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RSA Canada produces 96.6% combined ratio for 2004


March 10, 2005   by Canadian Underwriter


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The Canadian operations of Royal & SunAlliance achieved a “significant turnaround” in 2004 to produce a combined ratio of 96.6%, compared to 102.9% in 2003.
The Canadian operations achieved an underwriting profit of $39 million, with the company noting this was $15 million ahead of its strategic plans. A statement from the Canadian operations notes: “This reflects our actions to address the poorly performing segments, the refocusing of the portfolio and the impact of the “change program”. The improvement in the results is across both personal insurance and commercial insurance.”
For Royal & SunAlliance Group as a whole, 2004 produced a combined ratio of 103.4%, down from 108.0% in 2003. For ongoing operations, the 2004 combined ratio dropped to 94.0% from 96.8% a year earlier. Profits from core operations jumped 37% to $1.6 billion last year.
Royal & SunAlliance Group CEO Andy Haste says, “2004 has been a year of substantial progress for the group. We’ve driven strong operational performance and delivered against the strategic commitments we set out for the group eighteen months ago. Our strategy for the future is clear – to run general insurance businesses where we have strong market positions and where we can deliver sustainable profitable performance.”


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