Profits shine for Royal & SunAlliance
Royal & SunAlliance Australia has reported a $69 million end of year profit for its financial services division, and a continued positive performance in its asset management businesses.
The $69 million profit for the financial services and life insurance business is part of the group's overall before tax recorded profit of $109 million, as at December 31, 2000. For financial services the result is an increase of $64 million from the previous year's result of $5 million, and the total profit figure is up by $45 million.
Royal & SunAlliance Australia managing director Mike Wilkins says the overall result is partly due to an increased focus in specific business areas, while the financial services performance was achieved with expense savings and integration benefits from the group's 1999 acquisitions.
A focus on products that meet consumer's investment and protection needs while also being competitively priced, was also a key factor in the profit results.
The group's investment, asset management and superannuation interests within two of its investment management businesses Tyndall and Guardian Trust, plus financial services group Connelly Temple, were also the strong performance areas.
"It is pleasing to see our value investing style is returning to favour with a performance which again places our Tyndall operation amongst the better performing asset managers in this sector," Wilkins says.
He says Royal & SunAlliance will be looking for further improvement in next year's results after continuing difficulties within some sectors of the long-term professional insurance market.
"While our operations have made good progress and there was an improvement in our overall profitability, we have still not reached our potential," he says.
Recommended for you
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford discuss the corporate regulator’s recent discussion paper looking into the rapid growth of private markets and the role of superannuation funds in this “opaque” sector.
On this episode of Relative Return Unplugged, host Maja Garaca Djurdjevic is joined by AMP’s chief economist Shane Oliver to break down the Reserve Bank of Australia’s long anticipated rate cut to 4.1 per cent.
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford, along with special guest Liam Garman, break down the economic landscape ahead of the Reserve Bank’s highly anticipated first rate call of 2025.
In this episode of Relative Return, host Laura Dew chats with David Russell, chair of the Transition Pathway Initiative, and Tony Campos, head of sustainable investment at FTSE Russell, about the intricacies of climate investment.
