RSA Canada gains ground in first half of 2009

RSA’s Canadian operations reported an underwriting profit of Cdn$57 million for the first half of 2009, marking a Cdn$5-million increase over the same period of 2008.
The company reported a combined ratio of 93.1%, marking a slight decrease from 93.7% in the first half of 2008.
Net written premiums for the first six months of 2009 increased 2.5% from 2008 Q1’s Cdn$851 million.
RSA Canada’s commercial lines experienced a 1.3% increase in premiums to $228 million, with a combined ratio of 81% and an underwriting profit of $35 million. During the first half of 2008 the company’s combined ratio was 87.9%, and its underwriting profit was Cdn$25 million.
Weather-related claims activity and auto regulations affected RSA’s Canada’s personal lines results, a company release says.
Despite those factors, premiums in personal lines increased 3.1% to Cdn$621 million, with a combined ratio of 96.7% and an underwriting profit of Cdn$22 million.
This marks a slight deterioration over the first half of 2008, when the company’s personal lines business reported a combined ratio of 95.7% and an underwriting profit of Cdn$27 million.
“We maintained our focus on growing in our specialized segments and delivered sound results despite severe weather and difficult market conditions,” said Rowan Saunders, president and CEO of RSA Canada.
“Although we believe the economic climate will remain challenging, we are confident that we have the right strategy in place to continue to deliver sustainable profit growth throughout 2009.”