Insurance giant RSA cuts Irish losses by 73%

Operating losses at the Irish arm of insurance giant RSA declined by over 70% last year as the company’s recovery continued following the 2013 accountancy scandal which resulted in a change in the group’s leadership and the disposal of a number of assets.

RSA has been talking up its recovery since former Royal Bank of Scotland chief Stephen Hester took over from Simon Lee at the end of 2013 after a loss-making year accentuated by weather-related claims in the UK and a €274m accounting scandal in Ireland.

Yesterday, RSA reported a group operating profit of £523m (€662m) for 2015; up 43% on the previous year and record underwriting profit growth of 437%, despite flood damage in the UK.