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ROYAL INSURANCE ANNOUNCES FIRST HALF 1992 RESULTS

 ROYAL INSURANCE ANNOUNCES FIRST HALF 1992 RESULTS
 CHARLOTTE, N.C., Aug. 13 /PRNewswire/ -- Royal Insurance reported a


pre-tax statutory gain (including life and non-insurance operations) of $87.2 million for the first six months of 1992, compared to a pre-tax gain of $13.5 million for the same period in 1991. After federal income taxes, the net gain was $63.0 million, compared to an $11.4 million net gain for the prior year.
 Written premiums decreased 3.1 percent to $752.5 million. The underwriting loss improved to $140.2 million from 1991's first half loss of $191.2 million, and the combined ratio before dividends was 118.4, an improvement of seven points from the prior year's ratio of 125.4. Pre-tax investment income, excluding capital gains and losses, decreased slightly to $167.3 million.
 "We have improved our loss experience and earnings during what has become the most prolonged period of difficulty for the property-casualty industry," said William E. Buckley, Royal USA's chairman and chief executive officer. "But the weak business environment has continued to inhibit our written premium growth. Our strategic direction focuses on the development of profitable business, the enhancement of our service capabilities and the careful monitoring of expenses. These actions will help us improve productivity and move us further toward our long-term growth and profitability goals," he said.
 At the same time in London, England, the parent company, Royal Insurance Holdings plc, announced its worldwide results for the first six months of 1992. A reduced pre-tax loss of $141.4 million compared to a $174.6 million loss for the same period in 1991. After taxes, the net loss totaled $166.5 million versus a $199.8 million loss for the previous year. Investment income declined by five percent to $422.4 million, while the underwriting loss fell to $554.9 million compared to the first half 1991 loss of $649.8 million. Total written premiums decreased by $137 million to $3,927 million.
 -0- 8/13/92
 /CONTACT: Guy Staffa of Royal Insurance, 704-522-2053/ CO: Royal Insurance; Royal Insurance Holdings plc ST: North Carolina IN: INS SU: ERN


CM -- CH006 -- 9674 08/13/92 13:20 EDT
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Publication:PR Newswire
Date:Aug 13, 1992
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