RSA Insurance Group has reported “consistent” group net written premiums of £4,865 million (around CA$8,246 million) for the first nine months of 2019.
The insurer said the results were flat overall against the same period in 2019 and “broadly in line” with their plans given that market conditions remained largely unchanged in the third quarter.
“RSA’s results to end September are strong, and consistent with our plans for the period,” said Stephen Hester, group chief executive of RSA. “Current year underwriting results have sharply improved, with all our regional businesses contributing. There is lots more to do – not least to finish 2019 well, with momentum into next year.”
In Canada, premiums increased 4%, driven by pricing increases and volume growth in direct personal lines, while the group’s broker intermediated businesses saw volume contraction reflecting pricing and underwriting actions.
Group weather costs were 2.6% of net earned premiums, a little below the five-year average. Weather costs were better than the prior year in Canada, following a relatively quiet third quarter.
Additionally, the group’s large loss ratio was 9.6%, with improvements in every region.
“Prior year development was significantly lower than last year, but in-line with H1 trend, absorbing the revised Ogden rate impact in UK,” RSA said.