Royal & Sun Alliance (R&SA) group's 2004 profit has risen less...
Royal & Sun Alliance (R&SA) group's 2004 profit has fallen as it set aside more money for US claims and wrote business more profitably.
The operating result for the year ended 31 December was reported as £456m compared up from £140m a year earlier, R&SA said today.
Group operating profit was recorded as £188m down from £196m a year earlier. It put aside US claims reserves by £160m last year compared with £495m in 2003.
Ongoing business combined ratio strengthened to 94% from 96.8% in 2003. The ratios for all continuing businesses came in under 100 percent.
In its UK commercial division underwriting results increased by £15m to £92m, with an operating ratio of 93.5%. Premiums increased 9% across the portfolio. On new business premiums increased by 1% and retention rates “improved.”
The UK personal line business delivered a combined ratio of 98.4%, an improvement of more than five points on the previous year. In its health business premiums overall fell by 39%. R&SA said this was a direct impact of the termination of HBoS account.
In the MoreTh>n account premiums increased by 10%, underwriting results were reported as £388m up from £352m a year earlier.
