RSA Ireland reports combined ratio of 94.2% in 2012

Royal & Sun Alliance (Ireland) Ltd. reported a 5% year-on-year increase in premiums underwritten to £348 million ($565.4 million) in 2012 as compared with 2011, reports Irish Examiner.

Over 65% of the premiums were collected from outside the U.K. The insurer's combined ratio stood at 94.2%. Simon Lee, group chief executive at RSA, said that earthquakes in Italy, extreme wet weather in the U.K. in the first half of 2012 and falling bond yields have affected operating profits, which stood at £684 million ($1.11 billion). The insurer forecasts its profits and premiums in Ireland to increase in 2013.

Read more