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ROYAL INSURANCE ANNOUNCES FIRST HALF 1993 RESULTS

 CHARLOTTE, N.C., Aug. 12 /PRNewswire/ -- Royal Insurance reported a pre-tax statutory gain (including life and non-insurance operations) of $32.9 million for the first six months of 1993, compared to a pre-tax gain of $87.2 million for the same period in 1992. After federal income taxes, the net gain was $27.7 million, compared to $63.0 million net gain for the prior year.
 Written premiums increased 13 percent to $850.4 million. The underwriting loss was $167.5 million, compared to 1992's first half loss of $140.2 million, and the combined ratio before dividends was 118.7, which compared to a prior year ratio of 118.4. Pre-tax investment income, excluding capital gains and losses, decreased to $154.3 million.
 "Results for the second quarter improved significantly over first quarter 1993 performance, which was impacted by an unusually high level of catastrophe losses," said William E. Buckley, Royal USA's chairman and chief executive officer. "Our written premium growth for the period continued to exceed expectations and we achieved a notable reduction in our expense ratio compared to the prior year. We expect to make further improvements in productivity and expenses, as well as obtaining adequate prices for our products as we vigorously pursue our strategic aims," 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 1993. A pre-tax profit of $78.5 million compared to a $141.4 million loss for the same period in 1992. After taxes, the net profit totaled $75.5 million versus a $166.5 million loss for the previous year. Investment income declined by 11 percent to $374.5 million, while the underwriting loss of $312.6 million compared to the first half of 1992 loss of $554.9 million. Total written premiums decreased by $238.8 million to $2.83 billion.
 -0- 8/12/93
 /CONTACT: Guy Staffa, Royal Insurance, 704-522-2053/


CO: Royal Insurance ST: North Carolina IN: INS SU: ERN

SB-CM -- CH002 -- 2118 08/12/93 12:19 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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