RSA Canada reports growth in underwriting profit

RSA Canada reported an underwriting profit of Cdn$112 million in 2008, a Cdn$5- million increase over the prior year.The Canadian subsidiary achieved a combined operating ratio (COR) of 92.9%, a slight increase from 2007’s COR of 92.4%.In commercial lines, premiums were up 9% (net premiums written of Cdn$425 million) with a COR of 92.2% and an underwriting profit of Cdn$35 million. The company reported an underwriting profit in commercial lines of Cdn$38.5 million in 2007.In personal lines for RSA’s Canadian operations, including Johnson Inc., premiums were up 18% (net premiums written of Cdn$1.3 billion) with a COR of 93.2% and an underwriting profit of Cdn$77 million. The company reported an underwriting profit in personal lines of Cdn$67.7 million in 2007.“Despite a challenging market and some of the worst weather conditions Canada has seen in decades, we achieved growth of 15% and have continued to outperform the market,” said Rowan Saunders, president and CEO of RSA Canada.RSA as a group reported an 11% increase in net written premiums to £6.5 billion (approximately Cdn$11.6 billion) in 2008. The group’s COR was 94.5% and the underwriting result was up by 38% to £384 million (approximately Cdn$686 million).