RSA CANADA INVESTOR & ANALYST BRIEFING 12 JUNE 2013

2

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 forward-looking statements are not guarantees

of future performance. By their nature, all forward-looking 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 and Canadian

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 (including changes related to capital and solvency requirements), the

impact of competition, currency changes, 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 or 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 forward-looking statements, save in respect of any requirement under applicable law

or regulation. Nothing in this presentation should be construed as a profit forecast.

3

RSA CANADA: A VALUABLE PART OF THE GROUP

19%

22%

15%

Group 2012 NWP: £8.4B

UK: 36%

Western

Europe: 8%

20%

40%

30%

10%

Group 2012 insurance result: £806M

Canada

Scandinavia

UK & Western Europe

Emerging Markets

Canada: £1.6B Canada: £159M

• Outlook: Continue to expect strong organic growth in mid-high single digits with CORs in the low 90s

• Canada NWP 19% of Group, up from 9% in 2004

• Strong organic growth supplemented by well executed bolt-on acquisitions

• Consistent profitability with CORs in the low 90s for the last 7 years

• Consistently strong return on capital

• Strong capital flows back to Group

• Well regarded and long standing management team

› Canada’s 3rd largest P&C insurer

› Best positioned distribution model

› Leading positions in chosen segments

› Proven track record of acquisitions and outperformance

› Positioned to take advantage of industry trends

INTRODUCTION

Market

Overview

RSA

Canada

Distribution &

Portfolio

Design

Acquisitions Outperformance

& Outlook Q&A

5

CANADA: ECONOMIC ENVIRONMENT - STABLE AND GROWING

HEALTHY ECONOMY

GDP: $1.8

TRILLION

STABLE POLITICAL

ENVIRONMENT

GDP Growth

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013F 2014F 2015F

Canada G7

Source: OECD and World Economic Outlook Database 2013

6

CANADA P&C LANDSCAPE: GEOGRAPHY AND BUSINESS MIX

VARYING MARKET DYNAMICS REQUIRE A TAILORED APPROACH

› Federal and provincial regulation

› Home and commercial rates unregulated

› Auto rate regulation varies by province

29%

P&C Market Share

by Region (2012)

49% 16%

6% Atlantic

Quebec

Ontario

West

Source: MSA Researcher 2013. Excludes Genworth, Lloyd’s and government insurers.

24%

40%

36%

P&C Market Share

by Line of Business (2012)

Personal Property

Personal Auto

Commercial $43B

7

CANADA P&C LANDSCAPE: DISTRIBUTION

CONSUMER PREFERENCES SUPPORT MULTI-CHANNEL MODEL

Canada

Personal Lines Market Share by Channel

› Broker the predominant channel in both commercial and personal lines

› Direct channel gained 3.3 pts of personal lines market share from 2008-2012

› Online capabilities evolving across all channels

40%

52%

60%

48%

0% 25% 50% 75% 100%Source: MSA Researcher 2013 and Datamonitor UK (2011)

Direct & Other Broker

UK

8

CANADA P&C PERFORMANCE

ATTRACTIVE MARKET THAT IS TRENDING FAVOURABLY

$33B

$43B

99%

91%

93% 92%

93%

101% 101%

100% 99%

97%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

DWP ($B) COR (%)

Industry DWP and COR

› Stable consolidating industry

› 10yr average COR: 96.6%

› 10yr average ROE: 11.8%

Source: MSA Researcher 2013 Total Canadian P&C Industry. Excludes Genworth, Lloyd’s and government insurers.

Note: Results presented under Canadian IFRS. DWP = Direct Written Premiums, defined as gross written premiums less

assumed premiums.

