R&SA 1H Net up 22% to $451 Million

The U.K.-based Royal & SunAlliance posted a strong first half with net after tax profits up 22 percent to £238 million ($451 million), compared to £195 million ($370 million) in the same period of 2005.

Other highlights in the report included the following:
— Core Group net written premiums of £2.8 billion [$5.3 billion] up 2 percent on 2005
— Combined operating ratio (COR) of 91.7 percent – 1.1 points better than 2005
— Operating result of £409 million [$775.5 million] up 24 percent on 2005
— Profit before disposals and pension scheme changes increased by 41 percent to £333 million [$631 million]
— Shareholders’ funds increased by 6 percent to £2.9 billion [$5.5 billion]

Chief Executive Andy Haste commented: “We’re building good momentum across the Core Group with targeted profitable growth in selected markets. We have delivered another strong result and have now achieved ten consecutive quarters of combineds that start with a nine. We remain confident of delivering sustainable profitable performance. As it stands today we expect to come inside our full year guidance of a COR of around 95 percent for the Core Group.”

The complete financial results, additional information and a rebroadcast of the earnings conference call may be obtained on the Company’s Website at: www.royalsunalliance.com.