Royal & Sun Alliance Insurance plc - RSA Insurance Group · Royal & Sun Alliance . Insurance plc....

Royal & Sun Alliance

Insurance plc

and U.K. subsidiaries listed in the Notes to the Return

Annual PRA Insurance Returns

for the year ended 31 December 2014

PRA

Accounts and Statements pursuant to the Prudential Regulation Authority’s

Accounts and Statements Rules

Appendices 9.1,9.2,9.5 and 9.6 General business only

Royal & Sun Alliance Insurance plc

Year ended 31 December 2014

Contents

Page

Form 1 – Statement of solvency – general insurance business 1 Form 3 – Components of capital resources 2 Form 11 – Calculation of general insurance capital requirement – premiums amount 5 and brought forward amount Form 12 – Calculation of general insurance and capital requirement – claims amount 6

and result Form 13 – Analysis of admissible assets 7 Form 15 – Liabilities (other than long term insurance business) 10 Form 16 – Profit and Loss Account (non-technical account) 11 Form 17 – Analysis of derivative contracts 12

Form 20A to 39. General business revenue account and additional information 13 Notes to Return 142

Directors’ certificate 157

Report of the Auditors 158 Statement required by Rule 9 paragraph 9.29 159 Statement required by Rule 9 paragraph 9.30 160 Subsidiaries included in this Group Return 161 Solvency forms 162 Additional information required by Rule 9.32 of the Accounts and Statements Rules 173 Additional information on financial reinsurance and financing arrangements 175 required by Rule 9.32A of the Accounts and Statements Rules Additional information required by Rule 9.25 of the Accounts and Statements Rules 176

Additional information required by Rule 9.26 of the Accounts and Statements Rules 177 Additional information required by Rule 9.27 of the Accounts and Statements Rules 178 Summary of reinsurance arrangements 179

17032015:19:37:11

1

Form 1

Statement of solvency - general insurance business

Name of insurer Royal & Sun Alliance Insurance plc

Global business

Financial year ended 31 December 2014

Adjusted solo solvency calculation Company GL/registration UK/ day month year Units number CM

R1 93792 GL 31 12 2014 £000

As at end of As at end ofthis financial the previous

year year

1 2

Capital resources

Capital resources arising outside the long-term insurance fund 11 3277931 2040723

12

13 3277931 2040723

Guarantee fund

Guarantee fund requirement 21 1043848 1204884

22 1656064 835839

Minimum capital requirement (MCR)

General insurance capital requirement 31 612362 629044

Base capital resources requirement 33 2902 3146

Individual minimum capital requirement 34 612362 629044

Capital requirements of regulated related undertakings 35 839727 995203

Minimum capital requirement (34+35) 36 1452089 1624247

Excess (deficiency) of available capital resources to cover 50% of MCR 37 2053136 1228599

Excess (deficiency) of available capital resources to cover 75% of MCR 38 1690114 822538

Capital resources requirement (CRR)

Capital resources requirement 41 1452089 1624247

42 1825842 416476

Contingent liabilities

51

Capital resources allocated towards long-term insurance business arising outside the long-term insurance fund

Capital resources available to cover general insurance business capital resources requirement (11-12)

Excess (deficiency) of available capital resources to cover guarantee fund requirement

Excess (deficiency) of available capital resources to cover general insurance business CRR (13-41)

Quantifiable contingent liabilities in respect of other than long-term insurance business as shown in a supplementary note to Form 15

17032015:19:37:11

2

Form 3(Sheet 1)

Components of capital resources


Global business

Financial year ended 31 December 2014Company GL/registration UK/ Units number CM

R3 GL 31 12 2014 £000

General Long-term Total as at Total as atinsurance insurance the end of the end of business business this financial the previous

year year1 2 3 4

Core tier one capital

Permanent share capital 11 1126692 1126692 1127773

Profit and loss account and other reserves 12 112967 112967 (223601)

13 2642444 2642444 2646263

Positive valuation differences 14 49682

15

16

Core tier one capital (sum of 11 to 16) 19 3882103 3882103 3600117

Tier one waivers

21

Implicit Items 22

Tier one waivers in related undertakings 23

24

Other tier one capital

25

26

27 77721 77721 77721

28

31 3959824 3959824 3677838

32

33 27217 27217 20561

34 346888 346888 351386

35 90216 90216

36 638601 638601 946383

37 1102922 1102922 1318330

39 2856902 2856902 2359508

Deductions from tier one (32 to 36)

Total tier one capital after deductions (31-37)

Total tier one capital before deductions (19+24+25+26+27+28)Investments in own shares

Intangible assets

Amounts deducted from technical provisions for discounting

Other negative valuation differences

Deductions in related undertakings

Innovative tier one capital in related undertakings

day month year

93792

Share premium account

Fund for future appropriations

Core tier one capital in related undertakings

Unpaid share capital / unpaid initial funds and calls for supplementary contributions

Total tier one waivers as restricted (21+22+23)

Perpetual non-cumulative preference shares as restricted

Perpetual non-cumulative preference shares in related undertakings

Innovative tier one capital as restricted

17032015:19:37:11

3

Form 3(Sheet 2)



Global business


R3 GL 31 12 2014 £000


year year1 2 3 4

Tier two capital

41

42

43

44

45

46 294000

Upper tier two capital in related undertakings 47

Upper tier two capital (44 to 47) 49 294000

Fixed term preference shares 51

Other tier two instruments 52 892000 892000 492000

Lower tier two capital in related undertakings 53

Lower tier two capital (51+52+53) 59 892000 892000 492000

61 892000 892000 786000

Excess tier two capital 62

63

69 892000 892000 786000 Total tier two capital after restrictions, before deductions (61-62-63)

day month year

93792

Implicit items, (tier two waivers and amounts excluded from line 22)Perpetual non-cumulative preference shares excluded from line 25

Innovative tier one capital excluded from line 27

Tier two waivers, innovative tier one capital and perpetual non-cumulative preference shares treated as tier two capital (41 to 43)

Perpetual cumulative preference shares

Perpetual subordinated debt and securities

Total tier two capital before restrictions (49+59)

Further excess lower tier two capital

17032015:19:37:11

4

Form 3(Sheet 3)



Global business


R3 GL 31 12 2014 £000


year year1 2 3 4

Total capital resources

71

72 3748902 3748902 3145508

73 329950 329950 471772

74 141021 141021 633013

75

76

77

79 3277931 3277931 2040723

Available capital resources for GENPRU/INSPRU tests

81 2699912 2699912 2040723

82 2779181 2779181 2040723

83 2779181 2779181 2040723

Financial engineering adjustments

91

92

93

94

95

96

Any other charges on future profits

Sum of financial engineering adjustments(91+92-93+94+95)

Available capital resources for 50% MCR requirement

Available capital resources for 75% MCR requirement

Implicit items

Financial reinsurance - ceded

Financial reinsurance - accepted

Outstanding contingent loans

Available capital resources for guarantee fund requirement

day month year

93792

Positive adjustments for regulated non-insurance related undertakingsTotal capital resources before deductions (39+69+71)

Inadmissible assets other than intangibles and own shares

Assets in excess of market risk and counterparty limits

Deductions for related ancillary services undertakings

Deductions for regulated non-insurance related undertakings

Deductions of ineligible surplus capital

Total capital resources after deductions (72-73-74-75-76-77)

17032015:19:37:11

5

Form 11


Global business


General insurance businessCompany GL/registration UK/ day month year Unitsnumber CM

R11 93792 GL 31 12 2014 £000This financial year Previous year

1 2

11 3896435 4222284

12

13 3896435 4222284

14 452050 468780

15

16 4122460 4456674

21 3929994 4128577

22

23 3929994 4128577

24 464563 499803

25

26 4162276 4378479

30 4162276 4456674

31

32 749210 802201

33 82284 88091

34 666926 714110

41 8579929 8595773

42 315961 656266

43 4871082 4860492

44 824461 1075315

45 4960551 4959536

46 7981960 8077681

47 794044 962225

48 7187916 7115456

49 0.90 0.88

50 600580 629044

51 4285678 4402430

52

53 612362 621765

54 612362 629044

Provision for claims outstanding (before discounting and gross of reinsurance) if both 51.1 and 51.2 are zero, otherwise zeroBrought forward amount (See instruction 4)

Greater of lines 50 and 53

Sub-total C (41+42+43-44-45)Amounts recoverable from reinsurers in respect of claims included in Sub-total CSub-total D (46-47)Reinsurance Ratio(Sub-total D /sub-total C or, if more, 0.50 or, if less, 1.00)Premiums amount (Sub-total J x reinsurance ratio) Provision for claims outstanding (before discounting and net of reinsurance

Claims outstanding brought forward at the beginning of the 3 year period

For insurance business accounted for on an underwriting year basisFor insurance business accounted for on an accident year basis

Sub-total H (23 + 1/2 24 - 2/3 25)

Sub-total I (higher of sub-total A and sub-total H)Adjusted sub-total I if financial year is not a 12 month period to produce an annual figure

Division of gross adjusted premiums amount sub-total I (or adjusted sub-total I if appropriate)

x 0.18

Excess (if any) over 61.3M EURO x 0.02

Sub-total J (32-33)

Claims paid in period of 3 financial years

Claims outstanding carried forward at the end of the 3 year period

For insurance business accounted for on an underwriting year basisFor insurance business accounted for on an accident year basis

Premiums for "actuarial health insurance" (included in line 23)

Calculation of general insurance capital requirement - premiums amount and brought forward amount

Gross premiums written

Premiums taxes and levies (included in line 11)

Premiums written net of taxes and levies (11-12)

Premiums for classes 11, 12 or 13 (included in line 13)


Sub-total A (13 + 1/2 14 - 2/3 15)

Gross premiums earned

Premium taxes and levies (included in line 21)

Premiums earned net of taxes and levies (21-22)


17032015:19:37:11

6

Form 12


Global business


General insurance businessCompany GL/registration UK/ day month year Unitsnumber CM

R12 93792 GL 31 12 2014 £000

This financial year Previous year1 2

11 36 36

21 8579929 8595773

22 315961 656266

23 4871082 4860492

24 824461 1075315

25 4960551 4959536

26 7981960 8077681

27 1274522 1172252

28

29 8619221 8663807

31 2873074 2887936

32 746999 750863

33 85183 85544

39 661816 665319

41 595979 586066

42 612362 629044

43 612362 629044

Claims amount Sub-total G x reinsurance ratio (11.49)

Higher of premiums amount and brought forward amount (11.54)

General insurance capital requirement (higher of lines 41 and 42)

Sub-total E (26 +1/2 27 - 2/3 28)

Sub-total F - Conversion of sub-total E to annual figure (multiply by 12 and divide by number of months in the reference period)

Division of sub-total F(gross adjusted claims amount)

x 0.26

Excess (if any) over 42.9M EURO x 0.03

Sub-total G (32-33)

Claims incurred for "actuarial health insurance" (included in 26)

Calculation of general insurance capital requirement - claims amount and result

Reference period (No. of months) See INSPRU 1.1.63R

Claims paid in reference period

Claims outstanding carried forward at the end of the reference period

For insurance business accounted for on an underwriting year basis

For insurance business accounted foron an accident year basis

Claims outstanding brought forward at the beginning of the reference period

For insurance business accounted for on an underwriting year basis

For insurance business accounted foron an accident year basis

Claims incurred in reference period (21+22+23-24-25)

Claims incurred for classes 11, 12 or 13 (included in 26)

17032015:19:37:11

7

Form 13(Sheet 1)

Analysis of admissible assets


Global business


Category of assets Total other than long term insurance business assetsCompany GL/ Categoryregistration UK/ day month year Units ofnumber CM assets

R13 93792 GL 31 12 2014 £000 1

As at end of this financial year

As at end of the previous year

1 2Land and buildings 11 362077 305760

21 17649 16485

2223 3393980 2816683

24 116066

25 2959417 4645498

26 19125 930637

27282930

Other financial investments

Equity shares 41 16541 243071

Other shares and other variable yield participations 42Holdings in collective investment schemes 43 240167 95992

Rights under derivative contracts 44 50382 57574

45 1340250 1107451

46 3424150 2384464

47 11717

48 109590 49494

Participation in investment pools 49Loans secured by mortgages 50 17 347

51 8

52Other loans 53 6687 10889

54 10416 63153

55 83889

Other financial investments 56Deposits with ceding undertakings 57 947 1248

5859

Assets held to match linked liabilitiesIndex linked

Property linked

Variable interest securitiesApproved

Other

Loans to public or local authorities and nationalised industries or undertakings

Loans secured by policies of insurance issued by the company

Bank and approved credit & financial institution deposits

One month or less withdrawal

More than one month withdrawal

Participating interestsShares

Debts and loans

Fixed interest securitiesApproved

Other

Non-insurance dependantsShares

Debts and loans

Other group undertakingsShares

Debts and loans

Investments in group undertakings and participating interests

UK insurance dependantsShares

Debts and loans

Other insurance dependantsShares

Debts and loans

17032015:19:37:11

8

Form 13(Sheet 2)



Global business



R13 93792 GL 31 12 2014 £000 1



1 2

60 569413 254563

61 901365 1046370

62

63

71 360573 376936

72 1320928 1361908

7374 80114 89297

75 214190 166801

76 143156 162413

7778 143598 160160

79

80 91588 93631

81 191268 309976

82 9 25

83

84 61859 57170

85 433038 459812

86 68793 77972

87

89 16742959 17345788

Deferred acquisition costs (general business only)

Other prepayments and accrued income

Deductions from the aggregate value of assets

Grand total of admissible assets after deduction of admissible assetsin excess of market risk and counterparty limits (11 to 86 less 87)

Other assets

Tangible assets

Deposits not subject to time restriction on withdrawal with approvedinstitutions

Cash in hand

Other assets (particulars to be specified by way of supplementary note)

Accrued interest and rent

Dependantsdue in 12 months or less

due in more than 12 months

Otherdue in 12 months or less

due in more than 12 months

Direct insurance businessPolicyholders

Intermediaries

Salvage and subrogation recoveries

ReinsuranceAccepted

Ceded

Debtors and salvage

Reinsurers' share of technical provisions

Provision for unearned premiums

Claims outstanding

Provision for unexpired risks

Other

17032015:19:37:11

9

Form 13(Sheet 3)



Global business



R13 93792 GL 31 12 2014 £000 1



1 2

91 16742959 17345788

92 141021 633013

93 222235 314711

94 839727 995203

95

96 768134 1115529

97

98 (86996) (86783)

99

100 (46399) (56230)

101 92395 95260

102 18673075 20356491

103 168511 57488

Total assets determined in accordance with the insurance accountsrules or international accounting standards as applicable to the firmfor the purpose of its external financial reporting (91 to 101)

Amounts included in line 89 attributable to debts due from relatedinsurers, other than those under contracts of insurance or reinsurance

Inadmissible assets of regulated related undertakings

Book value of related ancillary services undertakings

Other differences in the valuation of assets (other than for assetsnot valued above)

Deferred acquisition costs excluded from line 89

Reinsurers' share of technical provisions excluded from line 89

Other asset adjustments (may be negative)

Ineligible surplus capital and restricted assets in regulated related insurance undertakings

Reconciliation to asset values determined in accordance with the insurance accounts rules or international accounting standards as applicable to the firm for the purpose of its external financial reporting

Total admissible assets after deduction of admissible assetsin excess of market risk and counterparty limits (as per line 89 above)

Admissible assets in excess of market and counterparty limits

Inadmissible assets directly held

Capital resources requirement deduction of regulated related undertakings

17032015:19:37:11

10

Form 15

Liabilities (other than long term insurance business)


Global business

Financial year ended 31 December 2014Company GL/registration UK/ day month year Unitsnumber CM

R15 93792 GL 31 12 2014 £000As at end of As at end ofthis financial the previous

year year1 2

Technical provisions (gross amount)

Provisions for unearned premiums 11 2318714 2365434

Claims outstanding 12 5187043 5448800

Provision for unexpired risks 13 Credit business 14 Other than credit business 15 335281 321828

Other technical provisions 16Total gross technical provisions (11 to 16) 19 7841038 8136062

Provisions and creditors

Taxation 21 2138 299

Other risks and charges 22 143175 176870

Deposits received from reinsurers 31 3688 4209

Direct insurance business 41 134569 137942

Reinsurance accepted 42 450329 82482

Reinsurance ceded 43 92971 188283

Secured 44 Unsecured 45

Amounts owed to credit institutions 46 341784 363638

Taxation 47 Foreseeable dividend 48 Other 49 5061232 6981784

Accruals and deferred income 51 228860 215232

Total (19 to 51) 59 14299784 16286801

Provision for "reasonably foreseeable adverse variations" 61Cumulative preference share capital 62Subordinated loan capital 63 569721 863721

Total (59 to 63) 69 14869505 17150522

71 4881

Amounts deducted from technical provisions for discounting 82 393287 407616

Other adjustments (may be negative) 83 (81500) 65600

Capital and reserves 84 4278357 3547985

85 18673075 20356491 Total liabilities under insurance accounts rules or international accounting standards as applicable to the firm for the purpose of its external financial reporting (69-82+83+84)

Equalisation provisions

Provisions

Creditors

Debenture loans

Creditors

Amounts included in line 69 attributable to liabilities to related insurers, other than those under contracts of insurance or reinsurance

17032015:19:37:11

11

Form 16

Profit and loss account (non-technical account)


Global business

Financial year ended 31 December 2014Company GL/registration UK/ day month year Unitsnumber CM

R16 93792 GL 31 12 2014 £000

This financial Previousyear year

1 2

From Form 20 11 (47107) (93896)

Equalisation provisions 12 (13453) (21668)

13

14 2327198 596441

Investment income 15 193322 18041

16 128099 38075

17 147704 137426

Investment charges 18 1967302 778248

19 18696 58295

20

21 (21061) (285381)

29 433296 (722357)

Tax on profit or loss on ordinary activities 31 98022 (79896)

Profit or loss on ordinary activities after tax (29-31) 39 335274 (642461)

41

Tax on extraordinary profit or loss 42

Other taxes not shown under the preceding items 43

Profit or loss for the financial year (39+41-(42+43)) 49 335274 (642461)

Dividends (paid or foreseeable) 51 400000

Profit or loss retained for the financial year (49-51) 59 335274 (1042461)

Extraordinary profit or loss (particulars to be specified by way of supplementary note)

Transfer (to)/from the general insurance business technical account

Transfer from the long term insurance businessrevenue account

Income

Value re-adjustments on investmentsGains on the realisation of investmentsInvestment management charges, including interestValue re-adjustments on investmentsLoss on the realisation of investments

Allocated investment return transferred to the general insurance business technical accountOther income and charges (particulars to be specified by way of supplementary note)Profit or loss on ordinary activities before tax (11+12+13+14+15+16-17-18-19-20+21)

17032015:19:37:11

12

Form 17

Analysis of derivative contracts


Global business


Category of assets Total other than long term insurance business assets

Company GL/ Categoryregistration UK/ day month year Units ofnumber CM assets

R17 93792 GL 31 12 2014 £000 1

Derivative contracts

Assets Liabilities Bought / Long Sold / Short

1 2 3 4

11Interest rates 12Inflation 13 28017 28993 180000 180000

Credit index / basket 14Credit single name 15

16Equity stock 17Land 18Currencies 19 22166 20199 1015948 1518053

Mortality 20Other 21 199 19507 290293

31Equity index calls 32Equity stock calls 33Equity index puts 34Equity stock puts 35Other 36Swaptions 41Equity index calls 42Equity stock calls 43Equity index puts 44Equity stock puts 45Other 46

Total (11 to 46) 51 50382 68699 1195948 1988346

5253 50382 68699

Out of the money options

Adjustment for variation margin

Total (51 + 52)

THE NOTIONAL AMOUNTS IN COLUMNS 3 AND 4 ARE NOT A MEASURE OF EXPOSURE. Please see instructions 11 and 12 to this Form for the meaning of these figures.

