2019 Full-year RSA Canadian Results



Globally, we are pleased to report strong results for RSA in 2019. Our profits are up, our dividends are up and return on tangible equity is very good. This progress is driven by improved underwriting, which has produced record current year profits and combined ratio.
For further information, see RSA Group's release.


In Canada, we worked diligently to deliver a strong performance, successfully navigating market conditions and a very challenging, weather-impacted first quarter.
We took several actions which are beginning to be reflected in our loss ratios, including pricing adjustments as needed across all lines of business, effectively managing the quality of our portfolios, and improvements in our pricing sophistication.
In Personal Lines, we saw the impact of our pricing and underwriting disciplinary measures on the portfolio and this has supported an improvement in performance. In Commercial Lines, the action we’ve taken on Commercial Auto has started to show through in our results.
  • Overall Net Written Premiums (NWP) increased by 3% to $2,941 million 
  • Underwriting Profit (UWP) of $160m (up $117m from prior year) 
  • Combined Operating Ratio (COR) of 94.5%, 3.9 points lower than prior year 



The entire industry was impacted by the difficult market conditions in 2019. In fact, it was the first time many of our broker partners experienced a hard market. As well, the tough auto regulatory environment, continued extreme weather patterns and large losses collectively had an impact on our results, all of which initiated a hard market cycle in the middle of 2019.
Wind storms and flooding in January, snow melting in February, and rain and wind storms in March had material impact across the entire market. Faced with this new norm of extreme weather patterns, we continued to make adjustments to proactively manage the impact of weather on our business. Even though the losses from CAT events were lower last year compared to 2018, it was a more disruptive year from a claims standpoint. We thank you for working closely with us to get your clients back on their feet after each of these difficult moments.
Despite these setbacks, we were able to end the year on a positive note, with a COR of 94.5%, which will enable us to remain competitive in a tough market and be a better partner to you.


Last year, we advanced our pricing and underwriting capabilities to find ways to absorb weather volatility and offer broader appetite for your clients. The big adjustments we have seen in the market mean that the role of a broker is now more important than ever. Brokers who work closely with their markets to understand the performance of clients in their portfolio will be well-informed about what lies ahead. 
The past year has shown that when we focus, execute and work together, we can achieve great things. As we look ahead to 2020, we remain committed to investing in and supporting the broker channel. I’d like to personally thank you for another year of partnership. It’s at times like this that our ability to work with our broker partners and help clients brace for change is put to the test. 
Martin Thompson
President & CEO 
RSA Brokers

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