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RSA Q1 underlying pretax profit down YOY on high weather costs

RSA Insurance Group PLC said its first-quarter underlying pretax profit fell on a yearly basis due to high weather losses.

In its first-quarter trading update, RSA said pretax profit for the quarter was higher year over year but was lower on an underlying basis due to elevated winter weather costs that were not fully offset by other improvements.

RSA reported group gross written premiums of £2.10 billion, up 1% at constant foreign exchange rates and in line with the year-ago figure at reported rates.

Net written premiums reached £1.52 billion, up 2% at constant rates on an underlying basis. The British insurer said reinsurance costs for the triennial GVC renewal, a reduction in retention levels for certain programs and rate inflation in reinsurance areas such as U.K. motor have "dampened" net written premiums by £197 million at a headline level, but noted that these factors were already budgeted in its plans.

The large loss ratio improved to 9.7%, while the attritional loss ratio improved slightly year over year.

The group's Solvency II coverage ratio was 162% at the end of March, compared to 163% at 2017-end. Its Tier 1 coverage stood at 96% at March-end, compared to 98% at the end of 2017.