Value as at the endof this financial year

Notional amount as at the endof this financial year

Futures and contracts for differences

Fixed-interest securities

Equity index

In the money options

Swaptions

17032015:19:37:11

13

Form 20AGeneral insurance business : Summary of business carried on (Sheet 1)


Global business

Financial year ended 31 December 2014Company registration number

GL/UK/CM

day month year units

R20A 93792 GL

Reported Incurred but not reported

1 2 3 4

001 1 3896435 3410253 1690765 2318325

002 2 3735355 3185423 1657089 2248904

003 3 161080 224830 33676 69421

110 4 57190 31929 7319 26475

120 5 360830 510001 115493 165202

160 6 731710 132591 42528 352021

180 7 309558 8245 34564 152077

220 8 630068 510407 144691 754931

260 9 857175 532195 88206 431951

270 10 423047 1115253 1147985 193547

280 11 14907 21285 2118 12522

330 12 22381 10026

340 13 173507 182605 61027 86555

350 14 177364 118530 3132 73623

400 15

500 16 53520 57582 3276

600 17 107561 167248 30401 69421

700 18

20 3896435 3410253 1690765 2318325

Miscellaneous treaty reinsurance accepted business

Total (lines 4 to 18)

Total primary (direct) and facultative aviation(category numbers 331 to 333)

Total primary (direct) and facultative marine(category numbers 341 to 347)

Total primary (direct) and facultative goods in transit

Miscellaneous primary (direct) and facultative business

Total non-proportional treaty reinsurance businessaccepted (category numbers 510 to 590)

Total proportional treaty reinsurance businessaccepted (category numbers 610 to 690)

Total primary (direct) and facultative commercial linesfinancial loss (category numbers 281 to 284)

Total business

Total primary (direct) and facultative business

Total treaty reinsurance accepted business

Total primary (direct) and facultative accident andhealth (category numbers 111 to 114)

Total primary (direct) and facultative personal linesmotor business (category numbers 121 to 123)

Primary (direct) and facultative household anddomestic all risks

Total primary (direct) and facultative personal linesfinancial loss (category numbers 181 to 187)

Total primary (direct) and facultative commercial motorbusiness (category numbers 221 to 223)

Total primary (direct) and facultative commercial linesproperty (category numbers 261 to 263)

Total primary (direct) and facultative commercial linesliability business (category numbers 271 to 274)

31 12 2014 £000

Category number

PRA return general insurance business reporting category

Gross Premium written in this financial year

Provision for undiscounted gross claims outstanding at the

end of this financial year

Provision for gross unearned premium at the


17032015:19:37:11

14



Global business


GL/UK/CM


93792 GL


1 2 3 4

111 21 827 36 8 581 112 22 1977 110 6 964 113 23 5261 991 237 1186 114 24 49125 30793 7068 23744 121 25 311107 424782 110080 144503 122 26 43859 67311 2265 18293 123 27 5863 17908 3148 2406 160 28 731710 132591 42528 352021 181 29 18860 169 62 8808 182 30 1681 466 183 31184 32 13626 2101 165 6747 185 33186 34 262385 5446 34326 130265 187 35 13006 63 11 6258

221 41 538207 422434 125894 711043 222 42 91861 87974 18797 43888 223 43261 44 559358 287220 63882 253094 262 45 82622 81346 10671 34074 263 46 215195 163630 13653 144783 271 47 97592 411567 911207 46646 272 48 110753 177834 140636 53519 273 49 157079 502679 94043 67061 274 50 57623 23172 2099 26321 281 51 8157 2117 1 6098 282 52283 53 6750 19168 2117 6424 284 54

331 61 22282 9990 332 62 99 36 333 63Space and satellite

Employers liabilityProfessional indemnityPublic and products liabilityMixed commercial packageFidelity and contract guaranteeCreditSuretyshipCommercial contingency

Primary (direct) and facultative aviationAviation liabilityAviation hull

Contractors or engineering all risks

Extended warrantyLegal expensesMortgage indemnityPet insuranceOther personal financial loss

Primary (direct) and facultative commercial lines businessFleetsCommercial vehicles (non-fleet)Motor otherCommercial propertyConsequential loss

Creditor

Primary (direct) and facultative personal lines businessMedical insuranceHealthCare cash plansTravelPersonal accident or sicknessPrivate motor - comprehensivePrivate motor - non-comprehensiveMotor cycleHousehold and domestic all risks (equals line 6)Assistance

R20A 31 12 2014 £000

Category number







17032015:19:37:11

15



Global business


GL/UK/CM


93792 GL


1 2 3 4

341 64 32788 27271 7634 12851 342 65 99181 119820 50365 61429 343 66 14692 238 344 67345 68 14531 10466 1478 2096 346 69 15662 3017 (191) 6065 347 70 11345 7339 1502 4113

350 71 177364 118530 3132 73623

Primary (direct) and facultative miscellaneous

400 72

510 81 2674 14714 520 82 1374 3226 165 530 83 454 69 540 84 7450 2946 1 550 85 1496 1615 2 560 86 40307 34521 3039 570 87 86 107 580 88 132 590 89

610 91 2510 19862 7 1387 620 92 17926 630 93 497 186 640 94 2866 6900 1199 650 95 540 338 660 96 95757 79822 17829 63718 670 97 137 41774 12023 43 680 98 5752 129 355 3074 690 99

Treaty Reinsurance Miscellaneous

700 101

111 3896435 3410253 1690765 2318325

Proportional aggregate cover

Miscellaneous treaty reinsurance accepted business (equals line 18)

Total (lines 21 to 101)

Proportional aviationProportional marineProportional transportProportional propertyProportional liability (non-motor)Proportional financial lines

Proportional motor

Non-proportional accident and healthNon-proportional motorNon-proportional aviationNon-proportional marineNon-proportional transportNon-proportional propertyNon-proportional liability (non-motor)Non-proportional financial linesNon-proportional aggregate cover

Proportional treatyProportional accident and health

Non-proportional treaty

Primary (direct) and facultative marine and transportMarine liabilityMarine hullEnergy (on and off-shore)Protection and indemnityFreight demurrage and defenceWar risksYachtTotal primary (direct) and facultative goods in transit (equals line 14)

Miscellaneous primary (direct) and facultative business (equals line 15)

R20A 31 12 2014 £000

Category number







17032015:19:37:11

16

Form 20

General insurance business : Technical account (excluding equalisation provisions)


Global business


Total business

Company GL/ Categoryregistration UK/ day month year Units numbernumber CM

R20 93792 001


Earned premium (21.19.5) 11 3187693 3293145

Claims incurred (22.17.4) 12 1978421 2081884

This year's underwriting Claims management costs (22.18.4) 13 140701 149214

(accident year accounting) Adjustment for discounting (22.52.4) 14 829 600

15

16 49322 49725

Net operating expenses (22.42.4) 17 1131993 1172841

19 (13271) (60470)

Earned premium (21.11.5) 21 (6611) (4902)

Claims incurred (22.13.4) 22 1435 2471

Adjustment forClaims management costs (22.14.4) 23 13965 14752

prior years' underwriting Adjustment for discounting (22.51.4) 24 (4171) (61859)

(accident year accounting) 25

Net operating expenses (22.41.4) 26 (1572) (234)

Balance (21-22-23+24+25-26) 29 (24610) (83750)

Balance fromPer Form 24 (24.69.99-99) 31 (9226) 50324

underwriting year

32

accounting Total 39 (9226) 50324

Balance of all years' underwriting (19+29+39) 49 (47107) (93896)

Allocated investment income 51

Transfer to non-technical account (49+51) 59 (47107) (93896)

Other technical income or charges (particulars to be specified by way of supplementary note)

GL 31 12 2014 £000

Items to be shown net of reinsurance

Increase in provision for unexpired risks(22.19.4)Other technical income or charges (particulars to be specified by way of supplementary note)

Balance of year's underwriting (11-12-13+14-15+16-17)


17032015:19:37:11

17

Form 20



Global business




R20 93792 002


Earned premium (21.19.5) 11 3175362 3270191

Claims incurred (22.17.4) 12 1976505 2060887


(accident year accounting) Adjustment for discounting (22.52.4) 14

15

16 49322 49725


19 (21652) (59423)

Earned premium (21.11.5) 21 (6611) (4902)

Claims incurred (22.13.4) 22 2341 2463





Balance (21-22-23+24+25-26) 29 (24917) (83742)


underwriting year

32






GL 31 12 2014 £000





17032015:19:37:11

18

Form 20



Global business




R20 93792 003


Earned premium (21.19.5) 11 12331 22954

Claims incurred (22.17.4) 12 1916 20997



15

16


19 8382 (1047)

Earned premium (21.11.5) 21

Claims incurred (22.13.4) 22 (906) 8

Adjustment forClaims management costs (22.14.4) 23

prior years' underwriting Adjustment for discounting (22.51.4) 24 (600)


Net operating expenses (22.41.4) 26

Balance (21-22-23+24+25-26) 29 306 (8)

Balance fromPer Form 24 (24.69.99-99) 31 467 15169

underwriting year

32

accounting Total 39 467 15169

Balance of all years' underwriting (19+29+39) 49 9155 14114


Transfer to non-technical account (49+51) 59 9155 14114


GL 31 12 2014 £000





17032015:19:37:11

19

Form 20



Global business


Total primary (direct) and facultative accident and health


R20 93792 110


Earned premium (21.19.5) 11 59818 62366

Claims incurred (22.17.4) 12 34442 36973



15

16


19 3067 5063

Earned premium (21.11.5) 21 425 418

Claims incurred (22.13.4) 22 (2251) (3161)


prior years' underwriting Adjustment for discounting (22.51.4) 24



Balance (21-22-23+24+25-26) 29 2649 3541

Balance fromPer Form 24 (24.69.99-99) 31

underwriting year

32

accounting Total 39





GL 31 12 2014 £000





17032015:19:37:11

20

Form 20



Global business


Total primary (direct) and facultative personal lines motor business


R20 93792 120


Earned premium (21.19.5) 11 374013 475949

Claims incurred (22.17.4) 12 272849 355902



15

16


19 (44253) (59427)

Earned premium (21.11.5) 21 (3) 27

Claims incurred (22.13.4) 22 (42613) (13801)





Balance (21-22-23+24+25-26) 29 42247 13435


underwriting year

32

accounting Total 39





GL 31 12 2014 £000





17032015:19:37:11

21

Form 20



Global business


Primary (direct) and facultative household and domestic all risks


R20 93792 160


Earned premium (21.19.5) 11 704139 680214

Claims incurred (22.17.4) 12 310908 286902



15

16


19 56210 66437

Earned premium (21.11.5) 21 227

Claims incurred (22.13.4) 22 6252 (6699)





Balance (21-22-23+24+25-26) 29 (6333) 6880


underwriting year

32

accounting Total 39





GL 31 12 2014 £000





17032015:19:37:11

22

Form 20



Global business


Total primary (direct) and facultative personal lines financial loss business


R20 93792 180


Earned premium (21.19.5) 11 299936 284084

Claims incurred (22.17.4) 12 184206 164826



15

16


19 12339 20053

Earned premium (21.11.5) 21 (2) (11061)

Claims incurred (22.13.4) 22 2763 (19390)





Balance (21-22-23+24+25-26) 29 (2790) 8329


underwriting year

32

accounting Total 39





GL 31 12 2014 £000





17032015:19:37:11

23

Form 20



Global business


Total primary (direct) and facultative commercial motor business


R20 93792 220


Earned premium (21.19.5) 11 488899 575571

Claims incurred (22.17.4) 12 386997 483335



15

16


19 (12956) (22117)

Earned premium (21.11.5) 21 (148) (1608)

Claims incurred (22.13.4) 22 (27225) (27045)




Net operating expenses (22.41.4) 26 8

Balance (21-22-23+24+25-26) 29 26917 25225


underwriting year

32

accounting Total 39





GL 31 12 2014 £000





17032015:19:37:11

24

Form 20



Global business


Total primary (direct) and facultative commercial lines property business


R20 93792 260


Earned premium (21.19.5) 11 529440 554734

Claims incurred (22.17.4) 12 310448 323315



15

16 49322 49725


19 (7803) (14271)

Earned premium (21.11.5) 21 (881) 6107

Claims incurred (22.13.4) 22 (29449) (40838)

Adjustment forClaims management costs (22.14.4) 23 135 (1295)




Balance (21-22-23+24+25-26) 29 28503 48483


underwriting year

32

accounting Total 39





GL 31 12 2014 £000





17032015:19:37:11

25

Form 20



Global business


Total primary (direct) and facultative commercial lines liability business


R20 93792 270


Earned premium (21.19.5) 11 385969 403917

Claims incurred (22.17.4) 12 256773 252713



15

16


19 (34839) (38967)

Earned premium (21.11.5) 21 1460 986

Claims incurred (22.13.4) 22 95931 109253





Balance (21-22-23+24+25-26) 29 (110221) (185148)


underwriting year

32

accounting Total 39





GL 31 12 2014 £000





17032015:19:37:11

26

Form 20



Global business


Total primary (direct) and facultative aviation business


R20 93792 330



Claims incurred (22.17.4) 12

This year's underwriting Claims management costs (22.18.4) 13


15

16


19


Claims incurred (22.13.4) 22





Balance (21-22-23+24+25-26) 29


underwriting year

32






GL 31 12 2014 £000





17032015:19:37:11

27

Form 20



Global business


Total primary (direct) and facultative marine business


R20 93792 340


Earned premium (21.19.5) 11 165435 112926

Claims incurred (22.17.4) 12 112709 61582



15

16


19 (889) 5628

Earned premium (21.11.5) 21 (7938)

Claims incurred (22.13.4) 22 2944 2730




Net operating expenses (22.41.4) 26 (1121)

Balance (21-22-23+24+25-26) 29 (10260) (3065)


underwriting year

32


Balance of all years' underwriting (19+29+39) 49 (26572) 40974


Transfer to non-technical account (49+51) 59 (26572) 40974


GL 31 12 2014 £000





17032015:19:37:11

28

Form 20



Global business


Primary (direct) and facultative goods in transit


R20 93792 350


Earned premium (21.19.5) 11 153536 107065

Claims incurred (22.17.4) 12 103028 87681



15

16


19 2728 (22612)

Earned premium (21.11.5) 21 459

Claims incurred (22.13.4) 22 (3705) 1526

Adjustment forClaims management costs (22.14.4) 23 517



Net operating expenses (22.41.4) 26 (381)

Balance (21-22-23+24+25-26) 29 4028 (1526)

Balance fromPer Form 24 (24.69.99-99) 31 4301 (5563)

underwriting year

32

accounting Total 39 4301 (5563)

Balance of all years' underwriting (19+29+39) 49 11057 (29700)


Transfer to non-technical account (49+51) 59 11057 (29700)


GL 31 12 2014 £000





17032015:19:37:11

29

Form 20



Global business


Balance of all primary (direct) and facultative business


R20 93792 409


Earned premium (21.19.5) 11 14177 13365

Claims incurred (22.17.4) 12 4144 7658



15

16


19 4743 790

Earned premium (21.11.5) 21 17 1

Claims incurred (22.13.4) 22 (307) (111)

Adjustment forClaims management costs (22.14.4) 23 (19) 9




Balance (21-22-23+24+25-26) 29 343 104


underwriting year

32

accounting Total 39





GL 31 12 2014 £000





17032015:19:37:11

30

Form 20



Global business


Total non-proportional treaty reinsurance business accepted


R20 93792 500


Earned premium (21.19.5) 11 1892 1002

Claims incurred (22.17.4) 12 443 2169



15

16


19 747 (1853)