2012 Top 10 Written Premiums ($B)

Intact $7.1

Aviva $3.6

RSA $3.0

TD Insurance $2.7

Cooperators $2.2

Wawanesa $2.2

Desjardins $2.0

State Farm $1.9

Economical $1.8

Dominion $1.3

Top 10 $27.8

Source: MSA Researcher 2013. Excludes Genworth, Lloyd’s, and government insurers. Note: Intact results include pro forma JEVCO for a full year. RSA results include pro forma L’Union Canadienne (UC) for a full year.

9

ONTARIO AUTO

›25% of the Canadian P&C marketplace

›Highly cyclical environment

›2010 reforms working well

›Government proposed 15% average rate reduction and additional reforms should be margin-neutral

›RSA has outperformed the Ontario auto industry by 5.4 pts over the past 5 years

RSA CANADA

11

RSA CANADA JOURNEY

TRANSFORMATION FROM GENERALIST

TO SEGMENTED SPECIALIST

1.5 1.4 1.4

1.5 1.6

1.8 1.9

2.1

2.5

3.0 102.9%

96.6% 94.8%

92.0% 92.4%

92.9% 93.5%

92.8%

91.6%

93.7%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

DWP ($B) COR

2007 – 2012

5yr CAGR: 13%

Note: Results presented under UK IFRS. RSA DWP in 2012 includes pro forma UC for a full year.

12

RSA CANADA: STRATEGIC ADVANTAGES

MULTI-CHANNEL DISTRIBUTION

ACQUISITION CAPABILITIES

TECHNICAL EXPERTISE

LOWEST COST DIRECT WRITER

LEVERAGE

GROUP CAPABILITIES

BROKER RELATIONSHIPS

PORTFOLIO COMPOSITION

-6

-1

4

9

14

92949698100102104106108

Ind

ustr

y A

ve

rage

Gro

wth

: 3

.8%

DW

P G

row

th (

%)

Top 10 Insurers

5yr Average Performance

Industry Average COR: 100%

Note: RSA results presented on a consolidated basis. Intact results sourced from 2012 and 2011

annual reports. All other results sourced from MSA Researcher 2013. All results presented under

Canadian IFRS.

COR (%)

COR 128% Growth 3.9%

Intact

Desjardins

Wawanesa

TD

Dominion

Aviva

Co-operators

Economical

State Farm

DISTRIBUTION AND

PORTFOLIO DESIGN

14

MULTI-CHANNEL DISTRIBUTION

UNIQUE MULTI-CHANNEL, MULTI-BRAND STRATEGY

TO OUTPERFORM

› 2012 NWP: $928M

› Combines online, call center, and branch distribution

› Top 3 affinity insurer in Canada

› 2012 NWP: $933M*

› Select broker partners

› Targeted customer and product segments

› 2012 NWP: $881M*

› Focused global and national broker distribution

› Expertise-led and specialty segments

› One of Canada’s largest broker networks

› Commercial lines focus

Personal Broker

Personal

Specialty Home Auto

Commercial Broker

Global Specialty Lines

Commercial

Affiliated Broker

Home Auto Plan

Benefits

Direct

* Note: RSA NWP in 2012 includes pro forma UC for a full year.

15

JOHNSON

AFFINITY-ORIENTATED DIRECT WRITER

2007 2008 2009 2010 2011 2012

› Top 3 affinity insurer in Canada

› Strong track record of acquisitions

› Highly scalable

› Industry-leading low cost platform

› Flexible and efficient operating model

combining personalized service, branch

network, call centers and online

› Distributor of a broad product range drives

growth, penetration and retention

50% 53% 54%

57% 57%

NWP by Region ($M)

685 740

805

883 928

2007 – 2012

5yr CAGR: 9%

25%

22%

25%

22%

21% 21%

21%

Low Cost Platform 5yr Average

Expense Ratio

Johnson 19.8%

Direct Peer Group* 26.1%

Total Personal Lines* 28.1%

*Source: MSA Researcher 2013

27%

23%

58%

22%

21% 21%

604

West Ontario Atlantic

16

Educator

Alumni

Prof. Assoc.

