RSA, the insurer which owns the More Than brand, said 2012 had got off to a “solid start” driven by good demand for household and pet insurance in the UK and strong sales in emerging markets, particularly Latin America.
The country’s biggest insurer said its first-quarter net written premiums had risen by 5% from the previous year to £2.2 billion with all regions delivering good growth.
RSA said it was in the final stages of negotiation to provide home and pet insurance to John Lewis and Waitrose customers in the UK.
Simon Lee, chief executive, said: “Growth has been led by our areas of key strategic focus including emerging markets, where Latin America was a particular highlight, global specialty lines and household and pet in the UK.
“For the full year, we remain confident of delivering good premium growth and a combined operating ratio for the group of better than 95%.” Life insurer Legal & General likewise said 2012 had started well with overall sales flat for the first three months at £434 million.
This was despite a marked slowdown in savings sales as UK consumers tightened their belts and had to spend more of their income on essentials rather than investments.
Tim Breedon, chief executive of L&G, said: “we remain confident in our ability to continue delivering growth in scale together with substantial cash generation in 2012 and beyond.”
