ROYAL INSURANCE ANNOUNCES NINE MONTH 1991 RESULTS
ROYAL INSURANCE ANNOUNCES NINE MONTH 1991 RESULTS CHARLOTTE, N.C., Nov. 15 /PRNewswire/ -- Royal Insurance reported a
pre-tax statutory gain (including life and non-insurance operations) of $21.8 million for the first nine months of 1991, compared to a pre-tax statutory loss of $52.6 million for the same period in 1990. After federal income taxes, the net gain was $20.6 million, compared to a $46.4 million net loss for the first three quarters of 1990.
Written premiums decreased 23.2 percent to $1.14 billion. The underwriting loss declined to $274.9 million from $369.0 million for the same period last year. The combined ratio before dividends was 124.8 compared to the prior year's nine month level of 124.9. Pre-tax investment income, excluding capital gains and losses, increased 0.3 percent to $253.8 million. "The strategy of reducing our exposure to unprofitable business segments and not underpricing our business is being reflected in a lower loss ratio and improved earnings," said William E. Buckley, Royal USA's chairman and chief executive officer. "While continued adverse market conditions have resulted in lower written premiums and a higher expense ratio, we feel our approach to the market is correct and that Royal is consequently better positioned to take advantage of its capabilities," 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 1991. A pre-tax loss of $377.0 million compared to a $157.1 million loss for the same period in 1990. After taxes, the net loss totaled $451.3 million versus a $148.8 million loss for the first nine months last year. Investment income decreased by two percent in underlying terms to $660.4 million, while the underwriting loss rose to $1.1 billion compared to the prior year's nine month loss of $861.5 million. Total written premiums decreased by $291.5 million to $4.6 billion. -0- 11/15/91 /CONTACT: Guy Staffa, Royal Insurance, 704-522-2053/ CO: Royal Insurance; Royal Insurance Holdings plc ST: North Carolina IN: INS SU: ERN DF -- CH002 -- 1432 11/15/91 10:12 EST
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|Date:||Nov 15, 1991|
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