Claims incurred (22.13.4) 22 547 6





Balance (21-22-23+24+25-26) 29 (547) (6)


underwriting year

32






GL 31 12 2014 £000





17032015:19:37:11

31

Form 20



Global business


Total proportional treaty reinsurance business accepted


R20 93792 600


Earned premium (21.19.5) 11 10440 21951

Claims incurred (22.17.4) 12 1473 18829



15

16


19 7635 806


Claims incurred (22.13.4) 22 (1454) 3


prior years' underwriting Adjustment for discounting (22.51.4) 24 (600)



Balance (21-22-23+24+25-26) 29 854 (3)

Balance fromPer Form 24 (24.69.99-99) 31 (13739) (889)

underwriting year

32

accounting Total 39 (13739) (889)





GL 31 12 2014 £000





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17032015:19:37:11

47

Form 22

General insurance business (accident year accounting) : Analysis of claims, expenses and technical provisions

Name of company Royal & Sun Alliance Insurance plc

Global business


Total business

Company GL/registration UK/ day month year Units Categorynumber CM number

R22 93792 GL 31 12 2014 £000 001Amount brought Amount Amount carried Amount

forward from payable/receivable forward to next attributable to thisprevious financial in this financial financial year financial year

year year1 2 3 4

Gross amount 11 4717600 1301544 3371272 (44784)

Reinsurers' share 12 820672 190095 584358 (46219)

Net (11-12) 13 3896928 1111449 2786914 1435

Claims management costs 14 79486 37063 56388 13965

Gross amount 15 911921 1417042 2328963

Reinsurers' share 16 104335 246207 350542

Net (15-16) 17 807586 1170835 1978421

Claims management costs 18 115612 25089 140701

Provision for unexpired risks 19

Commissions 21 303897 686905 306118 684684

Other acquisition expenses 22 137001 249445 124873 261572

Net operating expenses Administrative expenses 23 216949 216949

24 13899 32988 14102 32784

Total (21+22+23-24) 29 426999 1120310 416889 1130421

Gross amount 31 384591 374672 (9919)

Reinsurers' share 32 48747 42169 (6578)

Claims management costs 33

Total (31-32+33) 39 335845 332503 (3342)

Prior financial years 41 (1572) (1572)

This financial year 42 426999 1121882 416889 1131993

51 335845 331674 (4171)

52 829 829

Split of line 29

Split of line 39

Incidents occurring prior to this financial year Incidents occurring in this financial year

Claims incurred in respect of incidentsoccurring prior to this financial year

Claims incurred in respect of incidentsoccurring in this financial year

Reinsurance commissions and profit participations

Adjustments for discounting in respect of the items shown at lines 11 to 18 above

17032015:19:37:11

48

Form 22



Global business






year year1 2 3 4

Gross amount 11 4697909 1284316 3368849 (44744)


Net (11-12) 13 3881856 1097711 2786486 2341


Gross amount 15 1008098 1315399 2323497


Net (15-16) 17 905685 1070820 1976505



Commissions 21 301640 679477 302949 678167



24 12620 28532 12541 28612

Total (21+22+23-24) 29 426020 1116928 415281 1127667

Gross amount 31 383991 373843 (10148)



Total (31-32+33) 39 335245 331674 (3571)



51 335245 331674 (3571)

52

Split of line 29

Split of line 39






17032015:19:37:11

49

Form 22



Global business






year year1 2 3 4

Gross amount 11 19691 17228 2423 (40)

Reinsurers' share 12 4619 3490 1995 866

Net (11-12) 13 15072 13738 428 (906)


Gross amount 15 (96177) 101643 5466


Net (15-16) 17 (98099) 100015 1916



Commissions 21 2257 7428 3169 6517

Other acquisition expenses 22Net operating expenses Administrative expenses 23 410 410

24 1278 4456 1561 4173

Total (21+22+23-24) 29 979 3382 1608 2754

Gross amount 31 600 829 229

Reinsurers' share 32


Total (31-32+33) 39 600 829 229

Prior financial years 41


51 600 (600)

52 829 829

Split of line 29

Split of line 39






17032015:19:37:11

50

Form 22



Global business


Total primary (direct) and facultative accident and health




year year1 2 3 4

Gross amount 11 37550 19055 16069 (2425)

Reinsurers' share 12 341 211 (44) (174)

Net (11-12) 13 37209 18845 16114 (2251)


Gross amount 15 11639 23178 34818


Net (15-16) 17 11575 22867 34442



Commissions 21 4290 12721 4524 12487



24 19 104 72 51

Total (21+22+23-24) 29 6103 20407 6641 19870

Gross amount 31



Total (31-32+33) 39



51

52

Split of line 29

Split of line 39






17032015:19:37:11

51

Form 22



Global business


Total primary (direct) and facultative personal lines motor business




year year1 2 3 4

Gross amount 11 694697 164738 483712 (46247)


Net (11-12) 13 611852 162569 406670 (42613)


Gross amount 15 143128 141781 284910


Net (15-16) 17 141872 130977 272849



Commissions 21 23569 39488 18185 44873



24 377 2203 434 2147

Total (21+22+23-24) 29 52876 99672 40397 112151

Gross amount 31



Total (31-32+33) 39



51

52

Split of line 29

Split of line 39






17032015:19:37:11

52

Form 22



Global business


Primary (direct) and facultative household and domestic all risks




year year1 2 3 4

Gross amount 11 200124 140499 66538 6913


Net (11-12) 13 193548 135704 64095 6252


Gross amount 15 203295 108581 311875


Net (15-16) 17 202947 107961 310908



Commissions 21 103541 216843 100782 219602



24 211 3021 221 3011

Total (21+22+23-24) 29 124938 305955 119922 310971

Gross amount 31



Total (31-32+33) 39



51

52

Split of line 29

Split of line 39






17032015:19:37:11

53

Form 22



Global business


Total primary (direct) and facultative personal lines financial loss business




year year1 2 3 4

Gross amount 11 36071 29379 9554 2862


Net (11-12) 13 35844 29111 9496 2763


Gross amount 15 151319 33256 184574


Net (15-16) 17 151284 32922 184206



Commissions 21 26658 60703 27125 60236



24 1330 1330

Total (21+22+23-24) 29 35431 92442 36111 91762

Gross amount 31



Total (31-32+33) 39



51

52

Split of line 29

Split of line 39






17032015:19:37:11

54

Form 22



Global business


Total primary (direct) and facultative commercial motor business




year year1 2 3 4

Gross amount 11 689839 223509 436764 (29565)


Net (11-12) 13 611170 208830 375115 (27225)


Gross amount 15 262672 218334 481006


Net (15-16) 17 215583 171414 386997



Commissions 21 15842 64597 13796 66643



24 68 751 123 696

Total (21+22+23-24) 29 26835 85540 23500 88876

Gross amount 31



Total (31-32+33) 39



51

52

Split of line 29

Split of line 39






17032015:19:37:11

55

Form 22



Global business


Total primary (direct) and facultative commercial lines property business




year year1 2 3 4

Gross amount 11 619637 291576 255180 (72881)


Net (11-12) 13 399599 195927 174223 (29449)


Gross amount 15 132762 365222 497984


Net (15-16) 17 87955 222493 310448



Commissions 21 67583 134689 69982 132290



24 10451 17207 10553 17105

Total (21+22+23-24) 29 88358 260380 92505 256233

Gross amount 31



Total (31-32+33) 39



51

52

Split of line 29

Split of line 39






17032015:19:37:11

56

Form 22



Global business


Total primary (direct) and facultative commercial lines liability business




year year1 2 3 4

Gross amount 11 2264308 342211 2007454 85356


Net (11-12) 13 1863536 288224 1671243 95931


Gross amount 15 27215 255783 282998


Net (15-16) 17 25567 231206 256773



Commissions 21 34786 86294 37949 83131



24 708 1367 565 1510

Total (21+22+23-24) 29 56191 146553 54678 148066

Gross amount 31 383991 373843 (10148)



Total (31-32+33) 39 335245 331674 (3571)



51 335245 331674 (3571)

52

Split of line 29

Split of line 39






17032015:19:37:11

57

Form 22



Global business


Total primary (direct) and facultative marine business




year year1 2 3 4

Gross amount 11 60829 20222 53625 13018


Net (11-12) 13 49335 10555 41724 2944


Gross amount 15 30325 94648 124973


Net (15-16) 17 27885 84824 112709



Commissions 21 13893 34686 16239 32340



24 623 1730 472 1881

Total (21+22+23-24) 29 16788 55114 20835 51066

Gross amount 31



Total (31-32+33) 39



51

52

Split of line 29

Split of line 39






17032015:19:37:11

58

Form 22



Global business


Primary (direct) and facultative goods in transit




year year1 2 3 4

Gross amount 11 73207 50890 21102 (1216)


Net (11-12) 13 64246 46079 14461 (3705)


Gross amount 15 43827 70064 113891


Net (15-16) 17 40139 62889 103028



Commissions 21 9111 27334 11534 24911



24 22 672 18 676

Total (21+22+23-24) 29 15076 45329 16467 43938

Gross amount 31



Total (31-32+33) 39



51

52

Split of line 29

Split of line 39






17032015:19:37:11

59

Form 22



Global business


Balance of all primary (direct) and facultative business




year year1 2 3 4

Gross amount 11 21646 2237 18851 (558)


Net (11-12) 13 15518 1866 13345 (307)

Claims management costs 14 514 38 457 (19)

Gross amount 15 1917 4551 6469


Net (15-16) 17 878 3266 4144



Commissions 21 2367 2122 2834 1654



24 141 148 83 206

Total (21+22+23-24) 29 3423 5534 4223 4734

Gross amount 31



Total (31-32+33) 39



51

52

Split of line 29

Split of line 39






17032015:19:37:11

60

Form 22



Global business


Total non-proportional treaty reinsurance business accepted




year year1 2 3 4

Gross amount 11 1965 1387 363 (215)


Net (11-12) 13 169 438 278 547


Gross amount 15 669 580 1249


Net (15-16) 17 175 268 443



Commissions 21 1455 1455


24 891 891

Total (21+22+23-24) 29 646 646

Gross amount 31



Total (31-32+33) 39


This financial year 42 646 646

51

52

Split of line 29

Split of line 39






17032015:19:37:11

61

Form 22



Global business


Total proportional treaty reinsurance business accepted




year year1 2 3 4

Gross amount 11 17726 15841 2059 175


Net (11-12) 13 14902 13300 149 (1454)


Gross amount 15 (96846) 101063 4217


Net (15-16) 17 (98274) 99747 1473



Commissions 21 2257 5973 3169 5062


24 1278 3565 1561 3282

Total (21+22+23-24) 29 979 2736 1608 2108

Gross amount 31 600 829 229



Total (31-32+33) 39 600 829 229



51 600 (600)

52 829 829

Split of line 29

Split of line 39






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2015

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1Fo

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Gen

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Gen

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R

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Uni

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Kin

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oth

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an h

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fore

ign

Fina

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Dec

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r 201

4C

ompa

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ting

regi

stra

tion

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Mon

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num

ber

code

code

R31

9379

2G

L31

12

20

1400

027

3G

BP

AA

Gro

ss c

laim

s ou

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ndin

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ross

cla

ims

outs

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ing

Cla

ims

incu

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Gro

ssC

laim

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ear e

nded

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Gro

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In p

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ous

In th

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Incu

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curr

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ut(o

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ear

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cial

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onth

Year

(4+5

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12

34

56

78

910

11

1219

78 2

5680

2

0

362

92

24

1

580

2

71

131

8

173

3

83

1219

77 2

5943

1

6

340

62

115

1

625

4

98

140

6

319

5

12

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76 2

6183

9

3

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137

3

271

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8

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75 2

4

(120

) 4

776

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74

1219

73

1219

72

1219

71

1219

70

1219

69

1219

68

1219

67

1219

66

119

1703

2015

:19:

37:1

1Fo

rm 3

1

Gen

eral

insu

ranc

e bu

sine

ss (a

ccid

ent y

ear a

ccou

ntin

g) :

Anal

ysis

of g

ross

cla

ims

and

prem

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s by

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r dire

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and

facu

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ritis

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und

and

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d to

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ish

Poun

d

Glo

bal b

usin

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R

epor

ting

Terr

itory

Hom

e Fo

reig

n

Fina

ncia

l yea

r end

ed31

Dec

embe

r 201

4C

ompa

nyG

L/R

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ting

regi

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code

code

R31

9379

2G

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12

20

1400

027

3YB

PAB

Gro

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outs

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Cla

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incu

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Gro

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ear e

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120

1703

2015

:19:

37:1

1Fo

rm 3

1(c

ontin

uatio

n sh

eet)

Gen

eral

insu

ranc

e bu

sine

ss (a

ccid

ent y

ear a

ccou

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Anal

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of g

ross

cla

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and

prem

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s by

risk

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r dire

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and

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ritis

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bal b

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R

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Hom

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reig

n

Fina

ncia

l yea

r end

ed31

Dec

embe

r 201

4C

ompa

nyG

L/R

epor

ting

regi

stra

tion

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ear

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ber

code

code

R31

9379

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12

20

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027

3YB

PAB

Gro

ss c

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cla

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outs

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121

1703

2015

:19:

37:1

1Fo

rm 3

1(c

ontin

uatio

n sh

eet)

Gen

eral

insu

ranc

e bu

sine

ss (a

ccid

ent y

ear a

ccou

ntin

g) :

Anal

ysis

of g

ross

cla

ims

and

prem

ium

s by

risk

cat

egor

y fo

r dire

ct in

sura

nce

and

facu

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Alli

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ritis

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und

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bal b

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ess

R

epor

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Terr

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Hom

e Fo

reig

n

Fina

ncia

l yea

r end

ed31

Dec

embe

r 201

4C

ompa

nyG

L/R

epor

ting

regi

stra

tion

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y

ear

Mon

etar

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Cur

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bilit

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M u

nits

num

ber

code

code

R31

9379

2G

L31

12

20

1400

027

3YB

PAB

Gro

ss c

laim

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ross

cla

ims

outs

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ing

Cla

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incu

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Gro

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cide

nt y

ear e

nded

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ss c

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Year

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12

34

56

78

910

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52

165

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79 1

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112

6

122

1703

2015

:19:

37:1

1Fo

rm 3

1(c

ontin

uatio

n sh

eet)

Gen

eral

insu

ranc

e bu

sine

ss (a

ccid

ent y

ear a

ccou

ntin

g) :

Anal

ysis

of g

ross

cla

ims

and

prem

ium

s by

risk

cat

egor

y fo

r dire

ct in

sura

nce

and

facu

ltativ

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Nam

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rer

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Alli

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ritis

h Po

und

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Poun

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Glo

bal b

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R

epor

ting

Terr

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Hom

e Fo

reig

n

Fina

ncia

l yea

r end

ed31

Dec

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4C

ompa

nyG

L/R

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ear

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Cur

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M u

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num

ber

code

code

R31

9379

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12

20

1400

027

3YB

PAB

Gro

ss c

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cla

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outs

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incu

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Year

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12

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56

78

910

11

1219

78 1

41

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1219

77 9

2

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75

1219

74

1219

73

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72

1219

71

1219

70

1219

69

1219

68

1219

67

1219

66

123

1703

2015

:19:

37:1

1Fo

rm 3

1

Gen

eral

insu

ranc

e bu

sine

ss (a

ccid

ent y

ear a

ccou

ntin

g) :

Anal

ysis

of g

ross

cla

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and

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s by

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r dire

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and

facu

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Alli

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Cur

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ro

Glo

bal b

usin

ess

R

epor

ting

Terr

itory

Ove

rsea

s

Fina

ncia

l yea

r end

ed31

Dec

embe

r 201

4C

ompa

nyG

L/R

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ear

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duct

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bilit

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M u

nits

num

ber

code

code

R31

9379

2G

L31

12

20

1400

027

3EU

RXX

Gro

ss c

laim

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ndin

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ross

cla

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outs

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incu

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Gro

ssC

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ear e

nded

Num

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1703

2015

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1703

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Gen

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126

1703

2015

:19:

37:1

1Fo

rm 3

1(c

ontin

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Gen

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127

1703

2015

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1Fo

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Gen

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1703

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Gen

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17032015:19:37:11

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Form 36

Currency rates


Global business

Financial year ended 31 December 2014 Company GL/registration UK/ day month yearnumber CM

R36 93792 GL 31 12 2014

Name of currency Currency code No. of units to£ sterling

EUR 1.241090

AUD 1.000000

Euro

Australian Dollar

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141

Royal & Sun Alliance Insurance plc and UK Subsidiaries Returns under the Accounts and Statements Rules Notes to the Return Financial year ended 31 December 2014

142

*0101* Modification to the Return

This return has been prepared in accordance with the Accounts and Statements Rules, as modified by a direction made by the FSA, now the PRA and FCA dated 3 December 2012 under section 148 of the Act. The effect of the direction is to enable Royal & Sun Alliance Insurance plc to provide a Group return in respect of the companies listed on page 161, such companies being required to maintain appropriate reinsurance arrangements and deeds of indemnity with RSAI.

*0103* Company solvency statements

Forms 1, 3, 11 and 12 for each of the companies included in the Group return are shown on pages 162 to 172.

*0104* Reclassification of Tier 1 capital resources

RSA Insurance Group plc issued £400m of subordinated debt in December 2014 that was guaranteed by RSA Insurance plc. As required by GENPRU 2.2.65R, this has been treated as a connected transaction and £400m has been disqualified from tier one capital. The instrument meets the criteria of a lower tier two instrument and therefore has been included in line 52 of form 3.

*0301* Reconciliation of capital resources £'000 Form 13 Line 89 16,742,959 Form 15 Line 69 (14,869,505) Subordinated loan capital 569,721 Disallowed tier 1 capital (4,971) Related Regulated Undertakings capital requirement 839,727 Form 3 line 79 3,277,931 *0310* Details of certain valuation differences

Negative valuation differences on line 35 of form 3 consists of £81,500k relating to the revaluation of pension deficits to the pension deficit reduction amount, £3,745k revision to claims equalisation reserve, £4,971k arising from tier 1 capital disallowed by reason of the irrevocable guarantee given by Royal & Sun Alliance Insurance plc (‘RSAI’) to RSA Insurance Group plc (‘RSAIG’) in respect of US$7.8m 8.95% Subordinated Guaranteed Bonds.

