(Bloomberg) — RSA Insurance Group Plc, the U.K.'s second-largestnon-life insurer by market value, said revenue for the firstquarter edged higher as it disposed of assets.
|Net written premiums for its core operations rose 1% on aconstant currency basis to 1.5 billion pounds ($2.3 billion), RSAsaid Thursday. Premiums, a measure of sales, from its recoveringIrish unit were down 5% in the period.
|“Premium income returned to modest growth,” said Chief ExecutiveOfficer Stephen Hester in the statement. “Lower interest rates andcurrency moves in our key territories continue to have adverseimpacts, whilst insurance markets remain competitive.”
|Hester, who could face a dispute with shareholders over pay atan annual general meeting on Friday, was hired a year ago to helpoverhaul the insurer after an accounting scandal in Ireland.
|RSA rose 1.9% to 426 pence at 9:01 a.m. in London, paring lossesthis year to 2.1%. The Bloomberg Europe 500 Insurance Index climbed9% in 2015.
|The sale of RSA's Singapore and Hong Kong units raised 109million pounds in the quarter while its India and U.K. EngineeringInspection business are flagged for disposal. The insurer raisedmore than 800 million pounds from sales across Europe and Asia lastyear.
|RSA said net attributable profits were “a little ahead” of plansamid falling costs and employee headcount.
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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