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BRIEF-RSA Q1 net written premiums rise 14 pct to $2.20 bln
May 4, 2017 / 6:10 AM / 7 months ago

BRIEF-RSA Q1 net written premiums rise 14 pct to $2.20 bln

May 4 (Reuters) - Rsa Insurance Group Plc

* Q1 2017 trading update

* Premium income 1 up 14% (4% at constant exchange)

* ” year has begun well for rsa. Results to date are strong

* Group net written premiums of £1,710m ($2.20 billion) for q1 2017 are up 14% 1 as reported, and up 4% 1 at constant fx rates, versus q1 2016

* Volumes accounted for 2% growth in quarter, with rate increases also adding 2%

* Operating profit in q1 was strong and ahead of our plans

* A net charge (after release of fy16 margin build) of c.£40m in uk relating to change in ogden discount rate

* However, this was more than offset by positive reserve development elsewhere in group

* Expect reduced interest costs of c.£54m for 2017 and a little over £40m in 2018 (2016: £99m)

* Group’s solvency ii coverage ratio was 166% 2 at 31 march 2017 (31 december 2016: 158% Source text for Eikon: Further company coverage: ($1 = 0.7768 pounds)

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