Premiums flat at £2.2bn in UK
RSA has scaled back UK personal lines motor by 19% this year, but UK premiums for the nine months still remained flat at £2.2bn.
Nine-month personal motor dropped to £326m compared to £404m in the same period last year, RSA said today.
But rises in household to £497m (2011: £479m) and pet to £179m (2011: £153m), meant that overall personal lines premium in the UK in 2012 was broadly flat at £1bn (£1.036bn).
Commercial UK
In commercial, RSA increased premiums overall 4% to £1.211bn (2011: £1.167bn).
Commercial motor was broadly flat at £416m (2011: £424m) and liability was level at £201m (2011: £200m).
Property at £358m (2011: £324m) and marine at £236m (2011: £219m) were the main drivers of the rise in premium.
Rate increases
RSA also revealed that it continues to ramp up rates on commercial motor 9% and then liability 4%, property 4% (September 2012 v September 2011).
In personal lines, household increased 4% and motor 1%.
Group results
Nine-month net written premium grew 4% to £6.2bn. Emerging market growth of 15% to £887m was a big driver, and Cananda went up 6% to £1.17bn and Scandinavia up 2% to £1.4bn.
Group chief executive Simon Lee (pictured) said: “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.”
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