(Reuters) – Poor weather and weakness in specialized commercial lines resulted in a 19% reduction of UK insurance company RSA Insurance Group PLC's full-year operating profit, lowering its shares on Thursday.
Globally, insurance companies have had two years of major losses following natural disasters such as storms, hurricanes and typhoons, while premium increases over a number of insurance classes have been limited by strong competition.
"We were falling in the summer in the UK," Beast from the East "" In the UK, in the UK, Canada had lots of weather losses, says CEO Stephen Hester a media call for the group's results. In total, 2018 "was the fourth worst year globally for things like hurricanes, which is part of the international losses," he said.
Mr. Hester said changes in the business would help ensure "back" for the group in 201
Last year, the insurer, best known in the UK for its more than brand name, warned about poor performance in its London international business for insurance business and was pulled out of several lines, including international shipping and building.
That put former CFO Scott Egan in charge of British and international business earlier this month and said Thursday was London's market deal undergoing a strategic review "to identify additional portfolio outcomes."
Operating profit for the year ending December 31, 2018, fell 19% to 517
Underlying profit fell 33% to SEK 250 million and underlying return on tangible shares fell to 12.6% from 15.5%, below the company  Panmure analyst described RSA results as "even worse than we expected", even though they kept their "hold" rating on the stock.
London Lovers insurance company Hiscox Ltd reported a blow on the advance's earnings on Monday.
RSA's shares were 3.3% at 509.6 pence at 0912 GMT.
The insurer said it would pay a total dividend of 21 pence per share, an increase of 7% and in line with forecasts.