RSA Insurance Group has announced a profit before tax of £55 million for the six month period ended 30 June 2023, down from £224 million a year earlier.
The profit before tax of £55 million consists of £82 million underwriting profit, investment income of £79 million, £7 million central costs and (£99 million) of other income and charges.
The company posted an investment income of £79 million, up from £59 million in H1 2022.
Net written premiums for the six month period ended 30 June 2023 are £1,375 million, compared with £1,561 million a year ago.
Net assets of the group as at 30 June 2023 are £2,209 million compared to £2,496 million during 31 December 2022.
On February 27, 2023, the Group declared that the Trustees of its primary defined benefits pension schemes had reached a deal with Pension Insurance Corporation plc (PIC), a specialised insurer for such pension schemes.
The agreement involved acquiring annuity buy-in insurance contracts (referred to as buy-ins) as a strategic move to mitigate risk. In this transaction, the plans transferred a significant portion of their assets and made an initial payment of £481 million to PIC.
Between January and June 2023, the Group received capital infusions of £480 million and £39 million from 2283485 Alberta Limited. In the same period last year, the amount received was £294 million.
The funds of £480 million in 2023 were utilised for the pension fund buy-in, while the remaining £39 million was employed to repurchase issued debt.
Notably, no dividends were announced by the Group in this timeframe, similar to the previous year.
