RSA Canada announces half-year results
RSA Canada has reported its half-year results for 2010 with market leading growth of 8 per cent and a COR of 91.7 per cent.
The RSA Group delivered profitable top line growth in all regions with net written premiums up 9 per cent to £3.8 billion and a COR of 94.8 per cent. The Group demonstrated underwriting resilience despite £57 million in adverse weather losses and a £30 million net loss from the Chile earthquake.
RSA Canada reported net written premiums of $917 million, compared to $849 million last year and a $71 million underwriting profit, $14 million ahead of last year. Despite a slow economic recovery and increased large and weather losses, a strong COR of 91.7 per cent was maintained.
“RSA delivered a solid first half both in terms of growth and profitability in challenging market conditions. The combination of strong rate activity, the launch of new products and services and high retention have all contributed to our success. Although economic recovery will continue to be slow, we are confident that we will deliver sustainable profitable growth throughout the remainder of 2010,” said Rowan Saunders, President & CEO, in a statement.
In Personal Lines, including Johnson Inc., premiums were up 9 per cent to $673 million with an underwriting profit of $41 million and a COR of 93.7 per cent due to strong performances from both Ontario and Pacific Regions. Personal property results have improved significantly due to targeted management actions, increased rate and a lower frequency in severe weather events across the country.
In Commercial Lines, premiums were up 7 per cent to $244 million with an underwriting profit of $30 million and a COR of 83.5 per cent. This reflects the strength of our Mid-Market proposition, fewer large losses and the strength of our property and auto results. We have built significant momentum in Global Risk Solutions which provides propositions for multi-national, large market segments. This is a good result and demonstrates the continued success of the commercial strategy and commitment to the market leading technical expertise in underwriting.