*0313* Reconciliation of the movement in profit & loss and other reserves £'000 Form 3 Line 12 Column 3 112,967 Form 3 Line 12 Column 4 223,601 Change in revision to equalisation provision (1,294) Form 16 Line 59 335,274 *1301* Aggregate value of certain investments

The Group held £958,796k in unlisted securities, listed securities not readily realisable and collective investment schemes, the majority of which was certificates of deposit issued by UK banks and holdings in collective investment schemes.


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*1302* Hybrid securities The aggregate value of hybrid securities included within lines 46 or 48 is £31,001k. *1303* Salvage and subrogation Included within row 78 of form 13 is an amount £10,531k (2013 £10,394k) in respect of salvage and

subrogation.

*1304* Set off Assets and liabilities have been set off to the extent permitted by generally accepted accounting

principles. *1305* Counterparty limits

The maximum investment exposure to any one counterparty permitted by the Group’s investment guidelines was £891m. This amount was not exceeded during the year.

*1306* Large exposure

The Group has amounts due from its parent and connected companies of £307,937k which has been restricted to 1% of its general business amount.

*1307* Reinsurance exposure guaranteed by a credit institution

The Group held letters of credit to a value of £78.5m at 31 December 2014 in respect of its reinsurance exposure.

*1318* Details of other asset adjustments £'000 100% minority share adjustment in dependants (16,379) Claims discounting in dependants 108,774 Form 13 line 101 92,395 *1501* Assumptions re provision for adverse charges

No provision for adverse charges has been made as liabilities are matched to assets. *1502* Details of charges over assets, potential capital gains tax liability, contingent liabilities, other

guarantees and indemnities and fundamental uncertainties

a) Charges over assets At 31 December 2014, the Group had pledged £769m of financial assets as collateral for liabilities and contingent liabilities. The nature of the assets pledged as collateral comprises government securities of £711m included within Form 13 line 45, cash and cash equivalents of £26m included within Form 13 line 81 and debt securities £32m included within Form 13 Line 46. The terms and conditions of the collateral pledged are market standard in relation to letter of credit facilities. The liabilities secured by these assets consist outstanding claims £240m included within Line 12 of Form15, amounts owed to credit institution £299m included within Line46 of Form 15 and derivative liabilities £26m included within Line 49 of Form 15.


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b) Potential capital gains tax liability There would be no potential capital gains tax liability on a disposal of assets. c) Contingent liabilities The Group has no contingent liabilities other than in the normal course of insurance business. d) Other guarantees, indemnities or other contractual commitments RSA Insurance Group plc (RSAIG) has issued US$23.682m 8.95% Subordinated Guaranteed Bonds due 15 October 2029. Under the First Supplemental Indenture dated 2 March 2007 to an indenture dated 1 October 1999 between the RSAIG, RSAI and Deutsche Bank Trust Company Americas, RSAI irrevocably and unconditionally guaranteed the obligations of RSAIG pursuant to the Bonds, including the payment of capital and interest, on a direct, unsecured and subordinated basis. In the event of the winding up of RSAI, the claims of the Bondholders will be subordinated in right of payment, in the manner provided in the Indenture, to all claims of the senior creditors (including all policyholders) of RSAI. RSAIG has issued £500m 9.375% Guaranteed Subordinated Step-up Notes due 20 May 2039. Under a Trust Deed dated 20 May 2009, RSAI irrevocably guaranteed the due and punctual payment of all principal, interest and other sums payable by RSAIG on a subordinated basis. In the event of a winding up of RSAI, the claims of the Bondholders will be subordinated in the manner provided in the Trust Deed to the claims of all senior creditors of RSAI. RSAIG has issued £400m 5.125% Fixed Rate Reset Guaranteed Step-up Notes due 10 October 2045. Under a Trust Deed dated 10 October 2014, RSAI irrevocably guaranteed the due and punctual payment of all principal, interest and other sums payable by RSAIG on a subordinated basis. In the event of a winding up of RSAI, the claims of the Bondholders will be subordinated in the manner provided in the Trust Deed to the claims of all senior creditors of RSAI. There is a syndicated £500m credit facility entered into between RSAIG, Royal Insurance Holdings plc and RSAI and 11 banks. RSAI irrevocably and unconditionally guarantees the obligations of RSAIG and RIH pursuant to the facility. RSAIG also guarantees the obligations of the other borrowers (including RSAI and RIH) pursuant to the facility. RIH also guarantees the obligations of the other borrowers (including RSAIG and RSAI) pursuant to the facility. £0M has been drawn down under this facility at 31 December 2014. RSAIG has issued £375m 6.701% Perpetual Guaranteed Subordinated Capital Securities. Under a Trust Deed dated 12th May 2006, RSAI irrevocably guaranteed the due and punctual payment of all principal, coupon payments, deferred interest and other sums and all monies payable by the issuer. In the event of the winding up of RSAI, the claims of the holders will be subordinated in right of payment, in the manner provided in the Trust Deed, to the claims of all other creditors (including all policyholders) of RSAI. In respect of these guarantees, in this return no provision has been made on Form 15 and no contingent liability has been disclosed in (c) above.

e) Uncertainties and contingencies The uncertainty arising under insurance contracts may be characterised under a number of specific headings, such as: • uncertainty as to whether an event has occurred which would give rise to a policyholder

suffering an insured loss; • uncertainty as to the extent of policy coverage and limits applicable; • uncertainty as to the amount of insured loss suffered by a policyholder as a result of the event

occurring; and • uncertainty over the timing of a settlement to a policyholder for a loss suffered.


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The degree of uncertainty will vary by policy class according to the characteristics of the insured risks and the cost of a claim will be determined by the actual loss suffered by the policyholder. There may be significant reporting lags between the occurrence of the insured event and the time it is actually reported to the Group. Following the identification and notification of an insured loss, there may still be uncertainty as to the magnitude and timing of the settlement of the claim. There are many factors that will determine the level of uncertainty such as inflation, inconsistent judicial interpretations and court judgments that broaden policy coverage beyond the intent of the original insurance, legislative changes and claims handling procedures. The establishment of insurance liabilities is an inherently uncertain process and, as a consequence of this uncertainty, the eventual cost of settlement of outstanding claims and unexpired risks can vary substantially from the initial estimates, particularly for the Group’s long tail lines of business. The Group seeks to provide appropriate levels of claims provision and provision for unexpired risks taking the known facts and experience into account. The Group has exposures to risks in each class of business within each operating segment that may develop and that could have a material impact upon the Group’s financial position. The geographic and insurance risk diversity within the Group’s portfolio of issued insurance policies make it not possible to predict whether material development will occur and, if it does occur, the location and the timing of such an occurrence. The estimation of insurance contract liabilities involves the use of judgments and assumptions that are specific to the insurance risks within each territory and the particular type of insurance risk covered. The diversity of the insurance risks results in it not being possible to identify individual judgments and assumptions that are more likely than others to have a material impact on the future development of the insurance contract liabilities. The sections below identify a number of specific risks relating to asbestos and environmental claims. There may be other classes of risk which could develop in the future and that could have a material impact on the Group’s financial position. The Group evaluates the concentration of exposures to individual and cumulative insurance risk and establishes its reinsurance policy to manage such exposure to levels acceptable to the Group.

Asbestos and environmental claims The estimation of the provisions for the ultimate cost of claims for asbestos and environmental pollution is subject to a range of uncertainties that is generally greater than those encountered for other classes of insurance business. As a result it is not possible to determine the future development of asbestos and environmental claims with the same degree of reliability as with other types of claims, particularly in periods when theories of law are in flux. Consequently, traditional techniques for estimating claims provisions cannot wholly be relied upon and the Group employs specialised techniques to determine provisions using the extensive knowledge of both internal asbestos and environmental pollution experts and external legal and professional advisors.

Factors contributing to this higher degree of uncertainty include:

• the long delay in reporting claims from the date of exposure (for example, cases of mesothelioma

can have a latent period of up to 40 years). This makes estimating the ultimate number of claims the Group will receive particularly difficult;

• issues of allocation of responsibility among potentially responsible parties and insurers; • emerging court decisions and the possibility of retrospective legislative changes increasing or

decreasing insurer liability; • the tendency for social trends and factors to influence court awards; • developments pertaining to the Group’s ability to recover reinsurance for claims of this nature; and


146

• for US liabilities from the Group’s London market business, developments in the tactics of US plaintiff lawyers and court decisions and awards.

Potential change in discount rate for lump sum damages awards Legislative changes may affect the Group’s liability in respect of unsettled claims in the use of predetermined factors used by courts to calculate compensation claims. For example, in the UK, standard formulae are used as an actuarial measure by the courts to assess lump sum damages awards for future losses (typically loss of earnings arising from personal injuries and fatal accidents). The calibration of these standard formulae can be updated by the UK Government and the Lord Chancellor may review the methodology to be applied in determining the discount rate to calculate the appropriate settlements, or the discount rate itself, in due course. A reduction in the prescribed discount rate would increase the value of future claims settlements.

Acquisitions and disposals The Group makes acquisitions and disposals of businesses as part of its normal operations. All acquisitions are made after due diligence, which will include, amongst other matters, assessment of the adequacy of claims reserves, assessment of the recoverability of reinsurance balances, inquiries with regard to outstanding litigation and inquiries of local regulators and taxation authorities. Consideration is also given to potential costs, risks and issues in relation to the integration of any proposed acquisitions with existing RSA operations. The Group will seek to receive the benefit of appropriate contractual representations and warranties in connection with any acquisition and, where necessary, additional indemnifications in relation to specific risks although there can be no guarantee that these processes and any such protection will be adequate in all circumstances. The Group may also provide relevant representations, warranties and indemnities to counterparties on any disposal. These clauses are customary in such contracts and may from time to time lead to us receiving claims from counterparties.

Contracts with third parties The Group enters into outsourcing contracts and distribution arrangements with third parties in the normal course of its business and is reliant upon those third parties being willing and able to perform their obligations in accordance with the terms and conditions of the contracts.

Litigation, disputes and investigations The Group, in common with the insurance industry in general, is subject to litigation, mediation and arbitration, and regulatory, governmental and other sectoral inquiries and investigations in the normal course of its business. Based on current information the directors do not believe that any current mediation, arbitration, regulatory, governmental or sectoral inquiries and investigations and pending or threatened litigation or dispute will have a material adverse effect on the Group’s financial position, although there can be no assurance that losses or financial penalties resulting from any current mediation, arbitration, regulatory, governmental or sectoral inquiries and investigations and pending or threatened litigation or dispute will not materially affect the Group’s financial position or cash flows for any period.

Reinsurance The Group is exposed to disputes on, and defects in, contracts with its reinsurers and the possibility of default by its reinsurers. The Group is also exposed to the credit risk assumed in fronting arrangements and to potential reinsurance capacity constraints. In selecting the reinsurers with whom the Group conducts business its strategy is to seek reinsurers with the appropriate combination of financial strength, price and capacity. The Group Corporate Centre publishes internally a list of


147

authorised reinsurers who pass the Group’s selection process and which its operations may use for new transactions. The Group monitors the financial strength of its reinsurers, including those to whom risks are no longer ceded. Allowance is made in the financial position for non recoverability due to reinsurer default by providing, in line with Group standards, having regard to companies on the Group’s ‘Watch List’. The ‘Watch List’ is the list of companies whom the Group’s directors believe will not be able to pay amounts due in full. Investment risk The Group is exposed to market risk and credit risk on its invested assets. Market risk includes the risk of potential losses from adverse movements in market rates and prices including interest rates, equity prices, property prices and foreign currency exchange rates. The Group’s exposure to market risks is controlled by the setting of investment limits in line with the RSA Insurance Group’s risk appetite. From time to time the Group also makes use of derivative financial instruments to reduce exposure to adverse fluctuations in foreign exchange rates and equity markets. The Group has strict controls over the use of derivative instruments. Credit risk includes the non performance of contractual payment obligations on invested assets and adverse changes in the credit worthiness of invested assets including exposures to issuers or counterparties for bonds, equities, deposits and derivatives. Limits are set at both a portfolio and counterparty level based on likelihood of default to manage the RSA Insurance Group’s overall credit profile and specific concentrations within risk appetite. The Group’s insurance investment portfolios are concentrated in listed securities with very low levels of exposure to assets without quoted market prices. The Company uses model based analysis to verify asset values when market values are not readily available. Rating environment The ability of the Company to write certain types of insurance business is dependent on the maintenance of the appropriate credit ratings from the rating agencies. The RSA Insurance Group has the objective of maintaining single ‘A’ ratings. At the present time the ratings are ‘A-’ (Developing Credit Watch outlook) from S&P and ‘A2’ by Moody’s. A worsening in the ratings, below objective, could have an adverse impact on the ability of the Company to write certain types of general insurance business.

In assessing credit risk in relation to reinsurance and investments, the RSA Insurance Group takes into account a variety of factors, including credit rating. If any such rating changes, or is otherwise reassessed, this has potential implications for the related exposures. Foreign exchange risk The Group publishes financial statements in Pounds Sterling. Therefore, fluctuations in exchange rates used to translate other currencies, particularly other European currencies, Hong Kong dollar, Singapore dollar and the Canadian dollar, into Pounds Sterling will impact the reported financial condition, results of operations and cash flows from period to period. These fluctuations in exchange rates will also impact the Pound Sterling value of and the return on the Group’s investments.

Income and expenses for each profit & loss account item are translated at average exchange rates. Assets and liabilities, as reported in the balance sheet, are translated at the closing exchange rates at the end of the reporting period.


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Regulatory environment The legal, regulatory and accounting environment is subject to significant change in many of the jurisdictions in which the Group operates, including developments in response to changes in the economic and political environment. The Group continues to monitor the developments and react accordingly. Solvency II, the new solvency framework being introduced by the EU with effect from 1 January 2016 is intended to achieve greater harmonisation of approach across EU member states to assessing capital resources and requirements. Although there still remains some uncertainty as to the final rules, the Company is actively involved in ensuring it meets the requirements through detailed implementation plans. The Company will be seeking regulatory approval to use an internal model to calculate the Solvency Capital Requirement (SCR). There is a risk that its regulator may elect not to give approval for the whole, or parts of, the model. This may mean that the Company would need to use elements of the standard formula for calculating the SCR, which may be materially different to the SCR calculated using the internal model. The Company maintains close and regular dialogue with its regulators throughout the journey to internal model approval and the Directors are confident that the Company will continue to meet all future regulatory capital requirements.

*1507* Details of other adjustments to liabilities The amount included in Form 15 line 83 represents the restriction of pension assets and liabilities.

*1601* Basis of conversion of foreign currency Foreign currency revenues are translated into Pound Sterling using the cumulative average rate for the financial year. Adjustments have been made to the general business technical reserves arising from translation from year end rates.

*1602* Restatement of amounts arising from currency conversion

Some of the brought forward amounts shown in Forms 11,12, 21 to 24, 28, 31, 32 and 34 have been restated from the corresponding carried forward amounts included in the previous year’s return due to the conversion of foreign currency amounts at different rates of exchange.

*1603* Other income and charges Other income and charges shown on Form 16, Line 21 are made up as follows: 2014 2013 £'000 £'000 Actuarial gains/(losses) 97,235 (148,878) Foreign exchange gains/(losses) 11,286 (7,201) Unallocated central expenses (76,927) (51,434) Associates result 3,003 1,570 Amortisation of intangible assets and goodwill (1,731) (11,710) Reorganisation costs (45,068) (44,755) Other (8,859) (22,973) Total (21,061) (285,381)


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*1701* Variation margin

There has been no excess variation margin received due to market movements that has subsequently been partly or wholly reversed.

There is no excess variation margin included in Form 13. *1702* Quasi derivatives Quasi derivatives assets and liabilities are in aggregate below the respective 2.5% aggregate values

of assets and liabilities. *20Aa* Details of contracts which fall within more than one risk category (£’000)

Category Description GWP OCR IBNR UPR

114 Personal accident or sickness 363 78 - 147 160 Household and domestic all risks 3,012 353 - 988 184 Legal expenses 133 86 - 75 221 Fleets 116 9,042 - 59 222 Commercial vehicles (non fleet) 18 1,154 - 8 261 Commercial property 271,257 150,379 21,977 119,281 262 Consequential loss 55,155 36,763 4,993 22,219 263 Contractors or engineering all risks 33,194 65,252 - 17,652 271 Employers liability 74,100 168,315 2,074 32,884 272 Professional indemnity 1,122 1,058 - 506 273 Public and products liability 100,530 176,840 23,640 40,102

The businesses which are allocated to more than one risk category are combined contracts where the risk falls across a number of risk categories as shown above. The method of allocation has been based on either, an allocation of case estimates or using policy section types. The reasoning for the allocation decision is that the business covers multiple risks that are not rated on a single package basis.

*20Ab* Risks of Death or Injury to Passengers

Contracts of insurance against risks of death of, or injury to, passengers have been allocated to the risk categories of private motor comprehensive, private motor non-comprehensive, motor cycle, fleets, commercial vehicles and yacht.

*20Ac* Miscellaneous and Other Motor

No business has been allocated to category numbers 223, 400 or 700. Risk category 187 includes contracts of insurance against risk of loss to the person insured attributable to loss or breakdown of a personal item that attach to the purchase of that item.


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*20Ad* Claims made policies

The following amounts were reported in Form 20A in respect of claims-made policies.

Category Description GWP OCR IBNR UPR

272 Professional indemnity 106,050 175,370 139,990 51,308 There were no amounts reported for category 272 in Form 20A that arose from non-claims made

policies.

