RSA has published a management update for the first quarter. Highlights are:
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Continued good organic growth and strong financial position
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Net written premiums of £2.2bn up by 5% with all regions delivering good growth
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Rating action and increased volumes drive the top line forward
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IGD surplus remains strong at £1.3bn; coverage unchanged at 2.0 times
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Net asset value per share including IAS 19 of 107p compared with 104p at 31 December 2011
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Continue to expect to deliver good premium growth and a combined operating ratio (COR) of better than 95 in 2012.
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Net written premiums are £2.2bn, an increase of 5%, with premium growth driven by 4% rate and a 1% increase in volumes. Total net written premiums including associates are up by 5% (6% at constant exchange) to £2.3bn.
Growth has been led by Emerging Markets, and good performances in personal lines in Canada and Scandinavia and Commercial lines in the UK. This has been partially offset by reductions in UK personal motor and Italy. We continue to benefit from our focus on Specialty and premiums grew by 6% at constant exchange across the group.
Simon Lee, group ceo comments "We have made a good start to the year, building on the organic growth momentum generated in 2011 with premiums up by 5%. Growth has been led by our areas of key strategic focus including Emerging Markets, where Latin America was a particular highlight, global Specialty lines and Household and Pet in the UK. For the full year, we remain confident of delivering good premium growth and a combined operating ratio for the Group of better than 95%.”
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