(Corrects third paragraph to show loss was made in H2, 2013,
By Simon Jessop
LONDON Aug 7 British insurer RSA
bounced back to profit in the first half of the year and said it
was ahead of schedule in its turnaround plan under the helm of
recently appointed Chief Executive Stephen Hester.
After weather-related losses and accounting irregularities
at its Irish arm hit its finances last year, Hester has set
about raising money to fix the firm's balance sheet and sell off
The company chalked up an interim pretax profit of 69
million pounds ($116.20 million) on Thursday after recording a
loss of 494 million pounds in the second half of 2013, and said
it was making "good progress" in stabilising its financial
"RSA's Action Plan is going well. Since announcing it five
months ago, we have made strong progress improving strategic
focus and capital health. Good work is also underway on cost,
portfolio actions and the management line-up to drive future
performance," Hester said in a statement.
Net written premiums fell to 3.9 billion pounds in the six
months to end-June, down 9 percent or 3 percent on an underlying
basis, weighed by performance in the UK and Western Europe.
Premiums in Scandanavia rose 2 percent, in line with RSA's
expectations, while Canadian premiums fell 2 percent.
The company added that the tangible equity to premium ratio
was 33 percent against 19 percent at end-December, and that it
was planning to restart its dividend at the full-year results.
($1 = 0.5938 British pounds)
(Reporting by Simon Jessop; editing by Richa Naidu)