August 11, 2006 by Canadian Underwriter
Royal & SunAlliance Canada reported a 2006 first-half combined operating ratio (COR) of 91.3%, a three-point improvement over prior year, reflecting what the company calls “a strong growth in both the commercial and personal businesses.”
The company reported an underwriting result of CD$52 million, up 50% over last year. Net written premiums, CD$661 million, were up 11% over the previous year. Overall, the Royal & SunAlliance Core Group saw its net written premiums of 2.8 billion (CD$5.95 billion) increase 2% over its 2005 first-half results.
“This is another set of good results from the Group and Canada which reflects our commitment to delivering solid value propositions to our customers,” Royal & SunAlliance president and CEO Rowan Saunders said in a press release. “We continue to focus on working closely with our broker partners to profitably grow the business.
In Canada, the company’s commercial insurance division reported an underwriting profit of CD$7 million. The division’s COR was 91.7%, compared to 91.9% in the previous year.
“Commercial insurance premiums are up by 25% due to a four-point improvement in retention and good growth in our target segments such as construction and small business solutions,” the company noted in a release.
Royal & Sun Alliance’s personal insurance division, including Johnsons Inc., reported an underwriting profit of CD$45 million, an improvement of CD$22 million. The division’s COR was 90.3%, compared to 94.6% on the prior year.