RSA Canada reports improvement in underwriting profit in 2010 H1

RSA Canada reported a $71-million underwriting profit in the first half of 2010, marking a $14-million improvement from the same period of 2009.
The insurer’s combined operating ratio for the first six months of 2010 was 91.7%, a slight improvement from the COR of 93.1% reported for the first half of 2009.
Net written premiums increased to $917 million in 2010 H1 from 2009 H1’s $849 million.
Year-over-year, RSA Canada’s personal lines, including Johnson Inc., showed improvement during the first six months. Premiums increased 9% (to $673 million) in 2010 H1, with an underwriting profit of $41 million and a COR of 93.7%.
Last year, RSA Canada’s personal lines reported an underwriting profit of $22 million and a COR of 96.7%.
The insurer’s commercial lines saw slight deterioration between 2009 H1 and 2010 H1.
In 2010 H1, commercial lines saw an underwriting profits of $30 million, a drop from 2009 H1’s $35 million. The segment’s COR also increased from 81% to 83.5%.