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RSA Insurance underwriting profits soar

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U.K.-based RSA Insurance Group P.L.C.'s underwriting profit increased 63% to £119 million ($158 million) in the first half of 2016, International Business Times reported.

RSA's pre-tax profit, however, slumped to £148 million in the first half, down from £288 million reported in the corresponding period of 2015. The Alberta wildfire and floods in Europe in the first half pushed losses £59 million above RSA's forecasts. The insurer sold its operations in Latin America and Russia during the period.

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