RSA Insurance First-Quarter Revenue Up 5% on Canadian Unit GainsAmbereen Choudhury
RSA Insurance Group Plc, the U.K.’s biggest non-life insurer by market value, said first-quarter revenue rose about 5 percent driven by its Canadian and emerging markets businesses.
Net written premiums, a measure of sales, increased to 2.3 billion pounds ($3.6 billion) in the three months to March 31, compared with 2.2 billion pounds a year earlier, the London-based company said in a statement today. Sales in Canada gained 18 percent, while emerging markets climbed 16 percent, it said.
“We are confident in delivering good premium growth on a constant exchange rate basis, ” Chief Executive Officer Simon Lee said in the statement. “We continue to expect the business to grow both organically and through selective bolt-on acquisitions.”
RSA, which insures cars, homes and ships in the U.K., Scandinavia and emerging markets, said its Canadian unit benefited from its 2012 purchase of L’Union Canadienne and its emerging markets unit was helped by acquisitions in Argentina last year. Premiums from its Scandinavian business were little changed, while U.K. and Western Europe rose 1 percent.
The company, which had businesses in 50 countries 10 years ago now operates in 31 countries as it exited some regions. RSA left the Czech Republic in 2012 and completed the sale of its business in the Dutch Caribbean in April 2013, it said.