Results driven by Canada and emerging markets results
RSA chief executive Simon Lee (pictured) has described the start of the year as encouraging, with the insurer reporting net premium growth of 5% to £2.3bn for the first three months.
The growth was driven by its Canadian operation, which was up 18% to £359m following last year’s acquisition of L’Union Canadienne, and the emerging markets, which grew premiums by 16% to £325m thanks to acquisitions in Argentina and good performances across Asia, Central and Eastern Europe and the Middle East.
UK and Western Europe premiums were up 1% to £952m.
Lee (pictured) said he was confident the group would achieve its 2013 targets of a combined operating ratio of better than 95%, and 10% to 12% return on equity.
“The growth in net written premiums reflected good customer retention together with continued robust rating action,” Lee said.
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