May 10, 2018 / 6:09 AM / 6 months ago

BRIEF-Insurer RSA Q1 gross written premiums rise 1 pct

May 10 (Reuters) - RSA Insurance Group PLC:

* GROSS WRITTEN PREMIUMS UP 1% VERSUS PRIOR YEAR

* LARGE LOSS RATIO, EXPENSE RATIO AND ATTRITIONAL LOSS RATIOS IMPROVED

* WEATHER LOSSES ELEVATED DUE TO A TOUGHER WINTER

* CEO - “WE ARE HAPPY WITH RSA’S PROGRESS AT THIS EARLY STAGE OF YEAR”

* HEADLINE PROFITS ARE ALSO STRONGLY UP, REFLECTING ABSENCE (AS PLANNED) OF RESTRUCTURING COSTS

* GROUP GROSS WRITTEN PREMIUMS OF £2,099M WERE UP 1% AT CONSTANT FX RATES 2 AND IN LINE WITH Q1 2017 AT REPORTED RATES

* NET WRITTEN PREMIUMS OF £1,517M WERE UP 2% 1 ON AN UNDERLYING BASIS

* REINSURANCE COSTS DAMPENED NET WRITTEN PREMIUMS BY £197M

* PRE-TAX PROFIT FOR Q1 WAS HIGHER THAN Q1 2017, ALTHOUGH ON AN UNDERLYING BASIS IT WAS LOWER DUE TO ELEVATED WINTER WEATHER COSTS

* TANGIBLE SHAREHOLDERS’ EQUITY AT 31 MARCH 2018 INCREASED TO £2,789M 2 (31 DECEMBER 2017: £2,765M)

* TANGIBLE NET ASSET VALUE PER SHARE WAS 272P 2 (31 DECEMBER 2017: 270P) Source text for Eikon: Further company coverage: (Reporting By Carolyn Cohn)

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