Company said risk ratio impacted by floods
RBS has reported a net profit before tax of £683m.
The company said excluding the impact of floods, which cost RBS £274m, operating profit and contribution improved by 28% and 22% respectively.
The combined operating ratio sits at 98%, which RBS said reflects the year’s storms and flooding.
RBS reported in an increase in profit of 13% to £510m in motor own-brands and said it experienced significant success in the distribution of home polices with sales up 40% through the bank channel.
Income growth from the motor broker business, up 6% to £356m due to average price increases, however, policies declined by 4.5% to £1.37m.
The company also continued to focus on profitable risk selection in Motor Partnerships which resulted in decreased income of 9% to £1.07bn, with policies down 12%.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
