Corporate News

R&SA Group announced 2007 interim results

Royal & SunAlliance Group (R&SA) announced interim results for 2007 on 8 August. Key highlights are:

Strong half year in challenging conditions

• Net written premiums of £3.0bn up 8% at constant exchange rates
• Combined operating ratio (COR) of 93.3%
• Operating result of £403m
• Pofit after tax of £237m
• Interim dividend up 42% to 2.48p

Delivery against strategic objectives

• Achieved annualised expense savings target of £130m ahead of schedule
• Announced today a further £70m of expense savings bringing the total to £200m by mid 2008
• Successful buyout of the Codan minorities and Codan delisted on 31 July 2007
• Signed Eastern European joint venture
• Awarded China licence
• US disposal completed in March

Positive full year outlook

• UK flood losses of £55m in June and £65m in July
• Profitability to remain strong due to continued benefits of management actions and diversified portfolio
• After impact of the floods, expect to deliver a revised COR of around 96% for the full year

Full report can be download here: