RSA Asia & Middle East posts 43% premium growth - Zawya.com
09 March, 2009
Dubai, United Arab Emirates,The RSA Asia & Middle EastRSA Asia & Middle East region announced a strong set of year-end results for 2008, reporting a profitable growth of 43 per cent (30 per cent on constant exchange) in premiums compared to 2007. Commenting on the full year results, Scott Pickering, CEO Asia and Middle East said "These are a tremendous set of results and demonstrate the positive impact of our continued focus on delivery and sustainable profitable performance."The results have been led by the Middle East operations which delivered another year of profitable growth driven by the UAE business that grew its premiums by 59%. Overall, the Middle East which includes UAE, Saudi Arabia, Oman and Bahrain, grew its premiums by 50%. RSARSA was also awarded ''General Insurer of the Year for the second year running during 2008.
In Greater China, the business grew by 8%. This includes a commendable contribution from RSARSA''s Mainland China business which produced a 24% premium growth compared to previous year. The Group also received regulatory approval to expand in China with the establishment of a branch in Beijing in 2009. RSARSA's Singapore operations contributed to the regional results with strong premium growth of 10% during 2008. Royal Sundaram, the associate company of RSARSA in India continued to build momentum with a premium growth of 28% compared to prior year.Scott Pickering added, "Across the Group, our objective is to continue delivering sustainable profitable performance. We remain confident of the attractiveness and long term potential of the Asia & Middle East markets. It is going to be a demanding year, but I believe there will be market opportunities for us to take advantage of in 2009."