RSA premiums boosted by acquisitions

Suzie Neuwirth

INSURANCE giant RSA today announced that premium growth had risen seven per cent in the first quarter of 2013, benefitting from acquisitions in Canada and Argentina last year.

The FTSE 100-listed company said that its net asset value had gone up five per cent in the quarter to 112p per share and that it remains on track for its full-year targets.

“Growth has been led by Canada which has benefited from the 2012 acquisition of L’Union Canadienne but has also delivered strong organic growth of seven per cent,” said group chief executive Simon Lee.

“Emerging Markets grew by 16 per cent benefitting from the acquisitions in Argentina in 2012 and good performances across Asia, Central and Eastern Europe and the Middle East.

“Scandinavian premiums were flat while the UK & Western Europe grew one per cent as we continue to focus on improving performance in the UK and in Italy.

“I remain confident in our ability to achieve our targets for 2013 of good premium growth, a combined ratio of better than 95 per cent, and return on equity of 10-12 per cent.”