Feb 26, 2021

IAG slumps to biggest loss in its history

The airline's full year operating loss after exceptional items was €7.4bn, its deepest loss since formation ten years ago. IAG said it expects to fly about 20 per cent of its 2019 schedule in the first quarter of this year and will focus on raising cash and cutting costs. Pre-tax profit increased 9 per cent to £274m in spite of revenues slipping 3 per cent to £1.8bn as profitability improved at all three of its divisions. Full-year results from the wealth manager showed assets under management grew 37 per cent to £58.7bn, with underlying profit up 10 per cent to £179m. Headline profit fell 12 per cent to £132.6m, largely on costs tied to its acquisition in July of Merian Global Investors. RSA Insurance said underlying profit for 2020 was up 15 per cent to £718m, with earnings from underwriting activities jumping 36 per cent.

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