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The U.K.-based Royal & Sun Alliance (R&SA) posted strong operating results for the first quarter of 2006 with operating profits up 29 percent to £207 million ($391 million), compared to £160 million ($302 million) in Q1 2005.

Net written premiums dropped slightly from £1.448 billion ($2.737 billion) in Q1 2005 to £1.435 billion ($2.713 billion) in Q1 2006, primarily due to the Group’s withdrawal from the U.S. market.

R&SA actually posted a profit from its largely discontinued U.S. operations of £4 million ($7.56 million), compared to a £14 million ($26.47 million) loss in the same period last year. The earnings announcement noted: “We continue to make progress in restructuring the US…and have taken further action to reduce claims, expenses and headcount. Since the end of the quarter we have filed a plan to move to a single regulatory structure and discussions with the regulators are ongoing. In May, we also finalized the sale of our head office in Charlotte, which will reduce ongoing premises costs.”

Group Chief Executive Andy Haste commented: “Our key objective is to deliver sustainable profitable performance and each of our core businesses have again delivered strong results. Our portfolio of businesses are well positioned in their target segments and provide us with exposure to markets at different stages in the cycle. As we see it today, we remain confident of delivering a Core Group combined operating ratio of around 95 percent in 2006.”

The full report and further comments may bet obtained on the Group’s Website at: .

Topics USA Profit Loss