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LONDON London-based Royal & Sun Alliance Insurance Group P.L.C. post a slip dip in profits for the first half of 2007, and expects a combined loss of about £120 million ($243.4 million) from the recent U.K. floods.
RSA's total profit after tax was down to £237 million ($480.6 million) compared with £238 million ($482.6 million) in the same six month period last year. Net written premiums rose by 6% to £2.99 billion ($6.07 billion) from £2.83 billion ($5.74 billion) in the first half of 2006.
The group said that current estimates of its loss from the recent U.K. floods stand at £120 million ($243.4 million), made up of losses of £55 million ($111.6 million) in June and £65 million ($131.8 million) in July. They expect to deliver a combined operating ratio for the full year of around 96%.
"The results have been delivered against the backdrop of the U.K. floods in June, as well as adverse weather and increased large losses across the group, and clearly demonstrate the benefit of management actions and the strong and diversified portfolio.' said Andy Haste, Group chief executive officer of RSA.