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RSA Insurance H1 Profit, Premiums Down; Stock Dips

RSA Insurance Group Plc. (RSA.L) reported Thursday that its first-half profit before tax fell 7 percent to 211 million pounds from last year's 227 million pounds, mainly due to COVID-19 market related impacts.

Earnings per share declined 12 percent to 13.5 pence from 15.3 pence a year ago.

Underlying profit before tax was 299 million pounds, compared to 264 million pounds last year. Underlying earnings per share were 23.5 pence, up 12 percent.

Group business operating result increased 13 percent to 349 million pounds.

Gross written premiums dropped to 3.75 billion pounds from 3.91 billion pounds last year. Net written premiums dropped to 3.14 billion pounds from 3.25 billion pounds a year ago.

The company estimated that COVID-19 reduced Net written premiums by about 110 million pounds.

Stephen Hester, RSA Group Chief Executive, said, "COVID-19 has dominated recent months.... The recovery path from the pandemic itself is not yet certain, as well as its human and economic consequences. Nevertheless, we see good prospects for RSA remaining resilient and emerging strongly from this period."

In London, RSA Insurance shares were trading at 429.30 pence, down 2.08 percent.

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