A.M. Best Co. has commented that the ratings of the U.K.’s Royal & Sun Alliance Insurance Group plc “are unaffected by 2004 reported earnings as they were in line with A.M. Best’s expectations.”
The announcement noted that R&SA had reported a break-even pre-tax result for 2004, compared to a £146 million ($260 million) pre-tax loss for 2003, which was a also in line with Best’s expectations.
“An improvement in the reported consolidated combined ratio for the year to 103.4 percent (108 percent for 2003) was achieved as a consequence of focused underwriting and expense savings, in spite of strong reserve strengthening on U.S. prior years,” Best noted.
The rating agency also indicated that it would continue to monitor R&SA’s reserves development during 2005.
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