Printer Friendly

ROYAL INSURANCE ANNOUNCES NINE MONTHS 1992 RESULTS

 ROYAL INSURANCE ANNOUNCES NINE MONTHS 1992 RESULTS
 CHARLOTTE, N.C., Nov. 12 /PRNewswire/ -- Royal Insurance reported a


pre-tax statutory gain (including life and non-insurance operations) of $95.7 million for the first nine months of 1992, compared to a pre-tax gain of $21.8 million for the same period in 1991. After federal income taxes, the net gain was $69.3 million, compared to a $20.6 million net gain for the prior year.
 Written premiums increased 1.8 percent to $1.16 billion. The underwriting loss improved to $237.6 million from 1991's nine month loss of $274.9 million, and the combined ratio before dividends was 120.0, an improvement of 4.8 points from the prior year's ratio of 124.8. Pre-tax investment income, excluding capital gains and losses, decreased slightly to $249.3 million.
 "Our earnings and loss experience for the nine months period continued to improve despite the adverse effects of Hurricanes Andrew and Iniki," said William E. Buckley, Royal USA's chairman and chief executive officer. "We enjoyed premium growth for the period due to a third quarter surge reflecting our successful marketing efforts in targeted sectors, while our careful monitoring of expenses helped reduce the expense ratio by more than a point. Although the market environment continues to remain very difficult, we believe we now have the momentum to vigorously pursue our objectives of managed growth and increased profitability," he said.
 At the same time in London, England, the parent company, Royal Insurance Holdings plc, announced its worldwide results for the first nine months of 1992. A reduced pre-tax loss of $152.6 million compared to a $377.0 million loss for the same period in 1991. After taxes, the net loss totaled $129.4 million versus a $443.9 million loss for the previous year. Investment income declined by six percent to $637.4 million, while the underwriting loss fell to $796.0 million compared to the nine months 1991 loss of $1.1 billion. Total written premiums decreased by $199.5 million to $5.07 billion.
 -0- 11/12/92
 /CONTACT: Guy Staffa, Royal Insurance, 704-522-2053/ CO: Royal Insurance ST: North Carolina IN: INS SU: ERN


DF -- CH010 -- 0215 11/12/92 13:23 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 12, 1992
Words:373
Previous Article:APPLE TO SHOWCASE NEW CROSS-PLATFORM STANDARDS AND SOLUTIONS AT COMDEX '92
Next Article:BETZ LABORATORIES, INC. APPOINTS NEW BOARD MEMBER
Topics:


Related Articles
ROYAL INSURANCE ANNOUNCES NINE MONTH 1991 RESULTS
ROYAL INSURANCE ANNOUNCES THREE MONTHS 1992 RESULTS
ROYAL INSURANCE ANNOUNCES FIRST HALF 1992 RESULTS
AIG REPORTS THIRD QUARTER 1992 NET INCOME OF $344.6 MILLION
W. R. BERKLEY CORPORATION ANNOUNCES RESULTS OF OPERATIONS FOR THE FIRST NINE MONTHS AND THIRD QUARTER OF 1992
PENN TREATY AMERICAN CORPORATION ANNOUNCES THIRD QUARTER RESULTS
NYMAGIC, INC. REPORTS THIRD-QUARTER EARNINGS, SEPT. 30, 1992
KENTUCKY CENTRAL LIFE INSURANCE COMPANY ANNOUNCES RESULTS
ROYAL INSURANCE ANNOUNCES THREE MONTHS 1993 RESULTS
ROYAL INSURANCE ANNOUNCES NINE MONTHS 1993 RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters