Royal & SunAlliance Insurance Group reports net written premiums up in 2006

Royal & SunAlliance Insurance Group plc’s core group has announced net written premiums during the first nine months of 2006 at 4.1 billion (Cdn$8.8 billion), up 2% from the same period in 2005.
The company’s combined operating ratio (COR) of 93.1% during the first nine months of 2006 was 0.5 points better than 2005.
Profit during the first nine months of 2006, before disposals and a pension scheme change, increased by 40% to 477 million (Cdn$1.03 billion).
The company reported a 2006 Q3 underwriting result of 238 million (Cdn$512.3 million), up 22% from the 2005 Q3 result of 195 million (Cdn$419.7 million).
“It has been a good nine months for the group,” Andy Haste, Group CEO of Royal & Sun Alliance Insurance Group plc, said. “We have again delivered a strong performance, with a 21% increase in the operating result, and we have made significant progress towards our strategic objectives through organic growth, bolt on acquisitions and organizational change.
“We have also received shareholder approval for the sale of our U.S. operation which, when complete, will resolve our last remaining legacy issue.”
Haste said as it stands now, the Core Group should come within its projected combined operating ratio for 2006 of around 95%.