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ROYAL INSURANCE ANNOUNCES TWELVE MONTHS 1992 RESULTS

 CHARLOTTE, N.C., Feb. 25 /PRNewswire/ -- Royal Insurance reported a pre-tax statutory gain (including life and non-insurance operations) of $148.9 million for 1992, compared to a pre-tax gain of $94.4 million for 1991. After federal income taxes, the net gain was $99.4 million, compared to a $67.6 million net gain for 1991.
 Written premiums increased 1.6 percent to $1.6 billion. The underwriting loss declined to $292.9 million from 1991s loss of $326.2 million, and the combined ratio before dividends was 118.5, an improvement of 3.6 points from the prior year's ratio of 122.1. Pre-tax investment income, excluding capital gains and losses, decreased 4.8 percent to $327.8 million.
 "Our company's financial performance continued to improve in 1992, even as devastating hurricanes and other disasters produced record dollar losses for our industry," said William E. Buckley, Royal USA's chairman and chief executive officer. "Earnings and loss experience were better than in 1991 and our expense ratio was reduced by more than a point. We also had positive premium growth in the second half of the year, reflecting our marketing successes in targeted sectors. Despite the continued difficult market environment, we made measurable progress in every area of our operations toward achieving our strategic 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 1992. A pre-tax loss of $211 million compared to a $660 million loss for 1991. After taxes, the net loss totaled $143 million versus a $735 million loss for the previous year. Investment income declined by four percent to $860 million, while the underwriting loss was $1.04 billion compared to 1991s loss of $1.57 billion. Total written premiums increased by $73 million to $6.06 billion.
 -0- 2/25/93
 /CONTACT: Guy Staffa of Royal Insurance, 704-522-2053/


CO: Royal Insurance; Royal Insurance Holdings plc ST: North Carolina IN: INS SU: ERN

CM -- CH009 -- 0353 02/25/93 11:29 EST
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Date:Feb 25, 1993
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