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ROYAL INSURANCE ANNOUNCES TWELVE MONTHS 1991 RESULTS

 ROYAL INSURANCE ANNOUNCES TWELVE MONTHS 1991 RESULTS
 CHARLOTTE, N.C., Feb. 27 /PRNewswire/ -- Royal Insurance reported


a pre-tax statutory gain (including life and non-insurance operations) of $94.4 million for 1991, compared to a pre-tax statutory loss of $70.3 million for 1990. After federal income taxes, the net gain was $67.6 million compared to a $46.3 million net loss for 1990.
 Written premiums decreased 17 percent to $1.5 billion. The underwriting loss declined to $326.2 million from 1990's loss of $489.6 million, and the combined ratio before dividends was 122, an improvement of nearly five points from the prior year's ratio of 126.9. Pre-tax investment income, excluding capital gains and losses, increased one percent to $344.2 million.
 "1991 continued our strategic focus on strengthening Royal's professionalism and quality of service. We specifically directed our marketing efforts toward increasing our writings of acceptably priced business in key commercial markets," said William E. Buckley, Royal USA's chairman and chief executive officer. "Our improved underwriting and operating results reflected these efforts, despite continued difficult market and economic conditions. We are encouraged by the progressive improvement in our commercial premium volume, particularly during the fourth quarter, and expect these gains will extend into 1992," he said.
 At the same time in London, England, the parent company, Royal Insurance Holdings plc announced its worldwide results for 1991. A pre-tax loss of $660 million compared to a $333 million loss for 1990. After taxes, the net loss totaled $731 million versus a $312 million loss for the previous year. Investment income declined by two percent to $894 million, while the underwriting loss rose to $1.57 billion compared to 1990's loss of $1.29 billion. Total written premiums decreased by $310 million to $8 billion.
 Commenting on worldwide results, Royal Group Chief Executive Richard A. Gamble said adverse market conditions affected many of its operations in 1991, particularly Royal UK where losses on mortgage indemnity dominated results. He noted that the performance of Royal USA, however, began to realize the benefits of its reorganization initiated in 1989, while Royal Canada's operations continued to be very profitable. "We have completed a strategic review and are in the process of making the necessary changes to improve the efficiency of our service and performance of our operations," Gamble said.
 -0- 2/27/92
 /CONTACT: Guy Staffa, Royal Insurance, 704-522-2053/ CO: Royal Insurance ST: North Carolina IN: INS SU: ERN


DF -- CH009 -- 3295 02/27/92 13:07 EST
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Publication:PR Newswire
Date:Feb 27, 1992
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