*20Ae* Total facultative business reported under category 002 (£’000)

GWP OCR IBNR UPR

24,605 14,554 3,855 17,898 *20Af* Amounts reported under Travel, Mixed commercial package and Energy (£’000) Travel Annex 11.2 ii class GWP OCR IBNR UPR Assistance 5,261 991 237 1,186 Mixed Commercial Packages Annex 11.2 ii class GWP OCR IBNR UPR Fire and other damage to property 51,817 8,389 801 23,700 Liability 5,479 14,701 1,289 2,468 Accident & Health 130 31 3 61 Other/Miscellaneous 198 51 6 92 Energy Annex 11.2 ii class GWP OCR IBNR UPR Fire and other damage to property - 799 - - Liability - 13,893 238 - *20Ag* Gross Written Premium for UK and overseas businesses (£’000)

Category number

PRA return general insurance business reporting category Overseas Home

Foreign UK Other Total

111 Medical insurance 827 - - 827

112 HealthCare cash plans 1,977 - - 1,977

113 Travel 4,794 - 467 5,261

114 Personal Accident or sickness 12,609 - 36,516 49,125

121 Private motor - comprehensive 52,214 - 258,893 311,107


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122 Private motor - non-comprehensive 40,882 - 2,977 43,859

123 Motor cycle 5,863 - - 5,863

160 Household and domestic all risks 22,159 - 709,551 731,710

181 Assistance - - 18,860 18,860

184 Legal Expenses - - 13,626 13,626

186 Pet Insurance 226 - 262,159 262,385

187 Other personal financial loss 89 - 12,917 13,006

221 Fleets 11,428 383 526,396 538,207

222 Commercial vehicles (non-fleet) 16,260 116 75,485 91,861

261 Commercial property 193,519 70,266 295,573 559,358

262 Consequential loss 3,559 41,945 37,118 82,622

263 Contractors or engineering all risks 96,351 29,318 89,526 215,195

271 Employers liability 25,843 2,413 69,336 97,592

272 Professional indemnity 4,704 1,752 104,297 110,753

273 Public and products liability 45,673 20,245 91,161 157,079

274 Mixed commercial package 3,625 - 53,998 57,623

281 Fidelity and contract guarantee (167) 456 7,868 8,157

283 Suretyship 4,615 - 2,135 6,750

341 Marine liability 596 - 32,192 32,788

342 Marine hull 6,658 - 92,523 99,181

345 Freight demurrage and defence 14,531 - - 14,531

346 War risks - - 15,662 15,662

347 Yacht 170 - 11,175 11,345

350 Total primary (direct) and facultative goods in transit 10,227 4,962 162,175 177,364

510 Non-proportional accident and

health 2,674 - - 2,674

520 Non-proportional Motor 1,374 - - 1,374

540 Non-proportional marine 7,450 - - 7,450


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550 Non-proportional transport 1,496 - - 1,496

560 Non-proportional property 40,307 - - 40,307

570 Non-proportional liability (non-motor) 86 - - 86

580 Non-proportional financial lines 132 - - 132

610 Proportional accident and health 2,510 - - 2,510

640 Proportional marine 2,866 - - 2,866

650 Proportional transport 540 - - 540

660 Proportional property 95,757 - - 95,757

670 Proportional liability (non-motor) 137 - - 137

680 Proportional financial lines 5,752 - - 5,752

Risk categories not listed in the above are wholly attributable to the UK. For each risk category (excluding 510 to 590, 610 to 690 and 700 as appropriate), the following

countries account for the overseas business:

Category number


Countries

111 Medical insurance Hong Kong, Singapore 112 HealthCare cash plans Italy, Singapore 113 Travel Hong Kong, Singapore 114 Personal accident or sickness Hong Kong, Ireland, Italy, Singapore 121 Private motor- comprehensive Bahrain, Hong Kong, Italy, Singapore

122 Private motornon-

comprehensive Bahrain, Italy

123 Motor cycle Italy

160 Household and domestic all risks (equals line 6)

Hong Kong, Italy, Singapore

186 Pet Insurance Hong Kong 187 Other personal financial loss Singapore 221 Fleets Hong Kong, Ireland, Italy, Bahrain 222 Commercial vehicles (non-fleet) Bahrain, Hong Kong, Italy, Singapore

261 Commercial property Bahrain, Belgium, Dubai, France, Germany, Greece, Hong Kong, Ireland, Italy, Labuan, Singapore, Netherlands, Spain

262 Consequential loss Hong Kong, Ireland, Italy, Singapore

263 Contractors or engineering all risks

Belgium, Dubai, France, Germany, Hong Kong, Ireland, Italy, Labuan, Netherlands, Singapore, Spain


153

271 Employers liability Bahrain, Hong Kong, Ireland, Singapore 272 Professional Indemnity Hong Kong, Labuan, Singapore

273 Public and products liability Bahrain, Belgium, Dubai, France, Germany, Greece, Hong Kong, Ireland, Italy, Netherlands, Singapore, Spain

274 Mixed commercial package Bahrain, Dubai, Singapore 281 Fidelity and contract guarantee Bahrain, Hong Kong 283 Suretyship Italy 341 Marine liability Bahrain, Hong Kong, Singapore

342 Marine Hull Belgium, France, Germany, Hong Kong, Italy,

Labuan, Netherlands, Singapore, Spain 345 Freight demurrage and defence Dubai, Labuan, Singapore 347 Yacht Hong Kong, Singapore

350 Total primary (direct) and facultative goods in transit (equals line 14)

Belgium, France, Germany, Hong Kong, Ireland, Italy, Netherlands, Spain

*20Al* Differences in gross unearned premium at the end of the financial year

There are differences in the total provision for gross unearned premium at the end of the financial year represented in Form 20A and Form 15. This has arisen due to foreign currency revenue items being translated into sterling using the cumulative average rate for the financial year and foreign currency balance sheet items being translated using year end rates.

*20Am* Gross unearned premiums

The entries included in column 4 of Form 20A represent gross unearned premiums *2005* Other technical income or charges

The amount shown for the other technical income and charges relates to Engineering Inspection income which is ancillary to the provision of Engineering insurance cover, and Risk Consultancy service income.

*2007* Material connected-party transactions A number of reinsurance contracts are in place between the companies listed on page 162. No

individual contract is material and all are entered into on an “arms length” basis. RSAI has contracts with other RSA Insurance Group Companies for which movements during the year represent the claims run off experience.

*2102* Basis of calculation of provision for unearned premiums The provision for unearned premiums represents the proportion of the premiums written relating to

periods of insurance subsequent to the balance sheet date, calculated principally on a daily pro-rata basis. Both time apportionment and risk apportionment bases are used, the method depending on the fluctuation of the incidence of risk.


154

*2103* Provision for unearned premium The provision for unearned premium, both gross and net, reported on lines 12 to 16 do not agree to

balances reported in Forms 13 and 15 as a result of these balances being translated into sterling using the cumulative average rate when Forms 13 and 15 are translated using year end rates.

*2202* Basis for determining claims management expenses Claims management expenses comprise the direct costs of managing and settling claims plus an

attribution of indirect costs associated with the claims function. The provision for claims management costs carried forward represents the expected cost of managing

outstanding claims from the balance sheet date until final settlement. This provision is based on attributable expenses for the year and the number of claims outstanding.

Investment income is not included in the calculation of claims management costs carried forward. *2204* Basis for determining acquisition expenses Acquisition costs comprise all the direct costs of acquiring and retaining business plus an attribution of

indirect costs associated with the underwriting, sales and customer services functions. Deferred acquisition costs are determined by applying average qualifying acquisition costs to the

unearned element of premiums. *2302* Modification to Form 23 requirements The PRA on application of the firms listed on page 161, issued a direction in December 2013, under

section 138A of the Act. The effect of the direction is that the amounts referred to in IPRU (INS) appendix 9.2 Paragraph 3(3) are expressed in sterling as if the conversion had taken place at the closing middle rate or the cumulative average rate pertaining to the financial year in which the amounts were transacted.

*2402* Underwriting year accounting Aviation, marine and marine transport business written in the UK prior to 2013 and the majority of

treaty reinsurance business is reported on an underwriting year basis as this is how the underlying records and statistics are maintained. Marine and transport business written by overseas branches, non-marine transport business written in the UK and certain reinsurance treaty business is reported on an accident year basis.

Claims provisions for business reported on an underwriting year basis are determined using the

annual method. *2404* Basis for determining claims management expenses Claims management expenses comprise the direct costs of managing and settling claims plus an

attribution of indirect costs associated with the claims function. The provision for claims management costs carried forward represents the expected cost of managing

outstanding claims from the balance sheet date until final settlement. This provision is based on attributable expenses for the year and the number of claims outstanding.

Investment income is not included in the calculation of claims management costs carried forward.


155

No claims management costs are being carried on Form 25 as the claims process is handled by other Group operations from where the business has been derived.

*2406* Basis for determining acquisition expenses Acquisition costs comprise all the direct costs of acquiring and retaining business plus an attribution of

indirect costs associated with the underwriting, sales and customer services functions. Deferred acquisition costs are determined by applying average acquisition costs to the unearned

element of premiums. *2501* Basis of calculation of provision for unearned premiums The provision for unearned premiums represents the proportion of the premiums written relating to

periods of insurance subsequent to the balance sheet date, calculated principally on a daily pro-rata basis. Both time apportionment and risk apportionment bases are used, the method depending on the fluctuation of the incidence of risk.

*3001* Methods and assumptions used in determining the yield

Yield is determined for securities with a redemption value as the rate of interest which, when used to obtain a present value of expected future an income or capital payment gives the current asset value. For all other assets yield is calculated as the ratio of the income to value.

*3002* Income payments in default No income payments are in default from assets included in column 2 of Form 30. *3003* Risk categories where an adjustment for discounting has been made

Risk Category Where discounting has been applied

Rate of interest used for calculation of present values

Expected average interval for claims settlement at the end of the financial year

Aviation Liability 4% 7 Public and product Liability 4% 6 Employers Liability 4% 12 Marine Liability 4% 8 Proportional Liability (non-motor) 4% 6

The deduction for discounting has been determined using an actuarial projection of the claims settlement discounted back to determine a present value. The pattern of claims cash flows from notification to settlement together with claims notification data used to estimate the emergence of new claims are used to estimate the expected average interval for claims settlement.

The Deduction for discounting has been determined using an actuarial projection of the claims settlement discounted back to determine a present value.


156

Reconciliation of total capital resources after deductions (Form 3 line 79) £'000 Aggregate of individual UK insurers 3,419,139 Add back counterparty exposure restrictions in individual UK insurers 184,427 Elimination of RSAI plc investment in other UK insurers (184,614) Counterparty exposure restrictions on consolidated basis (141,021) Consolidated capital resources after deductions 3,277,931 Reconciliation of outstanding claims and gross premiums Company Internal Group Total Reinsurance Return £'000 £'000 £'000 Gross Premiums Written Form 11 4,370,861 (474,426) 3,896,435 Gross Premiums Earned Form 11 4,404,113 (474,119) 3,929,994 Claims Paid in Reference Period Forms 11 and 12 9,015,408 (435,479) 8,579,929 Gross Outstanding Claims Forms 11 and 12 5,698,670 (511,627) 5,187,043

159

Returns under the Accounts and Statements Rules Statement of additional Information on Derivative Contracts required by Rule 9.29 of the Interim Prudential Sourcebook for Insurers Name of Insurer Royal & Sun Alliance Insurance plc Global business Financial year ended 31 December 2014 a) The company has investment guidelines which indicate that derivative contracts are used primarily

for the purpose of efficient portfolio management or reduction of investment risks which specify the types of derivative contracts which may be used and indicate the processes to be used in selecting and managing derivative contracts. The guidelines also require regular monitoring and reporting of open positions.

b) The guidelines operated by the company for the use of derivative contracts do not include any

provisions for the use of contracts under which the company has a right or obligation to acquire or dispose of assets which was not, at the time the contract was entered into, reasonably likely to be exercised.

c) The company was not a party to any such contracts of the kind described in b) at any time during

the financial year. d) All derivative assets held during the relevant financial year are admissible. e) The company received £5,444,000 during the year in return for granting rights under derivative and

quasi-derivative contracts. The contracts under which such rights were granted related to the sale of equity index options as part of a strategy to limit exposure to the risk of changes in equity market levels.

160

Returns under the Accounts and Statements Rules Royal & Sun Alliance Insurance plc and UK Subsidiaries Statement of Additional Information on Controllers required by Rule 9.30 of the Interim Prudential Sourcebook for Insurers Royal Insurance Holdings plc and RSA Insurance Group plc (formerly known as Royal & Sun Alliance Insurance Group plc) were, in order of parentage, the only shareholder controllers of Royal & Sun Alliance Insurance plc (the ‘Company’) during the year ended 31 December 2014. At 31 December 2014 and during the preceding year Royal Insurance Holdings plc held all of the voting power of the Company. The companies listed on page 162 of this return are either wholly owned subsidiaries of the Company or of the Company’s subsidiaries: a) Subsidiaries of Royal & Sun Alliance Insurance plc

Royal & Sun Alliance Reinsurance Limited The Marine Insurance Company Limited

b) Subsidiaries of Sun Alliance Insurance Overseas Limited (a subsidiary of Royal & Sun Alliance

Insurance plc)

Sun Insurance Office Limited

161

Royal & Sun Alliance Insurance plc and UK Subsidiaries Subsidiaries included in this return Royal & Sun Alliance Reinsurance Limited Sun Insurance Office Limited The Marine Insurance Company Limited Note: "Modification to the Return:

This return has been prepared in accordance with the Accounts and Statements Rules, as modified by a direction made by the “FSA, now the PRA and FCA” in January 2013 under section 148 of the Act. The effect of the direction is to enable Royal & Sun Alliance Insurance plc (RSAI) to provide a group return in respect of the companies listed above, such companies being required to maintain appropriate reinsurance arrangements and deeds of indemnity (as referred to in Conditions (1) and (2) in the direction) with RSAI."

162

Returns under the Accounts and Statements Rules Form 1Statement of Solvency – general insurance businessGlobal BusinessFinancial year ended 31 December 2014 UK Subsidiaries of Royal & Sun Alliance Insurance plc £'000

Capital resources

Capital resources arising outside the long-term insurance fund 11 3276891 40048 59866 42334

Capital resources allocated towards long-term insurance business arising outside the long-term insurance fund

12 - - - -

Capital resources available to cover general insurance business capital resources requirement (11-12)

13 3276891 40048 59866 42334

Guarantee Fund

Guarantee fund requirement 21 1091918 8494 7848 2902

Excess (deficiency) of available capital resources to cover guarantee fund requirement 22 1607637 31554 52018 39432

Minimum capital requirement (MCR)

General insurance capital requirement 31 607445 25481 23543 2388 Base capital resources requirement 33 2902 2902 2902 2902 Individual minimum capital requirement 34 607445 25481 23543 2902

Capital requirements of regulated related undertakings 35 889436 - - -

Minimum capital requirement (34+35) 36 1496881 25481 23543 2902 Excess (deficiency) of available capital resources to cover 50% of MCR 37 2030740 27307 48094 40883

Excess (deficiency) of available capital resources to cover 75% of MCR 38 1656520 20937 42209 40157

Capital resources requirement (CRR)

Capital resources requirement 41 1496881 25481 23543 2902

Excess (deficiency) of available capital resources to cover general insurance business CRR (13-41) 42 1780010 14567 36323 39432

Contingent Liabilities

Quantifiable contingent liabilities in respect of other than long-term insurance business as shown in a supplementary note on Form 15

51 - - - -

The Marine Insurance Co

Ltd


Insurance plc


Reinsurance Ltd

Sun Insurance Office Ltd

163

Returns under the Accounts and Statements Rules Form 3Components of capital resourcesGlobal BusinessFinancial year ended 31 December 2014 UK Subsidiaries of Royal & Sun Alliance Insurance plc £'000

Total as at the end of this

financial year

Total as at the end of the

previous year


financial year


previous year

Core tier one capitalPermanent share capital 11 1126692 1127773 70000 70000

Profit and loss account and other reserves 12 112967 (223601) 14046 13332

Share premium account 13 2642444 2646263 - -

Positive valuation differences 14 - 49682 - -

Fund for future appropriations 15 - - - -

Core tier one capital in related undertakings 16 - - - -

Core tier one capital (Sum of 11 to 16) 19 3882103 3600117 84046 83332

Tier one waivers

Unpaid share capital / unpaid initial funds and calls for supplementary contributions 21

- - - - Implicit items 22 - - - - Tier one waivers in related undertakings 23 - - - - Total tier one waivers as restricted (21+22+23) 24 - - - -


Perpetual non-cumulative preference shares as restricted 25

- - - -

Perpetual non-cumulative preference shares in related undertakings 26

- - - - Innovative tier one capital as restricted 27 77721 77721 - -

Innovative tier one capital in related undertakings 28 - - - -

Total tier one capital before deductions (19+24+25+26+27+28) 31 3959824 3677838 84046 83332

Investments in own shares 32 - - - -

Intangible assets 33 25164 19113 - -

Amounts deducted from technical provisions for discounting 34 346888 351386 - -

Other negative valuation differences 35 90216 - - -

Deductions in related undertakings 36 640654 947831 - -

Deductions from tier one (32 to 36) 37 1102922 1318330 - -

Total tier one capital after deductions (31-37) 39 2856902 2359508 84046 83332


Royal & Sun Alliance Reinsurance Ltd

164

Returns under the Accounts and Statements Rules Form 3Components of capital resourcesGlobal BusinessFinancial year ended 31 December 2014 UK Subsidiaries of Royal & Sun Alliance Insurance plc £'000


financial year


previous year


financial year


previous year

Core tier one capital

Permanent share capital 11 48836 48836 16312 16312

Profit and loss account and other reserves 12 25558 29273 20042 18685

Share premium account 13 - - 6022 6022

Positive valuation differences 14 - - - -

Fund for future appropriations 15 - - - -

Core tier one capital in related undertakings 16 - - - -

Core tier one capital (Sum of 11 to 16) 19 74394 78109 42376 41019

Tier one waivers

Unpaid share capital / unpaid initial funds and calls for supplementary contributions 21

