Premium growth in nine months to September 2012 of 4%.
Confirming guidance of combined operating ratio of better than 96% and investment income of around £500m for 2012.
- Net written premium of £6.2bn representing growth of 4%
- Scandinavia up 2% to £1,403m
- Canada up 6% to £1,179m
- UK & Western Europe flat at £2,728m
- Emerging Markets up 15% to £887m
- IGD surplus remains strong at £1.2bn; coverage remains at 1.9 times. Economic capital surplus of £0.3bn
- Net asset value (excluding IAS 19 pension deficit) up 1% to 105p per share
Simon Lee, Group CEO of RSA, commented:
Our business continues to make progress despite ongoing economic and market uncertainty. Our unique geographic footprint gives us exposure to some of the most attractive insurance markets in the world. In many of these territories, we have achieved a leading market position which enables economies of scale and distribution strength. In other markets, we have opportunities to grow both organically and through selective bolt-on acquisitions. Furthermore, all of our businesses benefit from being part of a leading global insurer, which provides them with competitive advantage over local operators.
In the first nine months of 2012, 4% growth in net written premiums result from determined rating action, strong customer retention across all businesses and good new business volumes, together with the impact of repositioning activity in the UK and Italy. Growth has been led by Emerging Markets, which has again been driven by a robust performance in Latin America. We have also seen good performances in Personal lines in Canada and Scandinavia. The UK market remains challenging but we have delivered growth across all business lines except Motor. The integration of recent acquisitions in Canada and Argentina is progressing well.
Our expectations for the full year remain unchanged. We continue to expect to deliver good premium growth on a constant exchange rate basis, a combined operating ratio of better than 96% and investment income of around £500m in 2012.
