RSA Posts Gains for 2008

RSA has bucked recent economic trends, ending 2008 with growth on key
fronts and profits for the group and its Canadian operations.

Parent RSA Insurance Group reported an 11% gain in net written premiums—to £6.5
billion, and a 34% gain in underwriting results, to £384 million.

Its Canadian operations posted similar year-end growth: “organic
growth and the acquisition of CNS” drove net premiums up by 15%,
to $1.7 billion, according to a company statement. Operating results
also surpassed 2007 numbers, rising by $5 billion to $112 million. RSA
Canada ended 2008 with a combined ratio of 94.5%.

“Despite a challenging market and some of the worst weather conditions
Canada has seen in decades, we …have continued to outperform the
market,” Rowan Saunders, RSA Canada’s president and CEO said
in the statement. “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 posted growth in both personal lines, where premiums rose
by 18%, to $1.3 billion, and commercial lines, where premiums went up
by 9% to $425 million. Personal lines—including Johnson, Inc.–
ended 2008 with an underwriting profit of $77 million, while commercial
lines underwriting profit was $35 million.

The company continues to integrate 2007 acquisition CNS, “and
we are pleased with the progress CNS is making,” according to the
statement.

This story was originally published by Canadian Insurance Top Broker.