Royal & SunAlliance (R&SA) insurers, owner of the More Th>n brand, posted strong results for 2006 and set a generous dividend policy in March 2007 following the disposal of a troubled US subsidiary.
The US business, which had been haemorrhaging millions of dollars, had been something of a millstone for R&SA, dragging down its earnings over the past few years.
The subsidiary was closed to new business in 2003 after being hit by asbestos-related claims.
R&SA, which provides general insurance products to more than 20 million customers worldwide, also delivered an upbeat outlook for 2007, saying it was ahead of schedule on its latest cost-cutting plan and would deliver sustainable earnings while also growing premiums profitably. The newly turned around group has ambitions to become the best insurance provider in terms of customer service and expertise and to that end announced, again in March, a re-organisation of its UK business in a bid to improve customer service. The changes will see the business structured around three customer groups – broker, retail and affinity.
The group also expects international operations to be a major driver, particularly in Scandinavia, in the coming year while over the next five to 10 years it expects growth in emerging markets such as the Baltics and Latin America. In May, it launched a Global Renewable Energy division to provide global insurance solutions for the renewable energy market.