Health Care

Retirees

Public Sector

Other

JOHNSON: AFFINITY GROUPS

PLATFORM FOR FURTHER PENETRATION

AND CORPORATE PARTNERSHIPS

32

39

23 17

39

24

2007 2008 2009 2010 2011 2012

25%

18%

16%

12%

12%

8%

9%

$631M

› Efficient to target

› Higher retention

› Higher profitability

Affinity market:

› Est. $5B affinity market with 5yr CAGR of 6.5%

Johnson:

› Affinity premium 5yr CAGR of 11%

› 500+ groups with access to 4M+ members

› 15% penetration with Top 20 groups

› Plan benefits administration drives penetration

and retention with core group sectors

Affinity Group Sectors

358

397 420

437

476 500

Number of Affinity Groups Added

# of New Groups

17

JOHNSON: ACQUISITIONS

INDUSTRY LEADING CAPABILITY IN IDENTIFYING, CLOSING

AND INTEGRATING BROKER ACQUISITIONS

Accelerated Growth

›Completed 16 deals 2007 - 2012

Disciplined Process

›Highly selective

›Transition to direct model

Preferred Brokers

›Portfolio quality

›Targeted geographies

Comprehensive Integration

›Dedicated integration teams

›Expense and productivity synergies

AVG. ACQUISITIONS IRR

2007 – 2012 CUMULATIVE

ACQUIRED PREMIUMS

$204M

18%

AVG. POLICIES PER

CUSTOMER SERVICE REP

Pre Acquisition Post Acquisition

1,100 3,200

18

TOTAL BROKER BUSINESS

PORTFOLIO WEIGHTED TOWARDS CHOSEN SEGMENTS

› 4th largest intermediated player

› Emphasis on specialty portfolios that produce higher margin:

› Global Specialty Lines (GSL)

› Personal Specialty Insurance

› Deep broker relationships with a focus on tailored propositions by segment

RSA Growth With: 5yr CAGR

Global Brokers 28%

Preferred Partners 13%

Affiliated Network 12% 2007 2008 2009 2010 2011 2012

2007 – 2012 5yr

CAGR: 15%

Personal Commercial

900

1,047 1,078 1,175

1,475

1,814

NWP by Line of Business ($M)

56% 59% 60% 58% 49%

51%

44%

41% 40% 42%

51%

49%

Note: RSA NWP in 2012 includes pro forma UC for a full year.

19

AFFILIATED BROKER NETWORK: NORAXIS

RSA VALUE PROPOSITION TO PARTICIPATE

IN BROKER CONSOLIDATION

›One of Canada’s largest broker networks

›Strategy:

›Sustain long-term distribution

›Generate sustainable, predictable revenues

›Significant volume to RSA

›National footprint with regional focus

›Commercial lines specialization

›Employee ownership promotes entrepreneurship

5yr CAGR

10%

ANNUAL PREMIUM

VOLUME

>$500M

EBITA MARGIN

c.28%

20

2007 2008 2009 2010 2011 2012

BROKER BUSINESS: PERSONAL

PORTFOLIO BENEFITING FROM DIVERSIFICATION

› Segmented strategy that focuses on specific customers and products

› Growing focus on high net worth product

› Leverage global UW and pricing knowledge

› Consumer product offering goes beyond home and auto to include travel, credit card, warranty and pet

› Top 3 travel underwriter in Canada with affiliated distribution channel

2012 NWP by

Segment

933

726 677 645 621

508

69% 48%

2007 – 2012

5yr CAGR: 13%

NWP by Region ($M)

Atlantic Ontario West Quebec

Note: RSA NWP in 2012 includes pro forma UC for a full year.