- - - - Implicit items 22 - - - - Tier one waivers in related undertakings 23 - - - - Total tier one waivers as restricted (21+22+23) 24 - - - -


Perpetual non-cumulative preference shares as restricted 25

- - - -

Perpetual non-cumulative preference shares in related undertakings 26

- - - - Innovative tier one capital as restricted 27 - - - -

Innovative tier one capital in related undertakings 28 - - - -

Total tier one capital before deductions (19+24+25+26+27+28) 31 74394 78109 42376 41019

Investments in own shares 32 - - - -

Intangible assets 33 2053 1448 - -

Amounts deducted from technical provisions for discounting 34 - - - -

Other negative valuation differences 35 - - - -

Deductions in related undertakings 36 - - - -

Deductions from tier one (32 to 36) 37 2053 1448 - -

Total tier one capital after deductions (31-37) 39 72341 76661 42376 41019

Sun Insurance Office Ltd The Marine Insurance Co Ltd

165

Returns under the Accounts and Statements Rules Form 3 (sheet 2)Components of capital resourcesGlobal BusinessFinancial year ended 31 December 2014 UK Subsidiaries of Royal & Sun Alliance Insurance plc £'000


financial year


previous year


financial year


previous year

Tier two capital

Implicit items, (tier two waivers and amounts excluded from line 22) 41

- - - -

Perpetual non-cumulative preference shares excluded from line 25 42

- - - - Innovative tier one capital excluded from line 27 43 - - - -


44 - - - -

Perpetual cumulative preference shares 45 - - - - Perpetual subordinated debt and securities 46 - 294000 - - Upper tier two capital in related undertakings 47 - - - - Upper tier two capital (44 to 47) 49 - 294000 - -

Fixed term preference shares 51 - - - - Other tier two instruments 52 892000 492000 - - Lower tier two capital in related undertakings 53 - - - - Lower tier two capital (51+52+53) 59 892000 492000 - -

Total tier two capital before restrictions (49+59) 61 892000 786000 - - Excess tier two capital 62 - - - - Further excess lower tier two capital 63 - - - -

Total tier two capital after restrictions, before deductions (61-62-63) 69 892000 786000 - -



166



financial year


previous year


financial year


previous year

Tier two capital

Implicit items, (tier two waivers and amounts excluded from line 22) 41

- - - -

Perpetual non-cumulative preference shares excluded from line 25 42

- - - - Innovative tier one capital excluded from line 27 43 - - - -


44 - - - -

Perpetual cumulative preference shares 45 - - - - Perpetual subordinated debt and securities 46 - - - - Upper tier two capital in related undertakings 47 - - - - Upper tier two capital (44 to 47) 49 - - - -

Fixed term preference shares 51 - - - - Other tier two instruments 52 - - - - Lower tier two capital in related undertakings 53 - - - - Lower tier two capital (51+52+53) 59 - - - -

Total tier two capital before restrictions (49+59) 61 - - - - Excess tier two capital 62 - - - - Further excess lower tier two capital 63 - - - -

Total tier two capital after restrictions, before deductions (61-62-63) 69 - - - -


167



financial year


previous year


financial year


previous year

Total capital resourcesPositive adjustments for regulated non-insurance related undertakings 71 - - - -

Total capital resources before deductions (39+69+71) 72 3748902 3145508 84046 83332

Inadmissible assets other than intangibles and own shares 73 329950 471772 1387 1348

Assets in excess of market risk and counterparty limits 74 142061 636433 42611 41535

Deductions for related ancilliary services undertakings 75 - - - -

Deductions for regulated non-insurance related undertakings 76 - - - -

Deductions of ineligible surplus capital 77 - - - -

Total capital resources after deductions (72-73-74-75-76-77) 79 3276891 2037303 40048 40449


Available capital resources for guarantee fund requirement 81 2699555 2037303 40048 40449

Available capital resources for 50% MCR requirement 82 2779181 2037303 40048 40449


Financial engineering adjustmentsImplicit items 91 - - - -

Financial reinsurance - ceded 92 - - - -

Financial reinsurance - accepted 93 - - - -

Outstanding contingent loans 94 - - - -

Any other charges on future profits 95 - - - -

Sum of financial engineering adjustments (91+92-93+94+95) 96 - - - -



168



financial year


previous year


financial year


previous year

Total capital resourcesPositive adjustments for regulated non-insurance related undertakings 71 - - - -

Total capital resources before deductions (39+69+71) 72 72341 76661 42376 41019

Inadmissible assets other than intangibles and own shares 73 12475 19981 42 -

Assets in excess of market risk and counterparty limits 74 - - - 24840

Deductions for related ancilliary services undertakings 75 - - - -

Deductions for regulated non-insurance related undertakings 76 - - - -

Deductions of ineligible surplus capital 77 - - - -

Total capital resources after deductions (72-73-74-75-76-77) 79 59866 56680 42334 16179


Available capital resources for guarantee fund requirement 81 59866 56680 42334 16179



Financial engineering adjustmentsImplicit items 91 - - - -

Financial reinsurance - ceded 92 - - - -

Financial reinsurance - accepted 93 - - - -

Outstanding contingent loans 94 - - - -

Any other charges on future profits 95 - - - -

Sum of financial engineering adjustments (91+92-93+94+95) 96 - - - -


169

Returns under the Accounts and Statements Rules Form 11Calculation of general insurance capital requirement - premiums amount and brought forward amountGlobal BusinessFinancial year ended 31 December 2014 UK Subsidiaries of Royal & Sun Alliance Insurance plc £'000

11 3884964 268300

12 - -

13 3884964 268300

14 429576 32973

15 - -

16 4099752 284787

21 3927989 261106

22 - -

23 3927989 261106

24 422660 34060

25 - -

26 4139319 278136

30 4139319 284787

31 4139319 284787

X 0.18 32 745077 51262 Excess (If Any) Over 61.3M Euro X 0.02 33 81825 4734

34 663252 46528

41 8037611 501489

For insurance business accounted for on an underwriting year basis. 42 217625 24187

For insurance business accounted for on an accident year basis. 43 4826583 294922

For insurance business accounted for on an underwriting year basis. 44 689164 17020


46 7775406 468020

47 824214 480237

48 6951192 (12217)

49 0.89 0.50

50 592945 23264

51 4285507 -

52 622806 319099

53 607445 25481

54 607445 25481


Reinsurance Ltd






Insurance plc



Sub-total H (23 + 1/2 24 - 2/3 25)


Reinsurance Ratio (Sub-total D /sub-total C or, if more, 0.50 or, if less, 1.00)

Sub-total C (41+42+43-44-45)

Sub-total D (46-47)

Amounts recoverable from reinsurers in respect of claims included in Sub-total C

Adjusted sub-total I if financial year is not a 12 month period to producean annual figure

Sub-total I (higher of sub-total A and sub-total H)


Brought forward amount (See instruction 4)

Premiums amount (Sub-total J x reinsurance ratio)

Provision for claims outstanding (before discounting and gross of reinsurance) if both 51.1 and 51.2 are zero, otherwise zero

Provision for claims outstanding (before discounting and net of reinsurance)


Sub-total J (32-33)

Claims outstanding carried forward at the end of the 3 year period.

Claims outstanding brought forward at the beginning of the 3 year period.

Sub-total A (13 + 1/2 14 - 2/3 15)





170

Returns under the Accounts and Statements Rules Form 11Calculation of general insurance capital requirement - premiums amount and brought forward amountGlobal BusinessFinancial year ended 31 December 2014 UK Subsidiaries of Royal & Sun Alliance Insurance plc £'000

11 201767 15830

12 - -

13 201767 15830

14 26232 28

15 - -

16 214883 15844

21 200616 14402

22 - -

23 200616 14402

24 26063 25

25 - -

26 213648 14415

30 214883 15844

31 214883 15844

X 0.18 32 38679 2852 Excess (If Any) Over 61.3M Euro X 0.02 33 3336 -

34 35343 2852

41 517438 (41130)

For insurance business accounted for on an underwriting year basis. 42 - 74149


For insurance business accounted for on an underwriting year basis. 44 - 142250

For insurance business accounted for on an accident year basis. 45 308151 -

46 464464 (103204)

47 715754 (20219)

48 (251290) (82985)

49 0.50 0.80

50 17672 2293

51 - 64

52 255177 -

53 23543 2155

54 23543 2293

Sub-total J (32-33)






Sub-total H (23 + 1/2 24 - 2/3 25)

Sub-total I (higher of sub-total A and sub-total H)


Adjusted sub-total I if financial year is not a 12 month period to producean annual figure

The Marine Insurance Co

Ltd



Sub-total A (13 + 1/2 14 - 2/3 15)





Reinsurance Ratio (Sub-total D /sub-total C or, if more, 0.50 or, if less, 1.00)


Claims outstanding carried forward at the end of the 3 year period.

Amounts recoverable from reinsurers in respect of claims included in Sub-total C

Sub-total D (46-47)

Sub-total C (41+42+43-44-45)

Claims outstanding brought forward at the beginning of the 3 year period.

Premiums amount (Sub-total J x reinsurance ratio)

Provision for claims outstanding (before discounting and gross of reinsurance) if both 51.1 and 51.2 are zero, otherwise zero

Brought forward amount (See instruction 4)


Provision for claims outstanding (before discounting and net of reinsurance)

171

Returns under the Accounts and Statements Rules Form 12

Global BusinessFinancial year ended 31 December 2014 UK Subsidiaries of Royal & Sun Alliance Insurance plc £'000

11 36 36

21 8037611 501489

For insurance business accounted for on an underwriting year basis 22 217625 24187

For insurance business accounted for on an accident year basis 23 4826583 294922

For insurance business accounted for on an underwriting year basis 24 689164 17020


26 7775406 468020

27 1196691 79841

28 - -

29 8373752 507941

31 2791251 169314

X 0.26 32 725725 44022

Excess (if any) over 42.9M EURO x 0.03 33 82728 4070

39 642997 39952

41 574838 19976

42 607445 25481

43 607445 25481 General insurance capital requirement (higher of lines 41 and 42)


Division of sub-total F (gross adjusted claims amount)




Sub-total G (32-33)



Sub-total E (26 +1/2 27 - 2/3 28)






Royal & Sun Alliance Insurance

plc


Reinsurance Ltd

172

Returns under the Accounts and Statements Rules Form 12

Global BusinessFinancial year ended 31 December 2014 UK Subsidiaries of Royal & Sun Alliance Insurance plc £'000

11 36 36

21 517438 (41130)

For insurance business accounted for on an underwriting year basis 22 - 74149


For insurance business accounted for on an underwriting year basis 24 - 142250

For insurance business accounted for on an accident year basis 25 308151 -

26 464464 (103204)

27 75049 (87750)

28 - -

29 501989 (147079)

31 167330 (49026)

X 0.26 32 43506 -

Excess (if any) over 42.9M EURO x 0.03 33 4011 -

39 39495 -

41 19748 -

42 23543 2293

43 23543 2293



General insurance capital requirement (higher of lines 41 and 42)

Division of sub-total F (gross adjusted claims amount)

Sub-total G (32-33)



Sub-total E (26 +1/2 27 - 2/3 28)







The Marine Insurance Co Ltd



Returns under the Accounts and Statements Rules Additional information on general insurance business ceded required by Rule 9.32 of the Accounts and Statements Rules Name of insurer Royal & Sun Alliance Insurance plc Global Business Financial year ended 31 December 2014

173

Material non-facultative reinsurance contracts

Material non-facultative reinsurance contracts entered into or modified during the financial year are set out on pages 179 to 217. The maximum probable losses contemplated by the directors after reinsurance recoveries when establishing the reinsurance are set out on those pages (shown as Maximum Net Probable Loss). Reinsurers who have ceased to pay claims in full Reinsurance representing 10% or more of a non-facultative contract who have ceased to pay claims in full:

Reinsurance Contract

Year Participation

None

N/A

N/A

Material non-facultative contracts which are expected to be exhausted by claims incurred

Contract Ceding Company’s Retention

Extent of Cover Remarks

None

N/A N/A N/A

Returns under the Accounts and Statements Rules Additional information on general insurance business ceded required by Rule 9.32 of the Accounts and Statements Rules Name of insurer Royal & Sun Alliance Insurance plc Global Business Financial year ended 31 December 2014

174

Reinsurers’ share of gross premiums written

PRA category number and description Non-Facultative

Facultative Total

£’000 £’000 £’000 110 Accident & health 3,768 871 4,639 120 Personal motor 32,783 3,690 36,473 160 Household and domestic all risks 39,680 2,010 41,690 180 Personal lines financial loss 1,106 - 1,106 220 Commercial motor 24,364 382,327 406,691 260 Commercial lines property 133,334 169,941 303,275 270 Commercial lines liability 47,576 28,990 76,566 280 Commercial lines financial loss 562 318 880 330 Aviation - - - 340 Marine 12,408 12,961 25,369 350 Goods in transit 13,037 16,751 29,788 510 Non proportional accident & health 730 - 730 520 Non proportional motor 704 - 704 530 Non proportional aviation - - - 540 Non proportional marine 500 - 500 550 Non proportional transport 1,032 - 1,032 560 Non proportional property 10,878 - 10,878 570 Non proportional liability 44 - 44 580 610

Non proportional financial lines Proportional accident & health

68 1,248

- -

68 1,248

620 Proportional motor - - - 630 Proportional aviation - - - 640 Proportional marine 1,434 - 1,434 650 Proportional transport 540 - 540 660 Proportional property 38,232 - 38,232 670 Proportional liability 68 - 68 680 Proportional financial lines 2,684 - 2,684 Total Reinsurance Premiums 366,780 617,859 984,639

Returns under the Accounts and Statements Rules Additional information on financial reinsurance and financing arrangements required by Rule 9.32A of the Accounts and Statements Rules Name of insurer Royal & Sun Alliance Insurance plc Global Business Financial year ended 31 December 2014

175

The policy of Royal & Sun Alliance Insurance plc and subsidiaries is not to purchase financial reinsurances. This policy is enforced by ensuring that all reinsurance protection purchased, which may have some of the characteristics of a financial reinsurance, is subject to scrutiny by appropriate expert resources within Royal & Sun Alliance Insurance plc and requires executive authorisation. The RSA Insurance Group's Reinsurance Policy Statement, which is mandated across all of the Group's operations, highlights the above-mentioned requirements, processes and controls.

Returns under the Accounts and Statements Rules Additional information on general insurance business: Major treaty reinsurers required by Rule 9.25 of the Accounts and Statements Rules Name of insurer Royal & Sun Alliance Insurance plc Global Business Financial year ended 31 December 2014

176

Reinsurer details

As required by Rule 9.25: Para 1(a)

Connection with the Group

Para 1(b)

Proportional reinsurance

treaties premiums

Para 1(c)(i)

£’000

Non proportional reinsurance

treaties premiums

Para 1(c)(ii)

£’000

Debts outstanding included at

F13L75

Para 1(d)

£’000

Deposits received

included at F15L31

Para 1(e)

£’000

Anticipated recoveries included at

F13L61

Para 1(f)

£’000

Lloyd’s underwriters One Lime Street London EC3M 7HA

None

4,799

32,562

2,057

-

38,595

Berkshire Hathaway 3555 Farnam Street Suite 1440 Omaha NE 68131 United States of America

None

500

72,262 2,402 - 84,591

Munich Re Group Aktiengesellschaft in München Königinstr. 107 80802 München Germany

None

6,795

13,311

2,481

-

70,109

Swiss Re Company Mythenquai 50/60 8022 Zurich Switzerland

None

1,929

21,567

10,540

-

50,423

Pool Re 5 Lloyd’s Avenue London EC3N 3AE Hannover Re Group Karl-Wiechert-Allee 50 30625 Hannover Germany

None

None

-

2,650

29,377

14,863

-

654

-

-

-

19,531

RSA Insurance Ireland Limited RSA House Dundrum Town Centre Sandyford Road Dundrum Dublin 16

Subsidiary of Royal & Sun

Alliance Insurance Plc

-

-

- -

3,100

Returns under the Accounts and Statements Rules Additional information on general insurance business: Major facultative reinsurers required by Rule 9.26 of the Accounts and Statements Rules Name of insurer Royal & Sun Alliance Insurance plc Global Business Financial year ended 31 December 2014

177

Reinsurer details



Para 1(b)

Reinsurance premiums payable

Para 1(c)

£’000


F13L75

Para 1(d)

£’000

Deposits received

included at F15L31

Para 1(e)

£’000

Anticipated recoveries included at

F13L61

Para 1(f)

£’000

HDI-Gerling Industrie Versicherung AG HDI Platz 1 30659 Hannover Germany MO Reinsurance Ltd 3rd Floor St George’s Court Upper Church Street Douglas Isle of Man IM1 1EE

None

None

20,733

378,738

1,069

8,327

-

-

93,447

39,945

Returns under the Accounts and Statements Rules Additional information on general insurance business: Reinsurance cedants required by Rule 9.27 of the Accounts and Statements Rules Name of insurer Royal & Sun Alliance Insurance plc Global Business Financial year ended 31 December 2014

178

Reinsurer details



Para 1(b)

Gross premiums receivable

Para 1(c)

£’000

Deposits paid included at

F13L57

Para 1(d)

£’000


F13L74

Para 1(e)

