R&SA recovery
Royal & SunAlliance (R&SA) said that challenging times lay ahead as it reported its third quarter results.
Operating results for the full nine months increased to £453m from …
R&SA recoveryRoyal & SunAlliance (R&SA) said that challenging times lay ahead as it reported its third quarter results. Operating results for the full nine months increased to £453m from £27m at the same time last year when the company took more than £500m in charges to strengthen reserves. The group operating profit was £258m compared to a loss of £276m in 2003.UK chief executive Duncan Boyle said that at 94.3%, the UK combined ratio was "well ahead of expectations". On rates he said: "In motor we are seeing the likes of the AA, Norwich Union and others dipping prices and we have to find a happy medium."Boyle said that the insurer's exit from US business was timely, as it would have been hit to the tune of £150m by the recent hurricane activity.
Allianz profit jumpAllianz Cornhill reported an 18% jump in profit from its non-life business, to £96.4m for the third quarter of 2004. Chief executive Andrew Torrance said that the results showed a "modest increase" on the figures for 2003, reflecting the company's policy of writing for profit, not volume.The group combined ratio stood at 95.2% at the end of the quarter.Gross written premiums (GWP) in commercial lines rose 4% to £800.7m. Torrance said property was a significant contributor to the commercial lines result. In personal lines GWP fell 2% to £554m. Torrance said that in personal lines, non-motor growth was hampered by the closure of Hill House Hammond earlier this year.
It's the perfect way to acknowledge hard work, inspire your team, and network with industry leaders.
Crucially, as many of our attendees have done before, you can use your table booking as the perfect, hassle-free Team Christmas Party, combining prestige, celebration, and a memorable night they'll talk about all year!
