First-half results vindicate chief Stephen Hester and could take insurer’s share price beyond the reach of Swiss rival, whose own reported figures are weak
As the first chapter of a possible defence document, RSA’s first-half results read very well. After 18 months of cutting costs and flogging small units overseas, chief executive Stephen Hester has something to shout about. Unlike a year ago, the company achieved the basic requirement for a general insurer of making an underwriting profit.
Throw in a reasonable investment result, and RSA smashed City forecasts at the level of operating profits – £259m was about £50m better than expected. Hester’s boast that RSA is “a company that is getting more valuable” is plainly correct.
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