TORONTO, Feb. 26 /CNW/ - Leading home, car and business insurer RSA today
reported strong year end results for 2008 with growth of 15% and a combined
operating ratio of 92.9%.
It's been another strong year for the Group. Despite challenging
conditions, we've again delivered a strong and profitable performance. Net
written premiums were up by 11% to (pnds stlg)6.5bn. The combined operating
ratio was 94.5% and the underwriting result was up by 38% to (pnds stlg)384m.
In Canada, net written premiums were up 15% on prior year to $1.7bn
driven by organic growth and the acquisition of CNS. We achieved an
underwriting profit of $112m, $5m ahead of last year and a COR of 92.9%,
despite increased large losses and the severe winter weather.
In Commercial Lines, premiums were up 9% to $425m with a COR of 92.2% and
an underwriting profit of $35m. This is a good result and demonstrates our
underwriting discipline and focus on our strategic priorities.
In Personal Lines, including Johnson Inc., premiums were up 18% to $1.3bn
with a COR of 93.2% and an underwriting profit of $77m.
The integration of CNS, which was acquired at the end of 2007, remains on
track and we are pleased with the progress CNS is making in British Columbia.
At the end of last year, we introduced new products for both personal and
"RSA has delivered another strong set of year-end results. Despite a
challenging market and some of the worst weather conditions Canada has seen in
decades, we achieved growth of 15% and have continued to outperform the
market," said Rowan Saunders, President & CEO, RSA Canada. "Our position as a
segmented and specialist insurer has provided us with the confidence to
appropriately select and grow in our chosen segments. We expect market
conditions to remain very difficult; however, we believe we have the right
strategy in place to continue to deliver sustainable profitable growth."
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 3,100 people and is represented by a large network of brokers
across the country. In 2008, the Canadian Group wrote $1.8 bn in direct
premiums with assets exceeding $5.5 billion. Internationally, RSA Insurance
Group plc employs about 22,000 people and has the capability to write business
in 130 countries and in 2008 its net written premiums were (pnds stlg)6.5bn.
RSA and CNS are trade names of Royal & Sun Alliance Insurance Company of
Canada and Canadian Northern Shield Insurance Company, respectively.
Notes to editors:
(pnds stlg)/local currency 12 Months 2008 12 Months 2007
Average Closing Average Closing
Canadian Dollar 1.96 1.77 2.14 1.96
(*) Figures are prepared in accordance with IFRS.
For further information:
For further information: Sarah Kennedy, External Communications
Consultant, RSA, Sarah.Kennedy@rsagroup.ca, (416) 366-7600 ext. 2987