UK Insurer RSA Reports 15% Hike in 2020 Operating Profit
February 26, 2021
UK insurer RSA has reported a 2020 business operating result of £751 million ($1.1 billion), up 15% from £656 million ($926 million) reported during 2019.
The group paid out some £4.6 billion ($6.5 billion) in “normal” claims while also providing for over £250 million ($353 million) in COVID-19 specific claims, said RSA Chief Executive Stephen Hester.
On Jan. 15, 2021, the UK Supreme Court handed down a judgment relating to the Financial Conduct Authority’s test case on business interruption coverage wordings in the UK. As a result, RSA said, gross loss reserving for 2020 increased, but the company does not currently expect the net loss estimates to change materially.