Royal & Sun Alliance Insurance (R&SA) Group posted low nine-month operating profits as it set aside £500m to strengthen reserves.
Operating profit after providing for those reserves was £27m for the third quarter compared with £471m a year earlier.
The combined ratio rose to 108.1% from 104% a year earlier. But R&SA's ongoing businesses posted a COR of 96.2%.
General insurance net written premium was lower at £5.12bn compared to £6.18bn compared to the same period last year. This reflects R&SA pulling out of unprofitable lines.
The group is currently offloading underperforming capital hungry divisions. R&SA's net asset value at the end of the third quarter was 156 pence a share, down from 175 pence a year earlier.