27% 9% 19% 27% 13% 5%

Auto: 46% Property: 36% Specialty: 18%

Auto 50+ Auto High Value Homes Property Travel Other Specialty

21

BROKER BUSINESS: COMMERCIAL

UNIQUE PROPOSITION IN THE CANADIAN MARKETPLACE

2007 2008 2009 2010 2011 2012

› Top 5 commercial player with the most comprehensive product offering in the market

› Provides insurance to >50% of Top 100 TSX companies

› Leading edge technology in SME segment to drive pricing and risk selection advantage

› Strong positions in our chosen specialty portfolios

› Leading underwriter in marine, equipment breakdown, construction, renewable energy, retail and realty

› Leverage global capacity and expertise to enhance our proposition in the marketplace

38%

27%

18%

8%

3%

6%

Commercial NWP ($M)

$385M

2007 – 2012

5yr CAGR: 18%

392 426 433

498

749

881

28% 25% 27%

29%

49%

44%

72% 71% 51%

56%

73% 75%

GSL by Segment

GSL Commercial

Property

Liability

C&E

Marine

Renewables

Other

Note: RSA NWP in 2012 includes pro forma UC for a full year.

ACQUISITIONS

23

CANADIAN P&C LANDSCAPE: CONSOLIDATION

CONSOLIDATION ACCELERATING

› Industry leaders driving

consolidation

›100+ P&C groups in the market

›Wide variance in performance

›Regulatory roadmap for

demutualization in progress

2002 2007 2012

37%

19%

22%

22%

37%

44%

23%

22%

18%

21%

18%

17%

Source: MSA Researcher 2013. Excludes Genworth, Lloyd’s and public insurers.

Note: Market share based on DWP.

Market Share by Industry Rank

Top 11-20 Other Top 5 Top 6-10

56%

60%

65%

24

ACQUISITION TRACK RECORD SINCE 2007

INCREASED PRESENCE IN

TARGETED MARKETS

c.$1B IN ACQUIRED

PREMIUM VOLUME

CAPABILITIES IN COMMERCIAL

SPECIALTY

GEOGRAPHIC

DIVERSIFICATION

AVERAGE

IRR OF 15%

ACQUISITIONS

Broker

32 3 Company

›Focus on bolt-on acquisitions

›A proven market consolidator

25

ACQUISITION EXECUTION

M&A DESIGNED TO SUPPORT STRATEGIC PRIORITIES

›Targeted territories

›Low risk

›Leverages low cost platform

›Leadership positions

›Geographic diversification

›Specialty lines

›Optimize portfolio shape

›Commercial lines focus

›Supports RSA broker proposition

›Provides solution for broker succession

›Aligned to business strategy

›Expertise in due diligence, execution and integration

›Dedicated corporate development team

26

RSA CANADA: 2007 vs. 2012

UNDERWEIGHT IN ONTARIO,

TOP 3 IN B.C., TOP 5 IN QUEBEC AND COMMERCIAL

7%

Premium by Region Premium by Line of Business

12%

2007

2012 22%

18% 49%

44%

5%

14%

17%

12%

20% 20%

8% 15%

22% 25%

30% 23%

19% 17%

2007 2012

Personal Auto (ex Ontario)

Personal Auto (Ontario)

Personal Property

Global Specialty Lines

Commercial

2007 2012

Market

Share 4.4% 7.0%

Rank 7th 3rd

Note: RSA in 2012 includes pro forma UC for a full year.

27

CANADIAN NORTHERN SHIELD

DOUBLED BUSINESS AND INCREASED

PROFITABILITY POST-ACQUISITION

›Fastest growing region

›Top 3 player in British Columbia

›Better products and broker management

›Leveraged Group reinsurance programs to create margin

›Technical expertise to bring COR down

›Utilizing global capacity to win new business

› IRR: 17% 3PT COR IMPROVEMENT

CNS NWP ($M)

96 97

111

98

156 163

156

178 180

2004 2005 2006 2007 2008 2009 2010 2011 2012

2007 – 2012

5yr CAGR: 13%

Acquisition

28

GCAN

A COMPLEMENTARY ASSET THAT

ACCELERATED COMMERCIAL STRATEGY

›Exceptional historic operating performance

›9th to 5th commercial market share

›Deeper expertise in chosen segments

›Broadened segment offering:

