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ROYAL INSURANCE ANNOUNCES THREE MONTHS 1992 RESULTS

 ROYAL INSURANCE ANNOUNCES THREE MONTHS 1992 RESULTS
 CHARLOTTE, N.C., May 14 /PRNewswire/ -- Royal Insurance reported a


pre-tax statutory gain (including life and non-insurance operations) of $54.4 million for the first three months of 1992, compared to a pre-tax gain of $12.6 million for the same period in 1991. After federal income taxes, the net gain was $37.9 million, compared to a $9.6 million net gain for the first quarter of 1991.
 Written premiums remained nearly level at $381.1 million. The underwriting loss declined to $73.8 million from 1991's first quarter underwriting loss of $97.6 million, and the combined ratio before dividends was 119.1, an improvement of 7.3 points from the prior year's first quarter ratio of 126.4. Pre-tax investment income, excluding capital gains and losses, increased to $85 million.
 "We continued to benefit from better loss experience and improved earnings during the first quarter of 1992 despite difficult market and economic conditions," said William E. Buckley, Royal USA's chairman and chief executive officer. "Our strategic focus on enhancing our level of professional service and increasing our writings of fairly priced business in key commercial markets was reflected in this improved result. Although very competitive markets inhibited our written premium growth, vigorous expense control measures helped reduce our expense ratio by nearly a point. We remain confident that our strategic direction will continue to move us toward 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 three months of 1992. A reduced pre-tax loss of $85 million compared to a $120 million loss for the same period in 1991. After taxes, the net loss totaled $96 million versus a $120 million loss for the first quarter of 1991. Investment income declined by seven percent to $204 million, while the underwriting loss declined to $296 million compared to 1991's first quarter loss of $357 million. Total written premiums increased slightly to $1.97 billion.
 -0- 5/14/92
 /CONTACT: Guy Staffa, Royal Insurance, 704-522-2053/ CO: Royal Insurance ST: North Carolina IN: INS SU: ERN


JZ -- CH005 -- 0172 05/14/92 11:23 EDT
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Date:May 14, 1992
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