RSA reports strong international performance

by David Masters

Story link: RSA reports strong international performance

RSA Insurance Group yesterday reported that first quarter net written premiums held steady despite a slowdown in UK business.

Net written premiums for the three months to 31 March 2009 were £1.85 billion, an increase of 8% on year.

International net written premiums increased 12%, whilst emerging markets increased 20% to £195 million.

This strong international performance offset a 1% decrease in UK net written premiums to £652 million.

RSA said UK sales have stalled despite price rises of over 5%.

“We are, as expected, seeing the effect on premiums of the current challenging conditions, however, we have taken action to mitigate this including continuing to push hard on rate,” said chief executive Andy Haste.

“The Group’s financial position remains strong, reflecting our high quality, low risk investment strategy and robust capital position and we are confident of delivering a strong result in 2009.”

He added that the group expects to deliver a combined operating ratio of around 95% for full year 2009.