UBS Global Financials Conference

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1 UBS Global Financials Conference George Culmer, Group CFO Simon Lee, CEO International 11 May 21

2 AGENDA Overview George Culmer, CFO UK International Simon Lee, CEO International Emerging Markets Wrap up

3 RSA HISTORY: BUSINESS TURNAROUND Historically unfocused and underperforming property and casualty, life and asset management business New management team appointed in 23 to effect turnaround Exited life, asset management and non-performing property and casualty businesses Property and casualty portfolio restructured Improved underwriting discipline and operational management Strengthened balance sheet and capital position Instilled performance management culture 1

4 RSA TODAY: A HIGH PERFORMING BUSINESS Pure play property and casualty insurer with strong positions in attractive markets 15 Combined Operating Ratio (%) Strategy of delivering sustainable profitable performance drives 1 95 the markets in which we operate the products we write focus on technical and operational excellence Dividend (p) 29 conservative reinsurance programme high quality, low risk investment strategy 6 3 prudent reserving policy Proven track record of delivery

5 A STRONG AND DIVERSIFIED PORTFOLIO UK Personal Commercial FY 29 PREMIUM 2.6bn COR 98.% Strong, well balanced portfolio Over 6% of premiums and 7% of underwriting result generated from International and Emerging Markets International Emerging Markets *Consolidated businesses only Scandinavia Denmark, Norway, Sweden & Finland Canada Europe Ireland & Italy Latin America 7 countries Central & Eastern Europe 6 Countries Asia & Middle East 7 countries Associate India PREMIUM 3.2bn COR 91.7% PREMIUM 1.bn COR 95.1%* Markets at different stages in the cycle and development Capacity allocated to optimise returns Leading market positions Organic growth supported by M&A Portfolio works a source of real competitive advantage 3

6 A HIGH QUALITY, LOW RISK INVESTMENT STRATEGY Total investment portfolio of 14.3bn 29 Investment Portfolio (%) High quality fixed income portfolio 99% investment grade Bonds Cash 3% 7% 7% 3% 8% rated AA or above Duration 3. years Minimal exposure to government bonds in Greece, Ireland, Italy, Portugal and Spain Taking action to mitigate falling yields Non government bonds 54% compared to 48% at 28 year end Measured increase in equities and property Reduction in cash balances Equities Property Other incl. prefs and CIVs 8% Investment Result ( m)

7 STRONG CAPITAL POSITION Regulatory Capital Surplus ( bn) 1.8 3x Regulatory surplus of 1.7bn; representing 2.4x the requirement 1.2 2x Economic capital surplus of 1.8bn x Rated A (stable) by S&P, A2 (stable) by Moody s and A (Excellent) by AM Best IGD Surplus Coverage Ratio Economic Capital Surplus ( bn) Preparing for Solvency II At forefront of implementation Current Standard Formula proposal too conservative Believe that eventual outcome will be a sensible one 5

8 UK: TAKING THE RIGHT ACTION UK s 2 nd largest Commercial insurer 2 nd in Property and Motor Leading marine insurer UK NWP* ( bn) 4 th largest Personal insurer 4 th in Home, Motor and Pet Targeting profitable growth and withdrawing capacity where required NWP held flat since 25 Good growth in Specialty lines such as Marine, Risk Solutions and Pet Commercial Personal * Reported UK COR (%) 29 CORs consistently below 1% 85 H1 5 H2 5 H1 6 H2 6 H1 7 H2 7 H1 8 H2 8 H1 9 H2 9 6

9 UK: TAKING THE RIGHT ACTION Pushing rate through UK book since 26 Continued strong rate increases in % Rating (%) Commercial 8% 3% Personal 7% 3% Cost savings programmes delivering annualised savings 12m in Additional 7m by Q1 21 Targeting expense ratio of c14% by the end of 212 Headcount down by 41% since 23 Good start to 21 with premiums up by 7% at Q , 11, 8, 5, Motor Property Liability Motor Household UK FTE 41% down

