RSA Canada record underwriting profit in first half of year

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Aug., 2012 – RSA Canada has reported strong half-year results, with net written premiums up 7 percent to $1.2 billion, a record underwriting profit of $96 million, up 12 percent on the same period last year, and COR of 91.9%.

The insurer said the first half of the year was bolstered by strong top and bottom line performance across both Personal and Commercial Lines.

Personal Lines delivered net written premiums of $771 million, up 6 percent against prior year, with growth being generated by both Johnson and personal intermediated businesses. In terms of profitability, Personal Lines delivered an underwriting result of $60 million and COR of 92.9%, driven by strong portfolio management and a benign winter.

In Commercial Lines, net written premiums grew 10 percent to $409 million, driven by the insurer’s Large and Specialty lines, along with continued strong retention. Good bottom line performances from all lines contributed to the underwriting result of $36 million and COR of 88.5%.

“RSA Canada delivered another half year of market leading results despite continued economic stress and a challenging commercial market,” said President & CEO Rowan Saunders in a statement. “Our commercial growth reaffirms the additional capability that last year’s GCAN acquisition brings, and the anticipated close of our L’Union Canadienne acquisition this fall positions RSA as the insurer with the broadest national personal and commercial proposition, offering end to end solutions from coast to coast.”

About RSA

With a 300 year heritage, RSA is one of the world’s leading multinational quoted insurance groups. RSA has major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe and has the capability to write business in around 140 countries. Focusing on general insurance, RSA has around 23,000 employees and, in 2011, its net written premiums were �8.1 billion.

About RSA Canada

RSA Canada includes Roins Financial Services Limited, Royal & Sun Alliance Insurance Company of Canada, Quebec Assurance Company, Johnson Inc., Western Assurance Company, Ascentus Insurance Ltd., Canadian Northern Shield Insurance Company, RSA Travel Insurance Inc./Assurance Voyage RSA Inc., and is part of the RSA group of companies headed by RSA Insurance Group plc. RSA Canada employs approximately 3,900 people and is represented by a large network of brokers across the country. In 2011, the Canadian Group wrote $2.6bn in direct premiums with assets exceeding $7 billion. RSA is a trade name of Royal & Sun Alliance Insurance Company of Canada. “RSA” and the RSA logo are trademarks used under licence from RSA Insurance Group plc.