The Biz: R&SA HAILS RISE IN UK BUSINESS.
Byline: By NEIL HODGSON Neil Hodgson (born November 20 1973 in Burnley, Lancashire) is a motorcycle racer who won the 2000 British Superbike championship and the 2003 Superbike World
LIVERPOOL'S Royal & Sun Alliance insurance group said profits from its UK business were flowing faster than a year ago as its trading comeback gathered pace.
Overall profits before tax hit pounds 296m in the six months to June 30, up 24% from pounds 147m. The operating profits soared 79% from pounds 184m to pounds 329m.
R&SA said underwriting Underwriting
1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt).
2. The process of issuing insurance policies. profits in the UK, where it owns the More Th>n general insurance brand, were 61.2% higher than a year ago at pounds 79m.
More Th>n has a key operation in Liverpool Liverpool, city (1991 pop. 448,300), NW England, on the Mersey River near its mouth. It is one of Britain's largest cities. A large center for food processing (especially flour and sugar), Liverpool has a variety of industries, including the manufacture of electrical , where the group employs about 2,000 staff. Bosses said today that it has increased staffing at its More Th>n operations in India to 457.
Progress was achieved against all key performance measures in the UK, with growth of 6% in written premiums for personal insurance and 5% for commercial cover.
Efforts to strengthen its balance sheet have included the closure of its final salary pension schemes.
Chief executive Andy Haste said: 'It has been a good first half of the year, with strong performances from our core businesses and further progress in the US
PROGRESS: Andy Haste