Company said risk ratio impacted by floods
RBS has reported a net profit before tax of £683m.
The company said excluding the impact of floods, which cost RBS £274m, operating profit and contribution improved by 28% and 22% respectively.
The combined operating ratio sits at 98%, which RBS said reflects the year’s storms and flooding.
RBS reported in an increase in profit of 13% to £510m in motor own-brands and said it experienced significant success in the distribution of home polices with sales up 40% through the bank channel.
Income growth from the motor broker business, up 6% to £356m due to average price increases, however, policies declined by 4.5% to £1.37m.
The company also continued to focus on profitable risk selection in Motor Partnerships which resulted in decreased income of 9% to £1.07bn, with policies down 12%.