10 INTERNATIONAL: DRIVING THE GROUP FORWARD Established operations in mature overseas markets One of the leading and most profitable insurers in Scandinavia, Canada and Ireland NWP and underwriting result have grown strongly since 25 Strategy to deliver profitable growth in target segments Leveraging market leading underwriting and claims capability * Reported International NWP* ( bn) CAGR = 1% International U/W Result ( m) and COR (%) 3 1 CAGR = 23% Driving continuous operational efficiencies 2 95 Expect to continue to deliver 1 9 Mid single digit top line growth Strong profitability Underwriting Result COR % 85 8

11 INTERNATIONAL: SCANDINAVIA 3 rd largest insurer in Denmark and Sweden Growing position in Norway and niche Marine business in Finland Scandinavia NWP* ( bn) CAGR = 7% Structurally attractive markets.5 * Reported NWP have grown on average at 7% per annum and represent c25% of the Group 3 Scandinavia U/W Result ( m) and COR (%) CAGR = 41% Bought out Codan Minorities in Underwriting result has increased fourfold over the last 5 years Underwriting Result COR % 85 9

12 INTERNATIONAL: CANADA 5 th largest insurer in the market, with NWP doubling since 25 Multi-channel distribution strategy Johnson is the leading direct and 2 nd largest affinity writer Canada NWP* ( bn) CAGR = 15% Largest Marine insurer and 4 th largest broker in Canada Track record of organic growth and acquisitions Underwriting result grown on average at 25% per annum since 25 COR maintained at low to mid 9%.4 * Reported Canada U/W Result ( m) and COR (%) 25 CAGR = 25% Underwriting Result COR %

13 EMERGING MARKETS: REALISING THE POTENTIAL Latin America, Asia and the Middle East and Central and Eastern Europe Number 1 in Chile, largest private insurer in Uruguay and leading Marine insurer in Brazil A leading insurer in Middle East with an associate in India Number 1 in the Baltics and the leading direct insurer in Poland, Czech Republic and Russia Emerging Markets NWP* ( m) 1 CAGR = 21% Latin America Asia & Middle East CEE Associates * Reported Emerging Markets U/W ( m) and COR (%) 3 15 Target 1bn of NWP by the end of 21 CORs consistently below 1% 2 1 Emerging Markets have huge potential, and will return to double digit growth Continue to invest in the region Underwriting Result COR %

14 STRONG PORTFOLIO AND CONFIDENT OUTLOOK Celebrating 3 th Anniversary in 21 Great businesses with strong market positions delivering excellent results Driving the top line forward Mid single digit growth in International UK moving to positive territory Emerging Markets will return to double digit growth Active deal pipeline Continue to deliver sustainable profitable performance Confidence in future reflected in 21 COR guidance of around 95% NWP and U/W Result (%) Net Written Premiums (%) Underwriting Result (%) International UK Emerging Markets 7% increase in the 29 dividend NWP U/W Result COR % 39% 12% 49% Group NWP ( bn) % 8% 73% Group U/W Result ( m) and COR (%)

15 This presentation may contain forward-looking statements with respect to certain of the Group s plans and its current goals and expectations relating to its future financial condition, performance, results, strategic initiatives and objectives. Generally, words such as may could, will, expect, intend, estimate, anticipate, aim, outlook, believe, plan, seek, continue or similar expressions identify forward-looking statements. These forwardlooking statements are not guarantees of future performance. By their nature, all forwardlooking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the Group s control, including amongst other things, UK domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which the Group and its affiliates operate. As a result, the Group s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Group s forward-looking statements. Forward-looking statements in this presentation are current only as of the date on which such statements are made. The Group undertakes no obligation to update any forwardlooking statements, save in respect of any requirement under applicable law or regulation. Nothing in this presentation shall be construed as a profit forecast.

16 UBS Global Financials Conference George Culmer, Group CFO Simon Lee, CEO International 11 May 21

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