£’000

HDI-Gerling Industrie Versicherung AG HDI Platz 1 30659 Hannover Germany

None

3,721 - 78

Returns under the Accounts and Statements Rules Additional information on general insurance business ceded required by Rule 9.32 of the Accounts and Statements Rules Name of insurer: Royal & Sun Alliance Insurance plc Global Business Financial year ended: 31 December 2014

179

Page Reinsurance programmes purchased for the UK general business operations

Property Risk Excess of Loss 181 Property Variable Quota Share 182 Property Catastrophe Excess of Loss 183

UK Programme 183 Canada, USA & Caribbean Programme 184

UK Property Terrorism Excess of Loss 185 Engineering Excess of Loss 186 UK Motor Excess of Loss 187 Motability Excess of Loss 188 Casualty Excess of Loss 189 Personal Accident Excess of Loss 191 Marine Excess of Loss 193 UK Licensed Dutch Land Based Equipment Quota Share 195 French War Risks Quota Share 195 Marine Protection & Indemnity Excess of Loss and Quota Share 196 Professional Indemnity and Directors and Officers Excess of Loss 196 UK Surety Bonds Quota Share 197 Mortgage Payment Protection Insurance Quota Share 197 Adverse Development Cover 197


180

Reinsurance programmes purchased for certain non-UK branches

Page

International Property & Engineering Excess of Loss 198 International Property Risk Excess of Loss 199 International Property Quota Share and Surplus 201 International Property, Engineering and Facultative Obligatory Surplus 201 International Property Catastrophe Excess of Loss 203 International Life Catastrophe Excess of Loss 204 International Property Terrorism Excess of Loss Reinsurance 204 International Casualty Excess of Loss 205 International Personal Accident Excess of Loss 210 International Motor Risk Excess of Loss 211 International Motor Catastrophe Excess of Loss 212 International Marine Excess of Loss 213 International Professional Indemnity 215 International Bonds Excess of Loss International Decennial Liability Quota Share

215 216

International Construction and Engineering Surplus 216 Notes to significant reinsurance contracts 217


181

Property Risk Excess of Loss Reinsurance Period of cover 1 January 2014 to 31 December 2014

1 July 2013 to 30 June 2014 – Property Variable Quota Share 1 July 2014 to 30 June 2015 – Property Variable Quota Share

Maximum net probable loss £25m – UK, Asia Middle East, Canada, Latin America EUR 35m – Ireland & Italy EUR 100m – Scandinavia, Central & Eastern Europe

Main risk categories covered 260 & 274 261, 262 & 274 – Property Variable Quota Share

1st Layer (Note 1)

Underlying retention £25m – UK, Asia Middle East, Canada, Latin America EUR 35m – Ireland & Italy EUR 100m – Scandinavia, Central & Eastern Europe

Limit of cover £25m / EUR 35m Placement 100% Number of Reinstatements 2 prepaid 2nd Layer (Note 1) Underlying retention

£50m – UK, Asia Middle East, Canada, Latin America EUR 70m Ireland & Italy EUR 135m – Scandinavia, Central & Eastern Europe

Limit of cover £25m / EUR 35m Placement 100% Number of Reinstatements Limited to 1 prepaid, then;

1 @ 100% additional premium


182

Property Risk Excess of Loss Reinsurance 3rd Layer (Note 1) Underlying retention £75m – UK, Asia Middle East, Canada, Latin America

EUR 105m – Ireland & Italy Limit of cover £125m / EUR 175m Placement 100% Number of Reinstatements 1 @ 100% additional premium Property Variable Quota Share (Note 3) Underlying retention N/A – Quota share Limit of cover 0% – 50% Quota Share

Maximum cession £100m on EML and Sum Insured basis Placement 100% Number of Reinstatements N/A – Quota share reinsurance agreement


183

Property Catastrophe Excess of Loss Reinsurance Period of cover 1 January 2014 to 31 December 2014

Maximum net probable loss £75m – UK programme

CAD 30m – Canada, USA & Caribbean programme

Main risk categories covered

120, 160, 220, 260, 274, 347 & 350

1st Layer Worldwide excluding USA (Note 2) Underlying retention £100m / CAD 600m Limit of cover £150m / CAD 300m Placement 100% Number of Reinstatements 1 Prepaid

2nd Layer Worldwide excluding USA (Note 2) Underlying retention £250m / CAD 900m Limit of cover £310m / CAD 620m Placement 100% Number of Reinstatements 1 Prepaid 3rd Layer UK / Europe / Canada / Chile (Note 2) Underlying retention £560m / CAD 1,520m

£200m Property Risk EML Fail Limit of cover £100m / CAD 200m

£100m Property Risk EML Fail Placement 100% Number of Reinstatements 1 prepaid per section 4th Layer UK / Europe / Canada / Chile (Note 2) Underlying retention £660m / CAD 1,720m Limit of cover £340m / CAD 680m Placement 100% Number of Reinstatements 1 prepaid

5th Layer UK & Europe Underlying retention £1,000m Limit of cover £350m Placement 100% Number of Reinstatements 1 prepaid


184

Property Catastrophe Excess of Loss Reinsurance 6th Layer UK / Europe / Canada Underlying retention £1,350m / CAD 2,400m Limit of cover £300m / CAD 600m Placement 100% Number of Reinstatements 1 prepaid Underlying Aggregate Cover (excludes Canada & US Caribbean) Underlying retention UK £75m

Non-UK £25m Limit of cover £50m Aggregate Placement 100% Number of Reinstatements £50m aggregate limit Canada, USA & Caribbean Programme (Note 2) 1st Layer

Underlying retention CAD 30m Limit of cover CAD 45m Placement 100% Number of Reinstatements 1 Prepaid 2nd Layer

Underlying retention CAD 75m Limit of cover CAD 75m Placement 100% Number of Reinstatements 1 prepaid 3rd Layer

Underlying retention CAD 150m Limit of cover CAD 100m Placement 100% Number of Reinstatements 1 prepaid 4th Layer

Underlying retention CAD 250m Limit of cover CAD 250m Placement 100% Number of Reinstatements 1 prepaid


185

UK Property Terrorism Excess of Loss Reinsurance (Note 4) Period of cover 1 January 2014 to 31 December 2014

Maximum net probable loss £10.72m per incident

£21.44m in aggregate

Main risk categories covered 160, 260 & 274

Underlying retention £10.72m Limit of cover Unlimited Placement 100% Number of Reinstatements N/A


186

Engineering Excess of Loss Reinsurance (Note 5) Period of cover 1 January 2014 to 31 December 2014

Maximum net probable loss £10m – UK, Asia Middle East, Canada and Latin America

EUR 14m – Ireland & Italy

Main risk categories covered 263 1st Layer (Note 2)

Underlying retention £10m – UK, Asia Middle East, Canada and Latin America EUR 14m – Ireland & Italy

Limit of cover £15m / EUR 21m Placement 100% Number of Reinstatements 2 prepaid reinstatements 2nd Layer

Underlying retention £25m – UK, Asia Middle East, Canada and Latin America EUR 35m – Ireland & Italy

Limit of cover £50m / EUR 70m Placement 100% Number of Reinstatements 1 prepaid reinstatement


187

UK Motor Excess of Loss Reinsurance (Note 5) Period of cover 1 January 2014 to 31 December 2014

Maximum net probable loss £3m

Main risk categories covered 120, 220, & 274 Underlying Layer (excludes Motor Own Damage) Underlying retention £3m Limit of cover £2m Placement 100% Number of Reinstatements Unlimited prepaid 1st Layer

Underlying retention £5m Limit of cover £5m Placement 100% Number of Reinstatements Unlimited prepaid

1 prepaid – Motor Own Physical Damage 2nd Layer

Underlying retention £10m Limit of cover £15m

£10m – Motor Own Physical Damage Placement 100% Number of Reinstatements Unlimited prepaid

1 prepaid – Motor Own Physical Damage 3rd Layer

Underlying retention £25m Limit of cover Unlimited Placement 100% Number of Reinstatements Unlimited prepaid (excluding Motor Own Physical Damage)


188

Motability Excess of Loss Reinsurance (Note 5) Period of cover 1 October 2013 to 30 September 2014

1 October 2014 to 30 September 2015


Main risk categories covered 221

1st Layer

Underlying retention £5m Limit of cover £5m Placement 100% Number of Reinstatements Unlimited prepaid, except in relation to Motor First Party Physical

Damage where losses shall be limited to £10m in all. 2nd Layer

Underlying retention £10m Limit of cover £15m Placement 100% Number of Reinstatements Unlimited prepaid. Layer is not applicable to Motor First Party

Physical Damage. 3rd Layer

Underlying retention £25m Limit of cover Unlimited Placement 100% Number of Reinstatements Unlimited prepaid. Layer is not applicable to Motor First Party

Physical Damage.


189

Casualty Excess of Loss Reinsurance (Note 5, Note 6) Period of cover 1 January 2014 to 31 December 2014


Main risk categories covered 114, 114(P), 262, 270 & 281

1st Layer Underlying retention £5m Limit of cover £5m Placement 100% Number of Reinstatements a) In respect of Employer’s Liability, unlimited prepaid

b) Losses arising solely from an Act of Terrorism involving Employer’s Liability limited to 4 full reinstatements prepaid

c) All covered losses other than (a) and (b) limited to 7 full reinstatements prepaid

2nd Layer Underlying retention £10m Limit of cover £15m Placement 100% Number of Reinstatements a) In respect of Employer’s Liability, unlimited prepaid

b) Losses arising solely from an Act of Terrorism involving Employer’s Liability limited to 2 full reinstatements prepaid


3rd Layer (inc PA clash) Underlying retention £25m Limit of cover £25m Placement 100% Number of Reinstatements a) In respect of Employer’s Liability, unlimited prepaid

b) Losses arising solely from an Act of Terrorism involving Employer’s Liability limited to 1 full reinstatement prepaid

c) Losses arising solely from exposure to Nuclear, Chemical or Biological Cause occasioned by an Act of Terrorism which involves Personal Accident limited to 1 full reinstatement prepaid

d) All covered losses other than (a), (b) and (c) limited to 3 full reinstatements prepaid


190

Casualty Excess of Loss Reinsurance 4th Layer (inc PA clash) Underlying retention £50m Limit of cover £25m Placement 100% Number of Reinstatements a) Losses arising solely from an Act of Terrorism involving

Employer’s Liability limited to 2 full reinstatement prepaid b) Losses arising solely from exposure to Nuclear, Chemical or

Biological Cause occasioned by an Act of Terrorism which involves Personal Accident limited to 2 full reinstatement prepaid


5th Layer (inc PA clash) Underlying retention £75m Limit of cover £25m Placement 100% Number of Reinstatements 1 @ 100% additional premium


191

Personal Accident Excess of Loss Reinsurance Period of cover 1 January 2014 to 31 December 2014


Main risk categories covered 111, 113, 114, 114(P) & 274 1st Layer (Note 2)

Underlying retention £5m Limit of cover £5m Placement 100% Number of Reinstatements 3 @ 100% additional premium 2nd Layer (Note 2)

Underlying retention £10m Limit of cover £15m Placement 100% Number of Reinstatements 3 @ 100% additional premium 3rd Layer (Note 7)

Underlying retention £25m Limit of cover £25m Placement 100% Number of Reinstatements Unlimited free 4th Layer (Note 7)

Underlying retention £50m Limit of cover £25m Placement 100% Number of Reinstatements Unlimited free


192

Personal Accident Excess of Loss Reinsurance 5th Layer (Note 7)

Underlying retention £75m Limit of cover £25m Placement 100% Number of Reinstatements Unlimited free 6th Layer

Underlying retention £100m Limit of cover £50m Placement 100% Number of Reinstatements 1 @ 100% additional premium Per Insured (Note 8)



Underlying retention £75m Limit of cover £25m Placement 100% Number of Reinstatements 2 @ 100% additional premium


193

Marine Excess of Loss Reinsurance Period of cover 1 January 2014 to 31 December 2014

Maximum net probable loss USD 15m

Main risk categories covered 340, 350 Non Elemental 1st Layer Underlying retention USD 15m Limit of cover USD 17.5m Placement 100% Number of Reinstatements 2 prepaid 2nd Layer Underlying retention USD 32.5m Limit of cover USD 17.5m Placement 100% Number of Reinstatements 2 prepaid Elemental 1st Layer Underlying retention USD 15m Limit of cover USD 17.5m Placement 100% Number of Reinstatements 2 prepaid 2nd Layer Underlying retention USD 32.5m Limit of cover USD 17.5m Placement 100% Number of Reinstatements 2 prepaid


194

Marine Excess of Loss Reinsurance Global Whole Account 1st Layer Underlying retention USD 50m Limit of cover USD 25m Placement 100% Number of Reinstatements 2 prepaid 2nd Layer (Note 2)

Underlying retention USD 75m Limit of cover USD 50m Placement 100% Number of Reinstatements 1 @ 100% additional premium 3rd Layer (Note 2)

Underlying retention USD 125m Limit of cover USD 125m Placement 100% Number of Reinstatements 1 @ 100% additional premium 4th Layer (Note 2)

Underlying retention USD 250m Limit of cover USD 25m Placement 100% Number of Reinstatements 1 @ 100% additional premium


195

UK – Licensed Dutch Land Based Equipment Quota Share (Note 9) Period of cover 1 January 2014 to 31 December 2014

Maximum net probable loss N/A – Quota share

Main risk categories covered 341, 342 & 344

Underlying retention N/A – Quota share Limit of cover 50% on limits up to EUR 10m Placement 100% Number of Reinstatements N/A – Quota share reinsurance agreement

French War Risks Quota Share Reinsurance Period of cover 1 January 2014 to 31 December 2014



Underlying retention N/A – Quota share Limit of cover 25% Quota share to EUR 30m

EUR 30m xs EUR 1.125m Excess of Loss Placement 100% Number of Reinstatements N/A – Quota share reinsurance agreement


196

Marine Protection & Indemnity Excess of Loss Reinsurance Period of cover 1 January 2014 to 31 December 2014



Underlying retention USD 50m Limit of cover USD 50m Placement 50% Number of Reinstatements Unlimited free Marine Protection & Indemnity Quota Share Reinsurance Period of cover 1 January 2014 to 31 December 2014



Underlying retention N/A – Quota share Limit of cover 50% Quota share to USD 100m Placement 100% Number of Reinstatements N/A – Quota share reinsurance agreement Professional Indemnity and Directors and Officers Excess of Loss Reinsurance Period of cover 1 January 2014 to 31 December 2014

Maximum net probable loss £5m – Per Risk

£10m – Clash Main risk categories covered 272, 274 Per Risk Underlying retention £5m Limit of cover £10m Placement 100% Number of Reinstatements Shared Aggregate Limit of £60m with Clash Cover Clash Underlying retention £10m Limit of cover £20m Placement 100% Number of Reinstatements Shared Aggregate Limit of £60m with Per Risk Cover


197

UK Surety Bonds Quota Share Reinsurance Period of cover 1 January 2014 to 31 December 2014

Maximum net probable loss £6.625m Main risk categories covered 283 Underlying retention N/A – Quota share Limit of cover 40% Quota share to £5m other than;

40% Quota share to £10m for Rural Protection Agency Placement 93.75% Number of Reinstatements N/A – Quota share reinsurance agreement

Mortgage Payment Protection Insurance Quota Share Reinsurance (Note 10) Period of cover 1 June 2006 to 31 December 2014

Maximum net probable loss 10% to 50% of maximum amount ceded – dependent on agreement Main risk categories covered 182

Underlying retention N/A – Quota share Limit of cover 50% to 90% Quota share – Unlimited subject to prior agreement

Placement 100% Adverse Development Cover Period of cover 13 January 2014 through to extinguishment of all liabilities


Main risk categories covered All risk categories

Underlying retention £10,954m Limit of cover £550m Placement 80% Number of Reinstatements N/A – Stop loss contract


198

International Property and Engineering Excess of Loss Reinsurance Period of cover 1 January 2014 to 31 December 2014

Continuous cover from 1st July 2013 (Argentina only)

Maximum net probable loss USD 0.3m – Argentina £2m – Middle East £5m – Asia Middle East, Latin America (ex Argentina) EUR 7.5m – Italy EUR 14m – Ireland

Main risk categories covered 160, 260

Argentina 1st Layer

Underlying retention USD 0.3m Limit of cover USD 9.7m Placement Number of Reinstatements

100% 2 prepaid

2nd Layer Underlying retention

USD 10m

Limit of cover USD 20m Placement Number of Reinstatements

100% 1 prepaid

Middle East 1st Layer

Underlying retention £2m Limit of cover £3m Placement 100% Number of Reinstatements 2 @ 100% additional premium Asia Middle East 1st Layer

Underlying retention £5m Limit of cover £5m Placement 100% Number of Reinstatements 3 @ 100% additional premium


199

International Property and Engineering Excess of Loss Reinsurance Latin America 1st Layer

Underlying retention £5m Limit of cover £5m Placement 100% Number of Reinstatements 2 @ 100% additional premium Italy 1st Layer Underlying retention EUR 7.5m Limit of cover EUR 6.5m Placement 100% Number of Reinstatements 1 prepaid & 2 @ 100% additional premium

International Property Risk Excess of Loss Reinsurance International Regions (Note 1) Period of cover 1 January 2014 to 31 December 2014

Maximum net probable loss £10m – UK (High Net Worth), Asia, Latin America

EUR 14m – Ireland & Italy Main risk categories covered 160, 260

1st Layer Underlying retention £10m – Asia, Middle East, Latin America and UK High Net Worth

EUR 14m – Italy and Ireland Limit of cover £15m / EUR 21m Placement 100% Number of Reinstatements 2 prepaid


200

International Property Risk Excess of Loss Reinsurance Argentina (Note 15) Period of cover 1 July 2014 to 30 June 2015

Maximum net probable loss USD 0.3m

Main risk categories covered 160, 260, 270

1st Layer

Underlying retention USD 0.3m Limit of cover USD 0.7m Placement 100% Number of Reinstatements 4 prepaid

