Corporate News
R&SA Group announced year-end results for 2006
Royal & SunAlliance announced year-end results for 2006 on 8 March 2007. Andy Haste, Group Chief Executive of Royal & SunAlliance commented that it has been a good twelve months for the Group. "We have achieved another strong performance with an 18% increase in the underwriting result and continued delivery against our strategic objectives. The completion of the US disposal resolves the Group's last remaining legacy issue. As it stands today, we expect the Group to deliver a combined operating ratio of better than 95% for 2007."
Key highlights are:
Strong Group Performance
- Net written premiums of £5.5bn up 3% on 2005
- Combined operating ratio (COR) of 93.3% - 0.8 points better than last year
- Operating result of £780m up 5%
- Profit before disposals and pension scheme change up 11% to £650m
- Underlying return on equity of 21%
- Loss after tax of £20m includes £499m from the write down and trading loss of the US operation
Delivery against strategic objectives
- Strong performance from each region - underwriting result up 18% to £310m
- Driving profitable growth in our target markets - new business up 26%
- Ahead of target to deliver £130m expense savings by mid 2008
- US disposal complete - resolution of last remaining legacy issue
- US delisting and SEC deregistration complete
Full report can be download here:
http://www.royalsunalliance.com/royalsun/uploads/press/PRESSRELEASEHeaded8.3.pdf