RSA Canada reports 21% growth in net written premium

RSA Canada reported net written premium of Cdn$851 million for the first half of 2008, up 21% over the same period of last year.
The company also reported an underwriting profit of Cdn$52 million, compared to Cdn$62 million over the fist six months of 2007, a company release says.
Combined operating ratio for the first six months was 93.7%, up slightly over last year’s 91.2%.
The commercial operations of the firm reported net written premium of Cdn$232 million, a combined ratio of 87.9% and an underwriting profit of Cdn$25 million.
“Overall, the commercial insurance book (excluding CNS) has remained flat over prior year, demonstrating our strong underwriting discipline,” the release says.
The personal insurance division, including Johnson, reported strong growth, with net written premium of Cdn$619 million, a combined ratio of 95.7% and an underwriting profit of Cdn$27 million over the first half of the year despite poor weather in Ontario, the statement adds.
“RSA has delivered a strong performance in Canada despite challenging economic conditions and deteriorating industry results,” said Rowan Saunders, RSA Canada’s president and CEO.
“We achieved growth of 21%, which is well ahead of the industry as we continue to focus on delivering sustainable profitable growth.”