LONDON (Reuters) - British insurer RSA (L:RSA) posted an above-forecast operating profit of 656 million pounds in 2019, helped by strong underwriting performance and a restructuring of its international commercial business, it said on Thursday.
Operating profit excluding exits was forecast at 644 million pounds, according to a company-supplied consensus poll.
Home, motor and commercial insurer RSA, best known in Britain for its "More Than" brand, also has major businesses in Canada, Ireland and Scandinavia.
RSA has pulled out of several lines in its commercial insurance business, including international freight and construction. It said on Thursday it had nearly completed the programme to cut unprofitable business.
However, it said results in Canada and Denmark "remained poor".
"Significant management renewal and a repositioning of our UK & International division are showing good promise," Chief Executive Stephen Hester said in a statement.
"There are challenges, but we are determined to drive further progress and high performance."
RSA posted a group underwriting profit of 405 million pounds and a combined ratio of 93.6% - a key measure of underwriting profitability - both in line with forecasts.
RSA said it would pay a total dividend of 23.1 pence per share, a rise of 10% and compared with a forecast 22.8 pence.