RSA Q1 premiums rise 14%; says profitability 'strong'

Insurer RSA said it had lifted first-quarter net written premiums by 14% as losses from weather were lower than average.

Group net written premiums rose to £1.7bn , while RSA said profitability was “strong and ahead of our plans”.

"Weather experience was relatively benign across the group, with the exception of Canada which saw the impact of windstorms across Newfoundland and Ontario in March," RSA said in a trading statement.

RSA's Canadian operation reported a 28% rise in premiums to £267m, while in the UK premiums of £629m were up 10%.

The company said it had booked a £40m net charge after the government cut the discount rate for personal injury claim payouts. However, it added that this was more than offset by positive reserve development elsewhere in the group.

“As a result, prior year profits were in line with our expectations overall,” RSA said.