RSA Canada announces outstanding 2010 results

Leading insurer achieves its most exceptional performance in recent years

TORONTO, Feb. 24 /CNW/ - Leading property and casualty insurer RSA Canada today announced an excellent financial performance in 2010, with premium growth of 9% and a combined operating ratio (COR) of 92.8% despite the impact of severe weather conditions.

Group
The RSA Group has once again delivered a strong top line and robust bottom line performance with net written premium growth of 11% to £7.5bn, in what has been an extremely challenging year for the industry given the severe weather and high number of catastrophe events. The COR was 96.4%, including 3.5 points of weather losses worse than normal levels.  Operating profit was £636m. To have delivered a COR of 96.4% in these conditions underlines the strength and resilience of the Group.

Canada
In Canada, top and bottom line performance has been excellent, with premiums up by 9% to $1,980m. In Personal lines, including Johnson Inc., RSA again grew strongly, with net written premiums up by 7% to $1,482m; the COR for Personal lines was 94.2%. These results were driven by increased new business levels including a number of large portfolio wins and growth within our sponsorship business, as well as continued strong rate and retention numbers. In Commercial lines, growth of 15% to $498m and a COR of 88.3% was driven by new business in Mid-Market and SME from both organic and portfolio rollovers. The underwriting result grew by 13% to $128m.

"RSA had an exceptional year in 2010," says Rowan Saunders, President & CEO of RSA Canada. "We've delivered a consistently strong performance for the last several years, but 2010 has been the best we've had in at least 20 years. We've had a great start to 2011 with the close of our GCAN acquisition in January, which made us the fourth largest general insurer in Canada. By staying focused on our strategy, we anticipate continued success into 2011."

"RSA Canada has been a key growth driver for the RSA Group in 2010 and has significantly outperformed the P&C marketplace for a number of years now," said Simon Lee, CEO, RSA International. "We look forward with confidence in 2011 that RSA will continue to deliver sustainable, profitable growth in Canada."

The results reflect RSA Canada's continued commitment to achieving sustainable profitable growth through underwriting discipline, organic growth, targeted acquisitions and a strategically segmented focus.

About RSA
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 and is part of RSA Insurance Group plc. RSA Canada employs approximately 3,400 people and is represented by a large network of brokers across the country. In 2010, the Canadian Group wrote $2.1bn in direct premiums with assets exceeding $5.8 billion. Internationally, RSA Insurance Group plc employs about 21,000 people and has the capability to write business in 130 countries and in 2010 its net written premiums were £7.5bn.

RSA and CNS are trade names of Royal & Sun Alliance Insurance Company of Canada and Canadian Northern Shield Insurance Company, respectively.

Notes to editors:

Exchange rates

Local currency/£     12 Months 2010         12 Months 2009
      Average   Closing   Average Closing
                 
Canadian Dollar     1.59   1.56   1.78 1.69
                 
                 

* Figures are prepared in accordance with IFRS.

SOURCE Royal

For further information:

Andrea Herman
Corporate Communications Consultant, RSA
andrea.herman@rsagroup.ca
416-366-7600 ext. 2497
Cell: 416-450-4133

Profil de l'entreprise

Royal & SunAlliance Canada

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