First-half results vindicate chief Stephen Hester and could take insurer’s share price beyond the reach of Swiss rival,whose own reported figures are weak As the first chapter of a possible defence document, RSA’s first-half results read very well. After 18 months of cutting costs and flogging small units overseas, or chief executive Stephen Hester has something to shout approximately. Unlike a year ago,the company achieved the basic requirement for a general insurer of making an underwriting profit.Throw in a fair investment result, and RSA smashed City forecasts at the level of operating profits – £259m was approximately £50m better than expected. Hester’s boast that RSA is “a company that is getting more valuable” is plainly right. Related: RSA boss Hester says Zurich must form its bid plans clear Related: Rio Tinto: we'll thrive on lower iron ore prices while others suffer, and says boss Continue reading...
Source: theguardian.com