Royal & SunAlliance posted a profit for the first quarter and achieved a combined ratio of 99%.
It surpassed analysts' expectations with an operating profit of £175m against £116m in the same perio ...
Royal & SunAlliance posted a profit for the first quarter and achieved a combined ratio of 99%.
It surpassed analysts' expectations with an operating result of £175m against £116m in the same period last year.
Analysts had forecast a range between £188m and £185m, with a consensus of £158m.
The improvement in the combined ratio, from 104.2% a year ago, means the group is making an underwriting profit.
The company attributed some of its progress to lower weather losses than previously. It said the IPO of its Australasian business, Promina, had helped eliminate its capital shortfall.
Group chief executive Andy Haste said, "We have made a good start to our actions to reshape the group and strengthen our capital position.
"Our risk based capital is back in balance and the underwriting result has improved.
"There is more to do, but we are on the right track."
The stock rose 7.95% in early trading this morning to 129p.
