Insurer RSA is likely to show record underwriting profits for the first nine months of 2016 and is planning to sell or reinsure £1bn (€1.1bn) worth of legacy UK business, chief executive Stephen Hester said.

Net written premium income at UK insurer RSA’s Irish operations fell by 24% to £75m (€91m) in the first quarter of this year, with weather hitting its business here.

Troubled insurer RSA may have to sell its best assets, leaving it concentrated in slow-growing markets such as its British home patch, to raise up to £1bn (€1.15bn) and safeguard its credit ratings.