Royal Bank’s second quarter 2005 results bolstered by insurance operations

Royal Bank of Canada (RY on TSX & NYSE) recently reported that an increase in total revenues of $226 million, or 5% from a year ago, largely reflects the higher volumes generated by its insurance operations, including the Canadian operations of Provident Life and Accident Assurance Company (UnumProvident) since May 1, 2004.
The Company reported its six-month net income was $1.886 billion, up $340 million or 22% from the first half of 2004, and six-month diluted EPS were $2.87, up $.54 or 23%. The increase in part reflects higher volumes in disability insurance product lines.
The Company further reported a net income of $907 million for the second quarter ended April 30, 2005, up 19% from a year ago. Diluted EPS were $1.37, up 20%.
Royal Banks Canadian Personal and Business segment consists of its banking and
investment businesses in Canada and its global insurance businesses. Global Insurance offers creditor, travel, home and auto, life and health insurance products and services to individual and business clients in Canada and the U.S., as well as reinsurance for clients around the world.