RSA, the Liverpool insurance group, is on track to meet forecasts of around £500m of investment income for 2012 after posting a 4% increase in premium growth in the nine months to September, today.
The firm, which employs 1,200 staff in the city, said its guidance of a 96% COR – combined operating ratio which shows claims and expenses as a percentage of premium income where anything below 100% means a profit – for the year is also within reach.
Net written premiums in the nine months rose to £6.2bn, with the UK and Western Europe flat at £2.73bn and Scandinavia showing a 2% increase to £1.4bn, while Canada achieved a 6% improvement to £1.18bn and emerging markets were 15% up at £887m.
RSA chief executive Simon Lee said: “Our business continues to make progress, despite ongoing economic and market uncertainty.
“Our unique geographic footprint gives us exposure to some of the most attractive insurance markets in the world.
“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.”
He added: “The UK market remains challenging, but we have delivered growth across all business lines, except motor.
“Our expectations for the full year remain unchanged.
“We continue to expect to deliver good premium growth, a combined operating ratio of better than 96% and investment income of around £500m in 2012.”