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.