RSA Canada in 2010 reports best financial results in 20 years

RSA Canada’s 2010 financial results were the best in 20 years, the company announced in a press release.
“RSA had an exceptional year in 2010,” RSA Canada CEO Rowan Saunders said in a press release. “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 boosted its net written premiums in 2010 by 9%, up to $1.98 billion. The underwriting profit increased by 13% to $128 million.
Specifically, in personal lines (including Johnson Inc.), RSA posted a 7% increase in net written premiums to $1.482 billion. Overall, the combined operating ratio (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,” the company said in a press release.
In commercial lines, the company reported a growth of 15% in net written premium to $498 million and a COR of 88.3%. This was “driven by new business in mid-market and SME (small- and medium-sized enterprises) from both organic and portfolio rollovers,” the company said.
The underwriting result in the commercial segment increased by 13% to $128 million.