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RSA Insurance Group Plc SFCR (Including UK Entities)

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RSA Insurance Group Plc SFCR (Including UK Entities) RSA Insurance Group plc Solvency and Financial Condition Report (SFCR) 2019 Contents Introduction ................................................................................................................................................................................ 3 Summary...................................................................................................................................................................................... 5 A. Business and Performance ............................................................................................................................................. 10 A.1 Business ............................................................................................................................................................................. 11 A.2 Underwriting performance ................................................................................................................................................... 16 A.3 Investment performance ..................................................................................................................................................... 17 A.4 Performance of other activities ........................................................................................................................................... 19 A.5 Any other information .......................................................................................................................................................... 22 B. System of Governance...................................................................................................................................................... 23 B.1 General information on the system of governance ............................................................................................................. 24 B.2 Fit and proper requirements ................................................................................................................................................ 31 B.3 Risk management system including the Own Risk and Solvency Assessment (ORSA) ..................................................... 33 B.4 Internal control system ........................................................................................................................................................ 38 B.5 Internal audit function.......................................................................................................................................................... 40 B.6 Actuarial function ................................................................................................................................................................ 42 B.7 Outsourcing ........................................................................................................................................................................ 42 B.8 Any other information .......................................................................................................................................................... 43 C. Risk Profile ........................................................................................................................................................................... 44 C.1 Underwriting risk ................................................................................................................................................................. 45 C.2 Market risk .......................................................................................................................................................................... 50 C.3 Credit risk ........................................................................................................................................................................... 53 C.4 Liquidity risk ........................................................................................................................................................................ 59 C.5 Operational risk .................................................................................................................................................................. 61 C.6 Other material risks............................................................................................................................................................. 66 C.7 Any other information .......................................................................................................................................................... 69 D. Valuation for Solvency Purposes ................................................................................................................................... 72 D.1 Assets ................................................................................................................................................................................. 75 D.2 Technical provisions ........................................................................................................................................................... 81 D.3 Other liabilities .................................................................................................................................................................... 85 D.4 Alternative methods for valuation ....................................................................................................................................... 88 D.5 Any other information .......................................................................................................................................................... 88 E. Capital Management .......................................................................................................................................................... 89 E.1 Own funds ........................................................................................................................................................................... 90 E.2 Solvency capital requirement and minimum Group consolidated capital requirement ........................................................ 97 E.3 Use of the duration-based equity risk sub-module in the calculation of the SCR .............................................................. 100 E.4 Differences between the standard formula and any internal model used.......................................................................... 101 E.5 Non-compliance with the MCR and non-compliance with the SCR .................................................................................. 104 E.6 Any other information ........................................................................................................................................................ 104 Appendix 1. Group Branches Appendix 2. Royal & Sun Alliance Insurance plc Solo SFCR Sections Appendix 3. Royal & Sun Alliance Reinsurance Limited Solo SFCR Sections Appendix 4. The Marine Insurance Company Limited Solo SFCR Sections Appendix 5. Directors’ Statements in respect of the SFCR Appendix 6. KPMG Audit Report Appendix 7. Abbreviations and Terms used in this Report Appendix 8. Quantitative Reporting Templates (QRTs) | RSA Insurance Group plc | Solvency and Financial Condition Report 2019 - 2 - INTRODUCTION BUSINESS AND SYSTEM OF RISK VALUATION CAPITAL APPENDICES AND SUMMARY PERFORMANCE GOVERNANCE PROFILE FOR MANAGEMENT SOLVENCY PURPOSES Introduction RSA Insurance Group plc (“RSAIG”) is a public limited company incorporated in England and Wales. RSAIG, through its subsidiaries (together referred to in this report as “the Group” or “RSA”), provides personal and commercial insurance products to its global customer base, principally in the UK & International (including UK, Ireland, Middle East and European branches), Scandinavia and Canada. The Solvency II regulatory framework (“SII”), which governs industry regulation and prudential capital requirements within the European Union, became effective from 1 January 2016. The purpose of the Solvency and Financial Condition Report (“SFCR”) is to provide information required by the SII regulatory framework for RSA Insurance Group plc. RSA Insurance Group plc This report sets out aspects of the Group’s business performance, system of governance, risk profile, valuation methods used for solvency purposes and its capital management practices, as prescribed by the regulatory framework. Where information that is required to be reported by SII is not applicable to the Group, the report contains the heading for completeness, with an appropriate note. Figures for the Group represent the consolidated position of the Group’s ultimate parent company, RSA Insurance Group plc, and all worldwide subsidiaries. For further details of abbreviations and terms used in this report, see Appendix 7. Subsidiaries This Group SFCR also covers information on the solvency and financial condition of three of the Group’s UK regulated insurance and reinsurance subsidiaries that are themselves subject to SII. This information is set out in Appendices 2, 3 and 4 to this report. The three UK subsidiaries are: • Royal & Sun Alliance Insurance plc (“RSAI” or “RSAI plc”) • Royal & Sun Alliance Reinsurance Limited (“RSA Re”) • The Marine Insurance Company Limited (“MIC”) RSAI, RSA Re and MIC are legal entities meeting all relevant regulatory and governance requirements and their individual risk profile and capital requirements are monitored to ensure
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