2nd Layer Underlying retention USD 1m Limit of cover USD 2m Placement 100% Number of Reinstatements 3 prepaid

3rd Layer Underlying retention USD 3m Limit of cover USD 2m Placement 100% Number of Reinstatements 1 prepaid


201

International Property Quota Share Period of cover 1 January 2014 to 31 December 2014


Main risk categories covered 160, 260, 274, 350 Hong Kong (Note 11) Underlying retention N/A – Quota share Limit of Cover Surplus Limit

97.5% Quota share to HKD 200m any one risk HKD 300m

Placement 100% Number of Reinstatements N/A – Quota share reinsurance agreement International Property Surplus Period of cover 1st July 2013 to 30th June 2014

1st July 2014 to 30th June 2015


Main risk categories covered 260, 274 Argentina 1st Layer Underlying retention USD 3.5m Limit of cover USD 10.5m Placement 100% Number of Reinstatements N/A – Surplus reinsurance agreement 2nd Layer Underlying retention USD 14m Limit of Cover USD 21m Placement 100% Number of Reinstatements N/A – Surplus reinsurance agreement 3rd Layer (Facultative Obligatory Surplus) Underlying retention USD 35m Limit of Cover USD 65m Placement 100% Number of Reinstatements N/A – Surplus reinsurance agreement


202

International Property Quota Share and Surplus Period of cover 1st July 2013 to 30th June 2014



Main risk categories covered 260, 274 Argentina (Note 15) Quota Share Underlying retention N/A – Quota share Limit of cover 40% Quota share to USD 2m Placement 100% Number of Reinstatements N/A – Quota share reinsurance agreement Surplus Underlying retention USD 2m Limit of Cover USD 8m Placement 100% Number of Reinstatements N/A – Surplus reinsurance agreement International Engineering Surplus Period of cover 1st July 2013 to 30th June 2014



Main risk categories covered 260, 274 Argentina 1st Layer Underlying retention USD 3.5m Limit of cover USD 10.5m Placement 100% Number of Reinstatements N/A – Surplus reinsurance agreement 2nd Layer (Facultative Obligatory Surplus) Underlying retention USD 14m Limit of Cover USD 61m Placement 100% Number of Reinstatements N/A – Surplus reinsurance agreement


203

International Property Catastrophe Excess of Loss Reinsurance (Note 12) Period of cover 1 January 2014 to 31 December 2014

Maximum net probable loss £15m – Ireland

£10m – Latin American Region, Asia & Middle East, Italy

Main risk categories covered 120, 160, 220, 260, 347

Latin America, Asia Middle East, Italy and Europe Quake (ex Wind) 1st Layer: (Note 2) Underlying retention £10m Limit of cover £15m Placement 100% Number of Reinstatements 2 @ 100% additional premium Ireland 1st Layer: (Note 2)

Underlying retention £15m Limit of cover £10m Placement 100% Number of Reinstatements 1 Prepaid International 2nd Layer (Excludes US, UK & Canada): Underlying retention £25m Limit of cover £25m Placement 100% Number of Reinstatements £50m aggregate limit 3rd Layer (Excludes US & UK) (Note 2) Underlying retention £50m / CAD 500m Limit of cover £50m / CAD 100m Placement 100% Number of Reinstatements 1 prepaid ,1@100%


204

International Life Catastrophe Excess of Loss Reinsurance (Note 12) Period of cover 1 July 2014 to 30 June 2015

Maximum net probable loss ARS 0.2m – Argentina

Main risk categories covered 120, 160, 220, 260, 347

Argentina 1st Layer: (Note 15) Underlying retention ARS 0.2m Limit of cover ARS 24.95m Placement 100% Number of Reinstatements 1 @ 100% additional premium International Property Terrorism Excess of Loss Reinsurance Period of cover 1 January 2014 to 31 December 2014


Main risk categories covered 160, 260 & 274 Latin American 1st Layer

Underlying retention USD 8m Limit of cover USD 12m Placement 100% Number of Reinstatements 1 @ 100% additional premium 2nd Layer Underlying retention USD 20m Limit of cover USD 20m Placement 100% Number of Reinstatements 1 @ 100% additional premium


205

International Casualty Excess of Loss Reinsurance Period of cover 1 January 2014 to 31 December 2014


Maximum net probable loss USD 0.07m – Argentina – excluding Motor USD 0.1m – Argentina – Motor USD 2.5m – Asia AED 5m / BHD 0. 5m – United Arab Emirates EUR 2m – Italy – Motor third party liability EUR 1m – Italy – General third party liability EUR 3m – Ireland

Main risk categories covered 110, 120, 220, 270, 281 & 283

Argentina Casualty (excluding Motor) Underlying retention USD 0.07m Limit of cover USD 9.93m Placement 100% Number of Reinstatements Unlimited free Motor

Underlying retention USD 0.1m Limit of cover USD 9.9m Placement 100% Number of Reinstatements Unlimited free Asia 1st Layer (ex Profin) Underlying retention USD 2.5m Limit of cover USD 2.5m Placement 100% Number of Reinstatements Maximum recovery of USD 20m but limited to USD 5m for Terrorism 2nd Layer Underlying retention USD 5m Limit of cover USD 10m Placement 100% Number of Reinstatements Maximum recovery of USD 40m but limited to

i) USD 30m Profin ii) USD 30m Motor own damage iii) USD 20m Terrorism


206

International Casualty Excess of Loss Reinsurance Asia 3rd Layer Underlying retention USD 15m Limit of cover USD 11m

USD 5m Profin Placement 100% Number of Reinstatements Maximum recovery of USD 33m but limited to USD 15m for Profin

and USD 22m Terrorism 4th Layer (A) – Singapore Motor Third Party Liability Underlying retention USD 26m Limit of cover Unlimited Placement 100% Number of Reinstatements Unlimited prepaid 4th Layer (B) – Hong Kong Workers Compensation / Employers Liability Underlying retention USD 26m Limit of cover USD equivalent of HKD 400m Placement 100% Number of Reinstatements 1 prepaid 4th Layer (B) – Asia Ex Singapore and Hong Kong Underlying retention USD 26m Limit of cover USD 26m Placement 100% Number of Reinstatements 1 prepaid Middle East Casualty, Motor and Profin 1st Layer (A): Excluding Profin Underlying retention AED 5m Limit of cover AED 5m Placement 100% Number of Reinstatements Motor – Unlimited prepaid

Motor Own Damage – 1 @ 100% additional premium. All other covered risks - 2 Prepaid

1st Layer (B): Profin Only Underlying retention AED 5m Limit of cover AED 5m Placement 100% Number of Reinstatements Maximum Recoverable AED 10m


207

International Casualty Excess of Loss Reinsurance Middle East Casualty, Motor and Profin 2nd Layer: Underlying retention AED 10m Limit of cover AED 10m Placement 100% Number of Reinstatements Motor – Unlimited prepaid

Motor Own Damage – 1 @ 100% additional premium. All other covered risks - 2 prepaid

3rd Layer (A): Motor Third Party Liability Only Underlying retention AED 20m Limit of cover AED Unlimited Placement 100% Number of Reinstatements Unlimited prepaid

3rd Layer (B): All Classes Excluding Motor Third Party Liability and Public & Products Liability Underlying retention AED 20m Limit of cover AED 10m Placement 100% Number of Reinstatements 2 prepaid 4th Layer (in respect of Public & Products Liability only) Underlying retention AED 20m Limit of cover AED 30m Placement 100% Number of Reinstatements Maximum recoverable AED 60m


208

International Casualty Excess of Loss Reinsurance Italy: Motor Third Party Liability 1st Layer Underlying retention EUR 2m Limit of cover EUR 3m Placement 100% Number of Reinstatements 4 prepaid 2nd Layer

Underlying retention EUR 5m Limit of cover EUR 10m Placement 100% Number of Reinstatements 2 prepaid 3rd Layer Underlying retention EUR 15m Limit of cover EUR 15m Placement 100% Number of Reinstatements 1 prepaid 4th Layer Underlying retention EUR 30m Limit of cover Unlimited for green cards Placement 100% Number of Reinstatements Unlimited prepaid Italy: General Third Party Liability 1st Layer Underlying retention EUR 1m Limit of cover EUR 1m Placement 100% Number of Reinstatements 1 prepaid

1 @ 50% additional premium 1 @ 100% additional premium

2nd Layer Underlying retention EUR 2m Limit of cover EUR 3m Placement 100% Number of Reinstatements 1 prepaid

1 @ 100% additional premium


209

International Casualty Excess of Loss Reinsurance Italy: General Third Party Liability 3rd Layer

Underlying retention EUR 5m Limit of cover EUR 5m Placement 100% Number of Reinstatements 1 @ 100% additional premium Clash Cover Underlying retention EUR 10m Limit of cover EUR 5m Placement 100% Number of Reinstatements Nil Ireland: Includes EL/PL, Motor and PI 1st Layer Underlying retention EUR 3m Limit of cover EUR 4m Placement 100% Number of Reinstatements

Unlimited prepaid

2nd Layer Underlying retention EUR 7m Limit of cover EUR 6m Placement 100% Number of Reinstatements Unlimited prepaid 3rd Layer Underlying retention EUR 13m Limit of cover EUR 27m PL and Motor

EUR 19.5m EL EUR 2m PI

Placement 100% Number of Reinstatements PL and Motor - Unlimited prepaid

EL – 2 prepaid PI – 2 prepaid

4th Layer (Motor Only) Underlying retention EUR 40m Limit of cover Unlimited Placement 100% Number of Reinstatements Unlimited prepaid


210

International Personal Accident Excess of Loss Reinsurance Period of cover 1 January 2014 to 31 December 2014

Maximum net probable loss £0.10m – Middle East

£0.25m – Asia EUR 0.5m – Italy EUR 5m – Ireland £5m – UK

Main risk categories covered 111, 113, 114 & 114(P) 1st Layer – Middle East (Note 2) Underlying retention £0.10m Limit of cover £0.15m Placement 100% Number of Reinstatements 2 @ 100% additional premium 2nd Layer – Asia and Middle East (Note 2) Underlying retention £0.25m Limit of cover £0.25m Placement 100% Number of Reinstatements 3 @ 100% additional premium 3rd Layer – Asia, Middle East and Italy (Note 2) Underlying retention £0.5m Limit of cover £0.5m Placement 100% Number of Reinstatements 4 @ 100% additional premium 4th Layer – Asia, Middle East and Italy (Note 2) Underlying retention £1m Limit of cover £1.5m Placement 100% Number of Reinstatements 3 @ 100% additional premium 5th Layer – Asia, Middle East and Italy (Note 2) Underlying retention £2.5m Limit of cover £2.5m Placement 100% Number of Reinstatements 3 @ 100% additional premium


211

International Personal Accident Excess of Loss Reinsurance 6th Layer – Asia, Middle East, Italy, Ireland and UK (Note 2) Underlying retention £5m Limit of cover £5m Placement 100% Number of Reinstatements 3 @ 100% additional premium 7th Layer – Asia, Middle East, Italy, Ireland and UK (Note 2) Underlying retention £10m Limit of cover £15m Placement 100% Number of Reinstatements 3 @ 100% additional premium 8th Layer Ireland and Clash for UK, Ireland, Italy, Asia and Middle East (Note 13) Underlying retention £25m Limit of cover £25m Placement 100% Number of Reinstatements 1 @ 100% additional premium International Motor Risk Period of cover 1 July 2013 – 30 June 2014

1 July 2014 – 30 June 2015 Maximum net probable loss USD 0.3 m - Argentina Main risk categories covered 111, 113, 114 & 114(P) Argentina (Note 15) 1st Layer Underlying retention USD 0.5m Limit of cover USD 0.5m Placement 100% Number of Reinstatements 2 @ 100% additional premium 2nd Layer Underlying retention USD 1m Limit of cover USD 2.8m Placement 100% Number of Reinstatements 1 @ 100% additional premium


212

International Motor Catastrophe Period of cover 1 July 2013 – 30 June 2014

1 July 2014 – 30 June 2015 Maximum net probable loss USD 0.3 m - Argentina Main risk categories covered 111, 113, 114 & 114(P)

Argentina (Note 15) 1st Layer Underlying retention USD 0.3m Limit of cover USD 0.7m Placement 100% Number of Reinstatements 1 @ 100% additional premium 2nd Layer Underlying retention USD 1m Limit of cover USD 3m Placement 100% Number of Reinstatements 1 @ 100% additional premium


213

International Marine Excess of Loss Reinsurance Period of cover 1 January 2014 to 31 December 2014


Maximum net probable loss USD 0.15m – Argentina USD 1.5m – Asia Middle East USD 2m – Latin America USD 3m – Italy


Argentina 1st layer Underlying retention USD 0.15m Limit of cover USD 19.85m Placement 100% Number of Reinstatements 2 prepaid Argentina (Note 15) 1st layer Underlying retention USD 0.2m Limit of cover USD 0.8m Placement 100% Number of Reinstatements 2 prepaid International Marine Excess of Loss Reinsurance 2nd Layer Underlying retention USD 1m Limit of cover USD 2m Placement 100% Number of Reinstatements 2 prepaid 3rd Layer

Underlying retention USD 3m Limit of cover USD2m Placement 100% Number of Reinstatements 1 prepaid


214

International Marine Excess of Loss Reinsurance 4th Layer (Catastrophe) Underlying retention USD 5m Limit of cover USD 2.5m Placement 100% Number of Reinstatements 1 prepaid Asia, Middle East, Latin America and Italy Sub-layers 1st layer (A) – Asia, Middle East (Note 14) Underlying retention USD 1.5m Limit of cover USD 1.5m Placement 67% Number of Reinstatements 2 prepaid 1st layer (B) – Latin America Underlying retention USD 2m Limit of cover USD 1m Placement 100% Number of Reinstatements 2 prepaid 2nd layer – Italy, Asia, Middle East and Latin America Underlying retention USD 3m Limit of cover USD 2m Placement 100% Number of Reinstatements 2 prepaid 3rd layer – Italy, Asia, Middle East and Latin America Underlying retention USD 5m Limit of cover USD 5m Placement 100% Number of Reinstatements 2 prepaid 4th layer – Italy, Asia, Middle East and Latin America Underlying retention USD 10m Limit of cover USD 5m Placement 100% Number of Reinstatements 2 prepaid


215

International Professional Indemnity Excess of Loss Reinsurance Period of cover 1 January 2014 to 31 December 2014

Maximum net probable loss EUR 1m


Ireland Underlying retention EUR 1m Limit of cover EUR 2m Placement 100% Number of Reinstatements 3 prepaid

1 @ 100% additional premium International Bonds Excess of Loss Reinsurance Period of cover 1 January 2014 to 31 December 2014

Maximum net probable loss EUR 0.75m – Italy


Italy

1st Layer Underlying retention EUR 0.75m Limit of cover EUR 1.25m Placement 100% Number of Reinstatements 2 @ 100% additional premium 2nd Layer

Underlying retention EUR 2m Limit of cover EUR 1.5m Placement 100% Number of Reinstatements 1 @ 100% additional premium 3nd Layer Underlying retention EUR 3.5m Limit of cover EUR 1.5m Placement 100% Number of Reinstatements 1 @ 100% additional premium


216

International Decennial Liability Quota Share Reinsurance Period of cover 1 January 2014 to 31 December 2014

Maximum net probable loss EUR 3.2m – Italy


Italy

1st Layer Underlying retention N/A – Quota share Limit of cover 80% Quota share EUR 15m / EUR 16m (depending on policy) – any

one policy 80% Quota share EUR 25m / EUR 30m (depending on policy) – sum insured basis

Placement 100% Number of Reinstatements N/A – Quota share reinsurance agreement International Construction and Engineering Surplus Period of cover Continuous contract commencing 1 January 2014 Maximum net probable loss USD 15m Main risk categories covered 263 Asia Middle East

Underlying retention USD 15m Limit of cover USD 85m Placement 100% Number of Reinstatements N/A – Surplus reinsurance agreement


217

Note 1 The Property Risk layers are joint covers shared by the UK, Asia, Middle East, Europe,

Latin America, Scandinavia and Canada.

Note 2 These layers have Reinstatement Premium Protection in place.

Note 3 The net loss on the Property Variable Quota Share is protected by the Property Risk Excess of Loss programme.

Note 4 The UK Property Terrorism Excess of Loss Reinsurance programme applies to England, Scotland and Wales.

Note 5 The UK Motor, Motability and Casualty Excess of Loss programmes interlock such that the maximum loss across the three programmes arising from a single loss occurrence is £5m.

Note 6 The Casualty treaty provides cover for Employers Liability Offshore exposures for £25m xs £5m.

Note 7 Per event cover of the Personal Accident 3rd, 4th and 5th layers is included within the Casualty treaty programme, including the limits on reinstatements.

Note 8 The Personal Accident Per Risk Insured layers increase the original policy incident limit from £25m to a maximum of £100m.

Note 9 The retentions on the Dutch Land Based Equipment Reinsurance arrangements are protected under the Marine Excess of Loss programme.

Note 10 The Mortgage Payment Protection Quota Share agreement has a maximum cession of 90% and a minimum cession of 50%, applying to agreements with various building societies.

Note 11 The Property Quota Share treaty is placed in tandem with a First Surplus treaty.

Note 12 The International Property Catastrophe programme provides additional protection for the Asia and Europe regional programme. This contract applies to losses occurring worldwide excluding the UK, USA and Caribbean.

Note 13 This layer covers Ireland only and clash of retentions for other territories

Note 14 33% of this 1st layer (USD 500k) is unplaced and retained net by the reinsured, Royal & Sun Alliance Insurance plc.

Note 15 Relates to contracts protecting risk written by El Commercio which was merged with RSA Argentina during 2014.

Royal & Sun Alliance Insurance plc - RSA Insurance Group · Royal & Sun Alliance . Insurance plc....

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