RSA UK net premiums up 10%

RSA has reported total UK net written premiums of £2.18bn for the first nine months of 2010, a 10% increase on the £1.98bn the insurer wrote in the same period last year.

The company said in its nine-month interim management statement that it expects full-year growth to be close to the nine-month level.

UK personal lines net written premiums increased 11% to £918m in the first nine months of 2010 from £829m in the same period last year, while UK commercial net written premiums were up 10% to £1.26bn from £1.15bn.

In UK commercial lines, RSA said specialty lines continued to perform well, with Risk Solutions premiums up 12% in the UK and marine up by 13%. The insurer saw a return to growth in commercial motor, where premiums were up 22% because of rating action and the phasing of renewals. RSA said it continued to run off or exit schemes where it cannot meet its target returns.

Within UK personal lines, RSA reported further strong growth in personal broker business because of increased rates and shares on targeted broker panels. Premiums in this line increased by 33% in home and 43% in motor. Pet premiums were up 7%.

The company added that its deal with Tesco is now operation and is expected to generate £100m of premiums in 2011.

The company has continued to take pricing action across the UK, hiking personal motor rates by 18%, household by 4%, commercial liability rates by 6%, commercial property rates by 5% and commercial motor by 8%.

Total group net written premiums also increased 10% to £5.53bn in the first nine months of 2010 from £5.03bn in the first nine months of 2009.