Credit ratings
| Financial strength | Effective date | Outlook | |
| Standard & Poor's | A | 18 July 2019 | Stable |
| Moody's | A2 | 31 March 2020 | Stable |
Financial strength rating affirmed as stable on 18 July 2019. Standard & Poor's noted:
- The affirmation reflects RSA’s improving operating performance and diverse geographic spread;
- S&P continue to see RSA’s business risk profile at very strong, supported by leading market positions in profitable and stable insurance markets;
- RSA has the opportunity for further expense efficiencies to reach combined ratios consistently in the 90%-95% range;
- Management actions to redeem old notes and issue new debt at lower coupon rates has reduced leverage and improved fixed charge coverage; and
- The outlook is confirmed as “stable”.
More information about Standard and Poor's ratings definitions
Moody's
Moody’s reaffirmed the A2 insurance financial strength rating of Royal & Sun Alliance Insurance plc with a stable outlook on 31st March 2020.
Moody's affirmation of RSA's ratings reflects the Group's strong competitive position in its key markets of the UK, Scandinavia, and Canada, its relatively well diversified business profile, conservative investment portfolio, and low adjusted financial leverage.
More information about Moody's ratings
Codan
| Financial Strength | Effective from | |
| Standard & Poor's | A | 18 July 2019 |
| Moody's | Not rated |
Royal and SunAlliance Company of Canada
| Financial Strength | Effective from | |
| Standard & Poor's | A | 18 July 2019 |
| Moody's | Not rated |
RSA Insurance Ireland DAC
| Financial Strength | Effective from | |
| Standard & Poor's | A- | 18 July 2019 |
| Moody's | Not rated |