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    RSA   GB00BKKMKR23

RSA INSURANCE GROUP

(RSA)
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Bad weather may hit RSA first-half performance - CFO

05/10/2018 | 04:21am EDT

LONDON (Reuters) - Bad weather in RSA's key markets are likely to hit first-half profits, the British insurer's chief financial officer said on Thursday, as the firm reported a 2 percent rise in net written premiums in the three months to end-March.

RSA, best known in Britain for its More Than brand, also has major businesses in Canada, Ireland and Scandinavia.

Storm Emma, which hit Britain and Ireland in March, will cost RSA 40 million pounds ($54.23 million) on a pre-tax basis, Scott Egan told a media call.

"All regions were impacted...in Canada, poor weather has continued into April and early May," Egan said.

"Weather costs are likely to impact our H1 performance."

RSA did not give profit numbers in its first-quarter statement, but said that underlying profits were lower than a year earlier due to the higher bad weather costs.

Net written premiums rose to 1.52 billion pounds, however, helped by a move away from business where profitability was threatened, RSA said.

"We can't control the weather but most things we can control," Chief Executive Stephen Hester told the call.

Bad weather costs were 5.1 percent of net earned premiums, 3.1 points higher than a year earlier.

KBW analysts calculated the weather costs at 85 million pounds, below their 90 million estimate. They reiterated their outperform rating on the stock.

RSA's shares rose 2.55 percent to 652 pence at 0748 GMT, outperforming a steady FTSE 100 index <.FTSE>.

($1 = 0.7376 pounds)

(Reporting by Carolyn Cohn, Editing by Lawrence White and Adrian Croft)


ę Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 0.71% 2844.3 Delayed Quote.62.29%
BEST INC. -3.14% 1.85 Delayed Quote.-9.31%
FTSE 100 -0.38% 7051.48 Delayed Quote.9.15%
MSCI UNITED KINGDOM (STRD) -0.84% 1125.261 Real-time Quote.10.07%
RSA INSURANCE GROUP 0.00%End-of-day quote.1.00%
S&P UNITED KINGDOM (PDS) -0.33% 1401.54 Delayed Quote.9.44%
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Analyst Recommendations on RSA INSURANCE GROUP
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Financials
Sales 2021
Net income 2021
Net Debt 2021
P/E ratio 2021
Yield 2021
Capitalization 7 160 M 10 144 M -
EV / Sales 2021
Capi. / Sales 2022 1,11x
Nbr of Employees 11 840
Free-Float -
Chart RSA INSURANCE GROUP
Duration : Period :
RSA Insurance Group Technical Analysis Chart | RSA | GB00BKKMKR23 | MarketScreener
Income Statement Evolution
Managers and Directors
Scott Egan Chief Executive Officer & Executive Director
Mark Steven Hodges Chairman
Charlotte Jones Independent Non-Executive Director
Clare Jane Bousfield Independent Non-Executive Director
Sally Bridgeland Independent Non-Executive Director