INSURANCE group RSA is targeting international growth – but not at the expense of its UK or Liverpool operations.
Annual profits for 2010 fell 14%, to £474m, due to increased bad weather claims totalling £250m, half relating to the UK, and £30m costs for the Chilean earthquake.
Net written premiums for the group, which employs about 1,200 staff in Liverpool, rose 11% to £7.45bn.
The insurer’s combined operating ratio, which represents the amount of money spent on claims and costs for every £1 of premiums taken, of 96.4%, included 3.5 points of worse than normal weather losses.
However, the group increased its international spread last year with acquisitions in Canada, Ireland, Sweden, Denmark and Oman, and chief executive Andy Haste outlined more aggressive international expansion plans for 2011 and a target to double premiums in emerging markets to £2.2bn by 2015.
