RSA reports 5% rise in GWP
by Gill Montia
Story link: RSA reports 5% rise in GWP
RSA achieved a 5% year-on-year rise in gross written premiums in the first quarter of 2012, to £2.2 billion.
Growth was driven by a 4% rate and a 1% volume increase and was led by emerging markets, with Latin America turning in an “excellent” performance.
In addition, performances seen in personal lines in Canada and Scandinavia and commercial lines in the UK were ranked “good”, although progress was partially offset by reductions in UK personal motor, and Italy.
In the UK, premiums of £725 million were up 4% on the year.
For UK personal, premiums fell by 2% to £330 million although the group saw premium growth of 7% in household and 11% in pet, which helped to offset a reduction of 17% in motor, as RSA continued to push rate and reduce capacity in this sector, in line with its strategy.
The insurer’s group chief executive officer, Simon Lee, comments: “For the full year, we remain confident of delivering good premium growth and a combined operating ratio for the group of better than 95%.”
RSA gives the breakdown of net written premiums for Q1 2012 as follows:
Scandinavia – net written premiums of £667 million up 1% (3% at constant exchange).
Canada – net written premiums of £303 million up 4% (3% at constant exchange).
UK and Western Europe – net written premiums of £937 million up 3% (3% at constant exchange).
Emerging Markets – net written premiums of £281 million up 20% (21% at constant exchange).
Associates – net written premiums of £78 million up 15% (20% at constant exchange).