as UK Motor dampened net written premiums by 197 million pounds. However, these were budgeted in plans.
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