Royal & Sun Reports Losses Decreasing
NU Online News Service, Nov. 20, 4:21 p.m. EST?Royal & SunAlliance Insurance Group plc said its pre-tax net loss for the first nine months of 2003 narrowed to ?146 million ($242.36 million), from a ?156 million ($258.96 million) loss during the corresponding period one year ago.
At the group operating level, Royal & Sun, the United Kingdom's second-biggest property-casualty insurer, said it had an operating loss of ?212 million ($351.92 million) for the first three quarters of 2003, hurt by a ?500 million ($830 million) increase in reserves the insurer took to pay claims and fund new businesses. In contrast, the company had group operating profit of ?180 million ($298.8 million) during the first nine months of 2002.
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