RSA Insurance PLC (LON:RSA) saw its 2017 operating profits beat forecasts boosted by a strong performance from its Canadian and Scandinavian businesses.
The FTSE 100-listed firm - best known for its More Than brand – reported 2017 group operating profit of £663mln, up 1% on the previous year’s £655mln, and above the consensus forecasts for £639mln
READ: RSA takes £50mln hit for hurricanes in US and Caribbean
The group’s net written premiums rose to £6.78bn for full-year 2017, up from £6.408bn a year earlier, and its underwriting profit rose to £394mln for £380mln.
The company saw its combined operating ratio, a measure of underwriting profitability, slip to 94.0% from 94.2% a year earlier and against a forecast 94.1%.
Stephen Hester, RSA’s chief executive, commented: "In a tough period for insurance markets, we are delighted to produce another year of growing profits, dividends and return on equity for shareholders.”
READ: RSA raises dividend as first-half profit jumps but not complacent amid Brexit worries
He added: "RSA's overseas divisions achieved excellent results in 2017, partly offset by poor underwriting figures in our UK/ London market business as flagged earlier in the year.
“The Group's performance ambitions remain high and we target further improvement in 2018 and thereafter."
The company plans to pay a final dividend of 13p and total dividend of 19.6p per share, up 23% on the 2016 payouts.