Ratings agency AM Best has announced that the financial strength rating of Royal & Sun Alliance Insurance UK (R&SA), and the "bbb" and "bbb-" ratings of its subordinated debt and preferred stock remain unchanged.
The decision followed the company's announcement of the 2002 year-end results. The outlook remains stable.
As expected R&SA's 2002 results reflected the company's improving operating performance.
The agency commented that the sale of its Australian and New Zealand operations, which it said were significant sources of capital release, would be completed before June 2003.
The decline in its net premium will also lead to a reduction in its risk requirements, it added.
Although the company's pension benefit is now closed, AM Best said it would continue to monitor further deterioration.
