RBC reports profit increase in 2011 Q2, plans to ramp up establishment of new insurance offices

Royal Bank of Canada (RBC)’s insurance segment reported a 2011 Q2 profit of $146 million, up $39 million (or 36%) over the same period last year.
RBC attributed the increase to net investment gains and lower claims costs.
In addition, an Aug. 31 report in Bloomberg notes that RBC is planning to ramp up its efforts to establish 47 new insurance branches to meet its corporate objective of 100 insurance offices across Canada.
The timeline for reaching the goal of 100 offices is unspecified in the report.
As reported in Bloomberg, RBC established 43 insurance offices between 2005 and 2009, but only 10 between 2010 and 2011.
The bank slowed expansion toward its goal of 100 offices to work on sales and distribution strategies that improve service, Bloomberg cites RBC Insurance CEO Neil Skelding as saying.
Skelding told Bloomberg that Ontario and Quebec will receive most of the new branches, and some could be added in Alberta and the Maritime provinces.