›Risk Managed

›Energy

›Profin ›Excess Liability

›Doubled volume with global brokers

›IRR: 15%

2007-2011

5yr AVG. COR

82%

42%

39%

7%

4% 8%

GCAN Acquired Premium

$255M

Property

Liability

EBI

Auto

Other

29

L’UNION CANADIENNE

RARE OPPORTUNITY TO ACQUIRE SCALE

IN THE PROVINCE OF QUEBEC

›Second largest and most profitable P&C market

› Immediate presence as a Top 5 Quebec insurer

› Increased market share from 2 – 6%

›Completes national proposition

›Taking advantage of market disruption

›Diversifies personal lines portfolio

›Projected IRR: 15%

59%

6%

35%

Quebec DWP

Market Share

$7.1B

40%

29%

31%

$270M

UC Acquired Premium

Industry 5yr Average Loss Ratio

Quebec Total Canada Variance

Auto 60% 76% -16 pts

Overall 60% 68% -8 pts

Personal Auto

Personal Property

Commercial

Top 4

RSA

Other

OUTPERFORMANCE

31

OUTPERFORMANCE

CONTINUED STRONG UNDERWRITING PERFORMANCE

68 76 60

78

118

68

39 36

52

49

67

87

2007 2008 2009 2010 2011 2012

2008 – 2012

RETURNED CAPITAL / DIVIDENDS OF $620M TO RSA GROUP

107 112 112

127

185

155

Note: RSA results presented on a consolidated basis. RSA DWP in 2012 includes pro

forma UC for a full year. Industry results sourced from MSA Researcher 2013, and

exclude Genworth, Lloyds and public insurers. All results presented under Canadian IFRS.

RSA Outperformance vs. Industry

Note: Results presented under UK IFRS.

RSA Canada UW Result ($M)

DWP Growth 5yr CAGR

RSA 13%

Industry 4%

9 pts

COR 5yr Average

RSA 96.6%

Industry 99.9%

3.3 pts

Personal Commercial

32

RESERVING APPROACH

›Canada adopts a prudent initial reserving approach

›Reserves significantly to the right side of best estimate

›Strong and consistent margin

›Canada has delivered positive prior year development for 8 consecutive

years

›Positive prior year reserve development despite specific strengthening of

prior year reserves in Ontario Auto

›Underpins confidence for continued positive prior year development in

Canada going forward

33

LEVERAGING THE RSA GLOBAL GROUP

›Capital Management

›Reinsurance

›Underwriting and Claims Expertise

›Centers of Excellence / Best Practice Sharing

›Risk Management

›Brand and Customer Strategy

›Talent Development and Performance Management

OUTLOOK

35

OUTLOOK

INDUSTRY RSA CANADA

Personal

- Low single digit growth

- Ontario auto

- Shift towards direct channel

- E-trading

- Evolving demographic trends

Johnson:

- Penetrate further in affinity

- Leverage platform to execute corporate partnerships

- Refine e-business capabilities

Personal Broker:

- Continue Advice Based Customer strategy

- Greater emphasis on high net worth product

- Grow travel, pet and lifestyle offerings

- Further advancement in Quebec

Commercial - Rates firming over time

- Selectively deploy capacity

- Expand Global Specialty Lines

- Enhance transactional sophistication in SME

- Advance strategic broker partnerships

Market

Consolidation

- Insurers accelerating

- Brokers continuing

- Targeted bolt-on acquisitions that advance our strategy

- Continued broker acquisitions in Johnson and Noraxis

CONTINUE TO EXPECT STRONG ORGANIC GROWTH IN

MID-HIGH SINGLE DIGITS, WITH CORs IN THE LOW 90’s

Q&A